Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 1-11758 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 1585 Broadway | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10036 | ||
Entity Tax Identification Number | 36-3145972 | ||
City Area Code | (212) | ||
Local Phone Number | 761-4000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 162,040,978,089 | ||
Entity Common Stock, Shares Outstanding | 1,781,299,489 | ||
Documents Incorporated by Reference | Portions of Registrant’s definitive proxy statement for its 2022 annual meeting of shareholders are incorporated by reference in Part III of this Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | MORGAN STANLEY | ||
Entity Central Index Key | 0000895421 | ||
Document Annual 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 | ||
Non-Cumulative Preferred Stock, Series O, $0.01 par value | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Non-Cumulative Preferred Stock, Series O, $0.01 par value | ||
Trading Symbol | MS/PO | ||
Security Exchange Name | NYSE | ||
Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026 | ||
Trading Symbol | MS/26C | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 34 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Investment banking | $ 10,994 | $ 7,674 | $ 6,163 |
Trading | 12,810 | 13,983 | 11,274 |
Investments | 1,376 | 986 | 1,540 |
Commissions and fees | 5,521 | 4,851 | 3,919 |
Asset management | 19,967 | 14,272 | 13,083 |
Other | 1,042 | 678 | 865 |
Total non-interest revenues | 51,710 | 42,444 | 36,844 |
Interest income | 9,411 | 10,162 | 17,098 |
Interest expense | 1,366 | 3,849 | 12,404 |
Net interest | 8,045 | 6,313 | 4,694 |
Net revenues | 59,755 | 48,757 | 41,538 |
Provision for credit losses | 4 | 761 | 161 |
Non-interest expenses | |||
Compensation and benefits | 24,628 | 20,854 | 18,837 |
Brokerage, clearing and exchange fees | 3,341 | 2,929 | 2,493 |
Information processing and communications | 3,119 | 2,465 | 2,194 |
Professional services | 2,933 | 2,205 | 2,137 |
Occupancy and equipment | 1,725 | 1,559 | 1,428 |
Marketing and business development | 643 | 434 | 660 |
Other | 3,694 | 3,132 | 2,327 |
Total non-interest expenses | 40,083 | 33,578 | 30,076 |
Income before provision for income taxes | 19,668 | 14,418 | 11,301 |
Provision for income taxes | 4,548 | 3,239 | 2,064 |
Net income | 15,120 | 11,179 | 9,237 |
Net income applicable to noncontrolling interests | 86 | 183 | 195 |
Net income applicable to Morgan Stanley | 15,034 | 10,996 | 9,042 |
Preferred stock dividends | 468 | 496 | 530 |
Earnings applicable to Morgan Stanley common shareholders | $ 14,566 | $ 10,500 | $ 8,512 |
Earnings per common share | |||
Earnings per common share - basic (in dollars per share) | $ 8.16 | $ 6.55 | $ 5.26 |
Earnings per common share - diluted (in dollars per share) | $ 8.03 | $ 6.46 | $ 5.19 |
Average common shares outstanding | |||
Basic (in shares) | 1,785 | 1,603 | 1,617 |
Diluted (in shares) | 1,814 | 1,624 | 1,640 |
Consolidated Comprehensive Inco
Consolidated Comprehensive Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 15,120 | $ 11,179 | $ 9,237 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (331) | 170 | 3 |
Change in net unrealized gains (losses) on available-for-sale securities | (1,542) | 1,580 | 1,137 |
Pension and other | (53) | 146 | (66) |
Change in net debt valuation adjustment | 696 | (1,028) | (1,639) |
Total other comprehensive income (loss) | (1,230) | 868 | (565) |
Comprehensive income | 13,890 | 12,047 | 8,672 |
Net income applicable to noncontrolling interests | 86 | 183 | 195 |
Other comprehensive income (loss) applicable to noncontrolling interests | (90) | 42 | (69) |
Comprehensive income applicable to Morgan Stanley | $ 13,894 | $ 11,822 | $ 8,546 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 127,725 | $ 105,654 |
Trading assets at fair value ($104,186 and $132,578 were pledged to various parties) | 294,869 | 312,738 |
Investment securities (includes $102,830 and $110,383 at fair value) | 182,998 | 182,154 |
Securities purchased under agreements to resell (includes $7 and $15 at fair value) | 119,999 | 116,234 |
Securities borrowed | 129,713 | 112,391 |
Customer and other receivables | 96,018 | 97,737 |
Held for investment (net of allowance for credit losses of $654 and $835) | 174,302 | 137,784 |
Held for sale | 13,832 | 12,813 |
Goodwill | 16,833 | 11,635 |
Intangible assets (net of accumulated amortization of $3,819 and $3,265) | 8,360 | 4,980 |
Other assets | 23,491 | 21,742 |
Total assets | 1,188,140 | 1,115,862 |
Liabilities | ||
Deposits (includes $1,940 and $3,521 at fair value) | 347,574 | 310,782 |
Trading liabilities at fair value | 158,328 | 157,631 |
Securities sold under agreements to repurchase (includes $791 and $1,115 at fair value) | 62,188 | 50,587 |
Securities loaned | 12,299 | 7,731 |
Other secured financings (includes $5,133 and $11,701 at fair value) | 10,041 | 15,863 |
Customer and other payables | 228,685 | 227,437 |
Other liabilities and accrued expenses | 29,300 | 25,603 |
Borrowings (includes $76,340 and $73,701 at fair value) | 233,127 | 217,079 |
Total liabilities | 1,081,542 | 1,012,713 |
Commitments and contingent liabilities (see Note 15) | ||
Equity | ||
Preferred stock | 7,750 | 9,250 |
Common stock | 20 | 20 |
Additional paid-in capital | 28,841 | 25,546 |
Retained earnings | 89,432 | 78,694 |
Employee stock trusts | 3,955 | 3,043 |
Accumulated other comprehensive income (loss) | (3,102) | (1,962) |
Common stock held in treasury at cost, $0.01 par value (266,667,449 and 229,269,835 shares) | (17,500) | (9,767) |
Common stock issued to employee stock trusts | (3,955) | (3,043) |
Total Morgan Stanley shareholders’ equity | 105,441 | 101,781 |
Noncontrolling interests | 1,157 | 1,368 |
Total equity | 106,598 | 103,149 |
Total liabilities and equity | $ 1,188,140 | $ 1,115,862 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Trading assets pledged to various parties | $ 104,186 | $ 132,578 |
Investment securities at fair value | 102,830 | 110,383 |
Securities purchased under agreements to resell at fair value | 7 | 15 |
Loans held for investment, allowance | 654 | 835 |
Intangible assets, accumulated amortization | 3,819 | 3,265 |
Deposits at fair value | 1,940 | 3,521 |
Securities sold under agreements to repurchase at fair value | 791 | 1,115 |
Other secured financings at fair value | 5,133 | 11,701 |
Borrowings at fair value | $ 76,340 | $ 73,701 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 3,500,000,000 | 3,500,000,000 |
Common stock issued (in shares) | 2,038,893,979 | 2,038,893,979 |
Common stock outstanding (in shares) | 1,772,226,530 | 1,809,624,144 |
Treasury stock (in shares) | 266,667,449 | 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 | Additional Paid-in CapitalEaton Vance Corp. | Additional Paid-in CapitalE-TRADE | Retained Earnings | Retained EarningsAdjustment | Employee Stock Trusts | Accumulated Other Comprehensive Income (Loss) | Common Stock Held in Treasury at Cost | Common Stock Held in Treasury at CostEaton Vance Corp. | Common Stock Held in Treasury at CostE-TRADE | Common Stock Issued to Employee Stock Trusts | Noncontrolling Interests | ||
Beginning balance at Dec. 31, 2018 | $ 8,520 | $ 20 | $ 23,794 | $ 64,175 | $ 63 | $ 2,836 | $ (2,292) | $ (13,971) | $ (2,836) | $ 1,160 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Redemption of preferred stock | (500) | ||||||||||||||||
Issuance of preferred stock | 500 | (3) | |||||||||||||||
Issuance of stock for acquisitions | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||
Share-based award activity | 131 | 82 | 1,198 | (82) | |||||||||||||
Other net increases (decreases) | 13 | (6) | (138) | ||||||||||||||
Net income applicable to Morgan Stanley | $ 9,042 | 9,042 | |||||||||||||||
Preferred stock dividends | (524) | (524) | [1] | ||||||||||||||
Common stock dividends | (2,161) | (2,161) | [1] | ||||||||||||||
Net change in Accumulated other comprehensive income (loss) | (565) | (496) | (69) | ||||||||||||||
Repurchases of common stock and employee tax withholdings | (5,954) | ||||||||||||||||
Net income applicable to noncontrolling interests | (195) | 195 | |||||||||||||||
Ending balance at Dec. 31, 2019 | 82,697 | 8,520 | 20 | 23,935 | 70,589 | $ (100) | [2] | 2,918 | (2,788) | (18,727) | (2,918) | 1,148 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Redemption of preferred stock | 0 | ||||||||||||||||
Issuance of preferred stock | 730 | 0 | |||||||||||||||
Issuance of stock for acquisitions | 0 | 1,093 | 0 | 9,918 | |||||||||||||
Share-based award activity | 518 | 125 | 932 | (125) | |||||||||||||
Other net increases (decreases) | 0 | 0 | (5) | ||||||||||||||
Net income applicable to Morgan Stanley | 10,996 | 10,996 | |||||||||||||||
Preferred stock dividends | (496) | (496) | [1] | ||||||||||||||
Common stock dividends | (2,295) | (2,295) | [1] | ||||||||||||||
Net change in Accumulated other comprehensive income (loss) | 868 | 826 | 42 | ||||||||||||||
Repurchases of common stock and employee tax withholdings | (1,890) | ||||||||||||||||
Net income applicable to noncontrolling interests | (183) | 183 | |||||||||||||||
Ending balance at Dec. 31, 2020 | 103,149 | 9,250 | 20 | 25,546 | 78,694 | 3,043 | (1,962) | (9,767) | (3,043) | 1,368 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Redemption of preferred stock | (2,800) | ||||||||||||||||
Issuance of preferred stock | 1,300 | (25) | |||||||||||||||
Issuance of stock for acquisitions | $ 2,185 | $ 0 | $ 3,132 | $ 0 | |||||||||||||
Share-based award activity | 1,117 | 912 | 1,210 | (912) | |||||||||||||
Other net increases (decreases) | 18 | (10) | (207) | ||||||||||||||
Net income applicable to Morgan Stanley | 15,034 | 15,034 | |||||||||||||||
Preferred stock dividends | (468) | (468) | [1] | ||||||||||||||
Common stock dividends | (3,818) | (3,818) | [1] | ||||||||||||||
Net change in Accumulated other comprehensive income (loss) | (1,230) | (1,140) | (90) | ||||||||||||||
Repurchases of common stock and employee tax withholdings | (12,075) | ||||||||||||||||
Net income applicable to noncontrolling interests | (86) | 86 | |||||||||||||||
Ending balance at Dec. 31, 2021 | $ 106,598 | $ 7,750 | $ 20 | $ 28,841 | $ 89,432 | $ 3,955 | $ (3,102) | $ (17,500) | $ (3,955) | $ 1,157 | |||||||
[1] | See Note 18 for information regarding dividends per share for each class of stock. | ||||||||||||||||
[2] | See Note 2 for further information regarding cumulative adjustments for accounting changes. |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net income | $ 15,120 | $ 11,179 | $ 9,237 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||
Deferred income taxes | 4 | (250) | 165 |
Stock-based compensation expense | 2,085 | 1,312 | 1,153 |
Depreciation and amortization | 4,216 | 3,769 | 2,643 |
Provision for credit losses | 4 | 761 | 161 |
Other operating adjustments | (147) | 274 | (195) |
Changes in assets and liabilities: | |||
Trading assets, net of Trading liabilities | 9,075 | 15,551 | (13,667) |
Securities borrowed | (17,322) | (5,076) | 9,764 |
Securities loaned | 4,568 | (1,541) | (3,402) |
Customer and other receivables and other assets | 774 | (29,774) | 233 |
Customer and other payables and other liabilities | 7,758 | 10,187 | 19,942 |
Securities purchased under agreements to resell | (3,765) | (28,010) | 10,298 |
Securities sold under agreements to repurchase | 11,601 | (3,613) | 4,441 |
Net cash provided by (used for) operating activities | 33,971 | (25,231) | 40,773 |
Proceeds from (payments for): | |||
Other assets—Premises, equipment and software, net | (2,308) | (1,444) | (1,826) |
Changes in loans, net | (36,106) | (17,949) | (17,359) |
Investment securities: | |||
Purchases | (69,571) | (59,777) | (42,586) |
Proceeds from sales | 20,652 | 13,750 | 17,151 |
Proceeds from paydowns and maturities | 40,916 | 24,517 | 12,012 |
Other investing activities | (832) | (802) | (953) |
Net cash provided by (used for) investing activities | (49,897) | (37,898) | (33,561) |
Net proceeds from (payments for): | |||
Other secured financings | (625) | 2,794 | 3,695 |
Deposits | 36,897 | 75,417 | 2,513 |
Issuance of preferred stock, net of issuance costs | 1,275 | 0 | 497 |
Proceeds from issuance of Borrowings | 90,273 | 60,726 | 30,605 |
Payments for: | |||
Borrowings | (70,124) | (50,484) | (40,548) |
Repurchases of common stock and employee tax withholdings | (12,075) | (1,890) | (5,954) |
Cash dividends | (4,171) | (2,739) | (2,627) |
Other financing activities | 97 | (40) | (147) |
Net cash provided by (used for) financing activities | 41,547 | 83,784 | (11,966) |
Effect of exchange rate changes on cash and cash equivalents | (3,550) | 2,828 | (271) |
Net increase (decrease) in cash and cash equivalents | 22,071 | 23,483 | (5,025) |
Cash and cash equivalents, at beginning of period | 105,654 | 82,171 | 87,196 |
Cash and cash equivalents, at end of period | 127,725 | 105,654 | 82,171 |
Supplemental Disclosure of Cash Flow Information | |||
Cash payments for interest | 1,303 | 4,120 | 12,511 |
Cash payments for income taxes, net of refunds | 4,231 | 2,591 | 1,908 |
Eaton Vance Corp. | |||
Investment securities: | |||
Cash paid as part of the Eaton Vance acquisition, net of cash acquired | (2,648) | 0 | 0 |
E-TRADE | |||
Investment securities: | |||
Cash acquired as part of the E*TRADE acquisition | $ 0 | $ 3,807 | $ 0 |
Introduction and Basis of Prese
Introduction and Basis of Presentation | 12 Months Ended |
Dec. 31, 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-K. 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 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. 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 16). 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 statement. 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 sheet. For entities where the total equity investment at risk is sufficient to enable the entity to finance its activities without additional subordinated financial support and the equity holders bear the residual economic risks and returns of the entity and have the power to direct the activities of the entity that most significantly affect its economic performance, the Firm consolidates those entities it controls either through a majority voting interest or otherwise. For VIEs ( i.e. , entities that do not meet the aforementioned criteria), the Firm consolidates those entities where it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. For investments in entities in which the Firm does not have a controlling financial interest but has significant influence over operating and financial decisions, it applies the equity method of accounting with net gains and losses recorded within Other revenues (see Note 12) unless the Firm has elected to measure the investment at fair value, in which case net gains and losses are recorded within Investments revenues (see Note 5). Equity and partnership interests held by entities qualifying for accounting purposes as investment companies are carried at fair value. The Firm’s significant regulated U.S. and international subsidiaries include: • Morgan Stanley & Co. LLC (“MS&Co.”), • Morgan Stanley Smith Barney LLC (“MSSB”), • Morgan Stanley Europe SE (“MSESE”), • Morgan Stanley & Co. International plc (“MSIP”), • Morgan Stanley Capital Services LLC (“MSCS”), • Morgan Stanley Capital Group Inc. (“MSCG”), • Morgan Stanley MUFG Securities Co., Ltd. (“MSMS”), • Morgan Stanley Bank, N.A. (“MSBNA”), • Morgan Stanley Private Bank, National Association (“MSPBNA”), • E*TRADE Bank (“ETB”), • E*TRADE Savings Bank (“ETSB”) and • E*TRADE Securities LLC. On January 1, 2022, ETSB merged with and into ETB, and subsequently ETB merged with and into MSPBNA, with MSPBNA as the surviving bank. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Revenue Recognition Revenues are recognized when the promised goods or services are delivered to our customers in an amount that is based on the consideration the Firm expects to receive in exchange for those goods or services when such amounts are not probable of significant reversal. Investment Banking Revenues from investment banking activities consist of revenues earned from underwriting, primarily equity and fixed income securities and loan syndications, and advisory fees, primarily for mergers, acquisitions and restructurings. Underwriting revenues are generally recognized on trade date if there is no uncertainty or contingency related to the amount to be paid. Underwriting costs are deferred and recognized in the relevant non-interest expenses line items when the related underwriting revenues are recorded. Advisory fees are recognized as advice is provided to the client, based on the estimated progress of work and when revenues are not probable of a significant reversal. Advisory costs are recognized as incurred in the relevant non-interest expenses line items, including those reimbursed. Commissions and Fees Commission and fee revenues generally result from transaction-based arrangements in which the client is charged a fee for the execution of transactions. Such revenues primarily arise from transactions in equity securities; services related to sales and trading activities; and sales of mutual funds, alternative funds, futures, insurance products and options, as well as revenues from order flow payments for directing customer orders to broker-dealers, exchanges, and market centers for execution. Commission and fee revenues are recognized on trade date when the performance obligation is satisfied. Asset Management Revenues Asset management, distribution and administration fees are generally based on related asset levels being managed, such as the AUM of a customer’s account or the net asset value of a fund. These fees are generally recognized when services are performed and the fees become known. Management fees are reduced by estimated fee waivers and expense caps, if any, provided to the customer. Performance-based fees not in the form of carried interest are recorded when the annual performance target is met and the revenues are not probable of a significant reversal. Sales commissions paid by the Firm in connection with the sale of certain classes of shares of its open-end mutual fund products are accounted for as deferred commission assets and amortized to expense over the expected life of the contract. The Firm periodically tests deferred commission assets for recoverability based on cash flows expected to be received in future periods. Other asset management and distribution costs are recognized as incurred in the relevant non-interest expenses line items. Carried Interest The Firm is entitled to receive performance-based fees in the form of carried interest when the return in certain funds exceeds specified performance targets. When the Firm earns carried interest from funds as specified performance thresholds are met, that carried interest and any related general or limited partner interest are accounted for under the equity method of accounting and measured based on the Firm’s claim on the NAV of the fund at the reporting date, taking into account the distribution terms applicable to the interest held. Such items are reflected within Investment revenues. See Note 23 for information regarding the net cumulative unrealized amount of performance-based fee revenues at risk of reversal. See Note 15 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. Other Items Revenues from certain commodities-related contracts are recognized as the promised goods or services are delivered to the customer. Receivables from contracts with customers are recognized in Customer and other receivables in the balance sheet when the underlying performance obligations have been satisfied and the Firm has the right per the contract to bill the customer. Contract assets are recognized in Other assets when the Firm has satisfied its performance obligations but customer payment is conditional. Contract liabilities are recognized in Other liabilities when the Firm has collected payment from a customer based on the terms of the contract but the underlying performance obligations are not yet satisfied. For contracts with a term of less than one year, incremental costs to obtain the contract are expensed as incurred. Revenues are not discounted when payment is expected within one year. The Firm generally presents, net within revenues, taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Firm from a customer. 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. Cash and cash equivalents also include Restricted cash such as cash segregated in compliance with federal or other regulations, including minimum reserve requirements set by the Federal Reserve Bank and other central banks, and the Firm’s initial margin deposited with clearing organizations. Fair Value of Financial Instruments Instruments within Trading assets and Trading liabilities are measured at fair value, either as required or allowed by accounting guidance. These financial instruments primarily represent the Firm’s trading and investment positions and include both cash and derivative products. In addition, securities classified as AFS are measured at fair value. Gains and losses on instruments carried at fair value are reflected in Trading revenues, Investments revenues or Investment banking revenues in the income statement, except for gains and losses related to Available-for-Sale (“AFS”) securities (see “AFS Investment Securities” sec tion herein and Note 8) and derivatives accounted for as hedges, as well as economic derivative hedges associated with certain held-for-sale and held-for-investment corporate loans and lending commitments (see “Hedge Accounting” and “Other Hedges” herein and Note 7). Interest income and interest expense are recorded within the income statement depending on the nature of the instrument and related market conventions. When interest is included as a component of the instruments’ fair value, interest is recorded within Trading revenues or Investments revenues. Otherwise, it is recorded within Interest income or Interest expense. Dividend income is recorded in Trading revenues or Investments revenues depending on the business activity. The fair value of OTC financial instruments, including derivative contracts related to financial instruments and commodities, is presented in the accompanying balance sheet on a net-by-counterparty basis, when appropriate. Additionally, the Firm nets the fair value of cash collateral paid or received against the fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting agreement. Fair Value Option The Firm has elected to measure certain eligible instruments at fair value, including Securities purchased under agreements to resell, Loans and lending commitments, equity method investments and certain other assets, Deposits, Securities sold under agreements to repurchase, Other secured financings and Borrowings. Fair Value Measurement—Definition and Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability ( i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, assumptions are set to reflect those that the Firm believes market participants would use in pricing the asset or liability at the measurement date. Where the Firm manages a group of financial assets, financial liabilities, and nonfinancial items accounted for as derivatives on the basis of its net exposure to either market risks or credit risk, the Firm measures the fair value of that group of financial instruments consistently with how market participants would price the net risk exposure at the measurement date. In determining fair value, the Firm uses various valuation approaches and establishes a hierarchy for inputs used in measuring fair value that requires the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability that were developed based on market data obtained from sources independent of the Firm. Unobservable inputs are inputs that reflect assumptions the Firm believes other market participants would use in pricing the asset or liability that are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the observability of inputs as follows, with Level 1 being the highest and Level 3 being the lowest level: Level 1. Valuations based on quoted prices in active markets that the Firm has the ability to access for identical assets or liabilities. Valuation adjustments, block discounts and discounts for entity-specific restrictions that would not transfer to market participants are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2. Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3. Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the product. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Firm in determining fair value is greatest for instruments categorized in Level 3 of the fair value hierarchy. The Firm considers prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2 or from Level 2 to Level 3 of the fair value hierarchy. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the total fair value amount is disclosed in the level appropriate for the lowest level input that is significant to the total fair value of the asset or liability. Valuation Techniques Many cash instruments and OTC derivative contracts have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that a party is willing to pay for an asset. Ask prices represent the lowest price that a party is willing to accept for an asset. The Firm carries positions at the point within the bid-ask range that meets its best estimate of fair value. For offsetting positions in the same financial instrument, the same price within the bid-ask spread is used to measure both the long and short positions. Fair value for many cash instruments and OTC derivative contracts is derived using pricing models. Pricing models take into account the contract terms, as well as multiple inputs, including, where applicable, commodity prices, equity prices, interest rate yield curves, credit curves, correlation, creditworthiness of the counterparty, creditworthiness of the Firm, option volatility and currency rates. Where appropriate, valuation adjustments are made to account for various factors such as liquidity risk (bid-ask adjustments), credit quality, model uncertainty, and concentration risk and funding in order to arrive at fair value. Adjustments for liquidity risk adjust model-derived mid-market amounts of Level 2 and Level 3 financial instruments for the bid-mid or mid-ask spread required to properly reflect the exit price of a risk position. Bid-mid and mid-ask spreads are marked to levels observed in trade activity, broker quotes or other external third-party data. Where these spreads are unobservable for the particular position in question, spreads are derived from observable levels of similar positions. The Firm applies credit-related valuation adjustments to its Borrowings for which the fair value option was elected and to OTC derivatives. The Firm considers the impact of changes in its own credit spreads based upon observations of the secondary bond market spreads when measuring the fair value for Borrowings. For OTC derivatives, the impact of changes in both the Firm’s and the counterparty’s credit rating is considered when measuring fair value. In determining the expected exposure, the Firm simulates the distribution of the future exposure to a counterparty, then applies market-based default probabilities to the future exposure, leveraging external third-party CDS spread data. Where CDS spread data are unavailable for a specific counterparty, bond market spreads, CDS spread data based on the counterparty’s credit rating or CDS spread data that reference a comparable counterparty may be utilized. The Firm also considers collateral held and legally enforceable master netting agreements that mitigate its exposure to each counterparty. Adjustments for model uncertainty are taken for positions whose underlying models are reliant on significant inputs that are neither directly nor indirectly observable, hence requiring reliance on established theoretical concepts in their derivation. These adjustments are derived by making assessments of the possible degree of variability using statistical approaches and market-based information where possible. The Firm may apply concentration adjustments to certain of its OTC derivative portfolios to reflect the additional cost of closing out a particularly large risk exposure. Where possible, these adjustments are based on observable market information, but in many instances, significant judgment is required to estimate the costs of closing out concentrated risk exposures due to the lack of liquidity in the marketplace. The Firm applies an FVA in the fair value measurements of OTC uncollateralized or partially collateralized derivatives and in collateralized derivatives where the terms of the agreement do not permit the reuse of the collateral received. In general, FVA reflects a market funding risk premium inherent in the noted derivative instruments. The methodology for measuring FVA leverages the Firm’s existing credit-related valuation adjustment calculation methodologies, which apply to both assets and liabilities. See Note 5 for a description of valuation techniques applied to the major categories of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value on a Non-recurring Basis Certain of the Firm’s assets and liabilities are measured at fair value on a non-recurring basis. The Firm incurs losses or gains for any adjustments of these assets or liabilities to fair value. For assets and liabilities measured at fair value on a non-recurring basis, fair value is determined by using various valuation approaches. The same hierarchy for inputs as described above, which requires that observable inputs be used when available, is used in measuring fair value for these items. For further information on financial assets and liabilities that are measured at fair value on a recurring and non-recurring basis, see Note 5. Offsetting of Derivative Instruments In connection with its derivative activities, the Firm generally enters into master netting agreements and collateral agreements with its counterparties. These agreements provide the Firm with the right, in the event of a default by the counterparty, to net a counterparty’s rights and obligations under the agreement and to liquidate and set off cash collateral against any net amount owed by the counterparty. Derivatives with enforceable master netting agreements are reported net of cash collateral received and posted. However, in certain circumstances, the Firm may not have such an agreement in place; the relevant insolvency regime may not support the enforceability of the master netting agreement or collateral agreement; or the Firm may not have sought legal advice to support the enforceability of the agreement. In cases where the Firm has not determined an agreement to be enforceable, the related amounts are not offset (see Note 7). The Firm’s policy is generally to receive cash and/or securities posted as collateral (with rights of rehypothecation), irrespective of the enforceability determination regarding the master netting and collateral agreement. In certain cases, the Firm may agree for such collateral to be posted to a third-party custodian under a control agreement that enables it to take control of such collateral in the event of a counterparty default. The enforceability of the master netting agreement is taken into account in the Firm’s risk management practices and application of counterparty credit limits. For information related to offsetting of derivatives, see Note 7. Hedge Accounting The Firm applies hedge accounting using various derivative financial instruments for the following types of hedges: hedges of changes in the fair value of assets and liabilities due to the risk being hedged (fair value hedges); and hedges of net investments in foreign operations whose functional currency is different from the reporting currency of the Parent Company (net investment hedges). These financial instruments are included within Trading assets—Derivative and other contracts or Trading liabilities—Derivative and other contracts in the balance sheet. For hedges where hedge accounting is being applied, the Firm performs effectiveness testing and other procedures. Fair Value Hedges—Interest Rate Risk The Firm’s designated fair value hedges consist of interest rate swaps designated as hedges of changes in the benchmark interest rate of certain fixed rate AFS securities and senior borrowings. The Firm also designates interest rate swaps as fair value hedges of changes in the benchmark interest rate of certain fixed rate deposits. The Firm is permitted to hedge the full, or part of the, contractual term of the hedged instrument. The Firm uses regression analysis to perform an ongoing prospective and retrospective assessment of the effectiveness of these hedging relationships. A hedging relationship is deemed effective if the change in fair value of the hedging instrument (derivative) and the change in fair value of the hedged item (AFS security, deposit liability or borrowing), due to changes in the benchmark interest rate, offset within a range of 80% to 125%. The Firm considers the impact of valuation adjustments related to counterparty credit spreads and its own credit spreads to determine whether they would cause the hedging relationship to be ineffective. For qualifying fair value hedges of benchmark interest rates, the change in the fair value of the derivative, offset by the change in the fair value attributable to the change in the benchmark interest rate risk of the hedged asset (liability), is recognized in earnings each period as a component of Interest income (expense). For AFS securities, the change in fair value of the hedged item due to changes other than the risk being hedged will continue to be reported in OCI. When a derivative is de-designated as a hedge, any basis adjustment remaining on the hedged asset (liability) is amortized to Interest income (expense) over the remaining life of the asset (liability) using the effective interest method. Net Investment Hedges The Firm uses forward foreign exchange contracts to manage a portion of the currency exposure relating to its net investments in foreign operations. To the extent that the notional amounts of the hedging instruments equal the portion of the investments being hedged and the underlying exchange rate of the derivative hedging instrument is the same as the exchange rate between the functional currency of the investee and the intermediate parent entity’s functional currency, it is considered to be perfectly effective, with no income statement recognition. The gain or loss from revaluing hedges of net investments in foreign operations at the spot rate is reported within AOCI. The forward points on the hedging instruments are excluded from hedge effectiveness testing and changes in the fair value of this excluded component are recorded currently in Interest income. Other Hedges In addition to hedges that are designated and qualify for hedge accounting, the Firm uses derivatives to economically hedge credit risk associated with certain held-for-sale and held-for-investment corporate loans and lending commitments, and the related gains and losses are reported within Other revenues in the income statement. For further information on derivative instruments and hedging activities, see Note 7. AFS Investment Securities AFS securities are reported at fair value in the balance sheet. Interest income, including amortization of premiums and accretion of discounts, is included in Interest income in the income statement. Unrealized gains are recorded in OCI, and unrealized losses are recorded either in OCI or in Other revenues as described below. AFS securities in an unrealized loss position are first evaluated to determine whether there is an intent to sell or it is more likely than not the Firm will be required to sell before recovery of the amortized cost basis. If so, the amortized cost basis is written down to the fair value of the security such that the entire unrealized loss is recognized in Other revenues, and any previously established ACL is written off. For all other AFS securities in an unrealized loss position, any portion of unrealized losses representing a credit loss is recognized in Other revenues and as an increase to the ACL for AFS securities, with the remainder of unrealized losses recognized in OCI. A credit loss exists if the Firm does not expect to recover the amortized cost basis of the security. When considering whether a credit loss exists, the Firm considers relevant information, including: • guarantees (implicit or explicit) by the U.S. government; • the extent to which the fair value has been less than the amortized cost basis; • adverse conditions specifically related to the security, its industry or geographic area; • changes in the financial condition of the issuer of the security or, in the case of an asset-backed debt security, changes in the financial condition of the underlying loan obligors; • the payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future; • failure of the issuer of the security to make scheduled interest or principal payments; • the current rating and any changes to the rating of the security by a rating agency. If a credit loss exists, the Firm measures the credit loss as the difference between the present value of cash flows expected to be collected (discounted at the implicit interest rate at acquisition of the security or discounted at the effective yield for securities that incorporate changes in prepayment assumptions) and the amortized cost basis of the security. Changes in prepayment assumptions alone are not considered to result in a credit loss. When estimating the present value of expected cash flows, information utilized includes the remaining payment terms of the security, prepayment speeds, financial condition of the issuer, expected defaults and the value of any underlying collateral. Presentation of ACL and Provision for Credit Losses ACL Provision for AFS securities Contra investment securities Other revenue Nonaccrual & ACL Charge-offs on AFS Securities AFS securities follow the same nonaccrual and write-off guidance as discussed in “Allowance for Credit Losses” herein, except as set forth in “Modifications and Nonaccrual Status for Borrowers Impacted by COVID-19” herein. HTM Securities HTM securities are reported at amortized cost, net of any ACL, in the balance sheet. Refer to “Allowance for Credit Losses” herein for guidance on the ACL determination. Interest income, including amortization of premiums and accretion of discounts on HTM securities, is included in Interest income in the income statement. Loans The Firm accounts for loans based on the following categories: loans held for investment; loans held for sale; and loans at fair value. Nonaccrual All loan categories described below follow the same nonaccrual and write-off guidance as discussed in “Allowance for Credit Losses” herein. Loans Held for Investment Loans held for investment are reported at outstanding principal adjusted for any charge-offs, the allowance for credit losses, any unamortized deferred fees or costs for originated loans, and any unamortized premiums or discounts for purchased loans. Interest Income. Interest income on performing loans held for investment is accrued and recognized as interest income at the contractual rate of interest. Purchase price discounts or premiums, as well as net deferred loan fees or costs, are amortized into interest income over the life of the loan to produce a level rate of return. Lending Commitments. The Firm records the liability and related expense for the credit exposure related to commitments to fund loans. For more information regarding loan commitments, standby letters of credit and financial guarantees, see Note 15. For more information regarding allowance for credit losses, refer to “Allowance for Credit Losses” herein. Loans Held for Sale Loans held for sale are measured at the lower of cost or fair value, with valuation changes recorded in Other revenues. The Firm determines the valuation allowance on an individual loan basis, except for residential mortgage loans for which the valuation allowance is determined at the loan product level. Any decreases in fair value below the initial carrying amount and any recoveries in fair value up to the initial carrying amount are recorded in Other revenues. Increases in fair value above initial carrying value are not recognized. Interest Income. Interest income on loans held for sale is accrued and recognized based on the contractual rate of interest. Loan origination fees or costs and purchase price discounts or premiums are deferred as an adjustment to the loan’s cost basis until the related loan is sold and, as such, are included in the periodic determination of the lower of cost or fair value adjustments and the gain or loss recognized at the time of sale. Lending Commitments. Commitments to fund mortgage loans held for sale are derivatives and are reported in Trading assets or Trading liabilities in the balance sheet with an offset to Trading revenues in the income statement. For commitments to fund non-mortgage loans, the Firm records the liability and related expense for the fair value exposure below cost of such commitments in Other liabilities and accrued expenses in the balance sheet with an offset to Other revenues in the income statement. Because loans and lending commitments held for sale are recognized at the lower of cost or fair value, the allowance for credit losses and charge-off policies do not apply to these loans. Loans at Fair Value Loans for which the fair value option is elected are carried at fair value, with changes in fair value recognized in earnings. Loans carried at fair value are not evaluated for purposes of recording an allowance for credit losses. For further information on loans carried at fair value and classified as Trading assets and Trading liabilities, see Note 5. Lending Commitments. The Firm records the liability and related expense for the fair value exposure related to commitments to fund loans that will be measured at fair value. The liability is recorded in Trading liabilities in the balance sheet, and the expense is recorded in Trading revenues in the income statement. Because such loans and lending commitments are reported at fair value, the allowance for credit losses and charge-off policies do not apply to these loans. For further information on loans, see Note 10. Allowance for Credit Losses The ACL for financ ial instruments measured at amortized cost and certain off-balance sheet exposures ( e.g., HFI loans and lending commitments, HTM securities, customer and other receivables and certain guarantees) represents an estimate of expected credit losses over the entire life of the financial instrument. Factors considered by management when determining the ACL include payment status, fair value of collateral and expected payments of principal and interest, as well as internal or external information relating to past events, current conditions, and reasonable and supportable forecasts. The Firm uses three forecasts that include assumptions about certain macroeconomic variables, including, but not limited to, U.S. gross domestic product (“GDP”), equity market indices and unemployment rates, as well as commercial real estate and home price indices. At the conclusion of the Firm’s reasonable and supportable forecast period of 13 quarters, there is a gradual reversion back to historical averages. The ACL is measured on a collective basis when similar risk characteristics exist for multiple instruments, considering all available information relevant to assessing the collectability of cash flows. Generally, the Firm applies a probability of default/loss given default model for instruments that are collectively assessed, under which the ACL is calculated as the product of probability of default, loss given default and exposure at default. These parameters are forecast for each collective group of assets using a scenario-based statistical model. If the instrument does not share similar risk characteristics with other instruments, including when it is probable that the Firm will be unable to collect the full payment of principal and interest on the instrument when due, the ACL is measured on an individual basis. The Firm generally applies a discounted cash flow method for instruments that are individually assessed. The Firm may also elect to use an approach that considers the fair value of the collateral when measuring the ACL if the loan is collateral dependent ( i.e., repayment of the loan is expected to be provided substantially by the sale or operation of the underlying collateral and the borrower is experiencing financial difficulty). Additionally, the Firm can elect to use an approach to measure the ACL that considers the fair value of collateral where the borrower is required to, and reasonably expected to, continually adjust and replenish the amount of collateral securing the instrument to reflect changes in the fair value of such collateral. The Firm has elected to use this approach for certain securities-based loans, margin loans, securities purchased under agreements to resell and securities borrowed. Credit quality indicators considered in developing the ACL include: • Corporate loans, secured lending facilities, commercial real estate loans and securities, and other loans: Internal risk ratings developed by the Credit Risk Management Department that are refreshed at least annually, and more frequently as necessary. These ratings generally correspond to external ratings published by S&P. The Firm also considers transaction structure, including type of collateral, collateral terms and position of the obligation within the capital structure. In addition, for commercial real estate, the Firm considers property type and location, net operating income and LTV ratios, among other factors, as well as commercial real e |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Acquisition of Eaton Vance On March 1, 2021, the Firm completed the acquisition of 100% of Eaton Vance Corp. (“Eaton Vance”) in a stock and cash transaction, which increased 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 Average Life (Years) 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 Net revenues of approximately $1,818 million and Net income of approximately $413 million are included in the Firm’s consolidated results for the period from March 1, 2021 to December 31, 2021. Morgan Stanley and Eaton Vance Proforma Combined Financial Information (Unaudited) $ in millions 2021 2020 Net revenues $ 60,051 $ 50,371 Net income 15,220 10,779 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 have been had the companies actually been combined as of this date. Acquisition of E*TRADE On October 2, 2020, the Firm completed the acquisition of 100% of E*TRADE Financial Corporation (“E*TRADE”) in a stock-for-stock transaction, which increased the scale and breadth of the Wealth Management business segment. Total consideration for the transaction was approximately $11.9 billion, which principally consists of the $11 billion fair value of 233 million common shares issued from Common stock held in treasury, at an exchange ratio of 1.0432 per E*TRADE common share. In addition, the Firm issued Series M and Series N preferred shares with a fair value of approximately $0.7 billion in exchange for E*TRADE’s existing preferred stock. Upon acquisition, the assets and liabilities of E*TRADE 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, customer attrition rates and discount rates. E*TRADE Purchase Price Allocation $ in millions At Assets Cash and cash equivalents $ 3,807 Trading assets at fair value: Loans and lending commitments 1,124 Investments 44 Investment securities 48,855 Securities borrowed 975 Customer and other receivables 12,267 Loans: Held for investment 462 Goodwill 4,270 Intangible assets 1 3,282 Other assets 1,351 Total assets $ 76,437 Liabilities Deposits $ 44,890 Securities loaned 766 Customer and other payables 15,488 Other liabilities and accrued expenses 1,688 Borrowings 1,665 Total liabilities $ 64,497 1. Acquired intangible assets are primarily composed of $2.8 billion related to customer relationships with a weighted-average life of 17 years. E*TRADE’s results are included in the Firm’s consolidated results for the period from October 2, 2020 to December 31, 2020. For this period, Net revenues were approximately $600 million, and Net income (loss) was not material. Morgan Stanley and E*TRADE Proforma Combined Financial Information (Unaudited) $ in millions 2020 2019 Net revenues $ 50,203 $ 44,192 Net income 11,459 9,839 The proforma financial information presented in the previous table was computed by combining the historical financial information of the Firm and E*TRADE along with the effects of the acquisition method of accounting for business combinations as though the companies were combined on January 1, 2019. 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 have been had the companies actually been combined as of this date. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents $ in millions At At Cash and due from banks $ 8,394 $ 9,792 Interest bearing deposits with banks 119,331 95,862 Total Cash and cash equivalents $ 127,725 $ 105,654 Restricted cash $ 40,887 $ 38,202 For additional information on cash and cash equivalents, including restricted cash, see Note 2. |
Fair Values
Fair Values | 12 Months Ended |
Dec. 31, 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 December 31, 2021 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 45,970 $ 29,749 $ 2 $ — $ 75,721 Other sovereign government obligations 28,041 4,533 211 — 32,785 State and municipal securities — 1,905 13 — 1,918 MABS — 1,237 344 — 1,581 Loans and lending commitments 2 — 8,821 3,806 — 12,627 Corporate and other debt — 27,309 1,973 — 29,282 Corporate equities 3 91,630 832 115 — 92,577 Derivative and other contracts: Interest rate 1,364 153,048 1,153 — 155,565 Credit — 8,441 509 — 8,950 Foreign exchange 28 74,571 132 — 74,731 Equity 1,562 68,519 251 — 70,332 Commodity and other 4,462 20,194 3,057 — 27,713 Netting 1 (5,696) (241,814) (794) (50,833) (299,137) Total derivative and other contracts 1,720 82,959 4,308 (50,833) 38,154 Investments 4 735 846 1,125 — 2,706 Physical commodities — 2,771 — — 2,771 Total trading assets 4 168,096 160,962 11,897 (50,833) 290,122 Investment securities —AFS 59,021 43,809 — — 102,830 Securities purchased under agreements to resell — 7 — — 7 Total assets at fair value $ 227,117 $ 204,778 $ 11,897 $ (50,833) $ 392,959 At December 31, 2021 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 1,873 $ 67 $ — $ 1,940 Trading liabilities: U.S. Treasury and agency securities 16,433 319 — — 16,752 Other sovereign government obligations 20,771 2,062 — — 22,833 Corporate and other debt — 8,707 16 — 8,723 Corporate equities 3 75,181 226 45 — 75,452 Derivative and other contracts: Interest rate 1,087 145,670 445 — 147,202 Credit — 9,090 411 — 9,501 Foreign exchange 19 73,096 80 — 73,195 Equity 2,119 77,363 1,196 — 80,678 Commodity and other 4,563 16,837 1,528 — 22,928 Netting 1 (5,696) (241,814) (794) (50,632) (298,936) Total derivative and other contracts 2,092 80,242 2,866 (50,632) 34,568 Total trading liabilities 114,477 91,556 2,927 (50,632) 158,328 Securities sold under agreements to repurchase — 140 651 — 791 Other secured financings — 4,730 403 — 5,133 Borrowings — 74,183 2,157 — 76,340 Total liabilities at fair value $ 114,477 $ 172,482 $ 6,205 $ (50,632) $ 242,532 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 December 31, 2021 At December 31, 2020 Corporate $ 8 $ 13 Secured lending facilities — 648 Commercial real estate 863 916 Residential real estate 3,911 2,145 Securities-based lending and Other loans 7,845 7,426 Total $ 12,627 $ 11,148 Unsettled Fair Value of Futures Contracts 1 $ in millions At December 31, 2021 At December 31, 2020 Customer and other receivables, net $ 948 $ 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. Valuation Techniques for Assets and Liabilities Measured at Fair Value on a Recurring Basis U.S. Treasury and Agency Securities U.S. Treasury Securities Valuation Technique: • Fair value is determined using quoted market prices. Valuation Hierarchy Classification: • Level 1—as inputs are observable and in an active market U.S. Agency Securities Valuation Techniques: • Non-callable agency-issued debt securities are generally valued using quoted market prices, and callable agency-issued debt securities are valued by benchmarking model-derived prices to quoted market prices and trade data for comparable instruments. • The fair value of agency mortgage pass-through pool securities is model-driven based on spreads of comparable to-be-announced securities. • CMOs are generally valued using quoted market prices and trade data adjusted by subsequent changes in related indices for comparable instruments. Valuation Hierarchy Classification: • Level 1—on-the-run agency issued debt securities if actively traded and inputs are observable • Level 2—all other agency issued debt securities, agency mortgage pass-through pool securities and CMOs if actively traded and inputs are observable • Level 3—in instances where the trading activity is limited or inputs are unobservable Other Sovereign Government Obligations Valuation Techniques: • Fair value is determined using quoted prices in active markets when available. When not available, quoted prices in less active markets are used. In the absence of position-specific quoted prices, fair value may be determined through benchmarking from comparable instruments. Valuation Hierarchy Classification: • Level 1—if actively traded and inputs are observable • Level 2—if the market is less active or prices are dispersed • Level 3—in instances where the prices are unobservable State and Municipal Securities Valuation Techniques: • Fair value is determined using recently executed transactions, market price quotations or pricing models that factor in, where applicable, interest rates, bond or CDS spreads, adjusted for any basis difference between cash and derivative instruments. Valuation Hierarchy Classification: • Level 2—if value based on observable market data for comparable instruments • Level 3—in instances where market data are not observable MABS Valuation Techniques: • Mortgage- and asset-backed securities may be valued based on price or spread data obtained from observed transactions or independent external parties such as vendors or brokers. • When position-specific external price data are not observable, the fair value determination may require benchmarking to comparable instruments, and/or analyzing expected credit losses, default and recovery rates, and/or applying discounted cash flow techniques. When evaluating the comparable instruments for use in the valuation of each security, security collateral-specific attributes, including payment priority, credit enhancement levels, type of collateral, delinquency rates and loss severity, are considered. In addition, for RMBS borrowers, FICO scores and the level of documentation for the loan are considered. • Market standard cash flow models may be utilized to model the specific collateral composition and cash flow structure of each transaction. Key inputs to these models are market spreads, forecasted credit losses, and default and prepayment rates for each asset category. • Valuation levels of RMBS and CMBS indices are used as an additional data point for benchmarking purposes or to price outright index positions. Valuation Hierarchy Classification: • Level 2—if value based on observable market data for comparable instruments • Level 3—if external prices or significant spread inputs are unobservable or if the comparability assessment involves significant subjectivity related to property type differences, cash flows, performance or other inputs Loans and Lending Commitments Valuation Techniques: • Fair value of corporate loans is determined using recently executed transactions, market price quotations (where observable), implied yields from comparable debt, market observable CDS spread levels obtained from independent external parties adjusted for any basis difference between cash and derivative instruments, along with proprietary valuation models and default recovery analysis where such transactions and quotations are unobservable. • Fair value of contingent corporate lending commitments is determined by using executed transactions on comparable loans and the anticipated market price based on pricing indications from syndicate banks and customers. The valuation of loans and lending commitments also takes into account fee income that is considered an attribute of the contract. • Fair value of mortgage loans is determined using observable prices based on transactional data or third-party pricing for comparable instruments, when available. • Where position-specific external prices are not observable, fair value is estimated based on benchmarking to prices and rates observed in the primary market for similar loan or borrower types or based on the present value of expected future cash flows using the Firm’s best available estimates of the key assumptions, including forecasted credit losses, prepayment rates, forward yield curves and discount rates commensurate with the risks involved or a methodology that utilizes the capital structure and credit spreads of recent comparable securitization transactions. • Fair value of equity margin loans is determined by discounting future interest cash flows, net of potential losses resulting from large downward price movements of the underlying margin loan collateral. The potential losses are modeled using the margin loan rate, which is calibrated from market observable CDS spreads, implied debt yields or volatility metrics of the loan collateral. Valuation Hierarchy Classification: • Level 2—if value based on observable market data for comparable instruments • Level 3—in instances where prices or significant spread inputs are unobservable or if the comparability assessment involves significant subjectivity Corporate and Other Debt Corporate Bonds Valuation Techniques: • Fair value is determined using recently executed transactions, market price quotations, bond spreads and CDS spreads obtained from independent external parties, such as vendors and brokers, adjusted for any basis difference between cash and derivative instruments. • The spread data used are for the same maturity as the bond. If the spread data do not reference the issuer, then data that reference comparable issuers are used. When position-specific external price data are not observable, fair value is determined based on either benchmarking to comparable instruments or cash flow models with yield curves, bond or single-name CDS spreads and recovery rates or loss given default as significant inputs. Valuation Hierarchy Classification: • Level 2—if value based on observable market data for comparable instruments • Level 3—in instances where prices or significant spread inputs are unobservable or if the comparability assessment involves significant subjectivity CDOs Valuation Techniques: • The Firm holds cash CDOs that typically reference a tranche of an underlying synthetic portfolio of single-name CDS spreads collateralized by corporate bonds (CLN) or cash portfolio of ABS/loans (“asset-backed CDOs”). • Credit correlation, a primary input used to determine the fair value of CLNs, is usually unobservable and derived using a benchmarking technique. Other model inputs such as credit spreads, including collateral spreads and interest rates, are typically observable. • Asset-backed CDOs are valued based on an evaluation of the market and model input parameters sourced from comparable instruments as indicated by market activity. Each asset-backed CDO position is evaluated independently taking into consideration available comparable market levels, underlying collateral performance and pricing, deal structures and liquidity. Valuation Hierarchy Classification: • Level 2—when either comparable market transactions are observable or credit correlation input is insignificant • Level 3—when either comparable market transactions are unobservable or the credit correlation input is significant Equity Contracts with Financing Features Valuation Techniques: • Fair value of certain equity contracts, which are not classified as OTC derivatives because they do not meet the net investment criteria, is determined by discounting future interest cash flows, inclusive of the estimated value of the embedded optionality. The valuation uses the same derivative pricing models and valuation techniques as described under “OTC Derivative Contracts” herein. Valuation Hierarchy Classification: • Level 2—when the contract is valued using observable inputs or where the unobservable input is not deemed significant • Level 3—when the contract is valued using an unobservable input that is deemed significant Corporate Equities Valuation Techniques: • Exchange-traded equity securities are generally valued based on quoted prices from the exchange. • Unlisted equity securities are generally valued based on an assessment of each security, considering rounds of financing and third-party transactions, discounted cash flow analyses and market-based information, including comparable transactions, trading multiples and changes in market outlook, among other factors. • Listed fund units are generally marked to the exchange-traded price if actively traded, or to NAV if not. Unlisted fund units are generally marked to NAV. Valuation Hierarchy Classification: • Level 1—actively traded exchange-traded securities and fund units • Level 2—if not actively traded, inputs are observable or if undergoing a recent M&A event or corporate action • Level 3—if not actively traded, inputs are unobservable or if undergoing an aged M&A event or corporate action Derivative and Other Contracts Exchange-Traded Derivative Contracts Valuation Techniques: • Exchange-traded derivatives that are actively traded are valued based on quoted prices from the exchange. • Exchange-traded derivatives that are not actively traded are valued using the same techniques as those applied to OTC derivatives as noted below. Valuation Hierarchy Classification: • Level 1—when actively traded • Level 2—when not actively traded OTC Derivative Contracts Valuation Techniques: • OTC derivative contracts include forward, swap and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices or commodity prices. • Depending on the product and the terms of the transaction, the fair value of OTC derivative products can be modeled using a series of techniques, including closed-form analytic formulas, such as the Black-Scholes option-pricing model, simulation models or a combination thereof. Many pricing models do not entail material subjectivity as the methodologies employed do not necessitate significant judgment since model inputs may be observed from actively quoted markets, as is the case for generic interest rate swaps, many equity, commodity and foreign currency option contracts, and certain CDS. In the case of more established derivative products, the pricing models used by the Firm are widely accepted by the financial services industry. • More complex OTC derivative products are typically less liquid and require more judgment in the implementation of the valuation technique since direct trading activity or quotes are unobservable. This includes certain types of interest rate derivatives with both volatility and correlation exposure, equity, commodity or foreign currency derivatives that are either longer-dated or include exposure to multiple underlyings, and credit derivatives, including CDS on certain mortgage- or asset-backed securities and basket CDS. Where required inputs are unobservable, relationships to observable data points, based on historical and/or implied observations, may be employed as a technique to estimate the model input values. For further information on the valuation techniques for OTC derivative products, see Note 2. Valuation Hierarchy Classification: • Level 2—when valued using observable inputs or where the unobservable input is not deemed significant • Level 3—if an unobservable input is deemed significant Investments Valuation Techniques: • Investments include direct investments in equity securities, as well as various investment management funds, which include investments made in connection with certain employee deferred compensation plans. • Exchange-traded direct equity investments are generally valued based on quoted prices from the exchange. • For direct investments, initially, the transaction price is generally considered by the Firm as the exit price and is its best estimate of fair value. • After initial recognition, in determining the fair value of non-exchange-traded internally and externally managed funds, the Firm generally considers the NAV of the fund provided by the fund manager to be the best estimate of fair value. These investments are included in the Fund Interests table in the "Net Asset Value Measurements" section herein. • For non-exchange-traded investments either held directly or held within internally managed funds, fair value after initial recognition is based on an assessment of each underlying investment, considering rounds of financing and third-party transactions, discounted cash flow analyses and market-based information, including comparable Firm transactions, trading multiples and changes in market outlook, among other factors. Valuation Hierarchy Classification: • Level 1—if actively traded • Level 2—when not actively traded and valued based on rounds of financing or third-party transactions • Level 3—when not actively traded and rounds of financing or third-party transactions are not available Physical Commodities Valuation Techniques:. • Fair value is determined using observable inputs, including broker quotations and published indices. Valuation Hierarchy Classification: • Level 2—valued using observable inputs Investment Securities—AFS Securities Valuation Techniques: • AFS securities are composed of U.S. government and agency securities ( e.g. , U.S. Treasury securities, agency-issued debt, agency mortgage pass-through securities and CMOs), CMBS, ABS, state and municipal securities, and corporate bonds. For further information on the determination of fair value, refer to the corresponding asset/liability Valuation Technique described herein for the same instruments. Valuation Hierarchy Classification: • For further information on the determination of valuation hierarchy classification, see the corresponding Valuation Hierarchy Classification described herein. Deposits Valuation Techniques: • The Firm issues FDIC-insured certificates of deposit that pay either fixed coupons or that have repayment terms linked to the performance of debt or equity securities, indices or currencies. The fair value of these certificates of deposit is determined using valuation models that incorporate observable inputs referencing identical or comparable securities, including prices to which the deposits are linked, interest rate yield curves, option volatility and currency rates, equity prices, and the impact of the Firm’s own credit spreads, adjusted for the impact of the FDIC insurance, which is based on vanilla deposit issuance rates. Valuation Hierarchy Classification: • Level 2—when valuation inputs are observable • Level 3—in instances where an unobservable input is deemed significant Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase Valuation Techniques: • Fair value is computed using a standard cash flow discounting methodology. • The inputs to the valuation include contractual cash flows and collateral funding spreads, which are the incremental spread over the OIS rate for a specific collateral rate (which refers to the rate applicable to a specific type of security pledged as collateral). Valuation Hierarchy Classification: • Level 2—when the valuation inputs are observable • Level 3—in instances where an unobservable input is deemed significant Other Secured Financings Valuation Techniques: • Other secured financings are composed of short-dated notes secured by Corporate equities, agreements to repurchase Physical commodities, the liabilities related to sales of Loans and lending commitments accounted for as financings, and secured contracts that are not classified as OTC derivatives because they fail net investment criteria. For further information on the determination of fair value, refer to the Valuation Techniques described herein for the corresponding instruments, which are the collateral referenced by the other secured financing liability. Valuation Hierarchy Classification: • For further information on the determination of valuation hierarchy classification, see the Valuation Hierarchy Classification described herein for the corresponding instruments, which are the collateral referenced by the other secured financing liability. Borrowings Valuation Techniques: • The Firm carries certain borrowings at fair value that are primarily composed of: instruments whose payments and redemption values are linked to the performance of a specific index, a basket of stocks, a specific equity security, a commodity, a credit exposure or basket of credit exposures; and instruments with various interest rate-related features, including step-ups, step-downs and zero coupons. Also included are unsecured contracts which are not classified as OTC derivatives because they fail net investment criteria. • Fair value is determined using valuation models for the derivative and debt portions of the instruments. These models incorporate observable inputs referencing identical or comparable securities, including prices to which the instruments are linked, interest rate yield curves, option volatility and currency rates, and commodity or equity prices. • Independent, external and traded prices are considered, as well as the impact of the Firm’s own credit spreads, which are based on observed secondary bond market spreads. Valuation Hierarchy Classification: • Level 2—when valued using observable inputs or where the unobservable input is not deemed significant • Level 3—in instances where an unobservable input is deemed significant Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis $ in millions 2021 2020 2019 U.S. Treasury and agency securities Beginning balance $ 9 $ 22 $ 54 Realized and unrealized gains (losses) — 1 4 Purchases 2 — 17 Sales (9) (22) (54) Net transfers — 8 1 Ending balance $ 2 $ 9 $ 22 Unrealized gains (losses) $ — $ — $ 4 Other sovereign government obligations Beginning balance $ 268 $ 5 $ 17 Realized and unrealized gains (losses) (1) — (3) Purchases 146 265 7 Sales (192) (2) (6) Net transfers (10) — (10) Ending balance $ 211 $ 268 $ 5 Unrealized gains (losses) $ — $ — $ (3) State and municipal securities Beginning balance $ — $ 1 $ 148 Purchases 4 — — Sales (4) — (147) Net transfers 13 (1) — Ending balance $ 13 $ — $ 1 Unrealized gains (losses) $ — $ — $ — MABS Beginning balance $ 322 $ 438 $ 354 Realized and unrealized gains (losses) 51 (66) (16) Purchases 254 175 132 Sales (215) (244) (175) Settlements — — (44) Net transfers (68) 19 187 Ending balance $ 344 $ 322 $ 438 Unrealized gains (losses) $ (10) $ (49) $ (57) Loans and lending commitments Beginning balance $ 5,759 $ 5,073 $ 6,870 Realized and unrealized gains (losses) 51 (65) 38 Purchases and originations 2,446 3,479 2,337 Sales (2,609) (957) (1,268) Settlements (1,268) (2,196) (2,291) Net transfers 1 (573) 425 (613) Ending balance $ 3,806 $ 5,759 $ 5,073 Unrealized gains (losses) $ (7) $ 58 $ (9) Corporate and other debt Beginning balance $ 3,435 $ 1,396 $ 1,076 Realized and unrealized gains (losses) (140) 318 418 Purchases and originations 1,355 2,623 650 Sales (785) (617) (729) Settlements — (311) (7) Net transfers 2 (1,892) 26 (12) Ending balance $ 1,973 $ 3,435 $ 1,396 Unrealized gains (losses) $ (25) $ 311 $ 361 $ in millions 2021 2020 2019 Corporate equities Beginning balance $ 86 $ 97 $ 95 Realized and unrealized gains (losses) (8) (55) (8) Purchases 121 36 32 Sales (50) (17) (271) Net transfers (34) 25 249 Ending balance $ 115 $ 86 $ 97 Unrealized gains (losses) $ (3) $ (39) $ 1 Investments Beginning balance $ 828 $ 858 $ 757 Realized and unrealized gains (losses) 382 32 78 Purchases 226 61 40 Sales (115) (106) (41) Net transfers (196) (17) 24 Ending balance $ 1,125 $ 828 $ 858 Unrealized gains (losses) $ 359 $ (45) $ 67 Investment securities—AFS Beginning balance $ 2,804 $ — $ — Realized and unrealized gains (losses) (4) 5 — Purchases 3 — 2,799 — Sales (203) — — Net transfers 3 (2,597) — — Ending balance $ — $ 2,804 $ — Unrealized gains (losses) $ — $ 5 $ — Securities purchased under agreements to resell Beginning balance $ 3 $ — $ — Net transfers (3) 3 — Ending balance $ — $ 3 $ — Unrealized gains (losses) $ — $ — $ — Net derivatives: Interest rate Beginning balance $ 682 $ 777 $ 618 Realized and unrealized gains (losses) 284 (150) 17 Purchases 67 174 98 Issuances (52) (44) (16) Settlements 14 40 1 Net transfers (287) (115) 59 Ending balance $ 708 $ 682 $ 777 Unrealized gains (losses) $ 292 $ (34) $ 87 Net derivatives: Credit Beginning balance $ 49 $ 124 $ 40 Realized and unrealized gains (losses) 95 (91) (24) Purchases 18 98 144 Issuances (46) (112) (190) Settlements 58 94 111 Net transfers (76) (64) 43 Ending balance $ 98 $ 49 $ 124 Unrealized gains (losses) $ 122 $ (111) $ (17) $ in millions 2021 2020 2019 Net derivatives: Foreign exchange Beginning balance $ 61 $ (31) $ 75 Realized and unrealized gains (losses) (89) 156 (295) Purchases 2 4 2 Issuances (15) — — Settlements 16 (17) 7 Net transfers 77 (51) 180 Ending balance $ 52 $ 61 $ (31) Unrealized gains (losses) $ (62) $ 94 $ (187) Net derivatives: Equity Beginning balance $ (2,231) $ (1,684) $ (1,485) Realized and unrealized gains (losses) 344 72 (260) Purchases 70 179 155 Issuances (443) (713) (643) Settlements 160 (354) 242 Net transfers 2 1,155 269 307 Ending balance $ (945) $ (2,231) $ (1,684) Unrealized gains (losses) $ (103) $ (210) $ (194) Net derivatives: Commodity and other Beginning balance $ 1,709 $ 1,612 $ 2,052 Realized and unrealized gains (losses) 529 251 73 Purchases 44 89 152 Issuances (86) (57) (92) Settlements (599) (183) (611) Net transfers (68) (3) 38 Ending balance $ 1,529 $ 1,709 $ 1,612 Unrealized gains (losses) $ 141 $ (309) $ (113) Deposits Beginning balance $ 126 $ 179 $ 27 Realized and unrealized losses (gains) — 15 20 Issuances — 21 101 Settlements (10) (17) (15) Net transfers (49) (72) 46 Ending balance $ 67 $ 126 $ 179 Unrealized losses (gains) $ — $ 15 $ 20 Nonderivative trading liabilities Beginning balance $ 79 $ 37 $ 16 Realized and unrealized losses (gains) (21) (18) (21) Purchases (30) (35) (65) Sales 43 27 38 Settlements — 3 — Net transfers (10) 65 69 Ending balance $ 61 $ 79 $ 37 Unrealized losses (gains) $ (21) $ (18) $ (21) Securities sold under agreements to repurchase Beginning balance $ 444 $ — $ — Realized and unrealized losses (gains) 1 (27) — Issuances — 470 — Net transfers 206 1 — Ending balance $ 651 $ 444 $ — Unrealized losses (gains) $ 1 $ (27) $ — $ in millions 2021 2020 2019 Other secured financings Beginning balance $ 516 $ 109 $ 208 Realized and unrealized losses (gains) (17) 21 5 Issuances 449 208 — Settlements (518) (217) (8) Net transfers (27) 395 (96) Ending balance $ 403 $ 516 $ 109 Unrealized losses (gains) $ (16) $ 21 $ 5 Borrowings Beginning balance $ 4,374 $ 4,088 $ 3,806 Realized and unrealized losses (gains) (99) 204 728 Issuances 717 980 1,181 Settlements (448) (461) (950) Net transfers 2 (2,387) (437) (677) Ending balance $ 2,157 $ 4,374 $ 4,088 Unrealized losses (gains) $ (114) $ 201 $ 600 Portion of unrealized losses (gains) recorded in OCI—Change in net DVA (17) 63 182 1. Net transfers in 2021 reflect the transfer in the third quarter of $895 million of equity margin loans from Level 3 to Level 2 as a result of the reduced significance of the margin loan rate input. Net transfers in 2020 reflect the largely offsetting impacts of equity margin loan transfers of $857 million into Level 3 in the first quarter and $707 million out of Level 3 in the second quarter, both driven by changes in the significance level of the margin loan rate input based on changes in liquidity conditions. 2. Net transfers in 2021 reflect the transfer in the second quarter of $2.0 billion of Corporate and other debt, $1.0 billion of net Equity derivatives and $2.2 billion of Borrowings from Level 3 to Level 2 as the unobservable inputs were not significant to the overall fair value measurements. 3. Net transfers in 2021 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. Purchases of AFS investment securities in 2020 relate to securities acquired as part of the E*TRADE transaction. For additional information on the acquisition of E*TRADE, see Note 3. 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 statement. 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 December 31, 2021 At December 31, 2020 Assets at Fair Value on a Recurring Basis Other sovereign government obligations $ 211 $ 268 Comparable pricing: Bond price 100 to 140 points (120 points) 106 points MABS $ 344 $ 322 Comparable pricing: Bond price 0 to 86 points (59 points) 0 to 80 points (50 points) Loans and lending commitments $ 3,806 $ 5,759 Margin loan model: Margin loan rate 1% to 4% (3%) 1% to 5% (3%) Co |
