Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2022 | |
Entity File Number | 1-11758 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1585 Broadway | |
Entity Address, City or Town | New York, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10036 | |
Entity Tax Identification Number | 36-3145972 | |
City Area Code | (212) | |
Local Phone Number | 761-4000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,690,109,419 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000895421 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | MORGAN STANLEY | |
Document Quarterly Report | true | |
Document Transition Report | false | |
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 | |
Non-Cumulative Preferred Stock, Series P, $0.01 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Preferred Stock, Series P, $0.01 par value | |
Trading Symbol | MS/PP | |
Security Exchange Name | NYSE | |
Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026 | |
Trading Symbol | MS/26C | |
Security Exchange Name | NYSE | |
Global Medium-Term Notes, Series A, Floating Rate Notes Due 2029 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Global Medium-Term Notes, Series A, Floating Rate Notes Due 2029 | |
Trading Symbol | MS/29 | |
Security Exchange Name | NYSE |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | ||||
Investment banking | $ 1,373 | $ 3,013 | $ 4,281 | $ 8,413 |
Trading | 3,331 | 2,861 | 10,911 | 10,416 |
Investments | (168) | 45 | (70) | 744 |
Commissions and fees | 1,133 | 1,280 | 3,769 | 4,214 |
Asset management | 4,744 | 5,201 | 14,775 | 14,572 |
Other | 63 | 290 | 245 | 916 |
Total non-interest revenues | 10,476 | 12,690 | 33,911 | 39,275 |
Interest income | 6,101 | 2,351 | 12,363 | 7,000 |
Interest expense | 3,591 | 288 | 5,355 | 1,044 |
Net interest | 2,510 | 2,063 | 7,008 | 5,956 |
Net revenues | 12,986 | 14,753 | 40,919 | 45,231 |
Provision for credit losses | 35 | 24 | 193 | (1) |
Non-interest expenses | ||||
Compensation and benefits | 5,614 | 5,920 | 17,438 | 19,141 |
Brokerage, clearing and exchange fees | 847 | 825 | 2,607 | 2,530 |
Information processing and communications | 874 | 788 | 2,560 | 2,286 |
Professional services | 755 | 734 | 2,217 | 2,104 |
Occupancy and equipment | 429 | 427 | 1,286 | 1,246 |
Marketing and business development | 215 | 146 | 610 | 438 |
Other | 829 | 1,015 | 2,713 | 2,703 |
Total non-interest expenses | 9,563 | 9,855 | 29,431 | 30,448 |
Income before provision for income taxes | 3,388 | 4,874 | 11,295 | 14,784 |
Provision for income taxes | 726 | 1,150 | 2,382 | 3,380 |
Net income | 2,662 | 3,724 | 8,913 | 11,404 |
Net income applicable to noncontrolling interests | 30 | 17 | 120 | 66 |
Net income applicable to Morgan Stanley | 2,632 | 3,707 | 8,793 | 11,338 |
Preferred stock dividends | 138 | 123 | 366 | 364 |
Earnings applicable to Morgan Stanley common shareholders | $ 2,494 | $ 3,584 | $ 8,427 | $ 10,974 |
Earnings per common share | ||||
Basic (USD per share) | $ 1.49 | $ 2.01 | $ 4.95 | $ 6.11 |
Diluted (USD per share) | $ 1.47 | $ 1.98 | $ 4.88 | $ 6.02 |
Average common shares outstanding | ||||
Basic (shares) | 1,674 | 1,781 | 1,704 | 1,797 |
Diluted (shares) | 1,697 | 1,812 | 1,725 | 1,824 |
Consolidated Comprehensive Inco
Consolidated Comprehensive Income Statement - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,662 | $ 3,724 | $ 8,913 | $ 11,404 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (268) | (78) | (661) | (256) |
Change in net unrealized gains (losses) on available-for-sale securities | (1,307) | (256) | (4,778) | (1,039) |
Pension and other | 5 | 5 | 13 | 22 |
Change in net debt valuation adjustment | 816 | 147 | 2,628 | 470 |
Total other comprehensive income (loss) | (754) | (182) | (2,798) | (803) |
Comprehensive income | 1,908 | 3,542 | 6,115 | 10,601 |
Net income applicable to noncontrolling interests | 30 | 17 | 120 | 66 |
Other comprehensive income (loss) applicable to noncontrolling interests | (17) | (4) | (142) | (64) |
Comprehensive income applicable to Morgan Stanley | $ 1,895 | $ 3,529 | $ 6,137 | $ 10,599 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 111,696 | $ 127,725 |
Trading assets at fair value ($100,709 and $104,186 were pledged to various parties) | 291,188 | 294,869 |
Investment securities (includes $83,633 and $102,830 at fair value) | 161,269 | 182,998 |
Securities purchased under agreements to resell (includes $— and $7 at fair value) | 111,124 | 119,999 |
Securities borrowed | 136,478 | 129,713 |
Customer and other receivables | 87,935 | 96,018 |
Loans: | ||
Held for investment (net of allowance for credit losses of $749 and $654) | 197,583 | 174,302 |
Held for sale | 13,353 | 13,832 |
Goodwill | 16,721 | 16,833 |
Intangible assets (net of accumulated amortization of $4,250 and $3,819) | 7,893 | 8,360 |
Other assets | 24,789 | 23,491 |
Total assets | 1,160,029 | 1,188,140 |
Liabilities | ||
Deposits (includes $3,661 and $1,940 at fair value) | 338,123 | 347,574 |
Trading liabilities at fair value | 162,640 | 158,328 |
Securities sold under agreements to repurchase (includes $951 and $791 at fair value) | 60,133 | 62,188 |
Securities loaned | 13,097 | 12,299 |
Other secured financings (includes $4,594 and $5,133 at fair value) | 7,701 | 10,041 |
Customer and other payables | 229,463 | 228,685 |
Other liabilities and accrued expenses | 26,360 | 29,300 |
Borrowings (includes $68,788 and $76,340 at fair value) | 220,423 | 233,127 |
Total liabilities | 1,057,940 | 1,081,542 |
Commitments and contingent liabilities (see Note 13) | ||
Equity | ||
Preferred stock | 8,750 | 7,750 |
Common stock | 20 | 20 |
Additional paid-in capital | 28,893 | 28,841 |
Retained earnings | 94,055 | 89,432 |
Employee stock trusts | 4,860 | 3,955 |
Accumulated other comprehensive income (loss) | (5,758) | (3,102) |
Common stock held in treasury at cost, $0.01 par value (344,842,714 and 266,667,449 shares) | (24,949) | (17,500) |
Common stock issued to employee stock trusts | (4,860) | (3,955) |
Total Morgan Stanley shareholders’ equity | 101,011 | 105,441 |
Noncontrolling interests | 1,078 | 1,157 |
Total equity | 102,089 | 106,598 |
Total liabilities and equity | $ 1,160,029 | $ 1,188,140 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Trading assets pledged to various parties | $ 100,709 | $ 104,186 |
Investment securities —AFS | 83,633 | 102,830 |
Fair value of securities purchased under agreement to resell | 0 | 7 |
ACL | 749 | 654 |
Intangible assets, accumulated amortization | 4,250 | 3,819 |
Liabilities | ||
Deposits at fair value | 3,661 | 1,940 |
Fair value of securities sold under agreement to repurchase | 951 | 791 |
Fair value of other secured financings | 4,594 | 5,133 |
Fair value of borrowings | $ 68,788 | $ 76,340 |
Equity | ||
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock authorized (shares) | 3,500,000,000 | 3,500,000,000 |
Common stock issued (shares) | 2,038,893,979 | 2,038,893,979 |
Common stock outstanding (shares) | 1,694,051,265 | 1,772,226,530 |
Common stock held in treasury (shares) | 344,842,714 | 266,667,449 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Total Equity - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Employee Stock Trusts | Accumulated Other Comprehensive Income (Loss) | Common Stock Held in Treasury at Cost | Common Stock Issued to Employee Stock Trusts | Noncontrolling Interests | |
Beginning balance at Dec. 31, 2020 | $ 9,250 | $ 20 | $ 25,546 | $ 78,694 | $ 3,043 | $ (1,962) | $ (9,767) | $ (3,043) | $ 1,368 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of preferred stock | 0 | 0 | |||||||||
Redemption of preferred stock | (1,500) | ||||||||||
Share-based award activity | 765 | 727 | 1,094 | (727) | |||||||
Issuance of common stock for the acquisition of Eaton Vance | 2,185 | 3,132 | |||||||||
Other net increases (decreases) | 8 | (7) | (154) | ||||||||
Net income applicable to Morgan Stanley | $ 11,338 | 11,338 | |||||||||
Preferred stock dividends | (364) | (364) | [1] | ||||||||
Common stock dividends | (2,562) | (2,562) | [1] | ||||||||
Net change in Accumulated other comprehensive income (loss) | (803) | (739) | (64) | ||||||||
Repurchases of common stock and employee tax withholdings | (9,228) | ||||||||||
Net income applicable to noncontrolling interests | 66 | 66 | |||||||||
Ending balance at Sep. 30, 2021 | 107,119 | 7,750 | 20 | 28,504 | 87,099 | 3,770 | (2,701) | (14,769) | (3,770) | 1,216 | |
Beginning balance at Jun. 30, 2021 | 7,750 | 20 | 28,030 | 84,791 | 3,768 | (2,523) | (11,198) | (3,768) | 1,292 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of preferred stock | 0 | 0 | |||||||||
Redemption of preferred stock | 0 | ||||||||||
Share-based award activity | 473 | 2 | 57 | (2) | |||||||
Issuance of common stock for the acquisition of Eaton Vance | 0 | 0 | |||||||||
Other net increases (decreases) | 1 | 0 | (89) | ||||||||
Net income applicable to Morgan Stanley | 3,707 | 3,707 | |||||||||
Preferred stock dividends | (123) | (123) | [1] | ||||||||
Common stock dividends | (1,276) | (1,276) | [1] | ||||||||
Net change in Accumulated other comprehensive income (loss) | (182) | (178) | (4) | ||||||||
Repurchases of common stock and employee tax withholdings | (3,628) | ||||||||||
Net income applicable to noncontrolling interests | 17 | 17 | |||||||||
Ending balance at Sep. 30, 2021 | 107,119 | 7,750 | 20 | 28,504 | 87,099 | 3,770 | (2,701) | (14,769) | (3,770) | 1,216 | |
Beginning balance at Dec. 31, 2021 | 106,598 | 7,750 | 20 | 28,841 | 89,432 | 3,955 | (3,102) | (17,500) | (3,955) | 1,157 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of preferred stock | 1,000 | (6) | |||||||||
Redemption of preferred stock | 0 | ||||||||||
Share-based award activity | 57 | 905 | 1,677 | (905) | |||||||
Issuance of common stock for the acquisition of Eaton Vance | 0 | 0 | |||||||||
Other net increases (decreases) | 1 | (2) | (57) | ||||||||
Net income applicable to Morgan Stanley | 8,793 | 8,793 | |||||||||
Preferred stock dividends | (366) | (366) | [1] | ||||||||
Common stock dividends | (3,802) | (3,802) | [1] | ||||||||
Net change in Accumulated other comprehensive income (loss) | (2,798) | (2,656) | (142) | ||||||||
Repurchases of common stock and employee tax withholdings | (9,126) | ||||||||||
Net income applicable to noncontrolling interests | 120 | 120 | |||||||||
Ending balance at Sep. 30, 2022 | 102,089 | 8,750 | 20 | 28,893 | 94,055 | 4,860 | (5,758) | (24,949) | (4,860) | 1,078 | |
Beginning balance at Jun. 30, 2022 | 7,750 | 20 | 28,394 | 92,889 | 4,900 | (5,021) | (22,436) | (4,900) | 1,066 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of preferred stock | 1,000 | (6) | |||||||||
Redemption of preferred stock | 0 | ||||||||||
Share-based award activity | 505 | (40) | 95 | 40 | |||||||
Issuance of common stock for the acquisition of Eaton Vance | 0 | 0 | |||||||||
Other net increases (decreases) | 0 | 1 | (1) | ||||||||
Net income applicable to Morgan Stanley | 2,632 | 2,632 | |||||||||
Preferred stock dividends | (138) | (138) | [1] | ||||||||
Common stock dividends | (1,329) | (1,329) | [1] | ||||||||
Net change in Accumulated other comprehensive income (loss) | (754) | (737) | (17) | ||||||||
Repurchases of common stock and employee tax withholdings | (2,608) | ||||||||||
Net income applicable to noncontrolling interests | 30 | 30 | |||||||||
Ending balance at Sep. 30, 2022 | $ 102,089 | $ 8,750 | $ 20 | $ 28,893 | $ 94,055 | $ 4,860 | $ (5,758) | $ (24,949) | $ (4,860) | $ 1,078 | |
[1]See Note 16 for information regarding dividends per share for each class of stock. |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statement - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
Cash flows from operating activities | |||
Net income | $ 8,913 | $ 11,404 | |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||
Stock-based compensation expense | 1,377 | 1,636 | |
Depreciation and amortization | 2,791 | 2,979 | |
Provision for credit losses | 193 | (1) | |
Other operating adjustments | 508 | (149) | |
Changes in assets and liabilities: | |||
Trading assets, net of Trading liabilities | (23,285) | 2,832 | |
Securities borrowed | (6,765) | (13,531) | |
Securities loaned | 798 | 3,402 | |
Customer and other receivables and other assets | 7,966 | (2,692) | |
Customer and other payables and other liabilities | 8,283 | 19,829 | |
Securities purchased under agreements to resell | 8,875 | (3,487) | |
Securities sold under agreements to repurchase | (2,055) | 11,400 | |
Net cash provided by (used for) operating activities | 7,599 | 33,622 | |
Proceeds from (payments for): | |||
Other assets—Premises, equipment and software, net | (2,308) | (1,658) | |
Changes in loans, net | (23,280) | (23,197) | |
AFS securities | |||
Purchases | [1] | (22,636) | (32,483) |
Proceeds from sales | [1] | 21,922 | 18,325 |
Proceeds from paydowns and maturities | [1] | 11,682 | 21,508 |
HTM securities | |||
Purchases | [1] | (5,231) | (24,851) |
Proceeds from paydowns and maturities | [1] | 7,837 | 10,860 |
Cash paid as part of the Eaton Vance acquisition, net of cash acquired | 0 | (2,648) | |
Other investing activities | (516) | (447) | |
Net cash provided by (used for) investing activities | (12,530) | (34,591) | |
Net proceeds from (payments for): | |||
Other secured financings | (1,352) | (1,125) | |
Deposits | (16,816) | 18,347 | |
Issuance of preferred stock, net of issuance costs | 994 | 0 | |
Proceeds from issuance of Borrowings | 54,283 | 73,591 | |
Payments for: | |||
Borrowings | (27,019) | (56,699) | |
Repurchases of common stock and employee tax withholdings | (9,126) | (9,228) | |
Cash dividends | (4,023) | (2,857) | |
Other financing activities | (202) | (197) | |
Net cash provided by (used for) financing activities | (3,261) | 21,832 | |
Effect of exchange rate changes on cash and cash equivalents | (7,837) | (2,654) | |
Net increase (decrease) in cash and cash equivalents | (16,029) | 18,209 | |
Cash and cash equivalents, at beginning of period | 127,725 | 105,654 | |
Cash and cash equivalents, at end of period | 111,696 | 123,863 | |
Supplemental Disclosure of Cash Flow Information | |||
Cash payments for interest | 4,339 | 1,236 | |
Cash payments for income taxes, net of refunds | $ 2,805 | $ 3,303 | |
[1]The prior period amounts have been revised to present Purchases, Proceeds from sales and Proceeds from paydowns and maturities separately between AFS securities and HTM securities. |
Introduction and Basis of Prese
Introduction and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
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. Disclosures reflect the effects of the acquisition of Eaton Vance Corp. (“Eaton Vance”) prospectively from the March 1, 2021 acquisition date. See Note 3 to the financial statements in the 2021 Form 10-K for further information. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q. A description of the clients and principal products and services of each of the Firm’s business segments is as follows: Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including 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 notes are an integral part of the Firm’s financial statements. The Firm has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto. The accompanying financial statements should be read in conjunction with the Firm’s financial statements and notes thereto included in the 2021 Form 10-K. Certain footnote disclosures included in the 2021 Form 10-K have been condensed or omitted from these financial statements as they are not required for interim reporting under U.S. GAAP. The financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire year. Consolidation The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 14). Intercompany balances and transactions have been eliminated. For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as Noncontrolling interests. The net income attributable to Noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the income 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 a discussion of the Firm’s significant regulated U.S. and international subsidiaries and its involvement with VIEs, see Note 1 to the financial statements in the 2021 Form 10-K. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies For a detailed discussion about the Firm’s significant accounting policies and for further information on accounting updates adopted, see Note 2 to the financial statements in the 2021 Form 10-K. During the nine months ended September 30, 2022 (“current year period”), there were no significant updates to the Firm’s significant accounting policies. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents $ in millions At At Cash and due from banks $ 6,836 $ 8,394 Interest bearing deposits with banks 104,860 119,331 Total Cash and cash equivalents $ 111,696 $ 127,725 Restricted cash $ 40,413 $ 40,887 For additional information on cash and cash equivalents, including restricted cash, see Note 2 to the financial statements in the 2021 Form 10-K. |
Fair Values
Fair Values | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Values | Fair Values Recurring Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis At September 30, 2022 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 37,694 $ 29,822 $ 1 $ — $ 67,517 Other sovereign government obligations 27,618 5,411 137 — 33,166 State and municipal securities — 2,259 52 — 2,311 MABS — 2,090 344 — 2,434 Loans and lending commitments 2 — 4,929 2,583 — 7,512 Corporate and other debt — 24,936 1,898 — 26,834 Corporate equities 3 74,566 1,043 145 — 75,754 Derivative and other contracts: Interest rate 18,630 173,134 768 — 192,532 Credit — 10,294 474 — 10,768 Foreign exchange 56 167,919 269 — 168,244 Equity 1,736 59,409 531 — 61,676 Commodity and other 11,660 31,216 4,134 — 47,010 Netting 1 (15,435) (328,762) (1,363) (68,420) (413,980) Total derivative and other contracts 16,647 113,210 4,813 (68,420) 66,250 Investments 4 588 716 873 — 2,177 Physical commodities — 1,924 — — 1,924 Total trading assets 4 157,113 186,340 10,846 (68,420) 285,879 Investment securities—AFS 53,618 29,979 36 — 83,633 Total assets at fair value $ 210,731 $ 216,319 $ 10,882 $ (68,420) $ 369,512 At September 30, 2022 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 3,654 $ 7 $ — $ 3,661 Trading liabilities: U.S. Treasury and agency securities 15,842 8 1 — 15,851 Other sovereign government obligations 19,215 2,398 12 — 21,625 Corporate and other debt — 9,993 23 — 10,016 Corporate equities 3 66,268 564 54 — 66,886 Derivative and other contracts: Interest rate 16,043 166,207 945 — 183,195 Credit — 10,079 352 — 10,431 Foreign exchange 57 159,478 94 — 159,629 Equity 1,868 66,950 987 — 69,805 Commodity and other 12,669 24,561 2,333 — 39,563 Netting 1 (15,435) (328,762) (1,363) (68,801) (414,361) Total derivative and other contracts 15,202 98,513 3,348 (68,801) 48,262 Total trading liabilities 116,527 111,476 3,438 (68,801) 162,640 Securities sold under agreements to repurchase — 443 508 — 951 Other secured financings — 4,481 113 — 4,594 Borrowings — 66,851 1,937 — 68,788 Total liabilities at fair value $ 116,527 $ 186,905 $ 6,003 $ (68,801) $ 240,634 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 MABS—Mortgage- and asset-backed securities 1. For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6. 2. For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table. 3. For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes. 4. Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein. Detail of Loans and Lending Commitments at Fair Value $ in millions At At Corporate $ — $ 8 Secured lending facilities 7 — Commercial Real Estate 476 863 Residential Real Estate 1,568 3,911 Securities-based lending and Other loans 5,461 7,845 Total $ 7,512 $ 12,627 Unsettled Fair Value of Futures Contracts 1 $ in millions At At Customer and other receivables (payables), net $ 693 $ 948 1. These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables. For a description of the valuation techniques applied to the Firm’s major categories of assets and liabilities measured at fair value on a recurring basis, see Note 5 to the financial statements in the 2021 Form 10-K. During the current quarter, there were no significant revisions made to the Firm’s valuation techniques. Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 U.S. Treasury and agency securities Beginning balance $ 9 $ 25 $ 2 $ 9 Realized and unrealized gains (losses) — (1) (1) — Purchases 1 4 2 28 Sales (4) (24) (7) (33) Net transfers (5) — 5 — Ending balance $ 1 $ 4 $ 1 $ 4 Unrealized gains (losses) $ — $ (1) $ (1) $ — Other sovereign government obligations Beginning balance $ 161 $ 78 $ 211 $ 268 Realized and unrealized gains (losses) 23 (3) (24) (1) Purchases 43 59 69 129 Sales (57) (4) (60) (269) Net transfers (33) (3) (59) — Ending balance $ 137 $ 127 $ 137 $ 127 Unrealized gains (losses) $ 23 $ (3) $ (22) $ — State and municipal securities Beginning balance $ 29 $ 4 $ 13 $ — Realized and unrealized gains (losses) (1) — (2) — Purchases 4 — 54 4 Sales — (4) — (4) Net transfers 20 — (13) — Ending balance $ 52 $ — $ 52 $ — Unrealized gains (losses) $ (3) $ — $ (2) $ — MABS Beginning balance $ 339 $ 357 $ 344 $ 322 Realized and unrealized gains (losses) 8 11 (366) 67 Purchases 3 96 448 263 Sales (33) (23) (116) (216) Net transfers 27 (75) 34 (70) Ending balance $ 344 $ 366 $ 344 $ 366 Unrealized gains (losses) $ 9 $ 11 $ (12) $ 8 Loans and lending commitments Beginning balance $ 2,507 $ 4,896 $ 3,806 $ 5,759 Realized and unrealized gains (losses) (26) 47 8 33 Purchases and originations 541 1,373 800 2,467 Sales (353) (768) (801) (2,314) Settlements (144) (414) (618) (1,082) Net transfers 1 58 (830) (612) (559) Ending balance $ 2,583 $ 4,304 $ 2,583 $ 4,304 Unrealized gains (losses) $ (27) $ 21 $ — $ (5) Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Corporate and other debt Beginning balance $ 2,113 $ 1,801 $ 1,973 $ 3,435 Realized and unrealized gains (losses) (43) 173 446 (151) Purchases and originations 132 639 752 1,505 Sales (528) (594) (1,400) (1,698) Settlements (30) — (26) — Net transfers 2 254 (456) 153 (1,528) Ending balance $ 1,898 $ 1,563 $ 1,898 $ 1,563 Unrealized gains (losses) $ (42) $ 173 $ 454 $ 10 Corporate equities Beginning balance $ 246 $ 150 $ 115 $ 86 Realized and unrealized gains (losses) (60) 4 (71) (15) Purchases 15 83 79 367 Sales (37) (7) (67) (193) Net transfers (19) (16) 89 (31) Ending balance $ 145 $ 214 $ 145 $ 214 Unrealized gains (losses) $ (60) $ 4 $ (65) $ (5) Investments Beginning balance $ 1,027 $ 978 $ 1,125 $ 828 Realized and unrealized gains (losses) (140) 18 (275) 58 Purchases 6 59 52 150 Sales (18) (23) (33) (46) Net transfers (2) (251) 4 (209) Ending balance $ 873 $ 781 $ 873 $ 781 Unrealized gains (losses) $ (136) $ 13 $ (267) $ 39 Investment securities —AFS Beginning balance $ 38 $ — $ — $ 2,804 Realized and unrealized gains (losses) (2) — (2) (4) Sales — — — (203) Net transfers 3 — — 38 (2,597) Ending balance $ 36 $ — $ 36 $ — Unrealized gains (losses) $ (2) $ — $ (2) $ — Net derivatives: Interest rate Beginning balance $ (102) $ 668 $ 708 $ 682 Realized and unrealized gains (losses) (200) 70 (482) (223) Purchases — 22 — 48 Issuances — (9) — (41) Settlements 122 18 (38) 101 Net transfers 3 27 (365) 229 Ending balance $ (177) $ 796 $ (177) $ 796 Unrealized gains (losses) $ (120) $ 165 $ (201) $ (168) Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Net derivatives: Credit Beginning balance $ 190 $ (203) $ 98 $ 49 Realized and unrealized gains (losses) 3 59 91 (2) Purchases — 12 3 23 Issuances — (19) (1) (44) Settlements (78) 102 (59) 16 Net transfers 7 15 (10) (76) Ending balance $ 122 $ (34) $ 122 $ (34) Unrealized gains (losses) $ 7 $ (26) $ 83 $ — Net derivatives: Foreign exchange Beginning balance $ (331) $ 33 $ 52 $ 61 Realized and unrealized gains (losses) 38 32 (18) 41 Purchases — 12 — 19 Issuances — (15) — (21) Settlements 73 46 47 (45) Net transfers 395 (11) 94 42 Ending balance $ 175 $ 97 $ 175 $ 97 Unrealized gains (losses) $ 44 $ 29 $ 18 $ 73 Net derivatives: Equity Beginning balance $ (530) $ (837) $ (945) $ (2,231) Realized and unrealized gains (losses) 1 (45) 275 366 Purchases 48 24 167 69 Issuances (92) (122) (253) (362) Settlements 68 (3) 379 (196) Net transfers 2 49 (17) (79) 1,354 Ending balance $ (456) $ (1,000) $ (456) $ (1,000) Unrealized gains (losses) $ (3) $ (96) $ 399 $ (57) Net derivatives: Commodity and other Beginning balance $ 1,344 $ 1,430 $ 1,529 $ 1,709 Realized and unrealized gains (losses) 238 (167) 546 43 Purchases 2 44 107 324 Issuances (7) (31) (97) (137) Settlements 69 (97) (247) (371) Net transfers 155 130 (37) (259) Ending balance $ 1,801 $ 1,309 $ 1,801 $ 1,309 Unrealized gains (losses) $ 72 $ (96) $ 25 $ (243) Deposits Beginning balance $ 19 $ 86 $ 67 $ 126 Realized and unrealized losses (gains) — (1) — 1 Issuances 2 — 2 — Settlements (1) (4) (3) (12) Net transfers (13) (19) (59) (53) Ending balance $ 7 $ 62 $ 7 $ 62 Unrealized losses (gains) $ — $ (1) $ — $ 1 Nonderivative trading liabilities Beginning balance $ 104 $ 59 $ 61 $ 79 Realized and unrealized losses (gains) (8) (11) (41) (20) Purchases (20) (16) (39) (88) Sales 16 11 88 83 Net transfers (2) (1) 21 (12) Ending balance $ 90 $ 42 $ 90 $ 42 Unrealized losses (gains) $ (8) $ (11) $ (41) $ 1 Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Securities sold under agreements to repurchase Beginning balance $ 514 $ 449 $ 651 $ 444 Realized and unrealized losses (gains) 5 (1) (3) 5 Issuances — — 9 — Settlements (11) — (22) — Net transfers — — (127) (1) Ending balance $ 508 $ 448 $ 508 $ 448 Unrealized losses (gains) $ 5 $ (1) $ — $ 5 Other secured financings Beginning balance $ 112 $ 401 $ 403 $ 516 Realized and unrealized losses (gains) (5) (17) (11) (14) Issuances 13 14 44 421 Settlements (7) (3) (320) (500) Net transfers — — (3) (28) Ending balance $ 113 $ 395 $ 113 $ 395 Unrealized losses (gains) $ (5) $ (17) $ (11) $ (13) Borrowings Beginning balance $ 2,325 $ 1,975 $ 2,157 $ 4,374 Realized and unrealized losses (gains) (185) (87) (625) (37) Issuances 65 197 230 411 Settlements (65) (67) (263) (347) Net transfers 2 (203) 38 438 (2,345) Ending balance $ 1,937 $ 2,056 $ 1,937 $ 2,056 Unrealized losses (gains) $ (185) $ (86) $ (629) $ (8) Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA (36) (4) (126) (18) 1. Net transfers in the prior year quarter reflect the transfer 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. 2. Net transfers in the prior year period reflect the transfer in the second quarter of the prior year 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 the prior year period reflect the transfer in the first quarter of the prior year of $2.5 billion of AFS securities from Level 3 to Level 2 due to increased trading activity and observability of pricing inputs. Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2. The realized and unrealized gains or losses for assets and liabilities within the Level 3 category presented in the previous tables do not reflect the related realized and unrealized gains or losses on hedging instruments that have been classified by the Firm within the Level 1 and/or Level 2 categories. The unrealized gains (losses) during the period for assets and liabilities within the Level 3 category may include changes in fair value during the period that were attributable to both observable and unobservable inputs. Total realized and unrealized gains (losses) are primarily included in Trading revenues in the income 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 September 30, 2022 At December 31, 2021 Assets at Fair Value on a Recurring Basis Other sovereign government obligations $ 137 $ 211 Comparable pricing: Bond price 76 to 127 points (92 points) 100 to 140 points (120 points) State and municipal securities $ 52 $ 13 Comparable pricing: Bond price 78 to 100 points (95 points) N/M MABS $ 344 $ 344 Comparable pricing: Bond price 0 to 95 points (68 points) 0 to 86 points (59 points) Loans and lending $ 2,583 $ 3,806 Margin loan model: Margin loan rate 2% to 4% (3%) 1% to 4% (3%) Comparable pricing: Loan price 84 to 101 points (97 points) 89 to 101 points (97 points) Corporate and $ 1,898 $ 1,973 Comparable pricing: Bond price 52 to 139 points (90 points) 50 to 163 points (99 points) Discounted cash flow: Loss given default 54% to 84% (62% / 54%) 54% to 84% (62% / 54%) Corporate equities $ 145 $ 115 Comparable pricing: Equity price 100% 100% Investments $ 873 $ 1,125 Discounted cash flow: WACC 15% to 18% (17%) 10% to 16% (15%) Exit multiple 7 to 17 times (13 times) 8 to 17 times (12 times) Market approach: EBITDA multiple 7 to 20 times (9 times) 8 to 25 times (10 times) Comparable pricing: Equity price 48% to 100% (85%) 43% to 100% (99%) Balance / Range (Average 1 ) $ in millions, except inputs At September 30, 2022 At December 31, 2021 Net derivative and other contracts: Interest rate $ (177) $ 708 Option model: IR volatility skew 106% to 126% (113% / 111%) 39% to 79% (64% / 63%) IR curve correlation 58% to 99% (80% / 80%) 62% to 98% (83% / 84%) Bond volatility N/M 5% to 32% (12% / 9%) Inflation volatility 24% to 62% (44% / 40%) 24% to 65% (44% / 40%) IR curve 4% to 5% (4% / 4%) 4% Credit $ 122 $ 98 Credit default swap model: Cash-synthetic basis 7 points 7 points Bond price 0 to 83 points (43 points) 0 to 83 points (46 points) Credit spread 10 to 530 bps (129 bps) 14 to 477 bps (68 bps) Funding spread 18 to 590 bps (86 bps) 15 to 433 bps (55 bps) Foreign exchange 2 $ 175 $ 52 Option model: IR - FX correlation N/M 53% to 56% (55% / 54%) IR volatility skew N/M 39% to 79% (64% / 63%) IR curve -4% to 71% (21% / 17%) -1% to 7% (2% / 0%) Foreign exchange volatility skew 11% to 15% (13% / 13%) -4% to -2% (-3% / -3%) Contingency probability 95% 90% to 95% (94% / 95%) Equity 2 $ (456) $ (945) Option model: Equity volatility 5% to 97% (27%) 5% to 99% (24%) Equity volatility skew -3% to 0% (-1%) -4% to 0% (-1%) Equity correlation 10% to 96% (76%) 5% to 99% (73%) FX correlation -85% to 65% (-27%) -85% to 37% (-42%) IR correlation 10% to 30% (12%) 13% to 30% (15%) Commodity and other $ 1,801 $ 1,529 Option model: Forward power price $2 to $288 ($59) per MWh $4 to $263 ($39) per MWh Commodity volatility 8% to 137% (36%) 8% to 385% (22%) Cross-commodity correlation 70% to 100% (93%) 43% to 100% (94%) Liabilities Measured at Fair Value on a Recurring Basis Deposits $ 7 $ 67 Option model: Equity volatility N/M 7% Nonderivative trading liabilities $ 54 $ 45 Comparable pricing: Equity price 100% 100% Securities sold under agreements to repurchase $ 508 $ 651 Discounted cash flow: Funding spread 62 to 147 bps (114 bps) 112 to 127 bps (120 bps) Other secured financings $ 113 $ 403 Comparable pricing: Loan price 23 to 101 points (77 points) 30 to 100 points (83 points) Balance / Range (Average 1 ) $ in millions, except inputs At September 30, 2022 At December 31, 2021 Borrowings $ 1,937 $ 2,157 Option model: Equity volatility 6% to 96% (23%) 7% to 85% (20%) Equity volatility skew -1% to 0% (-1%) -1% to 0% (0%) Equity correlation 39% to 95% (86%) 41% to 95% (81%) Equity - FX correlation -55% to 25% (-17%) -55% to 25% (-30%) IR FX Correlation -17% to 5% (-5% / -5%) -26% to 8% (-5% / -5%) IR curve correlation 58% to 85% (75% / 73%) N/M IR volatility skew 57% to 93% (69% / 56%) N/M Discounted cash flow: Loss given default 54% to 84% (62% / 54%) 54% to 84% (62% / 54%) Nonrecurring Fair Value Measurement Loans $ 3,476 $ 1,576 Corporate loan model: Credit spread 113 to 819 bps (438 bps) 108 to 565 bps (284 bps) Comparable pricing: Loan price 36 to 80 points (66 points) 40 to 80 points (61 points) Warehouse model: Credit spread 146 to 260 bps (235 bps) 182 to 446 bps (376 bps) Points—Percentage of par IR—Interest rate FX—Foreign exchange 1. A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant. 2. Includes derivative contracts with multiple risks ( i.e. , hybrid products). The previous table provides information on the valuation techniques, significant unobservable inputs, and the ranges and averages for each major category of assets and liabilities measured at fair value on a recurring and nonrecurring basis with a significant Level 3 balance. The level of aggregation and breadth of products cause the range of inputs to be wide and not evenly distributed across the inventory of financial instruments. Further, the range of unobservable inputs may differ across firms in the financial services industry because of diversity in the types of products included in each firm’s inventory. Generally, there are no predictable relationships between multiple significant unobservable inputs attributable to a given valuation technique. For a description of the Firm’s significant unobservable inputs and qualitative information about the effect of hypothetical changes in the values of those inputs, see Note 5 to the financial statements in the 2021 Form 10-K. During the current quarter, there were no significant revisions made to the descriptions of the Firm’s significant unobservable inputs. Net Asset Value Measurements Fund Interests At September 30, 2022 At December 31, 2021 $ in millions Carrying Value Commitment Carrying Value Commitment Private equity $ 2,795 $ 538 $ 2,492 $ 615 Real estate 2,316 242 2,064 248 Hedge 1 198 2 191 2 Total $ 5,309 $ 782 $ 4,747 $ 865 1. Investments in hedge funds may be subject to initial period lock-up or gate provisions, which restrict an investor from withdrawing from the fund during a certain initial period or restrict the redemption amount on any redemption date, respectively. Amounts in the previous table represent the Firm’s carrying value of general and limited partnership interests in fund investments, as well as any related performance-based income in the form of carried interest. The carrying amounts are measured based on the NAV of the fund taking into account the distribution terms applicable to the interest held. This same measurement applies whether the fund investments are accounted for under the equity method or fair value. For a description of the Firm’s investments in private equity funds, real estate funds and hedge funds, which are measured based on NAV, see Note 5 to the financial statements in the 2021 Form 10-K. See Note 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. See Note 19 for information regarding unrealized carried interest at risk of reversal. Nonredeemable Funds by Contractual Maturity Carrying Value at September 30, 2022 $ in millions Private Equity Real Estate Less than 5 years $ 1,035 $ 902 5-10 years 1,196 1,380 Over 10 years 564 34 Total $ 2,795 $ 2,316 Nonrecurring Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis At September 30, 2022 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 4,855 $ 3,476 $ 8,331 Other assets—Other investments — 5 5 Other assets—ROU assets 5 — 5 Total $ 4,860 $ 3,481 $ 8,341 Liabilities Other liabilities and accrued expenses—Lending commitments $ 375 $ 144 $ 519 Total $ 375 $ 144 $ 519 At December 31, 2021 Fair Value $ 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 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 Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Assets Loans 2 $ (118) $ (22) $ (365) $ (75) Goodwill — — — (8) Intangibles — — — (3) Other assets—Other investments 3 (2) (2) (8) (55) Other assets—Premises, equipment and software (1) (10) (3) (14) Other assets—ROU assets (1) — (7) — Total $ (122) $ (34) $ (383) $ (155) Liabilities Other liabilities and accrued expenses—Lending commitments 2 $ (13) $ (2) $ (172) $ 34 Total $ (13) $ (2) $ (172) $ 34 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. Financial Instruments Not Measured at Fair Value At September 30, 2022 Carrying Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 111,696 $ 111,696 $ — $ — $ 111,696 Investment securities—HTM 77,636 27,657 37,721 1,015 66,393 Securities purchased under agreements to resell 111,124 — 108,312 2,680 110,992 Securities borrowed 136,478 — 136,471 — 136,471 Customer and other receivables 83,417 — 79,493 3,558 83,051 Loans 1 210,936 — 25,100 178,571 203,671 Other assets 704 — 704 — 704 Financial liabilities Deposits $ 334,462 $ — $ 334,378 $ — $ 334,378 Securities sold under agreements to repurchase 59,182 — 59,070 — 59,070 Securities loaned 13,097 — 13,096 — 13,096 Other secured financings 3,107 — 3,107 — 3,107 Customer and other payables 229,272 — 229,272 — 229,272 Borrowings 151,635 — 148,105 4 148,109 Commitment Lending commitments 2 $ 135,899 $ — $ 2,065 $ 880 $ 2,945 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 2 $ 133,519 $ — $ 890 $ 470 $ 1,360 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 13. |
Fair Value Option
Fair Value Option | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option | Fair Value Option The Firm has elected the fair value option for certain eligible instruments that are risk managed on a fair value basis to mitigate income statement volatility caused by measurement basis differences between the elected instruments and their associated risk management transactions or to eliminate complexities of applying certain accounting models. Borrowings Measured at Fair Value on a Recurring Basis $ in millions At At Business Unit Responsible for Risk Management Equity $ 34,226 $ 37,046 Interest rates 22,896 28,638 Commodities 9,147 7,837 Credit 1,220 1,347 Foreign exchange 1,299 1,472 Total $ 68,788 $ 76,340 Net Revenues from Borrowings under the Fair Value Option Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Trading revenues $ 4,034 $ 1,383 $ 16,361 $ 937 Interest expense 67 77 203 234 Net revenues 1 $ 3,967 $ 1,306 $ 16,158 $ 703 1. Amounts do not reflect any gains or losses from related economic hedges. Gains (losses) from changes in fair value are recorded in Trading revenues and are mainly attributable to movements in the reference price or index, interest rates or foreign exchange rates. Gains (Losses) Due to Changes in Instrument-Specific Credit Risk Three Months Ended September 30, 2022 2021 $ in millions Trading OCI Trading OCI Loans and other receivables 1 $ (68) $ — $ 58 $ — Lending commitments (2) — (3) — Deposits — (9) — 6 Borrowings — 1,091 (9) 190 Nine Months Ended September 30, 2022 2021 $ in millions Trading OCI Trading OCI Loans and other receivables 1 $ (59) $ — $ 311 $ — Lending commitments (3) — (2) — Deposits — 5 — 15 Borrowings 1 3,468 (36) 612 $ in millions At At Cumulative pre-tax DVA gain (loss) recognized in AOCI $ 1,034 $ (2,439) 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 At Loans and other receivables 2 $ 10,908 $ 12,633 Nonaccrual loans 2 8,192 9,999 Borrowings 3 5,558 (2,106) 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 At Nonaccrual loans $ 440 $ 989 Nonaccrual loans 90 or more days past due 41 363 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Fair Values of Derivative Contracts Assets at September 30, 2022 $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 53 $ 1 $ — $ 54 Foreign exchange 332 137 — 469 Total 385 138 — 523 Not designated as accounting hedges Economic hedges of loans Credit 2 112 — 114 Other derivatives Interest rate 158,740 31,664 2,074 192,478 Credit 7,627 3,027 — 10,654 Foreign exchange 163,229 4,476 70 167,775 Equity 25,922 — 35,754 61,676 Commodity and other 33,833 — 13,177 47,010 Total 389,353 39,279 51,075 479,707 Total gross derivatives $ 389,738 $ 39,417 $ 51,075 $ 480,230 Amounts offset Counterparty netting (270,565) (37,449) (48,859) (356,873) Cash collateral netting (55,266) (1,841) — (57,107) Total in Trading assets $ 63,907 $ 127 $ 2,216 $ 66,250 Amounts not offset 1 Financial instruments collateral (28,876) — — (28,876) Net amounts $ 35,031 $ 127 $ 2,216 $ 37,374 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 8,565 Liabilities at September 30, 2022 $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 427 $ 1 $ — $ 428 Foreign exchange 56 3 — 59 Total 483 4 — 487 Not designated as accounting hedges Economic hedges of loans Credit 8 231 — 239 Other derivatives Interest rate 147,347 34,480 940 182,767 Credit 7,057 3,135 — 10,192 Foreign exchange 155,524 3,971 75 159,570 Equity 31,341 — 38,464 69,805 Commodity and other 25,455 — 14,108 39,563 Total 366,732 41,817 53,587 462,136 Total gross derivatives $ 367,215 $ 41,821 $ 53,587 $ 462,623 Amounts offset Counterparty netting (270,565) (37,449) (48,859) (356,873) Cash collateral netting (56,300) (1,188) — (57,488) Total in Trading liabilities $ 40,350 $ 3,184 $ 4,728 $ 48,262 Amounts not offset 1 Financial instruments collateral (2,927) — (2,899) (5,826) Net amounts $ 37,423 $ 3,184 $ 1,829 $ 42,436 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable 8,279 Assets at December 31, 2021 $ in millions Bilateral OTC Cleared OTC Exchange- Traded 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 OTC Cleared OTC Exchange- Traded 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 1. Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. See Note 4 for information related to the unsettled fair value of futures contracts not designated as accounting hedges, which are excluded from the previous tables. Notionals of Derivative Contracts Assets at September 30, 2022 $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 2 $ 49 $ — $ 51 Foreign exchange 9 3 — 12 Total 11 52 — 63 Not designated as accounting hedges Economic hedges of loans Credit — 5 — 5 Other derivatives Interest rate 3,320 7,486 616 11,422 Credit 207 129 — 336 Foreign exchange 3,600 147 9 3,756 Equity 504 — 423 927 Commodity and other 155 — 73 228 Total 7,786 7,767 1,121 16,674 Total gross derivatives $ 7,797 $ 7,819 $ 1,121 $ 16,737 Liabilities at September 30, 2022 $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 3 $ 186 $ — $ 189 Foreign exchange 3 — — 3 Total 6 186 — 192 Not designated as accounting hedges Economic hedges of loans Credit — 11 — 11 Other derivatives Interest rate 3,430 7,979 532 11,941 Credit 194 131 — 325 Foreign exchange 3,513 141 29 3,683 Equity 503 — 603 1,106 Commodity and other 113 — 93 206 Total 7,753 8,262 1,257 17,272 Total gross derivatives $ 7,759 $ 8,448 $ 1,257 $ 17,464 Assets at December 31, 2021 $ in billions Bilateral OTC Cleared OTC Exchange- Traded 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 OTC Cleared OTC Exchange- Traded 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 The notional amounts of derivative contracts generally overstate the Firm’s exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the benefit of legally enforceable netting arrangements or risk mitigating transactions. For a discussion of the Firm’s derivative instruments and hedging activities, see Note 7 to the financial statements in the 2021 Form 10-K. Gains (Losses) on Accounting Hedges Three Months Ended Nine Months Ended September 30, September 30, $ in millions 2022 2021 2022 2021 Fair value hedges—Recognized in Interest income Interest rate contracts $ 846 $ 107 $ 2,037 $ 607 Investment Securities—AFS (836) (82) (1,960) (509) Fair value hedges—Recognized in Interest expense Interest rate contracts $ (5,379) $ (763) $ (15,629) $ (3,633) Deposits 25 15 143 73 Borrowings 5,372 796 15,499 3,547 Net investment hedges—Foreign exchange contracts Recognized in OCI $ 662 $ 225 $ 1,436 $ 524 Forward points excluded from hedge effectiveness testing—Recognized in Interest income 18 (19) (59) (32) Fair Value Hedges—Hedged Items $ in millions At At Investment Securities—AFS Amortized cost basis currently or previously hedged $ 26,017 $ 17,902 Basis adjustments included in amortized cost 1 $ (1,847) $ (591) Deposits Carrying amount currently or previously hedged $ 4,319 $ 6,279 Basis adjustments included in carrying amount 1 $ (138) $ 5 Borrowings Carrying amount currently or previously hedged $ 135,864 $ 122,919 Basis adjustments included in carrying amount — Outstanding hedges $ (13,052) $ 2,324 Basis adjustments included in carrying amount — Terminated hedges $ (722) $ (743) 1. Hedge accounting basis adjustments are primarily related to outstanding hedges. Gains (Losses) on Economic Hedges of Loans Three Months Ended Nine Months Ended September 30, September 30, $ in millions 2022 2021 2022 2021 Recognized in Other revenues Credit contracts 1 $ (44) $ (21) $ 160 $ (170) 1. Amounts related to hedges of certain held-for-investment and held-for-sale loans. Net Derivative Liabilities and Collateral Posted $ in millions At At Net derivative liabilities with credit risk-related contingent features $ 23,750 $ 20,548 Collateral posted 14,427 14,789 The previous table presents the aggregate fair value of certain derivative contracts that contain credit risk-related contingent features that are in a net liability position for which the Firm has posted collateral in the normal course of business. Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade $ in millions At One-notch downgrade $ 779 Two-notch downgrade 491 Bilateral downgrade agreements included in the amounts above 1 $ 1,215 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 September 30, 2022 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 11 $ 28 $ 27 $ 13 $ 79 Non-investment grade 5 12 16 5 38 Total $ 16 $ 40 $ 43 $ 18 $ 117 Index and basket CDS Investment grade $ 2 $ 11 $ 70 $ 44 $ 127 Non-investment grade 8 17 39 20 84 Total $ 10 $ 28 $ 109 $ 64 $ 211 Total CDS sold $ 26 $ 68 $ 152 $ 82 $ 328 Other credit contracts — — — — — Total credit protection sold $ 26 $ 68 $ 152 $ 82 $ 328 CDS protection sold with identical protection purchased $ 273 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 Fair Value Asset (Liability) of Credit Protection Sold 1 $ in millions At At Single-name CDS Investment grade $ 145 $ 1,428 Non-investment grade (1,886) (370) Total $ (1,741) $ 1,058 Index and basket CDS Investment grade $ (194) $ 1,393 Non-investment grade (4,125) (650) Total $ (4,319) $ 743 Total CDS sold $ (6,060) $ 1,801 Other credit contracts (2) (3) Total credit protection sold $ (6,062) $ 1,798 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 $ 139 $ 126 Index and basket 184 204 Tranched index and basket 26 18 Total $ 349 $ 348 Fair Value Asset (Liability) $ in millions At At Single name $ 1,970 $ (1,338) Index and basket 3,986 (563) Tranched index and basket 441 (451) Total $ 6,397 $ (2,352) The Firm enters into credit derivatives, principally CDS, under which it receives or provides protection against the risk of default on a set of debt obligations issued by a specified reference entity or entities. A majority of the Firm’s counterparties for these derivatives are banks, broker-dealers, and insurance and other financial institutions. The fair value amounts as shown in the previous tables are prior to cash collateral or counterparty netting. For further information on credit derivatives and other credit contracts, see Note 7 to the financial statements in the 2021 Form 10-K. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities AFS and HTM Securities At September 30, 2022 $ in millions Amortized Cost 1 Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. Treasury securities $ 56,113 $ 9 $ 2,504 $ 53,618 U.S. agency securities 2 23,918 1 2,879 21,040 Agency CMBS 6,144 3 449 5,698 State and municipal securities 2,170 14 90 2,094 FFELP student loan ABS 3 1,213 — 30 1,183 Total AFS securities 89,558 27 5,952 83,633 HTM securities U.S. Treasury securities 29,589 — 1,932 27,657 U.S. agency securities 2 44,945 — 9,006 35,939 Agency CMBS 1,954 — 172 1,782 Non-agency CMBS 1,148 — 133 1,015 Total HTM securities 77,636 — 11,243 66,393 Total investment securities $ 167,194 $ 27 $ 17,195 $ 150,026 At December 31, 2021 $ in millions Amortized Cost 1 Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 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. AFS Securities in an Unrealized Loss Position At At $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury securities Less than 12 months $ 46,061 $ 1,923 $ 31,459 $ 296 12 months or longer 6,673 581 — — Total 52,734 2,504 31,459 296 U.S. agency securities Less than 12 months 15,301 1,602 12,283 219 12 months or longer 5,708 1,277 1,167 22 Total 21,009 2,879 13,450 241 Agency CMBS Less than 12 months 5,373 437 2,872 89 12 months or longer 104 12 10 — Total 5,477 449 2,882 89 State and municipal securities Less than 12 months 1,536 88 21 2 12 months or longer 46 2 7 — Total 1,582 90 28 2 FFELP student loan ABS Less than 12 months 807 19 320 1 12 months or longer 348 11 591 10 Total 1,155 30 911 11 Total AFS securities in an unrealized loss position Less than 12 months 69,078 4,069 46,955 607 12 months or longer 12,879 1,883 1,775 32 Total $ 81,957 $ 5,952 $ 48,730 $ 639 For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2 in the 2021 Form 10-K and the Firm expects to recover the amortized cost basis of these securities. Additionally, the Firm does not intend to sell these securities and is not likely to be required to sell these securities prior to recovery of the amortized cost basis. As of September 30, 2022 and December 31, 2021, the securities in an unrealized loss position are predominantly investment grade. The HTM securities net carrying amounts at September 30, 2022 and December 31, 2021 reflect an ACL of $30 million and $33 million, respectively, related to Non-agency CMBS. See Note 2 in the 2021 Form 10-K for a description of the ACL methodology used for HTM Securities. As of September 30, 2022, and December 31, 2021, Non-Agency CMBS HTM securities were predominantly on accrual status and investment grade. See Note 14 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS, and FFELP student loan ABS. Investment Securities by Contractual Maturity At September 30, 2022 $ in millions Amortized 1 Fair Annualized Average Yield 2 AFS securities U.S. Treasury securities: Due within 1 year $ 12,692 $ 12,438 1.1 % After 1 year through 5 years 40,430 38,199 1.2 % After 5 years through 10 years 2,991 2,981 1.1 % Total 56,113 53,618 U.S. agency securities: Due within 1 year 4 5 0.9 % After 1 year through 5 years 415 382 1.4 % After 5 years through 10 years 919 831 1.8 % After 10 years 22,580 19,822 1.7 % Total 23,918 21,040 Agency CMBS: Due within 1 year 119 118 1.8 % After 1 year through 5 years 854 783 2.1 % After 5 years through 10 years 3,856 3,680 1.8 % After 10 years 1,315 1,117 1.2 % Total 6,144 5,698 State and municipal securities: Due within 1 year 33 34 2.5 % After 1 year through 5 years 28 29 2.6 % After 5 years through 10 years 65 62 2.6 % After 10 Years 2,044 1,969 3.2 % Total 2,170 2,094 FFELP student loan ABS: After 1 year through 5 years 122 118 0.9 % After 5 years through 10 years 129 124 0.7 % After 10 years 962 941 1.6 % Total 1,213 1,183 Total AFS securities 89,558 83,633 1.4 % At September 30, 2022 $ in millions Amortized 1 Fair Annualized Average Yield 2 HTM securities U.S. Treasury securities: Due within 1 year 3,429 3,397 1.9 % After 1 year through 5 years 20,732 19,573 1.8 % After 5 years through 10 years 3,867 3,515 2.4 % After 10 years 1,561 1,172 2.3 % Total 29,589 27,657 U.S. agency securities: After 5 years through 10 years 399 362 2.1 % After 10 years 44,546 35,577 1.8 % Total 44,945 35,939 Agency CMBS: Due within 1 year 60 59 1.0 % After 1 year through 5 years 1,528 1,418 1.3 % After 5 years through 10 years 226 192 1.5 % After 10 years 140 113 1.5 % Total 1,954 1,782 Non-agency CMBS: Due within 1 year 173 172 4.0 % After 1 year through 5 years 206 191 3.9 % After 5 years through 10 years 718 607 3.7 % After 10 years 51 45 3.7 % Total 1,148 1,015 Total HTM securities 77,636 66,393 1.9 % Total investment securities 167,194 150,026 1.6 % 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 Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Gross realized gains $ 13 $ 17 $ 163 $ 236 Gross realized (losses) (4) — (92) (27) Total 1 $ 9 $ 17 $ 71 $ 209 1. Realized gains and losses are recognized in Other revenues in the income statement. |
Collateralized Transactions
Collateralized Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Collateralized Agreements [Abstract] | |
Collateralized Transactions | Collateralized Transactions Offsetting of Certain Collateralized Transactions At September 30, 2022 $ in millions Gross Amounts Amounts Offset Balance Sheet Net Amounts Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 207,180 $ (96,056) $ 111,124 $ (106,215) $ 4,909 Securities borrowed 148,654 (12,176) 136,478 (130,579) 5,899 Liabilities Securities sold under agreements to repurchase $ 156,189 $ (96,056) $ 60,133 $ (55,748) $ 4,385 Securities loaned 25,273 (12,176) 13,097 (12,664) 433 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 2,773 Securities borrowed 820 Securities sold under agreements to repurchase 3,162 Securities loaned 262 At December 31, 2021 $ in millions Gross Amounts Amounts Offset Balance Sheet Net Amounts Amounts Not Offset 1 Net Amounts 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 1. Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. For further discussion of the Firm’s collateralized transactions, see Note 2 and Note 9 to the financial statements in the 2021 Form 10-K. For information related to offsetting of derivatives, see Note 6. Gross Secured Financing Balances by Remaining Contractual Maturity At September 30, 2022 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 53,042 $ 50,868 $ 12,508 $ 39,771 $ 156,189 Securities loaned 15,249 — 1,398 8,626 25,273 Total included in the offsetting disclosure $ 68,291 $ 50,868 $ 13,906 $ 48,397 $ 181,462 Trading liabilities— 22,373 — — — 22,373 Total $ 90,664 $ 50,868 $ 13,906 $ 48,397 $ 203,835 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— 30,104 — — — 30,104 Total $ 70,855 $ 54,351 $ 17,749 $ 48,805 $ 191,760 Gross Secured Financing Balances by Class of Collateral Pledged $ in millions At At Securities sold under agreements to repurchase U.S. Treasury and agency securities $ 51,436 $ 30,790 Other sovereign government obligations 74,401 73,063 Corporate equities 19,128 25,881 Other 11,224 9,941 Total $ 156,189 $ 139,675 Securities loaned Other sovereign government obligations $ 1,045 $ 748 Corporate equities 23,688 20,656 Other 540 577 Total $ 25,273 $ 21,981 Total included in the offsetting disclosure $ 181,462 $ 161,656 Trading liabilities—Obligation to return securities received as collateral Corporate equities $ 22,355 $ 30,048 Other 18 56 Total $ 22,373 $ 30,104 Total $ 203,835 $ 191,760 Carrying Value of Assets Loaned or Pledged $ in millions At At Trading assets $ 32,461 $ 32,458 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 At Collateral received with right to sell or repledge $ 630,129 $ 672,104 Collateral that was sold or repledged 1 489,010 510,000 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 At Segregated securities 1 $ 36,579 $ 20,092 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. Customer Margin and Other Lending $ in millions At At Margin and other lending $ 43,415 $ 71,532 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. For a further discussion of the Firm’s margin lending activities, see Note 9 to the financial statements in the 2021 Form 10-K. Also included in the amounts in the previous table is non-purpose securities-based lending on non-bank entities in the Wealth Management business segment. Other Secured Financings The Firm has additional secured liabilities. For a further discussion of other secured financings, see Note 12. |
Loans, Lending Commitments and
Loans, Lending Commitments and Related Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans, Lending Commitments and Related Allowance for Credit Losses | Loans, Lending Commitments and Related Allowance for Credit Losses Loans by Type At September 30, 2022 $ in millions HFI Loans HFS Loans Total Loans Corporate $ 6,858 $ 7,640 $ 14,498 Secured lending facilities 34,788 3,707 38,495 Commercial real estate 8,191 1,750 9,941 Residential real estate 52,904 5 52,909 Securities-based lending and Other loans 95,591 251 95,842 Total loans 198,332 13,353 211,685 ACL (749) (749) Total loans, net $ 197,583 $ 13,353 $ 210,936 Loans to non-U.S. borrowers, net $ 24,624 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 For additional information on the Firm’s held-for-investment and held-for-sale loan portfolios, see Note 10 to the financial statements in the 2021 Form 10-K. Loans by Interest Rate Type At September 30, 2022 At December 31, 2021 $ in millions Fixed Rate Floating or Adjustable Rate Fixed Rate Floating or Adjustable Rate Corporate $ — $ 14,498 $ — $ 13,674 Secured lending facilities — 38,495 — 35,350 Commercial real estate 205 9,735 343 8,661 Residential real estate 24,105 28,805 18,966 25,292 Securities-based lending and Other loans 24,141 71,701 22,832 63,670 Total loans, before ACL $ 48,451 $ 163,234 $ 42,141 $ 146,647 See Note 4 for further information regarding Loans and lending commitments held at fair value. See Note 13 for details of current commitments to lend in the future. Loans Held for Investment before Allowance by Origination Year At September 30, 2022 At December 31, 2021 Corporate $ in millions IG NIG Total IG NIG Total Revolving $ 3,111 $ 3,119 $ 6,230 $ 2,356 $ 2,328 $ 4,684 2022 — 80 80 2021 — 92 92 — 85 85 2020 16 25 41 111 26 137 2019 — 153 153 — 176 176 2018 146 — 146 196 — 196 Prior 115 1 116 229 60 289 Total $ 3,388 $ 3,470 $ 6,858 $ 2,892 $ 2,675 $ 5,567 At September 30, 2022 At December 31, 2021 Secured Lending Facilities $ in millions IG NIG Total IG NIG Total Revolving $ 9,413 $ 21,231 $ 30,644 $ 7,603 $ 20,172 $ 27,775 2022 590 995 1,585 2021 234 196 430 32 467 499 2020 — 107 107 35 160 195 2019 60 556 616 43 819 862 2018 — 284 284 297 703 1,000 Prior 217 905 1,122 144 996 1,140 Total $ 10,514 $ 24,274 $ 34,788 $ 8,154 $ 23,317 $ 31,471 At September 30, 2022 At December 31, 2021 Commercial Real Estate $ in millions IG NIG Total IG NIG Total Revolving $ 4 $ 154 $ 158 $ 3 $ 149 $ 152 2022 503 1,806 2,309 2021 283 1,492 1,775 423 1,292 1,715 2020 92 639 731 91 819 910 2019 923 862 1,785 976 1,266 2,242 2018 475 299 774 527 416 943 Prior 86 573 659 189 1,076 1,265 Total $ 2,366 $ 5,825 $ 8,191 $ 2,209 $ 5,018 $ 7,227 At September 30, 2022 Residential Real Estate by FICO Scores by LTV Ratio Total $ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80% Revolving $ 75 $ 27 $ 4 $ 106 $ — $ 106 2022 9,741 2,109 342 11,257 935 12,192 2021 11,749 2,529 260 13,555 983 14,538 2020 7,396 1,523 116 8,573 462 9,035 2019 4,268 956 138 5,031 331 5,362 2018 1,663 457 51 2,001 170 2,171 Prior 7,045 2,143 312 8,737 763 9,500 Total $ 41,937 $ 9,744 $ 1,223 $ 49,260 $ 3,644 $ 52,904 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 September 30, 2022 Securities-based Lending 1 Other 2 $ in millions IG NIG Total Revolving $ 78,639 $ 5,695 $ 1,375 $ 85,709 2022 1,409 1,379 108 2,896 2021 714 541 144 1,399 2020 — 529 548 1,077 2019 18 912 625 1,555 2018 202 301 243 746 Prior 16 1,562 631 2,209 Total $ 80,998 $ 10,919 $ 3,674 $ 95,591 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 IG—Investment Grade NIG—Non-investment Grade 1. Securities-based loans are subject to collateral maintenance provisions, and at September 30, 2022 and December 31, 2021, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2 to the financial statements in the 2021 Form 10-K. 2. Other loans primarily include certain loans originated in the tailored lending business within the Wealth Management business segment. Past Due Loans Held for Investment before Allowance 1 $ in millions At September 30, 2022 At December 31, 2021 Corporate $ 44 $ — Residential real estate 141 209 Total $ 185 $ 209 1. The majority of the amounts are past due for a period of less than 90 days. Nonaccrual Loans Held for Investment before Allowance $ in millions At September 30, 2022 At December 31, 2021 Corporate $ 60 $ 34 Secured lending facilities 99 375 Commercial real estate 130 195 Residential real estate 120 138 Securities-based lending and Other loans 4 151 Total 1 $ 413 $ 893 Nonaccrual loans without an ACL $ 108 $ 356 1. Includes all loans held for investment that are 90 days or more past due as of September 30, 2022 and December 31, 2021. See Note 2 to the financial statements in the 2021 Form 10-K for a description of the ACL calculated under the CECL methodology, including credit quality indicators, used for HFI loans. Troubled Debt Restructurings $ in millions At September 30, 2022 At December 31, 2021 Loans, before ACL $ 27 $ 49 Allowance for credit losses — 8 Troubled debt restructurings typically include modifications of interest rates, collateral requirements, other loan covenants and payment extensions. See Note 2 to the financial statements in the 2021 Form 10-K for further information on TDR guidance issued by Congress in the CARES Act as well as by the U.S. banking agencies. Allowance for Credit Losses Rollforward and Allocation—Loans $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total December 31, 2021 $ 165 $ 163 $ 206 $ 60 $ 60 $ 654 Gross charge-offs — (3) (7) — (21) (31) Recoveries 6 — — 1 — 7 Net (charge-offs) recoveries 6 (3) (7) 1 (21) (24) Provision (release) 46 (2) 35 26 32 137 Other (6) (2) (10) — — (18) September 30, 2022 $ 211 $ 156 $ 224 $ 87 $ 71 $ 749 Percent of loans to total loans 1 3 % 18 % 4 % 27 % 48 % 100 % $ 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 (19) (67) (21) — — (107) Provision (release) (91) 47 4 (2) 5 (37) Other (2) (3) (1) 1 (2) (7) September 30, 2021 $ 197 $ 175 $ 193 $ 58 $ 61 $ 684 Percent of loans to total loans 1 3 % 17 % 4 % 26 % 50 % 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 Rollforward—Lending Commitments $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total December 31, 2021 $ 356 $ 41 $ 20 $ 1 $ 26 $ 444 Provision (release) 64 7 (6) 1 (10) 56 Other (12) (1) — — — (13) September 30, 2022 $ 408 $ 47 $ 14 $ 2 $ 16 $ 487 $ 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) 39 2 — — (5) 36 Other (3) 1 (1) — — (3) September 30, 2021 $ 359 $ 41 $ 10 $ 1 $ 18 $ 429 Provision for Credit Losses Three Months Ended $ in millions 2022 2021 Loans $ 6 $ 5 Lending commitments 29 19 The aggregate allowance for credit losses for loans and lending commitments increased in the current year period, reflecting the Provision for credit losses due to portfolio growth and deterioration in macroeconomic outlook. The base scenario used in our ACL models as of September 30, 2022 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models, and assumes slower economic growth over the forecast period. Given the nature of our lending portfolio, the most sensitive model input is U.S. gross domestic product. For a further discussion of the Firm’s loans as well as the Firm’s allowance methodology, refer to Notes 2 and 10 to the financial statements in the 2021 Form 10-K. Selected Credit Ratios At At ACL to total loans 1 0.4 % 0.4 % Nonaccrual loans to total loans 2 0.2 % 0.5 % ACL to nonaccrual loans 3 181.4 % 73.2 % 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 At Currently employed by the Firm 1 $ 3,967 $ 3,613 No longer employed by the Firm 2 98 113 Employee loans $ 4,065 $ 3,726 ACL (141) (153) Employee loans, net of ACL $ 3,924 $ 3,573 Remaining repayment term, weighted average in years 5.8 5.7 1. These loans are predominantly current as of September 30, 2022 and December 31, 2021. 2. These loans are predominantly past due for a period of 90 days or more as of September 30, 2022 and December 31, 2021. 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 to the financial statements in the 2021 Form 10-K for a description of the CECL allowance methodology, including credit quality indicators, for employee loans. |
Other Assets - Equity Method In
Other Assets - Equity Method Investments | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Other Assets - Equity Method Investments | Other Assets—Equity Method Investments Equity Method Investments $ in millions At At Investments $ 1,881 $ 2,214 Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Income (loss) $ 21 $ 24 $ 44 $ 51 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 4 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 Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Income (loss) from investment in MUMSS $ 17 $ 29 $ 35 $ 113 For more information on MUMSS and other relationships with MUFG, see Note 12 to the financial statements in the 2021 Form 10-K. |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2022 | |
Deposits [Abstract] | |
Deposits | Deposits Deposits $ in millions At At Savings and demand deposits $ 317,129 $ 332,747 Time deposits 20,994 14,827 Total $ 338,123 $ 347,574 Deposits subject to FDIC insurance $ 239,194 $ 230,894 Deposits not subject to FDIC insurance $ 98,929 $ 116,680 Time Deposit Maturities $ in millions At 2022 $ 1,948 2023 9,279 2024 5,640 2025 2,093 2026 623 Thereafter 1,411 Total $ 20,994 |
Borrowings and Other Secured Fi