Fair Value Option
Fair Value Option | 12 Months Ended |
Dec. 31, 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 December 31, 2021 At December 31, 2020 Business Unit Responsible for Risk Management Equity $ 37,046 $ 33,952 Interest rates 28,638 31,222 Commodities 7,837 5,078 Credit 1,347 1,344 Foreign exchange 1,472 2,105 Total $ 76,340 $ 73,701 Net Revenues from Borrowings under the Fair Value Option $ in millions 2021 2020 2019 Trading revenues $ 899 $ (5,135) $ (6,932) Interest expense 305 341 375 Net revenues 1 $ 594 $ (5,476) $ (7,307) 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 $ in millions Trading OCI 2021 Loans and other receivables 1 $ 278 $ — Lending commitments 2 — Deposits — 17 Borrowings (36) 901 2020 Loans and other receivables 1 $ (116) $ — Lending commitments (3) — Deposits — (19) Borrowings (26) (1,340) 2019 Loans and other receivables 1 $ 223 $ — Lending commitments (2) — Deposits — (30) Borrowings (11) (2,140) Other — — $ in millions At December 31, 2021 At December 31, 2020 Cumulative pre-tax DVA gain (loss) recognized in AOCI $ (2,439) $ (3,357) 1. Loans and other receivables-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 December 31, 2021 At December 31, 2020 Loans and other receivables 2 $ 12,633 $ 14,042 Nonaccrual loans 2 9,999 11,551 Borrowings 3 (2,106) (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 receivables 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 December 31, 2021 At December 31, 2020 Nonaccrual loans $ 989 $ 1,407 Nonaccrual loans 90 or more days past due $ 363 $ 239 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Firm trades and makes markets globally in listed futures, OTC swaps, forwards, options and other derivatives referencing, among other things, interest rates, equities, currencies, investment grade and non-investment grade corporate credits, loans, bonds, U.S. and other sovereign securities, emerging market bonds and loans, credit indices, ABS indices, property indices, mortgage-related and other ABS, and real estate loan products. The Firm uses these instruments for market-making, managing foreign currency and credit exposure, and asset/liability management. The Firm manages its market-making positions by employing a variety of risk mitigation strategies. These strategies include diversification of risk exposures and hedging. Hedging activities consist of the purchase or sale of positions in related securities and financial instruments, including a variety of derivative products ( e.g. , futures, forwards, swaps and options). The Firm manages the market risk associated with its market-making activities on a Firmwide basis, on a worldwide trading division level and on an individual product basis. Fair Values of Derivative Contracts Assets at December 31, 2021 $ in millions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 594 $ 1 $ — $ 595 Foreign exchange 191 6 — 197 Total 785 7 — 792 Not designated as accounting hedges Economic hedges of loans Credit — 15 — 15 Other derivatives Interest rate 147,585 7,002 383 154,970 Credit 5,749 3,186 — 8,935 Foreign exchange 73,276 1,219 39 74,534 Equity 28,877 — 41,455 70,332 Commodity and other 22,175 — 5,538 27,713 Total 277,662 11,422 47,415 336,499 Total gross derivatives $ 278,447 $ 11,429 $ 47,415 $ 337,291 Amounts offset Counterparty netting (201,729) (9,818) (42,883) (254,430) Cash collateral netting (43,495) (1,212) — (44,707) Total in Trading assets $ 33,223 $ 399 $ 4,532 $ 38,154 Amounts not offset 1 Financial instruments collateral (10,457) — — (10,457) Net amounts $ 22,766 $ 399 $ 4,532 $ 27,697 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 6,725 Liabilities at December 31, 2021 $ in millions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 86 $ 1 $ — $ 87 Foreign exchange 57 50 — 107 Total 143 51 — 194 Not designated as accounting hedges Economic hedges of loans Credit 17 412 — 429 Other derivatives Interest rate 140,770 6,112 233 147,115 Credit 5,609 3,463 — 9,072 Foreign exchange 71,851 1,196 41 73,088 Equity 39,597 — 41,081 80,678 Commodity and other 17,188 — 5,740 22,928 Total 275,032 11,183 47,095 333,310 Total gross derivatives $ 275,175 $ 11,234 $ 47,095 $ 333,504 Amounts offset Counterparty netting (201,729) (9,818) (42,883) (254,430) Cash collateral netting (43,305) (1,201) — (44,506) Total in Trading liabilities $ 30,141 $ 215 $ 4,212 $ 34,568 Amounts not offset 1 Financial instruments collateral (5,866) (8) (39) (5,913) Net amounts $ 24,275 $ 207 $ 4,173 $ 28,655 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 6,194 Assets at December 31, 2020 $ in millions Bilateral Cleared Exchange- 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 hedges of loans Credit 2 2 51 — 53 Other derivatives Interest rate 221,895 10,343 300 232,538 Credit 2 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 1 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 Cleared Exchange- Total Designated as accounting hedges Interest rate $ — $ 19 $ — $ 19 Foreign exchange 291 99 — 390 Total 291 118 — 409 Not designated as accounting hedges Economic hedges of loans Credit 2 18 177 — 195 Other derivatives Interest rate 210,015 7,965 639 218,619 Credit 2 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 1 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. 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. 2. Certain prior period amounts have been reclassified to conform to the current presentation. 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 December 31, 2021 $ in billions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 4 $ 104 $ — $ 108 Foreign exchange 8 1 — 9 Total 12 105 — 117 Not designated as accounting hedges Economic hedges of loans Credit — — — — Other derivatives Interest rate 3,488 7,082 570 11,140 Credit 216 105 — 321 Foreign exchange 3,386 95 10 3,491 Equity 495 — 407 902 Commodity and other 139 — 73 212 Total 7,724 7,282 1,060 16,066 Total gross derivatives $ 7,736 $ 7,387 $ 1,060 $ 16,183 Liabilities at December 31, 2021 $ in billions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ — $ 99 $ — $ 99 Foreign exchange 5 3 — 8 Total 5 102 — 107 Not designated as accounting hedges Economic hedges of loans Credit 1 12 — 13 Other derivatives Interest rate 3,827 6,965 445 11,237 Credit 225 106 — 331 Foreign exchange 3,360 88 12 3,460 Equity 552 — 735 1,287 Commodity and other 110 — 81 191 Total 8,075 7,171 1,273 16,519 Total gross derivatives $ 8,080 $ 7,273 $ 1,273 $ 16,626 Assets at December 31, 2020 $ in billions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 6 $ 123 $ — $ 129 Foreign exchange 2 — — 2 Total 8 123 — 131 Not designated as accounting hedges Economic hedges of loans 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 Cleared Exchange- Total Designated as accounting hedges Interest rate $ — $ 80 $ — $ 80 Foreign exchange 11 3 — 14 Total 11 83 — 94 Not designated as accounting hedges Economic hedges of loans 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. Gains (Losses) on Accounting Hedges $ in millions 2021 2020 2019 Fair value hedges—Recognized in Interest income Interest rate contracts $ 742 $ 75 $ (10) Investment Securities—AFS (629) (33) 10 Fair value hedges—Recognized in Interest expense Interest rate contracts $ (4,306) $ 4,678 $ 4,212 Deposits 88 (100) 7 Borrowings 4,214 (4,692) (4,288) Net investment hedges—Foreign exchange contracts Recognized in OCI $ 664 $ (366) $ 14 Forward points excluded from hedge effectiveness testing—Recognized in Interest income (53) 16 136 Fair Value Hedges—Hedged Items $ in millions At December 31, 2021 At December 31, 2020 Investment securities—AFS Amortized cost basis currently or previously hedged $ 17,902 $ 16,288 Basis adjustments included in amortized cost 1 $ (591) $ (39) Deposits Carrying amount currently or previously hedged $ 6,279 $ 15,059 Basis adjustments included in carrying amount 1 $ 5 $ 93 Borrowings Carrying amount currently or previously hedged $ 122,919 $ 114,349 Basis adjustments included in carrying amount—Outstanding hedges $ 2,324 $ 6,575 Basis adjustments included in carrying amount—Terminated hedges $ (743) $ (756) 1. Hedge accounting basis adjustments are primarily related to outstanding hedges. Gains (Losses) on Economic Hedges of Loans $ in millions 2021 2020 2019 Recognized in Other revenues Credit contracts 1 (285) 9 (179) 1. Amounts related to hedges of certain held-for-investment and held-for-sale loans. Derivatives with Credit Risk-Related Contingencies Net Derivative Liabilities and Collateral Posted $ in millions At December 31, 2021 At December 31, 2020 Net derivative liabilities with credit risk-related contingent features $ 20,548 $ 30,421 Collateral posted 14,789 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 December 31, 2021 One-notch downgrade $ 234 Two-notch downgrade 357 Bilateral downgrade agreements included in the amounts above 1 $ 477 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 December 31, 2021 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 10 $ 26 $ 29 $ 9 $ 74 Non-investment grade 5 13 17 2 37 Total $ 15 $ 39 $ 46 $ 11 $ 111 Index and basket CDS Investment grade $ 2 $ 11 $ 106 $ 15 $ 134 Non-investment grade 9 14 37 12 72 Total $ 11 $ 25 $ 143 $ 27 $ 206 Total CDS sold $ 26 $ 64 $ 189 $ 38 $ 317 Other credit contracts — — — — — Total credit protection sold $ 26 $ 64 $ 189 $ 38 $ 317 CDS protection sold with identical protection purchased $ 278 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 December 31, 2021 At December 31, 2020 Single-name CDS Investment grade $ 1,428 $ 1,230 Non-investment grade (370) (22) Total $ 1,058 $ 1,208 Index and basket CDS Investment grade $ 1,393 $ 843 Non-investment grade (650) (824) Total $ 743 $ 19 Total CDS sold $ 1,801 $ 1,227 Other credit contracts (3) (4) Total credit protection sold $ 1,798 $ 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 $ 126 $ 116 Index and basket 204 116 Tranched index and basket 18 14 Total $ 348 $ 246 Fair Value Asset (Liability) $ in millions At At Single name $ (1,338) $ (1,452) Index and basket (563) (57) Tranched index and basket (451) (329) Total $ (2,352) $ (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. The purchase of credit protection does not represent the sole manner in which the Firm risk manages its exposure to credit derivatives. The Firm manages its exposure to these derivative contracts through a variety of risk mitigation strategies, which include managing the credit and correlation risk across single-name, non-tranched indices and baskets, tranched indices and baskets, and cash positions. Aggregate market risk limits have been established for credit derivatives, and market risk measures are routinely monitored against these limits. The Firm may also recover amounts on the underlying reference obligation delivered to the Firm under CDS where credit protection was sold. Single-Name CDS. A CDS protects the buyer against the loss of principal on a bond or loan in case of a default by the issuer. The protection buyer pays a periodic premium (generally quarterly) over the life of the contract and is protected for the period. The Firm, in turn, performs under a CDS if a credit event as defined under the contract occurs. Typical credit events include bankruptcy, dissolution or insolvency of the referenced entity, failure to pay and restructuring of the obligations of the referenced entity. Index and Basket CDS. Index and basket CDS are products where credit protection is provided on a portfolio of single-name CDS. Generally, in the event of a default on one of the underlying names, the Firm pays a pro rata portion of the total notional amount of the CDS. The Firm also enters into tranched index and basket CDS where credit protection is provided on a particular portion of the portfolio loss distribution. The most junior tranches cover initial defaults, and once losses exceed the notional of the tranche, they are passed on to the next most senior tranche in the capital structure. Other Credit Contracts. The Firm has invested in CLNs and CDOs, which are hybrid instruments containing embedded derivatives, in which credit protection has been sold to the issuer of the note. If there is a credit event of a reference entity underlying the instrument, the principal balance of the note may not be repaid in full to the Firm. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities AFS and HTM Securities At December 31, 2021 $ in millions Amortized Cost 1 Gross Gross Fair AFS securities U.S. Treasury securities $ 58,974 $ 343 $ 296 $ 59,021 U.S. agency securities 2 26,780 274 241 26,813 Agency CMBS 14,476 289 89 14,676 State and municipal securities 613 37 2 648 FFELP student loan ABS 3 1,672 11 11 1,672 Total AFS securities 102,515 954 639 102,830 HTM securities U.S. Treasury securities 28,653 882 81 29,454 U.S. agency securities 2 48,195 169 1,228 47,136 Agency CMBS 2,267 — 51 2,216 Non-agency CMBS 1,053 28 5 1,076 Total HTM securities 80,168 1,079 1,365 79,882 Total investment securities $ 182,683 $ 2,033 $ 2,004 $ 182,712 At December 31, 2020 $ in millions Amortized Cost 1 Gross Gross Fair 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 December 31, At December 31, $ in millions Fair Value Gross Fair Value Gross Unrealized Losses U.S. Treasury securities Less than12 months $ 31,459 $ 296 $ 151 $ — Total 31,459 296 151 — U.S. agency securities Less than12 months 12,283 219 5,808 22 12 months or longer 1,167 22 1,168 3 Total 13,450 241 6,976 25 Agency CMBS Less than12 months 2,872 89 2,779 9 12 months or longer 10 — 46 — Total 2,882 89 2,825 9 State and municipal securities Less than12 months 21 2 86 — 12 months or longer 7 — 36 1 Total 28 2 122 1 FFELP student loan ABS Less than12 months 320 1 — — 12 months or longer 591 10 1,077 26 Total 911 11 1,077 26 Total AFS securities in an unrealized loss position Less than12 months 46,955 607 8,824 31 12 months or longer 1,775 32 2,358 30 Total $ 48,730 $ 639 $ 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. 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 December 31, 2021 and December 31, 2020, the securities in an unrealized loss position are predominantly investment grade. The HTM securities net carrying amounts at December 31, 2021 and December 31, 2020 reflect an ACL of $33 million and $26 million, respectively, related to Non-agency CMBS. See Note 2 for a description of the ACL methodology used for HTM Securities. As of December 31, 2021 and December 31, 2020, Non-Agency CMBS HTM securities were predominantly on accrual status and investment grade. See Note 16 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 December 31, 2021 $ in millions Amortized Cost 1 Fair Annualized Average Yield 2 AFS securities U.S. Treasury securities: Due within 1 year $ 8,957 $ 9,017 1.7 % After 1 year through 5 years 41,374 41,350 1.0 % After 5 years through 10 years 8,643 8,654 1.2 % Total 58,974 59,021 U.S. agency securities: Due within 1 year 1 1 1.2 % After 1 year through 5 years 191 194 1.6 % After 5 years through 10 years 1,231 1,254 1.8 % After 10 years 25,357 25,364 1.6 % Total 26,780 26,813 Agency CMBS: Due within 1 year 226 227 1.7 % After 1 year through 5 years 2,562 2,598 1.6 % After 5 years through 10 years 9,072 9,302 1.6 % After 10 years 2,616 2,549 1.4 % Total 14,476 14,676 State and municipal securities: Due within 1 year 4 4 1.8 % After 1 year through 5 years 26 28 1.9 % After 5 years through 10 years 59 68 2.1 % After 10 years 524 548 2.2 % Total 613 648 FFELP student loan ABS: Due within 1 year 31 30 0.8 % After 1 year through 5 years 162 158 0.8 % After 5 years through 10 years 143 139 0.7 % After 10 years 1,336 1,345 1.1 % Total 1,672 1,672 Total AFS securities 102,515 102,830 1.3 % At December 31, 2021 $ in millions Amortized Cost 1 Fair Annualized Average Yield 2 HTM securities U.S. Treasury securities: Due within 1 year $ 4,147 $ 4,181 1.9 % After 1 year through 5 years 17,615 17,927 1.7 % After 5 years through 10 years 5,328 5,662 2.4 % After 10 years 1,563 1,684 2.3 % Total 28,653 29,454 U.S. agency securities: After 5 years through 10 years 491 503 2.0 % After 10 years 47,704 46,633 1.6 % Total 48,195 47,136 Agency CMBS: Due within 1 year 45 45 1.1 % After 1 year through 5 years 1,263 1,240 1.3 % After 5 years through 10 years 808 784 1.4 % After 10 years 151 147 1.5 % Total 2,267 2,216 Non-agency CMBS: Due within 1 year 151 151 4.5 % After 1 year through 5 years 109 111 3.1 % After 5 years through 10 years 753 772 3.5 % After 10 years 40 42 4.2 % Total 1,053 1,076 Total HTM securities 80,168 79,882 1.8 % Total investment securities $ 182,683 $ 182,712 1.5 % 1. Amounts are net of any ACL. 2. Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives. Gross Realized Gains (Losses) on Sales of AFS Securities $ in millions 2021 2020 2019 Gross realized gains $ 237 $ 168 $ 113 Gross realized (losses) (27) (31) (10) Total 1 $ 210 $ 137 $ 103 1. Realized gains and losses are recognized in Other revenues in the income statement. |
Collateralized Transactions
Collateralized Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Collateralized Agreements [Abstract] | |
Collateralized Transactions | Collateralized Transactions The Firm enters into securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed and securities loaned transactions to, among other things, acquire securities to cover short positions and settle other securities obligations, to accommodate customers’ needs and to finance its inventory positions. The Firm monitors the fair value of the underlying securities as compared with the related receivable or payable, including accrued interest, and, as necessary, requests additional collateral, as provided under the applicable agreement to ensure such transactions are adequately collateralized, or returns excess collateral. The risk related to a decline in the market value of collateral pledged or received is managed by setting appropriate market-based margin requirements. Increases in collateral margin calls on secured financing due to market value declines may be mitigated by increases in collateral margin calls on securities purchased under agreements to resell and securities borrowed transactions with similar quality collateral. Additionally, the Firm may request lower quality collateral pledged be replaced with higher quality collateral through collateral substitution rights in the underlying agreements. The Firm actively manages its secured financings in a manner that reduces the potential refinancing risk of secured financings of less liquid assets and also considers the quality of collateral when negotiating collateral eligibility with counterparties. The Firm utilizes shorter term secured financing for highly liquid assets and has established longer tenor limits for less liquid assets, for which funding may be at risk in the event of a market disruption. Offsetting of Certain Collateralized Transactions At December 31, 2021 $ in millions Gross Amounts Balance Sheet Net Amounts Amounts Not Offset 1 Net Assets Securities purchased under agreements to resell $ 197,486 $ (77,487) $ 119,999 $ (106,896) $ 13,103 Securities borrowed 139,395 (9,682) 129,713 (124,028) 5,685 Liabilities Securities sold under agreements to repurchase $ 139,675 $ (77,487) $ 62,188 $ (53,692) $ 8,496 Securities loaned 21,981 (9,682) 12,299 (12,019) 280 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 12,514 Securities borrowed 1,041 Securities sold under agreements to repurchase 8,295 Securities loaned 139 At December 31, 2020 $ in millions Gross Amounts Balance Sheet Net Amounts Amounts Not Offset 1 Net 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 information related to offsetting of derivatives, see Note 7. Gross Secured Financing Balances by Remaining Contractual Maturity At December 31, 2021 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 29,271 $ 53,987 $ 17,099 $ 39,318 $ 139,675 Securities loaned 11,480 364 650 9,487 21,981 Total included in the offsetting disclosure $ 40,751 $ 54,351 $ 17,749 $ 48,805 $ 161,656 Trading liabilities—Obligation to return securities received as collateral 30,104 — — — 30,104 Total $ 70,855 $ 54,351 $ 17,749 $ 48,805 $ 191,760 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—Obligation to return securities received as collateral 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 December 31, 2021 At December 31, 2020 Securities sold under agreements to repurchase U.S. Treasury and agency securities $ 30,790 $ 94,662 Other sovereign government obligations 73,063 71,140 Corporate equities 25,881 24,692 Other 9,941 7,999 Total $ 139,675 $ 198,493 Securities loaned Other sovereign government obligations $ 748 $ 3,430 Corporate equities 20,656 16,536 Other 577 295 Total $ 21,981 $ 20,261 Total included in the offsetting disclosure $ 161,656 $ 218,754 Trading liabilities—Obligation to return securities received as collateral Corporate equities $ 30,048 $ 16,365 Other 56 24 Total $ 30,104 $ 16,389 Total $ 191,760 $ 235,143 Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge $ in millions At December 31, 2021 At December 31, 2020 Trading assets $ 32,458 $ 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 sheet. Fair Value of Collateral Received with Right to Sell or Repledge $ in millions At December 31, 2021 At December 31, 2020 Collateral received with right to sell or repledge $ 672,104 $ 724,818 Collateral that was sold or repledged 1 510,000 523,648 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 to deliver to counterparties to cover short positions. Securities Segregated for Regulatory Purposes $ in millions At December 31, 2021 At December 31, 2020 Segregated securities 1 $ 20,092 $ 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 sheet. Concentration Based on the Firm’s Total Assets At December 31, 2021 At December 31, 2020 U.S. government and agency securities and other sovereign government obligations Trading assets 1 9 % 10 % Off balance sheet—Collateral received 2 12 % 12 % 1. Other sovereign government obligations included in Trading assets primarily consist of obligations of the U.K., Japan and Brazil. 2. Collateral received is primarily related to Securities purchased under agreements to resell and Securities borrowed. The Firm is subject to concentration risk by holding large positions in certain types of securities, loans or commitments to purchase securities of a single issuer, including sovereign governments and other entities, issuers located in a particular country or geographic area, public and private issuers involving developing countries or issuers engaged in a particular industry. Positions taken and underwriting and financing commitments, including those made in connection with the Firm’s private equity, principal investment and lending activities, often involve substantial amounts and significant exposure to individual issuers and businesses, including investment grade and non-investment grade issuers. Customer Margin and Other Lending $ in millions At December 31, 2021 At December 31, 2020 Margin and other lending $ 71,532 $ 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 sheet. 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. Margin loans are extended on a demand basis and generally are not committed facilities. Factors considered in the review of margin loans are the amount of the loan, the intended purpose, the degree of leverage being employed in the account and the amount of collateral, as well as an overall evaluation of the portfolio to ensure proper diversification or, in the case of concentrated positions, appropriate liquidity of the underlying collateral or potential hedging strategies to reduce risk. Underlying collateral for margin loans is reviewed with respect to the liquidity of the proposed collateral positions, valuation of securities, historic trading range, volatility analysis and an evaluation of industry concentrations. For these transactions, adherence to the Firm’s collateral policies significantly limits its credit exposure in the event of a customer default. The Firm may request additional margin collateral from customers, if appropriate, and, if necessary, may sell securities that have not been paid for or purchase securities sold but not delivered from customers. 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 Other secured financings include the liabilities related to transfers of financial assets that are accounted for as financings rather than sales, consolidated VIEs where the Firm is deemed to be the primary beneficiary, and certain ELNs and other secured borrowings. These liabilities are generally payable from the cash flows of the related assets, which are accounted for as Trading assets (see Notes 14 and 16). |
Loans, Lending Commitments and
Loans, Lending Commitments and Related Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 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 The Firm’s held-for-investment and held-for-sale loan portfolios consist of the following types of loans: • Corporate. Corporate includes revolving lines of credit, term loans and bridge loans made to corporate entities for a variety of purposes. • Secured Lending Facilities. Secured lending facilities include loans provided to clients, which are collateralized by various assets, including residential and commercial real estate mortgage loan s, investor commitments for capital calls, corporate loans and other assets. • Commercial Real Estate . Commercial real estate loans include owner-occupied loans and income-producing loans. • Residential Real Estate. Residential real estate loans mainly include non-conforming loans and HELOC. • Securities-based Lending and Other. Securities-based lending includes loans that allow clients to borrow money against the value of qualifying securities for any suitable purpose other than purchasing, trading, or carrying securities or refinancing margin debt. The majority of these loans are structured as revolving lines of credit. Other primarily includes certain loans originated in the tailored lending business within the Wealth Management business segment. Loans by Type At December 31, 2021 $ in millions HFI Loans HFS Loans Total Loans Corporate $ 5,567 $ 8,107 $ 13,674 Secured lending facilities 31,471 3,879 35,350 Commercial real estate 7,227 1,777 9,004 Residential real estate 44,251 7 44,258 Securities-based lending and Other loans 86,440 62 86,502 Total loans 174,956 13,832 188,788 ACL (654) (654) Total loans, net $ 174,302 $ 13,832 $ 188,134 Loans to non-U.S. borrowers, net $ 24,322 At December 31, 2020 $ in millions HFI Loans HFS Loans 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 Loans to non-U.S. borrowers, net $ 21,081 Loans by Interest Rate Type At December 31, 2021 At December 31, 2020 $ in millions Fixed Rate Floating or Adjustable Rate Fixed Rate Floating or Adjustable Rate Corporate $ — $ 13,674 $ — $ 14,626 Secured lending facilities — 35,350 196 28,827 Commercial real estate 343 8,661 574 7,594 Residential real estate 18,966 25,292 13,120 22,196 Securities-based lending and Other loans 22,832 63,670 18,973 45,326 Total loans, before ACL $ 42,141 $ 146,647 $ 32,863 $ 118,569 See Note 5 for further information regarding Loans and lending commitments held at fair value. See Note 15 for details of current commitments to lend in the future. Credit Quality The CRM evaluates new obligors before credit transactions are initially approved and at least annually thereafter for corporate and commercial real estate loans. For Corporate, Secured lending facilities and Other loans, credit evaluations typically involve the evaluation of financial statements, assessment of leverage, liquidity, capital strength, asset composition and quality, market capitalization and access to capital markets, cash flow projections and debt service requirements, and the adequacy of collateral, if applicable. The CRM also evaluates strategy, market position, industry dynamics, obligor’s management and other factors that could affect an obligor’s risk profile. For Commercial real estate loans, the credit evaluation is focused on property and transaction metrics, including property type, LTV ratio, occupancy levels, debt service ratio, prevailing capitalization rates and market dynamics. For Residential real estate and Securities-based loans, the initial credit evaluation typically includes, but is not limited to, review of the obligor’s income, net worth, liquidity, collateral, LTV ratio and credit bureau information. Subsequent credit monitoring for residential real estate loans is performed at the portfolio level. Securities-based loan collateral values are monitored on an ongoing basis. For information related to credit quality indicators considered in developing the ACL, see Note 2. Loans Held for Investment before Allowance by Origination Year At December 31, 2021 At December 31, 2020 Corporate $ in millions IG NIG Total IG NIG Total Revolving $ 2,356 $ 2,328 $ 4,684 $ 1,138 $ 3,231 $ 4,369 2021 — 85 85 2020 111 26 137 585 80 665 2019 — 176 176 204 202 406 2018 196 — 196 195 — 195 2017 — 60 60 — 64 64 Prior 229 — 229 247 100 347 Total $ 2,892 $ 2,675 $ 5,567 $ 2,369 $ 3,677 $ 6,046 At December 31, 2021 At December 31, 2020 Secured Lending Facilities $ in millions IG NIG Total IG NIG Total Revolving $ 7,603 $ 20,172 $ 27,775 $ 4,711 $ 14,510 $ 19,221 2021 32 467 499 2020 35 160 195 162 253 415 2019 43 819 862 260 1,904 2,164 2018 297 703 1,000 614 1,432 2,046 2017 144 266 410 245 581 826 Prior — 730 730 — 1,055 1,055 Total $ 8,154 $ 23,317 $ 31,471 $ 5,992 $ 19,735 $ 25,727 At December 31, 2021 At December 31, 2020 Commercial Real Estate $ in millions IG NIG Total IG NIG Total Revolving $ 3 $ 149 $ 152 $ — $ — $ — 2021 423 1,292 1,715 2020 91 819 910 95 943 1,038 2019 976 1,266 2,242 1,074 1,848 2,922 2018 527 416 943 746 774 1,520 2017 80 439 519 412 387 799 Prior 109 637 746 100 967 1,067 Total $ 2,209 $ 5,018 $ 7,227 $ 2,427 $ 4,919 $ 7,346 At December 31, 2021 Residential Real Estate by FICO Scores by LTV Ratio Total $ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80% Revolving $ 65 $ 27 $ 4 $ 96 $ — $ 96 2021 12,230 2,638 257 14,116 1,009 15,125 2020 7,941 1,648 131 9,210 510 9,720 2019 4,690 1,072 140 5,536 366 5,902 2018 1,865 497 55 2,231 186 2,417 2017 2,157 558 65 2,588 192 2,780 Prior 5,973 1,919 319 7,485 726 8,211 Total $ 34,921 $ 8,359 $ 971 $ 41,262 $ 2,989 $ 44,251 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 Prior 7,789 2,510 402 9,719 982 10,701 Total $ 27,455 $ 6,925 $ 888 $ 32,770 $ 2,498 $ 35,268 At December 31, 2021 Securities-based Lending 1 Other 2 $ in millions IG NIG Total Revolving $ 71,485 $ 6,170 $ 858 $ 78,513 2021 807 708 103 1,618 2020 — 651 626 1,277 2019 19 1,079 633 1,731 2018 232 273 375 880 2017 — 531 217 748 Prior 16 1,294 363 1,673 Total $ 72,559 $ 10,706 $ 3,175 $ 86,440 At December 31, 2020 Securities-based Lending 1 Other 2 $ in millions IG NIG 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 Prior 16 1,632 268 1,916 Total $ 51,933 $ 9,738 $ 2,561 $ 64,232 IG—Investment Grade NIG—Non-investment Grade 1. Securities-based loans are subject to collateral maintenance provisions, and at December 31, 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. 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 December 31, 2021 At December 31, 2020 Residential real estate $ 209 $ 332 Securities-based lending and Other loans — 31 Total $ 209 $ 363 1. The majority of the amounts are past due for a period of less than 60 days. Nonaccrual Loans Held for Investment before Allowance $ in millions At At Corporate $ 34 $ 164 Secured lending facilities 375 — Commercial real estate 195 152 Residential real estate 138 97 Securities-based lending and Other loans 151 178 Total 1 $ 893 $ 591 Nonaccrual loans without an ACL $ 356 $ 90 1. Includes all loans held for investment that are 90 days or more past due as of December 31, 2021 and December 31, 2020. Troubled Debt Restructurings $ in millions At December 31, 2021 At December 31, 2020 Loans, before ACL $ 49 $ 167 Lending commitments — 27 Allowance for credit losses 8 36 Troubled debt restructurings typically include modifications of interest rates, collateral requirements, other loan covenants and payment extensions. See Note 2 for further information on TDR guidance issued by Congress in the CARES Act, as well as by the U.S. banking agencies. Allowance for Credit Loss es Rollforward and Allocation—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 (23) (67) (27) (1) (8) (126) Provision (release) (119) 34 25 1 11 (48) Other (2) (2) (3) 1 (1) (7) December 31, 2021 $ 165 $ 163 $ 206 $ 60 $ 60 $ 654 Percent of loans to total loans 1 3 % 18 % 4 % 25 % 50 % 100 % $ 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 (39) — (64) (1) (1) (105) Recoveries 4 — — — 4 8 Net (charge-offs) recoveries (35) — (64) (1) 3 (97) Provision (release) 224 136 197 14 (13) 558 Other 7 3 (31) — 37 16 December 31, 2020 $ 309 $ 198 $ 211 $ 59 $ 58 $ 835 Percent of loans to total loans 1 4 % 19 % 5 % 26 % 46 % 100 % $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total December 31, 2018 $ 62 $ 60 $ 67 $ 20 $ 29 $ 238 Gross charge-offs — — — (2) — (2) Provision (release) 58 42 8 7 4 119 Other (5) (1) — — — (6) December 31, 2019 $ 115 $ 101 $ 75 $ 25 $ 33 $ 349 Percent of loans to total loans 1 4 % 21 % 7 % 25 % 43 % 100 % CRE—Commercial real estate SBL—Securities-based lending 1. Percent of loans to total loans represents loans held for investment by loan type to total loans held for investment. Allowance for Credit Losses R ollforward—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 (release) 37 2 10 — 3 52 Other (4) 1 (1) — — (4) December 31, 2021 $ 356 $ 41 $ 20 $ 1 $ 26 $ 444 $ 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 (release) 161 22 7 (1) 14 203 Other 2 — (4) — 4 2 December 31, 2020 $ 323 $ 38 $ 11 $ 1 $ 23 $ 396 $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total December 31, 2018 $ 177 $ 16 $ 3 $ — $ 7 $ 203 Provision (release) 27 11 4 — — 42 Other (3) — — — (1) (4) December 31, 2019 $ 201 $ 27 $ 7 $ — $ 6 $ 241 The aggregate allowance for credit losses for loans and lending commitments decreased in 2021, primarily reflecting charge-offs. The provision for credit losses on loans and lending commitments was flat, primarily as a result of portfolio growth, offset by the impact of changes in loan quality mix. The base scenario used in our ACL models as of December 31, 2021 was generated using a combination of industry consensus economic forecasts, forward rates, and internally developed and validated models, and assumes continued growth over the forecast period. Given the nature of our lending portfolio, the most sensitive model input is U.S. gross domestic product. See Note 2 for a description of the ACL calculated under the CECL methodology, including credit quality indicators, used for held-for-investment loans beginning in 2020 and for a summary of the differences compared with the Firm’s ACL methodology under the prior incurred loss model. Selected Credit Ratios At At ACL to total loans 1 0.4 % 0.6 % Nonaccrual loans to total loans 2 0.5 % 0.4 % ACL to nonaccrual loans 3 73.2 % 141.3 % 1. Allowance for credit losses for loans to total loans held for investment. 2. Nonaccrual loans held for investment, which are loans that are 90 days or more past due, to total loans held for investment. 3. Allowance for credit losses for loans to nonaccrual loans held for investment. Employee Loans $ in millions At December 31, 2021 At December 31, 2020 Currently employed by the Firm 1 $ 3,613 $ 3,100 No longer employed by the Firm 2 113 140 Employee loans $ 3,726 $ 3,240 ACL (153) (165) Employee loans, net of ACL $ 3,573 $ 3,075 Remaining repayment term, weighted average in years 5.7 5.3 1. These loans are predominantly current. 2. These loans are predominantly past due for a period of 90 days or more. 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 sheet. See Note 2 for a description of the CECL allowance methodology, including credit quality indicators, for employee loans. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Rollforward $ in millions IS WM IM Total At December 31, 2019¹ $ 261 $ 6,001 $ 881 $ 7,143 Foreign currency and other 15 7 — 22 Acquired 2 200 4,270 — 4,470 At December 31, 2020¹ $ 476 $ 10,278 $ 881 $ 11,635 Foreign currency and other (1) (68) (3) (72) Acquired 3 — 115 5,155 5,270 At December 31, 2021¹ $ 475 $ 10,325 $ 6,033 $ 16,833 Accumulated impairments 4 $ 673 $ — $ 27 $ 700 1. Balances represent the amount of the Firm’s goodwill after accumulated impairments. 2. The Wealth Management business segment amount reflects the impact of the Firm's acquisition of E*TRADE on October 2, 2020. 3. The Investment Management and Wealth Management business segments’ amounts reflect the impact of the Firm's acquisition of Eaton Vance on March 1, 2021. 4. There were no impairments recorded in 2021, 2020 or 2019. Intangible Assets Rollforward $ in millions IS WM IM Total At December 31, 2019 $ 227 $ 1,828 $ 52 $ 2,107 Acquired 1 14 3,309 — 3,323 Disposals (79) — — (79) Amortization expense (35) (330) (8) (373) Other — 2 — 2 At December 31, 2020 $ 127 $ 4,809 $ 44 $ 4,980 Acquired 2 — 134 3,844 3,978 Disposals — (36) — (36) Amortization expense (23) (495) (94) (612) Other — 51 (1) 50 At December 31, 2021 $ 104 $ 4,463 $ 3,793 $ 8,360 1. The Wealth Management amount principally reflects the impact of the Firm's acquisition of E*TRADE on October 2, 2020. 2. The Investment Management and Wealth Management amounts principally reflect the impact of the Firm's acquisition of Eaton Vance on March 1, 2021, which includes $2.1 billion of non-amortizable intangible assets. Intangible Assets by Type Non-amortizable Amortizable $ in millions Gross Gross Accumulated At December 31, 2021 Management contracts $ 2,120 $ 291 $ 95 Customer relationships — 8,851 3,515 Tradenames — 737 117 Other — 180 92 Total $ 2,120 $ 10,059 $ 3,819 At December 31, 2020 Management contracts $ — $ 178 $ 120 Customer relationships — 7,420 2,984 Tradenames — 460 82 Other — 187 79 Total $ — $ 8,245 $ 3,265 Estimated annual amortization expense for the next five years $ 530 The Firm’s annual goodwill and non-amortizable intangible asset impairment testing as of July 1, 2021 did not indicate any impairment. For more information, see Note 2. |
Other Assets - Equity Method In
Other Assets - Equity Method Investments and Leases | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets - Equity Method Investments and Leases | Other Assets—Equity Method Investments and Leases Equity Method Investments $ in millions At December 31, 2021 At December 31, 2020 Investments $ 2,214 $ 2,410 $ in millions 2021 2020 2019 Income (loss) 1 $ 104 $ — $ (81) 1. Includes impairments of the Investment Management business segment’s equity method investments of $41 million in the fourth quarter of 2019 related to a third-party asset manager. Equity method investments, other than investments in certain fund interests, are summarized above and are included in Other assets in the balance sheet with related income or loss included in Other revenues in the income statement. See “Net Asset Value Measurements—Fund Interests” in Note 5 for the carrying value of certain of the Firm’s fund interests, which are composed of general and limited partnership interests, as well as any related carried interest. Japanese Securities Joint Venture $ in millions 2021 2020 2019 Income from investment in MUMSS $ 168 $ 80 $ 17 The Firm and Mitsubishi UFJ Financial Group, Inc. (“MUFG”) formed a joint venture in Japan comprising their respective investment banking and securities businesses by forming two joint venture companies, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (“MUMSS”) and Morgan Stanley MUFG Securities Co., Ltd. (“MSMS”) (the “Joint Venture”). The Firm owns a 40% economic interest in the Joint Venture, and MUFG owns the other 60%. The Firm’s 40% voting interest in MUMSS is accounted for under the equity method within the Institutional Securities business segment and is included in the equity method investment balances above. The Firm consolidates MSMS into the Institutional Securities business segment, based on its 51% voting interest. The Firm engages in transactions in the ordinary course of business with MUFG and its affiliates; for example, investment banking, financial advisory, sales and trading, derivatives, investment management, lending, securitization and other financial services transactions. Such transactions are on substantially the same terms as those that would be available to unrelated third parties for comparable transactions. Leases The Firm’s leases are principally non-cancelable operating real estate leases. Balance Sheet Amounts Related to Leases $ in millions At December 31, 2021 At December 31, 2020 Other assets—ROU assets $ 4,268 $ 4,419 Other liabilities and accrued expenses—Lease liabilities 5,157 5,327 Weighted average: Remaining lease term, in years 8.9 9.5 Discount rate 3.1 % 3.2 % Lease Liabilities $ in millions At December 31, 2021 At December 31, 2020 2021 $ 841 2022 $ 886 793 2023 834 740 2024 711 639 2025 593 532 2026 527 467 Thereafter 2,387 2,218 Total undiscounted cash flows 5,938 6,230 Imputed interest (781) (903) Amount on balance sheet $ 5,157 $ 5,327 Committed leases not yet commenced $ 480 $ 278 Lease Costs $ in millions 2021 2020 2019 Fixed costs $ 852 $ 762 $ 670 Variable costs 1 187 154 152 Less: Sublease income (6) (5) (6) Total lease cost, net $ 1,033 $ 911 $ 816 1. Includes common area maintenance charges and other variable costs not included in the measurement of ROU assets and lease liabilities. Cash Flows Statement Supplemental Information $ in millions 2021 2020 2019 Cash outflows—Lease liabilities $ 879 $ 765 $ 685 Non-cash—ROU assets recorded for new and modified leases 578 991 514 Occupancy lease agreements, in addition to base rentals, generally provide for rent and operating expense escalations resulting from increased assessments for real estate taxes and other charges. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | Deposits Deposits $ in millions At December 31, 2021 At December 31, 2020 Savings and demand deposits $ 332,747 $ 279,221 Time deposits 14,827 31,561 Total $ 347,574 $ 310,782 Deposits subject to FDIC insurance $ 230,894 $ 234,211 Deposits not subject to FDIC insurance $ 116,680 $ 76,571 Time deposits that equal or exceed the $ — $ 16 Time Deposit Maturities $ in millions At December 31, 2021 2022 $ 6,404 2023 4,087 2024 2,815 2025 821 2026 311 Thereafter 389 Total $ 14,827 Uninsured Non-U.S. Time Deposit Maturities $ in millions At Less than 3 months $ 756 3 - 6 months 377 6 - 12 months 231 Total $ 1,364 Deposits in U.S. Bank Subsidiaries from non-U.S. Depositors $ in millions At December 31, 2021 At December 31, 2020 Deposits in U.S. bank subsidiaries from non-U.S. depositors $ 963 $ 910 |
Borrowings and Other Secured Fi
Borrowings and Other Secured Financings | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings and Other Secured Financings | Borrowings and Other Secured Financings Maturities and Terms of Borrowings Parent Company Subsidiaries At December 31, 2021 At December 31, 2020 $ in millions Fixed Rate 1 Variable Rate 2 Fixed Rate 1 Variable Rate 2 Original maturities of one year or less: Next 12 months $ — $ 1,300 $ 915 $ 3,549 $ 5,764 $ 3,691 Original maturities greater than one year: 2021 $ 24,241 2022 $ 6,665 $ 571 $ 963 $ 5,998 $ 14,197 22,209 2023 10,882 6,319 287 6,298 23,786 22,890 2024 16,455 4,051 587 8,073 29,166 21,727 2025 14,662 4,408 1,607 4,884 25,561 18,636 2026 17,679 417 612 5,318 24,026 22,042 Thereafter 81,134 5,506 8,576 15,411 110,627 81,643 Total $ 147,477 $ 21,272 $ 12,632 $ 45,982 $ 227,363 $ 213,388 Total borrowings $ 147,477 $ 22,572 $ 13,547 $ 49,531 $ 233,127 $ 217,079 Weighted average coupon at period end 3 2.9 % 0.9 % 4.0 % N/M 2.7 % 2.9 % 1. Fixed rate borrowings include instruments with step-up, step-down and zero coupon features. 2. Variable rate borrowings include those that bear interest based on a variety of indices, including LIBOR, federal funds rates and SOFR, in addition to certain notes carried at fair value with various payment provisions, including notes linked to the performance of a specific index, a basket of stocks, a specific equity security, a commodity, a credit exposure or basket of credit exposures. 3. Only includes borrowings with original maturities greater than one year. Weighted average coupon is calculated utilizing U.S. and non-U.S. dollar interest rates and excludes financial instruments for which the fair value option was elected. Virtually all of the variable rate notes issued by subsidiaries are carried at fair value so a weighted average coupon is not meaningful. Borrowings with Original Maturities Greater than One Year $ in millions At December 31, 2021 At December 31, 2020 Senior $ 213,776 $ 202,305 Subordinated 13,587 11,083 Total $ 227,363 $ 213,388 Weighted average stated maturity, in years 7.7 7.3 Certain senior debt securities are denominated in various non-U.S. dollar currencies and may be structured to provide a return that is linked to equity, credit, commodity or other indices ( e.g. , the consumer price index). Senior debt also may be structured to be callable by the Firm or extendible at the option of holders of the senior debt securities. The Firm’s Borrowings include notes carried and managed on a fair value basis. These include instruments whose payments and redemption values are linked to the performance of a specific index, a basket of stocks, a specific equity security, a commodity, a credit exposure or basket of credit exposures; and instruments with various interest rate-related features, including step-ups, step-downs and zero coupons. Also included are unsecured contracts which are not classified as OTC derivatives because they fail net investment criteria. To minimize the exposure from such instruments, the Firm has entered into various swap contracts and purchased options that effectively convert the borrowing costs into floating rates. The swaps and purchased options used to economically hedge the embedded features are derivatives and also are carried at fair value. Changes in fair value related to the notes and economic hedges are reported in Trading revenues. See Notes 2 and 6 for further information on borrowings carried at fair value. Senior Debt Subject to Put Options or Liquidity Obligations $ in millions At December 31, 2021 At December 31, 2020 Put options embedded in debt agreements $ 174 $ 94 Liquidity obligations 1 $ 1,622 $ 1,483 1. Includes obligations to support secondary market trading. Subordinated Debt 2021 2020 Contractual weighted average coupon 4.0 % 4.5 % Subordinated debt generally is issued to meet the capital requirements of the Firm or its regulated subsidiaries and primarily is U.S. dollar denominated. Maturities of subordinated debt range from 2022 to 2036. Rates for Borrowings with Original Maturities Greater than One Year At December 31, 2021 2020 2019 Contractual weighted average coupon 1 2.7 % 2.9 % 3.4 % Effective weighted average coupon after swaps 1.6 % 1.7 % 2.9 % 1. Weighted average coupon was calculated utilizing U.S. and non-U.S. dollar interest rates and excludes financial instruments for which the fair value option was elected. In general, other than securities inventories and customer balances financed by secured funding sources, the majority of the Firm’s assets are financed with a combination of deposits, short-term funding, floating rate long-term debt or fixed rate long-term debt swapped to a floating rate. The Firm uses interest rate swaps to more closely match these borrowings to the duration, holding period and interest rate characteristics of the assets being funded and to manage interest rate risk. These swaps effectively convert certain of the Firm’s fixed rate borrowings into floating rate obligations. In addition, for non-U.S. dollar currency borrowings that are not used to fund assets in the same currency, the Firm has entered into currency swaps that effectively convert the borrowings into U.S. dollar obligations. The Firm’s use of swaps for asset and liability management affects its effective average borrowing rate. Other Secured Financings $ in millions At December 31, 2021 At December 31, 2020 Original maturities: One year or less $ 4,573 $ 10,453 Greater than one year 5,468 5,410 Total $ 10,041 $ 15,863 Transfers of assets accounted for as secured financings 1,556 1,529 Maturities and Terms of Other Secured Financings 1 At December 31, 2021 At $ in millions Fixed Variable Rate 2 Total Original maturities of one year or less: Next 12 months $ — $ 3,754 $ 3,754 $ 10,453 Original maturities greater than one year: 2021 $ 1,655 2022 $ 14 $ 2,272 $ 2,286 1,405 2023 181 1,623 1,804 279 2024 — 233 233 96 2025 39 — 39 38 2026 — — — — Thereafter 24 345 369 408 Total $ 258 $ 4,473 $ 4,731 $ 3,881 Weighted average coupon at period-end 3 N/M 0.7 % 0.7 % 0.6 % 1. Excludes transfers of assets accounted for as secured financings. See subsequent table. 2. Variable rate other secured financings bear interest based on a variety of indices, including LIBOR and federal funds rates. Amounts include notes carried at fair value with various payment provisions, including notes linked to equity, credit, commodity or other indices. 3. Includes only other secured financings with original maturities greater than one year. Weighted average coupon is calculated utilizing U.S. and non-U.S. dollar interest rates and excludes other secured financings that are linked to non-interest indices and for which the fair value option was elected. 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 16 for further information on other secured financings related to VIEs and securitization activities. Maturities of Transfers of Assets Accounted for as Secured Financings 1 $ in millions At December 31, 2021 At December 31, 2020 2021 $ 303 2022 $ 846 159 2023 586 626 2024 — 14 2025 7 — 2026 34 69 Thereafter 83 358 Total $ 1,556 $ 1,529 1. Excludes Securities sold under agreements to repurchase and Securities loaned. |
Commitments, Guarantees and Con
Commitments, Guarantees and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Guarantees and Contingencies | Commitments, Guarantees and Contingencies Commitments Years to Maturity at December 31, 2021 $ in millions Less than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 12,649 $ 32,475 $ 48,232 $ 9,729 $ 103,085 Secured lending facilities 5,807 5,108 1,819 682 13,416 Commercial and Residential real estate 1,213 945 28 254 2,440 Securities-based lending and Other 11,989 2,970 530 504 15,993 Forward-starting secured financing receivables 45,969 — — — 45,969 Central counterparty 300 — — 11,870 12,170 Investment activities 1,195 184 50 372 1,801 Letters of credit and other financial guarantees 26 — — 3 29 Total $ 79,148 $ 41,682 $ 50,659 $ 23,414 $ 194,903 Lending commitments participated to third parties $ 7,753 Forward-starting secured financing receivables settled within three business days $ 32,847 Since commitments associated with these instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements. Types of Commitments Lending Commitments. Lending commitments primarily represent the notional amount of legally binding obligations to provide funding to clients for different types of loan transactions. For syndications that are led by the Firm, the lending commitments accepted by the borrower but not yet closed are net of the amounts agreed to by counterparties that will participate in the syndication. For syndications that the Firm participates in and does not lead, lending commitments accepted by the borrower but not yet closed include only the amount that the Firm expects it will be allocated from the lead syndicate bank. Due to the nature of the Firm’s obligations under the commitments, these amounts include certain commitments participated to third parties. Forward-Starting Secured Financing Receivables. This amount includes securities purchased under agreements to resell and securities borrowed that the Firm has entered into prior to the balance sheet date that will settle after the balance sheet date. These transactions are primarily secured by collateral from U.S. government agency securities and other sovereign government obligations when they are funded. Central Counterparty. These commitments relate to the Firm’s membership in certain clearinghouses and are contingent upon the default of a clearinghouse member or other stress events. Underwriting Commitments. The Firm provides underwriting commitments in connection with its capital raising sources to a diverse group of corporate and other institutional clients. Investment Activities. The Firm sponsors several non-consolidated investment management funds for third-party investors where it typically acts as general partner of, and investment advisor to, these funds and typically commits to invest a minority of the capital of such funds, with subscribing third-party investors contributing the majority. The Firm has contractual capital commitments, guarantees and counterparty arrangements with respect to these investment management funds. Letters of Credit and Other Financial Guarantees. The Firm has outstanding letters of credit and other financial guarantees issued by third-party banks to certain of the Firm’s counterparties. The Firm is contingently liable for these letters of credit and other financial guarantees, which are primarily used to provide collateral for securities and commodities traded and to satisfy various margin requirements in lieu of depositing cash or securities with these counterparties. Guarantees At December 31, 2021 Maximum Potential Payout/Notional of Obligations by Years to Maturity Carrying $ in millions Less than 1 1-3 3-5 Over 5 Non-credit derivatives 1 1,217,083 918,456 332,329 845,220 (48,231) Standby letters of credit and other financial guarantees issued 2 1,354 1,068 862 2,701 45 Market value guarantees 88 2 — — — Liquidity facilities 4,100 — — — 5 Whole loan sales guarantees — — 77 23,104 — Securitization representations and warranties 3 — — — 79,437 (42) General partner guarantees 341 11 32 152 (77) Client clearing guarantees 51 — — — — 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 derivative contracts, see Note 7. 2. These amounts include certain issued standby letters of credit participated to third parties, totaling $0.7 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements. As of December 31, 2021, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $84 million. 3. Related to commercial and residential mortgage securitizations. Types of Guarantees Non-Credit Derivatives. Certain derivative contracts meet the accounting definition of a guarantee, including certain written options, contingent forward contracts and CDS (see Note 7 regarding credit derivatives in which the Firm has sold credit protection to the counterparty which are excluded from the previous table). For non-credit derivative contracts that meet the accounting definition of a guarantee the notional amount is used as the maximum potential payout for certain derivative contracts, such as written interest rate caps and written foreign currency options. The Firm evaluates collateral requirements for all derivatives, including derivatives that do not meet the accounting definition of a guarantee. For the effects of cash collateral and counterparty netting, see Note 7. In certain situations, collateral may be held by the Firm for those contracts that meet the definition of a guarantee. Generally, the Firm sets collateral requirements by counterparty so that the collateral covers various transactions and products and is not allocated specifically to individual contracts. Also, the Firm may recover amounts related to the underlying asset delivered to the Firm under the derivative contract. Standby Letters of Credit and Other Financial Guarantees Issued. In connection with its corporate lending business and other corporate activities, the Firm provides standby letters of credit and other financial guarantees to counterparties. Such arrangements represent obligations to make payments to third parties if the counterparty fails to fulfill its obligation under a borrowing arrangement or other contractual obligation. A majority of the Firm’s standby letters of credit are provided on behalf of counterparties that are investment grade. If the counterparty fails to fulfill its contractual obligation, the Firm has access to collateral or recourse that would approximate its obligation. Market Value Guarantees. Market value guarantees are issued to guarantee timely payment of a specified return to investors in certain affordable housing tax credit funds. These guarantees are designed to return an investor’s contribution to a fund and the investor’s share of tax losses and tax credits expected to be generated by a fund. Liquidity Facilities. The Firm has entered into liquidity facilities with SPEs and other counterparties, whereby the Firm is required to make certain payments if losses or defaults occur. Primarily, the Firm acts as liquidity provider to municipal bond securitization SPEs and for standalone municipal bonds in which the holders of beneficial interests issued by these SPEs or the holders of the individual bonds, respectively, have the right to tender their interests for purchase by the Firm on specified dates at a specified price. The Firm often may have recourse to the underlying assets held by the SPEs in the event payments are required under such liquidity facilities, as well as make-whole or recourse provisions with the trust sponsors. The recourse amount often exceeds the maximum potential payout amount of the guarantee. Substantially all of the underlying assets in the SPEs are investment grade. Liquidity facilities provided to municipal tender option bond trusts are classified as derivatives. Whole Loan Sales Guarantees. The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain whole loan sales. Under certain circumstances, the Firm may be required to repurchase such assets or make other payments related to such assets if such representations and warranties are breached. The Firm’s maximum potential payout related to such representations and warranties is equal to the current UPB of such loans. Since the Firm no longer services these loans, it has no information on the current UPB of those loans, and, accordingly, the amount included in the previous table represents the UPB at the time of the whole loan sale or at the time when the Firm last serviced any of those loans. The current UPB balances could be substantially lower than the maximum potential payout amount included in the previous table. The related liability primarily relates to sales of loans to the federal mortgage agencies. Securitization Representations and Warranties. As part of the Firm’s Institutional Securities business segment’s securitizations and related activities, 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. The extent and nature of the representations and warranties, if any, vary among different securitizations. Under certain circumstances, the Firm may be required to repurchase certain assets or make other payments related to such assets if such representations and warranties are breached. The maximum potential amount of future payments the Firm could be required to make would be equal to the current outstanding balances of, or losses associated with, the assets subject to breaches of such representations and warranties. The amount included in the previous table for the maximum potential payout includes the current UPB or historical losses where known and the UPB at the time of sale when the current UPB is not known. General Partner Guarantees. As a general partner in certain investment management funds, the Firm receives certain distributions from the partnerships when the return exceeds specified performance targets according to the provisions of the partnership agreements. The Firm may be required to return all or a portion of such distributions to the limited partners in the event the limited partners do not achieve a certain return as specified in the various partnership agreements, subject to certain limitations. Client Clearing Guarantees. The Firm is a sponsoring member of the Government Securities Division of the FICC's Sponsored Clearing Model. Clients of the Firm, as sponsored members, can transact in overnight and term securities repurchase and resale agreements, which are cleared through the FICC. As sponsoring member, the Firm guarantees to the FICC the prompt and full payment and performance of its clients’ obligations. In 2020, the FICC’s sponsored clearing model was updated such that the Firm could be responsible for liquidation of a sponsored member’s account and guarantees any resulting loss to the FICC in the event the sponsored member fails to fully pay any net liquidation amount due from the sponsored member to the FICC. Accordingly, the Firm’s maximum potential payout amount reflects the total of the estimated net liquidation amounts for sponsored member accounts. The Firm minimizes credit exposure under this guarantee by obtaining a security interest in its sponsored member clients’ collateral and their contractual rights under sponsored member transactions. Therefore, the Firm's exposure is estimated to be an amount substantially lower than the maximum potential payout amount. The collateral amount in which the Firm has a security interest is approximately equal to the maximum potential payout amount of the guarantee. 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 are described below: • Indemnities . The Firm provides standard indemnities to counterparties for certain contingent exposures and taxes, including U.S. and foreign withholding taxes, on interest and other payments made on derivatives, securities and stock lending transactions, certain annuity products and other financial arrangements. These indemnity payments could be required based on a change in the tax laws, a change in interpretation of applicable tax rulings or a change in factual circumstances. Certain contracts contain provisions that enable the Firm to terminate the agreement upon the occurrence of such events. The maximum potential amount of future payments that the Firm could be required to make under these indemnifications cannot be estimated. • Exchange/Clearinghouse Member Guarantees. The Firm is a member of various exchanges and clearinghouses that trade and clear securities and/or derivative contracts. Associated with its membership, the Firm may be required to pay a certain amount as determined by the exchange or the clearinghouse in case of a default of any of its members or pay a proportionate share of the financial obligations of another member that may default on its obligations to the exchange or the clearinghouse. While the rules governing different exchange or clearinghouse memberships and the forms of these guarantees may vary, in general the Firm’s obligations under these rules would arise only if the exchange or clearinghouse had previously exhausted its resources. In addition, some clearinghouse rules require members to assume a proportionate share of losses resulting from the clearinghouse’s investment of guarantee fund contributions and initial margin and of other losses unrelated to the default of a clearing member, if such losses exceed the specified resources allocated for such purpose by the clearinghouse. The maximum potential payout under these rules cannot be estimated. The Firm has not recorded any contingent liability in its financial statements for these agreements and believes that any potential requirement to make payments under these agreements is remote. • Merger and Acquisition Guarantees. The Firm may, from time to time, in its role as investment banking advisor be required to provide guarantees in connection with certain European merger and acquisition transactions. If required by the regulating authorities, the Firm provides a guarantee that the acquirer in the transaction has or will have sufficient funds to complete the transaction and would then be required to make the acquisition payments in the event the acquirer’s funds are insufficient at the completion date of the transaction. These arrangements generally cover the time frame from the transaction offer date to its closing date and, therefore, are generally short term in nature. The Firm believes the likelihood of any payment by the Firm under these arrangements is remote given the level of its due diligence in its role as investment banking advisor. 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. 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, antitrust, false claims act, 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 millions 2021 2020 2019 Legal expenses $ 157 $ 336 $ 221 The Firm’s legal expenses can, and may in the future, fluctuate from period to period, given the current environment regarding government investigations and private litigation affecting global financial services firms, including the Firm. 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 consideration of 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 that 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. On July 30, 2021, the Firm filed a motion for summary judgment. On February 4, 2022, the parties entered into a confidential settlement agreement, which is conditioned on consummation of the Firm’s agreement to settle 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. 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. On December 22, 2020, the Court of Appeals reversed the First Department and reinstated the trial court's order to the extent it had granted in part the Firm's motion to dismiss the complaint. On February 4, 2022, the parties entered into an agreement to settle the litigation, which is conditioned on approval by either certificateholders in a consent solicitation or a court in a trust instructional proceeding. 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 $141 million) plus accrued interest of withholding tax credits against the Firm’s corporation tax liabilities for the tax years 2007 to 2012. 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 to 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 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 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 Authority concerning the accuracy of the Firm 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 | 12 Months Ended |
Dec. 31, 2021 | |
Variable Interest Entities and Securitization Activities [Abstract] | |
Variable Interest Entities and Securitization Activities | Variable Interest Entities and Securitization Activities Overview The Firm is involved with various SPEs in the normal course of business. In most cases, these entities are deemed to be VIEs. The Firm’s variable interests in VIEs include debt and equity interests, commitments, guarantees, derivative instruments and certain fees. The Firm’s involvement with VIEs arises primarily from: • Interests purchased in connection with market-making activities, securities held in its Investment securities portfolio and retained interests held as a result of securitization activities, including re-securitization transactions. • Guarantees issued and residual interests retained in connection with municipal bond securitizations. • Loans made to and investments in VIEs that hold debt, equity, real estate or other assets. • Derivatives entered into with VIEs. • Structuring of CLNs or other asset-repackaging notes designed to meet the investment objectives of clients. • Other structured transactions designed to provide tax-efficient yields to the Firm or its clients. The Firm determines whether it is the primary beneficiary of a VIE upon its initial involvement with the VIE and reassesses whether it is the primary beneficiary on an ongoing basis as long as it has any continuing involvement with the VIE. This determination is based upon an analysis of the design of the VIE, including the VIE’s structure and activities, the power to make significant economic decisions held by the Firm and by other parties, and the variable interests owned by the Firm and other parties. The power to make the most significant economic decisions may take a number of different forms in different types of VIEs. The Firm considers servicing or collateral management decisions as representing the power to make the most significant economic decisions in transactions such as securitizations or CDOs. As a result, the Firm does not consolidate securitizations or CDOs for which it does not act as the servicer or collateral manager unless it holds certain other rights to replace the servicer or collateral manager or to require the liquidation of the entity. If the Firm serves as servicer or collateral manager, or has certain other rights described in the previous sentence, the Firm analyzes the interests in the VIE that it holds and consolidates only those VIEs for which it holds a potentially significant interest in the VIE. For many transactions, such as re-securitization transactions, CLNs and other asset-repackaging notes, there are no significant economic decisions made on an ongoing basis. In these cases, the Firm focuses its analysis on decisions made prior to the initial closing of the transaction and at the termination of the transaction. The Firm concluded in most of these transactions that decisions made prior to the initial closing were shared between the Firm and the initial investors based upon the nature of the assets, including whether the assets were issued in a transaction sponsored by the Firm and the extent of the information available to the Firm and to investors, the number, nature and involvement of investors, other rights held by the Firm and investors, the standardization of the legal documentation and the level of continuing involvement by the Firm, including the amount and type of interests owned by the Firm and by other investors. The Firm focused its control decision on any right held by the Firm or investors related to the termination of the VIE. Most re-securitization transactions, CLNs and other asset-repackaging notes have no such termination rights. Consolidated VIE Assets and Liabilities by Type of Activity 1 At December 31, 2021 At December 31, 2020 $ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities MABS 2 $ 1,177 $ 409 $ 590 $ 17 Investment vehicles 3 717 294 776 355 Operating entities 508 39 504 39 Other 510 286 248 3 Total $ 2,912 $ 1,028 $ 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. Amounts include investment funds and CLOs. Consolidated VIE Assets and Liabilities by Balance Sheet Caption $ in millions At December 31, 2021 At December 31, 2020 Assets Cash and cash equivalents $ 341 $ 269 Trading assets at fair value 1,965 1,445 Investment securities 37 — Securities purchased under agreements to resell 200 — Customer and other receivables 31 23 Intangible assets 85 98 Other assets 253 283 Total $ 2,912 $ 2,118 Liabilities Other secured financings $ 767 $ 366 Other liabilities and accrued expenses 261 48 Total $ 1,028 $ 414 Noncontrolling interests $ 115 $ 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 December 31, 2021 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 146,071 $ 667 $ 6,089 $ 2,086 $ 52,111 Maximum exposure to loss 3 Debt and equity interests $ 18,062 $ 129 $ — $ 1,459 $ 10,339 Derivative and other contracts — — 4,100 — 5,599 Commitments, guarantees and other 771 — — — 1,005 Total $ 18,833 $ 129 $ 4,100 $ 1,459 $ 16,943 Carrying value of variable interests—Assets Debt and equity interests $ 18,062 $ 129 $ — $ 1,459 $ 10,339 Derivative and other contracts — — 5 — 2,006 Total $ 18,062 $ 129 $ 5 $ 1,459 $ 12,345 Additional VIE assets owned 4 $ 15,392 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ — $ — $ 362 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 December 31, 2021 At December 31, 2020 $ in millions UPB Debt and UPB Debt and Residential mortgages $ 15,216 $ 2,182 $ 17,775 $ 3,175 Commercial mortgages 68,503 4,092 62,093 4,131 U.S. agency collateralized 57,972 9,835 99,182 17,224 Other consumer or commercial loans 4,380 1,953 5,103 1,717 Total $ 146,071 $ 18,062 $ 184,153 $ 26,247 Securitization Activities In a securitization transaction, the Firm transfers assets (generally commercial or residential mortgage loans or securities) to an SPE, sells to investors most of the beneficial interests, such as notes or certificates, issued by the SPE, and, in many cases, retains other beneficial interests. The purchase of the transferred assets by the SPE is financed through the sale of these interests. In many securitization transactions involving commercial mortgage loans, the Firm transfers a portion of the assets to the SPE with unrelated parties transferring the remaining assets. In addition, mainly in securitization transactions involving residential mortgage loans, the Firm may also enter into derivative transactions, primarily interest rate swaps or interest rate caps, with the SPE. Although not obligated, the Firm generally makes a market in the securities issued by SPEs in securitization transactions. As a market maker, the Firm offers to buy these securities from, and sell these securities to, investors. Securities purchased through these market-making activities are not considered to be retained interests; these beneficial interests generally are included in Trading assets—Corporate and other debt and are measured at fair value. The Firm enters into derivatives, generally interest rate swaps and interest rate caps, with a senior payment priority in many securitization transactions. The risks associated with these and similar derivatives with SPEs are essentially the same as similar derivatives with non-SPE counterparties and are managed as part of the Firm’s overall exposure. See Note 7 for further information on derivative instruments and hedging activities. Investment Securities The Firm holds securities issued by VIEs within the Investment securities portfolio. These securities are composed of those related to transactions sponsored by the federal mortgage agencies and predominantly the most senior securities issued by VIEs backed by student loans and commercial mortgage loans. Transactions sponsored by the federal mortgage agencies include an explicit or implicit guarantee provided by the U.S. government. Additionally, the Firm holds certain commercial mortgage-backed securities issued by VIEs retained as a result of the Firm's securitization activities. See Note 8 for further information on the Investment securities portfolio. Municipal Tender Option Bond Trusts In a municipal tender option bond trust transaction, the client transfers a municipal bond to a trust. The trust issues short-term securities that the Firm, as the remarketing agent, sells to investors. The client generally retains a residual interest. The short-term securities are supported by a liquidity facility pursuant to which the investors may put their short-term interests. In most programs, a third-party provider will provide such liquidity facility; in some programs, the Firm provides this liquidity facility. The Firm may, in lieu of purchasing short-term securities for remarketing, decide to extend a temporary loan to the trust. The client can generally terminate the transaction at any time. The liquidity provider can generally terminate the transaction upon the occurrence of certain events. When the transaction is terminated, the municipal bond is generally sold or returned to the client. Any losses suffered by the liquidity provider upon the sale of the bond are the responsibility of the client. This obligation is generally collateralized. Liquidity facilities provided to municipal tender option bond trusts are classified as derivatives. The Firm consolidates any municipal tender option bond trusts in which it holds the residual interest. Credit Protection Purchased through Credit-Linked Notes CLN transactions are designed to provide investors with exposure to certain credit risk on referenced assets. In these transactions, the Firm transfers assets (generally high-quality securities or money market investments) to an SPE, enters into a derivative transaction in which the SPE sells protection on an unrelated referenced asset or group of assets, through a credit derivative, and sells the securities issued by the SPE to investors. In some transactions, the Firm may also enter into interest rate or currency swaps with the SPE. Depending on the structure, the assets and liabilities of the SPE may be consolidated and recognized in the Firm’s balance sheet or accounted for as a sale of assets. Upon the occurrence of a credit event related to the referenced asset, the SPE will deliver securities collateral as payment to the Firm, which exposes the Firm to changes in the collateral’s value. Derivative payments by the SPE are collateralized. The risks associated with these and similar derivatives with SPEs are essentially the same as those with non-SPE counterparties and are managed as part of the Firm’s overall exposure. Other Structured Financings The Firm invests in interests issued by entities that develop and own low-income communities (including low-income housing projects) and entities that construct and own facilities that will generate energy from renewable resources. The interests entitle the Firm to a share of tax credits and tax losses generated by these projects. In addition, the Firm has issued guarantees to investors in certain low-income housing funds. The guarantees are designed to return an investor’s contribution to a fund and the investor’s share of tax losses and tax credits expected to be generated by the fund. The Firm is also involved with entities designed to provide tax-efficient yields to the Firm or its clients. Collateralized Loan and Debt Obligations CLOs and CDOs are SPEs that purchase a pool of assets consisting of corporate loans, corporate bonds, ABS or synthetic exposures on similar assets through derivatives and issue multiple tranches of debt and equity securities to investors. The Firm underwrites the securities issued in certain CLO transactions on behalf of unaffiliated sponsors and provides advisory services to these unaffiliated sponsors. The Firm sells corporate loans to many of these SPEs, in some cases representing a significant portion of the total assets purchased. Although not obligated, the Firm generally makes a market in the securities issued by SPEs in these transactions and may retain unsold securities. These beneficial interests are included in Trading assets and are measured at fair value. Equity-Linked Notes ELN transactions are designed to provide investors with exposure to certain risks related to the specific equity security, equity index or other index. In an ELN transaction, the Firm typically transfers to an SPE either a note issued by the Firm, the payments on which are linked to the performance of a specific equity security, equity index or other index, or debt securities issued by other companies and a derivative contract, the terms of which will relate to the performance of a specific equity security, equity index or other index. These ELN transactions with SPEs were not consolidated at December 31, 2021 or December 31, 2020. Transferred Assets with Continuing Involvement At December 31, 2021 $ in millions RML CML U.S. Agency CLN and Other 1 SPE assets (UPB) 2 $ 6,802 $ 94,276 $ 28,697 $ 13,121 Retained interests Investment grade $ 72 $ 638 $ 465 $ — Non-investment grade 19 586 — 69 Total $ 91 $ 1,224 $ 465 $ 69 Interests purchased in the secondary market Investment grade $ 18 $ 118 $ 33 $ — Non-investment grade 38 53 — 4 Total $ 56 $ 171 $ 33 $ 4 Derivative assets $ — $ — $ — $ 891 Derivative liabilities — — — 284 At December 31, 2020 $ in millions RML CML U.S. Agency 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 December 31, 2021 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 536 $ 2 $ 538 Non-investment grade 40 40 80 Total $ 576 $ 42 $ 618 Interests purchased in the secondary market Investment grade $ 168 $ 1 $ 169 Non-investment grade 70 25 95 Total $ 238 $ 26 $ 264 Derivative assets $ 891 $ — $ 891 Derivative liabilities 194 90 284 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 statement. 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 sheet with changes in fair value recognized in the income statement. 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 Notes 2 and 5. 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 $ in millions 2021 2020 2019 New transactions 1 $ 57,528 $ 51,814 $ 34,464 Retained interests 8,822 9,346 7,403 Sales of corporate loans to CLO SPEs 1, 2 169 763 2 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 15). Assets Sold with Retained Exposure $ in millions At At Gross cash proceeds from sale of assets 1 $ 67,930 $ 45,051 Fair value Assets sold $ 68,992 $ 46,609 Derivative assets recognized in the balance sheet 1,195 1,592 Derivative liabilities recognized in the balance sheet 132 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. |
Regulatory Requirements
Regulatory Requirements | 12 Months Ended |
Dec. 31, 2021 | |
Brokers and Dealers [Abstract] | |
Regulatory Requirements | Regulatory Requirements Regulatory Capital Framework The Firm is an FHC under the Bank Holding Company Act of 1956, as amended, and is subject to the regulation and oversight of the Board of Governors of the Federal Reserve System (“Federal Reserve”). The Federal Reserve establishes capital requirements for the Firm, including “well-capitalized” standards, and evaluates the Firm’s compliance with such capital requirements. The OCC establishes similar capital requirements and standards for the Firm’s U.S. bank subsidiaries, including, among others, MSBNA and MSPBNA. The regulatory capital requirements are largely based on the Basel III capital standards established by the Basel Committee on Banking Supervision and also implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. In addition, many of the Firm’s regulated subsidiaries are subject to regulatory capital requirements, including regulated subsidiaries provisionally registered as swap dealers with the CFTC or conditionally registered as security-based swap dealers with the SEC or registered as broker-dealers or futures commission merchants. Regulatory Capital Requirements 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. Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus the Firm’s capital buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios. CECL Deferral. 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 December 31, 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 that began on January 1, 2020 in accordance with the final rule. The deferral impacts begin to phase back in at 25% per year beginning in 2022 and become fully phased-in beginning in 2025. Capital Buffer Requirements At December 31, 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 8.7% 5.5% 1. The CCyB can be set up to 2.5% but is currently set by the Federal Reserve at zero. 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. Risk-Based Regulatory Capital Ratio Requirements At December 31, 2021 and December 31, 2020 Regulatory Minimum Standardized Advanced Required ratios 1 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. Required ratios represent the regulatory minimum plus the capital buffer requirement. Risk-Weighted Assets RWA reflects both the Firm’s on- and off-balance sheet risk, as well as capital charges attributable to the risk of loss arising from the following: • Credit Risk: The failure of a borrower, counterparty or issuer to meet its financial obligations to the Firm; • Market Risk: Adverse changes in the level of one or more market prices, rates, indices, volatilities, correlations or other market factors, such as market liquidity; and • Operational Risk: Inadequate or failed processes or systems from human factors or from external events ( e.g. , fraud, theft, legal and compliance risks, cyber attacks or damage to physical assets). The Firm’s risk-based capital ratios are computed under both (i) the standardized approaches for calculating credit risk and market risk RWA (“Standardized Approach”) and (ii) the applicable advanced approaches for calculating credit risk, market risk and operational risk RWA (“Advanced Approach”). The credit risk RWA calculations between the two approaches differ in that the Standardized Approach requires calculation of RWA using prescribed risk weights, whereas the Advanced Approach utilizes models to calculate exposure amounts and risk weights. At December 31, 2021 and December 31, 2020, the differences between the actual and required ratio were lower under the Standardized Approach. Leverage-Based Regulatory Capital. L everage-based capital requirements include a minimum Tier 1 leverage ratio of 4%, a minimum SLR of 3% and an enhanced SLR capital buffer of at least 2%. The Firm’s Regulatory Capital and Capital Ratios $ in millions Required 1 At December 31, 2021 At December 31, 2020 Risk-based capital Common Equity Tier 1 capital $ 75,742 $ 78,650 Tier 1 capital 83,348 88,079 Total capital 93,166 97,213 Total RWA 2 471,921 453,106 Common Equity Tier 1 capital ratio 13.2 % 16.0 % 17.4 % Tier 1 capital ratio 14.7 % 17.7 % 19.4 % Total capital ratio 16.7 % 19.7 % 21.5 % $ in millions Required Ratio 1 At December 31, 2021 At December 31, 2020 Leverage-based capital Adjusted average assets 3 $ 1,169,939 $ 1,053,510 Tier 1 leverage ratio 4.0 % 7.1 % 8.4 % Supplementary leverage exposure 4, 5 $ 1,476,962 $ 1,192,506 SLR 5 5.0 % 5.6 % 7.4 % 1. Required ratios are inclusive of any buffers applicable as of the date presented. 2. The Firm early adopted the Standardized Approach for Counterparty Credit Risk (“SA-CCR”) on December 1, 2021. SA-CCR replaced the current exposure method used to measure derivatives counterparty exposure within the Standardized Approach RWA and Supplementary Leverage Ratio exposure calculations. As a result of the adoption, as of December 31, 2021, the Firm's risk-weighted assets under the Standardized Approach increased by $25 billion, and the Firm's Standardized Common Equity Tier 1 capital ratio decreased by 90 basis points. 3. 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. 4. 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. 5. 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 December 31, 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 December 31, 2021 and December 31, 2020, MSBNA and MSPBNA risk-based capital ratios are based on the Standardized Approach rules. At December 31, 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. The deferral impacts begin to phase back in at 25% per year beginning in 2022 and become fully phased-in beginning in 2025. MSBNA’s Regulatory Capital 1 Well-Capitalized Requirement Required Ratio 2 At December 31, 2021 At December 31, 2020 $ in millions Amount Ratio Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 18,960 20.5 % $ 17,238 18.7 % Tier 1 capital 8.0 % 8.5 % 18,960 20.5 % 17,238 18.7 % Total capital 10.0 % 10.5 % 19,544 21.1 % 17,882 19.4 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 185,120 10.2 % $ 17,238 10.1 % SLR 6.0 % 3.0 % 233,358 8.1 % 17,238 8.0 % MSPBNA’s Regulatory Capital 1 Well-Capitalized Requirement Required Ratio 2 At December 31, 2021 At December 31, 2020 $ in millions Amount Ratio Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 10,293 24.3 % $ 8,213 21.3 % Tier 1 capital 8.0 % 8.5 % 10,293 24.3 % 8,213 21.3 % Total capital 10.0 % 10.5 % 10,368 24.5 % 8,287 21.5 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 149,375 6.9 % $ 8,213 7.2 % SLR 6.0 % 3.0 % 153,810 6.7 % 8,213 6.9 % 1. MSBNA and MSPBNA early adopted SA-CCR on December 1, 2021. The adoption did not have a material impact on either of the bank's capital ratios or SLR. 2. 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. Additionally, MSBNA is conditionally registered with the SEC as a security-based swap dealer and is provisionally registered with the CFTC as a swap dealer. However, as MSBNA is prudentially regulated as a bank, its capital requirements continue to be determined by its banking regulators. Other Regulatory Capital Requirements MS&Co. Regulatory Capital $ in millions At December 31, 2021 At December 31, 2020 Net capital $ 18,383 $ 12,869 Excess net capital 14,208 9,034 MS&Co. is registered as a broker-dealer and a futures commission merchant with the SEC and the CFTC, respectively, and provisionally registered as a swap dealer with the CFTC. 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 and operates with capital in excess of its regulatory capital requirements. As a futures commission merchant and provisionally-registered swap dealer, MS&Co. is subject to CFTC capital requirements. In addition, MS&Co. must notify the SEC if its tentative net capital falls below certain levels. At December 31, 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 The following subsidiaries are also subject to various regulatory capital requirements and operated with capital in excess of their respective regulatory capital requirements as of December 31, 2021 and December 31, 2020, as applicable: • MSSB, a registered U.S. broker-dealer and introducing broker for the futures business, is subject to, respectively, the minimum net capital requirements of the SEC and C FTC capital requirements. • MSIP, a London-based broker-dealer subsidiary, is subject to the capital requirements of the PRA. MSIP is also conditionally registered with the SEC as a security-based swap dealer and provisionally registered with the CFTC as a swap dealer, but is currently complying with home-country capital requirements in lieu of SEC and CFTC capital requirements pursuant to applicable substituted compliance rules and interim no-action relief. • Morgan Stanley Europe Holdings SE Group (“MSEHSE Group”), including MSESE, a Germany-based broker-dealer, is subject to the capital requirements of the European Central Bank, BaFin and the German Central Bank. MSESE is also conditionally registered with the SEC as a security-based swap dealer and provisionally registered with the CFTC as a swap dealer, but is currently complying with home-country capital requirements in lieu of SEC and CFTC capital requirements pursuant to interim no-action relief. • MSMS, a Tokyo-based broker-dealer subsidiary, is subject to the capital requirements of the Financial Services Agency. MSMS is also provisionally registered with the CFTC as a swap dealer but is currently complying with home-country capital requirements in lieu of CFTC capital requirements pursuant to interim no-action relief. • MSCS, a U.S. entity and the Firm’s primary non-bank security-based swap dealer, is conditionally registered with the SEC as a security-based swap dealer, registered with the SEC as an OTC derivatives dealer and provisionally registered with the CFTC as a swap dealer. MSCS is subject to the capital requirements of both regulators. • MSCG, a U.S. entity, is provisionally registered with the CFTC as a swap dealer and is subject to its capital requirements. • E*TRADE Bank and E*TRADE Savings Bank are subject to the capital requirements of the OCC . For additional information on E*TRADE Bank and E*TRADE Savings Bank, see Note 1. • E*TRADE Securities LLC, a registered broker-dealer, is subject to the minimum net capital requirements of the SEC. 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. Restrictions on Payments The regulatory capital requirements referred to above, and certain covenants contained in various agreements governing indebtedness of the Firm, may restrict the Firm’s ability to withdraw capital from its subsidiaries. The following table represents net assets of consolidated subsidiaries that may be restricted as to the payment of cash dividends and advances to the Parent Company. $ in millions At At Restricted net assets $ 49,516 $ 40,502 |
Total Equity
Total Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Total Equity | Total Equity Morgan Stanley Shareholders’ Equity Preferred Stock Shares Carrying Value $ in millions, except per share data At Liquidation 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 2 — — — 1,300 I 40,000 25,000 1,000 1,000 J 3 — — — 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 O 4 52,000 25,000 1,300 — Total $ 7,750 $ 9,250 Shares authorized 30,000,000 1. Series C preferred stock is held by MUFG. 2. On November 19, 2021, the Firm announced the redemption in whole of its outstanding Series H preferred stock. On notice of redemption, the amount due to holders of Series H Preferred Stock was reclassified to Borrowings, and on January 18, 2022, the redemption settled at the carrying value of $1.3 billion. 3. 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. 4. The Firm issued Series O Preferred Stock on October 25, 2021. 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 17). On November 25, 2019, the Firm announced the redemption in whole of its outstanding Series G preferred stock. On notice of redemption, the amount due to holders of Series G Preferred Stock was reclassified to Borrowings, and on January 15, 2020, the redemption settled at the carrying value of $500 million. Description of Preferred Stock as of December 31, 2021 Depositary Redemption Series 1, 2 Shares Price per Share 3 Date 4 A 44,000 1,000 $ 25,000 Currently redeemable C 5 1,160,791 N/A 1,100 Currently redeemable E 34,500 1,000 25,000 October 15, 2023 F 34,000 1,000 25,000 January 15, 2024 I 40,000 1,000 25,000 October 15, 2024 K 40,000 1,000 25,000 April 15, 2027 L 6 20,000 1,000 25,000 January 15, 2025 M 7 400,000 N/A 1,000 September 15, 2026 N 7 3,000 100 100,000 October 2, 2025 O 52,000 1,000 25,000 January 15, 2027 1. All shares issued are non-cumulative. Each share has a par value of $0.01, except Series C. 2. Dividends on Series A are based on a floating rate, and dividends on Series C, L and O are based on a fixed rate. Dividends on all other Series are based on a fixed-to-floating rate. 3. Series A and C are redeemable at the redemption price plus accrued and unpaid dividends, regardless of whether dividends are actually declared, up to but excluding the date of redemption. All other Series are redeemable at the redemption price plus any declared and unpaid dividends, up to but excluding the date fixed for redemption. 4. Series A and C are currently redeemable at the Firm’s option, in whole or in part, from time to time. All other Series are redeemable, at the Firm’s option (i) in whole or in part, from time to time, on any dividend payment date on or after the redemption date or (ii) in whole but not in part at any time within 90 days following a regulatory capital treatment event (as described in the terms of that series). 5. Series C is non-voting perpetual preferred stock. Dividends on the Series C preferred stock are payable, on a non-cumulative basis, as and if declared by the Board of Directors, in cash, at the rate of 10% per annum of the liquidation preference of $1,000 per share. 6. Series L Preferred Stock was issued on November 25, 2019. 7. Series M and N Preferred Stock were issued on October 2, 2020 as part of the acquisition of E*TRADE. Common Stock Rollforward of Common Stock Outstanding in millions 2021 2020 Shares outstanding at beginning of period 1,810 1,594 Treasury stock purchases 1 (134) (39) Issuance for the acquisition of Eaton Vance 69 — Issuance for the acquisition of E*TRADE — 233 Other 2 27 22 Shares outstanding at end of period 1,772 1,810 1. The Firm’s Board of Directors has authorized the repurchase of the Firm’s outstanding stock under a share repurchase program (“Share Repurchase Program”). In addition to the Firm’s Share Repurchase Program, Treasury stock purchases include repurchases of common stock for employee tax withholding. 2. Other includes net shares issued to and forfeited from employee stock trusts and issued for RSU conversions. Share Repurchases $ in millions 2021 2020 Repurchases of common stock under the Firm’s Share Repurchase Program $ 11,464 $ 1,347 On June 28, 2021, the Firm announced that 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. Pursuant to the Share Repurchase Program, the Firm considers, among other things, business segment capital needs, as well as stock-based compensation and benefit plan requirements. Share repurchases under the program will be exercised from time to time at prices the Firm deems appropriate subject to various factors, including the Firm’s capital position and market conditions. The share repurchases may be effected through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans, and may be suspended at any time. Common Shares Outstanding for Basic and Diluted EPS in millions 2021 2020 2019 Weighted average common shares outstanding, basic 1,785 1,603 1,617 Effective of dilutive RSUs and PSUs 29 21 23 Weighted average common shares outstanding and common stock equivalents, diluted 1,814 1,624 1,640 Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) — 5 2 Dividends $ in millions, except per share data 2021 2020 2019 Per Share 1 Total Per Share 1 Total Per Share 1 Total Preferred Stock Series A $ 1,022 $ 44 $ 1,017 $ 44 $ 1,014 $ 44 C 100 52 100 52 100 52 E 1,781 60 1,781 60 1,781 60 F 1,719 60 1,719 60 1,719 60 G 2 — — — — 1,242 24 H 3 719 38 1,143 60 1,418 74 I 1,594 64 1,594 64 1,594 64 J 4 253 15 1,213 74 1,388 84 K 1,463 59 1,463 59 1,463 59 L 1,219 24 1,219 23 169 3 M 5 59 24 — — — — N 6 5,300 16 — — — — O 7 236 12 — — — — Total Preferred stock $ 468 $ 496 $ 524 Common stock $ 2.10 $ 3,818 $ 1.40 $ 2,295 $ 1.30 $ 2,161 1. Common and Preferred Stock dividends are payable quarterly unless otherwise noted. 2. Series G preferred stock was redeemed during the first quarter of 2020. Dividends declared on Series G following the issuance of the notice of redemption were recognized as Interest expense and are excluded from the 2019 amounts. 3. A notice of redemption was issued for Series H preferred stock on November 19, 2021. Dividends declared on Series H following the issuance of the notice of redemption were recognized as Interest expense and are excluded from the 2021 amounts. 4. Series J was payable semiannually until July 15, 2020, after which it was payable quarterly until its redemption. 5. Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly. 6. Series N is payable semiannually until March 15, 2023 and thereafter will be payable quarterly. 7. Series O is payable semiannually until January 15, 2027 and thereafter will be payable quarterly. Accumulated Other Comprehensive Income (Loss) 1 $ in millions CTA AFS Pensions DVA Total December 31, 2018 $ (889) $ (930) $ (578) $ 105 $ (2,292) OCI during the period (8) 1,137 (66) (1,559) (496) December 31, 2019 (897) 207 (644) (1,454) (2,788) OCI during the period 102 1,580 146 (1,002) 826 December 31, 2020 (795) 1,787 (498) (2,456) (1,962) OCI during the period (207) (1,542) (53) 662 (1,140) December 31, 2021 $ (1,002) $ 245 $ (551) $ (1,794) $ (3,102) CTA—Cumulative foreign currency translation adjustments 1. Amounts are net of tax and noncontrolling interests. Components of Period Changes in OCI 2021 $ in millions Pre-tax Income Tax Benefit (Provision) After-tax Non- Net CTA OCI activity $ (140) $ (191) $ (331) $ (124) $ (207) Reclassified to earnings — — — — — Net OCI $ (140) $ (191) $ (331) $ (124) $ (207) Change in net unrealized gains (losses) on AFS securities OCI activity $ (1,803) $ 422 $ (1,381) $ — $ (1,381) Reclassified to earnings (210) 49 (161) — (161) Net OCI $ (2,013) $ 471 $ (1,542) $ — $ (1,542) Pension and other OCI activity $ (101) $ 26 $ (75) $ — $ (75) Reclassified to earnings 31 (9) 22 — 22 Net OCI $ (70) $ 17 $ (53) $ — $ (53) Change in net DVA OCI activity $ 882 $ (213) $ 669 $ 34 $ 635 Reclassified to earnings 36 (9) 27 — 27 Net OCI $ 918 $ (222) $ 696 $ 34 $ 662 2020 $ in millions Pre-tax Income Tax Benefit (Provision) After-tax Non- Net CTA OCI activity $ 74 $ 99 $ 173 $ 68 $ 105 Reclassified to earnings (3) — (3) — (3) Net OCI $ 71 $ 99 $ 170 $ 68 $ 102 Change in net unrealized gains (losses) on AFS securities OCI activity $ 2,194 $ (508) $ 1,686 $ — $ 1,686 Reclassified to earnings (137) 31 (106) — (106) Net OCI $ 2,057 $ (477) $ 1,580 $ — $ 1,580 Pension and other OCI activity $ 162 $ (34) $ 128 $ — $ 128 Reclassified to earnings 23 (5) 18 — 18 Net OCI $ 185 $ (39) $ 146 $ — $ 146 Change in net DVA OCI activity $ (1,385) $ 337 $ (1,048) $ (26) $ (1,022) Reclassified to earnings 26 (6) 20 — 20 Net OCI $ (1,359) $ 331 $ (1,028) $ (26) $ (1,002) 2019 $ in millions Pre-tax Income Tax Benefit (Provision) After-tax Non- Net CTA OCI activity $ 6 $ (3) $ 3 $ 11 $ (8) Reclassified to earnings — — — — — Net OCI $ 6 $ (3) $ 3 $ 11 $ (8) Change in net unrealized gains (losses) on AFS securities OCI activity $ 1,588 $ (373) $ 1,215 $ — $ 1,215 Reclassified to earnings (103) 25 (78) — (78) Net OCI $ 1,485 $ (348) $ 1,137 $ — $ 1,137 Pension and other OCI activity $ (98) $ 25 $ (73) $ — $ (73) Reclassified to earnings 12 (5) 7 — 7 Net OCI $ (86) $ 20 $ (66) $ — $ (66) Change in net DVA OCI activity $ (2,181) $ 533 $ (1,648) $ (80) $ (1,568) Reclassified to earnings 11 (2) 9 — 9 Net OCI $ (2,170) $ 531 $ (1,639) $ (80) $ (1,559) Cumulative Foreign Currency Translation Adjustments $ in millions At At Associated with net investments in subsidiaries with a non-U.S. dollar functional currency $ (2,277) $ (1,406) Hedges, net of tax 1,275 611 Total $ (1,002) $ (795) Carrying value of net investments in non-U.S. dollar functional currency subsidiaries subject to hedges $ 15,605 $ 15,746 Cumulative foreign currency translation adjustments include gains or losses resulting from translating foreign currency financial statements from their respective functional currencies to U.S. dollars, net of hedge gains or losses and related tax effects. The Firm uses foreign currency contracts to manage the currency exposure relating to its net investments in non-U.S. dollar functional currency subsidiaries and determines the amount of exposure to hedge on a pre-tax basis. The Firm may also elect not to hedge its net investments in certain foreign operations due to market conditions or other reasons, including the availability of various currency contracts at acceptable costs. Information relating to the effects on cumulative foreign currency translation adjustments that resulted from the translation of foreign currency financial statements and from gains and losses from hedges of the Firm’s net investments in non-U.S. dollar functional currency subsidiaries is summarized in the previous table. |
Interest Income and Interest Ex
Interest Income and Interest Expense | 12 Months Ended |
Dec. 31, 2021 | |
Interest Income (Expense), Net [Abstract] | |
Interest Income and Interest Expense | Interest Income and Interest Expense $ in millions 2021 2020 2019 Interest income Investment securities $ 2,759 $ 2,282 $ 2,175 Loans 4,209 4,142 4,783 Securities purchased under agreements to resell 1,2 (181) 458 2,281 Securities borrowed 1,3 (1,017) (652) 1,204 Trading assets, net of Trading liabilities 2,038 2,417 2,899 Customer receivables and Other 4 1,603 1,515 3,756 Total interest income $ 9,411 $ 10,162 $ 17,098 Interest expense Deposits $ 409 $ 953 $ 1,885 Borrowings 2,725 3,250 5,052 Securities sold under agreements to repurchase 1,5 93 564 1,967 Securities loaned 1,6 401 419 642 Customer payables and Other 7 (2,262) (1,337) 2,858 Total interest expense $ 1,366 $ 3,849 $ 12,404 Net interest $ 8,045 $ 6,313 $ 4,694 1. Certain prior period amounts have been reclassified to conform to the current presentation. 2. Includes interest paid on Securities purchased under agreements to resell. 3. Includes fees paid on Securities borrowed. 4. Includes interest from Cash and cash equivalents. 5. Includes interest received on Securities sold under agreements to repurchase. 6. Includes fees received on Securities loaned. 7. Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements. Interest income and Interest expense are classified in the income statement 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 Customer and other receivables $ 1,800 $ 1,652 Customer and other payables 2,164 2,119 |
Deferred Compensation Plans and
Deferred Compensation Plans and Carried Interest Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Compensation Related Costs [Abstract] | |
Deferred Compensation Plans and Carried Interest Compensation | Deferred Compensation Plans and Carried Interest Compensation Stock-Based Compensation Plans Certain current and former employees of the Firm participate in the Firm’s stock-based compensation plans. These plans include RSUs and PSUs, the details of which are further outlined below. Stock-Based Compensation Expense $ in millions 2021 2020 2019 RSUs $ 1,834 $ 1,170 $ 1,064 PSUs 251 142 89 Total $ 2,085 $ 1,312 $ 1,153 Retirement-eligible awards 1 $ 192 $ 157 $ 111 1. Total expense includes stock-based compensation anticipated to be awarded in January of the following year that does not contain a future service requirement. Tax Benefit Related to Stock-Based Compensation Expense $ in millions 2021 2020 2019 Tax benefit 1 $ 432 $ 270 $ 243 1. Excludes income tax consequences related to employee share-based award conversions. Unrecognized Compensation Cost Related to Stock-Based Awards Granted $ in millions At December 31, 2021 1 To be recognized in: 2022 $ 653 2023 287 Thereafter 60 Total $ 1,000 1. Amounts do not include forfeitures, future adjustments to fair value for certain awards or 2021 performance year compensation awarded in January 2022, which will begin to be amortized in 2022. In connection with awards under its stock-based compensation plans, the Firm is authorized to issue shares of common stock held in treasury or newly issued shares. The Firm generally uses treasury shares, if available, to deliver shares to employees or employee stock trusts and has an ongoing repurchase authorization that includes repurchases in connection with awards under its stock-based compensation plans. Common Shares Available for Future Awards under Stock-Based Compensation Plans in millions At Shares 149 See Note 18 for additional information on the Firm’s Share Repurchase Program. Restricted Stock Units RSUs are subject to vesting over time, generally one Vested and Unvested RSU Activity 2021 shares in millions Number of Weighted RSUs at beginning of period 60 $ 49.82 Awarded 29 77.28 Conversions to common stock (20) 53.32 Forfeited (2) 60.14 RSUs at end of period 1 67 $ 60.27 Aggregate intrinsic value of RSUs at end of period (dollars in millions) $ 6,547 Weighted average award date fair value RSUs awarded in 2020 55.01 RSUs awarded in 2019 43.05 1. At December 31, 2021, the weighted average remaining term until delivery for the outstanding RSUs was approximately 1.2 years. Unvested RSU Activity 2021 shares in millions Number of Weighted Unvested RSUs at beginning of period 33 $ 51.27 Awarded 29 77.28 Vested (21) 59.33 Forfeited (2) 60.14 Unvested RSUs at end of period 1 39 $ 65.58 1. Unvested RSUs represent awards where recipients have yet to satisfy either the explicit vesting terms or retirement-eligible requirements. Fair Value of RSU Activity 1 $ in millions 2021 2020 2019 Conversions to common stock $ 1,539 $ 1,295 $ 1,497 Vested 1,647 1,289 1,292 1. Fair value of converted stock is based on the share price on conversion. Fair value of vested stock is based on the share price at date of vesting. Performance-Based Stock Units PSUs will vest and convert to shares of common stock only if the Firm satisfies predetermined performance and market-based conditions over a three age return on equity, excluding certain adjustments (“MS Adjusted ROE”). For all awards granted beginning in 2021, this performance measure was updated and is now based on the Firm’s average return on tangible common equity excluding certain adjustments (“MS Adjusted ROTCE”). The other half of the award will be earned based on the Firm’s total sharehol der return, relative to the total shareholder return of the S&P 500 Financials Sector Index (“Relative MS TSR”). PSUs have vesting, restriction and cancellation provisions that are generally similar to those of RSUs. At December 31, 2021, approximately 3 million PSUs were outstanding. PSU Fair Value on Award Date 2021 2020 2019 MS Adjusted ROTCE/ROE $ 74.87 $ 57.05 $ 43.29 Relative MS TSR 83.70 65.31 48.28 The Relative MS TSR fair values on the award date were estimated using a Monte Carlo simulation and the following assumptions. Monte Carlo Simulation Assumptions Risk-Free Expected Correlation Award year 2021 0.2 % 39.0 % 0.92 2020 1.6 % 24.0 % 0.88 2019 2.6 % 26.5 % 0.89 The risk-free interest rate was determined based on the yields available on U.S. Treasury zero-coupon issues. The expected stock price volatility was determined using historical volatility. The correlation coefficient was developed based on historical price data of the Firm and the S&P 500 Financials Sector Index. The model uses an expected dividend yield equivalent to reinvesting dividends. Deferred Cash-Based Compensation Plans Deferred cash-based compensation plans generally provide a return to the plan participants based upon the performance of each participant’s referenced investments. Deferred Cash-Based Compensation Expense $ in millions 2021 2020 2019 Deferred cash-based awards $ 810 $ 1,263 $ 1,233 Return on referenced investments 526 856 645 Total $ 1,336 $ 2,119 $ 1,878 Retirement-eligible awards 1 $ 253 $ 194 $ 195 1. Total expense includes deferred cash-based compensation anticipated to be awarded in January of the following year that does not contain a future service requirement. Carried Interest Compensation The Firm generally recognizes compensation expense for any portion of carried interest (both realized and unrealized) that is allocated to employees. Carried Interest Compensation Expense $ in millions 2021 2020 2019 Expense $ 346 $ 215 $ 534 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Pension Plans Components of Net Periodic Benefit Expense (Income) Pension Plans $ in millions 2021 2020 2019 Service cost, benefits earned during the period $ 19 $ 17 $ 16 Interest cost on projected benefit obligation 104 121 139 Expected return on plan assets (48) (77) (114) Net amortization of prior service cost 1 1 1 Net amortization of actuarial loss 34 26 13 Net periodic benefit expense $ 110 $ 88 $ 55 Certain current and former U.S. employees of the Firm and its U.S. affiliates who were hired before July 1, 2007 are covered by the U.S. pension plan, a non-contributory defined benefit pension plan that is qualified under Section 401(a) of the Internal Revenue Code (“U.S. Qualified Plan”). The U.S. Qualified Plan has ceased future benefit accruals. Unfunded supplementary plans (“Supplemental Plans”) cover certain executives. Liabilities for benefits payable under the Supplemental Plans are accrued by the Firm and are funded when paid. The Morgan Stanley Supplemental Executive Retirement and Excess Plan (“SEREP”), a non-contributory defined benefit plan that is not qualified under Section 401(a) of the Internal Revenue Code, has ceased future benefit accruals. Certain of the Firm’s non-U.S. subsidiaries also have defined benefit pension plans covering their eligible current and former employees. The Firm’s pension plans generally provide pension benefits that are based on each employee’s years of credited service and on compensation levels specified in the plans. Rollforward of Pre-tax AOCI Pension Plans $ in millions 2021 2020 2019 Beginning balance $ (691) $ (877) $ (779) Net gain (loss) (112) 161 (112) Prior service cost — (2) — Amortization of prior service cost 1 1 1 Amortization of net loss 34 26 13 Changes recognized in OCI (77) 186 (98) Ending balance $ (768) $ (691) $ (877) The Firm generally amortizes into net periodic benefit expense (income) the unrecognized net gains and losses exceeding 10% of the greater of the projected benefit obligation or the market-related value of plan assets. The U.S. pension plans amortize the unrecognized net gains and losses over the average life expectancy of participants. The remaining plans generally amortize the unrecognized net gains and losses and prior service credit over the average remaining service period of active participants. Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income) Pension Plans 2021 2020 2019 Discount rate 2.43 % 3.08 % 4.01 % Expected long-term rate of return on plan assets 1.42 % 2.35 % 3.52 % Rate of future compensation increases 3.25 % 3.28 % 3.34 % The accounting for pension plans involves certain assumptions and estimates. The expected long-term rate of return for the U.S. Qualified Plan was estimated by computing a weighted average of the underlying long-term expected returns based on the investment managers’ target allocations. Benefit Obligation and Funded Status Rollforward of the Benefit Obligation and Fair Value of Plan Assets Pension Plans $ in millions 2021 2020 Rollforward of projected benefit obligation Benefit obligation at beginning of year $ 4,334 $ 4,026 Service cost 19 17 Interest cost 104 121 Actuarial (gain) loss 1 (122) 362 Plan amendments (1) 2 Plan settlements (16) (2) Benefits paid (217) (222) Other 2 (20) 30 Benefit obligation at end of year $ 4,081 $ 4,334 Rollforward of fair value of plan assets Fair value of plan assets at beginning of year $ 3,985 $ 3,553 Actual return on plan assets (186) 600 Employer contributions 38 35 Benefits paid (217) (222) Plan settlements (15) (2) Other 2 — 21 Fair value of plan assets at end of year $ 3,605 $ 3,985 Funded (unfunded) status $ (476) $ (349) Amounts recognized in the balance sheet Assets $ 117 $ 283 Liabilities (593) (632) Net amount recognized $ (476) $ (349) 1. Primarily reflects the impact of year-over-year discount rate fluctuations and changes in mortality assumptions. 2. Includes the impact of foreign currency exchange rate changes and transfers into plan assets. Accumulated Benefit Obligation $ in millions At At Pension plans $ 4,065 $ 4,318 Pension Plans with Projected Benefit Obligations in Excess of the Fair Value of Plan Assets $ in millions At At Projected benefit obligation $ 3,768 $ 708 Accumulated benefit obligation 3,753 692 Fair value of plan assets 3,175 76 The pension plans included in the table above may differ based on their funding status as of December 31 of each year. December 31, 2021 includes the U.S. Qualified Plan. Weighted Average Assumptions Used to Determine Projected Benefit Obligation Pension Plans At At Discount rate 2.80 % 2.43 % Rate of future compensation increase 3.36 % 3.25 % The discount rates used to determine the benefit obligation were selected by the Firm, in consultation with its independent actuary. The U.S. pension plans use a pension discount yield curve based on the characteristics of the plans, each determined independently. The pension discount yield curve represents spot discount yields based on duration implicit in a representative broad-based Aa-rated corporate bond universe of high-quality fixed income investments. For all non-U.S. pension plans, the assumed discount rates based on the nature of liabilities, local economic environments and available bond indices. Plan Assets Fair Value of Plan Assets At December 31, 2021 $ in millions Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents 1 $ 9 $ — $ — $ 9 U.S. government and agency securities 2,759 314 — 3,073 Corporate and other debt—CDO — 1 — 1 Derivative contracts — 3 — 3 Other investments — — 65 65 Other receivables 1 — 2 — 2 Total $ 2,768 $ 320 $ 65 $ 3,153 Assets Measured at NAV Commingled trust funds: Money market 33 Foreign funds: Fixed income 162 Liquidity 39 Targeted cash flow 235 Total $ 469 Liabilities Other payables 1 — (17) — (17) Total liabilities $ — $ (17) $ — $ (17) Fair value of plan assets $ 3,605 At December 31, 2020 $ in millions Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents 1 $ 4 $ — $ — $ 4 U.S. government and agency securities 3,038 321 — 3,359 Corporate and other debt—CDO — 4 — 4 Derivative contracts — 2 — 2 Other investments — — 61 61 Other receivables 1 — 53 — 53 Total $ 3,042 $ 380 $ 61 $ 3,483 Assets Measured at NAV Commingled trust funds: Money market 48 Foreign funds: Fixed income 169 Liquidity 54 Targeted cash flow 250 Total $ 521 Liabilities Other payables 1 — (19) — (19) Total liabilities $ — $ (19) $ — $ (19) Fair value of plan assets $ 3,985 1. Cash and cash equivalents, other receivables and other payables are valued at their carrying value, which approximates fair value. Rollforward of Level 3 Plan Assets $ in millions 2021 2020 Balance at beginning of period $ 61 $ 53 Realized and unrealized gains 1 5 Purchases, sales and settlements, net 3 3 Balance at end of period $ 65 $ 61 There were no transfers between levels during 2021 and 2020. The U.S. Qualified Plan’s assets represent 86% of the Firm’s total pension plan assets. The U.S. Qualified Plan uses a combination of active and risk-controlled fixed income investment strategies. The fixed income asset allocation consists primarily of fixed income securities and related derivative instruments designed to approximate the expected cash flows of the plan’s liabilities in order to help reduce plan exposure to interest rate variation and to better align assets with the obligation. The longer-duration fixed income allocation is expected to help protect the plan’s funded status and maintain the stability of plan contributions over the long run. The investment portfolio performance is assessed by comparing actual investment performance with changes in the estimated present value of the U.S. Qualified Plan’s benefit obligation. Derivative instruments are permitted in the U.S. Qualified Plan’s investment portfolio only to the extent that they comply with all of the plan’s investment policy guidelines and are consistent with the plan’s risk and return objectives. As a fundamental operating principle, any restrictions on the underlying assets apply to the respective derivative product. This includes percentage allocations and credit quality. Derivatives are used solely for the purpose of enhancing investment returns in the underlying assets and not to circumvent portfolio restrictions. Plan assets are measured at fair value using valuation techniques that are consistent with the valuation techniques applied to the Firm’s major categories of assets and liabilities as described in Notes 2 and 5. OTC derivative contracts consist of investments in interest rate swaps and total return swaps. Other investments consist of insurance contracts held by non-U.S.-based plans. The insurance contracts are valued based on the premium reserve of the insurer for a guarantee that the insurer has given to the employee benefit plan that approximates fair value. The insurance contracts are categorized in Level 3 of the fair value hierarchy. Commingled trust funds are privately offered funds regulated, supervised and subject to periodic examination by a U.S. federal or state agency and available to institutional clients. The trust must be maintained for the collective investment or reinvestment of assets contributed to it from U.S. tax-qualified employee benefit plans maintained by more than one employer or controlled group of corporations. The sponsor of the commingled trust funds values the funds based on the fair value of the underlying securities. Commingled trust funds are redeemable at NAV at the measurement date or in the near future. Some non-U.S.-based plans hold foreign funds that consist of investments in fixed income funds, target cash flow funds and liquidity funds. Fixed income funds invest in individual securities quoted on a recognized stock exchange or traded in a regulated market. Certain fixed income funds aim to produce returns consistent with certain Financial Times Stock Exchange indexes. Target cash flow funds are designed to provide a series of fixed annual cash flows achieved by investing in government bonds and derivatives. Liquidity funds place a high priority on capital preservation, stable value and a high liquidity of assets. Foreign funds are readily redeemable at NAV. The Firm generally considers the NAV of commingled trust funds and foreign funds provided by the fund manager to be the best estimate of fair value. Expected Contributions The Firm’s policy is to fund at least the amount sufficient to meet minimum funding requirements under applicable employee benefit and tax laws. At December 31, 2021, the Firm expected to contribute approximately $40 million to its pension plans in 2022 based upon the plans’ current funded status and expected asset return assumptions for 2022. Expected Future Benefit Payments At December 31, 2021 $ in millions Pension Plans 2022 $ 148 2023 153 2024 156 2025 163 2026 170 2027-2031 938 401(k) Plans $ in millions 2021 2020 2019 Expense $ 357 $ 293 $ 280 U.S. employees meeting certain eligibility requirements may participate in the Firm’s 401(k) plans. Morgan Stanley 401(k) Plan Eligible employees receive discretionary 401(k) matching cash contributions as determined annually by the Firm . The Firm matched eligible employee contributions up to the IRS limit at 4%, or 5% up to a certain compensation level, in 2021 and 4% in 2020 and 2019. Eligible employees with eligible pay less than or equal to $100,000 also received a fixed contribution equal to 2% of eligible pay. Transition contributions relating to acquired entities or frozen employee benefit plans were allocated to certain eligible employees through 2020. Contributions are invested among available funds according to each participant’s investment direction and are included in the Firm’s 401(k) expense. Non-U.S. Defined Contribution Pension Plans $ in millions 2021 2020 2019 Expense $ 149 $ 130 $ 121 The Firm maintains separate defined contribution pension plans that cover eligible employees of certain non-U.S. subsidiaries. Under such plans, benefits are generally determined based on a fixed rate of base salary with certain vesting requirements. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Components of Provision for Income Taxes $ in millions 2021 2020 2019 Current U.S.: Federal $ 2,554 $ 1,641 $ 873 State and local 475 399 260 Non-U.S.: U.K. 551 395 166 Japan 105 185 177 Hong Kong 192 185 82 Other 1 667 684 341 Total $ 4,544 $ 3,489 $ 1,899 Deferred U.S.: Federal $ (11) $ (249) $ 185 State and local 33 (38) 46 Non-U.S.: U.K. (37) (2) 5 Japan 4 12 11 Hong Kong (9) (3) — Other 1 24 30 (82) Total $ 4 $ (250) $ 165 Provision for income taxes $ 4,548 $ 3,239 $ 2,064 1. Other Non-U.S. tax provisions for 2021, 2020 and 2019 primarily include Brazil, Singapore and the Netherlands. Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Effective Income Tax Rate 2021 2020 2019 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % U.S. state and local income taxes, net of U.S. federal income tax benefits 2.1 2.0 2.2 Domestic tax credits and tax exempt income (0.6) (0.8) (1.6) Non-U.S. earnings 1.4 1.7 (0.8) Employee share-based awards (0.6) (0.7) (1.1) Other (0.2) (0.7) (1.4) Effective income tax rate 23.1 % 22.5 % 18.3 % The Firm’s effective tax rate for 2019 includes net discrete tax benefits of $475 million, primarily associated with remeasurement of reserves and related interest as a result of new information pertaining to the resolution of multi-jurisdiction tax examinations, as well as benefits related to conversion of employee share-based awards. Deferred Tax Assets and Liabilities $ in millions At At Gross deferred tax assets Net operating loss and tax credit carryforwards $ 276 $ 330 Employee compensation and benefit plans 2,430 2,248 Allowance for credit losses and other reserves 599 669 Valuation of inventory, investments and receivables 474 19 Other 15 43 Total deferred tax assets 3,794 3,309 Deferred tax assets valuation allowance 208 236 Deferred tax assets after valuation allowance $ 3,586 $ 3,073 Gross deferred tax liabilities Fixed assets 1,287 1,130 Intangibles and goodwill 2,046 1,156 Total deferred tax liabilities $ 3,333 $ 2,286 Net deferred tax assets $ 253 $ 787 Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. The Firm believes the recognized net deferred tax assets (after valuation allowance) at December 31, 2021 are more likely than not to be realized based on expectations as to future taxable income in the jurisdictions in which it operates. The earnings of certain foreign subsidiaries are indefinitely reinvested due to regulatory and other capital requirements in foreign jurisdictions. As of December 31, 2021, the unrecognized deferred tax liability attributable to indefinitely reinvested earnings is immaterial. Rollforward of Unrecognized Tax Benefits $ in millions 2021 2020 2019 Balance at beginning of period $ 755 $ 755 $ 1,080 Increase based on tax positions related to the current period 201 139 57 Increase based on tax positions related to prior periods 74 178 61 Increase based on the acquisition of E*TRADE — 26 — Decrease based on tax positions related to prior periods (37) (297) (419) Decreases related to settlements with taxing authorities (10) (36) (17) Decreases related to lapse of statute of limitations (12) (10) (7) Balance at end of period $ 971 $ 755 $ 755 Net unrecognized tax benefits 1 $ 860 $ 665 $ 549 1. Represent ending unrecognized tax benefits adjusted for the impact of the federal benefit of state issues, competent authority arrangements and foreign tax credit offsets. If recognized, these net benefits would favorably impact the effective tax rate in future periods. 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. Interest Expense (Benefit) Associated with Unrecognized Tax Benefits, Net of Federal and State Income Tax Benefits $ in millions 2021 2020 2019 Recognized in income statement $ 14 $ 56 $ 8 Accrued at end of period 142 134 92 Interest and penalties related to unrecognized tax benefits are recognized as a component of the provision for income taxes. Penalties related to unrecognized tax benefits for the years mentioned above were immaterial. Earliest Tax Year Subject to Examination in Major Tax Jurisdictions Jurisdiction Tax Year U.S. 2017 New York State and New York City 2010 U.K. 2011 Japan 2015 Hong Kong 2015 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. |
Segment, Geographic and Revenue
Segment, Geographic and Revenue Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment, Geographic and Revenue Information | Segment, Geographic and Revenue Information The Firm structures its segments primarily based upon the nature of the financial products and services provided to customers and its management organization. The Firm provides a wide range of financial products and services to its customers in each of its business segments: Institutional Securities, Wealth Management and Investment Management. For a further discussion of the business segments, see Note 1. Revenues and expenses directly associated with each respective business segment are included in determining its operating results. Other revenues and expenses that are not directly attributable to a particular business segment are generally allocated based on each business segment’s respective net revenues, non-interest expenses or other relevant measures. As a result of revenues and expenses from transactions with other operating segments being treated as transactions with external parties for purposes of segment disclosures, the Firm includes an Intersegment Eliminations category to reconcile the business segment results to the consolidated results. Selected Financial Information by Business Segment 2021 $ in millions IS WM IM I/E Total Investment banking $ 10,272 $ 822 $ — $ (100) $ 10,994 Trading 12,353 418 (53) 92 12,810 Investments 607 48 721 — 1,376 Commissions and fees 1 2,878 3,019 1 (377) 5,521 Asset management 1, 2 583 13,966 5,576 (158) 19,967 Other 495 577 (20) (10) 1,042 Total non-interest revenues 27,188 18,850 6,225 (553) 51,710 Interest income 3,752 5,821 31 (193) 9,411 Interest expense 1,107 428 36 (205) 1,366 Net interest 2,645 5,393 (5) 12 8,045 Net revenues $ 29,833 $ 24,243 $ 6,220 $ (541) $ 59,755 Provision for credit losses $ (7) $ 11 $ — $ — $ 4 Compensation and benefits 9,165 13,090 2,373 — 24,628 Non-compensation expenses 8,861 4,961 2,169 (536) 15,455 Total non-interest expenses $ 18,026 $ 18,051 $ 4,542 $ (536) $ 40,083 Income before provision for income taxes $ 11,814 $ 6,181 $ 1,678 $ (5) $ 19,668 Provision for income taxes 2,746 1,447 356 (1) 4,548 Net income 9,068 4,734 1,322 (4) 15,120 Net income applicable to noncontrolling interests 111 — (25) — 86 Net income applicable to Morgan Stanley $ 8,957 $ 4,734 $ 1,347 $ (4) $ 15,034 2020 $ in millions IS WM IM I/E Total Investment banking $ 7,204 $ 559 $ — $ (89) $ 7,674 Trading 3 13,097 844 (34) 76 13,983 Investments 166 12 808 — 986 Commissions and fees 1 2,935 2,291 1 (376) 4,851 Asset management 1, 2 461 10,955 3,013 (157) 14,272 Other 3 323 403 (39) (9) 678 Total non-interest revenues 24,186 15,064 3,749 (555) 42,444 Interest income 5,809 4,771 14 (432) 10,162 Interest expense 3,519 749 29 (448) 3,849 Net interest 2,290 4,022 (15) 16 6,313 Net revenues 3 $ 26,476 $ 19,086 $ 3,734 $ (539) $ 48,757 Provision for credit losses 3 $ 731 $ 30 $ — $ — $ 761 Compensation and benefits 8,342 10,970 1,542 — 20,854 Non-compensation expenses 3 8,252 3,699 1,322 (549) 12,724 Total non-interest expenses 3 $ 16,594 $ 14,669 $ 2,864 $ (549) $ 33,578 Income before provision for income taxes $ 9,151 $ 4,387 $ 870 $ 10 $ 14,418 Provision for income taxes 2,040 1,026 171 2 3,239 Net income 7,111 3,361 699 8 11,179 Net income applicable to noncontrolling interests 99 — 84 — 183 Net income applicable to Morgan Stanley $ 7,012 $ 3,361 $ 615 $ 8 $ 10,996 2019 $ in millions IS WM IM I/E Total Investment banking $ 5,734 $ 509 $ — $ (80) $ 6,163 Trading 3 10,497 734 (8) 51 11,274 Investments 325 2 1,213 — 1,540 Commissions and fees 1 2,484 1,726 1 (292) 3,919 Asset management 1,2 413 10,199 2,629 (158) 13,083 Other 3 563 354 (46) (6) 865 Total non-interest revenues 20,016 13,524 3,789 (485) 36,844 Interest income 12,193 5,467 20 (582) 17,098 Interest expense 11,713 1,245 46 (600) 12,404 Net interest 480 4,222 (26) 18 4,694 Net revenues 3 $ 20,496 $ 17,746 $ 3,763 $ (467) $ 41,538 Provision for credit losses 3 $ 151 $ 10 $ — $ — $ 161 Compensation and benefits 7,433 9,774 1,630 — 18,837 Non-compensation expenses 3 7,422 3,130 1,148 (461) 11,239 Total non-interest expenses 3 $ 14,855 $ 12,904 $ 2,778 $ (461) $ 30,076 Income before provision for income taxes 4 $ 5,490 $ 4,832 $ 985 $ (6) $ 11,301 Provision for income taxes 769 1,104 193 (2) 2,064 Net income 4,721 3,728 792 (4) 9,237 Net income applicable to noncontrolling interests 122 — 73 — 195 Net income applicable to Morgan Stanley $ 4,599 $ 3,728 $ 719 $ (4) $ 9,042 I/E–Intersegment Eliminations 1. Substantially all revenues are from contracts with customers. 2. Includes certain fees that 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. 4. The fourth quarter of 2019 included specific severance-related costs of approximately $172 million, which are included in Compensation and benefits expenses in the Income statement. These costs were recorded in the business segments approximately as follows: Institutional Securities $124 million, Wealth Management $37 million and Investment Management $11 million. Detail of Investment Banking Revenues $ in millions 2021 2020 2019 Institutional Securities—Advisory $ 3,487 $ 2,008 $ 2,116 Institutional Securities—Underwriting 6,785 5,196 3,618 Firm Investment banking revenues from contracts with customers 91 % 92 % 90 % Trading Revenues by Product Type 1 $ in millions 2021 2020 2019 Interest rate $ 740 $ 2,978 $ 2,773 Foreign exchange 1,008 902 395 Equity 2 7,331 6,200 5,246 Commodity and other 2,599 1,762 1,617 Credit 1,132 2,141 1,243 Total $ 12,810 $ 13,983 $ 11,274 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 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 statement. The Firm generally utilizes financial instruments across a variety of product types in connection with its market-making and related risk management strategies. The trading revenues presented in the table are not representative of the manner in which the Firm manages its business activities and are prepared in a manner similar to the presentation of trading revenues for regulatory reporting purposes. Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest $ in millions At At Net cumulative unrealized performance-based fees at risk of reversing $ 802 $ 735 The Firm’s portion of net cumulative performance-based fees in the form of unrealized carried interest, for which the Firm is not obligated to pay compensation, is at risk of reversing when the return in certain funds fall below specified performance targets. See Note 15 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 $ in millions 2021 2020 2019 Fee waivers $ 516 $ 135 $ 43 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 $ in millions 2021 2020 2019 Transaction taxes $ 969 $ 699 $ 489 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 $ in millions 2021 2020 2019 Americas $ 44,605 $ 35,459 $ 30,324 EMEA 7,699 6,549 6,078 Asia 7,451 6,749 5,136 Total $ 59,755 $ 48,757 $ 41,538 1. Certain prior period amounts have been reclassified to conform to the current presentation. See Note 1 for additional information. Income before Provision for Income Taxes $ in millions 2021 2020 2019 U.S. $ 14,082 $ 10,027 $ 9,464 Non-U.S. 1 5,586 4,391 1,837 Total $ 19,668 $ 14,418 $ 11,301 1. Non-U.S. income is defined as income generated from operations located outside the U.S. The Firm operates in both U.S. and non-U.S. markets. The Firm’s non-U.S. business activities are principally conducted and managed through EMEA and Asia locations. The net revenues disclosed in the previous table reflect the regional view of the Firm’s consolidated net revenues on a managed basis, based on the following methodology: Institutional Securities : Client location for advisory and equity underwriting, syndicate desk location for debt underwriting, trading desk location for sales and trading. Wealth Management : Americas, where representatives operate. Investment Management : Client location, except certain closed-end funds, which are based on asset location. Revenues Recognized from Prior Services $ in millions 2021 2020 2019 Non-interest revenues $ 2,391 $ 2,298 $ 2,705 The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. For the year ended December 31, 2021, these revenues primarily include investment banking advisory fees, and for the years ended December 31, 2020 and 2019, these revenues primarily include investment banking advisory fees and distribution fees. Receivables from Contracts with Customers $ in millions At At Customer and other receivables $ 3,591 $ 3,200 Receivables from contracts with customers, which are included within Customer and other receivables in the balance sheet, 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 $ 792,135 $ 753,322 Wealth Management 378,438 355,595 Investment Management 17,567 6,945 Total 1 $ 1,188,140 $ 1,115,862 1. Parent assets have been fully allocated to the business segments. Total Assets by Region $ in millions At At Americas $ 848,001 $ 815,048 EMEA 204,083 194,598 Asia 136,056 106,216 Total $ 1,188,140 $ 1,115,862 |
Parent Company
Parent Company | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company | Parent Company Parent Company Only—Condensed Income Statement and Comprehensive Income Statement $ in millions 2021 2020 2019 Revenues Dividends from bank subsidiaries $ — $ 2,811 $ 3,531 Dividends from BHC and non-bank subsidiaries 8,898 1,170 1,998 Total dividends from subsidiaries 8,898 3,981 5,529 Trading 229 (244) (54) Other 4 51 80 Total non-interest revenues 9,131 3,788 5,555 Interest income 2,648 3,666 5,121 Interest expense 2,822 3,087 4,661 Net interest (174) 579 460 Net revenues 8,957 4,367 6,015 Non-interest expenses 443 387 300 Income before income taxes 8,514 3,980 5,715 Provision for (benefit from) income taxes (203) (109) (73) Net income before undistributed gain of subsidiaries 8,717 4,089 5,788 Undistributed gain of subsidiaries 6,317 6,907 3,254 Net income 15,034 10,996 9,042 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (207) 102 (8) Change in net unrealized gains (losses) on available-for-sale securities (1,542) 1,580 1,137 Pensions and other (53) 146 (66) Change in net debt valuation adjustment 662 (1,002) (1,559) Comprehensive income $ 13,894 $ 11,822 $ 8,546 Net income $ 15,034 $ 10,996 $ 9,042 Preferred stock dividends and other 468 496 530 Earnings applicable to Morgan Stanley common shareholders $ 14,566 $ 10,500 $ 8,512 Parent Company Only—Condensed Balance Sheet $ in millions, except share data At At Assets Cash and cash equivalents $ 15,342 $ 7,102 Trading assets at fair value 5,298 6,862 Investment securities (includes $21,246 and $20,037 at fair value; $16,573 and $24,248 were pledged to various parties) 39,707 39,225 Securities purchased under agreement to resell to affiliates 21,116 34,698 Advances to subsidiaries: Bank and BHC 59,757 22,692 Non-bank 96,202 121,731 Equity investments in subsidiaries: Bank and BHC 69,059 52,951 Non-bank 48,481 47,450 Other assets 1,109 454 Total assets $ 356,071 $ 333,165 Liabilities Trading liabilities at fair value $ 1,688 $ 1,623 Securities sold under agreements to repurchase from affiliates 16,928 24,349 Payables to and advances from subsidiaries 59,960 43,252 Other liabilities and accrued expenses 1,859 2,181 Borrowings (includes $15,894 and $18,804 at fair value) 170,195 159,979 Total liabilities 250,630 231,384 Commitments and contingent liabilities (see Note 15) Equity Preferred stock 7,750 9,250 Common stock, $0.01 par value: Shares authorized: 3,500,000,000 ; Shares issued: 2,038,893,979 ; Shares outstanding: 1,772,226,530 and 1,809,624,144 20 20 Additional paid-in capital 28,841 25,546 Retained earnings 89,432 78,694 Employee stock trusts 3,955 3,043 Accumulated other comprehensive income (loss) (3,102) (1,962) Common stock held in treasury at cost, $0.01 par value ( 266,667,449 and 229,269,835 shares) (17,500) (9,767) Common stock issued to employee stock trusts (3,955) (3,043) Total shareholders’ equity 105,441 101,781 Total liabilities and equity $ 356,071 $ 333,165 Parent Company Only—Condensed Cash Flow Statement $ in millions 2021 2020 2019 Net cash provided by (used for) operating activities $ 4,257 $ 14,202 $ 24,175 Cash flows from investing activities Proceeds from (payments for): Investment securities: Purchases (9,297) (9,310) (22,408) Proceeds from sales 2,611 2,013 4,671 Proceeds from paydowns and maturities 5,636 5,651 3,157 Securities purchased under agreements to resell with affiliates 13,581 (24,584) 15,422 Securities sold under agreements to repurchase with affiliates (7,422) 19,719 4,631 Advances to and investments in subsidiaries (17,083) (13,832) (9,210) Net cash provided by (used for) investing activities (11,974) (20,343) (3,737) Cash flows from financing activities Proceeds from: Issuance of preferred stock, net of issuance costs 1,275 — 497 Issuance of Borrowings 42,098 25,587 8,337 Payments for: Borrowings (28,592) (22,105) (24,282) Repurchases of common stock and employee tax withholdings (12,075) (1,890) (5,954) Cash dividends (4,171) (2,739) (2,627) Net change in advances from subsidiaries 17,042 7,194 4,378 Other financing activities — (498) 12 Net cash provided by (used for) financing activities 15,577 5,549 (19,639) Effect of exchange rate changes on cash and cash equivalents 380 (316) (271) Net increase (decrease) in cash and cash equivalents 8,240 (908) 528 Cash and cash equivalents, at beginning of period 7,102 8,010 7,482 Cash and cash equivalents, at end of period $ 15,342 $ 7,102 $ 8,010 Cash and cash equivalents: Cash and due from banks $ 100 $ 20 $ 9 Deposits with bank subsidiaries 15,242 7,082 8,001 Cash and cash equivalents, at end of period $ 15,342 $ 7,102 $ 8,010 Restricted cash $ 441 $ 381 $ — Supplemental Disclosure of Cash Flow Information Cash payments for: Interest $ 2,970 $ 3,472 $ 4,677 Income taxes, net of refunds 1 2,775 1,364 1,186 1. Represents total payments, net of refunds, made to various tax authorities and includes taxes paid on behalf of certain subsidiaries that are subsequently settled between the Parent Company and these subsidiaries. The settlements received from subsidiaries were $3.0 billion, $1.6 billion and $1.6 billion for 2021, 2020 and 2019, respectively. For information on the Parent Company’s preferred stock, see Note 18. Parent Company’s Borrowings with Original Maturities Greater than One Year $ in millions At At Senior $ 155,304 $ 148,885 Subordinated 13,591 11,094 Total $ 168,895 $ 159,979 Transactions with Subsidiaries The Parent Company has transactions with its consolidated subsidiaries determined on an agreed-upon basis and has guaranteed certain unsecured lines of credit and contractual obligations on certain of its consolidated subsidiaries. Guarantees In the normal course of its business, the Parent Company guarantees certain of its subsidiaries’ obligations on a transaction-by-transaction basis under various financial arrangements. The Parent Company has issued guarantees on behalf of its subsidiaries to various U.S. and non-U.S. exchanges and clearinghouses that trade and clear securities and/or futures contracts. Under these guarantee arrangements, the Parent Company may be required to pay the financial obligations of its subsidiaries related to business transacted on or with the exchanges and clearinghouses in the event of a subsidiary’s default on its obligations to the exchange or the clearinghouse. The Parent Company has not recorded any contingent liability in its condensed financial statements for these arrangements and believes that any potential requirements to make payments under these arrangements are remote. The Parent Company also, in the normal course of business, provides standard indemnities to counterparties on behalf of its subsidiaries for taxes, including U.S. and foreign withholding taxes, on interest and other payments made on derivatives, securities and stock lending transactions, and certain annuity products, and may also provide indemnities to or on behalf of affiliates from time to time for other arrangements. These indemnity payments could be required, as applicable, based on a change in the tax laws, change in interpretation of applicable tax rulings or claims arising from contractual relationships between affiliates. Certain contracts contain provisions that enable the Parent Company to terminate the agreement upon the occurrence of such events. The maximum potential amount of future payments that the Parent Company could be required to make under these indemnifications cannot be estimated. The Parent Company has not recorded any contingent liability in its condensed financial statements for these indemnifications and believes that the occurrence of any events that would trigger payments under these contracts is remote. Guarantees of Debt Instruments and Warrants Issued by Subsidiaries $ in millions At At Aggregate balance $ 47,129 $ 39,745 Guarantees under Subsidiary Lease Obligations $ in millions At At Aggregate balance 1 $ 610 $ 865 1. Amounts primarily relate to the U.K. 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. Resolution and Recovery Planning As indicated in the Firm’s 2021 targeted resolution plan submitted to the Federal Reserve and the FDIC, the Parent Company has amended and restated its support agreement with its material entities (including its wholly owned, direct subsidiary Morgan Stanley Holdings LLC (the “Funding IHC”) and certain other subsidiaries), as defined in the Firm’s 2021 targeted resolution plan. Under the secured, amended and restated support agreement, in the event of a resolution scenario, the Parent Company would be obligated to contribute all of its material assets that can be contributed under the terms of the amended and restated support agreement (other than shares in subsidiaries of the Parent Company and certain other assets) (“Contributable Assets”) to the material entities and/or the Funding IHC. The Funding IHC would be obligated to provide capital and liquidity, as applicable, to the material entities. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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. |
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 16). 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 statement. 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 sheet. For entities where the total equity investment at risk is sufficient to enable the entity to finance its activities without additional subordinated financial support and the equity holders bear the residual economic risks and returns of the entity and have the power to direct the activities of the entity that most significantly affect its economic performance, the Firm consolidates those entities it controls either through a majority voting interest or otherwise. For VIEs ( i.e. , entities that do not meet the aforementioned criteria), the Firm consolidates those entities where it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. For investments in entities in which the Firm does not have a controlling financial interest but has significant influence over operating and financial decisions, it applies the equity method of accounting with net gains and losses recorded within Other revenues (see Note 12) unless the Firm has elected to measure the investment at fair value, in which case net gains and losses are recorded within Investments revenues (see Note 5). Equity and partnership interests held by entities qualifying for accounting purposes as investment companies are carried at fair value. The Firm’s significant regulated U.S. and international subsidiaries include: • Morgan Stanley & Co. LLC (“MS&Co.”), • Morgan Stanley Smith Barney LLC (“MSSB”), • Morgan Stanley Europe SE (“MSESE”), • Morgan Stanley & Co. International plc (“MSIP”), • Morgan Stanley Capital Services LLC (“MSCS”), • Morgan Stanley Capital Group Inc. (“MSCG”), • Morgan Stanley MUFG Securities Co., Ltd. (“MSMS”), • Morgan Stanley Bank, N.A. (“MSBNA”), • Morgan Stanley Private Bank, National Association (“MSPBNA”), • E*TRADE Bank (“ETB”), • E*TRADE Savings Bank (“ETSB”) and • E*TRADE Securities LLC. |
Revenue Recognition | Revenue Recognition Revenues are recognized when the promised goods or services are delivered to our customers in an amount that is based on the consideration the Firm expects to receive in exchange for those goods or services when such amounts are not probable of significant reversal. Investment Banking Revenues from investment banking activities consist of revenues earned from underwriting, primarily equity and fixed income securities and loan syndications, and advisory fees, primarily for mergers, acquisitions and restructurings. Underwriting revenues are generally recognized on trade date if there is no uncertainty or contingency related to the amount to be paid. Underwriting costs are deferred and recognized in the relevant non-interest expenses line items when the related underwriting revenues are recorded. Advisory fees are recognized as advice is provided to the client, based on the estimated progress of work and when revenues are not probable of a significant reversal. Advisory costs are recognized as incurred in the relevant non-interest expenses line items, including those reimbursed. Commissions and Fees Commission and fee revenues generally result from transaction-based arrangements in which the client is charged a fee for the execution of transactions. Such revenues primarily arise from transactions in equity securities; services related to sales and trading activities; and sales of mutual funds, alternative funds, futures, insurance products and options, as well as revenues from order flow payments for directing customer orders to broker-dealers, exchanges, and market centers for execution. Commission and fee revenues are recognized on trade date when the performance obligation is satisfied. Asset Management Revenues Asset management, distribution and administration fees are generally based on related asset levels being managed, such as the AUM of a customer’s account or the net asset value of a fund. These fees are generally recognized when services are performed and the fees become known. Management fees are reduced by estimated fee waivers and expense caps, if any, provided to the customer. Performance-based fees not in the form of carried interest are recorded when the annual performance target is met and the revenues are not probable of a significant reversal. Sales commissions paid by the Firm in connection with the sale of certain classes of shares of its open-end mutual fund products are accounted for as deferred commission assets and amortized to expense over the expected life of the contract. The Firm periodically tests deferred commission assets for recoverability based on cash flows expected to be received in future periods. Other asset management and distribution costs are recognized as incurred in the relevant non-interest expenses line items. Carried Interest The Firm is entitled to receive performance-based fees in the form of carried interest when the return in certain funds exceeds specified performance targets. When the Firm earns carried interest from funds as specified performance thresholds are met, that carried interest and any related general or limited partner interest are accounted for under the equity method of accounting and measured based on the Firm’s claim on the NAV of the fund at the reporting date, taking into account the distribution terms applicable to the interest held. Such items are reflected within Investment revenues. See Note 23 for information regarding the net cumulative unrealized amount of performance-based fee revenues at risk of reversal. See Note 15 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. Other Items Revenues from certain commodities-related contracts are recognized as the promised goods or services are delivered to the customer. Receivables from contracts with customers are recognized in Customer and other receivables in the balance sheet when the underlying performance obligations have been satisfied and the Firm has the right per the contract to bill the customer. Contract assets are recognized in Other assets when the Firm has satisfied its performance obligations but customer payment is conditional. Contract liabilities are recognized in Other liabilities when the Firm has collected payment from a customer based on the terms of the contract but the underlying performance obligations are not yet satisfied. For contracts with a term of less than one year, incremental costs to obtain the contract are expensed as incurred. Revenues are not discounted when payment is expected within one year. The Firm generally presents, net within revenues, taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Firm from a customer. |