Borrowings and Other Secured Financings | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings and Other Secured Financings | Borrowings and Other Secured Financings Borrowings $ in millions At At Original maturities of one year or less $ 4,062 $ 5,764 Original maturities greater than one year Senior $ 202,251 $ 213,776 Subordinated 14,110 13,587 Total $ 216,361 $ 227,363 Total borrowings $ 220,423 $ 233,127 Weighted average stated maturity, in years 1 6.7 7.7 1. Only includes borrowings wit h original maturities greater than one year. Other Secured Financings $ in millions At At Original maturities: One year or less $ 295 $ 4,573 Greater than one year 7,406 5,468 Total $ 7,701 $ 10,041 Transfers of assets accounted for as secured financings $ 931 $ 1,556 O ther secured financings include the liabilities related to collateralized notes, transfers of financial assets that are accounted for as financings rather than sales and consolidated VIEs where the Firm is deemed to be the primary beneficiary. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 14 for further information on other secured financings related to VIEs and securitization activities. For transfers of assets that fail to meet accounting criteria for a sale, the Firm continues to record the assets and recognizes the associated liabilities in the balance sheet. |
Commitments, Guarantees and Con
Commitments, Guarantees and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Guarantees and Contingencies | Commitments, Guarantees and Contingencies Commitments Years to Maturity at September 30, 2022 $ in millions Less than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 11,654 $ 29,955 $ 54,877 $ 6,105 $ 102,591 Secured lending facilities 6,297 6,007 1,814 775 14,893 Commercial and Residential real estate 103 339 18 296 756 Securities-based lending and Other 12,415 5,012 548 390 18,365 Forward-starting secured financing receivables 62,091 — — — 62,091 Central counterparty 300 — — 4,909 5,209 Underwriting 2,350 — — — 2,350 Investment activities 1,479 169 65 351 2,064 Letters of credit and other financial guarantees 168 — — 2 170 Total $ 96,857 $ 41,482 $ 57,322 $ 12,828 $ 208,489 Lending commitments participated to third parties $ 7,877 Forward-starting secured financing receivables settled within three business days $ 45,666 Since commitments associated with these instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements. For a further description of these commitments, refer to Note 15 to the financial statements in the 2021 Form 10-K. Guarantees At September 30, 2022 Maximum Potential Payout/Notional of Obligations by Years to Maturity Carrying Amount Asset (Liability) $ in millions Less than 1 1-3 3-5 Over 5 Non-credit derivatives 1 $ 1,168,376 $ 917,531 $ 351,872 $ 759,598 $ (107,603) Standby letters of credit and other financial guarantees issued 2 1,641 826 1,310 2,672 6 Market value guarantees 5 2 — — — Liquidity facilities 3,712 — — — (6) Whole loan sales guarantees — 9 78 23,079 — Securitization representations and warranties 3 — — — 80,236 (3) General partner guarantees 361 10 32 157 (88) Client clearing guarantees 159 — — — — 1. The carrying amounts of derivative contracts that meet the accounting definition of a guarantee are shown on a gross basis. For further information on derivatives contracts, see Note 6. 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 September 30, 2022, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $74 million. 3. Related to commercial and residential mortgage securitizations. The Firm has obligations under certain guarantee arrangements, including contracts and indemnification agreements, that contingently require the Firm to make payments to the guaranteed party based on changes in an underlying measure (such as an interest or foreign exchange rate, security or commodity price, an index, or the occurrence or non-occurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. Also included as guarantees are contracts that contingently require the Firm to make payments to the guaranteed party based on another entity’s failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others. For more information on the nature of the obligations and related business activities for our guarantees, see Note 15 to the financial statements in the 2021 Form 10-K. Other Guarantees and Indemnities In the normal course of business, the Firm provides guarantees and indemnifications in a variety of transactions. These provisions generally are standard contractual terms. Certain of these guarantees and indemnifications related to indemnities, exchange and clearinghouse member guarantees and merger and acquisition guarantees are described in Note 15 to the financial statements in the 2021 Form 10-K. In addition, in the ordinary course of business, the Firm guarantees the debt and/or certain trading obligations (including obligations associated with derivatives, foreign exchange contracts and the settlement of physical commodities) of certain subsidiaries. These guarantees generally are entity or product specific and are required by investors or trading counterparties. The activities of the Firm’s subsidiaries covered by these guarantees (including any related debt or trading obligations) are included in the financial statements. Finance Subsidiary The Parent Company fully and unconditionally guarantees the securities issued by Morgan Stanley Finance LLC, a wholly owned finance subsidiary. No other subsidiary of the Parent Company guarantees these securities. Contingencies Legal In addition to the matter described below, 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, as well as being subject to regulatory investigations arising in connection with its activities as a global diversified financial services institution. Certain of the actual or threatened legal actions or regulatory investigations include claims for substantial penalties, compensatory and/or punitive damages or claims for indeterminate amounts of penalties or damages. In some cases, the entities that would otherwise be the primary defendants in such legal actions are bankrupt or are in financial distress. These actions and investigations 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. Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Legal expenses $ 41 $ 50 $ 387 $ 99 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 matter referred to in the following paragraph. 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 $122 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 | 9 Months Ended |
Sep. 30, 2022 | |
Variable Interest Entities and Securitization Activities [Abstract] | |
Variable Interest Entities and Securitization Activities | Variable Interest Entities and Securitization Activities Consolidated VIE Assets and Liabilities by Type of Activity At September 30, 2022 At December 31, 2021 $ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities MABS 1 $ 1,006 $ 471 $ 1,177 $ 409 Investment vehicles 2 885 508 717 294 Operating entities 502 33 508 39 Other 844 584 510 286 Total $ 3,237 $ 1,596 $ 2,912 $ 1,028 1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable. 2. Amounts include investment funds and CLOs. Consolidated VIE Assets and Liabilities by Balance Sheet Caption $ in millions At At Assets Cash and cash equivalents $ 368 $ 341 Trading assets at fair value 2,074 1,965 Investment securities 244 37 Securities purchased under agreements to resell 200 200 Customer and other receivables 30 31 Intangible assets 76 85 Other assets 245 253 Total $ 3,237 $ 2,912 Liabilities Other secured financings $ 1,420 $ 767 Other liabilities and accrued expenses 176 261 Total $ 1,596 $ 1,028 Noncontrolling interests $ 103 $ 115 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 September 30, 2022 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 125,670 $ 170 $ 5,448 $ 2,302 $ 49,714 Maximum exposure to loss 3 Debt and equity interests $ 12,946 $ 100 $ — $ 1,592 $ 11,423 Derivative and other contracts — — 3,712 — 4,637 Commitments, guarantees and other 499 — — — 754 Total $ 13,445 $ 100 $ 3,712 $ 1,592 $ 16,814 Carrying value of variable interests—Assets Debt and equity interests $ 12,946 $ 100 $ — $ 1,592 $ 11,423 Derivative and other contracts — — 5 — 1,794 Total $ 12,946 $ 100 $ 5 $ 1,592 $ 13,217 Additional VIE assets owned 4 $ 13,500 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ 11 $ — $ 448 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 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 4). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives. The majority of the VIEs included in the previous tables are sponsored by unrelated parties; examples of the Firm’s involvement with these VIEs include its secondary market-making activities and the securities held in its Investment securities portfolio (see Note 7). The Firm’s maximum exposure to loss is dependent on the nature of the Firm’s variable interest in the VIE and is limited to the notional amounts of certain liquidity facilities and other credit support, total return swaps and written put options, as well as the fair value of certain other derivatives and investments the Firm has made in the VIE. The Firm’s maximum exposure to loss in the previous tables does not include the offsetting benefit of hedges or any reductions associated with the amount of collateral held as part of a transaction with the VIE or any party to the VIE directly against a specific exposure to loss. Liabilities issued by VIEs generally are non-recourse to the Firm. Detail of Mortgage- and Asset-Backed Securitization Assets At September 30, 2022 At December 31, 2021 $ in millions UPB Debt and Equity Interests UPB Debt and Equity Interests Residential mortgages $ 11,853 $ 2,002 $ 15,216 $ 2,182 Commercial mortgages 78,298 4,572 68,503 4,092 U.S. agency collateralized mortgage obligations 32,493 4,865 57,972 9,835 Other consumer or commercial loans 3,026 1,507 4,380 1,953 Total $ 125,670 $ 12,946 $ 146,071 $ 18,062 Transferred Assets with Continuing Involvement At September 30, 2022 $ in millions RML CML U.S. Agency CMO CLN and Other 1 SPE assets (UPB) 2 $ 9,395 $ 92,284 $ 17,854 $ 10,775 Retained interests Investment grade $ 111 $ 930 $ 279 $ — Non-investment grade 24 504 11 45 Total $ 135 $ 1,434 $ 290 $ 45 Interests purchased in the secondary market Investment grade $ 33 $ 181 $ 45 $ — Non-investment grade 43 46 — — Total $ 76 $ 227 $ 45 $ — Derivative assets $ — $ — $ — $ 1,259 Derivative liabilities — — — 282 At December 31, 2021 $ in millions RML CML U.S. Agency CMO 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 Fair Value At September 30, 2022 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 557 $ — $ 557 Non-investment grade 24 36 60 Total $ 581 $ 36 $ 617 Interests purchased in the secondary market Investment grade $ 257 $ 2 $ 259 Non-investment grade 71 18 89 Total $ 328 $ 20 $ 348 Derivative assets $ 1,259 $ — $ 1,259 Derivative liabilities 239 43 282 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 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 Note 2 in the 2021 Form 10-K and Note 4 herein. Further, as permitted by applicable guidance, certain transfers of assets where the Firm’s only continuing involvement is a derivative are only reported in the following Assets Sold with Retained Exposure table. Proceeds from New Securitization Transactions and Sales of Loans Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 New transactions 1 $ 5,332 $ 12,103 $ 19,809 $ 43,303 Retained interests 500 2,396 3,553 7,960 Sales of corporate loans to CLO SPEs 1, 2 37 144 53 217 1. Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented. 2. Sponsored by non-affiliates. The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain assets transferred in securitization transactions sponsored by the Firm (see Note 13). Assets Sold with Retained Exposure $ in millions At At Gross cash proceeds from sale of assets 1 $ 50,718 $ 67,930 Fair value Assets sold $ 48,474 $ 68,992 Derivative assets recognized in the balance sheet 160 1,195 Derivative liabilities recognized in the balance sheet 2,405 132 1. The carrying value of assets derecognized at the time of sale approximates gross cash proceeds. The Firm enters into transactions in which it sells securities, primarily equities, and contemporaneously enters into bilateral OTC derivatives with the purchasers of the securities, through which it retains exposure to the sold securities. For a discussion of the Firm’s VIEs, the determination and structure of VIEs and securitization activities, see Note 16 to the financial statements in the 2021 Form 10-K. |
Regulatory Requirements
Regulatory Requirements | 9 Months Ended |
Sep. 30, 2022 | |
Broker-Dealer [Abstract] | |
Regulatory Requirements | Regulatory Requirements Regulatory Capital Framework and Requirements For a discussion of the Firm’s regulatory capital framework, see Note 17 to the financial statements in the 2021 Form 10-K. The Firm is required to maintain minimum risk-based and leverage-based capital ratios under regulatory capital requirements. A summary of the calculations of regulatory capital and RWA follows. 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. At September 30, 2022 and December 31, 2021, the differences between the actual and required ratios were lower under the Standardized Approach. CECL Deferral. As of December 31, 2021, the risk-based and leverage-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure were 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 2022 t he deferral impacts began to phase in at 25% per year and will become fully phased-in beginning in 2025. Capital Buffer Requirements At September 30, 2022 and December 31, 2021 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 Regulatory Minimum At September 30, 2022 and December 31, 2021 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 September 30, At December 31, 2021 Risk-based capital Common Equity Tier 1 capital $ 67,933 $ 75,742 Tier 1 capital 76,428 83,348 Total capital 86,139 93,166 Total RWA 457,911 471,921 Common Equity Tier 1 capital ratio 13.2 % 14.8 % 16.0 % Tier 1 capital ratio 14.7 % 16.7 % 17.7 % Total capital ratio 16.7 % 18.8 % 19.7 % $ in millions Required Ratio 1 At September 30, At December 31, 2021 Leverage-based capital Adjusted average assets 2 $ 1,154,411 $ 1,169,939 Tier 1 leverage ratio 4.0 % 6.6 % 7.1 % Supplementary leverage exposure 3 $ 1,406,345 $ 1,476,962 SLR 5.0 % 5.4 % 5.6 % 1. Required ratios are inclusive of any buffers applicable as of the date presented. 2. Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in the Firm’s own capital instruments, certain defined tax assets and other capital deductions. 3. Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection, offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios The OCC establishes capital requirements for the Firm’s U.S. bank subsidiaries, which includes Morgan Stanley Bank, N.A. (“MSBNA”) and Morgan Stanley Private Bank, National Association (“MSPBNA”) (collectively, “U.S. Bank Subsidiaries”), and evaluates their compliance with such capital requirements. Regulatory capital requirements for the U.S. Bank Subsidiaries are calculated in a similar manner to the Firm’s regulatory capital requirements, although G-SIB capital surcharge 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 September 30, 2022 and December 31, 2021, MSBNA and MSPBNA risk-based capital ratios are based on the Standardized Approach rules. As of December 31, 2021, the risk-based and leverage-based capital amounts and ratios were 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 that began on January 1, 2020. In 2022 t he deferral impacts began to phase in at 25% per year and will become fully phased-in beginning in 2025. MSBNA’s Regulatory Capital Well-Capitalized Requirement Required Ratio 1 At September 30, 2022 At December 31, 2021 $ in millions Amount Ratio Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 18,758 19.5 % $ 18,960 20.5 % Tier 1 capital 8.0 % 8.5 % 18,758 19.5 % 18,960 20.5 % Total capital 10.0 % 10.5 % 19,335 20.1 % 19,544 21.1 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 18,758 9.6 % $ 18,960 10.2 % SLR 6.0 % 3.0 % 18,758 7.6 % 18,960 8.1 % MSPBNA’s Regulatory Capital Well-Capitalized Requirement Required Ratio 1 At September 30, 2022 2 At December 31, 2021 $ in millions Amount Ratio Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 16,134 29.0 % $ 10,293 24.3 % Tier 1 capital 8.0 % 8.5 % 16,134 29.0 % 10,293 24.3 % Total capital 10.0 % 10.5 % 16,261 29.2 % 10,368 24.5 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 16,134 8.1 % $ 10,293 6.9 % SLR 6.0 % 3.0 % 16,134 7.9 % 10,293 6.7 % 1. Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the ability to make capital distributions, including the payment of dividends. 2. Regulatory capital amounts and ratios as of September 30, 2022 include the amounts from E*TRADE Bank (“ETB”) and E*TRADE Savings Bank (“ETSB”) as a result of the merger described herein. 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 the OCC. Other Regulatory Capital Requirements MS&Co. Regulatory Capital $ in millions At September 30, At December 31, Net capital $ 14,886 $ 18,383 Excess net capital 10,405 14,208 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 September 30, 2022 and December 31, 2021, 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 September 30, 2022 and December 31, 2021, as applicable: • MSSB, • MSIP, • Morgan Stanley Europe Holdings SE Group, including MSESE, • MSMS, • MSCS, • MSCG, and • E*TRADE Securities LLC. ETB and ETSB were each previously subject to the capital requirements of the OCC until January 1, 2022, when ETSB merged with and into ETB, and subsequently ETB merged with and into MSPBNA, with MSPBNA as the surviving bank. See Note 17 to the financial statements in the 2021 Form 10- K for further information. |
Total Equity
Total Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Total Equity | Total Equity Preferred Stock Shares Outstanding Carrying Value $ in millions, except per share data At Liquidation Preference per Share At At Series A 44,000 $ 25,000 $ 1,100 $ 1,100 C 1 519,882 1,000 408 408 E 34,500 25,000 862 862 F 34,000 25,000 850 850 I 40,000 25,000 1,000 1,000 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 52,000 25,000 1,300 1,300 P 40,000 25,000 1,000 — Total $ 8,750 $ 7,750 Shares authorized 30,000,000 1. Series C preferred stock is held by MUFG. For a description of Series A through Series O preferred stock, see Note 18 to the financial statements in the 2021 Form 10-K. The Firm’s preferred stock has a preference over its common stock upon liquidation. The Firm’s preferred stock qualifies as and is included in Tier 1 capital in accordance with regulatory capital requirements (see Note 15). On August 2, 2022, the Firm issued 40 million depositary shares of Series P Preferred Stock, for an aggregate price of $1.0 billion. Each depositary share represents a 1/1000th interest in a share of 6.500% Non-Cumulative Preferred Stock, Series P, $0.01 par value (“Series P Preferred Stock”). The Series P Preferred Stock is redeemable at the Firm’s option, (i) in whole or in part, from time to time, on any dividend payment date on or after October 15, 2027 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 this series), in each case at a redemption price of $25,000 per share (equivalent to $25 per depositary share). The Series P Preferred Stock also has a preference over the Firm’s common stock upon liquidation and qualifies as Tier 1 capital. Share Repurchases Three Months Ended September 30, Nine Months Ended September 30, $ in millions 2022 2021 2022 2021 Repurchases of common stock under the Firm’s Share Repurchase Authorization $ 2,555 $ 3,557 $ 8,165 $ 8,631 On June 27, 2022, the Firm announced that its Board of Directors approved a new multi-year repurchase authorization of up to $20 billion of outstanding common stock, without a set expiration date, beginning in the third quarter of 2022, which will be exercised from time to time as conditions warrant. For mor e information on share repurchases, see Note 18 to the fi nancial statements in the 2021 Form 10-K. Common Shares Outstanding for Basic and Diluted EPS Three Months Ended Nine Months Ended in millions 2022 2021 2022 2021 Weighted average common shares outstanding, basic 1,674 1,781 1,704 1,797 Effect of dilutive RSUs and PSUs 23 31 21 27 Weighted average common shares outstanding and common stock equivalents, diluted 1,697 1,812 1,725 1,824 Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) 1 — 5 — Dividends $ in millions, except per share data Three Months Ended Three Months Ended Per Share 1 Total Per Share 1 Total Preferred stock series A $ 261 $ 11 $ 256 $ 11 C 25 13 25 13 E 445 15 445 15 F 430 15 430 15 H 2 — — 239 12 I 398 16 398 16 K 366 15 366 15 L 305 6 305 6 M 4 29 12 29 12 N 5 2,650 8 2,650 8 O 6 266 14 — — P 330 13 — — Total Preferred stock $ 138 $ 123 Common stock $ 0.775 $ 1,329 $ 0.700 $ 1,276 $ in millions, except per share data Nine Months Ended Nine Months Ended Per Share 1 Total Per Share 1 Total Preferred stock series A $ 756 $ 33 $ 758 $ 33 C 75 39 75 39 E 1,336 45 1,336 45 F 1,289 44 1,289 44 H 2 — — 719 37 I 1,195 48 1,195 48 J 3 — — 253 15 K 1,097 45 1,097 45 L 914 18 914 18 M 4 59 24 59 24 N 5 5,300 16 5,300 16 O 6 797 41 — — P 330 13 — — Total Preferred stock $ 366 $ 364 Common stock $ 2.175 $ 3,802 $ 1.400 $ 2,562 1. Common and Preferred Stock dividends are payable quarterly unless otherwise noted. 2. A notice of redemption was issued for Series H preferred stock on November 19, 2021. 3. Series J was payable semiannually until July 15, 2020, after which it was payable quarterly until its redemption. 4. Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly. 5. Series N is payable semiannually until March 15, 2023 and thereafter will be payable quarterly. 6. 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 Securities Pension and Other DVA Total June 30, 2022 $ (1,226) $ (3,226) $ (543) $ (26) $ (5,021) OCI during the period (207) (1,307) 5 772 (737) September 30, 2022 $ (1,433) $ (4,533) $ (538) $ 746 $ (5,758) June 30, 2021 $ (895) $ 1,004 $ (481) $ (2,151) $ (2,523) OCI during the period (65) (256) 5 138 (178) September 30, 2021 $ (960) $ 748 $ (476) $ (2,013) $ (2,701) December 31, 2021 $ (1,002) $ 245 $ (551) $ (1,794) $ (3,102) OCI during the period (431) (4,778) 13 2,540 (2,656) September 30, 2022 $ (1,433) $ (4,533) $ (538) $ 746 $ (5,758) December 31, 2020 $ (795) $ 1,787 $ (498) $ (2,456) $ (1,962) OCI during the period (165) (1,039) 22 443 (739) September 30, 2021 $ (960) $ 748 $ (476) $ (2,013) $ (2,701) 1. Amounts are net of tax and noncontrolling interests. Components of Period Changes in OCI Three Months Ended September 30, 2022 $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ (85) $ (183) $ (268) $ (61) $ (207) Reclassified to earnings — — — — — Net OCI $ (85) $ (183) $ (268) $ (61) $ (207) Change in net unrealized gains (losses) on AFS securities OCI activity $ (1,698) $ 398 $ (1,300) $ — $ (1,300) Reclassified to earnings (9) 2 (7) — (7) Net OCI $ (1,707) $ 400 $ (1,307) $ — $ (1,307) Pension and other OCI activity $ 1 $ — $ 1 $ — $ 1 Reclassified to earnings 6 (2) 4 — 4 Net OCI $ 7 $ (2) $ 5 $ — $ 5 Change in net DVA OCI activity $ 1,082 $ (266) $ 816 $ 44 $ 772 Reclassified to earnings — — — — — Net OCI $ 1,082 $ (266) $ 816 $ 44 $ 772 Three Months Ended September 30, 2021 $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ (14) $ (64) $ (78) $ (13) $ (65) Reclassified to earnings — — — — — Net OCI $ (14) $ (64) $ (78) $ (13) $ (65) Change in net unrealized gains (losses) on AFS securities OCI activity $ (317) $ 74 $ (243) $ — $ (243) Reclassified to earnings (17) 4 (13) — (13) Net OCI $ (334) $ 78 $ (256) $ — $ (256) Pension and other OCI activity $ — $ — $ — $ — $ — Reclassified to earnings 7 (2) 5 — 5 Net OCI $ 7 $ (2) $ 5 $ — $ 5 Change in net DVA OCI activity $ 187 $ (46) $ 141 $ 9 $ 132 Reclassified to earnings 9 (3) 6 — 6 Net OCI $ 196 $ (49) $ 147 $ 9 $ 138 Nine Months Ended September 30, 2022 $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ (279) $ (441) $ (720) $ (230) $ (490) Reclassified to earnings — 59 59 — 59 Net OCI $ (279) $ (382) $ (661) $ (230) $ (431) Change in net unrealized gains (losses) on AFS securities OCI activity $ (6,169) $ 1,445 $ (4,724) $ — $ (4,724) Reclassified to earnings (71) 17 (54) — (54) Net OCI $ (6,240) $ 1,462 $ (4,778) $ — $ (4,778) Pension and other OCI activity $ (1) $ — $ (1) $ — $ (1) Reclassified to earnings 17 (3) 14 — 14 Net OCI $ 16 $ (3) $ 13 $ — $ 13 Change in net DVA OCI activity $ 3,474 $ (845) $ 2,629 $ 88 $ 2,541 Reclassified to earnings (1) — (1) — (1) Net OCI $ 3,473 $ (845) $ 2,628 $ 88 $ 2,540 Nine Months Ended September 30, 2021 $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ (106) $ (150) $ (256) $ (91) $ (165) Reclassified to earnings — — — — — Net OCI $ (106) $ (150) $ (256) $ (91) $ (165) Change in net unrealized gains (losses) on AFS securities OCI activity $ (1,146) $ 267 $ (879) $ — $ (879) Reclassified to earnings (209) 49 (160) — (160) Net OCI $ (1,355) $ 316 $ (1,039) $ — $ (1,039) Pension and other OCI activity $ 8 $ — $ 8 $ — $ 8 Reclassified to earnings 21 (7) 14 — 14 Net OCI $ 29 $ (7) $ 22 $ — $ 22 Change in net DVA OCI activity $ 591 $ (148) $ 443 $ 27 $ 416 Reclassified to earnings 36 (9) 27 — 27 Net OCI $ 627 $ (157) $ 470 $ 27 $ 443 |