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. Cash and cash equivalents also include Restricted cash such as cash segregated in compliance with federal or other regulations, including minimum reserve requirements set by the Federal Reserve Bank and other central banks, and the Firm’s initial margin deposited with clearing organizations. |
Restricted Cash | 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. Cash and cash equivalents also include Restricted cash such as cash segregated in compliance with federal or other regulations, including minimum reserve requirements set by the Federal Reserve Bank and other central banks, and the Firm’s initial margin deposited with clearing organizations. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Instruments within Trading assets and Trading liabilities are measured at fair value, either as required or allowed by accounting guidance. These financial instruments primarily represent the Firm’s trading and investment positions and include both cash and derivative products. In addition, securities classified as AFS are measured at fair value. Gains and losses on instruments carried at fair value are reflected in Trading revenues, Investments revenues or Investment banking revenues in the income statement, except for gains and losses related to Available-for-Sale (“AFS”) securities (see “AFS Investment Securities” sec tion herein and Note 8) and derivatives accounted for as hedges, as well as economic derivative hedges associated with certain held-for-sale and held-for-investment corporate loans and lending commitments (see “Hedge Accounting” and “Other Hedges” herein and Note 7). Interest income and interest expense are recorded within the income statement depending on the nature of the instrument and related market conventions. When interest is included as a component of the instruments’ fair value, interest is recorded within Trading revenues or Investments revenues. Otherwise, it is recorded within Interest income or Interest expense. Dividend income is recorded in Trading revenues or Investments revenues depending on the business activity. The fair value of OTC financial instruments, including derivative contracts related to financial instruments and commodities, is presented in the accompanying balance sheet on a net-by-counterparty basis, when appropriate. Additionally, the Firm nets the fair value of cash collateral paid or received against the fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting agreement. Fair Value Option The Firm has elected to measure certain eligible instruments at fair value, including Securities purchased under agreements to resell, Loans and lending commitments, equity method investments and certain other assets, Deposits, Securities sold under agreements to repurchase, Other secured financings and Borrowings. Fair Value Measurement—Definition and Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability ( i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, assumptions are set to reflect those that the Firm believes market participants would use in pricing the asset or liability at the measurement date. Where the Firm manages a group of financial assets, financial liabilities, and nonfinancial items accounted for as derivatives on the basis of its net exposure to either market risks or credit risk, the Firm measures the fair value of that group of financial instruments consistently with how market participants would price the net risk exposure at the measurement date. In determining fair value, the Firm uses various valuation approaches and establishes a hierarchy for inputs used in measuring fair value that requires the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability that were developed based on market data obtained from sources independent of the Firm. Unobservable inputs are inputs that reflect assumptions the Firm believes other market participants would use in pricing the asset or liability that are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the observability of inputs as follows, with Level 1 being the highest and Level 3 being the lowest level: Level 1. Valuations based on quoted prices in active markets that the Firm has the ability to access for identical assets or liabilities. Valuation adjustments, block discounts and discounts for entity-specific restrictions that would not transfer to market participants are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2. Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3. Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the product. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Firm in determining fair value is greatest for instruments categorized in Level 3 of the fair value hierarchy. The Firm considers prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2 or from Level 2 to Level 3 of the fair value hierarchy. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the total fair value amount is disclosed in the level appropriate for the lowest level input that is significant to the total fair value of the asset or liability. Valuation Techniques Many cash instruments and OTC derivative contracts have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that a party is willing to pay for an asset. Ask prices represent the lowest price that a party is willing to accept for an asset. The Firm carries positions at the point within the bid-ask range that meets its best estimate of fair value. For offsetting positions in the same financial instrument, the same price within the bid-ask spread is used to measure both the long and short positions. Fair value for many cash instruments and OTC derivative contracts is derived using pricing models. Pricing models take into account the contract terms, as well as multiple inputs, including, where applicable, commodity prices, equity prices, interest rate yield curves, credit curves, correlation, creditworthiness of the counterparty, creditworthiness of the Firm, option volatility and currency rates. Where appropriate, valuation adjustments are made to account for various factors such as liquidity risk (bid-ask adjustments), credit quality, model uncertainty, and concentration risk and funding in order to arrive at fair value. Adjustments for liquidity risk adjust model-derived mid-market amounts of Level 2 and Level 3 financial instruments for the bid-mid or mid-ask spread required to properly reflect the exit price of a risk position. Bid-mid and mid-ask spreads are marked to levels observed in trade activity, broker quotes or other external third-party data. Where these spreads are unobservable for the particular position in question, spreads are derived from observable levels of similar positions. The Firm applies credit-related valuation adjustments to its Borrowings for which the fair value option was elected and to OTC derivatives. The Firm considers the impact of changes in its own credit spreads based upon observations of the secondary bond market spreads when measuring the fair value for Borrowings. For OTC derivatives, the impact of changes in both the Firm’s and the counterparty’s credit rating is considered when measuring fair value. In determining the expected exposure, the Firm simulates the distribution of the future exposure to a counterparty, then applies market-based default probabilities to the future exposure, leveraging external third-party CDS spread data. Where CDS spread data are unavailable for a specific counterparty, bond market spreads, CDS spread data based on the counterparty’s credit rating or CDS spread data that reference a comparable counterparty may be utilized. The Firm also considers collateral held and legally enforceable master netting agreements that mitigate its exposure to each counterparty. Adjustments for model uncertainty are taken for positions whose underlying models are reliant on significant inputs that are neither directly nor indirectly observable, hence requiring reliance on established theoretical concepts in their derivation. These adjustments are derived by making assessments of the possible degree of variability using statistical approaches and market-based information where possible. The Firm may apply concentration adjustments to certain of its OTC derivative portfolios to reflect the additional cost of closing out a particularly large risk exposure. Where possible, these adjustments are based on observable market information, but in many instances, significant judgment is required to estimate the costs of closing out concentrated risk exposures due to the lack of liquidity in the marketplace. The Firm applies an FVA in the fair value measurements of OTC uncollateralized or partially collateralized derivatives and in collateralized derivatives where the terms of the agreement do not permit the reuse of the collateral received. In general, FVA reflects a market funding risk premium inherent in the noted derivative instruments. The methodology for measuring FVA leverages the Firm’s existing credit-related valuation adjustment calculation methodologies, which apply to both assets and liabilities. See Note 5 for a description of valuation techniques applied to the major categories of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value on a Non-recurring Basis Certain of the Firm’s assets and liabilities are measured at fair value on a non-recurring basis. The Firm incurs losses or gains for any adjustments of these assets or liabilities to fair value. For assets and liabilities measured at fair value on a non-recurring basis, fair value is determined by using various valuation approaches. The same hierarchy for inputs as described above, which requires that observable inputs be used when available, is used in measuring fair value for these items. For further information on financial assets and liabilities that are measured at fair value on a recurring and non-recurring basis, see Note 5. |
Offsetting of Derivative Instruments | Offsetting of Derivative Instruments In connection with its derivative activities, the Firm generally enters into master netting agreements and collateral agreements with its counterparties. These agreements provide the Firm with the right, in the event of a default by the counterparty, to net a counterparty’s rights and obligations under the agreement and to liquidate and set off cash collateral against any net amount owed by the counterparty. Derivatives with enforceable master netting agreements are reported net of cash collateral received and posted. However, in certain circumstances, the Firm may not have such an agreement in place; the relevant insolvency regime may not support the enforceability of the master netting agreement or collateral agreement; or the Firm may not have sought legal advice to support the enforceability of the agreement. In cases where the Firm has not determined an agreement to be enforceable, the related amounts are not offset (see Note 7). The Firm’s policy is generally to receive cash and/or securities posted as collateral (with rights of rehypothecation), irrespective of the enforceability determination regarding the master netting and collateral agreement. In certain cases, the Firm may agree for such collateral to be posted to a third-party custodian under a control agreement that enables it to take control of such collateral in the event of a counterparty default. The enforceability of the master netting agreement is taken into account in the Firm’s risk management practices and application of counterparty credit limits. For information related to offsetting of derivatives, see Note 7. |
Hedge Accounting | Hedge Accounting The Firm applies hedge accounting using various derivative financial instruments for the following types of hedges: hedges of changes in the fair value of assets and liabilities due to the risk being hedged (fair value hedges); and hedges of net investments in foreign operations whose functional currency is different from the reporting currency of the Parent Company (net investment hedges). These financial instruments are included within Trading assets—Derivative and other contracts or Trading liabilities—Derivative and other contracts in the balance sheet. For hedges where hedge accounting is being applied, the Firm performs effectiveness testing and other procedures. Fair Value Hedges—Interest Rate Risk The Firm’s designated fair value hedges consist of interest rate swaps designated as hedges of changes in the benchmark interest rate of certain fixed rate AFS securities and senior borrowings. The Firm also designates interest rate swaps as fair value hedges of changes in the benchmark interest rate of certain fixed rate deposits. The Firm is permitted to hedge the full, or part of the, contractual term of the hedged instrument. The Firm uses regression analysis to perform an ongoing prospective and retrospective assessment of the effectiveness of these hedging relationships. A hedging relationship is deemed effective if the change in fair value of the hedging instrument (derivative) and the change in fair value of the hedged item (AFS security, deposit liability or borrowing), due to changes in the benchmark interest rate, offset within a range of 80% to 125%. The Firm considers the impact of valuation adjustments related to counterparty credit spreads and its own credit spreads to determine whether they would cause the hedging relationship to be ineffective. For qualifying fair value hedges of benchmark interest rates, the change in the fair value of the derivative, offset by the change in the fair value attributable to the change in the benchmark interest rate risk of the hedged asset (liability), is recognized in earnings each period as a component of Interest income (expense). For AFS securities, the change in fair value of the hedged item due to changes other than the risk being hedged will continue to be reported in OCI. When a derivative is de-designated as a hedge, any basis adjustment remaining on the hedged asset (liability) is amortized to Interest income (expense) over the remaining life of the asset (liability) using the effective interest method. Net Investment Hedges The Firm uses forward foreign exchange contracts to manage a portion of the currency exposure relating to its net investments in foreign operations. To the extent that the notional amounts of the hedging instruments equal the portion of the investments being hedged and the underlying exchange rate of the derivative hedging instrument is the same as the exchange rate between the functional currency of the investee and the intermediate parent entity’s functional currency, it is considered to be perfectly effective, with no income statement recognition. The gain or loss from revaluing hedges of net investments in foreign operations at the spot rate is reported within AOCI. The forward points on the hedging instruments are excluded from hedge effectiveness testing and changes in the fair value of this excluded component are recorded currently in Interest income. Other Hedges In addition to hedges that are designated and qualify for hedge accounting, the Firm uses derivatives to economically hedge credit risk associated with certain held-for-sale and held-for-investment corporate loans and lending commitments, and the related gains and losses are reported within Other revenues in the income statement. For further information on derivative instruments and hedging activities, see Note 7. |
Investment Securities - Available-for-Sale and Held-to-Maturity | AFS Investment Securities AFS securities are reported at fair value in the balance sheet. Interest income, including amortization of premiums and accretion of discounts, is included in Interest income in the income statement. Unrealized gains are recorded in OCI, and unrealized losses are recorded either in OCI or in Other revenues as described below. AFS securities in an unrealized loss position are first evaluated to determine whether there is an intent to sell or it is more likely than not the Firm will be required to sell before recovery of the amortized cost basis. If so, the amortized cost basis is written down to the fair value of the security such that the entire unrealized loss is recognized in Other revenues, and any previously established ACL is written off. For all other AFS securities in an unrealized loss position, any portion of unrealized losses representing a credit loss is recognized in Other revenues and as an increase to the ACL for AFS securities, with the remainder of unrealized losses recognized in OCI. A credit loss exists if the Firm does not expect to recover the amortized cost basis of the security. When considering whether a credit loss exists, the Firm considers relevant information, including: • guarantees (implicit or explicit) by the U.S. government; • the extent to which the fair value has been less than the amortized cost basis; • adverse conditions specifically related to the security, its industry or geographic area; • changes in the financial condition of the issuer of the security or, in the case of an asset-backed debt security, changes in the financial condition of the underlying loan obligors; • the payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future; • failure of the issuer of the security to make scheduled interest or principal payments; • the current rating and any changes to the rating of the security by a rating agency. If a credit loss exists, the Firm measures the credit loss as the difference between the present value of cash flows expected to be collected (discounted at the implicit interest rate at acquisition of the security or discounted at the effective yield for securities that incorporate changes in prepayment assumptions) and the amortized cost basis of the security. Changes in prepayment assumptions alone are not considered to result in a credit loss. When estimating the present value of expected cash flows, information utilized includes the remaining payment terms of the security, prepayment speeds, financial condition of the issuer, expected defaults and the value of any underlying collateral. Presentation of ACL and Provision for Credit Losses ACL Provision for AFS securities Contra investment securities Other revenue Nonaccrual & ACL Charge-offs on AFS Securities AFS securities follow the same nonaccrual and write-off guidance as discussed in “Allowance for Credit Losses” herein, except as set forth in “Modifications and Nonaccrual Status for Borrowers Impacted by COVID-19” herein. HTM Securities HTM securities are reported at amortized cost, net of any ACL, in the balance sheet. Refer to “Allowance for Credit Losses” herein for guidance on the ACL determination. Interest income, including amortization of premiums and accretion of discounts on HTM securities, is included in Interest income in the income statement. |
Loans | Loans The Firm accounts for loans based on the following categories: loans held for investment; loans held for sale; and loans at fair value. Nonaccrual All loan categories described below follow the same nonaccrual and write-off guidance as discussed in “Allowance for Credit Losses” herein. Loans Held for Investment Loans held for investment are reported at outstanding principal adjusted for any charge-offs, the allowance for credit losses, any unamortized deferred fees or costs for originated loans, and any unamortized premiums or discounts for purchased loans. Interest Income. Interest income on performing loans held for investment is accrued and recognized as interest income at the contractual rate of interest. Purchase price discounts or premiums, as well as net deferred loan fees or costs, are amortized into interest income over the life of the loan to produce a level rate of return. Lending Commitments. The Firm records the liability and related expense for the credit exposure related to commitments to fund loans. For more information regarding loan commitments, standby letters of credit and financial guarantees, see Note 15. For more information regarding allowance for credit losses, refer to “Allowance for Credit Losses” herein. Loans Held for Sale Loans held for sale are measured at the lower of cost or fair value, with valuation changes recorded in Other revenues. The Firm determines the valuation allowance on an individual loan basis, except for residential mortgage loans for which the valuation allowance is determined at the loan product level. Any decreases in fair value below the initial carrying amount and any recoveries in fair value up to the initial carrying amount are recorded in Other revenues. Increases in fair value above initial carrying value are not recognized. Interest Income. Interest income on loans held for sale is accrued and recognized based on the contractual rate of interest. Loan origination fees or costs and purchase price discounts or premiums are deferred as an adjustment to the loan’s cost basis until the related loan is sold and, as such, are included in the periodic determination of the lower of cost or fair value adjustments and the gain or loss recognized at the time of sale. Lending Commitments. Commitments to fund mortgage loans held for sale are derivatives and are reported in Trading assets or Trading liabilities in the balance sheet with an offset to Trading revenues in the income statement. For commitments to fund non-mortgage loans, the Firm records the liability and related expense for the fair value exposure below cost of such commitments in Other liabilities and accrued expenses in the balance sheet with an offset to Other revenues in the income statement. Because loans and lending commitments held for sale are recognized at the lower of cost or fair value, the allowance for credit losses and charge-off policies do not apply to these loans. Loans at Fair Value Loans for which the fair value option is elected are carried at fair value, with changes in fair value recognized in earnings. Loans carried at fair value are not evaluated for purposes of recording an allowance for credit losses. For further information on loans carried at fair value and classified as Trading assets and Trading liabilities, see Note 5. Lending Commitments. The Firm records the liability and related expense for the fair value exposure related to commitments to fund loans that will be measured at fair value. The liability is recorded in Trading liabilities in the balance sheet, and the expense is recorded in Trading revenues in the income statement. Because such loans and lending commitments are reported at fair value, the allowance for credit losses and charge-off policies do not apply to these loans. |
Allowance for Credit Losses | Allowance for Credit Losses The ACL for financ ial instruments measured at amortized cost and certain off-balance sheet exposures ( e.g., HFI loans and lending commitments, HTM securities, customer and other receivables and certain guarantees) represents an estimate of expected credit losses over the entire life of the financial instrument. Factors considered by management when determining the ACL include payment status, fair value of collateral and expected payments of principal and interest, as well as internal or external information relating to past events, current conditions, and reasonable and supportable forecasts. The Firm uses three forecasts that include assumptions about certain macroeconomic variables, including, but not limited to, U.S. gross domestic product (“GDP”), equity market indices and unemployment rates, as well as commercial real estate and home price indices. At the conclusion of the Firm’s reasonable and supportable forecast period of 13 quarters, there is a gradual reversion back to historical averages. The ACL is measured on a collective basis when similar risk characteristics exist for multiple instruments, considering all available information relevant to assessing the collectability of cash flows. Generally, the Firm applies a probability of default/loss given default model for instruments that are collectively assessed, under which the ACL is calculated as the product of probability of default, loss given default and exposure at default. These parameters are forecast for each collective group of assets using a scenario-based statistical model. If the instrument does not share similar risk characteristics with other instruments, including when it is probable that the Firm will be unable to collect the full payment of principal and interest on the instrument when due, the ACL is measured on an individual basis. The Firm generally applies a discounted cash flow method for instruments that are individually assessed. The Firm may also elect to use an approach that considers the fair value of the collateral when measuring the ACL if the loan is collateral dependent ( i.e., repayment of the loan is expected to be provided substantially by the sale or operation of the underlying collateral and the borrower is experiencing financial difficulty). Additionally, the Firm can elect to use an approach to measure the ACL that considers the fair value of collateral where the borrower is required to, and reasonably expected to, continually adjust and replenish the amount of collateral securing the instrument to reflect changes in the fair value of such collateral. The Firm has elected to use this approach for certain securities-based loans, margin loans, securities purchased under agreements to resell and securities borrowed. Credit quality indicators considered in developing the ACL include: • Corporate loans, secured lending facilities, commercial real estate loans and securities, and other loans: Internal risk ratings developed by the Credit Risk Management Department that are refreshed at least annually, and more frequently as necessary. These ratings generally correspond to external ratings published by S&P. The Firm also considers transaction structure, including type of collateral, collateral terms and position of the obligation within the capital structure. In addition, for commercial real estate, the Firm considers property type and location, net operating income and LTV ratios, among other factors, as well as commercial real estate price and credit spread indices and capitalization rates. • Residential real estate loans: Loan origination Fair Isaac Corporation (“FICO”) credit scores as determined by independent credit agencies in the U.S. and LTV ratios. • Employee loans: Employment status, which includes those currently employed by the Firm and for which the Firm can deduct any unpaid amounts due to it through certain compensation arrangements; and those no longer employed by the Firm where such arrangements are no longer applicable. Qualitative and environmental factors such as economic and business conditions, the nature and volume of the portfolio, and lending terms and the volume and severity of past due loans are also considered in the ACL calculations. Presentation of ACL and Provision for Credit Losses ACL Provision for Held for investment loans Contra asset Provision for credit losses Other instruments measured at amortized cost ( e.g., HTM securities and customer and other receivables) Contra asset Other revenues Employee loans Contra asset Compensation and benefits expenses Held for investment lending commitments Other liabilities and accrued expenses Provision for credit losses Other off-balance sheet instruments ( e.g., certain guarantees) Other liabilities and accrued expenses Other expenses Troubled Debt Restructurings The Firm may modify the terms of certain loans for economic or legal reasons related to a borrower’s financial difficulties by granting one or more concessions that the Firm would not otherwise consider. Such modifications are accounted for and reported as a troubled debt restructuring (“TDR”), except for certain modifications related to the coronavirus disease (“COVID-19”) as noted in “Modifications and Nonaccrual Status for Borrowers Impacted by COVID-19” herein. A loan that has been modified in a TDR is generally considered to be impaired and is evaluated individually. TDRs are also generally classified as nonaccrual and may be returned to accrual status only after the Firm expects repayment of the remaining contractual principal and interest and there is sustained repayment performance for a reasonable period. Nonaccrual The Firm places financial instruments on nonaccrual status if principal or interest is not expected when contractually due or is past due for a period of 90 days or more unless the obligation is well-secured and is in the process of collection. For borrowers impacted by COVID-19, see “Modifications and Nonaccrual Status for Borrowers Impacted by COVID-19” herein for additional considerations. For any instrument placed on nonaccrual status, the Firm reverses any unpaid interest accrued with an offsetting reduction to Interest income. Principal and interest payments received on nonaccrual instruments are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal is not in doubt, interest income is realized on a cash basis. If the instrument is brought current and neither principal nor interest collection is in doubt, instruments can generally return to accrual status, and interest income can be recognized. Modifications and Nonaccrual Status for Borrowers Impacted by COVID-19 In the first quarter of 2020, the Firm elected to apply the guidance issued by Congress in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), as well as by the U.S. banking agencies stating that certain concessions granted to borrowers that are current on existing loans, either individually or as part of a program for creditworthy borrowers who are experiencing short-term financial or operational problems as a result of COVID-19, generally would not be considered TDRs. Additionally, these loans generally would not be considered nonaccrual unless collectability concerns exist despite the modification provided. For loans remaining on accrual status, the Firm elected to co ntinue recognizing interest income during the modification periods. The CARES Act relief expired on January 1, 2022. ACL Charge-offs The principal balance of a financial instrument is charged off in the period it is deemed uncollectible, resulting in a reduction in the ACL and in the balance of the financial instrument in the balance sheet. Accrued interest receivable balances that are separately recorded from the related financial instruments are charged off against Interest income when the related financial instrument is placed on nonaccrual status. Accordingly, the Firm elected not to measure an ACL for accrued interest receivables. However, in the case of loans that are modified as a result of COVID-19 and remain on accrual status due to the relief noted in “Modifications and Nonaccrual Status for Borrowers Impacted by COVID-19” herein, accrued interest receivable balances are assessed for any required ACL. |
Transfer of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when the Firm has relinquished control over the transferred assets. Any related gain or loss on sale is recorded in Net revenues. Transfers that are not accounted for as sales are treated as collateralized financings. Securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase are treated as collateralized financings (see Note 9). Securities purchased under agreements to resell (“reverse repurchase agreements”) and Securities sold under agre ements to repurchase (“repurchase agreements”), including repurchase and reverse repurchase agreements-to-maturity, are carried in the balance sheet at the amount of cash paid or received plus accrued interest except for certain reverse repurchase and repurchase agreements for which the Firm has elected the fair value option (see Note 6). Where appropriate, repurchase agreements and reverse repurchase agreements with the same counterparty are reported on a net basis. Securities borrowed and securities loaned are recorded at the amount of cash collateral advanced or received. In instances where the Firm is the lender in securities-for-securities transactions and is permitted to sell or repledge these securities, the fair value of the collateral received is reported in Trading assets, and the related obligation to return the collateral is reported in Trading liabilities in the balance sheet. Securities-for-securities transactions where the Firm is the borrower are not included in the balance sheet. In order to manage credit exposure arising from these transactions, in appropriate circumstances, the Firm enters into master netting agreements and collateral agreements with its counterparties. These agreements provide the Firm with the right, in the event of a default by the counterparty, to net a counterparty’s rights and obligations under the agreement and to liquidate and set off collateral held by the Firm against the net amount owed by the counterparty. The Firm’s policy is generally to take possession of securities purchased or borrowed in connection with reverse repurchase agreements and securities borrowed transactions, respectively, and to receive cash and/or securities delivered under repurchase agreements or securities loaned transactions (with rights of rehypothecation). For information related to offsetting of certain collateralized transactions, see Note 9. |
Premises, Equipment and Capitalized Software Costs | Premises, Equipment and Capitalized Software Costs Premises, equipment and capitalized software costs consist of buildings, leasehold improvements, furniture, fixtures, computer and communications equipment, power generation assets and capitalized software (externally purchased and developed for internal use). Premises, equipment and capitalized software costs are stated at cost less accumulated depreciation and amortization and are included in Other assets in the balance sheet. Depreciation and amortization are provided by the straight-line method over the estimated useful life of the asset. Estimated Useful Life of Assets in years Estimated Useful Life Buildings 39 Leasehold improvements—Building term of lease to 25 Leasehold improvements—Other term of lease to 15 Furniture and fixtures 7 Computer and communications equipment 3 to 9 Power generation assets 15 to 29 Capitalized software costs 2 to 10 Premises, equipment and capitalized software costs are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Firm tests goodwill and indefinite-lived intangible assets for impairment on an annual basis and on an interim basis when certain events or circumstances exist. The Firm tests goodwill for impairment at the reporting unit level, which is generally at the level of or one level below the asset's business segment. The Firm tests indefinite-lived intangible assets for impairment at the aggregate level of management contracts. 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 fair value is less than its carrying amount, in which case the quantitative test would be performed. When performing a quantitative impairment test, the Firm compares the fair value with the carrying amount. If the fair value is less than the carrying amount, the impairment loss is equal to the excess of the carrying value over the fair value, limited to the carrying amount. The estimated fair values are derived based on valuation techniques the Firm believes market participants would use. The estimated fair values are generally determined by utilizing a discounted cash flow methodology or methodologies that incorporate price-to-book and price-to-earnings multiples of certain comparable companies for goodwill impairment testing. Intangible assets with a finite life are amortized over their estimated useful life and are reviewed for impairment on an interim basis when impairment indicators are present. Impairment losses are recorded within Other expenses in the income statement. |
Earnings per Common Share | Earnings per Common Share Basic EPS is computed by dividing earnings available to Morgan Stanley common shareholders by the weighted average number of common shares outstanding for the period. Earnings available to Morgan Stanley common shareholders represents net income applicable to Morgan Stanley reduced by preferred stock dividends. Common shares outstanding include common stock and vested RSUs where recipients have satisfied the relevant vesting terms. Diluted EPS reflects the assumed conversion of all dilutive securities. Share-based awards that pay dividend equivalents subject to vesting are included in diluted shares outstanding (if dilutive) under the treasury stock method. The Firm has granted PSUs that vest and convert to shares of common stock only if predetermined performance and market goals are satisfied. Since the issuance of the shares is contingent upon the satisfaction of certain conditions, the PSUs are included in diluted EPS based on the number of shares (if any) that would be issuable if the reporting date was the end of the performance period. For further information on diluted earnings (loss) per common share, see Note 18 to the financial statements. |
Deferred Compensation | Deferred Compensation Stock-Based Compensation The Firm measures compensation expense for stock-based awards at fair value. The Firm determines the fair value of RSUs (including PSUs with non-market performance conditions) based on the grant-date fair value of its common stock, measured as the volume-weighted average price on the date of grant (“VWAP”). The fair value of RSUs not entitled to dividends until conversion is measured at VWAP reduced by the present value of dividends expected to be paid on the underlying shares prior to scheduled conversion date. PSUs that contain market-based conditions are valued using a Monte Carlo valuation model. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of the award. Compensation expense for awards with performance conditions is recognized based on the probable outcome of the performance condition at each reporting date. Compensation expense for awards with market-based conditions is recognized irrespective of the probability of the market condition being achieved and is not reversed if the market condition is not met. The Firm accounts for forfeitures as they occur. Stock-based awards generally contain clawback and cancellation provisions. Certain awards provide the Firm discretion to claw back or cancel all or a portion of the award under specified circumstances. Compensation expense for those awards is adjusted for changes in the fair value of the Firm’s common stock or the relevant model valuation, as appropriate, until conversion, exercise or expiration. Employee Stock Trusts In connection with certain stock-based compensation plans, the Firm has established employee stock trusts to provide, at its discretion, common stock voting rights to certain RSU holders. Following the grant of an RSU award, when a stock trust is utilized, the Firm contributes shares to be held in the stock trust until the RSUs convert to common shares. The assets of the employee stock trusts are consolidated with those of the Firm and are generally accounted for in a manner similar to treasury stock, where the shares of common stock outstanding reported in Common stock issued to employee stock trusts are offset by an equal amount reported in Employee stock trusts in the balance sheet. The Firm uses the grant-date fair value of stock-based compensation as the basis for recording the movement of the assets to or from the employee stock trusts. Changes in the fair value are not recognized as the Firm’s stock-based compensation must be settled by delivery of a fixed number of shares of the Firm’s common stock. Deferred Cash-Based Compensation Compensation expense for deferred cash-based compensation awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of the award. The Firm invests directly, as a principal, in financial instruments and other investments to economically hedge certain of its obligations under its deferred cash-based compensation plans. Changes in the value of such investments are recorded in Trading revenues and Investments revenues. Although changes in compensation expense resulting from changes in the fair value of the referenced investments will generally be offset by changes in the fair value of investments made by the Firm, there is typically a timing difference between the immediate recognition of gains and losses on the Firm’s investments and the deferred recognition of the related compensation expense over the vesting period. Retirement-Eligible Employee Compensation For year-end stock-based awards and deferred cash-based compensation awards anticipated to be granted to retirement-eligible employees under award terms that do not contain a future service requirement, the Firm accrues the estimated cost of the awards over the course of the calendar year preceding the grant date, which reflects the period over which the compensation is earned. Carried Interest Compensation The Firm generally recognizes compensation expense for any portion of carried interest (both realized and unrealized) that is allocated to employees. For information on performance-based fees in the form of carried interest, which are directly related to carried interest compensation, see “Revenue Recognition—Carried Interest” herein. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recorded based upon the temporary differences between the financial statement and income tax bases of assets and liabilities using currently enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income tax expense (benefit) in the period that includes the enactment date. Such effects are recorded in Provision for income taxes regardless of where deferred taxes were originally recorded. The Firm recognizes net deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Firm considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and results of recent operations. When performing the assessment, the Firm considers all types of deferred tax assets in combination with each other, regardless of the origin of the underlying temporary difference. If a deferred tax asset is determined to be unrealizable, a valuation allowance is established. If the Firm subsequently determines that it would be able to realize deferred tax assets in excess of their net recorded amount, it would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Firm recognizes tax expense associated with Global Intangible Low-Taxed Income as it is incurred as part of the current income taxes to be paid or refunded for the current period. Uncertain tax positions are recorded on the basis of a two-step process, whereby (i) the Firm determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet this threshold, the Firm recognizes the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement with the related tax authority. Interest and penalties related to unrecognized tax benefits are recognized as a component of the provision for income taxes. |
Foreign Currencies | Foreign Currencies Assets and liabilities of operations with non-U.S. dollar functional currencies are translated at year-end rates of exchange. Gains or losses resulting from translating foreign currency financial statements, net of hedge gains or losses and related tax effects, are reflected in AOCI in the balance sheet. Gains or losses resulting from remeasurement of foreign currency transactions are included in net income, and amounts recognized in the income statement are translated at the rate of exchange on the respective date of recognition for each amount. |
Accounting Updates Adopted in 2020 | Accounting Updates Adopted in 2020 Reference Rate Reform The Firm has adopted the Reference Rate Reform accounting update. There was no impact to the Firm’s financial statements upon initial adoption. This accounting update provides optional accounting relief to entities with contracts, hedge accounting relationships or other transactions that reference LIBOR or other interest rate benchmarks for which the referenced rate is expected to be discontinued or replaced. The Firm is applying the accounting relief as relevant contract and hedge accounting relationship modifications are made during the course of the reference rate reform transition period. The optional relief generally allows for contract modifications solely related to the replacement of the reference rate to be accounted for as a continuation of the existing contract instead of as an extinguishment of the contract and would, therefore, not trigger certain accounting impacts that would otherwise be required. It also allows entities to change certain critical terms of existing hedge accounting relationships that are affected by reference rate reform, and these changes would not require de-designating the hedge accounting relationship. The optional relief currently ends December 31, 2022. Financial Instruments—Credit Losses The Firm has adopted the Financial Instruments—Credit Losses accounting update. This accounting update impacted the impairment model for certain financial assets measured at amortized cost by requiring a CECL methodology to estimate expected credit losses over the entire life of the financial asset, recorded at inception or purchase. CECL replaced the incurred loss model previously applicable to loans held for investment, HTM securities and other receivables carried at amortized cost, such as employee loans. The update also eliminated the concept of other-than-temporary impairment for AFS securities and instead requires impairments on AFS securities to be recognized in earnings through an allowance when the fair value is less than amortized cost and a credit loss exists, and through a permanent reduction of the amortized cost basis when the securities are expected to be sold before recovery of amortized cost. At transition on January 1, 2020, the adoption of this accounting standard resulted in an increase in the allowance for credit losses of $131 million with a corresponding reduction in Retained earnings of $100 million, net of tax. The adoption impact was primarily attributable to a $124 million increase in the allowance for credit losses on employee loans. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Presentation of ACL and Provision for Credit Losses | Presentation of ACL and Provision for Credit Losses ACL Provision for AFS securities Contra investment securities Other revenue Presentation of ACL and Provision for Credit Losses ACL Provision for Held for investment loans Contra asset Provision for credit losses Other instruments measured at amortized cost ( e.g., HTM securities and customer and other receivables) Contra asset Other revenues Employee loans Contra asset Compensation and benefits expenses Held for investment lending commitments Other liabilities and accrued expenses Provision for credit losses Other off-balance sheet instruments ( e.g., certain guarantees) Other liabilities and accrued expenses Other expenses |
Schedule of Estimated Useful Lives of Assets | Estimated Useful Life of Assets in years Estimated Useful Life Buildings 39 Leasehold improvements—Building term of lease to 25 Leasehold improvements—Other term of lease to 15 Furniture and fixtures 7 Computer and communications equipment 3 to 9 Power generation assets 15 to 29 Capitalized software costs 2 to 10 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of 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 E*TRADE Purchase Price Allocation $ in millions At Assets Cash and cash equivalents $ 3,807 Trading assets at fair value: Loans and lending commitments 1,124 Investments 44 Investment securities 48,855 Securities borrowed 975 Customer and other receivables 12,267 Loans: Held for investment 462 Goodwill 4,270 Intangible assets 1 3,282 Other assets 1,351 Total assets $ 76,437 Liabilities Deposits $ 44,890 Securities loaned 766 Customer and other payables 15,488 Other liabilities and accrued expenses 1,688 Borrowings 1,665 Total liabilities $ 64,497 1. Acquired intangible assets are primarily composed of $2.8 billion related to customer relationships with a weighted-average life of 17 years. |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | Acquired Intangible Assets $ in millions Weighted Average Life (Years) 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) | Morgan Stanley and Eaton Vance Proforma Combined Financial Information (Unaudited) $ in millions 2021 2020 Net revenues $ 60,051 $ 50,371 Net income 15,220 10,779 Morgan Stanley and E*TRADE Proforma Combined Financial Information (Unaudited) $ in millions 2020 2019 Net revenues $ 50,203 $ 44,192 Net income 11,459 9,839 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | $ in millions At At Cash and due from banks $ 8,394 $ 9,792 Interest bearing deposits with banks 119,331 95,862 Total Cash and cash equivalents $ 127,725 $ 105,654 Restricted cash $ 40,887 $ 38,202 |
Fair Values (Tables)
Fair Values (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | At December 31, 2021 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 45,970 $ 29,749 $ 2 $ — $ 75,721 Other sovereign government obligations 28,041 4,533 211 — 32,785 State and municipal securities — 1,905 13 — 1,918 MABS — 1,237 344 — 1,581 Loans and lending commitments 2 — 8,821 3,806 — 12,627 Corporate and other debt — 27,309 1,973 — 29,282 Corporate equities 3 91,630 832 115 — 92,577 Derivative and other contracts: Interest rate 1,364 153,048 1,153 — 155,565 Credit — 8,441 509 — 8,950 Foreign exchange 28 74,571 132 — 74,731 Equity 1,562 68,519 251 — 70,332 Commodity and other 4,462 20,194 3,057 — 27,713 Netting 1 (5,696) (241,814) (794) (50,833) (299,137) Total derivative and other contracts 1,720 82,959 4,308 (50,833) 38,154 Investments 4 735 846 1,125 — 2,706 Physical commodities — 2,771 — — 2,771 Total trading assets 4 168,096 160,962 11,897 (50,833) 290,122 Investment securities —AFS 59,021 43,809 — — 102,830 Securities purchased under agreements to resell — 7 — — 7 Total assets at fair value $ 227,117 $ 204,778 $ 11,897 $ (50,833) $ 392,959 At December 31, 2021 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 1,873 $ 67 $ — $ 1,940 Trading liabilities: U.S. Treasury and agency securities 16,433 319 — — 16,752 Other sovereign government obligations 20,771 2,062 — — 22,833 Corporate and other debt — 8,707 16 — 8,723 Corporate equities 3 75,181 226 45 — 75,452 Derivative and other contracts: Interest rate 1,087 145,670 445 — 147,202 Credit — 9,090 411 — 9,501 Foreign exchange 19 73,096 80 — 73,195 Equity 2,119 77,363 1,196 — 80,678 Commodity and other 4,563 16,837 1,528 — 22,928 Netting 1 (5,696) (241,814) (794) (50,632) (298,936) Total derivative and other contracts 2,092 80,242 2,866 (50,632) 34,568 Total trading liabilities 114,477 91,556 2,927 (50,632) 158,328 Securities sold under agreements to repurchase — 140 651 — 791 Other secured financings — 4,730 403 — 5,133 Borrowings — 74,183 2,157 — 76,340 Total liabilities at fair value $ 114,477 $ 172,482 $ 6,205 $ (50,632) $ 242,532 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 December 31, 2021 At December 31, 2020 Corporate $ 8 $ 13 Secured lending facilities — 648 Commercial real estate 863 916 Residential real estate 3,911 2,145 Securities-based lending and Other loans 7,845 7,426 Total $ 12,627 $ 11,148 |
Schedule of Unsettled Fair Value of Futures Contracts | Unsettled Fair Value of Futures Contracts 1 $ in millions At December 31, 2021 At December 31, 2020 Customer and other receivables, net $ 948 $ 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 $ in millions 2021 2020 2019 U.S. Treasury and agency securities Beginning balance $ 9 $ 22 $ 54 Realized and unrealized gains (losses) — 1 4 Purchases 2 — 17 Sales (9) (22) (54) Net transfers — 8 1 Ending balance $ 2 $ 9 $ 22 Unrealized gains (losses) $ — $ — $ 4 Other sovereign government obligations Beginning balance $ 268 $ 5 $ 17 Realized and unrealized gains (losses) (1) — (3) Purchases 146 265 7 Sales (192) (2) (6) Net transfers (10) — (10) Ending balance $ 211 $ 268 $ 5 Unrealized gains (losses) $ — $ — $ (3) State and municipal securities Beginning balance $ — $ 1 $ 148 Purchases 4 — — Sales (4) — (147) Net transfers 13 (1) — Ending balance $ 13 $ — $ 1 Unrealized gains (losses) $ — $ — $ — MABS Beginning balance $ 322 $ 438 $ 354 Realized and unrealized gains (losses) 51 (66) (16) Purchases 254 175 132 Sales (215) (244) (175) Settlements — — (44) Net transfers (68) 19 187 Ending balance $ 344 $ 322 $ 438 Unrealized gains (losses) $ (10) $ (49) $ (57) Loans and lending commitments Beginning balance $ 5,759 $ 5,073 $ 6,870 Realized and unrealized gains (losses) 51 (65) 38 Purchases and originations 2,446 3,479 2,337 Sales (2,609) (957) (1,268) Settlements (1,268) (2,196) (2,291) Net transfers 1 (573) 425 (613) Ending balance $ 3,806 $ 5,759 $ 5,073 Unrealized gains (losses) $ (7) $ 58 $ (9) Corporate and other debt Beginning balance $ 3,435 $ 1,396 $ 1,076 Realized and unrealized gains (losses) (140) 318 418 Purchases and originations 1,355 2,623 650 Sales (785) (617) (729) Settlements — (311) (7) Net transfers 2 (1,892) 26 (12) Ending balance $ 1,973 $ 3,435 $ 1,396 Unrealized gains (losses) $ (25) $ 311 $ 361 $ in millions 2021 2020 2019 Corporate equities Beginning balance $ 86 $ 97 $ 95 Realized and unrealized gains (losses) (8) (55) (8) Purchases 121 36 32 Sales (50) (17) (271) Net transfers (34) 25 249 Ending balance $ 115 $ 86 $ 97 Unrealized gains (losses) $ (3) $ (39) $ 1 Investments Beginning balance $ 828 $ 858 $ 757 Realized and unrealized gains (losses) 382 32 78 Purchases 226 61 40 Sales (115) (106) (41) Net transfers (196) (17) 24 Ending balance $ 1,125 $ 828 $ 858 Unrealized gains (losses) $ 359 $ (45) $ 67 Investment securities—AFS Beginning balance $ 2,804 $ — $ — Realized and unrealized gains (losses) (4) 5 — Purchases 3 — 2,799 — Sales (203) — — Net transfers 3 (2,597) — — Ending balance $ — $ 2,804 $ — Unrealized gains (losses) $ — $ 5 $ — Securities purchased under agreements to resell Beginning balance $ 3 $ — $ — Net transfers (3) 3 — Ending balance $ — $ 3 $ — Unrealized gains (losses) $ — $ — $ — Net derivatives: Interest rate Beginning balance $ 682 $ 777 $ 618 Realized and unrealized gains (losses) 284 (150) 17 Purchases 67 174 98 Issuances (52) (44) (16) Settlements 14 40 1 Net transfers (287) (115) 59 Ending balance $ 708 $ 682 $ 777 Unrealized gains (losses) $ 292 $ (34) $ 87 Net derivatives: Credit Beginning balance $ 49 $ 124 $ 40 Realized and unrealized gains (losses) 95 (91) (24) Purchases 18 98 144 Issuances (46) (112) (190) Settlements 58 94 111 Net transfers (76) (64) 43 Ending balance $ 98 $ 49 $ 124 Unrealized gains (losses) $ 122 $ (111) $ (17) $ in millions 2021 2020 2019 Net derivatives: Foreign exchange Beginning balance $ 61 $ (31) $ 75 Realized and unrealized gains (losses) (89) 156 (295) Purchases 2 4 2 Issuances (15) — — Settlements 16 (17) 7 Net transfers 77 (51) 180 Ending balance $ 52 $ 61 $ (31) Unrealized gains (losses) $ (62) $ 94 $ (187) Net derivatives: Equity Beginning balance $ (2,231) $ (1,684) $ (1,485) Realized and unrealized gains (losses) 344 72 (260) Purchases 70 179 155 Issuances (443) (713) (643) Settlements 160 (354) 242 Net transfers 2 1,155 269 307 Ending balance $ (945) $ (2,231) $ (1,684) Unrealized gains (losses) $ (103) $ (210) $ (194) Net derivatives: Commodity and other Beginning balance $ 1,709 $ 1,612 $ 2,052 Realized and unrealized gains (losses) 529 251 73 Purchases 44 89 152 Issuances (86) (57) (92) Settlements (599) (183) (611) Net transfers (68) (3) 38 Ending balance $ 1,529 $ 1,709 $ 1,612 Unrealized gains (losses) $ 141 $ (309) $ (113) Deposits Beginning balance $ 126 $ 179 $ 27 Realized and unrealized losses (gains) — 15 20 Issuances — 21 101 Settlements (10) (17) (15) Net transfers (49) (72) 46 Ending balance $ 67 $ 126 $ 179 Unrealized losses (gains) $ — $ 15 $ 20 Nonderivative trading liabilities Beginning balance $ 79 $ 37 $ 16 Realized and unrealized losses (gains) (21) (18) (21) Purchases (30) (35) (65) Sales 43 27 38 Settlements — 3 — Net transfers (10) 65 69 Ending balance $ 61 $ 79 $ 37 Unrealized losses (gains) $ (21) $ (18) $ (21) Securities sold under agreements to repurchase Beginning balance $ 444 $ — $ — Realized and unrealized losses (gains) 1 (27) — Issuances — 470 — Net transfers 206 1 — Ending balance $ 651 $ 444 $ — Unrealized losses (gains) $ 1 $ (27) $ — $ in millions 2021 2020 2019 Other secured financings Beginning balance $ 516 $ 109 $ 208 Realized and unrealized losses (gains) (17) 21 5 Issuances 449 208 — Settlements (518) (217) (8) Net transfers (27) 395 (96) Ending balance $ 403 $ 516 $ 109 Unrealized losses (gains) $ (16) $ 21 $ 5 Borrowings Beginning balance $ 4,374 $ 4,088 $ 3,806 Realized and unrealized losses (gains) (99) 204 728 Issuances 717 980 1,181 Settlements (448) (461) (950) Net transfers 2 (2,387) (437) (677) Ending balance $ 2,157 $ 4,374 $ 4,088 Unrealized losses (gains) $ (114) $ 201 $ 600 Portion of unrealized losses (gains) recorded in OCI—Change in net DVA (17) 63 182 1. Net transfers in 2021 reflect the transfer in the third quarter of $895 million of equity margin loans from Level 3 to Level 2 as a result of the reduced significance of the margin loan rate input. Net transfers in 2020 reflect the largely offsetting impacts of equity margin loan transfers of $857 million into Level 3 in the first quarter and $707 million out of Level 3 in the second quarter, both driven by changes in the significance level of the margin loan rate input based on changes in liquidity conditions. 2. Net transfers in 2021 reflect the transfer in the second quarter of $2.0 billion of Corporate and other debt, $1.0 billion of net Equity derivatives and $2.2 billion of Borrowings from Level 3 to Level 2 as the unobservable inputs were not significant to the overall fair value measurements. 3. Net transfers in 2021 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. Purchases of AFS investment securities in 2020 relate to securities acquired as part of the E*TRADE transaction. For additional information on the acquisition of E*TRADE, see Note 3. |
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 $ in millions 2021 2020 2019 U.S. Treasury and agency securities Beginning balance $ 9 $ 22 $ 54 Realized and unrealized gains (losses) — 1 4 Purchases 2 — 17 Sales (9) (22) (54) Net transfers — 8 1 Ending balance $ 2 $ 9 $ 22 Unrealized gains (losses) $ — $ — $ 4 Other sovereign government obligations Beginning balance $ 268 $ 5 $ 17 Realized and unrealized gains (losses) (1) — (3) Purchases 146 265 7 Sales (192) (2) (6) Net transfers (10) — (10) Ending balance $ 211 $ 268 $ 5 Unrealized gains (losses) $ — $ — $ (3) State and municipal securities Beginning balance $ — $ 1 $ 148 Purchases 4 — — Sales (4) — (147) Net transfers 13 (1) — Ending balance $ 13 $ — $ 1 Unrealized gains (losses) $ — $ — $ — MABS Beginning balance $ 322 $ 438 $ 354 Realized and unrealized gains (losses) 51 (66) (16) Purchases 254 175 132 Sales (215) (244) (175) Settlements — — (44) Net transfers (68) 19 187 Ending balance $ 344 $ 322 $ 438 Unrealized gains (losses) $ (10) $ (49) $ (57) Loans and lending commitments Beginning balance $ 5,759 $ 5,073 $ 6,870 Realized and unrealized gains (losses) 51 (65) 38 Purchases and originations 2,446 3,479 2,337 Sales (2,609) (957) (1,268) Settlements (1,268) (2,196) (2,291) Net transfers 1 (573) 425 (613) Ending balance $ 3,806 $ 5,759 $ 5,073 Unrealized gains (losses) $ (7) $ 58 $ (9) Corporate and other debt Beginning balance $ 3,435 $ 1,396 $ 1,076 Realized and unrealized gains (losses) (140) 318 418 Purchases and originations 1,355 2,623 650 Sales (785) (617) (729) Settlements — (311) (7) Net transfers 2 (1,892) 26 (12) Ending balance $ 1,973 $ 3,435 $ 1,396 Unrealized gains (losses) $ (25) $ 311 $ 361 $ in millions 2021 2020 2019 Corporate equities Beginning balance $ 86 $ 97 $ 95 Realized and unrealized gains (losses) (8) (55) (8) Purchases 121 36 32 Sales (50) (17) (271) Net transfers (34) 25 249 Ending balance $ 115 $ 86 $ 97 Unrealized gains (losses) $ (3) $ (39) $ 1 Investments Beginning balance $ 828 $ 858 $ 757 Realized and unrealized gains (losses) 382 32 78 Purchases 226 61 40 Sales (115) (106) (41) Net transfers (196) (17) 24 Ending balance $ 1,125 $ 828 $ 858 Unrealized gains (losses) $ 359 $ (45) $ 67 Investment securities—AFS Beginning balance $ 2,804 $ — $ — Realized and unrealized gains (losses) (4) 5 — Purchases 3 — 2,799 — Sales (203) — — Net transfers 3 (2,597) — — Ending balance $ — $ 2,804 $ — Unrealized gains (losses) $ — $ 5 $ — Securities purchased under agreements to resell Beginning balance $ 3 $ — $ — Net transfers (3) 3 — Ending balance $ — $ 3 $ — Unrealized gains (losses) $ — $ — $ — Net derivatives: Interest rate Beginning balance $ 682 $ 777 $ 618 Realized and unrealized gains (losses) 284 (150) 17 Purchases 67 174 98 Issuances (52) (44) (16) Settlements 14 40 1 Net transfers (287) (115) 59 Ending balance $ 708 $ 682 $ 777 Unrealized gains (losses) $ 292 $ (34) $ 87 Net derivatives: Credit Beginning balance $ 49 $ 124 $ 40 Realized and unrealized gains (losses) 95 (91) (24) Purchases 18 98 144 Issuances (46) (112) (190) Settlements 58 94 111 Net transfers (76) (64) 43 Ending balance $ 98 $ 49 $ 124 Unrealized gains (losses) $ 122 $ (111) $ (17) $ in millions 2021 2020 2019 Net derivatives: Foreign exchange Beginning balance $ 61 $ (31) $ 75 Realized and unrealized gains (losses) (89) 156 (295) Purchases 2 4 2 Issuances (15) — — Settlements 16 (17) 7 Net transfers 77 (51) 180 Ending balance $ 52 $ 61 $ (31) Unrealized gains (losses) $ (62) $ 94 $ (187) Net derivatives: Equity Beginning balance $ (2,231) $ (1,684) $ (1,485) Realized and unrealized gains (losses) 344 72 (260) Purchases 70 179 155 Issuances (443) (713) (643) Settlements 160 (354) 242 Net transfers 2 1,155 269 307 Ending balance $ (945) $ (2,231) $ (1,684) Unrealized gains (losses) $ (103) $ (210) $ (194) Net derivatives: Commodity and other Beginning balance $ 1,709 $ 1,612 $ 2,052 Realized and unrealized gains (losses) 529 251 73 Purchases 44 89 152 Issuances (86) (57) (92) Settlements (599) (183) (611) Net transfers (68) (3) 38 Ending balance $ 1,529 $ 1,709 $ 1,612 Unrealized gains (losses) $ 141 $ (309) $ (113) Deposits Beginning balance $ 126 $ 179 $ 27 Realized and unrealized losses (gains) — 15 20 Issuances — 21 101 Settlements (10) (17) (15) Net transfers (49) (72) 46 Ending balance $ 67 $ 126 $ 179 Unrealized losses (gains) $ — $ 15 $ 20 Nonderivative trading liabilities Beginning balance $ 79 $ 37 $ 16 Realized and unrealized losses (gains) (21) (18) (21) Purchases (30) (35) (65) Sales 43 27 38 Settlements — 3 — Net transfers (10) 65 69 Ending balance $ 61 $ 79 $ 37 Unrealized losses (gains) $ (21) $ (18) $ (21) Securities sold under agreements to repurchase Beginning balance $ 444 $ — $ — Realized and unrealized losses (gains) 1 (27) — Issuances — 470 — Net transfers 206 1 — Ending balance $ 651 $ 444 $ — Unrealized losses (gains) $ 1 $ (27) $ — $ in millions 2021 2020 2019 Other secured financings Beginning balance $ 516 $ 109 $ 208 Realized and unrealized losses (gains) (17) 21 5 Issuances 449 208 — Settlements (518) (217) (8) Net transfers (27) 395 (96) Ending balance $ 403 $ 516 $ 109 Unrealized losses (gains) $ (16) $ 21 $ 5 Borrowings Beginning balance $ 4,374 $ 4,088 $ 3,806 Realized and unrealized losses (gains) (99) 204 728 Issuances 717 980 1,181 Settlements (448) (461) (950) Net transfers 2 (2,387) (437) (677) Ending balance $ 2,157 $ 4,374 $ 4,088 Unrealized losses (gains) $ (114) $ 201 $ 600 Portion of unrealized losses (gains) recorded in OCI—Change in net DVA (17) 63 182 1. Net transfers in 2021 reflect the transfer in the third quarter of $895 million of equity margin loans from Level 3 to Level 2 as a result of the reduced significance of the margin loan rate input. Net transfers in 2020 reflect the largely offsetting impacts of equity margin loan transfers of $857 million into Level 3 in the first quarter and $707 million out of Level 3 in the second quarter, both driven by changes in the significance level of the margin loan rate input based on changes in liquidity conditions. 2. Net transfers in 2021 reflect the transfer in the second quarter of $2.0 billion of Corporate and other debt, $1.0 billion of net Equity derivatives and $2.2 billion of Borrowings from Level 3 to Level 2 as the unobservable inputs were not significant to the overall fair value measurements. 3. Net transfers in 2021 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. Purchases of AFS investment securities in 2020 relate to securities acquired as part of the E*TRADE transaction. For additional information on the acquisition of E*TRADE, see Note 3. |
Schedule of Valuation Techniques and Unobservable Inputs | Valuation Techniques and Unobservable Inputs Balance / Range (Average 1 ) $ in millions, except inputs At December 31, 2021 At December 31, 2020 Assets at Fair Value on a Recurring Basis Other sovereign government obligations $ 211 $ 268 Comparable pricing: Bond price 100 to 140 points (120 points) 106 points MABS $ 344 $ 322 Comparable pricing: Bond price 0 to 86 points (59 points) 0 to 80 points (50 points) Loans and lending commitments $ 3,806 $ 5,759 Margin loan model: Margin loan rate 1% to 4% (3%) 1% to 5% (3%) Comparable pricing: Loan price 89 to 101 points (97 points) 75 to 102 points (93 points) Corporate and other debt $ 1,973 $ 3,435 Comparable pricing: Bond price 50 to 163 points (99 points) 10 to 133 points (101 points) Discounted cash flow: Loss given default 54% to 84% (62% / 54%) 40% to 62% (46% / 40%) Option model: Equity volatility N/M 18% to 21% (19%) Corporate equities $ 115 $ 86 Comparable pricing: Equity price 100% 100% Investments $ 1,125 $ 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 25 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 $ 708 $ 682 Option model: IR volatility skew 39% to 79% (64% / 63%) 0% to 349% (62% / 59%) IR curve correlation 62% to 98% (83% / 84%) 54% to 99% (87% / 89%) Bond volatility 5% to 32% (12% / 9%) 6% to 24% (13% / 13%) Inflation volatility 24% to 65% (44% / 40%) 25% to 66% (45% / 43%) IR curve 4% 1 % Balance / Range (Average 1 ) $ in millions, except inputs At December 31, 2021 At December 31, 2020 Credit $ 98 $ 49 Credit default swap model: Cash-synthetic basis 7 points 7 points Bond price 0 to 83 points (46 points) 0 to 85 points (47 points) Credit spread 14 to 477 bps (68 bps) 20 to 435 bps (74 bps) Funding spread 15 to 433 bps (55 bps) 65 to 118 bps (86 bps) Correlation model: Credit correlation N/A 27% to 44% (32%) Foreign exchange 2 $ 52 $ 61 Option model: IR - FX correlation 53% to 56% (55% / 54%) 55% to 59% (56% / 56%) IR volatility skew 39% to 79% (64% / 63%) 0% to 349% (62% / 59%) IR curve -1% to 7% (2% / 0%) 6% to 8% (7% / 8%) Foreign exchange volatility skew -4% to -2% (-3% / -3%) -22% to 28% (3% / 1%) Contingency probability 90% to 95% (94% / 95%) 50% to 95% (83% / 93%) Equity 2 $ (945) $ (2,231) Option model: Equity volatility 5% to 99% (24%) 16% to 97% (43%) Equity volatility skew -4% to 0% (-1%) -3% to 0% (-1%) Equity correlation 5% to 99% (73%) 24% to 96% (74%) FX correlation -85% to 37% (-42%) -79% to 60% (-16%) IR correlation 13% to 30% (15%) -13% to 47% (21% / 20%) Commodity and other $ 1,529 $ 1,709 Option model: Forward power price $4 to $263 ($39) per MWh $-1 to $157 ($28) per MWh Commodity volatility 8% to 385% (22%) 8% to 183% (19%) Cross-commodity correlation 43% to 100% (94%) 43% to 99% (92%) Liabilities at Fair Value on a Recurring Basis Deposits $ 67 $ 126 Option model: Equity volatility 7% 7% to 22% (8%) Nonderivative trading liabilities $ 45 $ 63 Comparable pricing: Equity price 100% 100% Securities sold under agreements to repurchase $ 651 $ 444 Discounted cash flow: Funding spread 112 to 127 bps (120 bps) 107 to 127 bps (115 bps) Other secured financings $ 403 $ 516 Discounted cash flow: Funding spread N/A 111 bps (111 bps) Comparable pricing: Loan price 30 to 100 points (83 points) 30 to 101 points (56 points) Balance / Range (Average 1 ) $ in millions, except inputs At December 31, 2021 At December 31, 2020 Borrowings $ 2,157 $ 4,374 Option model: Equity volatility 7% to 85% (20%) 6% to 66% (23%) Equity volatility skew -1% to 0% (0%) -2% to 0% (0%) Equity correlation 41% to 95% (81%) 37% to 95% (78%) Equity - FX correlation -55% to 25% (-30%) -72% to 13% (-24%) IR - FX Correlation -26% to 8% (-5% / -5%) -28% to 6% (-6% / -6%) Discounted cash flow: Loss given default 54% to 84% (62% / 54%) N/M Nonrecurring Fair Value Measurement Loans $ 1,576 $ 3,134 Corporate loan model: Credit spread 108 to 565 bps (284 bps) 36 to 636 bps (336 bps) Comparable pricing: Loan price 40 to 80 points (61 points) N/M Warehouse model: Credit spread 182 to 446 bps (376 bps) 200 to 413 bps (368 bps) Comparable pricing: Bond Price N/M 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 December 31, 2021 At December 31, 2020 $ in millions Carrying Commitment Carrying Commitment Private equity $ 2,492 $ 615 $ 2,367 $ 644 Real estate 2,064 248 1,403 136 Hedge 1 191 2 59 — Total $ 4,747 $ 865 $ 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 December 31, 2021 $ in millions Private Equity Real Estate Less than 5 years $ 982 $ 403 5-10 years 1,163 1,283 Over 10 years 347 378 Total $ 2,492 $ 2,064 |
Schedule of Nonrecurring Fair Value Measurements | Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis At December 31, 2021 $ in millions Level 2 Level 3 1 Total Assets Loans $ 4,035 $ 1,576 $ 5,611 Other assets—Other investments — 8 8 Other assets—ROU assets 16 — 16 Total $ 4,051 $ 1,584 $ 5,635 Liabilities Other liabilities and accrued expenses—Lending commitments $ 173 $ 70 $ 243 Total $ 173 $ 70 $ 243 At December 31, 2020 $ 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 Nonrecurring Fair Value Remeasurements 1 $ in millions 2021 2020 2019 Assets Loans 2 $ (89) $ (354) $ 18 Goodwill (8) — — Intangibles (3) (2) — Other assets—Other investments 3 (57) (56) (56) Other assets—Premises, equipment and software 4 (14) (45) (22) Other assets—ROU assets 5 (25) (23) — Total $ (196) $ (480) $ (60) Liabilities Other liabilities and accrued expenses—Lending commitments 2 $ 37 $ (5) $ 87 Total $ 37 $ (5) $ 87 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, which exclude the impact of related economic hedges, are 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. 5. Losses related to Other assets—ROU assets include impairments related to the discontinued use of certain leased properties. |
Schedule of Financial Instruments Not Measured at Fair Value | Financial Instruments Not Measured at Fair Value At December 31, 2021 Carrying Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 127,725 $ 127,725 $ — $ — $ 127,725 Investment securities—HTM 80,168 29,454 49,352 1,076 79,882 Securities purchased under agreements to resell 119,992 — 117,922 2,075 119,997 Securities borrowed 129,713 — 129,713 — 129,713 Customer and other receivables 91,664 — 88,091 3,442 91,533 Loans 1 188,134 — 25,706 163,784 189,490 Other assets 528 — 528 — 528 Financial liabilities Deposits $ 345,634 $ — $ 345,911 $ — $ 345,911 Securities sold under agreements to repurchase 61,397 — 61,419 — 61,419 Securities loaned 12,299 — 12,296 — 12,296 Other secured financings 4,908 — 4,910 — 4,910 Customer and other payables 228,631 — 228,631 — 228,631 Borrowings 156,787 — 162,154 4 162,158 Commitment Lending commitments 3 $ 133,519 $ — $ 890 $ 470 $ 1,360 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 15. |
Fair Value Option (Tables)
Fair Value Option (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Option | $ in millions At December 31, 2021 At December 31, 2020 Business Unit Responsible for Risk Management Equity $ 37,046 $ 33,952 Interest rates 28,638 31,222 Commodities 7,837 5,078 Credit 1,347 1,344 Foreign exchange 1,472 2,105 Total $ 76,340 $ 73,701 $ in millions 2021 2020 2019 Trading revenues $ 899 $ (5,135) $ (6,932) Interest expense 305 341 375 Net revenues 1 $ 594 $ (5,476) $ (7,307) 1. Amounts do not reflect any gains or losses from related economic hedges. $ in millions Trading OCI 2021 Loans and other receivables 1 $ 278 $ — Lending commitments 2 — Deposits — 17 Borrowings (36) 901 2020 Loans and other receivables 1 $ (116) $ — Lending commitments (3) — Deposits — (19) Borrowings (26) (1,340) 2019 Loans and other receivables 1 $ 223 $ — Lending commitments (2) — Deposits — (30) Borrowings (11) (2,140) Other — — $ in millions At December 31, 2021 At December 31, 2020 Cumulative pre-tax DVA gain (loss) recognized in AOCI $ (2,439) $ (3,357) $ in millions At December 31, 2021 At December 31, 2020 Loans and other receivables 2 $ 12,633 $ 14,042 Nonaccrual loans 2 9,999 11,551 Borrowings 3 (2,106) (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 receivables relates to distressed debt positions purchased at amounts well below par. $ in millions At December 31, 2021 At December 31, 2020 Nonaccrual loans $ 989 $ 1,407 Nonaccrual loans 90 or more days past due $ 363 $ 239 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Derivative Asset Contracts | Fair Values of Derivative Contracts Assets at December 31, 2021 $ in millions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 594 $ 1 $ — $ 595 Foreign exchange 191 6 — 197 Total 785 7 — 792 Not designated as accounting hedges Economic hedges of loans Credit — 15 — 15 Other derivatives Interest rate 147,585 7,002 383 154,970 Credit 5,749 3,186 — 8,935 Foreign exchange 73,276 1,219 39 74,534 Equity 28,877 — 41,455 70,332 Commodity and other 22,175 — 5,538 27,713 Total 277,662 11,422 47,415 336,499 Total gross derivatives $ 278,447 $ 11,429 $ 47,415 $ 337,291 Amounts offset Counterparty netting (201,729) (9,818) (42,883) (254,430) Cash collateral netting (43,495) (1,212) — (44,707) Total in Trading assets $ 33,223 $ 399 $ 4,532 $ 38,154 Amounts not offset 1 Financial instruments collateral (10,457) — — (10,457) Net amounts $ 22,766 $ 399 $ 4,532 $ 27,697 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 6,725 Assets at December 31, 2020 $ in millions Bilateral Cleared Exchange- 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 hedges of loans Credit 2 2 51 — 53 Other derivatives Interest rate 221,895 10,343 300 232,538 Credit 2 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 1 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 December 31, 2021 $ in millions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 86 $ 1 $ — $ 87 Foreign exchange 57 50 — 107 Total 143 51 — 194 Not designated as accounting hedges Economic hedges of loans Credit 17 412 — 429 Other derivatives Interest rate 140,770 6,112 233 147,115 Credit 5,609 3,463 — 9,072 Foreign exchange 71,851 1,196 41 73,088 Equity 39,597 — 41,081 80,678 Commodity and other 17,188 — 5,740 22,928 Total 275,032 11,183 47,095 333,310 Total gross derivatives $ 275,175 $ 11,234 $ 47,095 $ 333,504 Amounts offset Counterparty netting (201,729) (9,818) (42,883) (254,430) Cash collateral netting (43,305) (1,201) — (44,506) Total in Trading liabilities $ 30,141 $ 215 $ 4,212 $ 34,568 Amounts not offset 1 Financial instruments collateral (5,866) (8) (39) (5,913) Net amounts $ 24,275 $ 207 $ 4,173 $ 28,655 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 6,194 Liabilities at December 31, 2020 $ in millions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ — $ 19 $ — $ 19 Foreign exchange 291 99 — 390 Total 291 118 — 409 Not designated as accounting hedges Economic hedges of loans Credit 2 18 177 — 195 Other derivatives Interest rate 210,015 7,965 639 218,619 Credit 2 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 1 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. Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. |