Interest Income and Interest Ex
Interest Income and Interest Expense | 9 Months Ended |
Sep. 30, 2022 | |
Interest Income (Expense), Net [Abstract] | |
Interest Income and Interest Expense | Interest Income and Interest Expense Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Interest income Investment securities $ 743 $ 643 $ 2,261 $ 2,100 Loans 1,910 1,063 4,469 3,091 Securities purchased under agreements to resell 1,2 664 (36) 870 (147) Securities borrowed 1,3 385 (246) 97 (752) Trading assets, net of Trading liabilities 635 525 1,722 1,521 Customer receivables and Other 4 1,764 402 2,944 1,187 Total interest income $ 6,101 $ 2,351 $ 12,363 $ 7,000 Interest expense Deposits $ 476 $ 102 $ 684 $ 330 Borrowings 1,370 597 2,990 2,030 Securities sold under agreements to repurchase 1,5 501 19 725 82 Securities loaned 1,6 135 112 340 279 Customer payables and Other 7 1,109 (542) 616 (1,677) Total interest expense $ 3,591 $ 288 $ 5,355 $ 1,044 Net interest $ 2,510 $ 2,063 $ 7,008 $ 5,956 1. Certain prior period amounts have been reclassified to conform to the current prese ntation. 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 September 30, At December 31, Customer and other receivables $ 3,242 $ 1,800 Customer and other payables 3,401 2,164 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Firm is routinely under examination by the IRS and other tax authorities in certain countries, such as Japan and the U.K., and in states and localities in which it has significant business operations, such as New York. The Firm believes that the resolution of these tax examinations will not have a material effect on the annual financial statements, although a resolution could have a material impact in the income statement and on the effective tax rate for any period in which such resolutions occur. It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. At this time, however, it is not possible to reasonably estimate the expected change to the total amount |
Segment, Geographic and Revenue
Segment, Geographic and Revenue Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment, Geographic and Revenue Information | Segment, Geographic and Revenue Information Selected Financial Information by Business Segment Three Months Ended September 30, 2022 $ in millions IS WM IM I/E Total Investment banking $ 1,277 $ 114 $ — $ (18) $ 1,373 Trading 3,330 (41) 32 10 3,331 Investments (73) 18 (113) — (168) Commissions and fees 1 648 543 — (58) 1,133 Asset management 1,2 140 3,389 1,269 (54) 4,744 Other (25) 93 (1) (4) 63 Total non-interest revenues 5,297 4,116 1,187 (124) 10,476 Interest income 3,889 2,626 18 (432) 6,101 Interest expense 3,369 622 37 (437) 3,591 Net interest 520 2,004 (19) 5 2,510 Net revenues $ 5,817 $ 6,120 $ 1,168 $ (119) $ 12,986 Provision for credit losses $ 24 $ 11 $ — $ — $ 35 Compensation and benefits 1,948 3,171 495 — 5,614 Non-compensation expenses 2,219 1,289 557 (116) 3,949 Total non-interest expenses $ 4,167 $ 4,460 $ 1,052 $ (116) $ 9,563 Income before provision for income taxes $ 1,626 $ 1,649 $ 116 $ (3) $ 3,388 Provision for income taxes 305 396 26 (1) 726 Net income 1,321 1,253 90 (2) 2,662 Net income applicable to noncontrolling interests 47 — (17) — 30 Net income applicable to Morgan Stanley $ 1,274 $ 1,253 $ 107 $ (2) $ 2,632 Three Months Ended September 30, 2021 $ in millions IS WM IM I/E Total Investment banking $ 2,849 $ 186 $ — $ (22) $ 3,013 Trading 2,897 (58) 1 21 2,861 Investments 52 8 (15) — 45 Commissions and fees 1 664 704 — (88) 1,280 Asset management 1,2 145 3,628 1,470 (42) 5,201 Other 172 119 — (1) 290 Total non-interest revenues 6,779 4,587 1,456 (132) 12,690 Interest income 948 1,464 8 (69) 2,351 Interest expense 232 116 11 (71) 288 Net interest 716 1,348 (3) 2 2,063 Net revenues $ 7,495 $ 5,935 $ 1,453 $ (130) $ 14,753 Provision for credit losses $ 24 $ — $ — $ — $ 24 Compensation and benefits 2,248 3,159 513 — 5,920 Non-compensation expenses 2,250 1,246 570 (131) 3,935 Total non-interest expenses $ 4,498 $ 4,405 $ 1,083 $ (131) $ 9,855 Income before provision for income taxes $ 2,973 $ 1,530 $ 370 $ 1 $ 4,874 Provision for income taxes 713 373 64 — 1,150 Net income 2,260 1,157 306 1 3,724 Net income applicable to noncontrolling interests 31 — (14) — 17 Net income applicable to Morgan Stanley $ 2,229 $ 1,157 $ 320 $ 1 $ 3,707 Nine Months Ended September 30, 2022 $ in millions IS WM IM I/E Total Investment banking $ 3,983 $ 354 $ — $ (56) $ 4,281 Trading 11,511 (681) 38 43 10,911 Investments (69) 45 (46) — (70) Commissions and fees 1 2,110 1,869 — (210) 3,769 Asset management 1,2 442 10,525 3,961 (153) 14,775 Other (131) 388 (2) (10) 245 Total non-interest revenues 17,846 12,500 3,951 (386) 33,911 Interest income 6,797 6,208 34 (676) 12,363 Interest expense 5,050 917 71 (683) 5,355 Net interest 1,747 5,291 (37) 7 7,008 Net revenues $ 19,593 $ 17,791 $ 3,914 $ (379) $ 40,919 Provision for credit losses $ 150 $ 43 $ — $ — $ 193 Compensation and benefits 6,602 9,191 1,645 — 17,438 Non-compensation expenses 6,874 3,814 1,676 (371) 11,993 Total non-interest expenses $ 13,476 $ 13,005 $ 3,321 $ (371) $ 29,431 Income before provision for income taxes $ 5,967 $ 4,743 $ 593 $ (8) $ 11,295 Provision for income taxes 1,235 1,028 121 (2) 2,382 Net income 4,732 3,715 472 (6) 8,913 Net income applicable to noncontrolling interests 146 — (26) — 120 Net income applicable to Morgan Stanley $ 4,586 $ 3,715 $ 498 $ (6) $ 8,793 Nine Months Ended September 30, 2021 $ in millions IS WM IM I/E Total Investment banking $ 7,838 $ 640 $ — $ (65) $ 8,413 Trading 10,048 323 (18) 63 10,416 Investments 199 24 521 — 744 Commissions and fees 1 2,216 2,269 1 (272) 4,214 Asset management 1,2 432 10,266 3,991 (117) 14,572 Other 467 479 (23) (7) 916 Total non-interest revenues 21,200 14,001 4,472 (398) 39,275 Interest income 2,791 4,316 26 (133) 7,000 Interest expense 827 328 29 (140) 1,044 Net interest 1,964 3,988 (3) 7 5,956 Net revenues $ 23,164 $ 17,989 $ 4,469 $ (391) $ 45,231 Provision for credit losses $ 1 $ (2) $ — $ — $ (1) Compensation and benefits 7,795 9,604 1,742 — 19,141 Non-compensation expenses 6,526 3,621 1,557 (397) 11,307 Total non-interest expenses $ 14,321 $ 13,225 $ 3,299 $ (397) $ 30,448 Income before provision for income taxes $ 8,842 $ 4,766 $ 1,170 $ 6 $ 14,784 Provision for income taxes 2,023 1,103 253 1 3,380 Net income 6,819 3,663 917 5 11,404 Net income applicable to noncontrolling interests 85 — (19) — 66 Net income applicable to Morgan Stanley $ 6,734 $ 3,663 $ 936 $ 5 $ 11,338 1. Substantially all revenues are from contracts with customers. 2. Includes certain fees that may relate to services performed in prior periods. For a discussion about the Firm’s business segments, see Note 23 to the financial statements in the 2021 Form 10-K. Detail of Investment Banking Revenues Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Institutional Securities Advisory $ 693 $ 1,272 $ 2,235 $ 2,416 Institutional Securities Underwriting 584 1,577 1,748 5,422 Firm Investment banking revenues from contracts with customers 89 % 91 % 89 % 91 % Trading Revenues by Product Type Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Interest rate $ 1,070 $ (32) $ 1,930 $ 844 Foreign exchange 31 253 1,154 841 Equity 1 1,872 1,903 5,869 5,631 Commodity and other 279 538 1,288 2,079 Credit 79 199 670 1,021 Total $ 3,331 $ 2,861 $ 10,911 $ 10,416 1. 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 $ 837 $ 802 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 13 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Fee waivers $ 28 $ 139 $ 193 $ 364 The Firm waives a portion of its fees in the Investment Management business segment from certain registered money market funds that comply with the requirements of Rule 2a-7 of the Investment Company Act of 1940. Certain Other Fee Waivers Separately, the Firm’s employees, including its senior officers, may participate on the same terms and conditions as other investors in certain funds that the Firm sponsors primarily for client investment, and the Firm may waive or lower applicable fees and charges for its employees. Other Expenses — Transaction Taxes Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Transaction taxes $ 215 $ 262 $ 701 $ 717 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 Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Americas $ 10,094 $ 11,255 $ 30,220 $ 33,331 EMEA 1,392 1,752 5,381 6,004 Asia 1,500 1,746 5,318 5,896 Total $ 12,986 $ 14,753 $ 40,919 $ 45,231 For a discussion about the Firm’s geographic net revenues, see Note 23 to the financial statements in the 2021 Form 10-K. Revenues Recognized from Prior Services Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Non-interest revenues $ 788 $ 1,308 $ 2,036 $ 1,862 The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. These revenues primarily include investment banking advisory fees. Receivables from Contracts with Customers $ in millions At At Customer and other receivables $ 2,483 $ 3,591 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 $ 786,384 $ 792,135 Wealth Management 356,467 378,438 Investment Management 17,178 17,567 Total 1 $ 1,160,029 $ 1,188,140 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
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 notes are an integral part of the Firm’s financial statements. The Firm has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto. The accompanying financial statements should be read in conjunction with the Firm’s financial statements and notes thereto included in the 2021 Form 10-K. Certain footnote disclosures included in the 2021 Form 10-K have been condensed or omitted from these financial statements as they are not required for interim reporting under U.S. GAAP. The financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire year. |
Consolidation | Consolidation The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 14). Intercompany balances and transactions have been eliminated. For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as Noncontrolling interests. The net income attributable to Noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the income 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 a discussion of the Firm’s significant regulated U.S. and international subsidiaries and its involvement with VIEs, see Note 1 to the financial statements in the 2021 Form 10-K. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | $ in millions At At Cash and due from banks $ 6,836 $ 8,394 Interest bearing deposits with banks 104,860 119,331 Total Cash and cash equivalents $ 111,696 $ 127,725 Restricted cash $ 40,413 $ 40,887 |
Fair Values (Tables)
Fair Values (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and Liabilities Measured at Fair Value on a Recurring Basis At September 30, 2022 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 37,694 $ 29,822 $ 1 $ — $ 67,517 Other sovereign government obligations 27,618 5,411 137 — 33,166 State and municipal securities — 2,259 52 — 2,311 MABS — 2,090 344 — 2,434 Loans and lending commitments 2 — 4,929 2,583 — 7,512 Corporate and other debt — 24,936 1,898 — 26,834 Corporate equities 3 74,566 1,043 145 — 75,754 Derivative and other contracts: Interest rate 18,630 173,134 768 — 192,532 Credit — 10,294 474 — 10,768 Foreign exchange 56 167,919 269 — 168,244 Equity 1,736 59,409 531 — 61,676 Commodity and other 11,660 31,216 4,134 — 47,010 Netting 1 (15,435) (328,762) (1,363) (68,420) (413,980) Total derivative and other contracts 16,647 113,210 4,813 (68,420) 66,250 Investments 4 588 716 873 — 2,177 Physical commodities — 1,924 — — 1,924 Total trading assets 4 157,113 186,340 10,846 (68,420) 285,879 Investment securities—AFS 53,618 29,979 36 — 83,633 Total assets at fair value $ 210,731 $ 216,319 $ 10,882 $ (68,420) $ 369,512 At September 30, 2022 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 3,654 $ 7 $ — $ 3,661 Trading liabilities: U.S. Treasury and agency securities 15,842 8 1 — 15,851 Other sovereign government obligations 19,215 2,398 12 — 21,625 Corporate and other debt — 9,993 23 — 10,016 Corporate equities 3 66,268 564 54 — 66,886 Derivative and other contracts: Interest rate 16,043 166,207 945 — 183,195 Credit — 10,079 352 — 10,431 Foreign exchange 57 159,478 94 — 159,629 Equity 1,868 66,950 987 — 69,805 Commodity and other 12,669 24,561 2,333 — 39,563 Netting 1 (15,435) (328,762) (1,363) (68,801) (414,361) Total derivative and other contracts 15,202 98,513 3,348 (68,801) 48,262 Total trading liabilities 116,527 111,476 3,438 (68,801) 162,640 Securities sold under agreements to repurchase — 443 508 — 951 Other secured financings — 4,481 113 — 4,594 Borrowings — 66,851 1,937 — 68,788 Total liabilities at fair value $ 116,527 $ 186,905 $ 6,003 $ (68,801) $ 240,634 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 MABS—Mortgage- and asset-backed securities 1. For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6. 2. For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table. 3. For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes. |
Schedule of Details of Loans and Lending Commitments at Fair Value | Detail of Loans and Lending Commitments at Fair Value $ in millions At At Corporate $ — $ 8 Secured lending facilities 7 — Commercial Real Estate 476 863 Residential Real Estate 1,568 3,911 Securities-based lending and Other loans 5,461 7,845 Total $ 7,512 $ 12,627 |
Schedule of Unsettled Fair Value of Futures Contracts | Unsettled Fair Value of Futures Contracts 1 $ in millions At At Customer and other receivables (payables), net $ 693 $ 948 1. These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables. |
Schedule of Rollforward of Level 3 Assets Measured at Fair Value on a Recurring Basis | Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 U.S. Treasury and agency securities Beginning balance $ 9 $ 25 $ 2 $ 9 Realized and unrealized gains (losses) — (1) (1) — Purchases 1 4 2 28 Sales (4) (24) (7) (33) Net transfers (5) — 5 — Ending balance $ 1 $ 4 $ 1 $ 4 Unrealized gains (losses) $ — $ (1) $ (1) $ — Other sovereign government obligations Beginning balance $ 161 $ 78 $ 211 $ 268 Realized and unrealized gains (losses) 23 (3) (24) (1) Purchases 43 59 69 129 Sales (57) (4) (60) (269) Net transfers (33) (3) (59) — Ending balance $ 137 $ 127 $ 137 $ 127 Unrealized gains (losses) $ 23 $ (3) $ (22) $ — State and municipal securities Beginning balance $ 29 $ 4 $ 13 $ — Realized and unrealized gains (losses) (1) — (2) — Purchases 4 — 54 4 Sales — (4) — (4) Net transfers 20 — (13) — Ending balance $ 52 $ — $ 52 $ — Unrealized gains (losses) $ (3) $ — $ (2) $ — MABS Beginning balance $ 339 $ 357 $ 344 $ 322 Realized and unrealized gains (losses) 8 11 (366) 67 Purchases 3 96 448 263 Sales (33) (23) (116) (216) Net transfers 27 (75) 34 (70) Ending balance $ 344 $ 366 $ 344 $ 366 Unrealized gains (losses) $ 9 $ 11 $ (12) $ 8 Loans and lending commitments Beginning balance $ 2,507 $ 4,896 $ 3,806 $ 5,759 Realized and unrealized gains (losses) (26) 47 8 33 Purchases and originations 541 1,373 800 2,467 Sales (353) (768) (801) (2,314) Settlements (144) (414) (618) (1,082) Net transfers 1 58 (830) (612) (559) Ending balance $ 2,583 $ 4,304 $ 2,583 $ 4,304 Unrealized gains (losses) $ (27) $ 21 $ — $ (5) Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Corporate and other debt Beginning balance $ 2,113 $ 1,801 $ 1,973 $ 3,435 Realized and unrealized gains (losses) (43) 173 446 (151) Purchases and originations 132 639 752 1,505 Sales (528) (594) (1,400) (1,698) Settlements (30) — (26) — Net transfers 2 254 (456) 153 (1,528) Ending balance $ 1,898 $ 1,563 $ 1,898 $ 1,563 Unrealized gains (losses) $ (42) $ 173 $ 454 $ 10 Corporate equities Beginning balance $ 246 $ 150 $ 115 $ 86 Realized and unrealized gains (losses) (60) 4 (71) (15) Purchases 15 83 79 367 Sales (37) (7) (67) (193) Net transfers (19) (16) 89 (31) Ending balance $ 145 $ 214 $ 145 $ 214 Unrealized gains (losses) $ (60) $ 4 $ (65) $ (5) Investments Beginning balance $ 1,027 $ 978 $ 1,125 $ 828 Realized and unrealized gains (losses) (140) 18 (275) 58 Purchases 6 59 52 150 Sales (18) (23) (33) (46) Net transfers (2) (251) 4 (209) Ending balance $ 873 $ 781 $ 873 $ 781 Unrealized gains (losses) $ (136) $ 13 $ (267) $ 39 Investment securities —AFS Beginning balance $ 38 $ — $ — $ 2,804 Realized and unrealized gains (losses) (2) — (2) (4) Sales — — — (203) Net transfers 3 — — 38 (2,597) Ending balance $ 36 $ — $ 36 $ — Unrealized gains (losses) $ (2) $ — $ (2) $ — Net derivatives: Interest rate Beginning balance $ (102) $ 668 $ 708 $ 682 Realized and unrealized gains (losses) (200) 70 (482) (223) Purchases — 22 — 48 Issuances — (9) — (41) Settlements 122 18 (38) 101 Net transfers 3 27 (365) 229 Ending balance $ (177) $ 796 $ (177) $ 796 Unrealized gains (losses) $ (120) $ 165 $ (201) $ (168) Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Net derivatives: Credit Beginning balance $ 190 $ (203) $ 98 $ 49 Realized and unrealized gains (losses) 3 59 91 (2) Purchases — 12 3 23 Issuances — (19) (1) (44) Settlements (78) 102 (59) 16 Net transfers 7 15 (10) (76) Ending balance $ 122 $ (34) $ 122 $ (34) Unrealized gains (losses) $ 7 $ (26) $ 83 $ — Net derivatives: Foreign exchange Beginning balance $ (331) $ 33 $ 52 $ 61 Realized and unrealized gains (losses) 38 32 (18) 41 Purchases — 12 — 19 Issuances — (15) — (21) Settlements 73 46 47 (45) Net transfers 395 (11) 94 42 Ending balance $ 175 $ 97 $ 175 $ 97 Unrealized gains (losses) $ 44 $ 29 $ 18 $ 73 Net derivatives: Equity Beginning balance $ (530) $ (837) $ (945) $ (2,231) Realized and unrealized gains (losses) 1 (45) 275 366 Purchases 48 24 167 69 Issuances (92) (122) (253) (362) Settlements 68 (3) 379 (196) Net transfers 2 49 (17) (79) 1,354 Ending balance $ (456) $ (1,000) $ (456) $ (1,000) Unrealized gains (losses) $ (3) $ (96) $ 399 $ (57) Net derivatives: Commodity and other Beginning balance $ 1,344 $ 1,430 $ 1,529 $ 1,709 Realized and unrealized gains (losses) 238 (167) 546 43 Purchases 2 44 107 324 Issuances (7) (31) (97) (137) Settlements 69 (97) (247) (371) Net transfers 155 130 (37) (259) Ending balance $ 1,801 $ 1,309 $ 1,801 $ 1,309 Unrealized gains (losses) $ 72 $ (96) $ 25 $ (243) Deposits Beginning balance $ 19 $ 86 $ 67 $ 126 Realized and unrealized losses (gains) — (1) — 1 Issuances 2 — 2 — Settlements (1) (4) (3) (12) Net transfers (13) (19) (59) (53) Ending balance $ 7 $ 62 $ 7 $ 62 Unrealized losses (gains) $ — $ (1) $ — $ 1 Nonderivative trading liabilities Beginning balance $ 104 $ 59 $ 61 $ 79 Realized and unrealized losses (gains) (8) (11) (41) (20) Purchases (20) (16) (39) (88) Sales 16 11 88 83 Net transfers (2) (1) 21 (12) Ending balance $ 90 $ 42 $ 90 $ 42 Unrealized losses (gains) $ (8) $ (11) $ (41) $ 1 Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Securities sold under agreements to repurchase Beginning balance $ 514 $ 449 $ 651 $ 444 Realized and unrealized losses (gains) 5 (1) (3) 5 Issuances — — 9 — Settlements (11) — (22) — Net transfers — — (127) (1) Ending balance $ 508 $ 448 $ 508 $ 448 Unrealized losses (gains) $ 5 $ (1) $ — $ 5 Other secured financings Beginning balance $ 112 $ 401 $ 403 $ 516 Realized and unrealized losses (gains) (5) (17) (11) (14) Issuances 13 14 44 421 Settlements (7) (3) (320) (500) Net transfers — — (3) (28) Ending balance $ 113 $ 395 $ 113 $ 395 Unrealized losses (gains) $ (5) $ (17) $ (11) $ (13) Borrowings Beginning balance $ 2,325 $ 1,975 $ 2,157 $ 4,374 Realized and unrealized losses (gains) (185) (87) (625) (37) Issuances 65 197 230 411 Settlements (65) (67) (263) (347) Net transfers 2 (203) 38 438 (2,345) Ending balance $ 1,937 $ 2,056 $ 1,937 $ 2,056 Unrealized losses (gains) $ (185) $ (86) $ (629) $ (8) Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA (36) (4) (126) (18) 1. Net transfers in the prior year quarter reflect the transfer 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. 2. Net transfers in the prior year period reflect the transfer in the second quarter of the prior year 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 the prior year period reflect the transfer in the first quarter of the prior year of $2.5 billion of AFS securities from Level 3 to Level 2 due to increased trading activity and observability of pricing inputs. |