Schedule of Notionals of Derivative Contracts | Notionals of Derivative Contracts Assets at December 31, 2021 $ in billions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 4 $ 104 $ — $ 108 Foreign exchange 8 1 — 9 Total 12 105 — 117 Not designated as accounting hedges Economic hedges of loans Credit — — — — Other derivatives Interest rate 3,488 7,082 570 11,140 Credit 216 105 — 321 Foreign exchange 3,386 95 10 3,491 Equity 495 — 407 902 Commodity and other 139 — 73 212 Total 7,724 7,282 1,060 16,066 Total gross derivatives $ 7,736 $ 7,387 $ 1,060 $ 16,183 Liabilities at December 31, 2021 $ in billions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ — $ 99 $ — $ 99 Foreign exchange 5 3 — 8 Total 5 102 — 107 Not designated as accounting hedges Economic hedges of loans Credit 1 12 — 13 Other derivatives Interest rate 3,827 6,965 445 11,237 Credit 225 106 — 331 Foreign exchange 3,360 88 12 3,460 Equity 552 — 735 1,287 Commodity and other 110 — 81 191 Total 8,075 7,171 1,273 16,519 Total gross derivatives $ 8,080 $ 7,273 $ 1,273 $ 16,626 Assets at December 31, 2020 $ in billions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 6 $ 123 $ — $ 129 Foreign exchange 2 — — 2 Total 8 123 — 131 Not designated as accounting hedges Economic hedges of loans 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 Cleared Exchange- Total Designated as accounting hedges Interest rate $ — $ 80 $ — $ 80 Foreign exchange 11 3 — 14 Total 11 83 — 94 Not designated as accounting hedges Economic hedges of loans 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 $ in millions 2021 2020 2019 Fair value hedges—Recognized in Interest income Interest rate contracts $ 742 $ 75 $ (10) Investment Securities—AFS (629) (33) 10 Fair value hedges—Recognized in Interest expense Interest rate contracts $ (4,306) $ 4,678 $ 4,212 Deposits 88 (100) 7 Borrowings 4,214 (4,692) (4,288) Net investment hedges—Foreign exchange contracts Recognized in OCI $ 664 $ (366) $ 14 Forward points excluded from hedge effectiveness testing—Recognized in Interest income (53) 16 136 |
Schedule of Fair Value Hedges - Hedged Items | Fair Value Hedges—Hedged Items $ in millions At December 31, 2021 At December 31, 2020 Investment securities—AFS Amortized cost basis currently or previously hedged $ 17,902 $ 16,288 Basis adjustments included in amortized cost 1 $ (591) $ (39) Deposits Carrying amount currently or previously hedged $ 6,279 $ 15,059 Basis adjustments included in carrying amount 1 $ 5 $ 93 Borrowings Carrying amount currently or previously hedged $ 122,919 $ 114,349 Basis adjustments included in carrying amount—Outstanding hedges $ 2,324 $ 6,575 Basis adjustments included in carrying amount—Terminated hedges $ (743) $ (756) 1. Hedge accounting basis adjustments are primarily related to outstanding hedges. |
Schedule of Economic Loan Hedges | Gains (Losses) on Economic Hedges of Loans $ in millions 2021 2020 2019 Recognized in Other revenues Credit contracts 1 (285) 9 (179) |
Schedule of Derivatives with Credit Risk-Related Contingencies | Net Derivative Liabilities and Collateral Posted $ in millions At December 31, 2021 At December 31, 2020 Net derivative liabilities with credit risk-related contingent features $ 20,548 $ 30,421 Collateral posted 14,789 23,842 Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade $ in millions At December 31, 2021 One-notch downgrade $ 234 Two-notch downgrade 357 Bilateral downgrade agreements included in the amounts above 1 $ 477 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. |
Schedule of Maximum Potential Payout/Notional of Credit Protection Sold | Maximum Potential Payout/Notional of Credit Protection Sold 1 Years to Maturity at December 31, 2021 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 10 $ 26 $ 29 $ 9 $ 74 Non-investment grade 5 13 17 2 37 Total $ 15 $ 39 $ 46 $ 11 $ 111 Index and basket CDS Investment grade $ 2 $ 11 $ 106 $ 15 $ 134 Non-investment grade 9 14 37 12 72 Total $ 11 $ 25 $ 143 $ 27 $ 206 Total CDS sold $ 26 $ 64 $ 189 $ 38 $ 317 Other credit contracts — — — — — Total credit protection sold $ 26 $ 64 $ 189 $ 38 $ 317 CDS protection sold with identical protection purchased $ 278 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 December 31, 2021 At December 31, 2020 Single-name CDS Investment grade $ 1,428 $ 1,230 Non-investment grade (370) (22) Total $ 1,058 $ 1,208 Index and basket CDS Investment grade $ 1,393 $ 843 Non-investment grade (650) (824) Total $ 743 $ 19 Total CDS sold $ 1,801 $ 1,227 Other credit contracts (3) (4) Total credit protection sold $ 1,798 $ 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 $ 126 $ 116 Index and basket 204 116 Tranched index and basket 18 14 Total $ 348 $ 246 Fair Value Asset (Liability) $ in millions At At Single name $ (1,338) $ (1,452) Index and basket (563) (57) Tranched index and basket (451) (329) Total $ (2,352) $ (1,838) |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of AFS and HTM Securities | AFS and HTM Securities At December 31, 2021 $ in millions Amortized Cost 1 Gross Gross Fair AFS securities U.S. Treasury securities $ 58,974 $ 343 $ 296 $ 59,021 U.S. agency securities 2 26,780 274 241 26,813 Agency CMBS 14,476 289 89 14,676 State and municipal securities 613 37 2 648 FFELP student loan ABS 3 1,672 11 11 1,672 Total AFS securities 102,515 954 639 102,830 HTM securities U.S. Treasury securities 28,653 882 81 29,454 U.S. agency securities 2 48,195 169 1,228 47,136 Agency CMBS 2,267 — 51 2,216 Non-agency CMBS 1,053 28 5 1,076 Total HTM securities 80,168 1,079 1,365 79,882 Total investment securities $ 182,683 $ 2,033 $ 2,004 $ 182,712 At December 31, 2020 $ in millions Amortized Cost 1 Gross Gross Fair 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. |
Schedule of Investment Securities in an Unrealized Loss Position | Investment Securities in an Unrealized Loss Position At December 31, At December 31, $ in millions Fair Value Gross Fair Value Gross Unrealized Losses U.S. Treasury securities Less than12 months $ 31,459 $ 296 $ 151 $ — Total 31,459 296 151 — U.S. agency securities Less than12 months 12,283 219 5,808 22 12 months or longer 1,167 22 1,168 3 Total 13,450 241 6,976 25 Agency CMBS Less than12 months 2,872 89 2,779 9 12 months or longer 10 — 46 — Total 2,882 89 2,825 9 State and municipal securities Less than12 months 21 2 86 — 12 months or longer 7 — 36 1 Total 28 2 122 1 FFELP student loan ABS Less than12 months 320 1 — — 12 months or longer 591 10 1,077 26 Total 911 11 1,077 26 Total AFS securities in an unrealized loss position Less than12 months 46,955 607 8,824 31 12 months or longer 1,775 32 2,358 30 Total $ 48,730 $ 639 $ 11,182 $ 61 |
Schedule of Investment Securities by Contractual Maturity | Investment Securities by Contractual Maturity At December 31, 2021 $ in millions Amortized Cost 1 Fair Annualized Average Yield 2 AFS securities U.S. Treasury securities: Due within 1 year $ 8,957 $ 9,017 1.7 % After 1 year through 5 years 41,374 41,350 1.0 % After 5 years through 10 years 8,643 8,654 1.2 % Total 58,974 59,021 U.S. agency securities: Due within 1 year 1 1 1.2 % After 1 year through 5 years 191 194 1.6 % After 5 years through 10 years 1,231 1,254 1.8 % After 10 years 25,357 25,364 1.6 % Total 26,780 26,813 Agency CMBS: Due within 1 year 226 227 1.7 % After 1 year through 5 years 2,562 2,598 1.6 % After 5 years through 10 years 9,072 9,302 1.6 % After 10 years 2,616 2,549 1.4 % Total 14,476 14,676 State and municipal securities: Due within 1 year 4 4 1.8 % After 1 year through 5 years 26 28 1.9 % After 5 years through 10 years 59 68 2.1 % After 10 years 524 548 2.2 % Total 613 648 FFELP student loan ABS: Due within 1 year 31 30 0.8 % After 1 year through 5 years 162 158 0.8 % After 5 years through 10 years 143 139 0.7 % After 10 years 1,336 1,345 1.1 % Total 1,672 1,672 Total AFS securities 102,515 102,830 1.3 % At December 31, 2021 $ in millions Amortized Cost 1 Fair Annualized Average Yield 2 HTM securities U.S. Treasury securities: Due within 1 year $ 4,147 $ 4,181 1.9 % After 1 year through 5 years 17,615 17,927 1.7 % After 5 years through 10 years 5,328 5,662 2.4 % After 10 years 1,563 1,684 2.3 % Total 28,653 29,454 U.S. agency securities: After 5 years through 10 years 491 503 2.0 % After 10 years 47,704 46,633 1.6 % Total 48,195 47,136 Agency CMBS: Due within 1 year 45 45 1.1 % After 1 year through 5 years 1,263 1,240 1.3 % After 5 years through 10 years 808 784 1.4 % After 10 years 151 147 1.5 % Total 2,267 2,216 Non-agency CMBS: Due within 1 year 151 151 4.5 % After 1 year through 5 years 109 111 3.1 % After 5 years through 10 years 753 772 3.5 % After 10 years 40 42 4.2 % Total 1,053 1,076 Total HTM securities 80,168 79,882 1.8 % Total investment securities $ 182,683 $ 182,712 1.5 % 1. Amounts are net of any ACL. 2. Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives. |
Schedule of Gross Realized Gains and Losses on Sales of AFS Securities | Gross Realized Gains (Losses) on Sales of AFS Securities $ in millions 2021 2020 2019 Gross realized gains $ 237 $ 168 $ 113 Gross realized (losses) (27) (31) (10) Total 1 $ 210 $ 137 $ 103 1. Realized gains and losses are recognized in Other revenues in the income statement. |
Collateralized Transactions (Ta
Collateralized Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Collateralized Agreements [Abstract] | |
Schedule of Offsetting of Certain Collaterized Transactions | Offsetting of Certain Collateralized Transactions At December 31, 2021 $ in millions Gross Amounts Balance Sheet Net Amounts Amounts Not Offset 1 Net Assets Securities purchased under agreements to resell $ 197,486 $ (77,487) $ 119,999 $ (106,896) $ 13,103 Securities borrowed 139,395 (9,682) 129,713 (124,028) 5,685 Liabilities Securities sold under agreements to repurchase $ 139,675 $ (77,487) $ 62,188 $ (53,692) $ 8,496 Securities loaned 21,981 (9,682) 12,299 (12,019) 280 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 12,514 Securities borrowed 1,041 Securities sold under agreements to repurchase 8,295 Securities loaned 139 At December 31, 2020 $ in millions Gross Amounts Balance Sheet Net Amounts Amounts Not Offset 1 Net 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 December 31, 2021 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 29,271 $ 53,987 $ 17,099 $ 39,318 $ 139,675 Securities loaned 11,480 364 650 9,487 21,981 Total included in the offsetting disclosure $ 40,751 $ 54,351 $ 17,749 $ 48,805 $ 161,656 Trading liabilities—Obligation to return securities received as collateral 30,104 — — — 30,104 Total $ 70,855 $ 54,351 $ 17,749 $ 48,805 $ 191,760 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—Obligation to return securities received as collateral 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 December 31, 2021 At December 31, 2020 Securities sold under agreements to repurchase U.S. Treasury and agency securities $ 30,790 $ 94,662 Other sovereign government obligations 73,063 71,140 Corporate equities 25,881 24,692 Other 9,941 7,999 Total $ 139,675 $ 198,493 Securities loaned Other sovereign government obligations $ 748 $ 3,430 Corporate equities 20,656 16,536 Other 577 295 Total $ 21,981 $ 20,261 Total included in the offsetting disclosure $ 161,656 $ 218,754 Trading liabilities—Obligation to return securities received as collateral Corporate equities $ 30,048 $ 16,365 Other 56 24 Total $ 30,104 $ 16,389 Total $ 191,760 $ 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 December 31, 2021 At December 31, 2020 Trading assets $ 32,458 $ 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 December 31, 2021 At December 31, 2020 Collateral received with right to sell or repledge $ 672,104 $ 724,818 Collateral that was sold or repledged 1 510,000 523,648 1. Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers. |
Schedule of Restricted Cash and Segregated Securities | Securities Segregated for Regulatory Purposes $ in millions At December 31, 2021 At December 31, 2020 Segregated securities 1 $ 20,092 $ 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 sheet. |
Schedule of Concentration Based on the Firm's Total Assets | Concentration Based on the Firm’s Total Assets At December 31, 2021 At December 31, 2020 U.S. government and agency securities and other sovereign government obligations Trading assets 1 9 % 10 % Off balance sheet—Collateral received 2 12 % 12 % 1. Other sovereign government obligations included in Trading assets primarily consist of obligations of the U.K., Japan and Brazil. 2. Collateral received is primarily related to Securities purchased under agreements to resell and Securities borrowed. |
Schedule of Customer Margin and Other Lending | Customer Margin and Other Lending $ in millions At December 31, 2021 At December 31, 2020 Margin and other lending $ 71,532 $ 74,714 |
Loans, Lending Commitments an_2
Loans, Lending Commitments and Related Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of Loans by Type | Loans by Type At December 31, 2021 $ in millions HFI Loans HFS Loans Total Loans Corporate $ 5,567 $ 8,107 $ 13,674 Secured lending facilities 31,471 3,879 35,350 Commercial real estate 7,227 1,777 9,004 Residential real estate 44,251 7 44,258 Securities-based lending and Other loans 86,440 62 86,502 Total loans 174,956 13,832 188,788 ACL (654) (654) Total loans, net $ 174,302 $ 13,832 $ 188,134 Loans to non-U.S. borrowers, net $ 24,322 At December 31, 2020 $ in millions HFI Loans HFS Loans 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 Loans to non-U.S. borrowers, net $ 21,081 |
Loans by Interest Rate Type | Loans by Interest Rate Type At December 31, 2021 At December 31, 2020 $ in millions Fixed Rate Floating or Adjustable Rate Fixed Rate Floating or Adjustable Rate Corporate $ — $ 13,674 $ — $ 14,626 Secured lending facilities — 35,350 196 28,827 Commercial real estate 343 8,661 574 7,594 Residential real estate 18,966 25,292 13,120 22,196 Securities-based lending and Other loans 22,832 63,670 18,973 45,326 Total loans, before ACL $ 42,141 $ 146,647 $ 32,863 $ 118,569 |
Schedule of Loans Held for Investment | Loans Held for Investment before Allowance by Origination Year At December 31, 2021 At December 31, 2020 Corporate $ in millions IG NIG Total IG NIG Total Revolving $ 2,356 $ 2,328 $ 4,684 $ 1,138 $ 3,231 $ 4,369 2021 — 85 85 2020 111 26 137 585 80 665 2019 — 176 176 204 202 406 2018 196 — 196 195 — 195 2017 — 60 60 — 64 64 Prior 229 — 229 247 100 347 Total $ 2,892 $ 2,675 $ 5,567 $ 2,369 $ 3,677 $ 6,046 At December 31, 2021 At December 31, 2020 Secured Lending Facilities $ in millions IG NIG Total IG NIG Total Revolving $ 7,603 $ 20,172 $ 27,775 $ 4,711 $ 14,510 $ 19,221 2021 32 467 499 2020 35 160 195 162 253 415 2019 43 819 862 260 1,904 2,164 2018 297 703 1,000 614 1,432 2,046 2017 144 266 410 245 581 826 Prior — 730 730 — 1,055 1,055 Total $ 8,154 $ 23,317 $ 31,471 $ 5,992 $ 19,735 $ 25,727 At December 31, 2021 At December 31, 2020 Commercial Real Estate $ in millions IG NIG Total IG NIG Total Revolving $ 3 $ 149 $ 152 $ — $ — $ — 2021 423 1,292 1,715 2020 91 819 910 95 943 1,038 2019 976 1,266 2,242 1,074 1,848 2,922 2018 527 416 943 746 774 1,520 2017 80 439 519 412 387 799 Prior 109 637 746 100 967 1,067 Total $ 2,209 $ 5,018 $ 7,227 $ 2,427 $ 4,919 $ 7,346 At December 31, 2021 Residential Real Estate by FICO Scores by LTV Ratio Total $ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80% Revolving $ 65 $ 27 $ 4 $ 96 $ — $ 96 2021 12,230 2,638 257 14,116 1,009 15,125 2020 7,941 1,648 131 9,210 510 9,720 2019 4,690 1,072 140 5,536 366 5,902 2018 1,865 497 55 2,231 186 2,417 2017 2,157 558 65 2,588 192 2,780 Prior 5,973 1,919 319 7,485 726 8,211 Total $ 34,921 $ 8,359 $ 971 $ 41,262 $ 2,989 $ 44,251 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 Prior 7,789 2,510 402 9,719 982 10,701 Total $ 27,455 $ 6,925 $ 888 $ 32,770 $ 2,498 $ 35,268 At December 31, 2021 Securities-based Lending 1 Other 2 $ in millions IG NIG Total Revolving $ 71,485 $ 6,170 $ 858 $ 78,513 2021 807 708 103 1,618 2020 — 651 626 1,277 2019 19 1,079 633 1,731 2018 232 273 375 880 2017 — 531 217 748 Prior 16 1,294 363 1,673 Total $ 72,559 $ 10,706 $ 3,175 $ 86,440 At December 31, 2020 Securities-based Lending 1 Other 2 $ in millions IG NIG 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 Prior 16 1,632 268 1,916 Total $ 51,933 $ 9,738 $ 2,561 $ 64,232 IG—Investment Grade NIG—Non-investment Grade 1. Securities-based loans are subject to collateral maintenance provisions, and at December 31, 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. 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 December 31, 2021 At December 31, 2020 Residential real estate $ 209 $ 332 Securities-based lending and Other loans — 31 Total $ 209 $ 363 1. The majority of the amounts are past due for a period of less than 60 days. Nonaccrual Loans Held for Investment before Allowance $ in millions At At Corporate $ 34 $ 164 Secured lending facilities 375 — Commercial real estate 195 152 Residential real estate 138 97 Securities-based lending and Other loans 151 178 Total 1 $ 893 $ 591 Nonaccrual loans without an ACL $ 356 $ 90 1. Includes all loans held for investment that are 90 days or more past due as of December 31, 2021 and December 31, 2020. |
Schedule of Troubled Debt Restructurings | Troubled Debt Restructurings $ in millions At December 31, 2021 At December 31, 2020 Loans, before ACL $ 49 $ 167 Lending commitments — 27 Allowance for credit losses 8 36 |
Schedule of Allowance for Credit Losses Rollforward - Loans and Lending Commitments | Allowance for Credit Loss es Rollforward and Allocation—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 (23) (67) (27) (1) (8) (126) Provision (release) (119) 34 25 1 11 (48) Other (2) (2) (3) 1 (1) (7) December 31, 2021 $ 165 $ 163 $ 206 $ 60 $ 60 $ 654 Percent of loans to total loans 1 3 % 18 % 4 % 25 % 50 % 100 % $ 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 (39) — (64) (1) (1) (105) Recoveries 4 — — — 4 8 Net (charge-offs) recoveries (35) — (64) (1) 3 (97) Provision (release) 224 136 197 14 (13) 558 Other 7 3 (31) — 37 16 December 31, 2020 $ 309 $ 198 $ 211 $ 59 $ 58 $ 835 Percent of loans to total loans 1 4 % 19 % 5 % 26 % 46 % 100 % $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total December 31, 2018 $ 62 $ 60 $ 67 $ 20 $ 29 $ 238 Gross charge-offs — — — (2) — (2) Provision (release) 58 42 8 7 4 119 Other (5) (1) — — — (6) December 31, 2019 $ 115 $ 101 $ 75 $ 25 $ 33 $ 349 Percent of loans to total loans 1 4 % 21 % 7 % 25 % 43 % 100 % CRE—Commercial real estate SBL—Securities-based lending 1. Percent of loans to total loans represents loans held for investment by loan type to total loans held for investment. Allowance for Credit Losses R ollforward—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 (release) 37 2 10 — 3 52 Other (4) 1 (1) — — (4) December 31, 2021 $ 356 $ 41 $ 20 $ 1 $ 26 $ 444 $ 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 (release) 161 22 7 (1) 14 203 Other 2 — (4) — 4 2 December 31, 2020 $ 323 $ 38 $ 11 $ 1 $ 23 $ 396 $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total December 31, 2018 $ 177 $ 16 $ 3 $ — $ 7 $ 203 Provision (release) 27 11 4 — — 42 Other (3) — — — (1) (4) December 31, 2019 $ 201 $ 27 $ 7 $ — $ 6 $ 241 |
Schedule of Selected Credit Ratios | Selected Credit Ratios At At ACL to total loans 1 0.4 % 0.6 % Nonaccrual loans to total loans 2 0.5 % 0.4 % ACL to nonaccrual loans 3 73.2 % 141.3 % 1. Allowance for credit losses for loans to total loans held for investment. 2. Nonaccrual loans held for investment, which are loans that are 90 days or more past due, to total loans held for investment. 3. Allowance for credit losses for loans to nonaccrual loans held for investment. |
Schedule of Employee Loans | Employee Loans $ in millions At December 31, 2021 At December 31, 2020 Currently employed by the Firm 1 $ 3,613 $ 3,100 No longer employed by the Firm 2 113 140 Employee loans $ 3,726 $ 3,240 ACL (153) (165) Employee loans, net of ACL $ 3,573 $ 3,075 Remaining repayment term, weighted average in years 5.7 5.3 1. These loans are predominantly current. 2. These loans are predominantly past due for a period of 90 days or more. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill Rollforward | Goodwill Rollforward $ in millions IS WM IM Total At December 31, 2019¹ $ 261 $ 6,001 $ 881 $ 7,143 Foreign currency and other 15 7 — 22 Acquired 2 200 4,270 — 4,470 At December 31, 2020¹ $ 476 $ 10,278 $ 881 $ 11,635 Foreign currency and other (1) (68) (3) (72) Acquired 3 — 115 5,155 5,270 At December 31, 2021¹ $ 475 $ 10,325 $ 6,033 $ 16,833 Accumulated impairments 4 $ 673 $ — $ 27 $ 700 1. Balances represent the amount of the Firm’s goodwill after accumulated impairments. 2. The Wealth Management business segment amount reflects the impact of the Firm's acquisition of E*TRADE on October 2, 2020. 3. The Investment Management and Wealth Management business segments’ amounts reflect the impact of the Firm's acquisition of Eaton Vance on March 1, 2021. 4. There were no impairments recorded in 2021, 2020 or 2019. |
Schedule of Net Amortizable Intangible Assets Rollforward | Intangible Assets Rollforward $ in millions IS WM IM Total At December 31, 2019 $ 227 $ 1,828 $ 52 $ 2,107 Acquired 1 14 3,309 — 3,323 Disposals (79) — — (79) Amortization expense (35) (330) (8) (373) Other — 2 — 2 At December 31, 2020 $ 127 $ 4,809 $ 44 $ 4,980 Acquired 2 — 134 3,844 3,978 Disposals — (36) — (36) Amortization expense (23) (495) (94) (612) Other — 51 (1) 50 At December 31, 2021 $ 104 $ 4,463 $ 3,793 $ 8,360 1. The Wealth Management amount principally reflects the impact of the Firm's acquisition of E*TRADE on October 2, 2020. 2. The Investment Management and Wealth Management amounts principally reflect the impact of the Firm's acquisition of Eaton Vance on March 1, 2021, which includes $2.1 billion of non-amortizable intangible assets. |
Schedule of Gross Amortizable Intangible Assets by Type | Intangible Assets by Type Non-amortizable Amortizable $ in millions Gross Gross Accumulated At December 31, 2021 Management contracts $ 2,120 $ 291 $ 95 Customer relationships — 8,851 3,515 Tradenames — 737 117 Other — 180 92 Total $ 2,120 $ 10,059 $ 3,819 At December 31, 2020 Management contracts $ — $ 178 $ 120 Customer relationships — 7,420 2,984 Tradenames — 460 82 Other — 187 79 Total $ — $ 8,245 $ 3,265 Estimated annual amortization expense for the next five years $ 530 |
Other Assets - Equity Method _2
Other Assets - Equity Method Investments and Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Equity Method Investments | Equity Method Investments $ in millions At December 31, 2021 At December 31, 2020 Investments $ 2,214 $ 2,410 $ in millions 2021 2020 2019 Income (loss) 1 $ 104 $ — $ (81) 1. Includes impairments of the Investment Management business segment’s equity method investments of $41 million in the fourth quarter of 2019 related to a third-party asset manager. |
Schedule of Japanese Securities Joint Venture | Japanese Securities Joint Venture $ in millions 2021 2020 2019 Income from investment in MUMSS $ 168 $ 80 $ 17 |
Schedule of Balance Sheet Amounts Related to Leases | Balance Sheet Amounts Related to Leases $ in millions At December 31, 2021 At December 31, 2020 Other assets—ROU assets $ 4,268 $ 4,419 Other liabilities and accrued expenses—Lease liabilities 5,157 5,327 Weighted average: Remaining lease term, in years 8.9 9.5 Discount rate 3.1 % 3.2 % |
Schedule of Lease Liabilities | Lease Liabilities $ in millions At December 31, 2021 At December 31, 2020 2021 $ 841 2022 $ 886 793 2023 834 740 2024 711 639 2025 593 532 2026 527 467 Thereafter 2,387 2,218 Total undiscounted cash flows 5,938 6,230 Imputed interest (781) (903) Amount on balance sheet $ 5,157 $ 5,327 Committed leases not yet commenced $ 480 $ 278 |
Schedule of Lease Costs and Rent Expense | Lease Costs $ in millions 2021 2020 2019 Fixed costs $ 852 $ 762 $ 670 Variable costs 1 187 154 152 Less: Sublease income (6) (5) (6) Total lease cost, net $ 1,033 $ 911 $ 816 1. Includes common area maintenance charges and other variable costs not included in the measurement of ROU assets and lease liabilities. |
Schedule of Cash Flows Statement Supplemental Information | Cash Flows Statement Supplemental Information $ in millions 2021 2020 2019 Cash outflows—Lease liabilities $ 879 $ 765 $ 685 Non-cash—ROU assets recorded for new and modified leases 578 991 514 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits $ in millions At December 31, 2021 At December 31, 2020 Savings and demand deposits $ 332,747 $ 279,221 Time deposits 14,827 31,561 Total $ 347,574 $ 310,782 Deposits subject to FDIC insurance $ 230,894 $ 234,211 Deposits not subject to FDIC insurance $ 116,680 $ 76,571 Time deposits that equal or exceed the $ — $ 16 Deposits in U.S. Bank Subsidiaries from non-U.S. Depositors $ in millions At December 31, 2021 At December 31, 2020 Deposits in U.S. bank subsidiaries from non-U.S. depositors $ 963 $ 910 |
Schedule of Time Deposit Maturities | Time Deposit Maturities $ in millions At December 31, 2021 2022 $ 6,404 2023 4,087 2024 2,815 2025 821 2026 311 Thereafter 389 Total $ 14,827 Uninsured Non-U.S. Time Deposit Maturities $ in millions At Less than 3 months $ 756 3 - 6 months 377 6 - 12 months 231 Total $ 1,364 |
Borrowings and Other Secured _2
Borrowings and Other Secured Financings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities and Terms of Borrowings | Maturities and Terms of Borrowings Parent Company Subsidiaries At December 31, 2021 At December 31, 2020 $ in millions Fixed Rate 1 Variable Rate 2 Fixed Rate 1 Variable Rate 2 Original maturities of one year or less: Next 12 months $ — $ 1,300 $ 915 $ 3,549 $ 5,764 $ 3,691 Original maturities greater than one year: 2021 $ 24,241 2022 $ 6,665 $ 571 $ 963 $ 5,998 $ 14,197 22,209 2023 10,882 6,319 287 6,298 23,786 22,890 2024 16,455 4,051 587 8,073 29,166 21,727 2025 14,662 4,408 1,607 4,884 25,561 18,636 2026 17,679 417 612 5,318 24,026 22,042 Thereafter 81,134 5,506 8,576 15,411 110,627 81,643 Total $ 147,477 $ 21,272 $ 12,632 $ 45,982 $ 227,363 $ 213,388 Total borrowings $ 147,477 $ 22,572 $ 13,547 $ 49,531 $ 233,127 $ 217,079 Weighted average coupon at period end 3 2.9 % 0.9 % 4.0 % N/M 2.7 % 2.9 % 1. Fixed rate borrowings include instruments with step-up, step-down and zero coupon features. 2. Variable rate borrowings include those that bear interest based on a variety of indices, including LIBOR, federal funds rates and SOFR, in addition to certain notes carried at fair value with various payment provisions, including notes linked to the performance of a specific index, a basket of stocks, a specific equity security, a commodity, a credit exposure or basket of credit exposures. 3. Only includes borrowings with original maturities greater than one year. Weighted average coupon is calculated utilizing U.S. and non-U.S. dollar interest rates and excludes financial instruments for which the fair value option was elected. Virtually all of the variable rate notes issued by subsidiaries are carried at fair value so a weighted average coupon is not meaningful. |
Schedule of Borrowings with Original Maturities Greater than One Year | Borrowings with Original Maturities Greater than One Year $ in millions At December 31, 2021 At December 31, 2020 Senior $ 213,776 $ 202,305 Subordinated 13,587 11,083 Total $ 227,363 $ 213,388 Weighted average stated maturity, in years 7.7 7.3 Rates for Borrowings with Original Maturities Greater than One Year At December 31, 2021 2020 2019 Contractual weighted average coupon 1 2.7 % 2.9 % 3.4 % Effective weighted average coupon after swaps 1.6 % 1.7 % 2.9 % 1. Weighted average coupon was calculated utilizing U.S. and non-U.S. dollar interest rates and excludes financial instruments for which the fair value option was elected. |
Schedule of Senior Debt Subject to Put Options or Liquidity Obligations | Senior Debt Subject to Put Options or Liquidity Obligations $ in millions At December 31, 2021 At December 31, 2020 Put options embedded in debt agreements $ 174 $ 94 Liquidity obligations 1 $ 1,622 $ 1,483 1. Includes obligations to support secondary market trading. |
Schedule of Subordinated Debt | Subordinated Debt 2021 2020 Contractual weighted average coupon 4.0 % 4.5 % |
Schedule of Other Secured Financings | Other Secured Financings $ in millions At December 31, 2021 At December 31, 2020 Original maturities: One year or less $ 4,573 $ 10,453 Greater than one year 5,468 5,410 Total $ 10,041 $ 15,863 Transfers of assets accounted for as secured financings 1,556 1,529 Maturities and Terms of Other Secured Financings 1 At December 31, 2021 At $ in millions Fixed Variable Rate 2 Total Original maturities of one year or less: Next 12 months $ — $ 3,754 $ 3,754 $ 10,453 Original maturities greater than one year: 2021 $ 1,655 2022 $ 14 $ 2,272 $ 2,286 1,405 2023 181 1,623 1,804 279 2024 — 233 233 96 2025 39 — 39 38 2026 — — — — Thereafter 24 345 369 408 Total $ 258 $ 4,473 $ 4,731 $ 3,881 Weighted average coupon at period-end 3 N/M 0.7 % 0.7 % 0.6 % 1. Excludes transfers of assets accounted for as secured financings. See subsequent table. 2. Variable rate other secured financings bear interest based on a variety of indices, including LIBOR and federal funds rates. Amounts include notes carried at fair value with various payment provisions, including notes linked to equity, credit, commodity or other indices. 3. Includes only other secured financings with original maturities greater than one year. Weighted average coupon is calculated utilizing U.S. and non-U.S. dollar interest rates and excludes other secured financings that are linked to non-interest indices and for which the fair value option was elected. Maturities of Transfers of Assets Accounted for as Secured Financings 1 $ in millions At December 31, 2021 At December 31, 2020 2021 $ 303 2022 $ 846 159 2023 586 626 2024 — 14 2025 7 — 2026 34 69 Thereafter 83 358 Total $ 1,556 $ 1,529 1. Excludes Securities sold under agreements to repurchase and Securities loaned. |
Commitments, Guarantees and C_2
Commitments, Guarantees and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | Commitments Years to Maturity at December 31, 2021 $ in millions Less than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 12,649 $ 32,475 $ 48,232 $ 9,729 $ 103,085 Secured lending facilities 5,807 5,108 1,819 682 13,416 Commercial and Residential real estate 1,213 945 28 254 2,440 Securities-based lending and Other 11,989 2,970 530 504 15,993 Forward-starting secured financing receivables 45,969 — — — 45,969 Central counterparty 300 — — 11,870 12,170 Investment activities 1,195 184 50 372 1,801 Letters of credit and other financial guarantees 26 — — 3 29 Total $ 79,148 $ 41,682 $ 50,659 $ 23,414 $ 194,903 Lending commitments participated to third parties $ 7,753 Forward-starting secured financing receivables settled within three business days $ 32,847 |
Schedule of Obligations under Guarantee Arrangements | At December 31, 2021 Maximum Potential Payout/Notional of Obligations by Years to Maturity Carrying $ in millions Less than 1 1-3 3-5 Over 5 Non-credit derivatives 1 1,217,083 918,456 332,329 845,220 (48,231) Standby letters of credit and other financial guarantees issued 2 1,354 1,068 862 2,701 45 Market value guarantees 88 2 — — — Liquidity facilities 4,100 — — — 5 Whole loan sales guarantees — — 77 23,104 — Securitization representations and warranties 3 — — — 79,437 (42) General partner guarantees 341 11 32 152 (77) Client clearing guarantees 51 — — — — 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 derivative contracts, see Note 7. 2. These amounts include certain issued standby letters of credit participated to third parties, totaling $0.7 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements. As of December 31, 2021, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $84 million. 3. Related to commercial and residential mortgage securitizations. |
Schedule of Legal Expenses | $ in millions 2021 2020 2019 Legal expenses $ 157 $ 336 $ 221 |
Variable Interest Entities an_2
Variable Interest Entities and Securitization Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Variable Interest Entities and Securitization Activities [Abstract] | |
Schedule of Consolidated VIEs | Consolidated VIE Assets and Liabilities by Type of Activity 1 At December 31, 2021 At December 31, 2020 $ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities MABS 2 $ 1,177 $ 409 $ 590 $ 17 Investment vehicles 3 717 294 776 355 Operating entities 508 39 504 39 Other 510 286 248 3 Total $ 2,912 $ 1,028 $ 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. Amounts include investment funds and CLOs. Consolidated VIE Assets and Liabilities by Balance Sheet Caption $ in millions At December 31, 2021 At December 31, 2020 Assets Cash and cash equivalents $ 341 $ 269 Trading assets at fair value 1,965 1,445 Investment securities 37 — Securities purchased under agreements to resell 200 — Customer and other receivables 31 23 Intangible assets 85 98 Other assets 253 283 Total $ 2,912 $ 2,118 Liabilities Other secured financings $ 767 $ 366 Other liabilities and accrued expenses 261 48 Total $ 1,028 $ 414 Noncontrolling interests $ 115 $ 196 |
Schedule of Non-Consolidated VIEs | Non-consolidated VIEs At December 31, 2021 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 146,071 $ 667 $ 6,089 $ 2,086 $ 52,111 Maximum exposure to loss 3 Debt and equity interests $ 18,062 $ 129 $ — $ 1,459 $ 10,339 Derivative and other contracts — — 4,100 — 5,599 Commitments, guarantees and other 771 — — — 1,005 Total $ 18,833 $ 129 $ 4,100 $ 1,459 $ 16,943 Carrying value of variable interests—Assets Debt and equity interests $ 18,062 $ 129 $ — $ 1,459 $ 10,339 Derivative and other contracts — — 5 — 2,006 Total $ 18,062 $ 129 $ 5 $ 1,459 $ 12,345 Additional VIE assets owned 4 $ 15,392 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ — $ — $ 362 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. |
Schedule of Mortgage- and Asset-Backed Securitization Assets | Detail of Mortgage- and Asset-Backed Securitization Assets At December 31, 2021 At December 31, 2020 $ in millions UPB Debt and UPB Debt and Residential mortgages $ 15,216 $ 2,182 $ 17,775 $ 3,175 Commercial mortgages 68,503 4,092 62,093 4,131 U.S. agency collateralized 57,972 9,835 99,182 17,224 Other consumer or commercial loans 4,380 1,953 5,103 1,717 Total $ 146,071 $ 18,062 $ 184,153 $ 26,247 |
Schedule of Transfers of Assets with Continuing Involvement | Transferred Assets with Continuing Involvement At December 31, 2021 $ in millions RML CML U.S. Agency CLN and Other 1 SPE assets (UPB) 2 $ 6,802 $ 94,276 $ 28,697 $ 13,121 Retained interests Investment grade $ 72 $ 638 $ 465 $ — Non-investment grade 19 586 — 69 Total $ 91 $ 1,224 $ 465 $ 69 Interests purchased in the secondary market Investment grade $ 18 $ 118 $ 33 $ — Non-investment grade 38 53 — 4 Total $ 56 $ 171 $ 33 $ 4 Derivative assets $ — $ — $ — $ 891 Derivative liabilities — — — 284 At December 31, 2020 $ in millions RML CML U.S. Agency 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 December 31, 2021 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 536 $ 2 $ 538 Non-investment grade 40 40 80 Total $ 576 $ 42 $ 618 Interests purchased in the secondary market Investment grade $ 168 $ 1 $ 169 Non-investment grade 70 25 95 Total $ 238 $ 26 $ 264 Derivative assets $ 891 $ — $ 891 Derivative liabilities 194 90 284 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. |
Schedule of Proceeds from New Securitization Transactions and Sales of Loans | Proceeds from New Securitization Transactions and Sales of Loans $ in millions 2021 2020 2019 New transactions 1 $ 57,528 $ 51,814 $ 34,464 Retained interests 8,822 9,346 7,403 Sales of corporate loans to CLO SPEs 1, 2 169 763 2 1. Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented. 2. Sponsored by non-affiliates. |
Schedule of Assets Sold with Retained Exposure | Assets Sold with Retained Exposure $ in millions At At Gross cash proceeds from sale of assets 1 $ 67,930 $ 45,051 Fair value Assets sold $ 68,992 $ 46,609 Derivative assets recognized in the balance sheet 1,195 1,592 Derivative liabilities recognized in the balance sheet 132 64 1. The carrying value of assets derecognized at the time of sale approximates gross cash proceeds. |
Regulatory Requirements (Tables
Regulatory Requirements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Requirements | |
Schedule of Regulatory Capital and Capital Ratios | Capital Buffer Requirements At December 31, 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 8.7% 5.5% 1. The CCyB can be set up to 2.5% but is currently set by the Federal Reserve at zero. Risk-Based Regulatory Capital Ratio Requirements At December 31, 2021 and December 31, 2020 Regulatory Minimum Standardized Advanced Required ratios 1 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. Required ratios represent the regulatory minimum plus the capital buffer requirement. The Firm’s Regulatory Capital and Capital Ratios $ in millions Required 1 At December 31, 2021 At December 31, 2020 Risk-based capital Common Equity Tier 1 capital $ 75,742 $ 78,650 Tier 1 capital 83,348 88,079 Total capital 93,166 97,213 Total RWA 2 471,921 453,106 Common Equity Tier 1 capital ratio 13.2 % 16.0 % 17.4 % Tier 1 capital ratio 14.7 % 17.7 % 19.4 % Total capital ratio 16.7 % 19.7 % 21.5 % $ in millions Required Ratio 1 At December 31, 2021 At December 31, 2020 Leverage-based capital Adjusted average assets 3 $ 1,169,939 $ 1,053,510 Tier 1 leverage ratio 4.0 % 7.1 % 8.4 % Supplementary leverage exposure 4, 5 $ 1,476,962 $ 1,192,506 SLR 5 5.0 % 5.6 % 7.4 % 1. Required ratios are inclusive of any buffers applicable as of the date presented. 2. The Firm early adopted the Standardized Approach for Counterparty Credit Risk (“SA-CCR”) on December 1, 2021. SA-CCR replaced the current exposure method used to measure derivatives counterparty exposure within the Standardized Approach RWA and Supplementary Leverage Ratio exposure calculations. As a result of the adoption, as of December 31, 2021, the Firm's risk-weighted assets under the Standardized Approach increased by $25 billion, and the Firm's Standardized Common Equity Tier 1 capital ratio decreased by 90 basis points. 3. 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. 4. 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. 5. 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. |
Schedule of Restrictions on Payments | The following table represents net assets of consolidated subsidiaries that may be restricted as to the payment of cash dividends and advances to the Parent Company. $ in millions At At Restricted net assets $ 49,516 $ 40,502 |
MSBNA | |
Regulatory Requirements | |
Schedule of Regulatory Capital and Capital Ratios | MSBNA’s Regulatory Capital 1 Well-Capitalized Requirement Required Ratio 2 At December 31, 2021 At December 31, 2020 $ in millions Amount Ratio Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 18,960 20.5 % $ 17,238 18.7 % Tier 1 capital 8.0 % 8.5 % 18,960 20.5 % 17,238 18.7 % Total capital 10.0 % 10.5 % 19,544 21.1 % 17,882 19.4 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 185,120 10.2 % $ 17,238 10.1 % SLR 6.0 % 3.0 % 233,358 8.1 % 17,238 8.0 % |
MSPBNA | |
Regulatory Requirements | |
Schedule of Regulatory Capital and Capital Ratios | MSPBNA’s Regulatory Capital 1 Well-Capitalized Requirement Required Ratio 2 At December 31, 2021 At December 31, 2020 $ in millions Amount Ratio Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 10,293 24.3 % $ 8,213 21.3 % Tier 1 capital 8.0 % 8.5 % 10,293 24.3 % 8,213 21.3 % Total capital 10.0 % 10.5 % 10,368 24.5 % 8,287 21.5 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 149,375 6.9 % $ 8,213 7.2 % SLR 6.0 % 3.0 % 153,810 6.7 % 8,213 6.9 % 1. MSBNA and MSPBNA early adopted SA-CCR on December 1, 2021. The adoption did not have a material impact on either of the bank's capital ratios or SLR. 2. 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 | Other Regulatory Capital Requirements MS&Co. Regulatory Capital $ in millions At December 31, 2021 At December 31, 2020 Net capital $ 18,383 $ 12,869 Excess net capital 14,208 9,034 |
Total Equity (Tables)
Total Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Preferred Stock, Issuance Description and Dividends | Preferred Stock Shares Carrying Value $ in millions, except per share data At Liquidation 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 2 — — — 1,300 I 40,000 25,000 1,000 1,000 J 3 — — — 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 O 4 52,000 25,000 1,300 — Total $ 7,750 $ 9,250 Shares authorized 30,000,000 1. Series C preferred stock is held by MUFG. 2. On November 19, 2021, the Firm announced the redemption in whole of its outstanding Series H preferred stock. On notice of redemption, the amount due to holders of Series H Preferred Stock was reclassified to Borrowings, and on January 18, 2022, the redemption settled at the carrying value of $1.3 billion. 3. 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. 4. The Firm issued Series O Preferred Stock on October 25, 2021. Depositary Redemption Series 1, 2 Shares Price per Share 3 Date 4 A 44,000 1,000 $ 25,000 Currently redeemable C 5 1,160,791 N/A 1,100 Currently redeemable E 34,500 1,000 25,000 October 15, 2023 F 34,000 1,000 25,000 January 15, 2024 I 40,000 1,000 25,000 October 15, 2024 K 40,000 1,000 25,000 April 15, 2027 L 6 20,000 1,000 25,000 January 15, 2025 M 7 400,000 N/A 1,000 September 15, 2026 N 7 3,000 100 100,000 October 2, 2025 O 52,000 1,000 25,000 January 15, 2027 1. All shares issued are non-cumulative. Each share has a par value of $0.01, except Series C. 2. Dividends on Series A are based on a floating rate, and dividends on Series C, L and O are based on a fixed rate. Dividends on all other Series are based on a fixed-to-floating rate. 3. Series A and C are redeemable at the redemption price plus accrued and unpaid dividends, regardless of whether dividends are actually declared, up to but excluding the date of redemption. All other Series are redeemable at the redemption price plus any declared and unpaid dividends, up to but excluding the date fixed for redemption. 4. Series A and C are currently redeemable at the Firm’s option, in whole or in part, from time to time. All other Series are redeemable, at the Firm’s option (i) in whole or in part, from time to time, on any dividend payment date on or after the redemption date or (ii) in whole but not in part at any time within 90 days following a regulatory capital treatment event (as described in the terms of that series). 5. Series C is non-voting perpetual preferred stock. Dividends on the Series C preferred stock are payable, on a non-cumulative basis, as and if declared by the Board of Directors, in cash, at the rate of 10% per annum of the liquidation preference of $1,000 per share. 6. Series L Preferred Stock was issued on November 25, 2019. 7. Series M and N Preferred Stock were issued on October 2, 2020 as part of the acquisition of E*TRADE. Dividends $ in millions, except per share data 2021 2020 2019 Per Share 1 Total Per Share 1 Total Per Share 1 Total Preferred Stock Series A $ 1,022 $ 44 $ 1,017 $ 44 $ 1,014 $ 44 C 100 52 100 52 100 52 E 1,781 60 1,781 60 1,781 60 F 1,719 60 1,719 60 1,719 60 G 2 — — — — 1,242 24 H 3 719 38 1,143 60 1,418 74 I 1,594 64 1,594 64 1,594 64 J 4 253 15 1,213 74 1,388 84 K 1,463 59 1,463 59 1,463 59 L 1,219 24 1,219 23 169 3 M 5 59 24 — — — — N 6 5,300 16 — — — — O 7 236 12 — — — — Total Preferred stock $ 468 $ 496 $ 524 Common stock $ 2.10 $ 3,818 $ 1.40 $ 2,295 $ 1.30 $ 2,161 1. Common and Preferred Stock dividends are payable quarterly unless otherwise noted. 2. Series G preferred stock was redeemed during the first quarter of 2020. Dividends declared on Series G following the issuance of the notice of redemption were recognized as Interest expense and are excluded from the 2019 amounts. 3. A notice of redemption was issued for Series H preferred stock on November 19, 2021. Dividends declared on Series H following the issuance of the notice of redemption were recognized as Interest expense and are excluded from the 2021 amounts. 4. Series J was payable semiannually until July 15, 2020, after which it was payable quarterly until its redemption. 5. Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly. 6. Series N is payable semiannually until March 15, 2023 and thereafter will be payable quarterly. |
Schedule of Rollforward of Common Stock Outstanding | Rollforward of Common Stock Outstanding in millions 2021 2020 Shares outstanding at beginning of period 1,810 1,594 Treasury stock purchases 1 (134) (39) Issuance for the acquisition of Eaton Vance 69 — Issuance for the acquisition of E*TRADE — 233 Other 2 27 22 Shares outstanding at end of period 1,772 1,810 1. The Firm’s Board of Directors has authorized the repurchase of the Firm’s outstanding stock under a share repurchase program (“Share Repurchase Program”). In addition to the Firm’s Share Repurchase Program, Treasury stock purchases include repurchases of common stock for employee tax withholding. 2. Other includes net shares issued to and forfeited from employee stock trusts and issued for RSU conversions. |
Schedule of Share Repurchases | Share Repurchases $ in millions 2021 2020 Repurchases of common stock under the Firm’s Share Repurchase Program $ 11,464 $ 1,347 |
Schedule of Reconciliation of Common Shares Outstanding for Basic and Diluted EPS | Common Shares Outstanding for Basic and Diluted EPS in millions 2021 2020 2019 Weighted average common shares outstanding, basic 1,785 1,603 1,617 Effective of dilutive RSUs and PSUs 29 21 23 Weighted average common shares outstanding and common stock equivalents, diluted 1,814 1,624 1,640 Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) — 5 2 |
Schedule of Common Stock Dividends Per Share | Dividends $ in millions, except per share data 2021 2020 2019 Per Share 1 Total Per Share 1 Total Per Share 1 Total Preferred Stock Series A $ 1,022 $ 44 $ 1,017 $ 44 $ 1,014 $ 44 C 100 52 100 52 100 52 E 1,781 60 1,781 60 1,781 60 F 1,719 60 1,719 60 1,719 60 G 2 — — — — 1,242 24 H 3 719 38 1,143 60 1,418 74 I 1,594 64 1,594 64 1,594 64 J 4 253 15 1,213 74 1,388 84 K 1,463 59 1,463 59 1,463 59 L 1,219 24 1,219 23 169 3 M 5 59 24 — — — — N 6 5,300 16 — — — — O 7 236 12 — — — — Total Preferred stock $ 468 $ 496 $ 524 Common stock $ 2.10 $ 3,818 $ 1.40 $ 2,295 $ 1.30 $ 2,161 1. Common and Preferred Stock dividends are payable quarterly unless otherwise noted. 2. Series G preferred stock was redeemed during the first quarter of 2020. Dividends declared on Series G following the issuance of the notice of redemption were recognized as Interest expense and are excluded from the 2019 amounts. 3. A notice of redemption was issued for Series H preferred stock on November 19, 2021. Dividends declared on Series H following the issuance of the notice of redemption were recognized as Interest expense and are excluded from the 2021 amounts. 4. Series J was payable semiannually until July 15, 2020, after which it was payable quarterly until its redemption. 5. Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly. 6. 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 Pensions DVA Total December 31, 2018 $ (889) $ (930) $ (578) $ 105 $ (2,292) OCI during the period (8) 1,137 (66) (1,559) (496) December 31, 2019 (897) 207 (644) (1,454) (2,788) OCI during the period 102 1,580 146 (1,002) 826 December 31, 2020 (795) 1,787 (498) (2,456) (1,962) OCI during the period (207) (1,542) (53) 662 (1,140) December 31, 2021 $ (1,002) $ 245 $ (551) $ (1,794) $ (3,102) 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 2021 $ in millions Pre-tax Income Tax Benefit (Provision) After-tax Non- Net CTA OCI activity $ (140) $ (191) $ (331) $ (124) $ (207) Reclassified to earnings — — — — — Net OCI $ (140) $ (191) $ (331) $ (124) $ (207) Change in net unrealized gains (losses) on AFS securities OCI activity $ (1,803) $ 422 $ (1,381) $ — $ (1,381) Reclassified to earnings (210) 49 (161) — (161) Net OCI $ (2,013) $ 471 $ (1,542) $ — $ (1,542) Pension and other OCI activity $ (101) $ 26 $ (75) $ — $ (75) Reclassified to earnings 31 (9) 22 — 22 Net OCI $ (70) $ 17 $ (53) $ — $ (53) Change in net DVA OCI activity $ 882 $ (213) $ 669 $ 34 $ 635 Reclassified to earnings 36 (9) 27 — 27 Net OCI $ 918 $ (222) $ 696 $ 34 $ 662 2020 $ in millions Pre-tax Income Tax Benefit (Provision) After-tax Non- Net CTA OCI activity $ 74 $ 99 $ 173 $ 68 $ 105 Reclassified to earnings (3) — (3) — (3) Net OCI $ 71 $ 99 $ 170 $ 68 $ 102 Change in net unrealized gains (losses) on AFS securities OCI activity $ 2,194 $ (508) $ 1,686 $ — $ 1,686 Reclassified to earnings (137) 31 (106) — (106) Net OCI $ 2,057 $ (477) $ 1,580 $ — $ 1,580 Pension and other OCI activity $ 162 $ (34) $ 128 $ — $ 128 Reclassified to earnings 23 (5) 18 — 18 Net OCI $ 185 $ (39) $ 146 $ — $ 146 Change in net DVA OCI activity $ (1,385) $ 337 $ (1,048) $ (26) $ (1,022) Reclassified to earnings 26 (6) 20 — 20 Net OCI $ (1,359) $ 331 $ (1,028) $ (26) $ (1,002) 2019 $ in millions Pre-tax Income Tax Benefit (Provision) After-tax Non- Net CTA OCI activity $ 6 $ (3) $ 3 $ 11 $ (8) Reclassified to earnings — — — — — Net OCI $ 6 $ (3) $ 3 $ 11 $ (8) Change in net unrealized gains (losses) on AFS securities OCI activity $ 1,588 $ (373) $ 1,215 $ — $ 1,215 Reclassified to earnings (103) 25 (78) — (78) Net OCI $ 1,485 $ (348) $ 1,137 $ — $ 1,137 Pension and other OCI activity $ (98) $ 25 $ (73) $ — $ (73) Reclassified to earnings 12 (5) 7 — 7 Net OCI $ (86) $ 20 $ (66) $ — $ (66) Change in net DVA OCI activity $ (2,181) $ 533 $ (1,648) $ (80) $ (1,568) Reclassified to earnings 11 (2) 9 — 9 Net OCI $ (2,170) $ 531 $ (1,639) $ (80) $ (1,559) |
Schedule of Cumulative Foreign Currency Translation Adjustments | Cumulative Foreign Currency Translation Adjustments $ in millions At At Associated with net investments in subsidiaries with a non-U.S. dollar functional currency $ (2,277) $ (1,406) Hedges, net of tax 1,275 611 Total $ (1,002) $ (795) Carrying value of net investments in non-U.S. dollar functional currency subsidiaries subject to hedges $ 15,605 $ 15,746 |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interest Income (Expense), Net [Abstract] | |
Schedule of Details of Interest Income and Interest Expense | $ in millions 2021 2020 2019 Interest income Investment securities $ 2,759 $ 2,282 $ 2,175 Loans 4,209 4,142 4,783 Securities purchased under agreements to resell 1,2 (181) 458 2,281 Securities borrowed 1,3 (1,017) (652) 1,204 Trading assets, net of Trading liabilities 2,038 2,417 2,899 Customer receivables and Other 4 1,603 1,515 3,756 Total interest income $ 9,411 $ 10,162 $ 17,098 Interest expense Deposits $ 409 $ 953 $ 1,885 Borrowings 2,725 3,250 5,052 Securities sold under agreements to repurchase 1,5 93 564 1,967 Securities loaned 1,6 401 419 642 Customer payables and Other 7 (2,262) (1,337) 2,858 Total interest expense $ 1,366 $ 3,849 $ 12,404 Net interest $ 8,045 $ 6,313 $ 4,694 1. Certain prior period amounts have been reclassified to conform to the current presentation. 2. Includes interest paid on Securities purchased under agreements to resell. 3. Includes fees paid on Securities borrowed. 4. Includes interest from Cash and cash equivalents. 5. Includes interest received on Securities sold under agreements to repurchase. 6. Includes fees received on Securities loaned. 7. Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements. |
Schedule of Accrued Interest | Accrued Interest $ in millions At At Customer and other receivables $ 1,800 $ 1,652 Customer and other payables 2,164 2,119 |
Deferred Compensation Plans a_2
Deferred Compensation Plans and Carried Interest Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Compensation Related Costs [Abstract] | |
Schedule of Stock-Based Compensation Expense | These plans include RSUs and PSUs, the details of which are further outlined below. Stock-Based Compensation Expense $ in millions 2021 2020 2019 RSUs $ 1,834 $ 1,170 $ 1,064 PSUs 251 142 89 Total $ 2,085 $ 1,312 $ 1,153 Retirement-eligible awards 1 $ 192 $ 157 $ 111 1. Total expense includes stock-based compensation anticipated to be awarded in January of the following year that does not contain a future service requirement. |
Schedule of Tax Benefit Related to Stock-Based Compensation Expense | Tax Benefit Related to Stock-Based Compensation Expense $ in millions 2021 2020 2019 Tax benefit 1 $ 432 $ 270 $ 243 1. Excludes income tax consequences related to employee share-based award conversions. |
Schedule of Unrecognized Compensation Cost Related to Stock-Based Awards Granted | Unrecognized Compensation Cost Related to Stock-Based Awards Granted $ in millions At December 31, 2021 1 To be recognized in: 2022 $ 653 2023 287 Thereafter 60 Total $ 1,000 1. Amounts do not include forfeitures, future adjustments to fair value for certain awards or 2021 performance year compensation awarded in January 2022, which will begin to be amortized in 2022. |
Schedule of Common Shares Available for Future Awards under Stock-Based Compensation Plans | Common Shares Available for Future Awards under Stock-Based Compensation Plans in millions At Shares 149 |
Schedule of Vested and Unvested RSU Activity | Vested and Unvested RSU Activity 2021 shares in millions Number of Weighted RSUs at beginning of period 60 $ 49.82 Awarded 29 77.28 Conversions to common stock (20) 53.32 Forfeited (2) 60.14 RSUs at end of period 1 67 $ 60.27 Aggregate intrinsic value of RSUs at end of period (dollars in millions) $ 6,547 Weighted average award date fair value RSUs awarded in 2020 55.01 RSUs awarded in 2019 43.05 1. At December 31, 2021, the weighted average remaining term until delivery for the outstanding RSUs was approximately 1.2 years. |
Schedule of Unvested RSU Activity | Unvested RSU Activity 2021 shares in millions Number of Weighted Unvested RSUs at beginning of period 33 $ 51.27 Awarded 29 77.28 Vested (21) 59.33 Forfeited (2) 60.14 Unvested RSUs at end of period 1 39 $ 65.58 1. Unvested RSUs represent awards where recipients have yet to satisfy either the explicit vesting terms or retirement-eligible requirements. |
Schedule of Fair Value of RSU Activity | Fair Value of RSU Activity 1 $ in millions 2021 2020 2019 Conversions to common stock $ 1,539 $ 1,295 $ 1,497 Vested 1,647 1,289 1,292 |
Schedule of PSU Fair Value on Award Date | PSU Fair Value on Award Date 2021 2020 2019 MS Adjusted ROTCE/ROE $ 74.87 $ 57.05 $ 43.29 Relative MS TSR 83.70 65.31 48.28 |
Schedule of Monte Carlo Simulation Assumptions | Monte Carlo Simulation Assumptions Risk-Free Expected Correlation Award year 2021 0.2 % 39.0 % 0.92 2020 1.6 % 24.0 % 0.88 2019 2.6 % 26.5 % 0.89 |
Schedule of Deferred Cash-Based Compensation Plans | Deferred Cash-Based Compensation Expense $ in millions 2021 2020 2019 Deferred cash-based awards $ 810 $ 1,263 $ 1,233 Return on referenced investments 526 856 645 Total $ 1,336 $ 2,119 $ 1,878 Retirement-eligible awards 1 $ 253 $ 194 $ 195 1. Total expense includes deferred cash-based compensation anticipated to be awarded in January of the following year that does not contain a future service requirement. |
Schedule of Carried Interest Compensation Expense | Carried Interest Compensation Expense $ in millions 2021 2020 2019 Expense $ 346 $ 215 $ 534 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit Expense (Income) | Components of Net Periodic Benefit Expense (Income) Pension Plans $ in millions 2021 2020 2019 Service cost, benefits earned during the period $ 19 $ 17 $ 16 Interest cost on projected benefit obligation 104 121 139 Expected return on plan assets (48) (77) (114) Net amortization of prior service cost 1 1 1 Net amortization of actuarial loss 34 26 13 Net periodic benefit expense $ 110 $ 88 $ 55 |
Schedule of Rollforward of Pre-tax AOCI | Rollforward of Pre-tax AOCI Pension Plans $ in millions 2021 2020 2019 Beginning balance $ (691) $ (877) $ (779) Net gain (loss) (112) 161 (112) Prior service cost — (2) — Amortization of prior service cost 1 1 1 Amortization of net loss 34 26 13 Changes recognized in OCI (77) 186 (98) Ending balance $ (768) $ (691) $ (877) |
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income) | Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income) Pension Plans 2021 2020 2019 Discount rate 2.43 % 3.08 % 4.01 % Expected long-term rate of return on plan assets 1.42 % 2.35 % 3.52 % Rate of future compensation increases 3.25 % 3.28 % 3.34 % |
Schedule of Rollforward of the Benefit Obligation and Fair Value of Plan Assets | Rollforward of the Benefit Obligation and Fair Value of Plan Assets Pension Plans $ in millions 2021 2020 Rollforward of projected benefit obligation Benefit obligation at beginning of year $ 4,334 $ 4,026 Service cost 19 17 Interest cost 104 121 Actuarial (gain) loss 1 (122) 362 Plan amendments (1) 2 Plan settlements (16) (2) Benefits paid (217) (222) Other 2 (20) 30 Benefit obligation at end of year $ 4,081 $ 4,334 Rollforward of fair value of plan assets Fair value of plan assets at beginning of year $ 3,985 $ 3,553 Actual return on plan assets (186) 600 Employer contributions 38 35 Benefits paid (217) (222) Plan settlements (15) (2) Other 2 — 21 Fair value of plan assets at end of year $ 3,605 $ 3,985 Funded (unfunded) status $ (476) $ (349) Amounts recognized in the balance sheet Assets $ 117 $ 283 Liabilities (593) (632) Net amount recognized $ (476) $ (349) 1. Primarily reflects the impact of year-over-year discount rate fluctuations and changes in mortality assumptions. |
Schedule of Accumulated Benefit Obligation | Accumulated Benefit Obligation $ in millions At At Pension plans $ 4,065 $ 4,318 |
Schedule of Pension Plans with Benefit Obligations in Excess of the Fair Value of Plan Assets | Pension Plans with Projected Benefit Obligations in Excess of the Fair Value of Plan Assets $ in millions At At Projected benefit obligation $ 3,768 $ 708 Accumulated benefit obligation 3,753 692 Fair value of plan assets 3,175 76 |
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligation | Weighted Average Assumptions Used to Determine Projected Benefit Obligation Pension Plans At At Discount rate 2.80 % 2.43 % Rate of future compensation increase 3.36 % 3.25 % |
Schedule of Fair Value of Plan Assets | Fair Value of Plan Assets At December 31, 2021 $ in millions Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents 1 $ 9 $ — $ — $ 9 U.S. government and agency securities 2,759 314 — 3,073 Corporate and other debt—CDO — 1 — 1 Derivative contracts — 3 — 3 Other investments — — 65 65 Other receivables 1 — 2 — 2 Total $ 2,768 $ 320 $ 65 $ 3,153 Assets Measured at NAV Commingled trust funds: Money market 33 Foreign funds: Fixed income 162 Liquidity 39 Targeted cash flow 235 Total $ 469 Liabilities Other payables 1 — (17) — (17) Total liabilities $ — $ (17) $ — $ (17) Fair value of plan assets $ 3,605 At December 31, 2020 $ in millions Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents 1 $ 4 $ — $ — $ 4 U.S. government and agency securities 3,038 321 — 3,359 Corporate and other debt—CDO — 4 — 4 Derivative contracts — 2 — 2 Other investments — — 61 61 Other receivables 1 — 53 — 53 Total $ 3,042 $ 380 $ 61 $ 3,483 Assets Measured at NAV Commingled trust funds: Money market 48 Foreign funds: Fixed income 169 Liquidity 54 Targeted cash flow 250 Total $ 521 Liabilities Other payables 1 — (19) — (19) Total liabilities $ — $ (19) $ — $ (19) Fair value of plan assets $ 3,985 1. Cash and cash equivalents, other receivables and other payables are valued at their carrying value, which approximates fair value. |
Schedule of Rollforward of Level 3 Plan Assets | Rollforward of Level 3 Plan Assets $ in millions 2021 2020 Balance at beginning of period $ 61 $ 53 Realized and unrealized gains 1 5 Purchases, sales and settlements, net 3 3 Balance at end of period $ 65 $ 61 |
Schedule of Expected Future Benefit Payments | Expected Future Benefit Payments At December 31, 2021 $ in millions Pension Plans 2022 $ 148 2023 153 2024 156 2025 163 2026 170 2027-2031 938 |
Schedule of Morgan Stanley 401(k) Plan and Non-U.S. Defined Contribution Pension Plans | 401(k) Plans $ in millions 2021 2020 2019 Expense $ 357 $ 293 $ 280 Non-U.S. Defined Contribution Pension Plans $ in millions 2021 2020 2019 Expense $ 149 $ 130 $ 121 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Provision for (Benefit from) Income Taxes | Components of Provision for Income Taxes $ in millions 2021 2020 2019 Current U.S.: Federal $ 2,554 $ 1,641 $ 873 State and local 475 399 260 Non-U.S.: U.K. 551 395 166 Japan 105 185 177 Hong Kong 192 185 82 Other 1 667 684 341 Total $ 4,544 $ 3,489 $ 1,899 Deferred U.S.: Federal $ (11) $ (249) $ 185 State and local 33 (38) 46 Non-U.S.: U.K. (37) (2) 5 Japan 4 12 11 Hong Kong (9) (3) — Other 1 24 30 (82) Total $ 4 $ (250) $ 165 Provision for income taxes $ 4,548 $ 3,239 $ 2,064 1. Other Non-U.S. tax provisions for 2021, 2020 and 2019 primarily include Brazil, Singapore and the Netherlands. |
Schedule of Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Effective Income Tax Rate | Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Effective Income Tax Rate 2021 2020 2019 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % U.S. state and local income taxes, net of U.S. federal income tax benefits 2.1 2.0 2.2 Domestic tax credits and tax exempt income (0.6) (0.8) (1.6) Non-U.S. earnings 1.4 1.7 (0.8) Employee share-based awards (0.6) (0.7) (1.1) Other (0.2) (0.7) (1.4) Effective income tax rate 23.1 % 22.5 % 18.3 % |
Schedule of Deferred Tax Assets and Liabilities | Deferred Tax Assets and Liabilities $ in millions At At Gross deferred tax assets Net operating loss and tax credit carryforwards $ 276 $ 330 Employee compensation and benefit plans 2,430 2,248 Allowance for credit losses and other reserves 599 669 Valuation of inventory, investments and receivables 474 19 Other 15 43 Total deferred tax assets 3,794 3,309 Deferred tax assets valuation allowance 208 236 Deferred tax assets after valuation allowance $ 3,586 $ 3,073 Gross deferred tax liabilities Fixed assets 1,287 1,130 Intangibles and goodwill 2,046 1,156 Total deferred tax liabilities $ 3,333 $ 2,286 Net deferred tax assets $ 253 $ 787 |
Schedule of Rollforward of Unrecognized Tax Benefits | Rollforward of Unrecognized Tax Benefits $ in millions 2021 2020 2019 Balance at beginning of period $ 755 $ 755 $ 1,080 Increase based on tax positions related to the current period 201 139 57 Increase based on tax positions related to prior periods 74 178 61 Increase based on the acquisition of E*TRADE — 26 — Decrease based on tax positions related to prior periods (37) (297) (419) Decreases related to settlements with taxing authorities (10) (36) (17) Decreases related to lapse of statute of limitations (12) (10) (7) Balance at end of period $ 971 $ 755 $ 755 Net unrecognized tax benefits 1 $ 860 $ 665 $ 549 1. Represent ending unrecognized tax benefits adjusted for the impact of the federal benefit of state issues, competent authority arrangements and foreign tax credit offsets. If recognized, these net benefits would favorably impact the effective tax rate in future periods. |
Schedule of Interest Expense (Benefit) Associated with Unrecognized Tax Benefits, Net of Federal and State Income Tax Benefits | Interest Expense (Benefit) Associated with Unrecognized Tax Benefits, Net of Federal and State Income Tax Benefits $ in millions 2021 2020 2019 Recognized in income statement $ 14 $ 56 $ 8 Accrued at end of period 142 134 92 |
Schedule of Earliest Tax Year Subject to Examination in Major Tax Jurisdictions | Earliest Tax Year Subject to Examination in Major Tax Jurisdictions Jurisdiction Tax Year U.S. 2017 New York State and New York City 2010 U.K. 2011 Japan 2015 Hong Kong 2015 |
Segment, Geographic and Reven_2
Segment, Geographic and Revenue Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Selected Financial Information by Business Segment | Selected Financial Information by Business Segment 2021 $ in millions IS WM IM I/E Total Investment banking $ 10,272 $ 822 $ — $ (100) $ 10,994 Trading 12,353 418 (53) 92 12,810 Investments 607 48 721 — 1,376 Commissions and fees 1 2,878 3,019 1 (377) 5,521 Asset management 1, 2 583 13,966 5,576 (158) 19,967 Other 495 577 (20) (10) 1,042 Total non-interest revenues 27,188 18,850 6,225 (553) 51,710 Interest income 3,752 5,821 31 (193) 9,411 Interest expense 1,107 428 36 (205) 1,366 Net interest 2,645 5,393 (5) 12 8,045 Net revenues $ 29,833 $ 24,243 $ 6,220 $ (541) $ 59,755 Provision for credit losses $ (7) $ 11 $ — $ — $ 4 Compensation and benefits 9,165 13,090 2,373 — 24,628 Non-compensation expenses 8,861 4,961 2,169 (536) 15,455 Total non-interest expenses $ 18,026 $ 18,051 $ 4,542 $ (536) $ 40,083 Income before provision for income taxes $ 11,814 $ 6,181 $ 1,678 $ (5) $ 19,668 Provision for income taxes 2,746 1,447 356 (1) 4,548 Net income 9,068 4,734 1,322 (4) 15,120 Net income applicable to noncontrolling interests 111 — (25) — 86 Net income applicable to Morgan Stanley $ 8,957 $ 4,734 $ 1,347 $ (4) $ 15,034 2020 $ in millions IS WM IM I/E Total Investment banking $ 7,204 $ 559 $ — $ (89) $ 7,674 Trading 3 13,097 844 (34) 76 13,983 Investments 166 12 808 — 986 Commissions and fees 1 2,935 2,291 1 (376) 4,851 Asset management 1, 2 461 10,955 3,013 (157) 14,272 Other 3 323 403 (39) (9) 678 Total non-interest revenues 24,186 15,064 3,749 (555) 42,444 Interest income 5,809 4,771 14 (432) 10,162 Interest expense 3,519 749 29 (448) 3,849 Net interest 2,290 4,022 (15) 16 6,313 Net revenues 3 $ 26,476 $ 19,086 $ 3,734 $ (539) $ 48,757 Provision for credit losses 3 $ 731 $ 30 $ — $ — $ 761 Compensation and benefits 8,342 10,970 1,542 — 20,854 Non-compensation expenses 3 8,252 3,699 1,322 (549) 12,724 Total non-interest expenses 3 $ 16,594 $ 14,669 $ 2,864 $ (549) $ 33,578 Income before provision for income taxes $ 9,151 $ 4,387 $ 870 $ 10 $ 14,418 Provision for income taxes 2,040 1,026 171 2 3,239 Net income 7,111 3,361 699 8 11,179 Net income applicable to noncontrolling interests 99 — 84 — 183 Net income applicable to Morgan Stanley $ 7,012 $ 3,361 $ 615 $ 8 $ 10,996 2019 $ in millions IS WM IM I/E Total Investment banking $ 5,734 $ 509 $ — $ (80) $ 6,163 Trading 3 10,497 734 (8) 51 11,274 Investments 325 2 1,213 — 1,540 Commissions and fees 1 2,484 1,726 1 (292) 3,919 Asset management 1,2 413 10,199 2,629 (158) 13,083 Other 3 563 354 (46) (6) 865 Total non-interest revenues 20,016 13,524 3,789 (485) 36,844 Interest income 12,193 5,467 20 (582) 17,098 Interest expense 11,713 1,245 46 (600) 12,404 Net interest 480 4,222 (26) 18 4,694 Net revenues 3 $ 20,496 $ 17,746 $ 3,763 $ (467) $ 41,538 Provision for credit losses 3 $ 151 $ 10 $ — $ — $ 161 Compensation and benefits 7,433 9,774 1,630 — 18,837 Non-compensation expenses 3 7,422 3,130 1,148 (461) 11,239 Total non-interest expenses 3 $ 14,855 $ 12,904 $ 2,778 $ (461) $ 30,076 Income before provision for income taxes 4 $ 5,490 $ 4,832 $ 985 $ (6) $ 11,301 Provision for income taxes 769 1,104 193 (2) 2,064 Net income 4,721 3,728 792 (4) 9,237 Net income applicable to noncontrolling interests 122 — 73 — 195 Net income applicable to Morgan Stanley $ 4,599 $ 3,728 $ 719 $ (4) $ 9,042 I/E–Intersegment Eliminations 1. Substantially all revenues are from contracts with customers. 2. Includes certain fees that 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. 4. The fourth quarter of 2019 included specific severance-related costs of approximately $172 million, which are included in Compensation and benefits expenses in the Income statement. These costs were recorded in the business segments approximately as follows: Institutional Securities $124 million, Wealth Management $37 million and Investment Management $11 million. |
Schedule of Detail of Investment Banking Revenues | Detail of Investment Banking Revenues $ in millions 2021 2020 2019 Institutional Securities—Advisory $ 3,487 $ 2,008 $ 2,116 Institutional Securities—Underwriting 6,785 5,196 3,618 Firm Investment banking revenues from contracts with customers 91 % 92 % 90 % |
Schedule of Trading Revenues by Product Type | Trading Revenues by Product Type 1 $ in millions 2021 2020 2019 Interest rate $ 740 $ 2,978 $ 2,773 Foreign exchange 1,008 902 395 Equity 2 7,331 6,200 5,246 Commodity and other 2,599 1,762 1,617 Credit 1,132 2,141 1,243 Total $ 12,810 $ 13,983 $ 11,274 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 contracts. |
Schedule of Net Cumulative Unrealized Carried Interest and Reduction of Fees due to Fee Waivers | Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest $ in millions At At Net cumulative unrealized performance-based fees at risk of reversing $ 802 $ 735 Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers $ in millions 2021 2020 2019 Fee waivers $ 516 $ 135 $ 43 |
Schedule of Other Expenses - Transaction Taxes | Other Expenses — Transaction Taxes $ in millions 2021 2020 2019 Transaction taxes $ 969 $ 699 $ 489 |
Schedule of Net Revenues by Region | Net Revenues by Region 1 $ in millions 2021 2020 2019 Americas $ 44,605 $ 35,459 $ 30,324 EMEA 7,699 6,549 6,078 Asia 7,451 6,749 5,136 Total $ 59,755 $ 48,757 $ 41,538 1. Certain prior period amounts have been reclassified to conform to the current presentation. See Note 1 for additional information. |
Schedule of Income from Continuing Operations before Income Tax Expense (Benefit) | Income before Provision for Income Taxes $ in millions 2021 2020 2019 U.S. $ 14,082 $ 10,027 $ 9,464 Non-U.S. 1 5,586 4,391 1,837 Total $ 19,668 $ 14,418 $ 11,301 1. Non-U.S. income is defined as income generated from operations located outside the U.S. |
Schedule of Revenue Recognized from Prior Services | Revenues Recognized from Prior Services $ in millions 2021 2020 2019 Non-interest revenues $ 2,391 $ 2,298 $ 2,705 |
Schedule of Receivables from Contracts with Customers | Receivables from Contracts with Customers $ in millions At At Customer and other receivables $ 3,591 $ 3,200 |
Schedule of Assets by Business Segment | Assets by Business Segment $ in millions At At Institutional Securities $ 792,135 $ 753,322 Wealth Management 378,438 355,595 Investment Management 17,567 6,945 Total 1 $ 1,188,140 $ 1,115,862 1. Parent assets have been fully allocated to the business segments. |
Schedule of Total Assets by Region | Total Assets by Region $ in millions At At Americas $ 848,001 $ 815,048 EMEA 204,083 194,598 Asia 136,056 106,216 Total $ 1,188,140 $ 1,115,862 |
Parent Company (Tables)
Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Income Statements and Comprehensive Income Statements | Parent Company Only—Condensed Income Statement and Comprehensive Income Statement $ in millions 2021 2020 2019 Revenues Dividends from bank subsidiaries $ — $ 2,811 $ 3,531 Dividends from BHC and non-bank subsidiaries 8,898 1,170 1,998 Total dividends from subsidiaries 8,898 3,981 5,529 Trading 229 (244) (54) Other 4 51 80 Total non-interest revenues 9,131 3,788 5,555 Interest income 2,648 3,666 5,121 Interest expense 2,822 3,087 4,661 Net interest (174) 579 460 Net revenues 8,957 4,367 6,015 Non-interest expenses 443 387 300 Income before income taxes 8,514 3,980 5,715 Provision for (benefit from) income taxes (203) (109) (73) Net income before undistributed gain of subsidiaries 8,717 4,089 5,788 Undistributed gain of subsidiaries 6,317 6,907 3,254 Net income 15,034 10,996 9,042 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (207) 102 (8) Change in net unrealized gains (losses) on available-for-sale securities (1,542) 1,580 1,137 Pensions and other (53) 146 (66) Change in net debt valuation adjustment 662 (1,002) (1,559) Comprehensive income $ 13,894 $ 11,822 $ 8,546 Net income $ 15,034 $ 10,996 $ 9,042 Preferred stock dividends and other 468 496 530 Earnings applicable to Morgan Stanley common shareholders $ 14,566 $ 10,500 $ 8,512 |
Schedule of Condensed Balance Sheets | Parent Company Only—Condensed Balance Sheet $ in millions, except share data At At Assets Cash and cash equivalents $ 15,342 $ 7,102 Trading assets at fair value 5,298 6,862 Investment securities (includes $21,246 and $20,037 at fair value; $16,573 and $24,248 were pledged to various parties) 39,707 39,225 Securities purchased under agreement to resell to affiliates 21,116 34,698 Advances to subsidiaries: Bank and BHC 59,757 22,692 Non-bank 96,202 121,731 Equity investments in subsidiaries: Bank and BHC 69,059 52,951 Non-bank 48,481 47,450 Other assets 1,109 454 Total assets $ 356,071 $ 333,165 Liabilities Trading liabilities at fair value $ 1,688 $ 1,623 Securities sold under agreements to repurchase from affiliates 16,928 24,349 Payables to and advances from subsidiaries 59,960 43,252 Other liabilities and accrued expenses 1,859 2,181 Borrowings (includes $15,894 and $18,804 at fair value) 170,195 159,979 Total liabilities 250,630 231,384 Commitments and contingent liabilities (see Note 15) Equity Preferred stock 7,750 9,250 Common stock, $0.01 par value: Shares authorized: 3,500,000,000 ; Shares issued: 2,038,893,979 ; Shares outstanding: 1,772,226,530 and 1,809,624,144 20 20 Additional paid-in capital 28,841 25,546 Retained earnings 89,432 78,694 Employee stock trusts 3,955 3,043 Accumulated other comprehensive income (loss) (3,102) (1,962) Common stock held in treasury at cost, $0.01 par value ( 266,667,449 and 229,269,835 shares) (17,500) (9,767) Common stock issued to employee stock trusts (3,955) (3,043) Total shareholders’ equity 105,441 101,781 Total liabilities and equity $ 356,071 $ 333,165 |
Schedule of Condensed Cash Flow Statements | Parent Company Only—Condensed Cash Flow Statement $ in millions 2021 2020 2019 Net cash provided by (used for) operating activities $ 4,257 $ 14,202 $ 24,175 Cash flows from investing activities Proceeds from (payments for): Investment securities: Purchases (9,297) (9,310) (22,408) Proceeds from sales 2,611 2,013 4,671 Proceeds from paydowns and maturities 5,636 5,651 3,157 Securities purchased under agreements to resell with affiliates 13,581 (24,584) 15,422 Securities sold under agreements to repurchase with affiliates (7,422) 19,719 4,631 Advances to and investments in subsidiaries (17,083) (13,832) (9,210) Net cash provided by (used for) investing activities (11,974) (20,343) (3,737) Cash flows from financing activities Proceeds from: Issuance of preferred stock, net of issuance costs 1,275 — 497 Issuance of Borrowings 42,098 25,587 8,337 Payments for: Borrowings (28,592) (22,105) (24,282) Repurchases of common stock and employee tax withholdings (12,075) (1,890) (5,954) Cash dividends (4,171) (2,739) (2,627) Net change in advances from subsidiaries 17,042 7,194 4,378 Other financing activities — (498) 12 Net cash provided by (used for) financing activities 15,577 5,549 (19,639) Effect of exchange rate changes on cash and cash equivalents 380 (316) (271) Net increase (decrease) in cash and cash equivalents 8,240 (908) 528 Cash and cash equivalents, at beginning of period 7,102 8,010 7,482 Cash and cash equivalents, at end of period $ 15,342 $ 7,102 $ 8,010 Cash and cash equivalents: Cash and due from banks $ 100 $ 20 $ 9 Deposits with bank subsidiaries 15,242 7,082 8,001 Cash and cash equivalents, at end of period $ 15,342 $ 7,102 $ 8,010 Restricted cash $ 441 $ 381 $ — Supplemental Disclosure of Cash Flow Information Cash payments for: Interest $ 2,970 $ 3,472 $ 4,677 Income taxes, net of refunds 1 2,775 1,364 1,186 1. Represents total payments, net of refunds, made to various tax authorities and includes taxes paid on behalf of certain subsidiaries that are subsequently settled between the Parent Company and these subsidiaries. The settlements received from subsidiaries were $3.0 billion, $1.6 billion and $1.6 billion for 2021, 2020 and 2019, respectively. |
Schedule of Borrowings with Original Maturities Greater than One Year | Parent Company’s Borrowings with Original Maturities Greater than One Year $ in millions At At Senior $ 155,304 $ 148,885 Subordinated 13,591 11,094 Total $ 168,895 $ 159,979 |
Schedule of Obligations under Guarantee Arrangements | Guarantees of Debt Instruments and Warrants Issued by Subsidiaries $ in millions At At Aggregate balance $ 47,129 $ 39,745 Guarantees under Subsidiary Lease Obligations $ in millions At At Aggregate balance 1 $ 610 $ 865 |
Significant Accounting Polici_4
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Premises, Equipment and Capitalized Software Costs | |||||
Allowance for credit losses | $ 654 | $ 835 | $ 349 | $ 238 | |
Shareholders' equity | 106,598 | 103,149 | 82,697 | ||
Retained Earnings | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Shareholders' equity | $ 89,432 | $ 78,694 | 70,589 | 64,175 | |
Adjustment | Retained Earnings | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Shareholders' equity | (100) | [1] | $ 63 | ||
Accounting Standards Update 2016-13 | Adjustment | Retained Earnings | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Shareholders' equity | (100) | ||||
Accounting Standards Update 2016-13 | Adjustment | Allowance for Credit Losses | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Allowance for credit losses | 131 | ||||
Accounting Standards Update 2016-13 | Adjustment | Allowance for Credit Losses on Employee Loans | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Shareholders' equity | $ 124 | ||||
Minimum | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Effectiveness to benchmark interest rate (as a percent) | 80.00% | ||||
Maximum | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Effectiveness to benchmark interest rate (as a percent) | 125.00% | ||||
Buildings | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Estimated useful lives | 39 years | ||||
Leasehold improvements—Building | Maximum | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Estimated useful lives | 25 years | ||||
Leasehold improvements—Other | Maximum | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Estimated useful lives | 15 years | ||||
Furniture and fixtures | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Estimated useful lives | 7 years | ||||
Computer and communications equipment | Minimum | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Estimated useful lives | 3 years | ||||
Computer and communications equipment | Maximum | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Estimated useful lives | 9 years | ||||
Power generation assets | Minimum | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Estimated useful lives | 15 years | ||||
Power generation assets | Maximum | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Estimated useful lives | 29 years | ||||
Capitalized software costs | Minimum | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Estimated useful lives | 2 years | ||||
Capitalized software costs | Maximum | |||||
Premises, Equipment and Capitalized Software Costs | |||||
Estimated useful lives | 10 years | ||||
[1] | See Note 2 for further information regarding cumulative adjustments for accounting changes. |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Millions | Mar. 01, 2021 | Oct. 02, 2020 | Dec. 31, 2020 | Dec. 31, 2021 |
Eaton Vance Corp. | ||||
Business Acquisition [Line Items] | ||||
Voting interests acquired (as a percent) | 100.00% | |||
Consideration transferred in business acquisition | $ 8,700 | |||
Fair value of shares transferred in acquisition | 3,400 | |||
Net revenues of acquiree since acquisition date | $ 1,818 | |||
Net income of acquiree since acquisition date | $ 413 | |||
Eaton Vance Corp. | Common Stock, $0.01 par value | ||||
Business Acquisition [Line Items] | ||||
Fair value of shares transferred in acquisition | $ 5,300 | |||
Stock issued in acquisition (in shares) | 69,000,000 | |||
E-TRADE | ||||
Business Acquisition [Line Items] | ||||
Voting interests acquired (as a percent) | 100.00% | |||
Consideration transferred in business acquisition | $ 11,900 | |||
Net revenues of acquiree since acquisition date | $ 600 | |||
Stock issued per acquiree share (in shares) | 1.0432 | |||
Net income of acquiree since acquisition date | $ 0 | |||
E-TRADE | Common Stock, $0.01 par value | ||||
Business Acquisition [Line Items] | ||||
Fair value of shares transferred in acquisition | $ 11,000 | |||
Stock issued in acquisition (in shares) | 233,000,000 | |||
E-TRADE | Series M and N | ||||
Business Acquisition [Line Items] | ||||
Fair value of shares transferred in acquisition | $ 700 |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions | Mar. 01, 2021 | Oct. 02, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | |||||
Goodwill | $ 16,833 | $ 11,635 | $ 7,143 | ||
Eaton Vance Corp. | |||||
Assets | |||||
Cash and cash equivalents | $ 691 | ||||
Trading assets at fair value: Loans and lending commitments | 445 | ||||
Trading assets at fair value: 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 | ||||
Eaton Vance Corp. | Customer relationships | |||||
Liabilities | |||||
Weighted-average intangible life | 16 years | ||||
E-TRADE | |||||
Assets | |||||
Cash and cash equivalents | $ 3,807 | ||||
Trading assets at fair value: Loans and lending commitments | 1,124 | ||||
Trading assets at fair value: Investments | 44 | ||||
Investment securities | 48,855 | ||||
Securities borrowed | 975 | ||||
Customer and other receivables | 12,267 | ||||
Loans: Held for investment | 462 | ||||
Goodwill | 4,270 | ||||
Intangible assets | 3,282 | ||||
Other assets | 1,351 | ||||
Total assets | 76,437 | ||||
Liabilities | |||||
Deposits | 44,890 | ||||
Securities loaned | 766 | ||||
Customer and other payables | 15,488 | ||||
Other liabilities and accrued expenses | 1,688 | ||||
Borrowings | 1,665 | ||||
Total liabilities | 64,497 | ||||
E-TRADE | Customer relationships | |||||
Assets | |||||
Intangible assets | $ 2,800 | ||||
Liabilities | |||||
Weighted-average intangible life | 17 years |
Acquisitions - Acquired Intangi
Acquisitions - Acquired Intangible Assets (Details) - Eaton Vance Corp. $ 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) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Eaton Vance Corp. | |||
Business Acquisition [Line Items] | |||
Net revenues | $ 60,051 | $ 50,371 | |
Net income | $ 15,220 | 10,779 | |
E-TRADE | |||
Business Acquisition [Line Items] | |||
Net revenues | 50,203 | $ 44,192 | |
Net income | $ 11,459 | $ 9,839 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Cash and due from banks | $ 8,394 | $ 9,792 |
Interest bearing deposits with banks | 119,331 | 95,862 |
Total Cash and cash equivalents | 127,725 | 105,654 |
Restricted cash | $ 40,887 | $ 38,202 |
Fair Values - Assets and Liabil
Fair Values - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets at fair value | ||
Derivative and other contracts | $ 38,154 | $ 37,850 |
Investment securities | 182,712 | 184,803 |
Total trading assets | 294,869 | 312,738 |
Investment securities at fair value | 102,830 | 110,383 |
Securities purchased under agreements to resell at fair value | 7 | 15 |
Liabilities at fair value | ||
Deposits | 1,940 | 3,521 |
Derivative and other contracts | 34,568 | 44,938 |
Securities sold under agreements to repurchase | 791 | 1,115 |
Other secured financings | 5,133 | 11,701 |
Borrowings | 76,340 | 73,701 |
State and municipal securities | ||
Assets at fair value | ||
Investment securities at fair value | 648 | 1,563 |
Recurring | ||
Assets at fair value | ||
Netting | (50,833) | (62,956) |
Liabilities at fair value | ||
Netting | (50,632) | (58,105) |
Borrowings | 76,340 | 73,701 |
Recurring | Interest rate | ||
Liabilities at fair value | ||
Borrowings | 28,638 | 31,222 |
Recurring | Credit | ||
Liabilities at fair value | ||
Borrowings | 1,347 | 1,344 |
Recurring | Foreign exchange | ||
Liabilities at fair value | ||
Borrowings | 1,472 | 2,105 |
Recurring | Equity | ||
Liabilities at fair value | ||
Borrowings | 37,046 | 33,952 |
Recurring | Commodity and other | ||
Liabilities at fair value | ||
Borrowings | 7,837 | 5,078 |
Recurring | Loans and lending commitments | ||
Assets at fair value | ||
Trading assets | 12,627 | 11,148 |
Recurring | Total | ||
Assets at fair value | ||
Derivative and other contracts | 38,154 | 37,850 |
Netting | (299,137) | (380,329) |
Investment securities | 2,706 | 1,686 |
Physical commodities | 2,771 | 3,260 |
Total trading assets | 290,122 | 308,909 |
Investment securities at fair value | 102,830 | 110,383 |
Securities purchased under agreements to resell at fair value | 7 | 15 |
Total assets at fair value | 392,959 | 419,307 |
Liabilities at fair value | ||
Deposits | 1,940 | 3,521 |
Trading liabilities | 158,328 | 157,631 |
Derivative and other contracts | 34,568 | 44,938 |
Netting | (298,936) | (375,478) |
Securities sold under agreements to repurchase | 791 | 1,115 |
Other secured financings | 5,133 | 11,701 |
Borrowings | 76,340 | 73,701 |
Total liabilities at fair value | 242,532 | 247,669 |
Recurring | Total | Interest rate | ||
Assets at fair value | ||
Derivative and other contracts | 155,565 | 233,486 |
Liabilities at fair value | ||
Derivative and other contracts | 147,202 | 218,638 |
Recurring | Total | Credit | ||
Assets at fair value | ||
Derivative and other contracts | 8,950 | 7,541 |
Liabilities at fair value | ||
Derivative and other contracts | 9,501 | 8,152 |
Recurring | Total | Foreign exchange | ||
Assets at fair value | ||
Derivative and other contracts | 74,731 | 94,059 |
Liabilities at fair value | ||
Derivative and other contracts | 73,195 | 94,908 |
Recurring | Total | Equity | ||
Assets at fair value | ||
Derivative and other contracts | 70,332 | 68,444 |
Liabilities at fair value | ||
Derivative and other contracts | 80,678 | 86,528 |
Recurring | Total | Commodity and other | ||
Assets at fair value | ||
Derivative and other contracts | 27,713 | 14,649 |
Liabilities at fair value | ||
Derivative and other contracts | 22,928 | 12,190 |
Recurring | Total | U.S. Treasury and agency securities | ||
Liabilities at fair value | ||
Trading liabilities | 16,752 | 10,205 |
Recurring | Total | Other sovereign government obligations | ||
Liabilities at fair value | ||
Trading liabilities | 22,833 | 25,963 |
Recurring | Total | Corporate and other debt | ||
Liabilities at fair value | ||
Trading liabilities | 8,723 | 8,468 |
Recurring | Total | Corporate equities | ||
Liabilities at fair value | ||
Trading liabilities | 75,452 | 68,057 |
Recurring | Total | U.S. Treasury and agency securities | ||
Assets at fair value | ||
Trading assets | 75,721 | 74,617 |
Recurring | Total | Other sovereign government obligations | ||
Assets at fair value | ||
Trading assets | 32,785 | 31,490 |
Recurring | Total | State and municipal securities | ||
Assets at fair value | ||
Trading assets | 1,918 | 1,135 |
Recurring | Total | MABS | ||
Assets at fair value | ||
Trading assets | 1,581 | 1,392 |
Recurring | Total | Loans and lending commitments | ||
Assets at fair value | ||
Trading assets | 12,627 | 11,148 |
Recurring | Total | Corporate and other debt | ||
Assets at fair value | ||
Trading assets | 29,282 | 33,528 |
Recurring | Total | Corporate equities | ||
Assets at fair value | ||
Equity securities | 92,577 | 112,803 |
Recurring | Level 1 | ||
Assets at fair value | ||
Derivative and other contracts | 1,720 | 1,949 |
Netting | (5,696) | (5,488) |
Investment securities | 735 | 624 |
Physical commodities | 0 | 0 |
Total trading assets | 168,096 | 183,406 |
Investment securities at fair value | 59,021 | 46,354 |
Securities purchased under agreements to resell at fair value | 0 | 0 |
Total assets at fair value | 227,117 | 229,760 |
Liabilities at fair value | ||
Deposits | 0 | 0 |
Trading liabilities | 114,477 | 104,550 |
Derivative and other contracts | 2,092 | 2,315 |
Netting | (5,696) | (5,488) |
Securities sold under agreements to repurchase | 0 | 0 |
Other secured financings | 0 | 0 |
Borrowings | 0 | 0 |
Total liabilities at fair value | 114,477 | 104,550 |
Recurring | Level 1 | Interest rate | ||
Assets at fair value | ||
Derivative and other contracts | 1,364 | 4,458 |
Liabilities at fair value | ||
Derivative and other contracts | 1,087 | 4,789 |
Recurring | Level 1 | Credit | ||
Assets at fair value | ||
Derivative and other contracts | 0 | 0 |
Liabilities at fair value | ||
Derivative and other contracts | 0 | 0 |
Recurring | Level 1 | Foreign exchange | ||
Assets at fair value | ||
Derivative and other contracts | 28 | 29 |
Liabilities at fair value | ||
Derivative and other contracts | 19 | 11 |
Recurring | Level 1 | Equity | ||
Assets at fair value | ||
Derivative and other contracts | 1,562 | 1,132 |
Liabilities at fair value | ||
Derivative and other contracts | 2,119 | 1,245 |
Recurring | Level 1 | Commodity and other | ||
Assets at fair value | ||
Derivative and other contracts | 4,462 | 1,818 |
Liabilities at fair value | ||
Derivative and other contracts | 4,563 | 1,758 |
Recurring | Level 1 | U.S. Treasury and agency securities | ||
Liabilities at fair value | ||
Trading liabilities | 16,433 | 10,204 |
Recurring | Level 1 | Other sovereign government obligations | ||
Liabilities at fair value | ||
Trading liabilities | 20,771 | 24,209 |
Recurring | Level 1 | Corporate and other debt | ||
Liabilities at fair value | ||
Trading liabilities | 0 | 0 |
Recurring | Level 1 | Corporate equities | ||
Liabilities at fair value | ||
Trading liabilities | 75,181 | 67,822 |
Recurring | Level 1 | U.S. Treasury and agency securities | ||
Assets at fair value | ||
Trading assets | 45,970 | 43,084 |
Recurring | Level 1 | Other sovereign government obligations | ||
Assets at fair value | ||
Trading assets | 28,041 | 26,174 |
Recurring | Level 1 | State and municipal securities | ||
Assets at fair value | ||
Trading assets | 0 | 0 |
Recurring | Level 1 | MABS | ||
Assets at fair value | ||
Trading assets | 0 | 0 |
Recurring | Level 1 | Loans and lending commitments | ||
Assets at fair value | ||
Trading assets | 0 | 0 |
Recurring | Level 1 | Corporate and other debt | ||
Assets at fair value | ||
Trading assets | 0 | 0 |
Recurring | Level 1 | Corporate equities | ||
Assets at fair value | ||
Equity securities | 91,630 | 111,575 |
Recurring | Level 2 | ||
Assets at fair value | ||
Derivative and other contracts | 82,959 | 93,945 |
Netting | (241,814) | (310,534) |
Investment securities | 846 | 234 |
Physical commodities | 2,771 | 3,260 |
Total trading assets | 160,962 | 172,840 |
Investment securities at fair value | 43,809 | 61,225 |
Securities purchased under agreements to resell at fair value | 7 | 12 |
Total assets at fair value | 204,778 | 234,077 |
Liabilities at fair value | ||
Deposits | 1,873 | 3,395 |
Trading liabilities | 91,556 | 106,465 |
Derivative and other contracts | 80,242 | 96,086 |
Netting | (241,814) | (310,534) |
Securities sold under agreements to repurchase | 140 | 671 |
Other secured financings | 4,730 | 11,185 |
Borrowings | 74,183 | 69,327 |
Total liabilities at fair value | 172,482 | 191,043 |
Recurring | Level 2 | Interest rate | ||
Assets at fair value | ||
Derivative and other contracts | 153,048 | 227,818 |
Liabilities at fair value | ||
Derivative and other contracts | 145,670 | 213,321 |
Recurring | Level 2 | Credit | ||
Assets at fair value | ||
Derivative and other contracts | 8,441 | 6,840 |
Liabilities at fair value | ||
Derivative and other contracts | 9,090 | 7,500 |
Recurring | Level 2 | Foreign exchange | ||
Assets at fair value | ||
Derivative and other contracts | 74,571 | 93,770 |
Liabilities at fair value | ||
Derivative and other contracts | 73,096 | 94,698 |
Recurring | Level 2 | Equity | ||
Assets at fair value | ||
Derivative and other contracts | 68,519 | 65,943 |
Liabilities at fair value | ||
Derivative and other contracts | 77,363 | 81,683 |
Recurring | Level 2 | Commodity and other | ||
Assets at fair value | ||
Derivative and other contracts | 20,194 | 10,108 |
Liabilities at fair value | ||
Derivative and other contracts | 16,837 | 9,418 |
Recurring | Level 2 | U.S. Treasury and agency securities | ||
Liabilities at fair value | ||
Trading liabilities | 319 | 1 |
Recurring | Level 2 | Other sovereign government obligations | ||
Liabilities at fair value | ||
Trading liabilities | 2,062 | 1,738 |
Recurring | Level 2 | Corporate and other debt | ||
Liabilities at fair value | ||
Trading liabilities | 8,707 | 8,468 |
Recurring | Level 2 | Corporate equities | ||
Liabilities at fair value | ||
Trading liabilities | 226 | 172 |
Recurring | Level 2 | U.S. Treasury and agency securities | ||
Assets at fair value | ||
Trading assets | 29,749 | 31,524 |
Recurring | Level 2 | Other sovereign government obligations | ||
Assets at fair value | ||
Trading assets | 4,533 | 5,048 |
Recurring | Level 2 | State and municipal securities | ||
Assets at fair value | ||
Trading assets | 1,905 | 1,135 |
Recurring | Level 2 | MABS | ||
Assets at fair value | ||
Trading assets | 1,237 | 1,070 |
Recurring | Level 2 | Loans and lending commitments | ||
Assets at fair value | ||
Trading assets | 8,821 | 5,389 |
Recurring | Level 2 | Corporate and other debt | ||
Assets at fair value | ||
Trading assets | 27,309 | 30,093 |
Recurring | Level 2 | Corporate equities | ||
Assets at fair value | ||
Equity securities | 832 | 1,142 |
Recurring | Level 3 | ||
Assets at fair value | ||
Equity securities | 115 | 86 |
Derivative and other contracts | 4,308 | 4,912 |
Netting | (794) | (1,351) |
Investment securities | 1,125 | 828 |
Physical commodities | 0 | 0 |
Total trading assets | 11,897 | 15,619 |
Investment securities at fair value | 0 | 2,804 |
Securities purchased under agreements to resell at fair value | 0 | 3 |
Total assets at fair value | 11,897 | 18,426 |
Liabilities at fair value | ||
Deposits | 67 | 126 |
Trading liabilities | 2,927 | 4,721 |
Derivative and other contracts | 2,866 | 4,642 |
Netting | (794) | (1,351) |
Securities sold under agreements to repurchase | 651 | 444 |
Other secured financings | 403 | 516 |
Borrowings | 2,157 | 4,374 |
Total liabilities at fair value | 6,205 | 10,181 |
Recurring | Level 3 | Interest rate | ||
Assets at fair value | ||
Derivative and other contracts | 1,153 | 1,210 |
Liabilities at fair value | ||
Derivative and other contracts | 445 | 528 |
Recurring | Level 3 | Credit | ||
Assets at fair value | ||
Derivative and other contracts | 509 | 701 |
Liabilities at fair value | ||
Derivative and other contracts | 411 | 652 |
Recurring | Level 3 | Foreign exchange | ||
Assets at fair value | ||
Derivative and other contracts | 132 | 260 |
Liabilities at fair value | ||
Derivative and other contracts | 80 | 199 |
Recurring | Level 3 | Equity | ||
Assets at fair value | ||
Derivative and other contracts | 251 | 1,369 |
Liabilities at fair value | ||
Derivative and other contracts | 1,196 | 3,600 |
Recurring | Level 3 | Commodity and other | ||
Assets at fair value | ||
Derivative and other contracts | 3,057 | 2,723 |
Liabilities at fair value | ||
Derivative and other contracts | 1,528 | 1,014 |
Recurring | Level 3 | U.S. Treasury and agency securities | ||
Liabilities at fair value | ||
Trading liabilities | 0 | 0 |
Recurring | Level 3 | Other sovereign government obligations | ||
Liabilities at fair value | ||
Trading liabilities | 0 | 16 |
Recurring | Level 3 | Corporate and other debt | ||
Liabilities at fair value | ||
Trading liabilities | 16 | 0 |
Recurring | Level 3 | Corporate equities | ||
Assets at fair value | ||
Equity securities | 45 | 63 |
Liabilities at fair value | ||
Trading liabilities | 45 | 63 |
Recurring | Level 3 | U.S. Treasury and agency securities | ||
Assets at fair value | ||
Trading assets | 2 | 9 |
Recurring | Level 3 | Other sovereign government obligations | ||
Assets at fair value | ||
Trading assets | 211 | 268 |
Recurring | Level 3 | State and municipal securities | ||
Assets at fair value | ||
Trading assets | 13 | 0 |
Recurring | Level 3 | MABS | ||
Assets at fair value | ||
Trading assets | 344 | 322 |
Recurring | Level 3 | Loans and lending commitments | ||
Assets at fair value | ||
Trading assets | 3,806 | 5,759 |
Recurring | Level 3 | Corporate and other debt | ||
Assets at fair value | ||
Trading assets | 1,973 | 3,435 |
Recurring | Level 3 | Corporate equities | ||
Assets at fair value | ||
Equity securities | $ 115 | $ 86 |
Fair Values - Detail of Loans a
Fair Values - Detail of Loans and Lending Commitments at Fair Value and Unsettled Fair Value of Futures Contracts (Details) - Recurring - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Loans and lending commitments | ||
Fair Value Measurements | ||
Trading assets | $ 12,627 | $ 11,148 |
Loans and lending commitments | Corporate | ||
Fair Value Measurements | ||
Trading assets | 8 | 13 |
Loans and lending commitments | Secured lending facilities | ||
Fair Value Measurements | ||
Trading assets | 0 | 648 |
Loans and lending commitments | Commercial real estate | ||
Fair Value Measurements | ||
Trading assets | 863 | 916 |
Loans and lending commitments | Residential real estate | ||
Fair Value Measurements | ||
Trading assets | 3,911 | 2,145 |
Loans and lending commitments | Securities-based lending and Other loans | ||
Fair Value Measurements | ||
Trading assets | 7,845 | 7,426 |
Futures Contracts | Customer and other receivables, net | ||
Fair Value Measurements | ||
Derivative assets, unsettled fair value | $ 948 | $ 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 | 12 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Liabilities at Fair Value | ||||||||
Portion of unrealized losses (gains) recorded in OCI—Change in net DVA | $ (17) | $ 63 | $ 182 | |||||
Deposits | ||||||||
Liabilities at Fair Value | ||||||||
Beginning balance | $ 126 | $ 179 | 126 | 179 | 27 | |||
Realized and unrealized losses (gains) | 0 | 15 | 20 | |||||
Issuances | 0 | 21 | 101 | |||||
Settlements | (10) | (17) | (15) | |||||
Net transfers | (49) | (72) | 46 | |||||
Ending balance | 67 | 126 | 179 | |||||
Unrealized losses (gains) | 0 | 15 | 20 | |||||
Nonderivative trading liabilities | ||||||||
Liabilities at Fair Value | ||||||||
Beginning balance | 79 | 37 | 79 | 37 | 16 | |||
Realized and unrealized losses (gains) | (21) | (18) | (21) | |||||
Purchases | (30) | (35) | (65) | |||||
Sales | 43 | 27 | 38 | |||||
Settlements | 0 | 3 | 0 | |||||
Net transfers | (10) | 65 | 69 | |||||
Ending balance | 61 | 79 | 37 | |||||
Unrealized losses (gains) | (21) | (18) | (21) | |||||
Securities sold under agreements to repurchase | ||||||||
Liabilities at Fair Value | ||||||||
Beginning balance | 444 | 0 | 444 | 0 | 0 | |||
Realized and unrealized losses (gains) | 1 | (27) | 0 | |||||
Issuances | 0 | 470 | 0 | |||||
Net transfers | 206 | 1 | 0 | |||||
Ending balance | 651 | 444 | 0 | |||||
Unrealized losses (gains) | 1 | (27) | 0 | |||||
Other secured financings | ||||||||
Liabilities at Fair Value | ||||||||
Beginning balance | 516 | 109 | 516 | 109 | 208 | |||
Realized and unrealized losses (gains) | (17) | 21 | 5 | |||||
Issuances | 449 | 208 | 0 | |||||
Settlements | (518) | (217) | (8) | |||||
Net transfers | (27) | 395 | (96) | |||||
Ending balance | 403 | 516 | 109 | |||||
Unrealized losses (gains) | (16) | 21 | 5 | |||||
Borrowings | ||||||||
Liabilities at Fair Value | ||||||||
Beginning balance | 4,374 | 4,088 | 4,374 | 4,088 | 3,806 | |||
Realized and unrealized losses (gains) | (99) | 204 | 728 | |||||
Issuances | 717 | 980 | 1,181 | |||||
Settlements | (448) | (461) | (950) | |||||
Net transfers | (2,387) | (437) | (677) | |||||
Ending balance | 2,157 | 4,374 | 4,088 | |||||
Unrealized losses (gains) | (114) | 201 | 600 | |||||
Transfers from Level 3 to Level 2 | $ 2,200 | |||||||
Interest rate | ||||||||
Assets at Fair value | ||||||||
Beginning balance | 682 | 777 | 682 | 777 | 618 | |||
Realized and unrealized gains (losses) | 284 | (150) | 17 | |||||
Purchases | 67 | 174 | 98 | |||||
Issuances | (52) | (44) | (16) | |||||
Settlements | 14 | 40 | 1 | |||||
Net transfers | (287) | (115) | 59 | |||||
Ending balance | 708 | 682 | 777 | |||||
Unrealized gains (losses) | 292 | (34) | 87 | |||||
Credit | ||||||||
Assets at Fair value | ||||||||
Beginning balance | 49 | 124 | 49 | 124 | 40 | |||
Realized and unrealized gains (losses) | 95 | (91) | (24) | |||||
Purchases | 18 | 98 | 144 | |||||
Issuances | (46) | (112) | (190) | |||||
Settlements | 58 | 94 | 111 | |||||
Net transfers | (76) | (64) | 43 | |||||
Ending balance | 98 | 49 | 124 | |||||
Unrealized gains (losses) | 122 | (111) | (17) | |||||
Foreign exchange | ||||||||
Assets at Fair value | ||||||||
Beginning balance | 61 | (31) | 61 | (31) | 75 | |||
Realized and unrealized gains (losses) | (89) | 156 | (295) | |||||
Purchases | 2 | 4 | 2 | |||||
Issuances | (15) | 0 | 0 | |||||
Settlements | 16 | (17) | 7 | |||||
Net transfers | 77 | (51) | 180 | |||||
Ending balance | 52 | 61 | (31) | |||||
Unrealized gains (losses) | (62) | 94 | (187) | |||||
Equity | ||||||||
Assets at Fair value | ||||||||
Beginning balance | (2,231) | (1,684) | (2,231) | (1,684) | (1,485) | |||
Realized and unrealized gains (losses) | 344 | 72 | (260) | |||||
Purchases | 70 | 179 | 155 | |||||
Issuances | (443) | (713) | (643) | |||||
Settlements | 160 | (354) | 242 | |||||
Net transfers | 1,155 | 269 | 307 | |||||
Ending balance | (945) | (2,231) | (1,684) | |||||
Unrealized gains (losses) | (103) | (210) | (194) | |||||
Liabilities at Fair Value | ||||||||
Transfers from Level 3 to Level 2 | 1,000 | |||||||
Commodity and other | ||||||||
Assets at Fair value | ||||||||
Beginning balance | 1,709 | 1,612 | 1,709 | 1,612 | 2,052 | |||
Realized and unrealized gains (losses) | 529 | 251 | 73 | |||||
Purchases | 44 | 89 | 152 | |||||
Issuances | (86) | (57) | (92) | |||||
Settlements | (599) | (183) | (611) | |||||
Net transfers | (68) | (3) | 38 | |||||
Ending balance | 1,529 | 1,709 | 1,612 | |||||
Unrealized gains (losses) | 141 | (309) | (113) | |||||
U.S. Treasury and agency securities | ||||||||
Assets at Fair value | ||||||||
Beginning balance | 9 | 22 | 9 | 22 | 54 | |||
Realized and unrealized gains (losses) | 0 | 1 | 4 | |||||
Purchases | 2 | 0 | 17 | |||||
Sales | (9) | (22) | (54) | |||||
Net transfers | 0 | 8 | 1 | |||||
Ending balance | 2 | 9 | 22 | |||||
Unrealized gains (losses) | 0 | 0 | 4 | |||||
Other sovereign government obligations | ||||||||
Assets at Fair value | ||||||||
Beginning balance | 268 | 5 | 268 | 5 | 17 | |||
Realized and unrealized gains (losses) | (1) | 0 | (3) | |||||
Purchases | 146 | 265 | 7 | |||||
Sales | (192) | (2) | (6) | |||||
Net transfers | (10) | 0 | (10) | |||||
Ending balance | 211 | 268 | 5 | |||||
Unrealized gains (losses) | 0 | 0 | (3) | |||||
State and municipal securities | ||||||||
Assets at Fair value | ||||||||
Beginning balance | 0 | 1 | 0 | 1 | 148 | |||
Purchases | 4 | 0 | 0 | |||||
Sales | (4) | 0 | (147) | |||||
Net transfers | 13 | (1) | 0 | |||||
Ending balance | 13 | 0 | 1 | |||||
Unrealized gains (losses) | 0 | 0 | 0 | |||||
MABS | ||||||||
Assets at Fair value | ||||||||
Beginning balance | 322 | 438 | 322 | 438 | 354 | |||
Realized and unrealized gains (losses) | 51 | (66) | (16) | |||||
Purchases | 254 | 175 | 132 | |||||
Sales | (215) | (244) | (175) | |||||
Settlements | 0 | 0 | (44) | |||||
Net transfers | (68) | 19 | 187 | |||||
Ending balance | 344 | 322 | 438 | |||||
Unrealized gains (losses) | (10) | (49) | (57) | |||||
Loans and lending commitments | ||||||||
Assets at Fair value | ||||||||
Beginning balance | 5,759 | 5,073 | 5,759 | 5,073 | 6,870 | |||
Realized and unrealized gains (losses) | 51 | (65) | 38 | |||||
Purchases | 2,446 | 3,479 | 2,337 | |||||
Sales | (2,609) | (957) | (1,268) | |||||
Settlements | (1,268) | (2,196) | (2,291) | |||||
Net transfers | (573) | 425 | (613) | |||||
Ending balance | 3,806 | 5,759 | 5,073 | |||||
Unrealized gains (losses) | (7) | 58 | (9) | |||||
Liabilities at Fair Value | ||||||||
Transfers from Level 3 to Level 2 | $ 895 | $ 707 | ||||||
Transfers of equity margin loans from Level 2 into Level 3 | 857 | |||||||
Corporate and other debt | ||||||||
Assets at Fair value | ||||||||
Beginning balance | 3,435 | 1,396 | 3,435 | 1,396 | 1,076 | |||
Realized and unrealized gains (losses) | (140) | 318 | 418 | |||||
Purchases | 1,355 | 2,623 | 650 | |||||
Sales | (785) | (617) | (729) | |||||
Settlements | 0 | (311) | (7) | |||||
Net transfers | (1,892) | 26 | (12) | |||||
Ending balance | 1,973 | 3,435 | 1,396 | |||||
Unrealized gains (losses) | (25) | 311 | 361 | |||||
Liabilities at Fair Value | ||||||||
Transfers from Level 3 to Level 2 | $ 2,000 | |||||||
Corporate equities | ||||||||
Assets at Fair value | ||||||||
Beginning balance | 86 | 97 | 86 | 97 | 95 | |||
Realized and unrealized gains (losses) | (8) | (55) | (8) | |||||
Purchases | 121 | 36 | 32 | |||||
Sales | (50) | (17) | (271) | |||||
Net transfers | (34) | 25 | 249 | |||||
Ending balance | 115 | 86 | 97 | |||||
Unrealized gains (losses) | (3) | (39) | 1 | |||||
Investments | ||||||||
Assets at Fair value | ||||||||
Beginning balance | 828 | 858 | 828 | 858 | 757 | |||
Realized and unrealized gains (losses) | 382 | 32 | 78 | |||||
Purchases | 226 | 61 | 40 | |||||
Sales | (115) | (106) | (41) | |||||
Net transfers | (196) | (17) | 24 | |||||
Ending balance | 1,125 | 828 | 858 | |||||
Unrealized gains (losses) | 359 | (45) | 67 | |||||
Investment securities—AFS | ||||||||
Assets at Fair value | ||||||||
Beginning balance | 2,804 | 0 | 2,804 | 0 | 0 | |||
Realized and unrealized gains (losses) | (4) | 5 | 0 | |||||
Purchases | 0 | 2,799 | 0 | |||||
Sales | (203) | 0 | 0 | |||||
Net transfers | (2,597) | 0 | 0 | |||||
Ending balance | 0 | 2,804 | 0 | |||||
Unrealized gains (losses) | 0 | 5 | 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 | $ 3 | $ 0 | 3 | 0 | 0 | |||
Net transfers | (3) | 3 | 0 | |||||
Ending balance | 0 | 3 | 0 | |||||
Unrealized gains (losses) | $ 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 | Dec. 31, 2021USD ($)$ / MWh | Dec. 31, 2020USD ($)$ / MWh |
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investment securities—AFS | $ 102,830 | $ 110,383 |
Derivative assets | 38,154 | 37,850 |
Deposits | 1,940 | 3,521 |
Securities sold under agreements to repurchase | 791 | 1,115 |
Other secured financings | 10,041 | 15,863 |
Borrowings | 76,340 | 73,701 |
State and municipal securities | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investment securities—AFS | 648 | 1,563 |
Recurring | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings | 76,340 | 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 | 12,627 | 11,148 |
Nonrecurring | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans | 5,611 | 5,700 |
Level 3 | Recurring | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Corporate equities | 115 | 86 |
Investments | 1,125 | 828 |
Investment securities—AFS | 0 | 2,804 |
Derivative assets | 4,308 | 4,912 |
Deposits | 67 | 126 |
Trading liabilities | 2,927 | 4,721 |
Securities sold under agreements to repurchase | 651 | 444 |
Other secured financings | 403 | 516 |
Borrowings | 2,157 | 4,374 |
Level 3 | Recurring | Corporate equities | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Corporate equities | 45 | 63 |
Trading liabilities | $ 45 | $ 63 |
Level 3 | Recurring | 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 |
Level 3 | Recurring | 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 |
Level 3 | Recurring | Option Model | Equity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Deposits, measurement input value | 0.07 | |
Level 3 | Recurring | Other sovereign government obligations | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | $ 211 | $ 268 |
Level 3 | Recurring | 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 | |
Level 3 | Recurring | MABS | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 344 | $ 322 |
Level 3 | Recurring | Loans and lending commitments | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 3,806 | 5,759 |
Level 3 | Recurring | State and municipal securities | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 13 | 0 |
Level 3 | Recurring | Corporate and other debt | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 1,973 | 3,435 |
Level 3 | Recurring | Interest rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ 708 | $ 682 |
Level 3 | Recurring | 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 | 0.04 | 0.01 |
Level 3 | Recurring | Credit | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ 98 | $ 49 |
Level 3 | Recurring | 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 |
Level 3 | Recurring | Foreign exchange | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ 52 | $ 61 |
Level 3 | Recurring | Equity | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | (945) | (2,231) |
Level 3 | Recurring | Commodity and other | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ 1,529 | $ 1,709 |
Level 3 | Recurring | Minimum | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investment securities-AFS, measurement input value | 0.97 | |
Level 3 | Recurring | Minimum | 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 |
Level 3 | Recurring | Minimum | 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 | |
Level 3 | Recurring | Minimum | 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 |
Level 3 | Recurring | Minimum | 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 | 0.0112 | 0.0107 |
Other secured financings, measurement input value | 0.0111 | |
Level 3 | Recurring | Minimum | 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 |
Level 3 | Recurring | Minimum | Market Approach | EBITDA Multiple | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 8 | 8 |
Level 3 | Recurring | Minimum | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.41 | 0.37 |
Level 3 | Recurring | Minimum | Option Model | Equity - FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | (0.55) | (0.72) |
Level 3 | Recurring | Minimum | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | (0.26) | (0.28) |
Level 3 | Recurring | Minimum | Option Model | Equity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Deposits, measurement input value | 0.07 | |
Borrowings, measurement input value | 0.07 | 0.06 |
Level 3 | Recurring | Minimum | 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) |
Level 3 | Recurring | Minimum | 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 | |
Level 3 | Recurring | Minimum | 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 |
Level 3 | Recurring | Minimum | 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 | 89 | 75 |
Level 3 | Recurring | Minimum | 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 | 0.01 | 0.01 |
Level 3 | Recurring | Minimum | 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 | 50 | 10 |
Level 3 | Recurring | Minimum | Corporate and other debt | Discounted Cash Flow | Loss given default | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.54 | 0.40 |
Borrowings, measurement input value | 0.54 | |
Level 3 | Recurring | Minimum | 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 | 0.18 | |
Level 3 | Recurring | Minimum | 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 | 0.62 | 0.54 |
Level 3 | Recurring | Minimum | 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 | 0.05 | 0.06 |
Level 3 | Recurring | Minimum | Interest rate | Option Model | Inflation Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.24 | 0.25 |
Level 3 | Recurring | Minimum | 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 | 0.39 | 0 |
Level 3 | Recurring | Minimum | Credit | Correlation Model | Credit Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.27 | |
Level 3 | Recurring | Minimum | 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 |
Level 3 | Recurring | Minimum | 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 |
Level 3 | Recurring | Minimum | 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 | 0.0015 | 0.0065 |
Level 3 | Recurring | Minimum | 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 | 0.90 | 0.50 |
Level 3 | Recurring | Minimum | 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 | (0.01) | 0.06 |
Level 3 | Recurring | Minimum | 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 | (0.04) | (0.22) |
Level 3 | Recurring | Minimum | 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 |
Level 3 | Recurring | Minimum | 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 | 0.39 | 0 |
Level 3 | Recurring | Minimum | Equity | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.05 | 0.24 |
Level 3 | Recurring | Minimum | 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) |
Level 3 | Recurring | Minimum | Equity | Option Model | IR Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.13 | (0.13) |
Level 3 | Recurring | Minimum | 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 |
Level 3 | Recurring | Minimum | 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 | (0.04) | (0.03) |
Level 3 | Recurring | Minimum | 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 |
Level 3 | Recurring | Minimum | 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 |
Level 3 | Recurring | Minimum | 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 | $ / MWh | 4 | (1) |
Level 3 | Recurring | Maximum | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investment securities-AFS, measurement input value | 1.07 | |
Level 3 | Recurring | Maximum | Comparable Pricing | Equity Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 1 | 1 |
Level 3 | Recurring | Maximum | Comparable Pricing | Loan Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Other secured financings, measurement input value | 0.0100 | 0.0101 |
Loans, measurement input value | 0.0080 | |
Level 3 | Recurring | Maximum | 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 |
Level 3 | Recurring | Maximum | 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 | 0.0127 | 0.0127 |
Level 3 | Recurring | Maximum | 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 |
Level 3 | Recurring | Maximum | Market Approach | EBITDA Multiple | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 25 | 32 |
Level 3 | Recurring | Maximum | 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 |
Level 3 | Recurring | Maximum | Option Model | Equity - FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.25 | 0.13 |
Level 3 | Recurring | Maximum | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.08 | 0.06 |
Level 3 | Recurring | Maximum | 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 | 0.85 | 0.66 |
Level 3 | Recurring | Maximum | 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 |
Level 3 | Recurring | Maximum | 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 | 1.40 | |
Level 3 | Recurring | Maximum | 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 | 0.86 | 0.80 |
Level 3 | Recurring | Maximum | 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 |
Level 3 | Recurring | Maximum | 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 |
Level 3 | Recurring | Maximum | 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 | 163 | 133 |
Level 3 | Recurring | Maximum | Corporate and other debt | Discounted Cash Flow | Loss given default | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.84 | 0.62 |
Borrowings, measurement input value | 0.84 | |
Level 3 | Recurring | Maximum | 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 | 0.21 | |
Level 3 | Recurring | Maximum | 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 |
Level 3 | Recurring | Maximum | 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 | 0.32 | 0.24 |
Level 3 | Recurring | Maximum | 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 | 0.65 | 0.66 |
Level 3 | Recurring | Maximum | 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 | 0.79 | 3.49 |
Level 3 | Recurring | Maximum | Credit | Correlation Model | Credit Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.44 | |
Level 3 | Recurring | Maximum | 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 | 0.0083 | 0.0085 |
Level 3 | Recurring | Maximum | 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 | 0.0477 | 0.0435 |
Level 3 | Recurring | Maximum | 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 | 0.0433 | 0.0118 |
Level 3 | Recurring | Maximum | 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 | 0.95 |
Level 3 | Recurring | Maximum | 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 |
Level 3 | Recurring | Maximum | 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 | (0.02) | 0.28 |
Level 3 | Recurring | Maximum | 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 | 0.56 | 0.59 |
Level 3 | Recurring | Maximum | 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 | 0.79 | 3.49 |
Level 3 | Recurring | Maximum | Equity | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.99 | 0.96 |
Level 3 | Recurring | Maximum | Equity | Option Model | FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.37 | 0.60 |
Level 3 | Recurring | Maximum | Equity | Option Model | IR Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.30 | 0.47 |
Level 3 | Recurring | Maximum | Equity | Option Model | Equity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.99 | 0.97 |
Level 3 | Recurring | Maximum | 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 |
Level 3 | Recurring | Maximum | 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 | 3.85 | 1.83 |
Level 3 | Recurring | Maximum | 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 |
Level 3 | Recurring | Maximum | 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 | $ / MWh | 263 | 157 |
Level 3 | Recurring | Weighted Average | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investment securities-AFS, measurement input value | 1.01 | |
Level 3 | Recurring | Weighted Average | 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 |
Level 3 | Recurring | Weighted Average | Comparable Pricing | Loan Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Other secured financings, measurement input value | 0.0083 | 0.0056 |
Loans, measurement input value | 0.0061 | |
Level 3 | Recurring | Weighted Average | 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 |
Level 3 | Recurring | Weighted Average | 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 | 0.0120 | 0.0115 |
Other secured financings, measurement input value | 0.0111 | |
Level 3 | Recurring | Weighted Average | 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 |
Level 3 | Recurring | Weighted Average | Market Approach | EBITDA Multiple | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 10 | 11 |
Level 3 | Recurring | Weighted Average | 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 |
Level 3 | Recurring | Weighted Average | Option Model | Equity - FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | (0.30) | (0.24) |
Level 3 | Recurring | Weighted Average | 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 | 0.20 | 0.23 |
Level 3 | Recurring | Weighted Average | 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 |
Level 3 | Recurring | Weighted Average | 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 | 1.20 | |
Level 3 | Recurring | Weighted Average | 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 | 0.59 | 0.50 |
Level 3 | Recurring | Weighted Average | 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 | 97 | 93 |
Level 3 | Recurring | Weighted Average | 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 | 0.03 | 0.03 |
Level 3 | Recurring | Weighted Average | 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 | 99 | 101 |
Level 3 | Recurring | Weighted Average | 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 | 0.19 | |
Level 3 | Recurring | Weighted Average | Credit | Correlation Model | Credit Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.32 | |
Level 3 | Recurring | Weighted Average | 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 |
Level 3 | Recurring | Weighted Average | 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 | 0.0068 | 0.0074 |
Level 3 | Recurring | Weighted Average | 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 | 0.0055 | 0.0086 |
Level 3 | Recurring | Weighted Average | Equity | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.73 | 0.74 |
Level 3 | Recurring | Weighted Average | Equity | Option Model | FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | (0.42) | (0.16) |
Level 3 | Recurring | Weighted Average | Equity | Option Model | Equity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.24 | 0.43 |
Level 3 | Recurring | Weighted Average | 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) |
Level 3 | Recurring | Weighted Average | 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 | 0.22 | 0.19 |
Level 3 | Recurring | Weighted Average | 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 |
Level 3 | Recurring | Weighted Average | 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 | $ / MWh | 39 | 28 |
Level 3 | Recurring | Average | 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) |
Level 3 | Recurring | Average | Corporate and other debt | Discounted Cash Flow | Loss given default | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.62 | 0.46 |
Borrowings, measurement input value | 0.62 | |
Level 3 | Recurring | Average | 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 | 0.87 |
Level 3 | Recurring | Average | 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 | 0.12 | 0.13 |
Level 3 | Recurring | Average | Interest rate | Option Model | Inflation Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.44 | 0.45 |
Level 3 | Recurring | Average | 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 | 0.64 | 0.62 |
Level 3 | Recurring | Average | Foreign exchange | Option Model | Contingency Probability | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.94 | 0.83 |
Level 3 | Recurring | Average | 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 | 0.02 | 0.07 |
Level 3 | Recurring | Average | 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) | 0.03 |
Level 3 | Recurring | Average | 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 |
Level 3 | Recurring | Average | 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 | 0.64 | 0.62 |
Level 3 | Recurring | Average | 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 | 0.21 |
Level 3 | Recurring | Median | 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) |
Level 3 | Recurring | Median | Corporate and other debt | Discounted Cash Flow | Loss given default | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.54 | 0.40 |
Borrowings, measurement input value | 0.54 | |
Level 3 | Recurring | Median | 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 | 0.89 |
Level 3 | Recurring | Median | 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 | 0.09 | 0.13 |
Level 3 | Recurring | Median | 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 | 0.40 | 0.43 |
Level 3 | Recurring | Median | 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 | 0.63 | 0.59 |
Level 3 | Recurring | Median | 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 | 0.93 |
Level 3 | Recurring | Median | 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 | 0.08 |
Level 3 | Recurring | Median | 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) | 0.01 |
Level 3 | Recurring | Median | 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 | 0.54 | 0.56 |
Level 3 | Recurring | Median | 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 | 0.63 | 0.59 |
Level 3 | Recurring | Median | 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 | |
Level 3 | Nonrecurring | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans | $ 1,576 | $ 3,134 |
Level 3 | Nonrecurring | Minimum | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0088 | |
Level 3 | Nonrecurring | Minimum | Corporate Loan Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0108 | 0.0036 |
Level 3 | Nonrecurring | Minimum | Warehouse Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0182 | 0.0200 |
Level 3 | Nonrecurring | Maximum | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0099 | |
Level 3 | Nonrecurring | Maximum | Corporate Loan Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0565 | 0.0636 |
Level 3 | Nonrecurring | Maximum | Warehouse Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0446 | 0.0413 |
Level 3 | Nonrecurring | Weighted Average | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0094 | |
Level 3 | Nonrecurring | Weighted Average | Corporate Loan Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0284 | 0.0336 |
Level 3 | Nonrecurring | Weighted Average | Warehouse Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0376 | 0.0368 |
Fair Values - Fund Interests Me
Fair Values - Fund Interests Measured Based on Net Asset Value (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Measured Based on Net Asset Value | ||
Carrying Value | $ 4,747 | $ 3,829 |
Commitment | 865 | 780 |
Private equity | ||
Measured Based on Net Asset Value | ||
Carrying Value | 2,492 | 2,367 |
Commitment | 615 | 644 |
Carrying Value of Nonredeemable Funds by Contractual Maturity | ||
Less than 5 years | 982 | |
5-10 years | 1,163 | |
Over 10 years | 347 | |
Total | 2,492 | |
Real estate | ||
Measured Based on Net Asset Value | ||
Carrying Value | 2,064 | 1,403 |
Commitment | 248 | 136 |
Carrying Value of Nonredeemable Funds by Contractual Maturity | ||
Less than 5 years | 403 | |
5-10 years | 1,283 | |
Over 10 years | 378 | |
Total | 2,064 | |
Hedge | ||
Measured Based on Net Asset Value | ||
Carrying Value | 191 | 59 |
Commitment | $ 2 | $ 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets at fair value | |||
Loans | $ 5,611 | $ 5,700 | |
Other assets—Other investments | 8 | 16 | |
Other assets—ROU assets | 16 | 21 | |
Total | 5,635 | 5,737 | |
Liabilities at fair value | |||
Other liabilities and accrued expenses—Lending commitments | 243 | 265 | |
Total | 243 | 265 | |
Assets | |||
Fair Value Adjustment Disclosure | |||
Gains (losses) from fair value remeasurements | (196) | (480) | $ (60) |
Loans | |||
Fair Value Adjustment Disclosure | |||
Gains (losses) from fair value remeasurements | (89) | (354) | 18 |
Goodwill | |||
Fair Value Adjustment Disclosure | |||
Gains (losses) from fair value remeasurements | (8) | 0 | 0 |
Intangibles | |||
Fair Value Adjustment Disclosure | |||
Gains (losses) from fair value remeasurements | (3) | (2) | 0 |
Other investments | |||
Fair Value Adjustment Disclosure | |||
Gains (losses) from fair value remeasurements | (57) | (56) | (56) |
Other assets—Premises, equipment and software | |||
Fair Value Adjustment Disclosure | |||
Gains (losses) from fair value remeasurements | (14) | (45) | (22) |
Other assets - ROU assets | |||
Fair Value Adjustment Disclosure | |||
Gains (losses) from fair value remeasurements | (25) | (23) | 0 |
Liabilities | |||
Fair Value Adjustment Disclosure | |||
Gains (losses) from fair value remeasurements | 37 | (5) | 87 |
Other liabilities and accrued expenses—Lending commitments | |||
Fair Value Adjustment Disclosure | |||
Gains (losses) from fair value remeasurements | 37 | (5) | $ 87 |
Level 2 | |||
Assets at fair value | |||
Loans | 4,035 | 2,566 | |
Other assets—Other investments | 0 | 0 | |
Other assets—ROU assets | 16 | 21 | |
Total | 4,051 | 2,587 | |
Liabilities at fair value | |||
Other liabilities and accrued expenses—Lending commitments | 173 | 193 | |
Total | 173 | 193 | |
Level 3 | |||
Assets at fair value | |||
Loans | 1,576 | 3,134 | |
Other assets—Other investments | 8 | 16 | |
Other assets—ROU assets | 0 | 0 | |
Total | 1,584 | 3,150 | |
Liabilities at fair value | |||
Other liabilities and accrued expenses—Lending commitments | 70 | 72 | |
Total | $ 70 | $ 72 |
Fair Values - Financial Instrum
Fair Values - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Assets | ||
Securities borrowed | $ 129,713 | $ 112,391 |
Customer and other receivables | 96,018 | 97,737 |
Financing Receivable, after Allowance for Credit Loss | 174,302 | 137,784 |
Financial Liabilities | ||
Deposits | 347,574 | 310,782 |
Securities sold under agreements to repurchase from affiliates | 62,188 | 50,587 |
Securities loaned | 12,299 | 7,731 |
Other secured financings | 10,041 | 15,863 |
Customer and other payables | 228,685 | 227,437 |
Borrowings | 233,127 | 217,079 |
Carrying Value | ||
Financial Assets | ||
Cash and cash equivalents | 127,725 | 105,654 |
Investment securities - HTM | 80,168 | 71,771 |
Securities purchased under agreements to resell | 119,992 | 116,219 |
Securities borrowed | 129,713 | 112,391 |
Customer and other receivables | 91,664 | 92,907 |
Financing Receivable, after Allowance for Credit Loss | 188,134 | 150,597 |
Other assets | 528 | 485 |
Financial Liabilities | ||
Deposits | 345,634 | 307,261 |
Securities sold under agreements to repurchase from affiliates | 61,397 | 49,472 |
Securities loaned | 12,299 | 7,731 |
Other secured financings | 4,908 | 4,162 |
Customer and other payables | 228,631 | 224,951 |
Borrowings | 156,787 | 143,378 |
Additional Disclosures | ||
Lending commitments | 133,519 | 125,498 |
Fair Value | ||
Financial Assets | ||
Cash and cash equivalents | 127,725 | 105,654 |
Investment securities - HTM | 79,882 | 74,420 |
Securities purchased under agreements to resell | 119,997 | 116,219 |
Securities borrowed | 129,713 | 112,392 |
Customer and other receivables | 91,533 | 92,873 |
Financing Receivable, after Allowance for Credit Loss | 189,490 | 151,912 |
Other assets | 528 | 485 |
Financial Liabilities | ||
Deposits | 345,911 | 307,807 |
Securities sold under agreements to repurchase from affiliates | 61,419 | 49,510 |
Securities loaned | 12,296 | 7,731 |
Other secured financings | 4,910 | 4,162 |
Customer and other payables | 228,631 | 224,951 |
Borrowings | 162,158 | 150,829 |
Additional Disclosures | ||
Lending commitments | 1,360 | 1,104 |
Fair Value | Level 1 | ||
Financial Assets | ||
Cash and cash equivalents | 127,725 | 105,654 |
Investment securities - HTM | 29,454 | 31,239 |
Securities purchased under agreements to resell | 0 | 0 |
Securities borrowed | 0 | 0 |
Customer and other receivables | 0 | 0 |
Financing Receivable, after Allowance for Credit Loss | 0 | 0 |
Other assets | 0 | 0 |
Financial Liabilities | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase from affiliates | 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 | 49,352 | 42,281 |
Securities purchased under agreements to resell | 117,922 | 114,046 |
Securities borrowed | 129,713 | 112,392 |
Customer and other receivables | 88,091 | 89,832 |
Financing Receivable, after Allowance for Credit Loss | 25,706 | 16,635 |
Other assets | 528 | 485 |
Financial Liabilities | ||
Deposits | 345,911 | 307,807 |
Securities sold under agreements to repurchase from affiliates | 61,419 | 49,315 |
Securities loaned | 12,296 | 7,731 |
Other secured financings | 4,910 | 4,162 |
Customer and other payables | 228,631 | 224,951 |
Borrowings | 162,154 | 150,824 |
Additional Disclosures | ||
Lending commitments | 890 | 709 |
Fair Value | Level 3 | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Investment securities - HTM | 1,076 | 900 |
Securities purchased under agreements to resell | 2,075 | 2,173 |
Securities borrowed | 0 | 0 |
Customer and other receivables | 3,442 | 3,041 |
Financing Receivable, after Allowance for Credit Loss | 163,784 | 135,277 |
Other assets | 0 | 0 |
Financial Liabilities | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase from affiliates | 0 | 195 |
Securities loaned | 0 | 0 |
Other secured financings | 0 | 0 |
Customer and other payables | 0 | 0 |
Borrowings | 4 | 5 |
Additional Disclosures | ||
Lending commitments | $ 470 | $ 395 |
Fair Value Option - Borrowings
Fair Value Option - Borrowings Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Measurements | ||
Borrowings at fair value | $ 76,340 | $ 73,701 |
Recurring | ||
Fair Value Measurements | ||
Borrowings at fair value | 76,340 | 73,701 |
Recurring | Equity | ||
Fair Value Measurements | ||
Borrowings at fair value | 37,046 | 33,952 |
Recurring | Interest rates | ||
Fair Value Measurements | ||
Borrowings at fair value | 28,638 | 31,222 |
Recurring | Commodities | ||
Fair Value Measurements | ||
Borrowings at fair value | 7,837 | 5,078 |
Recurring | Credit | ||
Fair Value Measurements | ||
Borrowings at fair value | 1,347 | 1,344 |
Recurring | Foreign exchange | ||
Fair Value Measurements | ||
Borrowings at fair value | $ 1,472 | $ 2,105 |
Fair Value Option - Net Revenue
Fair Value Option - Net Revenues from Borrowings under the Fair Value Option (Details) - Borrowings - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Option Quantitative Disclosures | |||
Earnings impact | $ 594 | $ (5,476) | $ (7,307) |
Trading revenues | |||
Fair Value Option Quantitative Disclosures | |||
Earnings impact | 899 | (5,135) | (6,932) |
Interest expense | |||
Fair Value Option Quantitative Disclosures | |||
Earnings impact | $ 305 | $ 341 | $ 375 |
Fair Value Option - Gains (Loss
Fair Value Option - Gains (Losses) Due to Changes in Instrument-Specific Credit Risk (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value disclosure | |||
Cumulative pre-tax DVA gain (loss) recognized in AOCI | $ (2,439) | $ (3,357) | |
Loans and other receivables | OCI | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | 0 | 0 | $ 0 |
Loans and other receivables | Trading revenues | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | 278 | (116) | 223 |
Lending commitments | OCI | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | 0 | 0 | 0 |
Lending commitments | Trading revenues | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | 2 | (3) | (2) |
Deposits | OCI | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | 17 | (19) | (30) |
Deposits | Trading revenues | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | 0 | 0 | 0 |
Borrowings | OCI | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | 901 | (1,340) | (2,140) |
Borrowings | Trading revenues | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | $ (36) | $ (26) | (11) |
Other | OCI | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | 0 | ||
Other | Trading revenues | |||
Fair Value disclosure | |||
Gains (losses) due to changes in instrument-specific credit risk | $ 0 |
Fair Value Option - Difference
Fair Value Option - Difference Between Contractual Principal and Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Loans and other receivables | $ 12,633 | $ 14,042 |
Nonaccrual loans | 9,999 | 11,551 |
Borrowings | $ (2,106) | $ (3,773) |
Fair Value Option - Fair Value
Fair Value Option - Fair Value Loans on Nonaccrual Status (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Nonaccrual loans | $ 989 | $ 1,407 |
Nonaccrual loans 90 or more days past due | $ 363 | $ 239 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Values of Derivative Contracts (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Assets | ||
Total gross derivatives | $ 337,291 | $ 418,179 |
Amounts offset against counterparty netting | (254,430) | (323,543) |
Amounts offset against cash collateral netting | (44,707) | (56,786) |
Total in Trading assets | 38,154 | 37,850 |
Amounts not offset against financial instruments collateral | (10,457) | (13,319) |
Amounts not offset against other cash collateral | (391) | |
Net amounts | 27,697 | 24,140 |
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | 6,725 | 3,743 |
Derivative Liabilities | ||
Total gross derivatives | 333,504 | 420,416 |
Amounts offset against counterparty netting | (254,430) | (323,543) |
Amounts offset against cash collateral netting | (44,506) | (51,935) |
Total in Trading liabilities | 34,568 | 44,938 |
Amounts not offset against financial instruments collateral | (5,913) | (12,118) |
Amounts not offset against other cash collateral | (65) | |
Net amounts | 28,655 | 32,755 |
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | 6,194 | 6,746 |
Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 278,447 | 365,896 |
Amounts offset against counterparty netting | (201,729) | (276,682) |
Amounts offset against cash collateral netting | (43,495) | (54,921) |
Total in Trading assets | 33,223 | 34,293 |
Amounts not offset against financial instruments collateral | (10,457) | (13,319) |
Amounts not offset against other cash collateral | (391) | |
Net amounts | 22,766 | 20,583 |
Derivative Liabilities | ||
Total gross derivatives | 275,175 | 367,348 |
Amounts offset against counterparty netting | (201,729) | (276,682) |
Amounts offset against cash collateral netting | (43,305) | (51,112) |
Total in Trading liabilities | 30,141 | 39,554 |
Amounts not offset against financial instruments collateral | (5,866) | (10,598) |
Amounts not offset against other cash collateral | (62) | |
Net amounts | 24,275 | 28,894 |
Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 11,429 | 14,184 |
Amounts offset against counterparty netting | (9,818) | (11,601) |
Amounts offset against cash collateral netting | (1,212) | (1,865) |
Total in Trading assets | 399 | 718 |
Amounts not offset against financial instruments collateral | 0 | 0 |
Amounts not offset against other cash collateral | 0 | |
Net amounts | 399 | 718 |
Derivative Liabilities | ||
Total gross derivatives | 11,234 | 12,442 |
Amounts offset against counterparty netting | (9,818) | (11,601) |
Amounts offset against cash collateral netting | (1,201) | (823) |
Total in Trading liabilities | 215 | 18 |
Amounts not offset against financial instruments collateral | (8) | 0 |
Amounts not offset against other cash collateral | (3) | |
Net amounts | 207 | 15 |
Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 47,415 | 38,099 |
Amounts offset against counterparty netting | (42,883) | (35,260) |
Amounts offset against cash collateral netting | 0 | 0 |
Total in Trading assets | 4,532 | 2,839 |
Amounts not offset against financial instruments collateral | 0 | 0 |
Amounts not offset against other cash collateral | 0 | |
Net amounts | 4,532 | 2,839 |
Derivative Liabilities | ||
Total gross derivatives | 47,095 | 40,626 |
Amounts offset against counterparty netting | (42,883) | (35,260) |
Amounts offset against cash collateral netting | 0 | 0 |
Total in Trading liabilities | 4,212 | 5,366 |
Amounts not offset against financial instruments collateral | (39) | (1,520) |
Amounts not offset against other cash collateral | 0 | |
Net amounts | 4,173 | 3,846 |
Designated as accounting hedges | ||
Derivative Assets | ||
Total gross derivatives | 792 | 955 |
Derivative Liabilities | ||
Total gross derivatives | 194 | 409 |
Designated as accounting hedges | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 785 | 951 |
Derivative Liabilities | ||
Total gross derivatives | 143 | 291 |
Designated as accounting hedges | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 7 | 4 |
Derivative Liabilities | ||
Total gross derivatives | 51 | 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 | 595 | 948 |
Derivative Liabilities | ||
Total gross derivatives | 87 | 19 |
Designated as accounting hedges | Interest rate | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 594 | 946 |
Derivative Liabilities | ||
Total gross derivatives | 86 | 0 |
Designated as accounting hedges | Interest rate | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 1 | 2 |
Derivative Liabilities | ||
Total gross derivatives | 1 | 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 | 197 | 7 |
Derivative Liabilities | ||
Total gross derivatives | 107 | 390 |
Designated as accounting hedges | Foreign exchange | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 191 | 5 |
Derivative Liabilities | ||
Total gross derivatives | 57 | 291 |
Designated as accounting hedges | Foreign exchange | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 6 | 2 |
Derivative Liabilities | ||
Total gross derivatives | 50 | 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 | 336,499 | 417,224 |
Derivative Liabilities | ||
Total gross derivatives | 333,310 | 420,007 |
Not designated as accounting hedges | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 277,662 | 364,945 |
Derivative Liabilities | ||
Total gross derivatives | 275,032 | 367,057 |
Not designated as accounting hedges | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 11,422 | 14,180 |
Derivative Liabilities | ||
Total gross derivatives | 11,183 | 12,324 |
Not designated as accounting hedges | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 47,415 | 38,099 |
Derivative Liabilities | ||
Total gross derivatives | 47,095 | 40,626 |
Economic hedges of loans | Credit | ||
Derivative Assets | ||
Total gross derivatives | 15 | 53 |
Derivative Liabilities | ||
Total gross derivatives | 429 | 195 |
Economic hedges of loans | Credit | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 0 | 2 |
Derivative Liabilities | ||
Total gross derivatives | 17 | 18 |
Economic hedges of loans | Credit | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 15 | 51 |
Derivative Liabilities | ||
Total gross derivatives | 412 | 177 |
Economic hedges of loans | 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 | 154,970 | 232,538 |
Derivative Liabilities | ||
Total gross derivatives | 147,115 | 218,619 |
Other derivatives | Interest rate | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 147,585 | 221,895 |
Derivative Liabilities | ||
Total gross derivatives | 140,770 | 210,015 |
Other derivatives | Interest rate | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 7,002 | 10,343 |
Derivative Liabilities | ||
Total gross derivatives | 6,112 | 7,965 |
Other derivatives | Interest rate | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 383 | 300 |
Derivative Liabilities | ||
Total gross derivatives | 233 | 639 |
Other derivatives | Foreign exchange | ||
Derivative Assets | ||
Total gross derivatives | 74,534 | 94,052 |
Derivative Liabilities | ||
Total gross derivatives | 73,088 | 94,518 |
Other derivatives | Foreign exchange | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 73,276 | 92,334 |
Derivative Liabilities | ||
Total gross derivatives | 71,851 | 92,975 |
Other derivatives | Foreign exchange | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 1,219 | 1,639 |
Derivative Liabilities | ||
Total gross derivatives | 1,196 | 1,500 |
Other derivatives | Foreign exchange | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 39 | 79 |
Derivative Liabilities | ||
Total gross derivatives | 41 | 43 |
Other derivatives | Credit | ||
Derivative Assets | ||
Total gross derivatives | 8,935 | 7,488 |
Derivative Liabilities | ||
Total gross derivatives | 9,072 | 7,957 |
Other derivatives | Credit | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 5,749 | 5,341 |
Derivative Liabilities | ||
Total gross derivatives | 5,609 | 5,275 |
Other derivatives | Credit | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 3,186 | 2,147 |
Derivative Liabilities | ||
Total gross derivatives | 3,463 | 2,682 |
Other derivatives | Credit | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Other derivatives | Equity | ||
Derivative Assets | ||
Total gross derivatives | 70,332 | 68,444 |
Derivative Liabilities | ||
Total gross derivatives | 80,678 | 86,528 |
Other derivatives | Equity | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 28,877 | 34,278 |
Derivative Liabilities | ||
Total gross derivatives | 39,597 | 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 | 41,455 | 34,166 |
Derivative Liabilities | ||
Total gross derivatives | 41,081 | 36,585 |
Other derivatives | Commodity and other | ||
Derivative Assets | ||
Total gross derivatives | 27,713 | 14,649 |
Derivative Liabilities | ||
Total gross derivatives | 22,928 | 12,190 |
Other derivatives | Commodity and other | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 22,175 | 11,095 |
Derivative Liabilities | ||
Total gross derivatives | 17,188 | 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 | 5,538 | 3,554 |
Derivative Liabilities | ||
Total gross derivatives | $ 5,740 | $ 3,359 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Notionals of Derivative Contracts (Details) - USD ($) $ in Billions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Notional Amount | ||
Derivative assets | $ 16,183 | $ 15,706 |
Derivative liabilities | 16,626 | 16,280 |
Bilateral OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 7,736 | 7,592 |
Derivative liabilities | 8,080 | 7,901 |
Cleared OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 7,387 | 7,260 |
Derivative liabilities | 7,273 | 7,198 |
Exchange- Traded | ||
Derivatives, Notional Amount | ||
Derivative assets | 1,060 | 854 |
Derivative liabilities | 1,273 | 1,181 |
Designated as accounting hedges | ||
Derivatives, Notional Amount | ||
Derivative assets | 117 | 131 |
Derivative liabilities | 107 | 94 |
Designated as accounting hedges | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 108 | 129 |
Derivative liabilities | 99 | 80 |
Designated as accounting hedges | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 9 | 2 |
Derivative liabilities | 8 | 14 |
Designated as accounting hedges | Bilateral OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 12 | 8 |
Derivative liabilities | 5 | 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 | 8 | 2 |
Derivative liabilities | 5 | 11 |
Designated as accounting hedges | Cleared OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 105 | 123 |
Derivative liabilities | 102 | 83 |
Designated as accounting hedges | Cleared OTC | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 104 | 123 |
Derivative liabilities | 99 | 80 |
Designated as accounting hedges | Cleared OTC | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 1 | 0 |
Derivative liabilities | 3 | 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 | 16,066 | 15,575 |
Derivative liabilities | 16,519 | 16,186 |
Not designated as accounting hedges | Bilateral OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 7,724 | 7,584 |
Derivative liabilities | 8,075 | 7,890 |
Not designated as accounting hedges | Cleared OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 7,282 | 7,137 |
Derivative liabilities | 7,171 | 7,115 |
Not designated as accounting hedges | Exchange- Traded | ||
Derivatives, Notional Amount | ||
Derivative assets | 1,060 | 854 |
Derivative liabilities | 1,273 | 1,181 |
Economic hedges of loans | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 1 |
Derivative liabilities | 13 | 6 |
Economic hedges of loans | Bilateral OTC | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 1 | 1 |
Economic hedges of loans | Cleared OTC | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 1 |
Derivative liabilities | 12 | 5 |
Economic hedges of loans | Exchange- Traded | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Other derivatives | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 11,140 | 11,202 |
Derivative liabilities | 11,237 | 11,426 |
Other derivatives | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 3,491 | 3,159 |
Derivative liabilities | 3,460 | 3,293 |
Other derivatives | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 321 | 227 |
Derivative liabilities | 331 | 235 |
Other derivatives | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 902 | 811 |
Derivative liabilities | 1,287 | 1,065 |
Other derivatives | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 212 | 175 |
Derivative liabilities | 191 | 161 |
Other derivatives | Bilateral OTC | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 3,488 | 3,847 |
Derivative liabilities | 3,827 | 4,000 |
Other derivatives | Bilateral OTC | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 3,386 | 3,046 |
Derivative liabilities | 3,360 | 3,180 |
Other derivatives | Bilateral OTC | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 216 | 140 |
Derivative liabilities | 225 | 142 |
Other derivatives | Bilateral OTC | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 495 | 444 |
Derivative liabilities | 552 | 474 |
Other derivatives | Bilateral OTC | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 139 | 107 |
Derivative liabilities | 110 | 93 |
Other derivatives | Cleared OTC | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 7,082 | 6,946 |
Derivative liabilities | 6,965 | 6,915 |
Other derivatives | Cleared OTC | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 95 | 103 |
Derivative liabilities | 88 | 102 |
Other derivatives | Cleared OTC | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 105 | 87 |
Derivative liabilities | 106 | 93 |
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 | 570 | 409 |
Derivative liabilities | 445 | 511 |
Other derivatives | Exchange- Traded | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 10 | 10 |
Derivative liabilities | 12 | 11 |
Other derivatives | Exchange- Traded | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Other derivatives | Exchange- Traded | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 407 | 367 |
Derivative liabilities | 735 | 591 |
Other derivatives | Exchange- Traded | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 73 | 68 |
Derivative liabilities | $ 81 | $ 68 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Gains (Losses) on Accounting Hedges and Fair Value Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investment Securities—AFS | |||
Investment Securities—AFS and Deposits | |||
Amortized cost basis currently/ carrying amount currently or previously hedged | $ 17,902 | $ 16,288 | |
Basis adjustments included in amortized cost/ carrying amount | (591) | (39) | |
Deposits | |||
Investment Securities—AFS and Deposits | |||
Amortized cost basis currently/ carrying amount currently or previously hedged | 6,279 | 15,059 | |
Basis adjustments included in amortized cost/ carrying amount | 5 | 93 | |
Borrowings | |||
Borrowings | |||
Carrying amount currently or previously hedged | 122,919 | 114,349 | |
Basis adjustments included in carrying amount—Outstanding hedges | 2,324 | 6,575 | |
Basis adjustments included in carrying amount—Terminated hedges | (743) | (756) | |
Fair Value Hedges | Interest Income | Interest rate | |||
Gain (Loss) on Fair Value Hedges Recognized in Interest Income / Expense | |||
Gains (losses) recognized in Interest Income / Expense | 742 | 75 | $ (10) |
Fair Value Hedges | Interest Income | Investment Securities—AFS | |||
Gain (Loss) on Fair Value Hedges Recognized in Interest Income / Expense | |||
Gains (losses) recognized in Interest Income / Expense | (629) | (33) | 10 |
Fair Value Hedges | Interest expense | Interest rate | |||
Gain (Loss) on Fair Value Hedges Recognized in Interest Income / Expense | |||