Schedule of Rollforward of Level 3 Liabilities Measured at Fair Value on a Recurring Basis | Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 U.S. Treasury and agency securities Beginning balance $ 9 $ 25 $ 2 $ 9 Realized and unrealized gains (losses) — (1) (1) — Purchases 1 4 2 28 Sales (4) (24) (7) (33) Net transfers (5) — 5 — Ending balance $ 1 $ 4 $ 1 $ 4 Unrealized gains (losses) $ — $ (1) $ (1) $ — Other sovereign government obligations Beginning balance $ 161 $ 78 $ 211 $ 268 Realized and unrealized gains (losses) 23 (3) (24) (1) Purchases 43 59 69 129 Sales (57) (4) (60) (269) Net transfers (33) (3) (59) — Ending balance $ 137 $ 127 $ 137 $ 127 Unrealized gains (losses) $ 23 $ (3) $ (22) $ — State and municipal securities Beginning balance $ 29 $ 4 $ 13 $ — Realized and unrealized gains (losses) (1) — (2) — Purchases 4 — 54 4 Sales — (4) — (4) Net transfers 20 — (13) — Ending balance $ 52 $ — $ 52 $ — Unrealized gains (losses) $ (3) $ — $ (2) $ — MABS Beginning balance $ 339 $ 357 $ 344 $ 322 Realized and unrealized gains (losses) 8 11 (366) 67 Purchases 3 96 448 263 Sales (33) (23) (116) (216) Net transfers 27 (75) 34 (70) Ending balance $ 344 $ 366 $ 344 $ 366 Unrealized gains (losses) $ 9 $ 11 $ (12) $ 8 Loans and lending commitments Beginning balance $ 2,507 $ 4,896 $ 3,806 $ 5,759 Realized and unrealized gains (losses) (26) 47 8 33 Purchases and originations 541 1,373 800 2,467 Sales (353) (768) (801) (2,314) Settlements (144) (414) (618) (1,082) Net transfers 1 58 (830) (612) (559) Ending balance $ 2,583 $ 4,304 $ 2,583 $ 4,304 Unrealized gains (losses) $ (27) $ 21 $ — $ (5) Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Corporate and other debt Beginning balance $ 2,113 $ 1,801 $ 1,973 $ 3,435 Realized and unrealized gains (losses) (43) 173 446 (151) Purchases and originations 132 639 752 1,505 Sales (528) (594) (1,400) (1,698) Settlements (30) — (26) — Net transfers 2 254 (456) 153 (1,528) Ending balance $ 1,898 $ 1,563 $ 1,898 $ 1,563 Unrealized gains (losses) $ (42) $ 173 $ 454 $ 10 Corporate equities Beginning balance $ 246 $ 150 $ 115 $ 86 Realized and unrealized gains (losses) (60) 4 (71) (15) Purchases 15 83 79 367 Sales (37) (7) (67) (193) Net transfers (19) (16) 89 (31) Ending balance $ 145 $ 214 $ 145 $ 214 Unrealized gains (losses) $ (60) $ 4 $ (65) $ (5) Investments Beginning balance $ 1,027 $ 978 $ 1,125 $ 828 Realized and unrealized gains (losses) (140) 18 (275) 58 Purchases 6 59 52 150 Sales (18) (23) (33) (46) Net transfers (2) (251) 4 (209) Ending balance $ 873 $ 781 $ 873 $ 781 Unrealized gains (losses) $ (136) $ 13 $ (267) $ 39 Investment securities —AFS Beginning balance $ 38 $ — $ — $ 2,804 Realized and unrealized gains (losses) (2) — (2) (4) Sales — — — (203) Net transfers 3 — — 38 (2,597) Ending balance $ 36 $ — $ 36 $ — Unrealized gains (losses) $ (2) $ — $ (2) $ — Net derivatives: Interest rate Beginning balance $ (102) $ 668 $ 708 $ 682 Realized and unrealized gains (losses) (200) 70 (482) (223) Purchases — 22 — 48 Issuances — (9) — (41) Settlements 122 18 (38) 101 Net transfers 3 27 (365) 229 Ending balance $ (177) $ 796 $ (177) $ 796 Unrealized gains (losses) $ (120) $ 165 $ (201) $ (168) Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Net derivatives: Credit Beginning balance $ 190 $ (203) $ 98 $ 49 Realized and unrealized gains (losses) 3 59 91 (2) Purchases — 12 3 23 Issuances — (19) (1) (44) Settlements (78) 102 (59) 16 Net transfers 7 15 (10) (76) Ending balance $ 122 $ (34) $ 122 $ (34) Unrealized gains (losses) $ 7 $ (26) $ 83 $ — Net derivatives: Foreign exchange Beginning balance $ (331) $ 33 $ 52 $ 61 Realized and unrealized gains (losses) 38 32 (18) 41 Purchases — 12 — 19 Issuances — (15) — (21) Settlements 73 46 47 (45) Net transfers 395 (11) 94 42 Ending balance $ 175 $ 97 $ 175 $ 97 Unrealized gains (losses) $ 44 $ 29 $ 18 $ 73 Net derivatives: Equity Beginning balance $ (530) $ (837) $ (945) $ (2,231) Realized and unrealized gains (losses) 1 (45) 275 366 Purchases 48 24 167 69 Issuances (92) (122) (253) (362) Settlements 68 (3) 379 (196) Net transfers 2 49 (17) (79) 1,354 Ending balance $ (456) $ (1,000) $ (456) $ (1,000) Unrealized gains (losses) $ (3) $ (96) $ 399 $ (57) Net derivatives: Commodity and other Beginning balance $ 1,344 $ 1,430 $ 1,529 $ 1,709 Realized and unrealized gains (losses) 238 (167) 546 43 Purchases 2 44 107 324 Issuances (7) (31) (97) (137) Settlements 69 (97) (247) (371) Net transfers 155 130 (37) (259) Ending balance $ 1,801 $ 1,309 $ 1,801 $ 1,309 Unrealized gains (losses) $ 72 $ (96) $ 25 $ (243) Deposits Beginning balance $ 19 $ 86 $ 67 $ 126 Realized and unrealized losses (gains) — (1) — 1 Issuances 2 — 2 — Settlements (1) (4) (3) (12) Net transfers (13) (19) (59) (53) Ending balance $ 7 $ 62 $ 7 $ 62 Unrealized losses (gains) $ — $ (1) $ — $ 1 Nonderivative trading liabilities Beginning balance $ 104 $ 59 $ 61 $ 79 Realized and unrealized losses (gains) (8) (11) (41) (20) Purchases (20) (16) (39) (88) Sales 16 11 88 83 Net transfers (2) (1) 21 (12) Ending balance $ 90 $ 42 $ 90 $ 42 Unrealized losses (gains) $ (8) $ (11) $ (41) $ 1 Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Securities sold under agreements to repurchase Beginning balance $ 514 $ 449 $ 651 $ 444 Realized and unrealized losses (gains) 5 (1) (3) 5 Issuances — — 9 — Settlements (11) — (22) — Net transfers — — (127) (1) Ending balance $ 508 $ 448 $ 508 $ 448 Unrealized losses (gains) $ 5 $ (1) $ — $ 5 Other secured financings Beginning balance $ 112 $ 401 $ 403 $ 516 Realized and unrealized losses (gains) (5) (17) (11) (14) Issuances 13 14 44 421 Settlements (7) (3) (320) (500) Net transfers — — (3) (28) Ending balance $ 113 $ 395 $ 113 $ 395 Unrealized losses (gains) $ (5) $ (17) $ (11) $ (13) Borrowings Beginning balance $ 2,325 $ 1,975 $ 2,157 $ 4,374 Realized and unrealized losses (gains) (185) (87) (625) (37) Issuances 65 197 230 411 Settlements (65) (67) (263) (347) Net transfers 2 (203) 38 438 (2,345) Ending balance $ 1,937 $ 2,056 $ 1,937 $ 2,056 Unrealized losses (gains) $ (185) $ (86) $ (629) $ (8) Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA (36) (4) (126) (18) 1. Net transfers in the prior year quarter reflect the transfer 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. 2. Net transfers in the prior year period reflect the transfer in the second quarter of the prior year 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 the prior year period reflect the transfer in the first quarter of the prior year of $2.5 billion of AFS securities from Level 3 to Level 2 due to increased trading activity and observability of pricing inputs. |
Schedule of Valuation Techniques and Unobservable Inputs | Valuation Techniques and Unobservable Inputs Balance / Range (Average 1 ) $ in millions, except inputs At September 30, 2022 At December 31, 2021 Assets at Fair Value on a Recurring Basis Other sovereign government obligations $ 137 $ 211 Comparable pricing: Bond price 76 to 127 points (92 points) 100 to 140 points (120 points) State and municipal securities $ 52 $ 13 Comparable pricing: Bond price 78 to 100 points (95 points) N/M MABS $ 344 $ 344 Comparable pricing: Bond price 0 to 95 points (68 points) 0 to 86 points (59 points) Loans and lending $ 2,583 $ 3,806 Margin loan model: Margin loan rate 2% to 4% (3%) 1% to 4% (3%) Comparable pricing: Loan price 84 to 101 points (97 points) 89 to 101 points (97 points) Corporate and $ 1,898 $ 1,973 Comparable pricing: Bond price 52 to 139 points (90 points) 50 to 163 points (99 points) Discounted cash flow: Loss given default 54% to 84% (62% / 54%) 54% to 84% (62% / 54%) Corporate equities $ 145 $ 115 Comparable pricing: Equity price 100% 100% Investments $ 873 $ 1,125 Discounted cash flow: WACC 15% to 18% (17%) 10% to 16% (15%) Exit multiple 7 to 17 times (13 times) 8 to 17 times (12 times) Market approach: EBITDA multiple 7 to 20 times (9 times) 8 to 25 times (10 times) Comparable pricing: Equity price 48% to 100% (85%) 43% to 100% (99%) Balance / Range (Average 1 ) $ in millions, except inputs At September 30, 2022 At December 31, 2021 Net derivative and other contracts: Interest rate $ (177) $ 708 Option model: IR volatility skew 106% to 126% (113% / 111%) 39% to 79% (64% / 63%) IR curve correlation 58% to 99% (80% / 80%) 62% to 98% (83% / 84%) Bond volatility N/M 5% to 32% (12% / 9%) Inflation volatility 24% to 62% (44% / 40%) 24% to 65% (44% / 40%) IR curve 4% to 5% (4% / 4%) 4% Credit $ 122 $ 98 Credit default swap model: Cash-synthetic basis 7 points 7 points Bond price 0 to 83 points (43 points) 0 to 83 points (46 points) Credit spread 10 to 530 bps (129 bps) 14 to 477 bps (68 bps) Funding spread 18 to 590 bps (86 bps) 15 to 433 bps (55 bps) Foreign exchange 2 $ 175 $ 52 Option model: IR - FX correlation N/M 53% to 56% (55% / 54%) IR volatility skew N/M 39% to 79% (64% / 63%) IR curve -4% to 71% (21% / 17%) -1% to 7% (2% / 0%) Foreign exchange volatility skew 11% to 15% (13% / 13%) -4% to -2% (-3% / -3%) Contingency probability 95% 90% to 95% (94% / 95%) Equity 2 $ (456) $ (945) Option model: Equity volatility 5% to 97% (27%) 5% to 99% (24%) Equity volatility skew -3% to 0% (-1%) -4% to 0% (-1%) Equity correlation 10% to 96% (76%) 5% to 99% (73%) FX correlation -85% to 65% (-27%) -85% to 37% (-42%) IR correlation 10% to 30% (12%) 13% to 30% (15%) Commodity and other $ 1,801 $ 1,529 Option model: Forward power price $2 to $288 ($59) per MWh $4 to $263 ($39) per MWh Commodity volatility 8% to 137% (36%) 8% to 385% (22%) Cross-commodity correlation 70% to 100% (93%) 43% to 100% (94%) Liabilities Measured at Fair Value on a Recurring Basis Deposits $ 7 $ 67 Option model: Equity volatility N/M 7% Nonderivative trading liabilities $ 54 $ 45 Comparable pricing: Equity price 100% 100% Securities sold under agreements to repurchase $ 508 $ 651 Discounted cash flow: Funding spread 62 to 147 bps (114 bps) 112 to 127 bps (120 bps) Other secured financings $ 113 $ 403 Comparable pricing: Loan price 23 to 101 points (77 points) 30 to 100 points (83 points) Balance / Range (Average 1 ) $ in millions, except inputs At September 30, 2022 At December 31, 2021 Borrowings $ 1,937 $ 2,157 Option model: Equity volatility 6% to 96% (23%) 7% to 85% (20%) Equity volatility skew -1% to 0% (-1%) -1% to 0% (0%) Equity correlation 39% to 95% (86%) 41% to 95% (81%) Equity - FX correlation -55% to 25% (-17%) -55% to 25% (-30%) IR FX Correlation -17% to 5% (-5% / -5%) -26% to 8% (-5% / -5%) IR curve correlation 58% to 85% (75% / 73%) N/M IR volatility skew 57% to 93% (69% / 56%) N/M Discounted cash flow: Loss given default 54% to 84% (62% / 54%) 54% to 84% (62% / 54%) Nonrecurring Fair Value Measurement Loans $ 3,476 $ 1,576 Corporate loan model: Credit spread 113 to 819 bps (438 bps) 108 to 565 bps (284 bps) Comparable pricing: Loan price 36 to 80 points (66 points) 40 to 80 points (61 points) Warehouse model: Credit spread 146 to 260 bps (235 bps) 182 to 446 bps (376 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 September 30, 2022 At December 31, 2021 $ in millions Carrying Value Commitment Carrying Value Commitment Private equity $ 2,795 $ 538 $ 2,492 $ 615 Real estate 2,316 242 2,064 248 Hedge 1 198 2 191 2 Total $ 5,309 $ 782 $ 4,747 $ 865 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 September 30, 2022 $ in millions Private Equity Real Estate Less than 5 years $ 1,035 $ 902 5-10 years 1,196 1,380 Over 10 years 564 34 Total $ 2,795 $ 2,316 |
Schedule of Nonrecurring Fair Value Measurements | Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis At September 30, 2022 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 4,855 $ 3,476 $ 8,331 Other assets—Other investments — 5 5 Other assets—ROU assets 5 — 5 Total $ 4,860 $ 3,481 $ 8,341 Liabilities Other liabilities and accrued expenses—Lending commitments $ 375 $ 144 $ 519 Total $ 375 $ 144 $ 519 At December 31, 2021 Fair Value $ 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 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 Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Assets Loans 2 $ (118) $ (22) $ (365) $ (75) Goodwill — — — (8) Intangibles — — — (3) Other assets—Other investments 3 (2) (2) (8) (55) Other assets—Premises, equipment and software (1) (10) (3) (14) Other assets—ROU assets (1) — (7) — Total $ (122) $ (34) $ (383) $ (155) Liabilities Other liabilities and accrued expenses—Lending commitments 2 $ (13) $ (2) $ (172) $ 34 Total $ (13) $ (2) $ (172) $ 34 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. |
Schedule of Financial Instruments Not Measured at Fair Value | Financial Instruments Not Measured at Fair Value At September 30, 2022 Carrying Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 111,696 $ 111,696 $ — $ — $ 111,696 Investment securities—HTM 77,636 27,657 37,721 1,015 66,393 Securities purchased under agreements to resell 111,124 — 108,312 2,680 110,992 Securities borrowed 136,478 — 136,471 — 136,471 Customer and other receivables 83,417 — 79,493 3,558 83,051 Loans 1 210,936 — 25,100 178,571 203,671 Other assets 704 — 704 — 704 Financial liabilities Deposits $ 334,462 $ — $ 334,378 $ — $ 334,378 Securities sold under agreements to repurchase 59,182 — 59,070 — 59,070 Securities loaned 13,097 — 13,096 — 13,096 Other secured financings 3,107 — 3,107 — 3,107 Customer and other payables 229,272 — 229,272 — 229,272 Borrowings 151,635 — 148,105 4 148,109 Commitment Lending commitments 2 $ 135,899 $ — $ 2,065 $ 880 $ 2,945 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 2 $ 133,519 $ — $ 890 $ 470 $ 1,360 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 13. |
Fair Value Option (Tables)
Fair Value Option (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Option | Borrowings Measured at Fair Value on a Recurring Basis $ in millions At At Business Unit Responsible for Risk Management Equity $ 34,226 $ 37,046 Interest rates 22,896 28,638 Commodities 9,147 7,837 Credit 1,220 1,347 Foreign exchange 1,299 1,472 Total $ 68,788 $ 76,340 Net Revenues from Borrowings under the Fair Value Option Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Trading revenues $ 4,034 $ 1,383 $ 16,361 $ 937 Interest expense 67 77 203 234 Net revenues 1 $ 3,967 $ 1,306 $ 16,158 $ 703 1. Amounts do not reflect any gains or losses from related economic hedges. Gains (Losses) Due to Changes in Instrument-Specific Credit Risk Three Months Ended September 30, 2022 2021 $ in millions Trading OCI Trading OCI Loans and other receivables 1 $ (68) $ — $ 58 $ — Lending commitments (2) — (3) — Deposits — (9) — 6 Borrowings — 1,091 (9) 190 Nine Months Ended September 30, 2022 2021 $ in millions Trading OCI Trading OCI Loans and other receivables 1 $ (59) $ — $ 311 $ — Lending commitments (3) — (2) — Deposits — 5 — 15 Borrowings 1 3,468 (36) 612 $ in millions At At Cumulative pre-tax DVA gain (loss) recognized in AOCI $ 1,034 $ (2,439) 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 At Loans and other receivables 2 $ 10,908 $ 12,633 Nonaccrual loans 2 8,192 9,999 Borrowings 3 5,558 (2,106) 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. Fair Value Loans on Nonaccrual Status $ in millions At At Nonaccrual loans $ 440 $ 989 Nonaccrual loans 90 or more days past due 41 363 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Derivative Asset Contracts | Fair Values of Derivative Contracts Assets at September 30, 2022 $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 53 $ 1 $ — $ 54 Foreign exchange 332 137 — 469 Total 385 138 — 523 Not designated as accounting hedges Economic hedges of loans Credit 2 112 — 114 Other derivatives Interest rate 158,740 31,664 2,074 192,478 Credit 7,627 3,027 — 10,654 Foreign exchange 163,229 4,476 70 167,775 Equity 25,922 — 35,754 61,676 Commodity and other 33,833 — 13,177 47,010 Total 389,353 39,279 51,075 479,707 Total gross derivatives $ 389,738 $ 39,417 $ 51,075 $ 480,230 Amounts offset Counterparty netting (270,565) (37,449) (48,859) (356,873) Cash collateral netting (55,266) (1,841) — (57,107) Total in Trading assets $ 63,907 $ 127 $ 2,216 $ 66,250 Amounts not offset 1 Financial instruments collateral (28,876) — — (28,876) Net amounts $ 35,031 $ 127 $ 2,216 $ 37,374 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 8,565 Assets at December 31, 2021 $ in millions Bilateral OTC Cleared OTC Exchange- Traded 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 |
Schedule of Fair Values of Derivative Liability Contracts | Liabilities at September 30, 2022 $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 427 $ 1 $ — $ 428 Foreign exchange 56 3 — 59 Total 483 4 — 487 Not designated as accounting hedges Economic hedges of loans Credit 8 231 — 239 Other derivatives Interest rate 147,347 34,480 940 182,767 Credit 7,057 3,135 — 10,192 Foreign exchange 155,524 3,971 75 159,570 Equity 31,341 — 38,464 69,805 Commodity and other 25,455 — 14,108 39,563 Total 366,732 41,817 53,587 462,136 Total gross derivatives $ 367,215 $ 41,821 $ 53,587 $ 462,623 Amounts offset Counterparty netting (270,565) (37,449) (48,859) (356,873) Cash collateral netting (56,300) (1,188) — (57,488) Total in Trading liabilities $ 40,350 $ 3,184 $ 4,728 $ 48,262 Amounts not offset 1 Financial instruments collateral (2,927) — (2,899) (5,826) Net amounts $ 37,423 $ 3,184 $ 1,829 $ 42,436 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable 8,279 Liabilities at December 31, 2021 $ in millions Bilateral OTC Cleared OTC Exchange- Traded 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 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 September 30, 2022 $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 2 $ 49 $ — $ 51 Foreign exchange 9 3 — 12 Total 11 52 — 63 Not designated as accounting hedges Economic hedges of loans Credit — 5 — 5 Other derivatives Interest rate 3,320 7,486 616 11,422 Credit 207 129 — 336 Foreign exchange 3,600 147 9 3,756 Equity 504 — 423 927 Commodity and other 155 — 73 228 Total 7,786 7,767 1,121 16,674 Total gross derivatives $ 7,797 $ 7,819 $ 1,121 $ 16,737 Liabilities at September 30, 2022 $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 3 $ 186 $ — $ 189 Foreign exchange 3 — — 3 Total 6 186 — 192 Not designated as accounting hedges Economic hedges of loans Credit — 11 — 11 Other derivatives Interest rate 3,430 7,979 532 11,941 Credit 194 131 — 325 Foreign exchange 3,513 141 29 3,683 Equity 503 — 603 1,106 Commodity and other 113 — 93 206 Total 7,753 8,262 1,257 17,272 Total gross derivatives $ 7,759 $ 8,448 $ 1,257 $ 17,464 Assets at December 31, 2021 $ in billions Bilateral OTC Cleared OTC Exchange- Traded 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 OTC Cleared OTC Exchange- Traded 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 |
Schedule of Gains (Losses) on Accounting Hedges | Gains (Losses) on Accounting Hedges Three Months Ended Nine Months Ended September 30, September 30, $ in millions 2022 2021 2022 2021 Fair value hedges—Recognized in Interest income Interest rate contracts $ 846 $ 107 $ 2,037 $ 607 Investment Securities—AFS (836) (82) (1,960) (509) Fair value hedges—Recognized in Interest expense Interest rate contracts $ (5,379) $ (763) $ (15,629) $ (3,633) Deposits 25 15 143 73 Borrowings 5,372 796 15,499 3,547 Net investment hedges—Foreign exchange contracts Recognized in OCI $ 662 $ 225 $ 1,436 $ 524 Forward points excluded from hedge effectiveness testing—Recognized in Interest income 18 (19) (59) (32) |
Schedule of Fair Value Hedges - Hedged Items | Fair Value Hedges—Hedged Items $ in millions At At Investment Securities—AFS Amortized cost basis currently or previously hedged $ 26,017 $ 17,902 Basis adjustments included in amortized cost 1 $ (1,847) $ (591) Deposits Carrying amount currently or previously hedged $ 4,319 $ 6,279 Basis adjustments included in carrying amount 1 $ (138) $ 5 Borrowings Carrying amount currently or previously hedged $ 135,864 $ 122,919 Basis adjustments included in carrying amount — Outstanding hedges $ (13,052) $ 2,324 Basis adjustments included in carrying amount — Terminated hedges $ (722) $ (743) 1. Hedge accounting basis adjustments are primarily related to outstanding hedges. |
Schedule of Gains (Losses) on Economic Loan Hedges | Gains (Losses) on Economic Hedges of Loans Three Months Ended Nine Months Ended September 30, September 30, $ in millions 2022 2021 2022 2021 Recognized in Other revenues Credit contracts 1 $ (44) $ (21) $ 160 $ (170) |
Schedule of Net Derivative Liabilities and Collateral Posted | Net Derivative Liabilities and Collateral Posted $ in millions At At Net derivative liabilities with credit risk-related contingent features $ 23,750 $ 20,548 Collateral posted 14,427 14,789 |
Schedule of Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade | Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade $ in millions At One-notch downgrade $ 779 Two-notch downgrade 491 Bilateral downgrade agreements included in the amounts above 1 $ 1,215 |
Schedule of Maximum Potential Payout/Notional of Credit Protection Sold | Maximum Potential Payout/Notional of Credit Protection Sold 1 Years to Maturity at September 30, 2022 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 11 $ 28 $ 27 $ 13 $ 79 Non-investment grade 5 12 16 5 38 Total $ 16 $ 40 $ 43 $ 18 $ 117 Index and basket CDS Investment grade $ 2 $ 11 $ 70 $ 44 $ 127 Non-investment grade 8 17 39 20 84 Total $ 10 $ 28 $ 109 $ 64 $ 211 Total CDS sold $ 26 $ 68 $ 152 $ 82 $ 328 Other credit contracts — — — — — Total credit protection sold $ 26 $ 68 $ 152 $ 82 $ 328 CDS protection sold with identical protection purchased $ 273 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 |
Schedule of Fair Value Asset (Liability) of Credit Protection Sold | Fair Value Asset (Liability) of Credit Protection Sold 1 $ in millions At At Single-name CDS Investment grade $ 145 $ 1,428 Non-investment grade (1,886) (370) Total $ (1,741) $ 1,058 Index and basket CDS Investment grade $ (194) $ 1,393 Non-investment grade (4,125) (650) Total $ (4,319) $ 743 Total CDS sold $ (6,060) $ 1,801 Other credit contracts (2) (3) Total credit protection sold $ (6,062) $ 1,798 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 $ 139 $ 126 Index and basket 184 204 Tranched index and basket 26 18 Total $ 349 $ 348 Fair Value Asset (Liability) $ in millions At At Single name $ 1,970 $ (1,338) Index and basket 3,986 (563) Tranched index and basket 441 (451) Total $ 6,397 $ (2,352) |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of AFS and HTM Securities | AFS and HTM Securities At September 30, 2022 $ in millions Amortized Cost 1 Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. Treasury securities $ 56,113 $ 9 $ 2,504 $ 53,618 U.S. agency securities 2 23,918 1 2,879 21,040 Agency CMBS 6,144 3 449 5,698 State and municipal securities 2,170 14 90 2,094 FFELP student loan ABS 3 1,213 — 30 1,183 Total AFS securities 89,558 27 5,952 83,633 HTM securities U.S. Treasury securities 29,589 — 1,932 27,657 U.S. agency securities 2 44,945 — 9,006 35,939 Agency CMBS 1,954 — 172 1,782 Non-agency CMBS 1,148 — 133 1,015 Total HTM securities 77,636 — 11,243 66,393 Total investment securities $ 167,194 $ 27 $ 17,195 $ 150,026 At December 31, 2021 $ in millions Amortized Cost 1 Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 1. Amounts are net of any ACL. 2. U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt. |
Schedule of AFS Securities in an Unrealized Loss Position | AFS Securities in an Unrealized Loss Position At At $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury securities Less than 12 months $ 46,061 $ 1,923 $ 31,459 $ 296 12 months or longer 6,673 581 — — Total 52,734 2,504 31,459 296 U.S. agency securities Less than 12 months 15,301 1,602 12,283 219 12 months or longer 5,708 1,277 1,167 22 Total 21,009 2,879 13,450 241 Agency CMBS Less than 12 months 5,373 437 2,872 89 12 months or longer 104 12 10 — Total 5,477 449 2,882 89 State and municipal securities Less than 12 months 1,536 88 21 2 12 months or longer 46 2 7 — Total 1,582 90 28 2 FFELP student loan ABS Less than 12 months 807 19 320 1 12 months or longer 348 11 591 10 Total 1,155 30 911 11 Total AFS securities in an unrealized loss position Less than 12 months 69,078 4,069 46,955 607 12 months or longer 12,879 1,883 1,775 32 Total $ 81,957 $ 5,952 $ 48,730 $ 639 |
Schedule of Investment Securities by Contractual Maturity | Investment Securities by Contractual Maturity At September 30, 2022 $ in millions Amortized 1 Fair Annualized Average Yield 2 AFS securities U.S. Treasury securities: Due within 1 year $ 12,692 $ 12,438 1.1 % After 1 year through 5 years 40,430 38,199 1.2 % After 5 years through 10 years 2,991 2,981 1.1 % Total 56,113 53,618 U.S. agency securities: Due within 1 year 4 5 0.9 % After 1 year through 5 years 415 382 1.4 % After 5 years through 10 years 919 831 1.8 % After 10 years 22,580 19,822 1.7 % Total 23,918 21,040 Agency CMBS: Due within 1 year 119 118 1.8 % After 1 year through 5 years 854 783 2.1 % After 5 years through 10 years 3,856 3,680 1.8 % After 10 years 1,315 1,117 1.2 % Total 6,144 5,698 State and municipal securities: Due within 1 year 33 34 2.5 % After 1 year through 5 years 28 29 2.6 % After 5 years through 10 years 65 62 2.6 % After 10 Years 2,044 1,969 3.2 % Total 2,170 2,094 FFELP student loan ABS: After 1 year through 5 years 122 118 0.9 % After 5 years through 10 years 129 124 0.7 % After 10 years 962 941 1.6 % Total 1,213 1,183 Total AFS securities 89,558 83,633 1.4 % At September 30, 2022 $ in millions Amortized 1 Fair Annualized Average Yield 2 HTM securities U.S. Treasury securities: Due within 1 year 3,429 3,397 1.9 % After 1 year through 5 years 20,732 19,573 1.8 % After 5 years through 10 years 3,867 3,515 2.4 % After 10 years 1,561 1,172 2.3 % Total 29,589 27,657 U.S. agency securities: After 5 years through 10 years 399 362 2.1 % After 10 years 44,546 35,577 1.8 % Total 44,945 35,939 Agency CMBS: Due within 1 year 60 59 1.0 % After 1 year through 5 years 1,528 1,418 1.3 % After 5 years through 10 years 226 192 1.5 % After 10 years 140 113 1.5 % Total 1,954 1,782 Non-agency CMBS: Due within 1 year 173 172 4.0 % After 1 year through 5 years 206 191 3.9 % After 5 years through 10 years 718 607 3.7 % After 10 years 51 45 3.7 % Total 1,148 1,015 Total HTM securities 77,636 66,393 1.9 % Total investment securities 167,194 150,026 1.6 % 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 (Losses) on Sales of AFS Securities | Gross Realized Gains (Losses) on Sales of AFS Securities Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Gross realized gains $ 13 $ 17 $ 163 $ 236 Gross realized (losses) (4) — (92) (27) Total 1 $ 9 $ 17 $ 71 $ 209 1. Realized gains and losses are recognized in Other revenues in the income statement. |
Collateralized Transactions (Ta
Collateralized Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Collateralized Agreements [Abstract] | |
Schedule of Offsetting of Certain Collateralized Transactions | Offsetting of Certain Collateralized Transactions At September 30, 2022 $ in millions Gross Amounts Amounts Offset Balance Sheet Net Amounts Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 207,180 $ (96,056) $ 111,124 $ (106,215) $ 4,909 Securities borrowed 148,654 (12,176) 136,478 (130,579) 5,899 Liabilities Securities sold under agreements to repurchase $ 156,189 $ (96,056) $ 60,133 $ (55,748) $ 4,385 Securities loaned 25,273 (12,176) 13,097 (12,664) 433 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 2,773 Securities borrowed 820 Securities sold under agreements to repurchase 3,162 Securities loaned 262 At December 31, 2021 $ in millions Gross Amounts Amounts Offset Balance Sheet Net Amounts Amounts Not Offset 1 Net Amounts 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 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 September 30, 2022 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 53,042 $ 50,868 $ 12,508 $ 39,771 $ 156,189 Securities loaned 15,249 — 1,398 8,626 25,273 Total included in the offsetting disclosure $ 68,291 $ 50,868 $ 13,906 $ 48,397 $ 181,462 Trading liabilities— 22,373 — — — 22,373 Total $ 90,664 $ 50,868 $ 13,906 $ 48,397 $ 203,835 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— 30,104 — — — 30,104 Total $ 70,855 $ 54,351 $ 17,749 $ 48,805 $ 191,760 Gross Secured Financing Balances by Class of Collateral Pledged $ in millions At At Securities sold under agreements to repurchase U.S. Treasury and agency securities $ 51,436 $ 30,790 Other sovereign government obligations 74,401 73,063 Corporate equities 19,128 25,881 Other 11,224 9,941 Total $ 156,189 $ 139,675 Securities loaned Other sovereign government obligations $ 1,045 $ 748 Corporate equities 23,688 20,656 Other 540 577 Total $ 25,273 $ 21,981 Total included in the offsetting disclosure $ 181,462 $ 161,656 Trading liabilities—Obligation to return securities received as collateral Corporate equities $ 22,355 $ 30,048 Other 18 56 Total $ 22,373 $ 30,104 Total $ 203,835 $ 191,760 |
Schedule of Carrying Value of Assets Loaned or Pledged Without Counterparty Right to Sell or Repledge | Carrying Value of Assets Loaned or Pledged $ in millions At At Trading assets $ 32,461 $ 32,458 |
Schedule of Fair Value of Collateral Received with Right to Sell or Repledge | Fair Value of Collateral Received with Right to Sell or Repledge $ in millions At At Collateral received with right to sell or repledge $ 630,129 $ 672,104 Collateral that was sold or repledged 1 489,010 510,000 |
Schedule of Securities Segregated for Regulatory Purposes | Securities Segregated for Regulatory Purposes $ in millions At At Segregated securities 1 $ 36,579 $ 20,092 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 Customer Margin Lending | Customer Margin and Other Lending $ in millions At At Margin and other lending $ 43,415 $ 71,532 |
Loans, Lending Commitments an_2
Loans, Lending Commitments and Related Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of Loans by Type | Loans by Type At September 30, 2022 $ in millions HFI Loans HFS Loans Total Loans Corporate $ 6,858 $ 7,640 $ 14,498 Secured lending facilities 34,788 3,707 38,495 Commercial real estate 8,191 1,750 9,941 Residential real estate 52,904 5 52,909 Securities-based lending and Other loans 95,591 251 95,842 Total loans 198,332 13,353 211,685 ACL (749) (749) Total loans, net $ 197,583 $ 13,353 $ 210,936 Loans to non-U.S. borrowers, net $ 24,624 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 |
Schedule of Loans by Interest Rate Type | Loans by Interest Rate Type At September 30, 2022 At December 31, 2021 $ in millions Fixed Rate Floating or Adjustable Rate Fixed Rate Floating or Adjustable Rate Corporate $ — $ 14,498 $ — $ 13,674 Secured lending facilities — 38,495 — 35,350 Commercial real estate 205 9,735 343 8,661 Residential real estate 24,105 28,805 18,966 25,292 Securities-based lending and Other loans 24,141 71,701 22,832 63,670 Total loans, before ACL $ 48,451 $ 163,234 $ 42,141 $ 146,647 |
Schedule of Loans Held for Investment | Loans Held for Investment before Allowance by Origination Year At September 30, 2022 At December 31, 2021 Corporate $ in millions IG NIG Total IG NIG Total Revolving $ 3,111 $ 3,119 $ 6,230 $ 2,356 $ 2,328 $ 4,684 2022 — 80 80 2021 — 92 92 — 85 85 2020 16 25 41 111 26 137 2019 — 153 153 — 176 176 2018 146 — 146 196 — 196 Prior 115 1 116 229 60 289 Total $ 3,388 $ 3,470 $ 6,858 $ 2,892 $ 2,675 $ 5,567 At September 30, 2022 At December 31, 2021 Secured Lending Facilities $ in millions IG NIG Total IG NIG Total Revolving $ 9,413 $ 21,231 $ 30,644 $ 7,603 $ 20,172 $ 27,775 2022 590 995 1,585 2021 234 196 430 32 467 499 2020 — 107 107 35 160 195 2019 60 556 616 43 819 862 2018 — 284 284 297 703 1,000 Prior 217 905 1,122 144 996 1,140 Total $ 10,514 $ 24,274 $ 34,788 $ 8,154 $ 23,317 $ 31,471 At September 30, 2022 At December 31, 2021 Commercial Real Estate $ in millions IG NIG Total IG NIG Total Revolving $ 4 $ 154 $ 158 $ 3 $ 149 $ 152 2022 503 1,806 2,309 2021 283 1,492 1,775 423 1,292 1,715 2020 92 639 731 91 819 910 2019 923 862 1,785 976 1,266 2,242 2018 475 299 774 527 416 943 Prior 86 573 659 189 1,076 1,265 Total $ 2,366 $ 5,825 $ 8,191 $ 2,209 $ 5,018 $ 7,227 At September 30, 2022 Residential Real Estate by FICO Scores by LTV Ratio Total $ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80% Revolving $ 75 $ 27 $ 4 $ 106 $ — $ 106 2022 9,741 2,109 342 11,257 935 12,192 2021 11,749 2,529 260 13,555 983 14,538 2020 7,396 1,523 116 8,573 462 9,035 2019 4,268 956 138 5,031 331 5,362 2018 1,663 457 51 2,001 170 2,171 Prior 7,045 2,143 312 8,737 763 9,500 Total $ 41,937 $ 9,744 $ 1,223 $ 49,260 $ 3,644 $ 52,904 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 September 30, 2022 Securities-based Lending 1 Other 2 $ in millions IG NIG Total Revolving $ 78,639 $ 5,695 $ 1,375 $ 85,709 2022 1,409 1,379 108 2,896 2021 714 541 144 1,399 2020 — 529 548 1,077 2019 18 912 625 1,555 2018 202 301 243 746 Prior 16 1,562 631 2,209 Total $ 80,998 $ 10,919 $ 3,674 $ 95,591 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 IG—Investment Grade NIG—Non-investment Grade 1. Securities-based loans are subject to collateral maintenance provisions, and at September 30, 2022 and December 31, 2021, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2 to the financial statements in the 2021 Form 10-K. 2. Other loans primarily include certain loans originated in the tailored lending business within the Wealth Management business segment. Past Due Loans Held for Investment before Allowance 1 $ in millions At September 30, 2022 At December 31, 2021 Corporate $ 44 $ — Residential real estate 141 209 Total $ 185 $ 209 1. The majority of the amounts are past due for a period of less than 90 days. Nonaccrual Loans Held for Investment before Allowance $ in millions At September 30, 2022 At December 31, 2021 Corporate $ 60 $ 34 Secured lending facilities 99 375 Commercial real estate 130 195 Residential real estate 120 138 Securities-based lending and Other loans 4 151 Total 1 $ 413 $ 893 Nonaccrual loans without an ACL $ 108 $ 356 1. Includes all loans held for investment that are 90 days or more past due as of September 30, 2022 and December 31, 2021. |
Schedule of Troubled Debt Restructurings | Troubled Debt Restructurings $ in millions At September 30, 2022 At December 31, 2021 Loans, before ACL $ 27 $ 49 Allowance for credit losses — 8 |
Schedule of Allowance for Credit Losses Rollforward - Loans and Lending Commitments | Allowance for Credit Losses Rollforward and Allocation—Loans $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total December 31, 2021 $ 165 $ 163 $ 206 $ 60 $ 60 $ 654 Gross charge-offs — (3) (7) — (21) (31) Recoveries 6 — — 1 — 7 Net (charge-offs) recoveries 6 (3) (7) 1 (21) (24) Provision (release) 46 (2) 35 26 32 137 Other (6) (2) (10) — — (18) September 30, 2022 $ 211 $ 156 $ 224 $ 87 $ 71 $ 749 Percent of loans to total loans 1 3 % 18 % 4 % 27 % 48 % 100 % $ 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 (19) (67) (21) — — (107) Provision (release) (91) 47 4 (2) 5 (37) Other (2) (3) (1) 1 (2) (7) September 30, 2021 $ 197 $ 175 $ 193 $ 58 $ 61 $ 684 Percent of loans to total loans 1 3 % 17 % 4 % 26 % 50 % 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 Rollforward—Lending Commitments $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total December 31, 2021 $ 356 $ 41 $ 20 $ 1 $ 26 $ 444 Provision (release) 64 7 (6) 1 (10) 56 Other (12) (1) — — — (13) September 30, 2022 $ 408 $ 47 $ 14 $ 2 $ 16 $ 487 $ 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) 39 2 — — (5) 36 Other (3) 1 (1) — — (3) September 30, 2021 $ 359 $ 41 $ 10 $ 1 $ 18 $ 429 Provision for Credit Losses Three Months Ended $ in millions 2022 2021 Loans $ 6 $ 5 Lending commitments 29 19 |
Schedule of Selected Credit Ratios | Selected Credit Ratios At At ACL to total loans 1 0.4 % 0.4 % Nonaccrual loans to total loans 2 0.2 % 0.5 % ACL to nonaccrual loans 3 181.4 % 73.2 % 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 At Currently employed by the Firm 1 $ 3,967 $ 3,613 No longer employed by the Firm 2 98 113 Employee loans $ 4,065 $ 3,726 ACL (141) (153) Employee loans, net of ACL $ 3,924 $ 3,573 Remaining repayment term, weighted average in years 5.8 5.7 1. These loans are predominantly current as of September 30, 2022 and December 31, 2021. 2. These loans are predominantly past due for a period of 90 days or more as of September 30, 2022 and December 31, 2021. |
Other Assets - Equity Method _2
Other Assets - Equity Method Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | Equity Method Investments $ in millions At At Investments $ 1,881 $ 2,214 Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Income (loss) $ 21 $ 24 $ 44 $ 51 |
Schedule of Joint Ventures | Japanese Securities Joint Venture Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Income (loss) from investment in MUMSS $ 17 $ 29 $ 35 $ 113 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits $ in millions At At Savings and demand deposits $ 317,129 $ 332,747 Time deposits 20,994 14,827 Total $ 338,123 $ 347,574 Deposits subject to FDIC insurance $ 239,194 $ 230,894 Deposits not subject to FDIC insurance $ 98,929 $ 116,680 |
Schedule of Time Deposit Maturities | Time Deposit Maturities $ in millions At 2022 $ 1,948 2023 9,279 2024 5,640 2025 2,093 2026 623 Thereafter 1,411 Total $ 20,994 |
Borrowings and Other Secured _2
Borrowings and Other Secured Financings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Borrowings $ in millions At At Original maturities of one year or less $ 4,062 $ 5,764 Original maturities greater than one year Senior $ 202,251 $ 213,776 Subordinated 14,110 13,587 Total $ 216,361 $ 227,363 Total borrowings $ 220,423 $ 233,127 Weighted average stated maturity, in years 1 6.7 7.7 1. Only includes borrowings wit h original maturities greater than one year. |
Schedule of Other Secured Financings | Other Secured Financings $ in millions At At Original maturities: One year or less $ 295 $ 4,573 Greater than one year 7,406 5,468 Total $ 7,701 $ 10,041 Transfers of assets accounted for as secured financings $ 931 $ 1,556 |
Commitments, Guarantees and C_2
Commitments, Guarantees and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | Commitments Years to Maturity at September 30, 2022 $ in millions Less than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 11,654 $ 29,955 $ 54,877 $ 6,105 $ 102,591 Secured lending facilities 6,297 6,007 1,814 775 14,893 Commercial and Residential real estate 103 339 18 296 756 Securities-based lending and Other 12,415 5,012 548 390 18,365 Forward-starting secured financing receivables 62,091 — — — 62,091 Central counterparty 300 — — 4,909 5,209 Underwriting 2,350 — — — 2,350 Investment activities 1,479 169 65 351 2,064 Letters of credit and other financial guarantees 168 — — 2 170 Total $ 96,857 $ 41,482 $ 57,322 $ 12,828 $ 208,489 Lending commitments participated to third parties $ 7,877 Forward-starting secured financing receivables settled within three business days $ 45,666 |
Schedule of Obligations under Guarantee Arrangements | Guarantees At September 30, 2022 Maximum Potential Payout/Notional of Obligations by Years to Maturity Carrying Amount Asset (Liability) $ in millions Less than 1 1-3 3-5 Over 5 Non-credit derivatives 1 $ 1,168,376 $ 917,531 $ 351,872 $ 759,598 $ (107,603) Standby letters of credit and other financial guarantees issued 2 1,641 826 1,310 2,672 6 Market value guarantees 5 2 — — — Liquidity facilities 3,712 — — — (6) Whole loan sales guarantees — 9 78 23,079 — Securitization representations and warranties 3 — — — 80,236 (3) General partner guarantees 361 10 32 157 (88) Client clearing guarantees 159 — — — — 1. The carrying amounts of derivative contracts that meet the accounting definition of a guarantee are shown on a gross basis. For further information on derivatives contracts, see Note 6. 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 September 30, 2022, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $74 million. 3. Related to commercial and residential mortgage securitizations. |
Schedule of Litigation Expenses | 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. Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Legal expenses $ 41 $ 50 $ 387 $ 99 |
Variable Interest Entities an_2
Variable Interest Entities and Securitization Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Variable Interest Entities and Securitization Activities [Abstract] | |
Schedule of Consolidated VIEs | Consolidated VIE Assets and Liabilities by Type of Activity At September 30, 2022 At December 31, 2021 $ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities MABS 1 $ 1,006 $ 471 $ 1,177 $ 409 Investment vehicles 2 885 508 717 294 Operating entities 502 33 508 39 Other 844 584 510 286 Total $ 3,237 $ 1,596 $ 2,912 $ 1,028 1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable. 2. Amounts include investment funds and CLOs. Consolidated VIE Assets and Liabilities by Balance Sheet Caption $ in millions At At Assets Cash and cash equivalents $ 368 $ 341 Trading assets at fair value 2,074 1,965 Investment securities 244 37 Securities purchased under agreements to resell 200 200 Customer and other receivables 30 31 Intangible assets 76 85 Other assets 245 253 Total $ 3,237 $ 2,912 Liabilities Other secured financings $ 1,420 $ 767 Other liabilities and accrued expenses 176 261 Total $ 1,596 $ 1,028 Noncontrolling interests $ 103 $ 115 |
Schedule of Non-Consolidated VIEs | Non-consolidated VIEs At September 30, 2022 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 125,670 $ 170 $ 5,448 $ 2,302 $ 49,714 Maximum exposure to loss 3 Debt and equity interests $ 12,946 $ 100 $ — $ 1,592 $ 11,423 Derivative and other contracts — — 3,712 — 4,637 Commitments, guarantees and other 499 — — — 754 Total $ 13,445 $ 100 $ 3,712 $ 1,592 $ 16,814 Carrying value of variable interests—Assets Debt and equity interests $ 12,946 $ 100 $ — $ 1,592 $ 11,423 Derivative and other contracts — — 5 — 1,794 Total $ 12,946 $ 100 $ 5 $ 1,592 $ 13,217 Additional VIE assets owned 4 $ 13,500 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ 11 $ — $ 448 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 MTOB—Municipal tender option bonds 1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets, and may be in loan or security form. 2. Other primarily includes exposures to commercial real estate property and investment funds. 3. Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm. |