Gains (losses) recognized in Interest Income / Expense | (4,306) | 4,678 | 4,212 |
Fair Value Hedges | Interest expense | Deposits | |||
Gain (Loss) on Fair Value Hedges Recognized in Interest Income / Expense | |||
Gains (losses) recognized in Interest Income / Expense | 88 | (100) | 7 |
Fair Value Hedges | Interest expense | Borrowings | |||
Gain (Loss) on Fair Value Hedges Recognized in Interest Income / Expense | |||
Gains (losses) recognized in Interest Income / Expense | 4,214 | (4,692) | (4,288) |
Net Investment Hedges | Foreign exchange | |||
Net Investment Hedges | |||
Recognized in OCI | 664 | (366) | 14 |
Forward points excluded from hedge effectiveness testing—Recognized in Interest income | $ (53) | $ 16 | $ 136 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Gains (Losses) on Economic Loan Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Credit derivatives | Economic hedges of loans | |||
Derivative [Line Items] | |||
Gain (loss) on derivative recognized in Other Revenues | $ (285) | $ 9 | $ (179) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Credit Risk-Related Contingencies (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives | ||
Net derivative liabilities with credit risk-related contingent features | $ 20,548 | $ 30,421 |
Collateral posted | 14,789 | $ 23,842 |
Bilateral Downgrade Agreement | ||
Derivatives | ||
Incremental collateral or termination payments upon potential future ratings downgrade | 477 | |
One-notch downgrade | ||
Derivatives | ||
Incremental collateral or termination payments upon potential future ratings downgrade | 234 | |
Two-notch downgrade | ||
Derivatives | ||
Incremental collateral or termination payments upon potential future ratings downgrade | $ 357 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Maximum Potential Payout/Notional of Credit Protection Sold (Details) - Credit Protection Sold - USD ($) $ in Billions | Dec. 31, 2021 | Dec. 31, 2020 |
Credit Derivatives | ||
Maximum potential payout/notional | $ 317 | $ 223 |
Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 26 | 24 |
1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 64 | 43 |
3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 189 | 117 |
Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 38 | 39 |
CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 317 | 223 |
CDS protection sold with identical protection purchased | 278 | 196 |
CDS | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 26 | 24 |
CDS | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 64 | 43 |
CDS | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 189 | 117 |
CDS | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 38 | 39 |
Single-name CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 111 | 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 | 39 | 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 | 74 | 69 |
Single-name CDS | Investment grade | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 10 | 9 |
Single-name CDS | Investment grade | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 26 | 19 |
Single-name CDS | Investment grade | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 29 | 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 | 37 | 36 |
Single-name CDS | Non-investment grade | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 5 | 7 |
Single-name CDS | Non-investment grade | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 13 | 10 |
Single-name CDS | Non-investment grade | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 17 | 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 | 206 | 118 |
Index and basket CDS | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 11 | 8 |
Index and basket CDS | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 25 | 14 |
Index and basket CDS | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 143 | 68 |
Index and basket CDS | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 27 | 28 |
Index and basket CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 134 | 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 | 11 | 5 |
Index and basket CDS | Investment grade | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 106 | 39 |
Index and basket CDS | Investment grade | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 15 | 14 |
Index and basket CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 72 | 58 |
Index and basket CDS | Non-investment grade | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 9 | 6 |
Index and basket CDS | Non-investment grade | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 14 | 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 | 12 | 14 |
Other credit contracts | ||
Credit Derivatives | ||
Maximum potential payout/notional | 0 | 0 |
Other credit contracts | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 0 | 0 |
Other credit contracts | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 0 | 0 |
Other credit contracts | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 0 | 0 |
Other credit contracts | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | $ 0 | $ 0 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities - Fair Value Asset/(Liability) of Credit Protection Sold (Details) - Credit Protection Sold - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Credit Derivatives | ||
Fair Value Asset (Liability) | $ 1,798 | $ 1,223 |
CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 1,801 | 1,227 |
Single-name CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 1,058 | 1,208 |
Single-name CDS | Investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 1,428 | 1,230 |
Single-name CDS | Non-investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (370) | (22) |
Index and basket CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 743 | 19 |
Index and basket CDS | Investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 1,393 | 843 |
Index and basket CDS | Non-investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (650) | (824) |
Other credit contracts | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | $ (3) | $ (4) |
Derivative Instruments and H_10
Derivative Instruments and Hedging Activities - Protection Purchased with CDS (Details) - Protection Purchased - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
CDS | ||
Credit Derivatives | ||
Notional | $ 348,000 | $ 246,000 |
Fair Value Asset (Liability) | (2,352) | (1,838) |
Single name | ||
Credit Derivatives | ||
Notional | 126,000 | 116,000 |
Fair Value Asset (Liability) | (1,338) | (1,452) |
Index and basket | ||
Credit Derivatives | ||
Notional | 204,000 | 116,000 |
Fair Value Asset (Liability) | (563) | (57) |
Tranched index and basket | ||
Credit Derivatives | ||
Notional | 18,000 | 14,000 |
Fair Value Asset (Liability) | $ (451) | $ (329) |
Investment Securities - AFS and
Investment Securities - AFS and HTM Securities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
AFS securities | ||
AFS securities: Amortized cost, total | $ 102,515 | $ 108,055 |
Gross Unrealized Gains | 954 | 2,389 |
Gross Unrealized Losses | 639 | 61 |
Fair Value | 102,830 | 110,383 |
HTM securities | ||
Amortized Cost | 80,168 | 71,771 |
Gross Unrealized Gains | 1,079 | 2,659 |
Gross Unrealized Losses | 1,365 | 10 |
Fair Value | 79,882 | 74,420 |
Amortized Cost | 182,683 | 179,826 |
Gross Unrealized Gains | 2,033 | 5,048 |
Gross Unrealized Losses | 2,004 | 71 |
Fair Value | 182,712 | 184,803 |
U.S. Treasury securities | ||
AFS securities | ||
AFS securities: Amortized cost, total | 58,974 | 45,345 |
Gross Unrealized Gains | 343 | 1,010 |
Gross Unrealized Losses | 296 | 0 |
Fair Value | 59,021 | 46,355 |
HTM securities | ||
Amortized Cost | 28,653 | 29,346 |
Gross Unrealized Gains | 882 | 1,893 |
Gross Unrealized Losses | 81 | 0 |
Fair Value | 29,454 | 31,239 |
U.S. agency securities | ||
AFS securities | ||
AFS securities: Amortized cost, total | 26,780 | 37,389 |
Gross Unrealized Gains | 274 | 762 |
Gross Unrealized Losses | 241 | 25 |
Fair Value | 26,813 | 38,126 |
HTM securities | ||
Amortized Cost | 48,195 | 38,951 |
Gross Unrealized Gains | 169 | 704 |
Gross Unrealized Losses | 1,228 | 8 |
Fair Value | 47,136 | 39,647 |
Agency CMBS | ||
AFS securities | ||
AFS securities: Amortized cost, total | 14,476 | 19,982 |
Gross Unrealized Gains | 289 | 465 |
Gross Unrealized Losses | 89 | 9 |
Fair Value | 14,676 | 20,438 |
HTM securities | ||
Amortized Cost | 2,267 | 2,632 |
Gross Unrealized Gains | 0 | 4 |
Gross Unrealized Losses | 51 | 2 |
Fair Value | 2,216 | 2,634 |
Non-agency CMBS | ||
HTM securities | ||
Amortized Cost | 1,053 | 842 |
Gross Unrealized Gains | 28 | 58 |
Gross Unrealized Losses | 5 | 0 |
Fair Value | 1,076 | 900 |
Corporate bonds | ||
AFS securities | ||
AFS securities: Amortized cost, total | 1,694 | |
Gross Unrealized Gains | 42 | |
Gross Unrealized Losses | 0 | |
Fair Value | 1,736 | |
State and municipal securities | ||
AFS securities | ||
AFS securities: Amortized cost, total | 613 | 1,461 |
Gross Unrealized Gains | 37 | 103 |
Gross Unrealized Losses | 2 | 1 |
Fair Value | 648 | 1,563 |
FFELP student loan ABS | ||
AFS securities | ||
AFS securities: Amortized cost, total | 1,672 | 1,735 |
Gross Unrealized Gains | 11 | 7 |
Gross Unrealized Losses | 11 | 26 |
Fair Value | $ 1,672 | $ 1,716 |
HTM securities | ||
Third party guarantees (as a percent) | 95.00% | 95.00% |
Other ABS | ||
AFS securities | ||
AFS securities: Amortized cost, total | $ 449 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | $ 449 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Non-agency CMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Allowance for credit loss related to held-to-maturity securities | $ 33 | $ 26 |
Investment Securities - Investm
Investment Securities - Investment Securities in an Unrealized Loss Position (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
AFS: Fair Value, Less than 12 Months | $ 46,955 | $ 8,824 |
AFS: Fair Value, 12 Months or Longer | 1,775 | 2,358 |
AFS: Fair Value, Total | 48,730 | 11,182 |
AFS: Gross Unrealized Losses, Less than 12 Months | 607 | 31 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 32 | 30 |
AFS: Gross Unrealized Losses, Total | 639 | 61 |
U.S. Treasury securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
AFS: Fair Value, Less than 12 Months | 31,459 | 151 |
AFS: Fair Value, Total | 31,459 | 151 |
AFS: Gross Unrealized Losses, Less than 12 Months | 296 | 0 |
AFS: Gross Unrealized Losses, Total | 296 | 0 |
U.S. agency securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
AFS: Fair Value, Less than 12 Months | 12,283 | 5,808 |
AFS: Fair Value, 12 Months or Longer | 1,167 | 1,168 |
AFS: Fair Value, Total | 13,450 | 6,976 |
AFS: Gross Unrealized Losses, Less than 12 Months | 219 | 22 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 22 | 3 |
AFS: Gross Unrealized Losses, Total | 241 | 25 |
Agency CMBS | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
AFS: Fair Value, Less than 12 Months | 2,872 | 2,779 |
AFS: Fair Value, 12 Months or Longer | 10 | 46 |
AFS: Fair Value, Total | 2,882 | 2,825 |
AFS: Gross Unrealized Losses, Less than 12 Months | 89 | 9 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 0 | 0 |
AFS: Gross Unrealized Losses, Total | 89 | 9 |
State and municipal securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
AFS: Fair Value, Less than 12 Months | 21 | 86 |
AFS: Fair Value, 12 Months or Longer | 7 | 36 |
AFS: Fair Value, Total | 28 | 122 |
AFS: Gross Unrealized Losses, Less than 12 Months | 2 | 0 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 0 | 1 |
AFS: Gross Unrealized Losses, Total | 2 | 1 |
FFELP student loan ABS | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
AFS: Fair Value, Less than 12 Months | 320 | 0 |
AFS: Fair Value, 12 Months or Longer | 591 | 1,077 |
AFS: Fair Value, Total | 911 | 1,077 |
AFS: Gross Unrealized Losses, Less than 12 Months | 1 | 0 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 10 | 26 |
AFS: Gross Unrealized Losses, Total | $ 11 | $ 26 |
Investment Securities - Inves_2
Investment Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Amortized Cost | ||
AFS securities: Amortized cost, total | $ 102,515 | $ 108,055 |
HTM securities: Net carrying amount, total | 80,168 | 71,771 |
Investment securities: Amortized cost, total | 182,683 | 179,826 |
Fair Value | ||
AFS securities: Fair value, total | 102,830 | 110,383 |
HTM securities: Fair value, total | 79,882 | 74,420 |
Investment securities: Fair value, total | $ 182,712 | 184,803 |
Annualized Average Yield2 | ||
AFS securities: Annualized average yield, total (as a percent) | 1.30% | |
HTM securities: Annualized average yield, total (as a percent) | 1.80% | |
Investment securities: Annualized average yield, total (as a percent) | 1.50% | |
U.S. Treasury securities | ||
Amortized Cost | ||
AFS securities: Amortized cost, due within 1 year | $ 8,957 | |
AFS securities: Amortized cost, after 1 year through 5 years | 41,374 | |
AFS securities: Amortized cost, after 5 years through 10 years | 8,643 | |
AFS securities: Amortized cost, total | 58,974 | 45,345 |
HTM securities: Net carrying amount, due within 1 year | 4,147 | |
HTM securities: Net carrying amount, after 1 year through 5 years | 17,615 | |
HTM securities: Net carrying amount, after 5 year through 10 years | 5,328 | |
HTM securities: Net carrying amount, after 10 years | 1,563 | |
HTM securities: Net carrying amount, total | 28,653 | 29,346 |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 9,017 | |
AFS securities: Fair value, after 1 year through 5 years | 41,350 | |
AFS securities: Fair value, after 5 years through 10 years | 8,654 | |
AFS securities: Fair value, total | 59,021 | 46,355 |
HTM securities: Fair value, due within 1 year | 4,181 | |
HTM securities: Fair value, after 1 year through 5 years | 17,927 | |
HTM securities: Fair value, after 5 years through 10 years | 5,662 | |
HTM securities: Fair value, after 10 years | 1,684 | |
HTM securities: Fair value, total | $ 29,454 | 31,239 |
Annualized Average Yield2 | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 1.70% | |
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 1.00% | |
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) | 2.30% | |
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 | 191 | |
AFS securities: Amortized cost, after 5 years through 10 years | 1,231 | |
AFS securities: Amortized cost, after 10 years | 25,357 | |
AFS securities: Amortized cost, total | 26,780 | 37,389 |
HTM securities: Net carrying amount, after 5 year through 10 years | 491 | |
HTM securities: Net carrying amount, after 10 years | 47,704 | |
HTM securities: Net carrying amount, total | 48,195 | 38,951 |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 1 | |
AFS securities: Fair value, after 1 year through 5 years | 194 | |
AFS securities: Fair value, after 5 years through 10 years | 1,254 | |
AFS securities: Fair value, after 10 years | 25,364 | |
AFS securities: Fair value, total | 26,813 | 38,126 |
HTM securities: Fair value, after 5 years through 10 years | 503 | |
HTM securities: Fair value, after 10 years | 46,633 | |
HTM securities: Fair value, total | $ 47,136 | 39,647 |
Annualized Average Yield2 | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 1.20% | |
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) | 1.80% | |
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 | $ 226 | |
AFS securities: Amortized cost, after 1 year through 5 years | 2,562 | |
AFS securities: Amortized cost, after 5 years through 10 years | 9,072 | |
AFS securities: Amortized cost, after 10 years | 2,616 | |
AFS securities: Amortized cost, total | 14,476 | 19,982 |
HTM securities: Net carrying amount, due within 1 year | 45 | |
HTM securities: Net carrying amount, after 1 year through 5 years | 1,263 | |
HTM securities: Net carrying amount, after 5 year through 10 years | 808 | |
HTM securities: Net carrying amount, after 10 years | 151 | |
HTM securities: Net carrying amount, total | 2,267 | 2,632 |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 227 | |
AFS securities: Fair value, after 1 year through 5 years | 2,598 | |
AFS securities: Fair value, after 5 years through 10 years | 9,302 | |
AFS securities: Fair value, after 10 years | 2,549 | |
AFS securities: Fair value, total | 14,676 | 20,438 |
HTM securities: Fair value, due within 1 year | 45 | |
HTM securities: Fair value, after 1 year through 5 years | 1,240 | |
HTM securities: Fair value, after 5 years through 10 years | 784 | |
HTM securities: Fair value, after 10 years | 147 | |
HTM securities: Fair value, total | $ 2,216 | 2,634 |
Annualized Average Yield2 | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 1.70% | |
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) | 1.40% | |
HTM securities: Annualized average yield, due within 1 year (as a percent) | 1.10% | |
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 | 109 | |
HTM securities: Net carrying amount, after 5 year through 10 years | 753 | |
HTM securities: Net carrying amount, after 10 years | 40 | |
HTM securities: Net carrying amount, total | 1,053 | 842 |
Fair Value | ||
HTM securities: Fair value, due within 1 year | 151 | |
HTM securities: Fair value, after 1 year through 5 years | 111 | |
HTM securities: Fair value, after 5 years through 10 years | 772 | |
HTM securities: Fair value, after 10 years | 42 | |
HTM securities: Fair value, total | $ 1,076 | 900 |
Annualized Average Yield2 | ||
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) | 3.10% | |
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent) | 3.50% | |
HTM securities: Annualized average yield, after 10 year (as a percent) | 4.20% | |
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 | 26 | |
AFS securities: Amortized cost, after 5 years through 10 years | 59 | |
AFS securities: Amortized cost, after 10 years | 524 | |
AFS securities: Amortized cost, total | 613 | 1,461 |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 4 | |
AFS securities: Fair value, after 1 year through 5 years | 28 | |
AFS securities: Fair value, after 5 years through 10 years | 68 | |
AFS securities: Fair value, after 10 years | 548 | |
AFS securities: Fair value, total | $ 648 | 1,563 |
Annualized Average Yield2 | ||
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) | 1.90% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 2.10% | |
AFS securities: Annualized average yield, after 10 years (as a percent) | 2.20% | |
FFELP student loan ABS | ||
Amortized Cost | ||
AFS securities: Amortized cost, due within 1 year | $ 31 | |
AFS securities: Amortized cost, after 1 year through 5 years | 162 | |
AFS securities: Amortized cost, after 5 years through 10 years | 143 | |
AFS securities: Amortized cost, after 10 years | 1,336 | |
AFS securities: Amortized cost, total | 1,672 | 1,735 |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 30 | |
AFS securities: Fair value, after 1 year through 5 years | 158 | |
AFS securities: Fair value, after 5 years through 10 years | 139 | |
AFS securities: Fair value, after 10 years | 1,345 | |
AFS securities: Fair value, total | $ 1,672 | $ 1,716 |
Annualized Average Yield2 | ||
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) | 0.80% | |
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 and Losses on Sales of AFS Securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AFS securities | |||
Gross realized gains | $ 237 | $ 168 | $ 113 |
Gross realized (losses) | (27) | (31) | (10) |
Total | $ 210 | $ 137 | $ 103 |
Collateralized Transactions - O
Collateralized Transactions - Offsetting of Certain Collateralized Transactions (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Securities purchased under agreements to resell | ||
Gross Amounts | $ 197,486 | $ 264,140 |
Amounts Offset | (77,487) | (147,906) |
Balance Sheet Net Amounts | 119,999 | 116,234 |
Amounts Not Offset | (106,896) | (114,108) |
Net Amounts | 13,103 | 2,126 |
Securities borrowed | ||
Gross Amounts | 139,395 | 124,921 |
Amounts Offset | (9,682) | (12,530) |
Balance Sheet Net Amounts | 129,713 | 112,391 |
Amounts Not Offset | (124,028) | (107,434) |
Net Amounts | 5,685 | 4,957 |
Securities sold under agreements to repurchase | ||
Gross Amounts | 139,675 | 198,493 |
Amounts Offset | (77,487) | (147,906) |
Balance Sheet Net Amounts | 62,188 | 50,587 |
Amounts Not Offset | (53,692) | (43,960) |
Net Amounts | 8,496 | 6,627 |
Securities loaned | ||
Gross Amounts | 21,981 | 20,261 |
Amounts Offset | (9,682) | (12,530) |
Balance Sheet Net Amounts | 12,299 | 7,731 |
Amounts Not Offset | (12,019) | (7,430) |
Net Amounts | 280 | 301 |
Net amounts for which master netting agreements are not in place or may not be legally enforceable | ||
Securities purchased under agreements to resell | 12,514 | 1,870 |
Securities borrowed | 1,041 | 596 |
Securities sold under agreements to repurchase | 8,295 | 6,282 |
Securities loaned | $ 139 | $ 128 |
Collateralized Transactions - G
Collateralized Transactions - Gross Secured Financing Balances (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | $ 139,675 | $ 198,493 |
Securities loaned | 21,981 | 20,261 |
Total included in the offsetting disclosure | 161,656 | 218,754 |
Trading liabilities—Obligation to return securities received as collateral | 30,104 | 16,389 |
Total | 191,760 | 235,143 |
U.S. government and agency securities | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 30,790 | 94,662 |
Other sovereign government obligations | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 73,063 | 71,140 |
Securities loaned | 748 | 3,430 |
Corporate equities | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 25,881 | 24,692 |
Securities loaned | 20,656 | 16,536 |
Trading liabilities—Obligation to return securities received as collateral | 30,048 | 16,365 |
Other | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 9,941 | 7,999 |
Securities loaned | 577 | 295 |
Trading liabilities—Obligation to return securities received as collateral | 56 | 24 |
Overnight and Open | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 29,271 | 84,349 |
Securities loaned | 11,480 | 15,267 |
Total included in the offsetting disclosure | 40,751 | 99,616 |
Trading liabilities—Obligation to return securities received as collateral | 30,104 | 16,389 |
Total | 70,855 | 116,005 |
Less than 30 Days | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 53,987 | 60,853 |
Securities loaned | 364 | 247 |
Total included in the offsetting disclosure | 54,351 | 61,100 |
Trading liabilities—Obligation to return securities received as collateral | 0 | 0 |
Total | 54,351 | 61,100 |
30-90 Days | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 17,099 | 26,221 |
Securities loaned | 650 | 0 |
Total included in the offsetting disclosure | 17,749 | 26,221 |
Trading liabilities—Obligation to return securities received as collateral | 0 | 0 |
Total | 17,749 | 26,221 |
Over 90 Days | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 39,318 | 27,070 |
Securities loaned | 9,487 | 4,747 |
Total included in the offsetting disclosure | 48,805 | 31,817 |
Trading liabilities—Obligation to return securities received as collateral | 0 | 0 |
Total | $ 48,805 | $ 31,817 |
Collateralized Transactions - A
Collateralized Transactions - Assets Loaned or Pledged (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Collateralized Agreements [Abstract] | ||
Trading assets | $ 32,458 | $ 30,954 |
Collateralized Transactions - C
Collateralized Transactions - Collateral Received (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Collateralized Agreements [Abstract] | ||
Collateral received with right to sell or repledge | $ 672,104 | $ 724,818 |
Collateral that was sold or repledged | $ 510,000 | $ 523,648 |
Collateralized Transactions - S
Collateralized Transactions - Securities Segregated for Regulatory Purposes (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Collateralized Agreements [Abstract] | ||
Segregated securities | $ 20,092 | $ 34,106 |
Collateralized Transactions -_2
Collateralized Transactions - Concentration Based on the Firm's Total Assets (Details) - U.S. government and agency securities and other sovereign government obligations - Product Concentration Risk | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Trading assets | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Concentration risk (as a percent) | 9.00% | 10.00% |
Off balance sheet—Collateral received | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Concentration risk (as a percent) | 12.00% | 12.00% |
Collateralized Transactions -_3
Collateralized Transactions - Customer Margin and Other Lending (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Collateralized Agreements [Abstract] | ||
Margin and other lending | $ 71,532 | $ 74,714 |
Loans, Lending Commitments an_3
Loans, Lending Commitments and Related Allowance for Credit Losses - Loans by Type (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loans Held for Investment | ||||
Loans held for investment, before allowance | $ 174,956 | $ 138,619 | ||
ACL | (654) | (835) | $ (349) | $ (238) |
Loans held for investment, net | 174,302 | 137,784 | ||
Loans Held for Sale | ||||
Loans held for sale, before allowance | 13,832 | 12,813 | ||
Loans held for sale, net | 13,832 | 12,813 | ||
Total Loans | ||||
Total loans | 188,788 | 151,432 | ||
ACL | (654) | (835) | (349) | (238) |
Total loans, net | 188,134 | 150,597 | ||
Loans to non-U.S. borrowers, net | 24,322 | 21,081 | ||
Corporate | ||||
Loans Held for Investment | ||||
Loans held for investment, before allowance | 5,567 | 6,046 | ||
ACL | (165) | (309) | (115) | (62) |
Loans Held for Sale | ||||
Loans held for sale, before allowance | 8,107 | 8,580 | ||
Total Loans | ||||
Total loans | 13,674 | 14,626 | ||
ACL | (165) | (309) | (115) | (62) |
Secured lending facilities | ||||
Loans Held for Investment | ||||
Loans held for investment, before allowance | 31,471 | 25,727 | ||
ACL | (163) | (198) | (101) | (60) |
Loans Held for Sale | ||||
Loans held for sale, before allowance | 3,879 | 3,296 | ||
Total Loans | ||||
Total loans | 35,350 | 29,023 | ||
ACL | (163) | (198) | (101) | (60) |
Commercial real estate | ||||
Loans Held for Investment | ||||
Loans held for investment, before allowance | 7,227 | 7,346 | ||
ACL | (206) | (211) | (75) | (67) |
Loans Held for Sale | ||||
Loans held for sale, before allowance | 1,777 | 822 | ||
Total Loans | ||||
Total loans | 9,004 | 8,168 | ||
ACL | (206) | (211) | (75) | (67) |
Residential real estate | ||||
Loans Held for Investment | ||||
Loans held for investment, before allowance | 44,251 | 35,268 | ||
ACL | (60) | (59) | (25) | (20) |
Loans Held for Sale | ||||
Loans held for sale, before allowance | 7 | 48 | ||
Total Loans | ||||
Total loans | 44,258 | 35,316 | ||
ACL | (60) | (59) | (25) | (20) |
Securities-based lending and Other loans | ||||
Loans Held for Investment | ||||
Loans held for investment, before allowance | 86,440 | 64,232 | ||
ACL | (60) | (58) | (33) | (29) |
Loans Held for Sale | ||||
Loans held for sale, before allowance | 62 | 67 | ||
Total Loans | ||||
Total loans | 86,502 | 64,299 | ||
ACL | $ (60) | $ (58) | $ (33) | $ (29) |
Loans, Lending Commitments an_4
Loans, Lending Commitments and Related Allowance for Credit Losses - Loans by Interest Rate Type (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed Rate | $ 42,141 | $ 32,863 |
Floating or Adjustable Rate | 146,647 | 118,569 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed Rate | 0 | 0 |
Floating or Adjustable Rate | 13,674 | 14,626 |
Secured lending facilities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed Rate | 0 | 196 |
Floating or Adjustable Rate | 35,350 | 28,827 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed Rate | 343 | 574 |
Floating or Adjustable Rate | 8,661 | 7,594 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed Rate | 18,966 | 13,120 |
Floating or Adjustable Rate | 25,292 | 22,196 |
Securities-based lending and Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed Rate | 22,832 | 18,973 |
Floating or Adjustable Rate | $ 63,670 | $ 45,326 |
Loans, Lending Commitments an_5
Loans, Lending Commitments and Related Allowance for Credit Losses - Loans Held for Investment before Allowance by Origination Year (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 174,956 | $ 138,619 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 4,684 | 4,369 |
Current fiscal year | 85 | 665 |
One year ago | 137 | 406 |
Two years ago | 176 | 195 |
Three years ago | 196 | 64 |
Four years ago | 60 | |
Prior | 229 | 347 |
Total | 5,567 | 6,046 |
Corporate | Investment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 2,356 | 1,138 |
Current fiscal year | 0 | 585 |
One year ago | 111 | 204 |
Two years ago | 0 | 195 |
Three years ago | 196 | 0 |
Four years ago | 0 | |
Prior | 229 | 247 |
Total | 2,892 | 2,369 |
Corporate | Non-Investment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 2,328 | 3,231 |
Current fiscal year | 85 | 80 |
One year ago | 26 | 202 |
Two years ago | 176 | 0 |
Three years ago | 0 | 64 |
Four years ago | 60 | |
Prior | 0 | 100 |
Total | 2,675 | 3,677 |
Secured lending facilities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 27,775 | 19,221 |
Current fiscal year | 499 | 415 |
One year ago | 195 | 2,164 |
Two years ago | 862 | 2,046 |
Three years ago | 1,000 | 826 |
Four years ago | 410 | |
Prior | 730 | 1,055 |
Total | 31,471 | 25,727 |
Secured lending facilities | Investment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 7,603 | 4,711 |
Current fiscal year | 32 | 162 |
One year ago | 35 | 260 |
Two years ago | 43 | 614 |
Three years ago | 297 | 245 |
Four years ago | 144 | |
Prior | 0 | 0 |
Total | 8,154 | 5,992 |
Secured lending facilities | Non-Investment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 20,172 | 14,510 |
Current fiscal year | 467 | 253 |
One year ago | 160 | 1,904 |
Two years ago | 819 | 1,432 |
Three years ago | 703 | 581 |
Four years ago | 266 | |
Prior | 730 | 1,055 |
Total | 23,317 | 19,735 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 152 | 0 |
Current fiscal year | 1,715 | 1,038 |
One year ago | 910 | 2,922 |
Two years ago | 2,242 | 1,520 |
Three years ago | 943 | 799 |
Four years ago | 519 | |
Prior | 746 | 1,067 |
Total | 7,227 | 7,346 |
Commercial real estate | Investment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 3 | 0 |
Current fiscal year | 423 | 95 |
One year ago | 91 | 1,074 |
Two years ago | 976 | 746 |
Three years ago | 527 | 412 |
Four years ago | 80 | |
Prior | 109 | 100 |
Total | 2,209 | 2,427 |
Commercial real estate | Non-Investment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 149 | 0 |
Current fiscal year | 1,292 | 943 |
One year ago | 819 | 1,848 |
Two years ago | 1,266 | 774 |
Three years ago | 416 | 387 |
Four years ago | 439 | |
Prior | 637 | 967 |
Total | 5,018 | 4,919 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 96 | 122 |
Current fiscal year | 15,125 | 10,921 |
One year ago | 9,720 | 7,025 |
Two years ago | 5,902 | 2,999 |
Three years ago | 2,417 | 3,500 |
Four years ago | 2,780 | |
Prior | 8,211 | 10,701 |
Total | 44,251 | 35,268 |
Residential real estate | Less than or equal to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 96 | 122 |
Current fiscal year | 14,116 | 10,338 |
One year ago | 9,210 | 6,584 |
Two years ago | 5,536 | 2,756 |
Three years ago | 2,231 | 3,251 |
Four years ago | 2,588 | |
Prior | 7,485 | 9,719 |
Total | 41,262 | 32,770 |
Residential real estate | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 0 | 0 |
Current fiscal year | 1,009 | 583 |
One year ago | 510 | 441 |
Two years ago | 366 | 243 |
Three years ago | 186 | 249 |
Four years ago | 192 | |
Prior | 726 | 982 |
Total | 2,989 | 2,498 |
Residential real estate | Greater than or equal to 740 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 65 | 85 |
Current fiscal year | 12,230 | 8,948 |
One year ago | 7,941 | 5,592 |
Two years ago | 4,690 | 2,320 |
Three years ago | 1,865 | 2,721 |
Four years ago | 2,157 | |
Prior | 5,973 | 7,789 |
Total | 34,921 | 27,455 |
Residential real estate | 680-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 27 | 32 |
Current fiscal year | 2,638 | 1,824 |
One year ago | 1,648 | 1,265 |
Two years ago | 1,072 | 604 |
Three years ago | 497 | 690 |
Four years ago | 558 | |
Prior | 1,919 | 2,510 |
Total | 8,359 | 6,925 |
Residential real estate | Less than or equal to 679 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 4 | 5 |
Current fiscal year | 257 | 149 |
One year ago | 131 | 168 |
Two years ago | 140 | 75 |
Three years ago | 55 | 89 |
Four years ago | 65 | |
Prior | 319 | 402 |
Total | 971 | 888 |
Securities-based lending and Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 78,513 | 57,038 |
Current fiscal year | 1,618 | 1,663 |
One year ago | 1,277 | 1,797 |
Two years ago | 1,731 | 1,042 |
Three years ago | 880 | 776 |
Four years ago | 748 | |
Prior | 1,673 | 1,916 |
Total | 86,440 | 64,232 |
Securities-based lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 71,485 | 51,667 |
Current fiscal year | 807 | 0 |
One year ago | 0 | 18 |
Two years ago | 19 | 232 |
Three years ago | 232 | 0 |
Four years ago | 0 | |
Prior | 16 | 16 |
Total | 72,559 | 51,933 |
Other | Investment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 6,170 | 4,816 |
Current fiscal year | 708 | 1,073 |
One year ago | 651 | 1,156 |
Two years ago | 1,079 | 407 |
Three years ago | 273 | 654 |
Four years ago | 531 | |
Prior | 1,294 | 1,632 |
Total | 10,706 | 9,738 |
Other | Non-Investment Grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving Loans | 858 | 555 |
Current fiscal year | 103 | 590 |
One year ago | 626 | 623 |
Two years ago | 633 | 403 |
Three years ago | 375 | 122 |
Four years ago | 217 | |
Prior | 363 | 268 |
Total | $ 3,175 | $ 2,561 |
Loans, Lending Commitments an_6
Loans, Lending Commitments and Related Allowance for Credit Losses - Past Due Status of Loans Held for Investment before Allowance (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | $ 174,956 | $ 138,619 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 44,251 | 35,268 |
Securities-based lending and Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 86,440 | 64,232 |
Past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 209 | 363 |
Past due | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 209 | 332 |
Past due | Securities-based lending and Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | $ 0 | $ 31 |
Loans, Lending Commitments an_7
Loans, Lending Commitments and Related Allowance for Credit Losses - Nonaccrual Loans Held for Investment before Allowance (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 893 | $ 591 |
Nonaccrual loans without an ACL | 356 | 90 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 34 | 164 |
Secured lending facilities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 375 | 0 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 195 | 152 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 138 | 97 |
Securities-based lending and Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 151 | $ 178 |
Loans, Lending Commitments an_8
Loans, Lending Commitments and Related Allowance for Credit Losses - Troubled Debt Restructurings (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Troubled Debt Restructurings | ||
Loans, before ACL | $ 49 | $ 167 |
Lending commitments | 0 | 27 |
Allowance for credit losses | $ 8 | $ 36 |
Loans, Lending Commitments an_9
Loans, Lending Commitments and Related Allowance for Credit Losses - Allowance for Credit Losses Rollforward - Loans and Lending Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for loan losses rollforward | |||
Beginning balance | $ 835 | $ 349 | $ 238 |
Effect of CECL adoption | 9 | ||
Gross charge-offs | (126) | (105) | (2) |
Recoveries | 8 | ||
Net (charge-offs) recoveries | (97) | ||
Provision (release) | (48) | 558 | 119 |
Other | (7) | 16 | (6) |
Ending balance | 654 | 835 | 349 |
Allowance for lending commitments rollforward | |||
Beginning balance | 396 | 241 | 203 |
Effect of CECL adoption | (50) | ||
Provision (release) | 52 | 203 | 42 |
Other | (4) | 2 | (4) |
Ending balance | $ 444 | $ 396 | $ 241 |
Loans to total loans | 100.00% | 100.00% | 100.00% |
Corporate | |||
Allowance for loan losses rollforward | |||
Beginning balance | $ 309 | $ 115 | $ 62 |
Effect of CECL adoption | (2) | ||
Gross charge-offs | (23) | (39) | 0 |
Recoveries | 4 | ||
Net (charge-offs) recoveries | (35) | ||
Provision (release) | (119) | 224 | 58 |
Other | (2) | 7 | (5) |
Ending balance | 165 | 309 | 115 |
Allowance for lending commitments rollforward | |||
Beginning balance | 323 | 201 | 177 |
Effect of CECL adoption | (41) | ||
Provision (release) | 37 | 161 | 27 |
Other | (4) | 2 | (3) |
Ending balance | $ 356 | $ 323 | $ 201 |
Loans to total loans | 3.00% | 4.00% | 4.00% |
Secured lending facilities | |||
Allowance for loan losses rollforward | |||
Beginning balance | $ 198 | $ 101 | $ 60 |
Effect of CECL adoption | (42) | ||
Gross charge-offs | (67) | 0 | 0 |
Recoveries | 0 | ||
Net (charge-offs) recoveries | 0 | ||
Provision (release) | 34 | 136 | 42 |
Other | (2) | 3 | (1) |
Ending balance | 163 | 198 | 101 |
Allowance for lending commitments rollforward | |||
Beginning balance | 38 | 27 | 16 |
Effect of CECL adoption | (11) | ||
Provision (release) | 2 | 22 | 11 |
Other | 1 | 0 | 0 |
Ending balance | $ 41 | $ 38 | $ 27 |
Loans to total loans | 18.00% | 19.00% | 21.00% |
Commercial real estate | |||
Allowance for loan losses rollforward | |||
Beginning balance | $ 211 | $ 75 | $ 67 |
Effect of CECL adoption | 34 | ||
Gross charge-offs | (27) | (64) | 0 |
Recoveries | 0 | ||
Net (charge-offs) recoveries | (64) | ||
Provision (release) | 25 | 197 | 8 |
Other | (3) | (31) | 0 |
Ending balance | 206 | 211 | 75 |
Allowance for lending commitments rollforward | |||
Beginning balance | 11 | 7 | 3 |
Effect of CECL adoption | 1 | ||
Provision (release) | 10 | 7 | 4 |
Other | (1) | (4) | 0 |
Ending balance | $ 20 | $ 11 | $ 7 |
Loans to total loans | 4.00% | 5.00% | 7.00% |
Residential real estate | |||
Allowance for loan losses rollforward | |||
Beginning balance | $ 59 | $ 25 | $ 20 |
Effect of CECL adoption | 21 | ||
Gross charge-offs | (1) | (1) | (2) |
Recoveries | 0 | ||
Net (charge-offs) recoveries | (1) | ||
Provision (release) | 1 | 14 | 7 |
Other | 1 | 0 | 0 |
Ending balance | 60 | 59 | 25 |
Allowance for lending commitments rollforward | |||
Beginning balance | 1 | 0 | 0 |
Effect of CECL adoption | 2 | ||
Provision (release) | 0 | (1) | 0 |
Other | 0 | 0 | 0 |
Ending balance | $ 1 | $ 1 | $ 0 |
Loans to total loans | 25.00% | 26.00% | 25.00% |
SBL and Other | |||
Allowance for loan losses rollforward | |||
Beginning balance | $ 58 | $ 33 | $ 29 |
Effect of CECL adoption | (2) | ||
Gross charge-offs | (8) | (1) | 0 |
Recoveries | 4 | ||
Net (charge-offs) recoveries | 3 | ||
Provision (release) | 11 | (13) | 4 |
Other | (1) | 37 | 0 |
Ending balance | 60 | 58 | 33 |
Allowance for lending commitments rollforward | |||
Beginning balance | 23 | 6 | 7 |
Effect of CECL adoption | (1) | ||
Provision (release) | 3 | 14 | 0 |
Other | 0 | 4 | (1) |
Ending balance | $ 26 | $ 23 | $ 6 |
Loans to total loans | 50.00% | 46.00% | 43.00% |
Loans, Lending Commitments a_10
Loans, Lending Commitments and Related Allowance for Credit Losses - Schedule of Selected Credit Ratios (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
ACL to total loans | 0.40% | 0.60% |
Nonaccrual loans to total loans | 0.50% | 0.40% |
ACL to nonaccrual loans | 73.20% | 141.30% |
Loans, Lending Commitments a_11
Loans, Lending Commitments and Related Allowance for Credit Losses - Employee Loans (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Loans [Line Items] | ||
Employee loans | $ 3,726 | $ 3,240 |
Allowance for credit losses | (153) | (165) |
Employee loans, net of ACL | $ 3,573 | $ 3,075 |
Repayment term range, in years | 5 years 8 months 12 days | 5 years 3 months 18 days |
Currently employed by the Firm | ||
Employee Loans [Line Items] | ||
Employee loans | $ 3,613 | $ 3,100 |
No longer employed by the Firm | ||
Employee Loans [Line Items] | ||
Employee loans | $ 113 | $ 140 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill Rollforward (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill Roll Forward | |||
Balance at beginning of period | $ 11,635,000,000 | $ 7,143,000,000 | |
Foreign currency and other | (72,000,000) | 22,000,000 | |
Acquired | 5,270,000,000 | 4,470,000,000 | |
Balance at end of period | 16,833,000,000 | 11,635,000,000 | $ 7,143,000,000 |
Goodwill, Impaired, Accumulated Impairment Loss | |||
Accumulated impairments | 700,000,000 | ||
Impairment | 0 | 0 | |
IS | |||
Goodwill Roll Forward | |||
Balance at beginning of period | 476,000,000 | 261,000,000 | |
Foreign currency and other | (1,000,000) | 15,000,000 | |
Acquired | 0 | 200,000,000 | |
Balance at end of period | 475,000,000 | 476,000,000 | 261,000,000 |
Goodwill, Impaired, Accumulated Impairment Loss | |||
Accumulated impairments | 673,000,000 | ||
WM | |||
Goodwill Roll Forward | |||
Balance at beginning of period | 10,278,000,000 | 6,001,000,000 | |
Foreign currency and other | (68,000,000) | 7,000,000 | |
Acquired | 115,000,000 | 4,270,000,000 | |
Balance at end of period | 10,325,000,000 | 10,278,000,000 | 6,001,000,000 |
Goodwill, Impaired, Accumulated Impairment Loss | |||
Accumulated impairments | 0 | ||
IM | |||
Goodwill Roll Forward | |||
Balance at beginning of period | 881,000,000 | 881,000,000 | |
Foreign currency and other | (3,000,000) | 0 | |
Acquired | 5,155,000,000 | 0 | |
Balance at end of period | 6,033,000,000 | $ 881,000,000 | $ 881,000,000 |
Goodwill, Impaired, Accumulated Impairment Loss | |||
Accumulated impairments | $ 27,000,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Net Amortizable Intangible Assets Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Mar. 01, 2021 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | $ 4,980 | $ 2,107 | |
Acquired | 3,978 | 3,323 | |
Disposals | (36) | (79) | |
Amortization expense | (612) | (373) | |
Other | 50 | 2 | |
Ending balance | 8,360 | 4,980 | |
IS | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | 127 | 227 | |
Acquired | 0 | 14 | |
Disposals | 0 | (79) | |
Amortization expense | (23) | (35) | |
Other | 0 | 0 | |
Ending balance | 104 | 127 | |
WM | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | 4,809 | 1,828 | |
Acquired | 134 | 3,309 | |
Disposals | (36) | 0 | |
Amortization expense | (495) | (330) | |
Other | 51 | 2 | |
Ending balance | 4,463 | 4,809 | |
IM | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | 44 | 52 | |
Acquired | 3,844 | 0 | |
Disposals | 0 | 0 | |
Amortization expense | (94) | (8) | |
Other | (1) | 0 | |
Ending balance | $ 3,793 | $ 44 | |
WM and IM | Eaton Vance Corp. | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Non-amortizable acquired intangible assets | $ 2,100 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Gross Amortizable Intangible Assets by Type (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Amortizable Intangible Assets | ||
Non-amortizable assets - gross carrying amount | $ 2,120 | $ 0 |
Amortizable assets - gross carrying amount | 10,059 | 8,245 |
Accumulated Amortization | 3,819 | 3,265 |
Estimated annual amortization expense for the next five years | 530 | |
Management contracts | ||
Amortizable Intangible Assets | ||
Non-amortizable assets - gross carrying amount | 2,120 | 0 |
Amortizable assets - gross carrying amount | 291 | 178 |
Accumulated Amortization | 95 | 120 |
Customer relationships | ||
Amortizable Intangible Assets | ||
Non-amortizable assets - gross carrying amount | 0 | 0 |
Amortizable assets - gross carrying amount | 8,851 | 7,420 |
Accumulated Amortization | 3,515 | 2,984 |
Tradenames | ||
Amortizable Intangible Assets | ||
Non-amortizable assets - gross carrying amount | 0 | 0 |
Amortizable assets - gross carrying amount | 737 | 460 |
Accumulated Amortization | 117 | 82 |
Other | ||
Amortizable Intangible Assets | ||
Non-amortizable assets - gross carrying amount | 0 | 0 |
Amortizable assets - gross carrying amount | 180 | 187 |
Accumulated Amortization | $ 92 | $ 79 |
Other Assets - Equity Method _3
Other Assets - Equity Method Investments and Leases - Equity Method Investments (Details) - IM - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Method Investments | ||||
Investments | $ 2,214 | $ 2,410 | ||
Income (loss) | $ 104 | $ 0 | $ (81) | |
Impairment of equity method investment | $ 41 |
Other Assets - Equity Method _4
Other Assets - Equity Method Investments and Leases - Investees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd | |||
Equity Method Investments | |||
Income from investment in MUMSS | $ 168 | $ 80 | $ 17 |
Other Assets - Equity Method _5
Other Assets - Equity Method Investments and Leases - Narrative (Details) | Dec. 31, 2021 |
Morgan Stanley MUFG Securities Co., Ltd. | |
Equity Method Investments | |
Voting/ economic interest (as a percent) | 40.00% |
Morgan Stanley MUFG Securities Co., Ltd. | IS | |
Equity Method Investments | |
Voting/ economic interest (as a percent) | 51.00% |
Morgan Stanley MUFG Securities Co., Ltd. | MUFG | |
Equity Method Investments | |
Voting/ economic interest (as a percent) | 60.00% |
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd | |
Equity Method Investments | |
Voting/ economic interest (as a percent) | 40.00% |
Other Assets - Equity Method _6
Other Assets - Equity Method Investments and Leases - Balance Sheet Amounts Related to Leases (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Other assets—ROU assets | $ 4,268 | $ 4,419 |
Other liabilities and accrued expenses—Lease liabilities | $ 5,157 | $ 5,327 |
Weighted average: | ||
Remaining lease term, in years | 8 years 10 months 24 days | 9 years 6 months |
Discount rate (as a percent) | 3.10% | 3.20% |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities |
Other Assets - Equity Method _7
Other Assets - Equity Method Investments and Leases - Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Year One | $ 886 | $ 841 |
Year Two | 834 | 793 |
Year Three | 711 | 740 |
Year Four | 593 | 639 |
Year Five | 527 | 532 |
Year Six | 467 | |
Thereafter | 2,387 | |
Thereafter | 2,218 | |
Total undiscounted cash flows | 5,938 | 6,230 |
Imputed interest | (781) | (903) |
Amount on balance sheet | 5,157 | 5,327 |
Committed leases not yet commenced | $ 480 | $ 278 |
Other Assets - Equity Method _8
Other Assets - Equity Method Investments and Leases - Lease Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Fixed costs | $ 852 | $ 762 | $ 670 |
Variable costs | 187 | 154 | 152 |
Less: Sublease income | (6) | (5) | (6) |
Total lease cost, net | $ 1,033 | $ 911 | $ 816 |
Other Assets - Equity Method _9
Other Assets - Equity Method Investments and Leases - Cash Flows Statement Supplemental Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Cash outflows—Lease liabilities | $ 879 | $ 765 | $ 685 |
Non-cash—ROU assets recorded for new and modified leases | $ 578 | $ 991 | $ 514 |
Deposits - Summary (Details)
Deposits - Summary (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Savings and demand deposits | $ 332,747 | $ 279,221 |
Time deposits | 14,827 | 31,561 |
Total | 347,574 | 310,782 |
Deposits subject to FDIC insurance | 230,894 | 234,211 |
Deposits not subject to FDIC insurance | 116,680 | 76,571 |
Time deposits that equal or exceed the FDIC insurance limit | $ 0 | $ 16 |
Deposits - Time Deposit Maturit
Deposits - Time Deposit Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Time Deposit Maturities | ||
2022 | $ 6,404 | |
2023 | 4,087 | |
2024 | 2,815 | |
2025 | 821 | |
2026 | 311 | |
Thereafter | 389 | |
Total | 14,827 | $ 31,561 |
Non-U.S. | ||
Uninsured Non-U.S. Time Deposit Maturities | ||
Less than 3 months | 756 | |
3 - 6 months | 377 | |
6 - 12 months | 231 | |
Total | $ 1,364 |
Deposits - Deposits in U.S Bank
Deposits - Deposits in U.S Banks from non-U.S. Depositors (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Deposits in U.S. bank subsidiaries from non-U.S. depositors | $ 963 | $ 910 |
Borrowings and Other Secured _3
Borrowings and Other Secured Financings - Maturities and Terms of Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Original maturities of one year or less: | |||
Next 12 months | $ 5,764 | $ 3,691 | |
Original maturities greater than one year: | |||
2021 | 24,241 | ||
2022 | 14,197 | 22,209 | |
2023 | 23,786 | 22,890 | |
2024 | 29,166 | 21,727 | |
2025 | 25,561 | 18,636 | |
2026 | 24,026 | 22,042 | |
Thereafter | 110,627 | 81,643 | |
Total | 227,363 | 213,388 | |
Total borrowings | $ 233,127 | $ 217,079 | |
Weighted average coupon at period end (as a percent) | 2.70% | 2.90% | 3.40% |
Fixed Rate | |||
Original maturities greater than one year: | |||
Thereafter | $ 24 | ||
Variable Rate | |||
Original maturities greater than one year: | |||
Thereafter | 345 | ||
Parent Company | |||
Original maturities greater than one year: | |||
Total | 168,895 | $ 159,979 | |
Total borrowings | 170,195 | $ 159,979 | |
Parent Company | Fixed Rate | |||
Original maturities of one year or less: | |||
Next 12 months | 0 | ||
Original maturities greater than one year: | |||
2021 | |||
2022 | 6,665 | ||
2023 | 10,882 | ||
2024 | 16,455 | ||
2025 | 14,662 | ||
2026 | 17,679 | ||
Thereafter | 81,134 | ||
Total | 147,477 | ||
Total borrowings | $ 147,477 | ||
Weighted average coupon at period end (as a percent) | 2.90% | ||
Parent Company | Variable Rate | |||
Original maturities of one year or less: | |||
Next 12 months | $ 1,300 | ||
Original maturities greater than one year: | |||
2021 | |||
2022 | 571 | ||
2023 | 6,319 | ||
2024 | 4,051 | ||
2025 | 4,408 | ||
2026 | 417 | ||
Thereafter | 5,506 | ||
Total | 21,272 | ||
Total borrowings | $ 22,572 | ||
Weighted average coupon at period end (as a percent) | 0.90% | ||
Subsidiaries | Fixed Rate | |||
Original maturities of one year or less: | |||
Next 12 months | $ 915 | ||
Original maturities greater than one year: | |||
2021 | |||
2022 | 963 | ||
2023 | 287 | ||
2024 | 587 | ||
2025 | 1,607 | ||
2026 | 612 | ||
Thereafter | 8,576 | ||
Total | 12,632 | ||
Total borrowings | $ 13,547 | ||
Weighted average coupon at period end (as a percent) | 4.00% | ||
Subsidiaries | Variable Rate | |||
Original maturities of one year or less: | |||
Next 12 months | $ 3,549 | ||
Original maturities greater than one year: | |||
2021 | |||
2022 | 5,998 | ||
2023 | 6,298 | ||
2024 | 8,073 | ||
2025 | 4,884 | ||
2026 | 5,318 | ||
Thereafter | 15,411 | ||
Total | 45,982 | ||
Total borrowings | $ 49,531 |
Borrowings and Other Secured _4
Borrowings and Other Secured Financings - Borrowings with Maturities Greater than One Year (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Senior | $ 213,776 | $ 202,305 |
Subordinated | 13,587 | 11,083 |
Total | $ 227,363 | $ 213,388 |
Weighted average stated maturity, in years | 7 years 8 months 12 days | 7 years 3 months 18 days |
Borrowings and Other Secured _5
Borrowings and Other Secured Financings - Senior Debt Subject to Put Options or Liquidity Obligations (Details) - Senior Debt - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Put options embedded in debt agreements | $ 174 | $ 94 |
Liquidity obligations | $ 1,622 | $ 1,483 |
Borrowings and Other Secured _6
Borrowings and Other Secured Financings - Subordinated Debt (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Contractual weighted average coupon (as a percent) | 4.00% | 4.50% |
Borrowings and Other Secured _7
Borrowings and Other Secured Financings - Rates for Long-Term Borrowings (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | |||
Contractual weighted average coupon (as a percent) | 2.70% | 2.90% | 3.40% |
Effective weighted average coupon after swaps (as a percent) | 1.60% | 1.70% | 2.90% |
Borrowings and Other Secured _8
Borrowings and Other Secured Financings - Other Secured Financings (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Secured financings with original maturities one year or less | $ 4,573 | $ 10,453 |
Secured financings with original maturities greater than one year | 5,468 | 5,410 |
Total other secured financings | 10,041 | 15,863 |
Transfers of assets accounted for as secured financings | $ 1,556 | $ 1,529 |
Borrowings and Other Secured _9
Borrowings and Other Secured Financings - Maturities and Terms of Secured Financings (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Original maturities of one year or less: | ||
Next 12 months | $ 5,764 | $ 3,691 |
Original maturities greater than one year: | ||
2021 | 24,241 | |
2022 | 14,197 | 22,209 |
2023 | 23,786 | 22,890 |
2024 | 29,166 | 21,727 |
2025 | 25,561 | 18,636 |
2026 | 24,026 | 22,042 |
Thereafter | 110,627 | 81,643 |
Total | 227,363 | 213,388 |
Secured Financings | ||
Original maturities of one year or less: | ||
Next 12 months | 3,754 | 10,453 |
Original maturities greater than one year: | ||
2021 | 1,655 | |
2022 | 2,286 | 1,405 |
2023 | 1,804 | 279 |
2024 | 233 | 96 |
2025 | 39 | 38 |
2026 | 0 | 0 |
Thereafter | 369 | 408 |
Total | $ 4,731 | $ 3,881 |
Weighted average coupon at period end (as a percent) | 0.70% | 0.60% |
Secured Financings | Fixed Rate | ||
Original maturities of one year or less: | ||
Next 12 months | $ 0 | |
Original maturities greater than one year: | ||
2021 | ||
2022 | 14 | |
2023 | 181 | |
2024 | 0 | |
2025 | 39 | |
2026 | 0 | |
Total | 258 | |
Secured Financings | Variable Rate | ||
Original maturities of one year or less: | ||
Next 12 months | 3,754 | |
Original maturities greater than one year: | ||
2021 | ||
2022 | 2,272 | |
2023 | 1,623 | |
2024 | 233 | |
2025 | 0 | |
2026 | 0 | |
Total | $ 4,473 | |
Weighted average coupon at period end (as a percent) | 0.70% |
Borrowings and Other Secured_10
Borrowings and Other Secured Financings - Failed Sales by Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2021 | $ 303 | |
2022 | 846 | 159 |
2023 | 586 | 626 |
2024 | 0 | 14 |
2025 | 7 | 0 |
2026 | 34 | 69 |
Thereafter | 83 | 358 |
Total | $ 1,556 | $ 1,529 |
Commitments, Guarantees and C_3
Commitments, Guarantees and Contingencies - Commitments (Details) $ in Millions | Dec. 31, 2021USD ($) |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | $ 79,148 |
1-3 (years) | 41,682 |
3-5 (years) | 50,659 |
Over 5 (years) | 23,414 |
Total | 194,903 |
Forward-starting secured financing receivables | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 45,969 |
1-3 (years) | 0 |
3-5 (years) | 0 |
Over 5 (years) | 0 |
Total | 45,969 |
Forward-starting secured financing receivables settled within three business days | 32,847 |
Central counterparty | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 300 |
1-3 (years) | 0 |
3-5 (years) | 0 |
Over 5 (years) | 11,870 |
Total | 12,170 |
Investment activities | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 1,195 |
1-3 (years) | 184 |
3-5 (years) | 50 |
Over 5 (years) | 372 |
Total | 1,801 |
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 | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 12,649 |
1-3 (years) | 32,475 |
3-5 (years) | 48,232 |
Over 5 (years) | 9,729 |
Total | 103,085 |
Lending commitments participated to third parties | 7,753 |
Secured lending facilities | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 5,807 |
1-3 (years) | 5,108 |
3-5 (years) | 1,819 |
Over 5 (years) | 682 |
Total | 13,416 |
Commercial and Residential real estate | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 1,213 |
1-3 (years) | 945 |
3-5 (years) | 28 |
Over 5 (years) | 254 |
Total | 2,440 |
Securities-based lending and Other loans | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 11,989 |
1-3 (years) | 2,970 |
3-5 (years) | 530 |
Over 5 (years) | 504 |
Total | $ 15,993 |
Commitments, Guarantees and C_4
Commitments, Guarantees and Contingencies - Obligations under Guarantee Arrangements (Details) $ in Millions | Dec. 31, 2021USD ($) |
Non-credit derivatives | |
Guarantees | |
Carrying amount: liability | $ (48,231) |
Non-credit derivatives | Less Than 1 (Year) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 1,217,083 |
Non-credit derivatives | 1 - 3 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 918,456 |
Non-credit derivatives | 3 - 5 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 332,329 |
Non-credit derivatives | Over 5 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 845,220 |
Standby letters of credit and other financial guarantees issued | |
Guarantees | |
Carrying amount: asset | 45 |
Standby letters of credit | 700 |
Allowance for credit loss | 84 |
Standby letters of credit and other financial guarantees issued | Less Than 1 (Year) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 1,354 |
Standby letters of credit and other financial guarantees issued | 1 - 3 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 1,068 |
Standby letters of credit and other financial guarantees issued | 3 - 5 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 862 |
Standby letters of credit and other financial guarantees issued | Over 5 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 2,701 |
Market value guarantees | |
Guarantees | |
Carrying amount: asset | 0 |
Market value guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 88 |
Market value guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 2 |
Market value guarantees | 3 - 5 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 0 |
Market value guarantees | Over 5 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 0 |
Liquidity facilities | |
Guarantees | |
Carrying amount: asset | 5 |
Liquidity facilities | Less Than 1 (Year) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 4,100 |
Liquidity facilities | 1 - 3 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 0 |
Liquidity facilities | 3 - 5 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 0 |
Liquidity facilities | Over 5 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 0 |
Whole loan sales guarantees | |
Guarantees | |
Carrying amount: liability | 0 |
Whole loan sales guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 0 |
Whole loan sales guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 0 |
Whole loan sales guarantees | 3 - 5 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 77 |
Whole loan sales guarantees | Over 5 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 23,104 |
Securitization representations and warranties3 | |
Guarantees | |
Carrying amount: liability | (42) |
Securitization representations and warranties3 | Less Than 1 (Year) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 0 |
Securitization representations and warranties3 | 1 - 3 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 0 |
Securitization representations and warranties3 | 3 - 5 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 0 |
Securitization representations and warranties3 | Over 5 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 79,437 |
General partner guarantees | |
Guarantees | |
Carrying amount: liability | (77) |
General partner guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 341 |
General partner guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 11 |
General partner guarantees | 3 - 5 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 32 |
General partner guarantees | Over 5 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 152 |
Client clearing guarantees | |
Guarantees | |
Carrying amount: liability | 0 |
Client clearing guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 51 |
Client clearing guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 0 |
Client clearing guarantees | 3 - 5 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | 0 |
Client clearing guarantees | Over 5 (Years) | |
Guarantees | |
Maximum Potential Payout/Notional of Obligations by Years to Maturity | $ 0 |
Commitments, Guarantees and C_5
Commitments, Guarantees and Contingencies - Legal Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Legal expenses | $ 157 | $ 336 | $ 221 |
Commitments, Guarantees and C_6
Commitments, Guarantees and Contingencies - Narrative (Details) - Dec. 31, 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 | ||
Face 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, solely in its capacity as Trustee of the Morgan Stanley Mortgage Loan Trust 2007-2AX (MSM 2007-2AX) v. Morgan Stanley Mortgage Capital Holdings LLC, as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc. and GreenPoint Mortgage Funding, Inc. | ||
Loss Contingencies | ||
Face amount of debt instrument | 1,050 | |
Case Number 15/3637 and Case Number 15/4353 | ||
Loss Contingencies | ||
Withholding tax credit set-off | $ 141 | € 124 |
Variable Interest Entities an_3
Variable Interest Entities and Securitization Activities - Assets and Liabilities by Type of Activity (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity | ||
Carrying value of variable interests—Assets | $ 1,188,140 | $ 1,115,862 |
Carrying value of variable interests—Liabilities | 1,081,542 | 1,012,713 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 2,912 | 2,118 |
Carrying value of variable interests—Liabilities | 1,028 | 414 |
Variable Interest Entity, Primary Beneficiary | MABS | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 1,177 | 590 |
Carrying value of variable interests—Liabilities | 409 | 17 |
Variable Interest Entity, Primary Beneficiary | Investment Vehicles | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 717 | 776 |
Carrying value of variable interests—Liabilities | 294 | 355 |
Variable Interest Entity, Primary Beneficiary | Operating entities | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 508 | 504 |
Carrying value of variable interests—Liabilities | 39 | 39 |
Variable Interest Entity, Primary Beneficiary | Other | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 510 | 248 |
Carrying value of variable interests—Liabilities | $ 286 | $ 3 |
Variable Interest Entities an_4
Variable Interest Entities and Securitization Activities - Assets and Liabilities by Balance Sheet Caption (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 127,725 | $ 105,654 |
Trading assets at fair value | 294,869 | 312,738 |
Investment securities | 182,712 | 184,803 |
Securities purchased under agreements to resell | 119,999 | 116,234 |
Customer and other receivables | 96,018 | 97,737 |
Intangible assets | 8,360 | 4,980 |
Other assets | 23,491 | 21,742 |
Total assets | 1,188,140 | 1,115,862 |
Liabilities | ||
Other secured financings | 5,133 | 11,701 |
Other liabilities and accrued expenses | 29,300 | 25,603 |
Total liabilities | 1,081,542 | 1,012,713 |
Noncontrolling interests | 1,157 | 1,368 |
Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Cash and cash equivalents | 341 | 269 |
Trading assets at fair value | 1,965 | 1,445 |
Investment securities | 37 | 0 |
Securities purchased under agreements to resell | 200 | 0 |
Customer and other receivables | 31 | 23 |
Intangible assets | 85 | 98 |
Other assets | 253 | 283 |
Total assets | 2,912 | 2,118 |
Liabilities | ||
Other secured financings | 767 | 366 |
Other liabilities and accrued expenses | 261 | 48 |
Total liabilities | 1,028 | 414 |
Noncontrolling interests | $ 115 | $ 196 |
Variable Interest Entities an_5
Variable Interest Entities and Securitization Activities - Non-Consolidated VIEs (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity | ||
Carrying value of variable interests—Assets | $ 1,188,140 | $ 1,115,862 |
Additional VIE assets owned | 15,392 | 20,019 |
Carrying value of variable interests—Liabilities | 1,081,542 | 1,012,713 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE assets (UPB) | 146,071 | 184,153 |
MABS | ||
Variable Interest Entity | ||
VIE assets (UPB) | 146,071 | 184,153 |
Maximum exposure to loss | 18,833 | 27,176 |
CDO | ||
Variable Interest Entity | ||
VIE assets (UPB) | 667 | 3,527 |
Maximum exposure to loss | 129 | 257 |
MTOB | ||
Variable Interest Entity | ||
VIE assets (UPB) | 6,089 | 6,524 |
Maximum exposure to loss | 4,100 | 4,425 |
Operating entities | ||
Variable Interest Entity | ||
VIE assets (UPB) | 2,086 | 2,161 |
Maximum exposure to loss | 1,459 | 1,187 |
Other | ||
Variable Interest Entity | ||
VIE assets (UPB) | 52,111 | 48,241 |
Maximum exposure to loss | 16,943 | 17,396 |
Assets | MABS | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 18,062 | 26,247 |
Assets | CDO | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 129 | 257 |
Assets | MTOB | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 5 | 5 |
Assets | Operating entities | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 1,459 | 1,187 |
Assets | Other | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 12,345 | 11,859 |
Debt and equity interests | MABS | ||
Variable Interest Entity | ||
Maximum exposure to loss | 18,062 | 26,247 |
Debt and equity interests | MABS | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 18,062 | 26,247 |
Debt and equity interests | CDO | ||
Variable Interest Entity | ||
Maximum exposure to loss | 129 | 257 |
Debt and equity interests | CDO | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 129 | 257 |
Debt and equity interests | MTOB | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Debt and equity interests | MTOB | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 0 | 0 |
Debt and equity interests | Operating entities | ||
Variable Interest Entity | ||
Maximum exposure to loss | 1,459 | 1,187 |
Debt and equity interests | Operating entities | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 1,459 | 1,187 |
Debt and equity interests | Other | ||
Variable Interest Entity | ||
Maximum exposure to loss | 10,339 | 11,008 |
Debt and equity interests | Other | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 10,339 | 11,008 |
Derivative and other contracts | MABS | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Derivative and other contracts | MABS | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 0 | 0 |
Derivative and other contracts | CDO | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Derivative and other contracts | CDO | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 0 | 0 |
Derivative and other contracts | MTOB | ||
Variable Interest Entity | ||
Maximum exposure to loss | 4,100 | 4,425 |
Derivative and other contracts | MTOB | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 5 | 5 |
Derivative and other contracts | Operating entities | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Derivative and other contracts | Operating entities | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 0 | 0 |
Derivative and other contracts | Other | ||
Variable Interest Entity | ||
Maximum exposure to loss | 5,599 | 5,639 |
Derivative and other contracts | Other | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Assets | 2,006 | 851 |
Commitments, guarantees and other | MABS | ||
Variable Interest Entity | ||
Maximum exposure to loss | 771 | 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 | Operating entities | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Commitments, guarantees and other | Other | ||
Variable Interest Entity | ||
Maximum exposure to loss | 1,005 | 749 |
Derivative and other contracts | MABS | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Liabilities | 0 | 0 |
Derivative and other contracts | CDO | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Liabilities | 0 | 0 |
Derivative and other contracts | MTOB | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Liabilities | 0 | 0 |
Derivative and other contracts | Operating entities | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Liabilities | 0 | 0 |
Derivative and other contracts | Other | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
Carrying value of variable interests—Liabilities | $ 362 | $ 222 |
Variable Interest Entities an_6
Variable Interest Entities and Securitization Activities - Mortgage and Asset Backed Securitization Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity | ||
Assets | $ 1,188,140 | $ 1,115,862 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
UPB | 146,071 | 184,153 |
Variable Interest Entity, Not Primary Beneficiary | Residential mortgages | ||
Variable Interest Entity | ||
UPB | 15,216 | 17,775 |
Variable Interest Entity, Not Primary Beneficiary | Commercial mortgages | ||
Variable Interest Entity | ||
UPB | 68,503 | 62,093 |
Variable Interest Entity, Not Primary Beneficiary | U.S. agency collateralized mortgage obligations | ||
Variable Interest Entity | ||
UPB | 57,972 | 99,182 |
Variable Interest Entity, Not Primary Beneficiary | Other consumer or commercial loans | ||
Variable Interest Entity | ||
UPB | 4,380 | 5,103 |
Variable Interest Entity, Not Primary Beneficiary | Debt and Equity Interests | ||
Variable Interest Entity | ||
Assets | 18,062 | 26,247 |
Variable Interest Entity, Not Primary Beneficiary | Debt and Equity Interests | Residential mortgages | ||
Variable Interest Entity | ||
Assets | 2,182 | 3,175 |
Variable Interest Entity, Not Primary Beneficiary | Debt and Equity Interests | Commercial mortgages | ||
Variable Interest Entity | ||
Assets | 4,092 | 4,131 |
Variable Interest Entity, Not Primary Beneficiary | Debt and Equity Interests | U.S. agency collateralized mortgage obligations | ||
Variable Interest Entity | ||
Assets | 9,835 | 17,224 |
Variable Interest Entity, Not Primary Beneficiary | Debt and Equity Interests | Other consumer or commercial loans | ||
Variable Interest Entity | ||
Assets | $ 1,953 | $ 1,717 |
Variable Interest Entities an_7
Variable Interest Entities and Securitization Activities - Transfers of Assets with Continuing Involvement (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity | ||
Derivative assets | $ 38,154 | $ 37,850 |
Derivative liabilities | 34,568 | 44,938 |
SPE | ||
Variable Interest Entity | ||
Interests purchased in the secondary market | 264 | 356 |
Derivative assets | 891 | 400 |
Derivative liabilities | 284 | 436 |
SPE | Investment grade | ||
Variable Interest Entity | ||
Interests purchased in the secondary market | 169 | 212 |
SPE | Non-investment grade | ||
Variable Interest Entity | ||
Interests purchased in the secondary market | 95 | 144 |
SPE | RML | ||
Variable Interest Entity | ||
SPE assets (UPB) | 6,802 | 7,515 |
Retained interests | 91 | 65 |
Interests purchased in the secondary market | 56 | 43 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
SPE | RML | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 72 | 49 |
Interests purchased in the secondary market | 18 | 0 |
SPE | RML | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 19 | 16 |
Interests purchased in the secondary market | 38 | 43 |
SPE | CML | ||
Variable Interest Entity | ||
SPE assets (UPB) | 94,276 | 84,674 |
Retained interests | 1,224 | 1,017 |
Interests purchased in the secondary market | 171 | 176 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
SPE | CML | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 638 | 822 |
Interests purchased in the secondary market | 118 | 96 |
SPE | CML | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 586 | 195 |
Interests purchased in the secondary market | 53 | 80 |
SPE | Agency CMBS | ||
Variable Interest Entity | ||
SPE assets (UPB) | 28,697 | 21,061 |
Retained interests | 465 | 615 |
Interests purchased in the secondary market | 33 | 116 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
SPE | Agency CMBS | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 465 | 615 |
Interests purchased in the secondary market | 33 | 116 |
SPE | Agency CMBS | 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) | 13,121 | 12,978 |
Retained interests | 69 | 114 |
Interests purchased in the secondary market | 4 | 21 |
Derivative assets | 891 | 400 |
Derivative liabilities | 284 | 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 | 69 | 114 |
Interests purchased in the secondary market | $ 4 | $ 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity | ||
Derivative assets | $ 38,154 | $ 37,850 |
Derivative liabilities | 34,568 | 44,938 |
SPE | ||
Variable Interest Entity | ||
Retained interests | 618 | 732 |
Interests purchased in the secondary market | 264 | 356 |
Derivative assets | 891 | 400 |
Derivative liabilities | 284 | 436 |
SPE | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 538 | 663 |
Interests purchased in the secondary market | 169 | 212 |
SPE | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 80 | 69 |
Interests purchased in the secondary market | 95 | 144 |
SPE | Level 2 | ||
Variable Interest Entity | ||
Retained interests | 576 | 669 |
Interests purchased in the secondary market | 238 | 258 |
Derivative assets | 891 | 388 |
Derivative liabilities | 194 | 435 |
SPE | Level 2 | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 536 | 663 |
Interests purchased in the secondary market | 168 | 196 |
SPE | Level 2 | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 40 | 6 |
Interests purchased in the secondary market | 70 | 62 |
SPE | Level 3 | ||
Variable Interest Entity | ||
Retained interests | 42 | 63 |
Interests purchased in the secondary market | 26 | 98 |
Derivative assets | 0 | 12 |
Derivative liabilities | 90 | 1 |
SPE | Level 3 | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 2 | 0 |
Interests purchased in the secondary market | 1 | 16 |
SPE | Level 3 | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 40 | 63 |
Interests purchased in the secondary market | $ 25 | $ 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Transfer of Financial Assets Accounted for as Sales | |||
New transactions | $ 57,528 | $ 51,814 | $ 34,464 |
Retained interests | 8,822 | 9,346 | 7,403 |
CLO SPEs | Corporate Loans | |||
Transfer of Financial Assets Accounted for as Sales | |||
Sales of corporate loans to CLO SPEs | $ 169 | $ 763 | $ 2 |
Variable Interest Entities a_10
Variable Interest Entities and Securitization Activities - Assets Sold with Retained Exposure (Details) - Bilateral OTC - Equity Derivatives - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Transfer of Financial Assets Accounted for as Sales | ||
Gross cash proceeds from sale of assets | $ 67,930 | $ 45,051 |
Fair value | ||
Assets sold | 68,992 | 46,609 |
Derivative assets recognized in the balance sheet | 1,195 | 1,592 |
Derivative liabilities recognized in the balance sheet | $ 132 | $ 64 |
Regulatory Requirements - Narra
Regulatory Requirements - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Brokers and Dealers [Abstract] | ||
Standardized (as a percent) | 0 | 0 |
Minimum tier 1 leverage ratio (as a percent) | 4.00% | |
Minimum Tier 1 SLR requirement (as a percent) | 3.00% | |
Minimum enhanced SLR capital buffer (as a percent) | 2.00% |
Regulatory Requirements - Capit
Regulatory Requirements - Capital Buffer Requirements (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Capital buffers | ||
Advanced (as a percent) | 0.025 | 0.025 |
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 |
Maximum | ||
CCyB | ||
Standardized (as a percent) | 0.025 |
Regulatory Requirements - Risk-
Regulatory Requirements - Risk-Based Regulatory Capital Ratio Requirements (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
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 |
Regulatory Requirements - The F
Regulatory Requirements - The Firm's Regulatory Capital and Capital Ratios (Details) $ in Millions | Dec. 31, 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 | $ 75,742 | $ 78,650 |
Tier 1 capital | 83,348 | 88,079 |
Total capital | 93,166 | 97,213 |
Total RWA | 471,921 | 453,106 |
Adjusted average assets | 1,169,939 | 1,053,510 |
Supplementary leverage exposure | $ 1,476,962 | $ 1,192,506 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 0.160 | 0.174 |
Tier 1 capital (as a percent) | 0.177 | 0.194 |
Total capital (as a percent) | 0.197 | 0.215 |
Tier 1 leverage (as a percent) | 0.071 | 0.084 |
SLR (as a percent) | 0.056 | 0.074 |
Regulatory Requirements - U.S.
Regulatory Requirements - U.S. Bank Subsidiaries' Regulatory Capital and Capital Ratios (Details) $ in Millions | Dec. 31, 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 | $ 75,742 | $ 78,650 |
Tier 1 capital | 83,348 | 88,079 |
Total capital | $ 93,166 | $ 97,213 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 0.160 | 0.174 |
Tier 1 capital (as a percent) | 0.177 | 0.194 |
Total capital (as a percent) | 0.197 | 0.215 |
Tier 1 leverage (as a percent) | 0.071 | 0.084 |
SLR (as a percent) | 0.056 | 0.074 |
MSBNA | ||
Required Ratio | ||
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 | $ 18,960 | $ 17,238 |
Tier 1 capital | 18,960 | 17,238 |
Total capital | 19,544 | 17,882 |
Tier 1 leverage | 185,120 | 17,238 |
SLR | $ 233,358 | $ 17,238 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 0.205 | 0.187 |
Tier 1 capital (as a percent) | 0.205 | 0.187 |
Total capital (as a percent) | 0.211 | 0.194 |
Tier 1 leverage (as a percent) | 0.102 | 0.101 |
SLR (as a percent) | 0.081 | 0.080 |
MSPBNA | ||
Required Ratio | ||
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 | $ 10,293 | $ 8,213 |
Tier 1 capital | 10,293 | 8,213 |
Total capital | 10,368 | 8,287 |
Tier 1 leverage | 149,375 | 8,213 |
SLR | $ 153,810 | $ 8,213 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 0.243 | 0.213 |
Tier 1 capital (as a percent) | 0.243 | 0.213 |
Total capital (as a percent) | 0.245 | 0.215 |
Tier 1 leverage (as a percent) | 0.069 | 0.072 |
SLR (as a percent) | 0.067 | 0.069 |
Regulatory Requirements - U.S_2
Regulatory Requirements - U.S. Broker-Dealer Regulatory Capital Requirements (Details) - MS&Co. - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Regulatory Requirements | ||
Net capital | $ 18,383 | $ 12,869 |
Excess net capital | $ 14,208 | $ 9,034 |
Regulatory Requirements - Restr
Regulatory Requirements - Restrictions on Payments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Brokers and Dealers [Abstract] | ||
Restricted net assets | $ 49,516 | $ 40,502 |
Total Equity - Preferred Stock
Total Equity - Preferred Stock Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 19, 2021 | Mar. 15, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Class of Stock | ||||
Preferred stock | $ 7,750 | $ 9,250 | ||
Preferred stock authorized (in shares) | 30,000,000,000,000 | |||
Series A | ||||
Class of Stock | ||||
Preferred stock shares outstanding (in shares) | 44,000 | |||
Liquidation preference per share (in dollars per share) | $ 25,000 | |||
Preferred stock | $ 1,100 | 1,100 | ||
Series C | ||||
Class of Stock | ||||
Preferred stock shares outstanding (in shares) | 519,882 | |||
Liquidation preference per share (in dollars per share) | $ 1,000 | |||
Preferred stock | $ 408 | 408 | ||
Series E | ||||
Class of Stock | ||||
Preferred stock shares outstanding (in shares) | 34,500 | |||
Liquidation preference per share (in dollars per share) | $ 25,000 | |||
Preferred stock | $ 862 | 862 | ||
Series F | ||||
Class of Stock | ||||
Preferred stock shares outstanding (in shares) | 34,000 | |||
Liquidation preference per share (in dollars per share) | $ 25,000 | |||
Preferred stock | $ 850 | 850 | ||
Series H | ||||
Class of Stock | ||||
Preferred stock shares outstanding (in shares) | 0 | |||
Liquidation preference per share (in dollars per share) | $ 0 | |||
Preferred stock | $ 0 | 1,300 | ||
Redemption of preferred stock | $ 1,300 | |||
Series I | ||||
Class of Stock | ||||
Preferred stock shares outstanding (in shares) | 40,000 | |||
Liquidation preference per share (in dollars per share) | $ 25,000 | |||
Preferred stock | $ 1,000 | 1,000 | ||
Series J | ||||
Class of Stock | ||||
Preferred stock shares outstanding (in shares) | 0 | |||
Liquidation preference per share (in dollars per share) | $ 0 | |||
Preferred stock | $ 0 | 1,500 | ||
Redemption of preferred stock | $ 1,500 | |||
Series K | ||||
Class of Stock | ||||
Preferred stock shares outstanding (in shares) | 40,000 | |||
Liquidation preference per share (in dollars per share) | $ 25,000 | |||
Preferred stock | $ 1,000 | 1,000 | ||
Series L | ||||
Class of Stock | ||||
Preferred stock shares outstanding (in shares) | 20,000 | |||
Liquidation preference per share (in dollars per share) | $ 25,000 | |||
Preferred stock | $ 500 | 500 | ||
Series M | ||||
Class of Stock | ||||
Preferred stock shares outstanding (in shares) | 400,000 | |||
Liquidation preference per share (in dollars per share) | $ 1,000 | |||
Preferred stock | $ 430 | 430 | ||
Series N | ||||
Class of Stock | ||||
Preferred stock shares outstanding (in shares) | 3,000 | |||
Liquidation preference per share (in dollars per share) | $ 100,000 | |||
Preferred stock | $ 300 | 300 | ||
Series O | ||||
Class of Stock | ||||
Preferred stock shares outstanding (in shares) | 52,000 | |||
Liquidation preference per share (in dollars per share) | $ 25,000 | |||
Preferred stock | $ 1,300 | $ 0 |
Total Equity - Narrative (Detai
Total Equity - Narrative (Details) - USD ($) | Jun. 28, 2021 | Jan. 15, 2020 |
Capital Plans | ||
Authorized repurchase amount of outstanding common stock | $ 12,000,000,000 | |
Series G | ||
Capital Plans | ||
Preferred stock redemption amount | $ 500,000,000 |
Total Equity - Preferred Stoc_2
Total Equity - Preferred Stock Issuance Description (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Class of Stock | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 |
Redemption period following regulatory capital treatment event | 90 days |
Dividend rate of preferred stock per annum (as a percent) | 10.00% |
Series A | |
Class of Stock | |
Shares issued (in shares) | 44,000 |
Depositary shares per share (in shares) | 1,000 |
Price per share (in dollars per share) | $ / shares | $ 25,000 |
Series C | |
Class of Stock | |
Shares issued (in shares) | 1,160,791 |
Price per share (in dollars per share) | $ / shares | $ 1,100 |
Series E | |
Class of Stock | |
Shares issued (in shares) | 34,500 |
Depositary shares per share (in shares) | 1,000 |
Price per share (in dollars per share) | $ / shares | $ 25,000 |
Series F | |
Class of Stock | |
Shares issued (in shares) | 34,000 |
Depositary shares per share (in shares) | 1,000 |
Price per share (in dollars per share) | $ / shares | $ 25,000 |
Series I | |
Class of Stock | |
Shares issued (in shares) | 40,000 |
Depositary shares per share (in shares) | 1,000 |
Price per share (in dollars per share) | $ / shares | $ 25,000 |
Series K | |
Class of Stock | |
Shares issued (in shares) | 40,000 |
Depositary shares per share (in shares) | 1,000 |
Price per share (in dollars per share) | $ / shares | $ 25,000 |
Series L | |
Class of Stock | |
Shares issued (in shares) | 20,000 |
Depositary shares per share (in shares) | 1,000 |
Price per share (in dollars per share) | $ / shares | $ 25,000 |
Series M | |
Class of Stock | |
Shares issued (in shares) | 400,000 |
Price per share (in dollars per share) | $ / shares | $ 1,000 |
Series N | |
Class of Stock | |
Shares issued (in shares) | 3,000 |
Depositary shares per share (in shares) | 100 |
Price per share (in dollars per share) | $ / shares | $ 100,000 |
Series O | |
Class of Stock | |
Shares issued (in shares) | 52,000 |
Depositary shares per share (in shares) | 1,000 |
Price per share (in dollars per share) | $ / shares | $ 25,000 |
Total Equity - Rollforward of C
Total Equity - Rollforward of Common Stock Outstanding (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock Outstanding [Roll Forward] | ||
Balance at beginning of period (in shares) | 1,809,624,144 | 1,594,000,000 |
Treasury stock purchases (in shares) | (134,000,000) | (39,000,000) |
Other (in shares) | 27,000,000 | 22,000,000 |
Balance at end of period (in shares) | 1,772,226,530 | 1,809,624,144 |
Eaton Vance Corp. | ||
Common Stock Outstanding [Roll Forward] | ||
Issuance for acquisitions (in shares) | 69,000,000 | 0 |
E-TRADE | ||
Common Stock Outstanding [Roll Forward] | ||
Issuance for acquisitions (in shares) | 0 | 233,000,000 |
Total Equity - Share Repurchase
Total Equity - Share Repurchases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||
Repurchases of common stock under the Firm’s Share Repurchase Program | $ 11,464 | $ 1,347 |
Total Equity - Reconciliation o
Total Equity - Reconciliation of Common Shares Outstanding for Basic and Diluted EPS (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Weighted average common shares outstanding (in shares) | 1,785 | 1,603 | 1,617 |
Effect of dilutive Stock options, RSUs and PSUs (in shares) | 29 | 21 | 23 |
Weighted average common shares outstanding and common stock equivalents, diluted (in shares) | 1,814 | 1,624 | 1,640 |
Weighted average antidilutive RSUs and stock options (excluded from the computation of diluted EPS) (shares) | 0 | 5 | 2 |
Total Equity - Dividends (Detai
Total Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Preferred Stock Dividends | |||
Preferred stock dividends | $ 468 | $ 496 | $ 524 |
Common Stock Dividends | |||
Common stock dividend declared (in dollars per share) | $ 2.10 | $ 1.40 | $ 1.30 |
Common stock dividends | $ 3,818 | $ 2,295 | $ 2,161 |
Series A | |||
Preferred Stock Dividends | |||
Preferred stock dividend declared (in dollars per share) | $ 1,022 | $ 1,017 | $ 1,014 |
Preferred stock dividends | $ 44 | $ 44 | $ 44 |
Series C | |||
Preferred Stock Dividends | |||
Preferred stock dividend declared (in dollars per share) | $ 100 | $ 100 | $ 100 |
Preferred stock dividends | $ 52 | $ 52 | $ 52 |
Series E | |||
Preferred Stock Dividends | |||
Preferred stock dividend declared (in dollars per share) | $ 1,781 | $ 1,781 | $ 1,781 |
Preferred stock dividends | $ 60 | $ 60 | $ 60 |
Series F | |||
Preferred Stock Dividends | |||
Preferred stock dividend declared (in dollars per share) | $ 1,719 | $ 1,719 | $ 1,719 |
Preferred stock dividends | $ 60 | $ 60 | $ 60 |
Series G | |||
Preferred Stock Dividends | |||
Preferred stock dividend declared (in dollars per share) | $ 0 | $ 0 | $ 1,242 |
Preferred stock dividends | $ 0 | $ 0 | $ 24 |
Series H | |||
Preferred Stock Dividends | |||
Preferred stock dividend declared (in dollars per share) | $ 719 | $ 1,143 | $ 1,418 |
Preferred stock dividends | $ 38 | $ 60 | $ 74 |
Series I | |||
Preferred Stock Dividends | |||
Preferred stock dividend declared (in dollars per share) | $ 1,594 | $ 1,594 | $ 1,594 |
Preferred stock dividends | $ 64 | $ 64 | $ 64 |
Series J | |||
Preferred Stock Dividends | |||
Preferred stock dividend declared (in dollars per share) | $ 253 | $ 1,213 | $ 1,388 |
Preferred stock dividends | $ 15 | $ 74 | $ 84 |
Series K | |||
Preferred Stock Dividends | |||
Preferred stock dividend declared (in dollars per share) | $ 1,463 | $ 1,463 | $ 1,463 |
Preferred stock dividends | $ 59 | $ 59 | $ 59 |
Series L | |||
Preferred Stock Dividends | |||
Preferred stock dividend declared (in dollars per share) | $ 1,219 | $ 1,219 | $ 169 |
Preferred stock dividends | $ 24 | $ 23 | $ 3 |
Series M | |||
Preferred Stock Dividends | |||
Preferred stock dividend declared (in dollars per share) | $ 59 | $ 0 | $ 0 |
Preferred stock dividends | $ 24 | $ 0 | $ 0 |
Series N | |||
Preferred Stock Dividends | |||
Preferred stock dividend declared (in dollars per share) | $ 5,300 | $ 0 | $ 0 |
Preferred stock dividends | $ 16 | $ 0 | $ 0 |
Series O | |||
Preferred Stock Dividends | |||
Preferred stock dividend declared (in dollars per share) | $ 236 | $ 0 | $ 0 |
Preferred stock dividends | $ 12 | $ 0 | $ 0 |
Total Equity - Accumulated Othe
Total Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 103,149 | $ 82,697 | |
OCI during the period | (1,140) | 826 | $ (496) |
Ending balance | 106,598 | 103,149 | 82,697 |
Total | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (1,962) | (2,788) | (2,292) |
Ending balance | (3,102) | (1,962) | (2,788) |
CTA | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (795) | (897) | (889) |
OCI during the period | (207) | 102 | (8) |
Ending balance | (1,002) | (795) | (897) |
AFS Securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 1,787 | 207 | (930) |
OCI during the period | (1,542) | 1,580 | 1,137 |
Ending balance | 245 | 1,787 | 207 |
Pensions and Other | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (498) | (644) | (578) |
OCI during the period | (53) | 146 | (66) |
Ending balance | (551) | (498) | (644) |
DVA | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (2,456) | (1,454) | 105 |
OCI during the period | 662 | (1,002) | (1,559) |
Ending balance | $ (1,794) | $ (2,456) | $ (1,454) |
Total Equity - Components of Pe
Total Equity - Components of Period Changes in OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
After-tax Gain (Loss) | |||
Total other comprehensive income (loss) | $ (1,230) | $ 868 | $ (565) |
Foreign Currency Translation Adjustment Attributable to Parent | |||
After-tax Gain (Loss) | |||
OCI activity | (207) | 105 | (8) |
Reclassified to earnings | 0 | (3) | 0 |
Total other comprehensive income (loss) | (207) | 102 | (8) |
Foreign Currency Translation Adjustment Including Noncontrolling Interest | |||
Pre-tax Gain (Loss) | |||
OCI activity | (140) | 74 | 6 |
Reclassified to earnings | 0 | (3) | 0 |
Net OCI | (140) | 71 | 6 |
Income Tax Benefit (Provision) | |||
OCI activity | (191) | 99 | (3) |
Reclassified to earnings | 0 | 0 | 0 |
Net OCI | (191) | 99 | (3) |
After-tax Gain (Loss) | |||
OCI activity | (331) | 173 | 3 |
Reclassified to earnings | 0 | (3) | 0 |
Total other comprehensive income (loss) | (331) | 170 | 3 |
Foreign Currency Translation Adjustment Attributable to Noncontrolling Interest | |||
After-tax Gain (Loss) | |||
OCI activity | (124) | 68 | 11 |
Reclassified to earnings | 0 | 0 | 0 |
Total other comprehensive income (loss) | (124) | 68 | 11 |
Change in Net Unrealized Gains (Losses) on AFS Securities Attributable to Parent | |||
After-tax Gain (Loss) | |||
OCI activity | (1,381) | 1,686 | 1,215 |
Reclassified to earnings | (161) | (106) | (78) |
Total other comprehensive income (loss) | (1,542) | 1,580 | 1,137 |
Change in Net Unrealized Gains (Losses) on AFS Securities Including Noncontrolling Interest | |||
Pre-tax Gain (Loss) | |||
OCI activity | (1,803) | 2,194 | 1,588 |
Reclassified to earnings | (210) | (137) | (103) |
Net OCI | (2,013) | 2,057 | 1,485 |
Income Tax Benefit (Provision) | |||
OCI activity | 422 | (508) | (373) |
Reclassified to earnings | 49 | 31 | 25 |
Net OCI | 471 | (477) | (348) |
After-tax Gain (Loss) | |||
OCI activity | (1,381) | 1,686 | 1,215 |
Reclassified to earnings | (161) | (106) | (78) |
Total other comprehensive income (loss) | (1,542) | 1,580 | 1,137 |
Change in Net Unrealized Gains (Losses) on AFS Securities Attributable to Noncontrolling Interest | |||
After-tax Gain (Loss) | |||
OCI activity | 0 | 0 | 0 |
Reclassified to earnings | 0 | 0 | 0 |
Total other comprehensive income (loss) | 0 | 0 | 0 |
Pension and Other Attributable to Parent | |||
After-tax Gain (Loss) | |||
OCI activity | (75) | 128 | (73) |
Reclassified to earnings | 22 | 18 | 7 |
Total other comprehensive income (loss) | (53) | 146 | (66) |
Pension and Other Including Noncontrolling Interest | |||
Pre-tax Gain (Loss) | |||
OCI activity | (101) | 162 | (98) |
Reclassified to earnings | 31 | 23 | 12 |
Net OCI | (70) | 185 | (86) |
Income Tax Benefit (Provision) | |||
OCI activity | 26 | (34) | 25 |
Reclassified to earnings | (9) | (5) | (5) |
Net OCI | 17 | (39) | 20 |
After-tax Gain (Loss) | |||
OCI activity | (75) | 128 | (73) |
Reclassified to earnings | 22 | 18 | 7 |
Total other comprehensive income (loss) | (53) | 146 | (66) |
Pension and Other Attributable to Noncontrolling Interest | |||
After-tax Gain (Loss) | |||
OCI activity | 0 | 0 | 0 |
Reclassified to earnings | 0 | 0 | 0 |
Total other comprehensive income (loss) | 0 | 0 | 0 |
Change in Net DVA Attributable to Parent | |||
After-tax Gain (Loss) | |||
OCI activity | 635 | (1,022) | (1,568) |
Reclassified to earnings | 27 | 20 | 9 |
Total other comprehensive income (loss) | 662 | (1,002) | (1,559) |
Change in Net DVA Including Noncontrolling Interest | |||
Pre-tax Gain (Loss) | |||
OCI activity | 882 | (1,385) | (2,181) |
Reclassified to earnings | 36 | 26 | 11 |
Net OCI | 918 | (1,359) | (2,170) |
Income Tax Benefit (Provision) | |||
OCI activity | (213) | 337 | 533 |
Reclassified to earnings | (9) | (6) | (2) |
Net OCI | (222) | 331 | 531 |
After-tax Gain (Loss) | |||
OCI activity | 669 | (1,048) | (1,648) |
Reclassified to earnings | 27 | 20 | 9 |
Total other comprehensive income (loss) | 696 | (1,028) | (1,639) |
Change in Net DVA Attributable to Noncontrolling Interest | |||
After-tax Gain (Loss) | |||
OCI activity | 34 | (26) | (80) |
Reclassified to earnings | 0 | 0 | 0 |
Total other comprehensive income (loss) | $ 34 | $ (26) | $ (80) |
Total Equity - Cumulative Forei
Total Equity - Cumulative Foreign Currency Translation Adjustments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Associated with net investments in subsidiaries with a non-U.S. dollar functional currency | $ (2,277) | $ (1,406) |
Hedges, net of tax | 1,275 | 611 |
Total | (1,002) | (795) |
Carrying value of net investments in non-U.S. dollar functional currency subsidiaries subject to hedges | $ 15,605 | $ 15,746 |
Interest Income and Interest _3
Interest Income and Interest Expense - Summary (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest income | |||
Investment securities | $ 2,759 | $ 2,282 | $ 2,175 |
Loans | 4,209 | 4,142 | 4,783 |
Securities purchased under agreements to resell | (181) | 458 | 2,281 |
Securities borrowed | (1,017) | (652) | 1,204 |
Trading assets, net of Trading liabilities | 2,038 | 2,417 | 2,899 |
Customer receivables and Other | 1,603 | 1,515 | 3,756 |
Total interest income | 9,411 | 10,162 | 17,098 |
Interest expense | |||
Deposits | 409 | 953 | 1,885 |
Borrowings | 2,725 | 3,250 | 5,052 |
Securities sold under agreements to repurchase | 93 | 564 | 1,967 |
Securities loaned | 401 | 419 | 642 |
Customer payables and Other | (2,262) | (1,337) | 2,858 |
Total interest expense | 1,366 | 3,849 | 12,404 |
Net interest | $ 8,045 | $ 6,313 | $ 4,694 |
Interest Income and Interest _4
Interest Income and Interest Expense - Accrued Interest (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Interest Income (Expense), Net [Abstract] | ||
Customer and other receivables | $ 1,800 | $ 1,652 |
Customer and other payables | $ 2,164 | $ 2,119 |
Deferred Compensation Plans a_3
Deferred Compensation Plans and Carried Interest Compensation - Stock-based Compensation Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Awards | |||
Stock-based compensation expense | $ 2,085 | $ 1,312 | $ 1,153 |
Retirement eligible awards | 192 | 157 | 111 |
RSUs | |||
Share-based Payment Awards | |||
Stock-based compensation expense | 1,834 | 1,170 | 1,064 |
PSUs | |||
Share-based Payment Awards | |||
Stock-based compensation expense | $ 251 | $ 142 | $ 89 |
Deferred Compensation Plans a_4
Deferred Compensation Plans and Carried Interest Compensation - Tax Benefit Related to Stock-Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Compensation Related Costs [Abstract] | |||
Tax benefit | $ 432 | $ 270 | $ 243 |
Deferred Compensation Plans a_5
Deferred Compensation Plans and Carried Interest Compensation - Unrecognized Compensation Cost Related to Stock-Based Awards Granted (Details) $ in Millions | Dec. 31, 2021USD ($) |
To be recognized in: | |
2022 | $ 653 |
2023 | 287 |
Thereafter | 60 |
Total | $ 1,000 |
Deferred Compensation Plans a_6
Deferred Compensation Plans and Carried Interest Compensation - Common Shares Available for Future Awards under Stock-Based Compensation Plans (Details) shares in Millions | Dec. 31, 2021shares |
Compensation Related Costs [Abstract] | |
Common shares available for future awards (in shares) | 149 |
Deferred Compensation Plans a_7
Deferred Compensation Plans and Carried Interest Compensation - Vested and Unvested RSU Activity (Details) - RSUs - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Shares | |||
RSUs at beginning of period (in shares) | 60 | ||
Awarded (in shares) | 29 | ||
Conversions to common stock (in shares) | (20) | ||
Forfeited (in shares) | (2) | ||
RSUs at end of period (in shares) | 67 | 60 | |
Weighted Average Award Date Fair Value | |||
RSUs at beginning of period (in dollars per share) | $ 49.82 | ||
Awarded (in dollars per share) | 77.28 | $ 55.01 | $ 43.05 |
Conversions to common stock (in dollars per share) | 53.32 | ||
Forfeited (in dollars per share) | 60.14 | ||
RSUs at end of period (in dollars per share) | $ 60.27 | $ 49.82 | |
Aggregate intrinsic value of RSUs | $ 6,547 | ||
Weighted average remaining term | 1 year 2 months 12 days | ||
Minimum | |||
Share-based Payment Awards | |||
Award vesting period | 1 year | ||
Maximum | |||
Share-based Payment Awards | |||
Award vesting period | 7 years |
Deferred Compensation Plans a_8
Deferred Compensation Plans and Carried Interest Compensation - Unvested RSU Activity (Details) - RSUs - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Shares | |||
Unvested RSUs at beginning of period (in shares) | 33 | ||
Awarded (in shares) | 29 | ||
Vested (in shares) | (21) | ||
Forfeited (shares) | (2) | ||
Unvested RSUs at end of period (in shares) | 39 | 33 | |
Weighted Average Award Date Fair Value | |||
Unvested RSUs at beginning of period (in dollars per share) | $ 51.27 | ||
Awarded (in dollars per share) | 77.28 | $ 55.01 | $ 43.05 |
Vested (in dollars per share) | 59.33 | ||
Forfeited (in dollars per share) | 60.14 | ||
Unvested RSUs at end of period (in dollars per share) | $ 65.58 | $ 51.27 |
Deferred Compensation Plans a_9
Deferred Compensation Plans and Carried Interest Compensation - Fair Value of RSU Activity (Details) - RSUs - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Awards | |||
Fair value of RSUs converted to common stock | $ 1,539 | $ 1,295 | $ 1,497 |
Fair value of RSUs vested | $ 1,647 | $ 1,289 | $ 1,292 |
Deferred Compensation Plans _10
Deferred Compensation Plans and Carried Interest Compensation - Narrative (Details) - PSUs shares in Millions | 12 Months Ended |
Dec. 31, 2021shares | |
Share-based Payment Awards | |
Performance period | 3 years |
PSUs outstanding (in shares) | 3 |
Minimum | |
Share-based Payment Awards | |
Proportion of PSUs that will vest (as a percent) | 0.00% |
Maximum | |
Share-based Payment Awards | |
Proportion of PSUs that will vest (as a percent) | 150.00% |
Deferred Compensation Plans _11
Deferred Compensation Plans and Carried Interest Compensation - PSU Fair Value on Award Date (Details) - PSUs - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
MS Adjusted ROTCE/ROE | |||
Share-based Payment Awards | |||
Fair value per PSU on award date (in dollars per share) | $ 74.87 | $ 57.05 | $ 43.29 |
Relative MS TSR | |||
Share-based Payment Awards | |||
Fair value per PSU on award date (in dollars per share) | $ 83.70 | $ 65.31 | $ 48.28 |
Deferred Compensation Plans _12
Deferred Compensation Plans and Carried Interest Compensation - Monte Carlo Simulation Assumptions (Details) | 12 Months Ended |
Dec. 31, 2021 | |
2021 | |
Deferred Compensation Awards | |
Risk-free interest rate (as a percent) | 0.20% |
Expected stock price volatility (as a percent) | 39.00% |
Correlation coefficient | 0.92 |
2020 | |
Deferred Compensation Awards | |
Risk-free interest rate (as a percent) | 1.60% |
Expected stock price volatility (as a percent) | 24.00% |
Correlation coefficient | 0.88 |
2019 | |
Deferred Compensation Awards | |
Risk-free interest rate (as a percent) | 2.60% |
Expected stock price volatility (as a percent) | 26.50% |
Correlation coefficient | 0.89 |
Deferred Compensation Plans _13
Deferred Compensation Plans and Carried Interest Compensation - Deferred Cash-Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Compensation Related Costs [Abstract] | |||
Deferred cash-based awards | $ 810 | $ 1,263 | $ 1,233 |
Return on referenced investments | 526 | 856 | 645 |
Total | 1,336 | 2,119 | 1,878 |
Retirement eligible awards | $ 253 | $ 194 | $ 195 |
Deferred Compensation Plans _14
Deferred Compensation Plans and Carried Interest Compensation - Carried Interest Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Compensation Related Costs [Abstract] | |||
Carried interest compensation expense | $ 346 | $ 215 | $ 534 |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Benefit Expense (Income) (Details) - Pension Plans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Components of Net Periodic Benefit Expense (Income) | |||
Service cost, benefits earned during the period | $ 19 | $ 17 | $ 16 |
Interest cost on projected benefit obligation | 104 | 121 | 139 |
Expected return on plan assets | (48) | (77) | (114) |
Net amortization of prior service cost | 1 | 1 | 1 |
Net amortization of actuarial loss | 34 | 26 | 13 |
Net periodic benefit expense | $ 110 | $ 88 | $ 55 |
Employee Benefit Plans - Rollfo
Employee Benefit Plans - Rollforward of Pre-tax AOCI (Details) - Pension Plans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Rollforward of Pre-tax AOCI | |||
Beginning balance | $ (691) | $ (877) | $ (779) |
Net gain (loss) | (112) | 161 | (112) |
Prior service cost | 0 | (2) | 0 |
Amortization of prior service cost | 1 | 1 | 1 |
Amortization of net loss | 34 | 26 | 13 |
Changes recognized in OCI | (77) | 186 | (98) |
Ending balance | $ (768) | $ (691) | $ (877) |
Employee Benefit Plans - Weight
Employee Benefit Plans - Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income) (Details) - Pension Plans | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income) | |||
Discount rate (as a percent) | 2.43% | 3.08% | 4.01% |
Expected long-term rate of return on plan assets (as a percent) | 1.42% | 2.35% | 3.52% |
Rate of future compensation increases (as a percent) | 3.25% | 3.28% | 3.34% |
Employee Benefit Plans - Roll_2
Employee Benefit Plans - Rollforward of the Benefit Obligation and Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amounts recognized in the balance sheet | |||
Liabilities | $ (17) | $ (19) | |
Pension Plans | |||
Rollforward of projected benefit obligation | |||
Benefit obligation at beginning of year | 4,334 | 4,026 | |
Service cost | 19 | 17 | $ 16 |
Interest cost | 104 | 121 | 139 |
Actuarial loss (gain) | (122) | 362 | |
Plan amendments | (1) | 2 | |
Plan settlements | (16) | (2) | |
Benefits paid | (217) | (222) | |
Other | (20) | 30 | |
Benefit obligation at end of year | 4,081 | 4,334 | 4,026 |
Rollforward of fair value of plan assets | |||
Balance at beginning of period | 3,985 | 3,553 | |
Actual return on plan assets | (186) | 600 | |
Employer contributions | 38 | 35 | |
Benefits paid | (217) | (222) | |
Plan settlements | (15) | (2) | |
Other | 0 | 21 | |
Balance at end of period | 3,605 | 3,985 | $ 3,553 |
Funded (unfunded) status | (476) | (349) | |
Amounts recognized in the balance sheet | |||
Assets | 117 | 283 | |
Liabilities | (593) | (632) | |
Net amount recognized | $ (476) | $ (349) |
Employee Benefit Plans - Accumu
Employee Benefit Plans - Accumulated Benefit Obligation (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Plans | ||
Pension and Other Postretirement Plans | ||
Accumulated benefit obligation | $ 4,065 | $ 4,318 |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension Plans with Projected Benefit Obligations in Excess of the Fair Value of Plan Assets (Details) - Pension Plans - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Plans with Benefit Obligations in Excess of the Fair Value of Plan Assets | ||
Projected benefit obligation | $ 3,768 | $ 708 |
Accumulated benefit obligation | 3,753 | 692 |
Fair value of plan assets | $ 3,175 | $ 76 |
Employee Benefit Plans - Weig_2
Employee Benefit Plans - Weighted Average Assumptions Used to Determine Benefit Obligation (Details) - Pension Plans | Dec. 31, 2021 | Dec. 31, 2020 |
Weighted Average Assumptions Used to Determine Benefit Obligation | ||
Discount rate (as a percent) | 2.80% | 2.43% |
Rate of future compensation increase (as a percent) | 3.36% | 3.25% |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Pension and Other Postretirement Plans | |||
Liabilities | $ (17) | $ (19) | |
Other payables | |||
Pension and Other Postretirement Plans | |||
Liabilities | (17) | (19) | |
Level 1 | |||
Pension and Other Postretirement Plans | |||
Liabilities | 0 | 0 | |
Level 1 | Other payables | |||
Pension and Other Postretirement Plans | |||
Liabilities | 0 | 0 | |
Level 2 | |||
Pension and Other Postretirement Plans | |||
Liabilities | (17) | (19) | |
Level 2 | Other payables | |||
Pension and Other Postretirement Plans | |||
Liabilities | (17) | (19) | |
Level 3 | |||
Pension and Other Postretirement Plans | |||
Liabilities | 0 | 0 | |
Level 3 | Other payables | |||
Pension and Other Postretirement Plans | |||
Liabilities | 0 | 0 | |
Pension Plans | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 3,605 | 3,985 | $ 3,553 |
Liabilities | (593) | (632) | |
Pension Plans | Assets | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 3,153 | 3,483 | |
Pension Plans | Cash and cash equivalents | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 9 | 4 | |
Pension Plans | U.S. government and agency securities | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 3,073 | 3,359 | |
Pension Plans | Corporate and other debt—CDO | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 1 | 4 | |
Pension Plans | Derivative contracts | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 3 | 2 | |
Pension Plans | Other investments | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 65 | 61 | |
Pension Plans | Other receivables | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 2 | 53 | |
Pension Plans | Level 1 | Assets | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 2,768 | 3,042 | |
Pension Plans | Level 1 | Cash and cash equivalents | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 9 | 4 | |
Pension Plans | Level 1 | U.S. government and agency securities | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 2,759 | 3,038 | |
Pension Plans | Level 1 | Corporate and other debt—CDO | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Level 1 | Derivative contracts | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Level 1 | Other investments | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Level 1 | Other receivables | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Level 2 | Assets | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 320 | 380 | |
Pension Plans | Level 2 | Cash and cash equivalents | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Level 2 | U.S. government and agency securities | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 314 | 321 | |
Pension Plans | Level 2 | Corporate and other debt—CDO | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 1 | 4 | |
Pension Plans | Level 2 | Derivative contracts | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 3 | 2 | |
Pension Plans | Level 2 | Other investments | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Level 2 | Other receivables | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 2 | 53 | |
Pension Plans | Level 3 | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 65 | 61 | $ 53 |
Pension Plans | Level 3 | Assets | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 65 | 61 | |
Pension Plans | Level 3 | Cash and cash equivalents | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Level 3 | U.S. government and agency securities | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Level 3 | Corporate and other debt—CDO | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Level 3 | Derivative contracts | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Level 3 | Other investments | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 65 | 61 | |
Pension Plans | Level 3 | Other receivables | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Plans | Measured at NAV | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 469 | 521 | |
Pension Plans | Measured at NAV | Commingled Trust Funds: Money Market | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 33 | 48 | |
Pension Plans | Measured at NAV | Foreign Funds: Fixed Income | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 162 | 169 | |
Pension Plans | Measured at NAV | Foreign Funds: Liquidity | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | 39 | 54 | |
Pension Plans | Measured at NAV | Foreign Funds: Targeted Cash Flow | |||
Pension and Other Postretirement Plans | |||
Fair value of plan assets | $ 235 | $ 250 |
Employee Benefit Plans - Roll_3
Employee Benefit Plans - Rollforward of Level 3 Plan Assets (Details) - Pension Plans - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension and Other Postretirement Plans | ||
Balance at beginning of period | $ 3,985 | $ 3,553 |
Balance at end of period | 3,605 | 3,985 |
Level 3 | ||
Pension and Other Postretirement Plans | ||
Balance at beginning of period | 61 | 53 |
Realized and unrealized gains | 1 | 5 |
Purchases, sales and settlements, net | 3 | 3 |
Balance at end of period | $ 65 | $ 61 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension and Other Postretirement Plans | |||
Expected contributions by employer in 2021 | $ 40,000,000 | ||
Morgan Stanley 401(k) Plan | |||
Pension and Other Postretirement Plans | |||
Maximum proportion of employer matching contributions (as a percent) | 4.00% | 4.00% | 4.00% |
Morgan Stanley 401(k) Plan | Participants of a Certain Compensation Level | |||
Pension and Other Postretirement Plans | |||
Maximum proportion of employer matching contributions (as a percent) | 5.00% | ||
Morgan Stanley 401(k) Plan | Eligible U.S. Employees with Eligible Pay Less than or Equal to $100,000 | |||
Pension and Other Postretirement Plans | |||
Eligible pay threshold | $ 100,000 | ||
Proportion of employer matching contribution of eligible pay (as a percent) | 2.00% | ||
U.S. Qualified Plan | |||
Pension and Other Postretirement Plans | |||
Proportion of assets as to total pension plan assets (as a percent) | 86.00% |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected Future Benefit Payments (Details) - Pension Plans $ in Millions | Dec. 31, 2021USD ($) |
Pension and Other Postretirement Plans | |
2022 | $ 148 |
2023 | 153 |
2024 | 156 |
2025 | 163 |
2026 | 170 |
2027-2031 | $ 938 |
Employee Benefit Plans - 401(k)
Employee Benefit Plans - 401(k) and Defined Contribution Pension Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Non-U.S. Defined Contribution Pension Plans | |||
Defined Contribution Plans | |||
Expense | $ 149 | $ 130 | $ 121 |
Morgan Stanley 401(k) Plan | |||
Defined Contribution Plans | |||
Expense | $ 357 | $ 293 | $ 280 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | |||
U.S. federal | $ 2,554 | $ 1,641 | $ 873 |
U.S. state and local | 475 | 399 | 260 |
Current income tax expense (benefit) | 4,544 | 3,489 | 1,899 |
Deferred | |||
U.S. federal | (11) | (249) | 185 |
U.S. state and local | 33 | (38) | 46 |
Deferred income tax expense (benefit) | 4 | (250) | 165 |
Provision for income taxes | 4,548 | 3,239 | 2,064 |
U.K. | |||
Current | |||
Non-U.S. | 551 | 395 | 166 |
Deferred | |||
Non-U.S. | (37) | (2) | 5 |
Japan | |||
Current | |||
Non-U.S. | 105 | 185 | 177 |
Deferred | |||
Non-U.S. | 4 | 12 | 11 |
Hong Kong | |||
Current | |||
Non-U.S. | 192 | 185 | 82 |
Deferred | |||
Non-U.S. | (9) | (3) | 0 |
Other | |||
Current | |||
Non-U.S. | 667 | 684 | 341 |
Deferred | |||
Non-U.S. | $ 24 | $ 30 | $ (82) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
U.S. state and local income taxes, net of U.S. federal income tax benefits | 2.10% | 2.00% | 2.20% |
Domestic tax credits and tax exempt income | (0.60%) | (0.80%) | (1.60%) |
Non-U.S. earnings | 1.40% | 1.70% | (0.80%) |
Employee share-based awards | (0.60%) | (0.70%) | (1.10%) |
Other | (0.20%) | (0.70%) | (1.40%) |
Effective income tax rate | 23.10% | 22.50% | 18.30% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | 23.10% | 22.50% | 18.30% |
Intermittent net discrete tax provision (benefit) | $ 475 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Gross deferred tax assets | ||
Net operating loss and tax credit carryforwards | $ 276 | $ 330 |
Employee compensation and benefit plans | 2,430 | 2,248 |
Allowance for credit losses and other reserves | 599 | 669 |
Valuation of inventory, investments and receivables | 474 | 19 |
Other | 15 | 43 |
Total deferred tax assets | 3,794 | 3,309 |
Deferred tax assets valuation allowance | 208 | 236 |
Deferred tax assets after valuation allowance | 3,586 | 3,073 |
Gross deferred tax liabilities | ||
Fixed assets | 1,287 | 1,130 |
Intangibles and goodwill | 2,046 | 1,156 |
Total deferred tax liabilities | 3,333 | 2,286 |
Net deferred tax assets | $ 253 | $ 787 |
Income Taxes - Rollforward of U
Income Taxes - Rollforward of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Rollforward of Unrecognized Tax Benefits | |||
Balance at beginning of period | $ 755 | $ 755 | $ 1,080 |
Increase based on tax positions related to the current period | 201 | 139 | 57 |
Increase based on tax positions related to prior periods | 74 | 178 | 61 |
Increase based on the acquisition of E*TRADE | 0 | 26 | 0 |
Decrease based on tax positions related to prior periods | (37) | (297) | (419) |
Decreases related to settlements with taxing authorities | (10) | (36) | (17) |
Decreases related to lapse of statute of limitations | (12) | (10) | (7) |
Balance at end of period | 971 | 755 | 755 |
Net unrecognized tax benefits | $ 860 | $ 665 | $ 549 |
Income Taxes - Interest Expense
Income Taxes - Interest Expense (Benefit), Net of Federal and State Income Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Expense (Benefit) Net of Federal and State Income Tax Benefits | |||
Recognized in income statements | $ 14 | $ 56 | $ 8 |
Accrued at end of period | $ 142 | $ 134 | $ 92 |
Segment, Geographic and Reven_3
Segment, Geographic and Revenue Information - Selected Financial Information by Business Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information | ||||
Investment banking | $ 10,994 | $ 7,674 | $ 6,163 | |
Trading | 12,810 | 13,983 | 11,274 | |
Investments | 1,376 | 986 | 1,540 | |
Commissions and fees | 5,521 | 4,851 | 3,919 | |
Asset management | 19,967 | 14,272 | 13,083 | |
Other | 1,042 | 678 | 865 | |
Total non-interest revenues | 51,710 | 42,444 | 36,844 | |
Interest income | 9,411 | 10,162 | 17,098 | |
Interest expense | 1,366 | 3,849 | 12,404 | |
Net interest | 8,045 | 6,313 | 4,694 | |
Net revenues | 59,755 | 48,757 | 41,538 | |
Provision for credit losses | 4 | 761 | 161 | |
Compensation and benefits | 24,628 | 20,854 | 18,837 | |
Non-compensation expenses | 15,455 | 12,724 | 11,239 | |
Total non-interest expenses | 40,083 | 33,578 | 30,076 | |
Income from continuing operations before income taxes | 19,668 | 14,418 | 11,301 | |
Provision for income taxes | 4,548 | 3,239 | 2,064 | |
Net income | 15,120 | 11,179 | 9,237 | |
Net income applicable to noncontrolling interests | 86 | 183 | 195 | |
Net income applicable to Morgan Stanley | 15,034 | 10,996 | 9,042 | |
Severance-related costs | $ 172 | |||
I/E | ||||
Segment Reporting Information | ||||
Investment banking | (100) | (89) | (80) | |
Trading | 92 | 76 | 51 | |
Investments | 0 | 0 | 0 | |
Commissions and fees | (377) | (376) | (292) | |
Asset management | (158) | (157) | (158) | |
Other | (10) | (9) | (6) | |
Total non-interest revenues | (553) | (555) | (485) | |
Interest income | (193) | (432) | (582) | |
Interest expense | (205) | (448) | (600) | |
Net interest | 12 | 16 | 18 | |
Net revenues | (541) | (539) | (467) | |
Provision for credit losses | 0 | 0 | 0 | |
Compensation and benefits | 0 | 0 | 0 | |
Non-compensation expenses | (536) | (549) | (461) | |
Total non-interest expenses | (536) | (549) | (461) | |
Income from continuing operations before income taxes | (5) | 10 | (6) | |
Provision for income taxes | (1) | 2 | (2) | |
Net income | (4) | 8 | (4) | |
Net income applicable to noncontrolling interests | 0 | 0 | 0 | |
Net income applicable to Morgan Stanley | (4) | 8 | (4) | |
IS | ||||
Segment Reporting Information | ||||
Severance-related costs | 124 | |||
IS | Operating Segments | ||||
Segment Reporting Information | ||||
Investment banking | 10,272 | 7,204 | 5,734 | |
Trading | 12,353 | 13,097 | 10,497 | |
Investments | 607 | 166 | 325 | |
Commissions and fees | 2,878 | 2,935 | 2,484 | |
Asset management | 583 | 461 | 413 | |
Other | 495 | 323 | 563 | |
Total non-interest revenues | 27,188 | 24,186 | 20,016 | |
Interest income | 3,752 | 5,809 | 12,193 | |
Interest expense | 1,107 | 3,519 | 11,713 | |
Net interest | 2,645 | 2,290 | 480 | |
Net revenues | 29,833 | 26,476 | 20,496 | |
Provision for credit losses | (7) | 731 | 151 | |
Compensation and benefits | 9,165 | 8,342 | 7,433 | |
Non-compensation expenses | 8,861 | 8,252 | 7,422 | |
Total non-interest expenses | 18,026 | 16,594 | 14,855 | |
Income from continuing operations before income taxes | 11,814 | 9,151 | 5,490 | |
Provision for income taxes | 2,746 | 2,040 | 769 | |
Net income | 9,068 | 7,111 | 4,721 | |
Net income applicable to noncontrolling interests | 111 | 99 | 122 | |
Net income applicable to Morgan Stanley | 8,957 | 7,012 | 4,599 | |
WM | ||||
Segment Reporting Information | ||||
Severance-related costs | 37 | |||
WM | Operating Segments | ||||
Segment Reporting Information | ||||
Investment banking | 822 | 559 | 509 | |
Trading | 418 | 844 | 734 | |
Investments | 48 | 12 | 2 | |
Commissions and fees | 3,019 | 2,291 | 1,726 | |
Asset management | 13,966 | 10,955 | 10,199 | |
Other | 577 | 403 | 354 | |
Total non-interest revenues | 18,850 | 15,064 | 13,524 | |
Interest income | 5,821 | 4,771 | 5,467 | |
Interest expense | 428 | 749 | 1,245 | |
Net interest | 5,393 | 4,022 | 4,222 | |
Net revenues | 24,243 | 19,086 | 17,746 | |
Provision for credit losses | 11 | 30 | 10 | |
Compensation and benefits | 13,090 | 10,970 | 9,774 | |
Non-compensation expenses | 4,961 | 3,699 | 3,130 | |
Total non-interest expenses | 18,051 | 14,669 | 12,904 | |
Income from continuing operations before income taxes | 6,181 | 4,387 | 4,832 | |
Provision for income taxes | 1,447 | 1,026 | 1,104 | |
Net income | 4,734 | 3,361 | 3,728 | |
Net income applicable to noncontrolling interests | 0 | 0 | 0 | |
Net income applicable to Morgan Stanley | 4,734 | 3,361 | 3,728 | |
IM | ||||
Segment Reporting Information | ||||
Severance-related costs | $ 11 | |||
IM | Operating Segments | ||||
Segment Reporting Information | ||||
Investment banking | 0 | 0 | 0 | |
Trading | (53) | (34) | (8) | |
Investments | 721 | 808 | 1,213 | |
Commissions and fees | 1 | 1 | 1 | |
Asset management | 5,576 | 3,013 | 2,629 | |
Other | (20) | (39) | (46) | |
Total non-interest revenues | 6,225 | 3,749 | 3,789 | |
Interest income | 31 | 14 | 20 | |
Interest expense | 36 | 29 | 46 | |
Net interest | (5) | (15) | (26) | |
Net revenues | 6,220 | 3,734 | 3,763 | |
Provision for credit losses | 0 | 0 | 0 | |
Compensation and benefits | 2,373 | 1,542 | 1,630 | |
Non-compensation expenses | 2,169 | 1,322 | 1,148 | |
Total non-interest expenses | 4,542 | 2,864 | 2,778 | |
Income from continuing operations before income taxes | 1,678 | 870 | 985 | |
Provision for income taxes | 356 | 171 | 193 | |
Net income | 1,322 | 699 | 792 | |
Net income applicable to noncontrolling interests | (25) | 84 | 73 | |
Net income applicable to Morgan Stanley | $ 1,347 | $ 615 | $ 719 |
Segment, Geographic and Reven_4
Segment, Geographic and Revenue Information - Institutional Securities - Investment Banking Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from External Customer [Line Items] | |||
Investment banking | $ 10,994 | $ 7,674 | $ 6,163 |
Firm Investment banking revenues from contracts with customers | 91.00% | 92.00% | 90.00% |
IS | Operating Segments | |||
Revenue from External Customer [Line Items] | |||
Investment banking | $ 10,272 | $ 7,204 | $ 5,734 |
IS | Operating Segments | Advisory | |||
Revenue from External Customer [Line Items] | |||
Investment banking | 3,487 | 2,008 | 2,116 |
IS | Operating Segments | Underwriting | |||
Revenue from External Customer [Line Items] | |||
Investment banking | $ 6,785 | $ 5,196 | $ 3,618 |
Segment, Geographic and Reven_5
Segment, Geographic and Revenue Information - Trading Revenues by Product Type (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue | |||
Trading revenues | $ 12,810 | $ 13,983 | $ 11,274 |
Interest rate | |||
Disaggregation of Revenue | |||
Trading revenues | 740 | 2,978 | 2,773 |
Foreign exchange | |||
Disaggregation of Revenue | |||
Trading revenues | 1,008 | 902 | 395 |
Equity | |||
Disaggregation of Revenue | |||
Trading revenues | 7,331 | 6,200 | 5,246 |
Commodity and other | |||
Disaggregation of Revenue | |||
Trading revenues | 2,599 | 1,762 | 1,617 |
Credit | |||
Disaggregation of Revenue | |||
Trading revenues | $ 1,132 | $ 2,141 | $ 1,243 |
Segment, Geographic and Reven_6
Segment, Geographic and Revenue Information - Investment Management Investments Revenues - Net Unrealized Carried Interest (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting [Abstract] | ||
Net cumulative unrealized performance-based fees at risk of reversing | $ 802 | $ 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting [Abstract] | |||
Fee waivers | $ 516 | $ 135 | $ 43 |
Segment, Geographic and Reven_8
Segment, Geographic and Revenue Information - Other Expenses - Transaction Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting [Abstract] | |||
Transaction taxes | $ 969 | $ 699 | $ 489 |
Segment, Geographic and Reven_9
Segment, Geographic and Revenue Information - Net Revenues by Region (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information | |||
Net revenues | $ 59,755 | $ 48,757 | $ 41,538 |
Americas | |||
Segment Reporting Information | |||
Net revenues | 44,605 | 35,459 | 30,324 |
EMEA | |||
Segment Reporting Information | |||
Net revenues | 7,699 | 6,549 | 6,078 |
Asia | |||
Segment Reporting Information | |||
Net revenues | $ 7,451 | $ 6,749 | $ 5,136 |
Segment, Geographic and Reve_10
Segment, Geographic and Revenue Information - Income from Continuing Operations before Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information | |||
Income from continuing operations before income taxes | $ 19,668 | $ 14,418 | $ 11,301 |
U.S. | |||
Segment Reporting Information | |||
Income from continuing operations before income taxes | 14,082 | 10,027 | 9,464 |
Non-U.S. | |||
Segment Reporting Information | |||
Income from continuing operations before income taxes | $ 5,586 | $ 4,391 | $ 1,837 |
Segment, Geographic and Reve_11
Segment, Geographic and Revenue Information - Revenue Recognized from Prior Services (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting [Abstract] | |||
Non-interest revenues | $ 2,391 | $ 2,298 | $ 2,705 |
Segment, Geographic and Reve_12
Segment, Geographic and Revenue Information - Receivables from Contracts with Customers (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting [Abstract] | ||
Customer and other receivables | $ 3,591 | $ 3,200 |
Segment, Geographic and Reve_13
Segment, Geographic and Revenue Information - Assets by Business Segment (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information | ||
Assets | $ 1,188,140 | $ 1,115,862 |
Institutional Securities | ||
Segment Reporting Information | ||
Assets | 792,135 | 753,322 |
Wealth Management | ||
Segment Reporting Information | ||
Assets | 378,438 | 355,595 |
Investment Management | ||
Segment Reporting Information | ||
Assets | $ 17,567 | $ 6,945 |
Segment, Geographic and Reve_14
Segment, Geographic and Revenue Information - Assets by Region (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information | ||
Assets | $ 1,188,140 | $ 1,115,862 |
Americas | ||
Segment Reporting Information | ||
Assets | 848,001 | 815,048 |
EMEA | ||
Segment Reporting Information | ||
Assets | 204,083 | 194,598 |
Asia | ||
Segment Reporting Information | ||
Assets | $ 136,056 | $ 106,216 |
Parent Company - Condensed Inco
Parent Company - Condensed Income Statements and Comprehensive Income Statements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Trading | $ 12,810 | $ 13,983 | $ 11,274 |
Other | 3,694 | 3,132 | 2,327 |
Total non-interest revenues | 51,710 | 42,444 | 36,844 |
Interest income | 9,411 | 10,162 | 17,098 |
Interest expense | 1,366 | 3,849 | 12,404 |
Net interest | 8,045 | 6,313 | 4,694 |
Net revenues | 59,755 | 48,757 | 41,538 |
Total non-interest expenses | 40,083 | 33,578 | 30,076 |
Provision for (benefit from) income taxes | 4,548 | 3,239 | 2,064 |
Undistributed gain of subsidiaries | 3,254 | ||
Net income | 15,120 | 11,179 | 9,237 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (331) | 170 | 3 |
Change in net unrealized gains (losses) on available-for-sale securities | (1,542) | 1,580 | 1,137 |
Change in net debt valuation adjustment | 696 | (1,028) | (1,639) |
Comprehensive income | 13,890 | 12,047 | 8,672 |
Net income | 15,120 | 11,179 | 9,237 |
Preferred stock dividends and other | 468 | 496 | 530 |
Earnings applicable to Morgan Stanley common shareholders | 14,566 | 10,500 | 8,512 |
Parent Company | |||
Revenues | |||
Dividends from bank subsidiaries | 0 | 2,811 | 3,531 |
Dividends from BHC and non-bank subsidiaries | 8,898 | 1,170 | 1,998 |
Total dividends from subsidiaries | 8,898 | 3,981 | 5,529 |
Trading | 229 | (244) | (54) |
Other | 4 | 51 | 80 |
Total non-interest revenues | 9,131 | 3,788 | 5,555 |
Interest income | 2,648 | 3,666 | 5,121 |
Interest expense | 2,822 | 3,087 | 4,661 |
Net interest | (174) | 579 | 460 |
Net revenues | 8,957 | 4,367 | 6,015 |
Total non-interest expenses | 443 | 387 | 300 |
Income before income taxes | 8,514 | 3,980 | 5,715 |
Provision for (benefit from) income taxes | (203) | (109) | (73) |
Net income before undistributed gain of subsidiaries | 8,717 | 4,089 | 5,788 |
Undistributed gain of subsidiaries | 6,317 | 6,907 | |
Net income | 15,034 | 10,996 | 9,042 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (207) | 102 | (8) |
Change in net unrealized gains (losses) on available-for-sale securities | (1,542) | 1,580 | 1,137 |
Pensions and other | (53) | 146 | (66) |
Change in net debt valuation adjustment | 662 | (1,002) | (1,559) |
Comprehensive income | 13,894 | 11,822 | 8,546 |
Net income | 15,034 | 10,996 | 9,042 |
Preferred stock dividends and other | 468 | 496 | 530 |
Earnings applicable to Morgan Stanley common shareholders | $ 14,566 | $ 10,500 | $ 8,512 |
Parent Company - Condensed Bala
Parent Company - Condensed Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | |||
Trading assets at fair value | $ 294,869 | $ 312,738 | |
Investment securities | 182,998 | 182,154 | |
Equity investments in subsidiaries: | |||
Other assets | 23,491 | 21,742 | |
Total assets | 1,188,140 | 1,115,862 | |
Liabilities | |||
Trading liabilities at fair value | 158,328 | 157,631 | |
Securities sold under agreements to repurchase from affiliates | 62,188 | 50,587 | |
Other liabilities and accrued expenses | 29,300 | 25,603 | |
Borrowings | 233,127 | 217,079 | |
Total liabilities | 1,081,542 | 1,012,713 | |
Equity | |||
Preferred stock | 7,750 | 9,250 | |
Common stock | 20 | 20 | |
Additional paid-in capital | 28,841 | 25,546 | |
Retained earnings | 89,432 | 78,694 | |
Employee stock trusts | 3,955 | 3,043 | |
Accumulated other comprehensive income (loss) | (3,102) | (1,962) | |
Common stock held in treasury at cost | (17,500) | (9,767) | |
Common stock issued to employee stock trusts | (3,955) | (3,043) | |
Total equity | 106,598 | 103,149 | $ 82,697 |
Total liabilities and equity | 1,188,140 | 1,115,862 | |
Statement of Financial Position Parenthetical Disclosures [Abstract] | |||
Investment securities at fair value | 102,830 | 110,383 | |
Borrowings at fair value | $ 76,340 | $ 73,701 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock authorized (in shares) | 3,500,000,000 | 3,500,000,000 | |
Common stock issued (in shares) | 2,038,893,979 | 2,038,893,979 | |
Common stock outstanding (in shares) | 1,772,226,530 | 1,809,624,144 | 1,594,000,000 |
Treasury stock (in shares) | 266,667,449 | 229,269,835 | |
Parent Company | |||
Assets | |||
Cash and cash equivalents | $ 15,342 | $ 7,102 | |
Trading assets at fair value | 5,298 | 6,862 | |
Investment securities | 39,707 | 39,225 | |
Securities purchased under agreement to resell to affiliates | 21,116 | 34,698 | |
Advances to subsidiaries: | |||
Bank and BHC | 59,757 | 22,692 | |
Non-bank | 96,202 | 121,731 | |
Equity investments in subsidiaries: | |||
Bank and BHC | 69,059 | 52,951 | |
Non-bank | 48,481 | 47,450 | |
Other assets | 1,109 | 454 | |
Total assets | 356,071 | 333,165 | |
Liabilities | |||
Trading liabilities at fair value | 1,688 | 1,623 | |
Securities sold under agreements to repurchase from affiliates | 16,928 | 24,349 | |
Payables to and advances from subsidiaries | 59,960 | 43,252 | |
Other liabilities and accrued expenses | 1,859 | 2,181 | |
Borrowings | 170,195 | 159,979 | |
Total liabilities | 250,630 | 231,384 | |
Equity | |||
Preferred stock | 7,750 | 9,250 | |
Common stock | 20 | 20 | |
Additional paid-in capital | 28,841 | 25,546 | |
Retained earnings | 89,432 | 78,694 | |
Employee stock trusts | 3,955 | 3,043 | |
Accumulated other comprehensive income (loss) | (3,102) | (1,962) | |
Common stock held in treasury at cost | 17,500 | 9,767 | |
Common stock issued to employee stock trusts | 3,955 | 3,043 | |
Total equity | 105,441 | 101,781 | |
Total liabilities and equity | 356,071 | 333,165 | |
Statement of Financial Position Parenthetical Disclosures [Abstract] | |||
Investment securities at fair value | 21,246 | 20,037 | |
Investment securities pledged to various parties | 16,573 | 24,248 | |
Borrowings at fair value | $ 15,894 | $ 18,804 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock authorized (in shares) | 3,500,000,000 | 3,500,000,000 | |
Common stock issued (in shares) | 2,038,893,979 | 2,038,893,979 | |
Common stock outstanding (in shares) | 1,772,226,530 | 1,809,624,144 | |
Treasury stock (in shares) | 266,667,449 | 229,269,835 |
Parent Company - Condensed Cash
Parent Company - Condensed Cash Flow Statements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statement | |||
Net cash provided by (used for) operating activities | $ 33,971 | $ (25,231) | $ 40,773 |
Cash flows from investing activities | |||
Payments for purchases of investment securities | (69,571) | (59,777) | (42,586) |
Proceeds from sales of investment securities | 20,652 | 13,750 | 17,151 |
Proceeds from paydowns and maturities of investment securities | 40,916 | 24,517 | 12,012 |
Net cash provided by (used for) investing activities | (49,897) | (37,898) | (33,561) |
Cash flows from financing activities | |||
Issuance of preferred stock, net of issuance costs | 1,275 | 0 | 497 |
Proceeds from issuance of Borrowings | 90,273 | 60,726 | 30,605 |
Payments for borrowings | (70,124) | (50,484) | (40,548) |
Payments for repurchases of common stock and employee tax withholdings | (12,075) | (1,890) | (5,954) |
Payments for cash dividends | (4,171) | (2,739) | (2,627) |
Other financing activities | 97 | (40) | (147) |
Net cash provided by (used for) financing activities | 41,547 | 83,784 | (11,966) |
Effect of exchange rate changes on cash and cash equivalents | (3,550) | 2,828 | (271) |
Net increase (decrease) in cash and cash equivalents | 22,071 | 23,483 | (5,025) |
Cash and cash equivalents, at beginning of period | 105,654 | 82,171 | 87,196 |
Cash and cash equivalents, at end of period | 127,725 | 105,654 | 82,171 |
Cash and cash equivalents: | |||
Cash and due from banks | 8,394 | 9,792 | |
Supplemental Disclosure of Cash Flow Information | |||
Cash payments for interest | 1,303 | 4,120 | 12,511 |
Cash payments for income taxes, net of refunds | 4,231 | 2,591 | 1,908 |
Parent Company | |||
Condensed Financial Statement | |||
Net cash provided by (used for) operating activities | 4,257 | 14,202 | 24,175 |
Cash flows from investing activities | |||
Payments for purchases of investment securities | (9,297) | (9,310) | (22,408) |
Proceeds from sales of investment securities | 2,611 | 2,013 | 4,671 |
Proceeds from paydowns and maturities of investment securities | 5,636 | 5,651 | 3,157 |
Securities purchased under agreements to resell with affiliates | 13,581 | (24,584) | 15,422 |
Securities sold under agreements to repurchase with affiliates | (7,422) | 19,719 | 4,631 |
Advances to and investments in subsidiaries | (17,083) | (13,832) | (9,210) |
Net cash provided by (used for) investing activities | (11,974) | (20,343) | (3,737) |
Cash flows from financing activities | |||
Issuance of preferred stock, net of issuance costs | 1,275 | 0 | 497 |
Proceeds from issuance of Borrowings | 42,098 | 25,587 | 8,337 |
Payments for borrowings | (28,592) | (22,105) | (24,282) |
Payments for repurchases of common stock and employee tax withholdings | (12,075) | (1,890) | (5,954) |
Payments for cash dividends | (4,171) | (2,739) | (2,627) |
Net change in advances from subsidiaries | 17,042 | 7,194 | 4,378 |
Other financing activities | 0 | (498) | 12 |
Net cash provided by (used for) financing activities | 15,577 | 5,549 | (19,639) |
Effect of exchange rate changes on cash and cash equivalents | 380 | (316) | (271) |
Net increase (decrease) in cash and cash equivalents | 8,240 | (908) | 528 |
Cash and cash equivalents, at beginning of period | 7,102 | 8,010 | 7,482 |
Cash and cash equivalents, at end of period | 15,342 | 7,102 | 8,010 |
Cash and cash equivalents: | |||
Cash and due from banks | 100 | 20 | 9 |
Deposits with bank subsidiaries | 15,242 | 7,082 | 8,001 |
Restricted cash | 441 | 381 | 0 |
Supplemental Disclosure of Cash Flow Information | |||
Cash payments for interest | 2,970 | 3,472 | 4,677 |
Cash payments for income taxes, net of refunds | 2,775 | 1,364 | 1,186 |
Settlements received from subsidiaries | $ 3,000 | $ 1,600 | $ 1,600 |
Parent Company - Parent Company
Parent Company - Parent Company's Borrowings with Original Maturities Greater than One Year (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Senior | $ 213,776 | $ 202,305 |
Subordinated | 13,587 | 11,083 |
Total | 227,363 | 213,388 |
Parent Company | ||
Debt Instrument [Line Items] | ||
Senior | 155,304 | 148,885 |
Subordinated | 13,591 | 11,094 |
Total | $ 168,895 | $ 159,979 |
Parent Company - Guarantees (De
Parent Company - Guarantees (Details) - Parent Company - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instuments and Warrants | ||
Condensed Financial Statement | ||
Aggregate balance | $ 47,129 | $ 39,745 |
Subsidiary Lease Obligations | ||
Condensed Financial Statement | ||
Aggregate balance | $ 610 | $ 865 |