Schedule of Mortgage- and Asset-Backed Securitization Assets | Detail of Mortgage- and Asset-Backed Securitization Assets At September 30, 2022 At December 31, 2021 $ in millions UPB Debt and Equity Interests UPB Debt and Equity Interests Residential mortgages $ 11,853 $ 2,002 $ 15,216 $ 2,182 Commercial mortgages 78,298 4,572 68,503 4,092 U.S. agency collateralized mortgage obligations 32,493 4,865 57,972 9,835 Other consumer or commercial loans 3,026 1,507 4,380 1,953 Total $ 125,670 $ 12,946 $ 146,071 $ 18,062 |
Schedule of Transferred Assets with Continuing Involvement | Transferred Assets with Continuing Involvement At September 30, 2022 $ in millions RML CML U.S. Agency CMO CLN and Other 1 SPE assets (UPB) 2 $ 9,395 $ 92,284 $ 17,854 $ 10,775 Retained interests Investment grade $ 111 $ 930 $ 279 $ — Non-investment grade 24 504 11 45 Total $ 135 $ 1,434 $ 290 $ 45 Interests purchased in the secondary market Investment grade $ 33 $ 181 $ 45 $ — Non-investment grade 43 46 — — Total $ 76 $ 227 $ 45 $ — Derivative assets $ — $ — $ — $ 1,259 Derivative liabilities — — — 282 At December 31, 2021 $ in millions RML CML U.S. Agency CMO 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 Fair Value At September 30, 2022 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 557 $ — $ 557 Non-investment grade 24 36 60 Total $ 581 $ 36 $ 617 Interests purchased in the secondary market Investment grade $ 257 $ 2 $ 259 Non-investment grade 71 18 89 Total $ 328 $ 20 $ 348 Derivative assets $ 1,259 $ — $ 1,259 Derivative liabilities 239 43 282 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 RML—Residential mortgage loans CML—Commercial mortgage loans 1. Amounts include CLO transactions managed by unrelated third parties. |
Schedule of Proceeds from New Securitization Transactions and Sales of Loans | Proceeds from New Securitization Transactions and Sales of Loans Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 New transactions 1 $ 5,332 $ 12,103 $ 19,809 $ 43,303 Retained interests 500 2,396 3,553 7,960 Sales of corporate loans to CLO SPEs 1, 2 37 144 53 217 1. Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented. |
Schedule of Assets Sold with Retained Exposure | Assets Sold with Retained Exposure $ in millions At At Gross cash proceeds from sale of assets 1 $ 50,718 $ 67,930 Fair value Assets sold $ 48,474 $ 68,992 Derivative assets recognized in the balance sheet 160 1,195 Derivative liabilities recognized in the balance sheet 2,405 132 |
Regulatory Requirements (Tables
Regulatory Requirements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Regulatory Requirements | |
Schedule of Regulatory Capital and Capital Ratios | Capital Buffer Requirements At September 30, 2022 and December 31, 2021 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 Regulatory Minimum At September 30, 2022 and December 31, 2021 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 September 30, At December 31, 2021 Risk-based capital Common Equity Tier 1 capital $ 67,933 $ 75,742 Tier 1 capital 76,428 83,348 Total capital 86,139 93,166 Total RWA 457,911 471,921 Common Equity Tier 1 capital ratio 13.2 % 14.8 % 16.0 % Tier 1 capital ratio 14.7 % 16.7 % 17.7 % Total capital ratio 16.7 % 18.8 % 19.7 % $ in millions Required Ratio 1 At September 30, At December 31, 2021 Leverage-based capital Adjusted average assets 2 $ 1,154,411 $ 1,169,939 Tier 1 leverage ratio 4.0 % 6.6 % 7.1 % Supplementary leverage exposure 3 $ 1,406,345 $ 1,476,962 SLR 5.0 % 5.4 % 5.6 % 1. Required ratios are inclusive of any buffers applicable as of the date presented. 2. Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in the Firm’s own capital instruments, certain defined tax assets and other capital deductions. |
MSBNA | |
Regulatory Requirements | |
Schedule of Regulatory Capital and Capital Ratios | MSBNA’s Regulatory Capital Well-Capitalized Requirement Required Ratio 1 At September 30, 2022 At December 31, 2021 $ in millions Amount Ratio Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 18,758 19.5 % $ 18,960 20.5 % Tier 1 capital 8.0 % 8.5 % 18,758 19.5 % 18,960 20.5 % Total capital 10.0 % 10.5 % 19,335 20.1 % 19,544 21.1 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 18,758 9.6 % $ 18,960 10.2 % SLR 6.0 % 3.0 % 18,758 7.6 % 18,960 8.1 % |
MSPBNA | |
Regulatory Requirements | |
Schedule of Regulatory Capital and Capital Ratios | MSPBNA’s Regulatory Capital Well-Capitalized Requirement Required Ratio 1 At September 30, 2022 2 At December 31, 2021 $ in millions Amount Ratio Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % 7.0 % $ 16,134 29.0 % $ 10,293 24.3 % Tier 1 capital 8.0 % 8.5 % 16,134 29.0 % 10,293 24.3 % Total capital 10.0 % 10.5 % 16,261 29.2 % 10,368 24.5 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 16,134 8.1 % $ 10,293 6.9 % SLR 6.0 % 3.0 % 16,134 7.9 % 10,293 6.7 % 1. Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the ability to make capital distributions, including the payment of dividends. 2. Regulatory capital amounts and ratios as of September 30, 2022 include the amounts from E*TRADE Bank (“ETB”) and E*TRADE Savings Bank (“ETSB”) as a result of the merger described herein. |
MS&Co. | |
Regulatory Requirements | |
Schedule of Broker-Dealer Regulatory Capital Requirements | MS&Co. Regulatory Capital $ in millions At September 30, At December 31, Net capital $ 14,886 $ 18,383 Excess net capital 10,405 14,208 |
Total Equity (Tables)
Total Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Preferred Stock Outstanding and Preferred Stock Dividends | Preferred Stock Shares Outstanding Carrying Value $ in millions, except per share data At Liquidation Preference per Share At At Series A 44,000 $ 25,000 $ 1,100 $ 1,100 C 1 519,882 1,000 408 408 E 34,500 25,000 862 862 F 34,000 25,000 850 850 I 40,000 25,000 1,000 1,000 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 52,000 25,000 1,300 1,300 P 40,000 25,000 1,000 — Total $ 8,750 $ 7,750 Shares authorized 30,000,000 1. Series C preferred stock is held by MUFG. Dividends $ in millions, except per share data Three Months Ended Three Months Ended Per Share 1 Total Per Share 1 Total Preferred stock series A $ 261 $ 11 $ 256 $ 11 C 25 13 25 13 E 445 15 445 15 F 430 15 430 15 H 2 — — 239 12 I 398 16 398 16 K 366 15 366 15 L 305 6 305 6 M 4 29 12 29 12 N 5 2,650 8 2,650 8 O 6 266 14 — — P 330 13 — — Total Preferred stock $ 138 $ 123 Common stock $ 0.775 $ 1,329 $ 0.700 $ 1,276 $ in millions, except per share data Nine Months Ended Nine Months Ended Per Share 1 Total Per Share 1 Total Preferred stock series A $ 756 $ 33 $ 758 $ 33 C 75 39 75 39 E 1,336 45 1,336 45 F 1,289 44 1,289 44 H 2 — — 719 37 I 1,195 48 1,195 48 J 3 — — 253 15 K 1,097 45 1,097 45 L 914 18 914 18 M 4 59 24 59 24 N 5 5,300 16 5,300 16 O 6 797 41 — — P 330 13 — — Total Preferred stock $ 366 $ 364 Common stock $ 2.175 $ 3,802 $ 1.400 $ 2,562 1. Common and Preferred Stock dividends are payable quarterly unless otherwise noted. 2. A notice of redemption was issued for Series H preferred stock on November 19, 2021. 3. Series J was payable semiannually until July 15, 2020, after which it was payable quarterly until its redemption. 4. Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly. 5. Series N is payable semiannually until March 15, 2023 and thereafter will be payable quarterly. |
Schedule of Share Repurchases | Share Repurchases Three Months Ended September 30, Nine Months Ended September 30, $ in millions 2022 2021 2022 2021 Repurchases of common stock under the Firm’s Share Repurchase Authorization $ 2,555 $ 3,557 $ 8,165 $ 8,631 |
Schedule of Common Shares Outstanding for Basic and Diluted EPS | Common Shares Outstanding for Basic and Diluted EPS Three Months Ended Nine Months Ended in millions 2022 2021 2022 2021 Weighted average common shares outstanding, basic 1,674 1,781 1,704 1,797 Effect of dilutive RSUs and PSUs 23 31 21 27 Weighted average common shares outstanding and common stock equivalents, diluted 1,697 1,812 1,725 1,824 Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) 1 — 5 — |
Schedule of Common Stock Dividends Per Share | Dividends $ in millions, except per share data Three Months Ended Three Months Ended Per Share 1 Total Per Share 1 Total Preferred stock series A $ 261 $ 11 $ 256 $ 11 C 25 13 25 13 E 445 15 445 15 F 430 15 430 15 H 2 — — 239 12 I 398 16 398 16 K 366 15 366 15 L 305 6 305 6 M 4 29 12 29 12 N 5 2,650 8 2,650 8 O 6 266 14 — — P 330 13 — — Total Preferred stock $ 138 $ 123 Common stock $ 0.775 $ 1,329 $ 0.700 $ 1,276 $ in millions, except per share data Nine Months Ended Nine Months Ended Per Share 1 Total Per Share 1 Total Preferred stock series A $ 756 $ 33 $ 758 $ 33 C 75 39 75 39 E 1,336 45 1,336 45 F 1,289 44 1,289 44 H 2 — — 719 37 I 1,195 48 1,195 48 J 3 — — 253 15 K 1,097 45 1,097 45 L 914 18 914 18 M 4 59 24 59 24 N 5 5,300 16 5,300 16 O 6 797 41 — — P 330 13 — — Total Preferred stock $ 366 $ 364 Common stock $ 2.175 $ 3,802 $ 1.400 $ 2,562 1. Common and Preferred Stock dividends are payable quarterly unless otherwise noted. 2. A notice of redemption was issued for Series H preferred stock on November 19, 2021. 3. Series J was payable semiannually until July 15, 2020, after which it was payable quarterly until its redemption. 4. Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly. 5. Series N is payable semiannually until March 15, 2023 and thereafter will be payable quarterly. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) 1 $ in millions CTA AFS Securities Pension and Other DVA Total June 30, 2022 $ (1,226) $ (3,226) $ (543) $ (26) $ (5,021) OCI during the period (207) (1,307) 5 772 (737) September 30, 2022 $ (1,433) $ (4,533) $ (538) $ 746 $ (5,758) June 30, 2021 $ (895) $ 1,004 $ (481) $ (2,151) $ (2,523) OCI during the period (65) (256) 5 138 (178) September 30, 2021 $ (960) $ 748 $ (476) $ (2,013) $ (2,701) December 31, 2021 $ (1,002) $ 245 $ (551) $ (1,794) $ (3,102) OCI during the period (431) (4,778) 13 2,540 (2,656) September 30, 2022 $ (1,433) $ (4,533) $ (538) $ 746 $ (5,758) December 31, 2020 $ (795) $ 1,787 $ (498) $ (2,456) $ (1,962) OCI during the period (165) (1,039) 22 443 (739) September 30, 2021 $ (960) $ 748 $ (476) $ (2,013) $ (2,701) 1. Amounts are net of tax and noncontrolling interests. |
Schedule of Components of Period Changes in OCI | Components of Period Changes in OCI Three Months Ended September 30, 2022 $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ (85) $ (183) $ (268) $ (61) $ (207) Reclassified to earnings — — — — — Net OCI $ (85) $ (183) $ (268) $ (61) $ (207) Change in net unrealized gains (losses) on AFS securities OCI activity $ (1,698) $ 398 $ (1,300) $ — $ (1,300) Reclassified to earnings (9) 2 (7) — (7) Net OCI $ (1,707) $ 400 $ (1,307) $ — $ (1,307) Pension and other OCI activity $ 1 $ — $ 1 $ — $ 1 Reclassified to earnings 6 (2) 4 — 4 Net OCI $ 7 $ (2) $ 5 $ — $ 5 Change in net DVA OCI activity $ 1,082 $ (266) $ 816 $ 44 $ 772 Reclassified to earnings — — — — — Net OCI $ 1,082 $ (266) $ 816 $ 44 $ 772 Three Months Ended September 30, 2021 $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ (14) $ (64) $ (78) $ (13) $ (65) Reclassified to earnings — — — — — Net OCI $ (14) $ (64) $ (78) $ (13) $ (65) Change in net unrealized gains (losses) on AFS securities OCI activity $ (317) $ 74 $ (243) $ — $ (243) Reclassified to earnings (17) 4 (13) — (13) Net OCI $ (334) $ 78 $ (256) $ — $ (256) Pension and other OCI activity $ — $ — $ — $ — $ — Reclassified to earnings 7 (2) 5 — 5 Net OCI $ 7 $ (2) $ 5 $ — $ 5 Change in net DVA OCI activity $ 187 $ (46) $ 141 $ 9 $ 132 Reclassified to earnings 9 (3) 6 — 6 Net OCI $ 196 $ (49) $ 147 $ 9 $ 138 Nine Months Ended September 30, 2022 $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ (279) $ (441) $ (720) $ (230) $ (490) Reclassified to earnings — 59 59 — 59 Net OCI $ (279) $ (382) $ (661) $ (230) $ (431) Change in net unrealized gains (losses) on AFS securities OCI activity $ (6,169) $ 1,445 $ (4,724) $ — $ (4,724) Reclassified to earnings (71) 17 (54) — (54) Net OCI $ (6,240) $ 1,462 $ (4,778) $ — $ (4,778) Pension and other OCI activity $ (1) $ — $ (1) $ — $ (1) Reclassified to earnings 17 (3) 14 — 14 Net OCI $ 16 $ (3) $ 13 $ — $ 13 Change in net DVA OCI activity $ 3,474 $ (845) $ 2,629 $ 88 $ 2,541 Reclassified to earnings (1) — (1) — (1) Net OCI $ 3,473 $ (845) $ 2,628 $ 88 $ 2,540 Nine Months Ended September 30, 2021 $ in millions Pre-tax Income After-tax Non- Net CTA OCI activity $ (106) $ (150) $ (256) $ (91) $ (165) Reclassified to earnings — — — — — Net OCI $ (106) $ (150) $ (256) $ (91) $ (165) Change in net unrealized gains (losses) on AFS securities OCI activity $ (1,146) $ 267 $ (879) $ — $ (879) Reclassified to earnings (209) 49 (160) — (160) Net OCI $ (1,355) $ 316 $ (1,039) $ — $ (1,039) Pension and other OCI activity $ 8 $ — $ 8 $ — $ 8 Reclassified to earnings 21 (7) 14 — 14 Net OCI $ 29 $ (7) $ 22 $ — $ 22 Change in net DVA OCI activity $ 591 $ (148) $ 443 $ 27 $ 416 Reclassified to earnings 36 (9) 27 — 27 Net OCI $ 627 $ (157) $ 470 $ 27 $ 443 |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Interest Income (Expense), Net [Abstract] | |
Schedule of Details of Interest Income and Interest Expense | Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Interest income Investment securities $ 743 $ 643 $ 2,261 $ 2,100 Loans 1,910 1,063 4,469 3,091 Securities purchased under agreements to resell 1,2 664 (36) 870 (147) Securities borrowed 1,3 385 (246) 97 (752) Trading assets, net of Trading liabilities 635 525 1,722 1,521 Customer receivables and Other 4 1,764 402 2,944 1,187 Total interest income $ 6,101 $ 2,351 $ 12,363 $ 7,000 Interest expense Deposits $ 476 $ 102 $ 684 $ 330 Borrowings 1,370 597 2,990 2,030 Securities sold under agreements to repurchase 1,5 501 19 725 82 Securities loaned 1,6 135 112 340 279 Customer payables and Other 7 1,109 (542) 616 (1,677) Total interest expense $ 3,591 $ 288 $ 5,355 $ 1,044 Net interest $ 2,510 $ 2,063 $ 7,008 $ 5,956 1. Certain prior period amounts have been reclassified to conform to the current prese ntation. 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. |
Schedule of Accrued Interest | Accrued Interest $ in millions At September 30, At December 31, Customer and other receivables $ 3,242 $ 1,800 Customer and other payables 3,401 2,164 |
Segment, Geographic and Reven_2
Segment, Geographic and Revenue Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Selected Financial Information by Business Segment | Selected Financial Information by Business Segment Three Months Ended September 30, 2022 $ in millions IS WM IM I/E Total Investment banking $ 1,277 $ 114 $ — $ (18) $ 1,373 Trading 3,330 (41) 32 10 3,331 Investments (73) 18 (113) — (168) Commissions and fees 1 648 543 — (58) 1,133 Asset management 1,2 140 3,389 1,269 (54) 4,744 Other (25) 93 (1) (4) 63 Total non-interest revenues 5,297 4,116 1,187 (124) 10,476 Interest income 3,889 2,626 18 (432) 6,101 Interest expense 3,369 622 37 (437) 3,591 Net interest 520 2,004 (19) 5 2,510 Net revenues $ 5,817 $ 6,120 $ 1,168 $ (119) $ 12,986 Provision for credit losses $ 24 $ 11 $ — $ — $ 35 Compensation and benefits 1,948 3,171 495 — 5,614 Non-compensation expenses 2,219 1,289 557 (116) 3,949 Total non-interest expenses $ 4,167 $ 4,460 $ 1,052 $ (116) $ 9,563 Income before provision for income taxes $ 1,626 $ 1,649 $ 116 $ (3) $ 3,388 Provision for income taxes 305 396 26 (1) 726 Net income 1,321 1,253 90 (2) 2,662 Net income applicable to noncontrolling interests 47 — (17) — 30 Net income applicable to Morgan Stanley $ 1,274 $ 1,253 $ 107 $ (2) $ 2,632 Three Months Ended September 30, 2021 $ in millions IS WM IM I/E Total Investment banking $ 2,849 $ 186 $ — $ (22) $ 3,013 Trading 2,897 (58) 1 21 2,861 Investments 52 8 (15) — 45 Commissions and fees 1 664 704 — (88) 1,280 Asset management 1,2 145 3,628 1,470 (42) 5,201 Other 172 119 — (1) 290 Total non-interest revenues 6,779 4,587 1,456 (132) 12,690 Interest income 948 1,464 8 (69) 2,351 Interest expense 232 116 11 (71) 288 Net interest 716 1,348 (3) 2 2,063 Net revenues $ 7,495 $ 5,935 $ 1,453 $ (130) $ 14,753 Provision for credit losses $ 24 $ — $ — $ — $ 24 Compensation and benefits 2,248 3,159 513 — 5,920 Non-compensation expenses 2,250 1,246 570 (131) 3,935 Total non-interest expenses $ 4,498 $ 4,405 $ 1,083 $ (131) $ 9,855 Income before provision for income taxes $ 2,973 $ 1,530 $ 370 $ 1 $ 4,874 Provision for income taxes 713 373 64 — 1,150 Net income 2,260 1,157 306 1 3,724 Net income applicable to noncontrolling interests 31 — (14) — 17 Net income applicable to Morgan Stanley $ 2,229 $ 1,157 $ 320 $ 1 $ 3,707 Nine Months Ended September 30, 2022 $ in millions IS WM IM I/E Total Investment banking $ 3,983 $ 354 $ — $ (56) $ 4,281 Trading 11,511 (681) 38 43 10,911 Investments (69) 45 (46) — (70) Commissions and fees 1 2,110 1,869 — (210) 3,769 Asset management 1,2 442 10,525 3,961 (153) 14,775 Other (131) 388 (2) (10) 245 Total non-interest revenues 17,846 12,500 3,951 (386) 33,911 Interest income 6,797 6,208 34 (676) 12,363 Interest expense 5,050 917 71 (683) 5,355 Net interest 1,747 5,291 (37) 7 7,008 Net revenues $ 19,593 $ 17,791 $ 3,914 $ (379) $ 40,919 Provision for credit losses $ 150 $ 43 $ — $ — $ 193 Compensation and benefits 6,602 9,191 1,645 — 17,438 Non-compensation expenses 6,874 3,814 1,676 (371) 11,993 Total non-interest expenses $ 13,476 $ 13,005 $ 3,321 $ (371) $ 29,431 Income before provision for income taxes $ 5,967 $ 4,743 $ 593 $ (8) $ 11,295 Provision for income taxes 1,235 1,028 121 (2) 2,382 Net income 4,732 3,715 472 (6) 8,913 Net income applicable to noncontrolling interests 146 — (26) — 120 Net income applicable to Morgan Stanley $ 4,586 $ 3,715 $ 498 $ (6) $ 8,793 Nine Months Ended September 30, 2021 $ in millions IS WM IM I/E Total Investment banking $ 7,838 $ 640 $ — $ (65) $ 8,413 Trading 10,048 323 (18) 63 10,416 Investments 199 24 521 — 744 Commissions and fees 1 2,216 2,269 1 (272) 4,214 Asset management 1,2 432 10,266 3,991 (117) 14,572 Other 467 479 (23) (7) 916 Total non-interest revenues 21,200 14,001 4,472 (398) 39,275 Interest income 2,791 4,316 26 (133) 7,000 Interest expense 827 328 29 (140) 1,044 Net interest 1,964 3,988 (3) 7 5,956 Net revenues $ 23,164 $ 17,989 $ 4,469 $ (391) $ 45,231 Provision for credit losses $ 1 $ (2) $ — $ — $ (1) Compensation and benefits 7,795 9,604 1,742 — 19,141 Non-compensation expenses 6,526 3,621 1,557 (397) 11,307 Total non-interest expenses $ 14,321 $ 13,225 $ 3,299 $ (397) $ 30,448 Income before provision for income taxes $ 8,842 $ 4,766 $ 1,170 $ 6 $ 14,784 Provision for income taxes 2,023 1,103 253 1 3,380 Net income 6,819 3,663 917 5 11,404 Net income applicable to noncontrolling interests 85 — (19) — 66 Net income applicable to Morgan Stanley $ 6,734 $ 3,663 $ 936 $ 5 $ 11,338 1. Substantially all revenues are from contracts with customers. 2. Includes certain fees that may relate to services performed in prior periods. |
Schedule of Investment Banking Revenues | Detail of Investment Banking Revenues Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Institutional Securities Advisory $ 693 $ 1,272 $ 2,235 $ 2,416 Institutional Securities Underwriting 584 1,577 1,748 5,422 Firm Investment banking revenues from contracts with customers 89 % 91 % 89 % 91 % |
Schedule of Trading Revenues by Product Type | Trading Revenues by Product Type Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Interest rate $ 1,070 $ (32) $ 1,930 $ 844 Foreign exchange 31 253 1,154 841 Equity 1 1,872 1,903 5,869 5,631 Commodity and other 279 538 1,288 2,079 Credit 79 199 670 1,021 Total $ 3,331 $ 2,861 $ 10,911 $ 10,416 |
Schedule of Net Unrealized Carried Interest and Reduction of Fees due to Fee Waivers | Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest $ in millions At At Net cumulative unrealized performance-based fees at risk of reversing $ 837 $ 802 Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Fee waivers $ 28 $ 139 $ 193 $ 364 |
Schedule of Other Expenses - Transaction Taxes | Other Expenses — Transaction Taxes Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Transaction taxes $ 215 $ 262 $ 701 $ 717 |
Schedule of Net Revenues by Region | Net Revenues by Region Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Americas $ 10,094 $ 11,255 $ 30,220 $ 33,331 EMEA 1,392 1,752 5,381 6,004 Asia 1,500 1,746 5,318 5,896 Total $ 12,986 $ 14,753 $ 40,919 $ 45,231 |
Schedule of Revenue Recognized from Prior Services | Revenues Recognized from Prior Services Three Months Ended Nine Months Ended $ in millions 2022 2021 2022 2021 Non-interest revenues $ 788 $ 1,308 $ 2,036 $ 1,862 |
Schedule of Receivables from Contracts with Customers | Receivables from Contracts with Customers $ in millions At At Customer and other receivables $ 2,483 $ 3,591 |
Schedule of Assets by Business Segment | Assets by Business Segment $ in millions At At Institutional Securities $ 786,384 $ 792,135 Wealth Management 356,467 378,438 Investment Management 17,178 17,567 Total 1 $ 1,160,029 $ 1,188,140 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||
Cash and due from banks | $ 6,836 | $ 8,394 |
Interest bearing deposits with banks | 104,860 | 119,331 |
Total Cash and cash equivalents | 111,696 | 127,725 |
Restricted cash | $ 40,413 | $ 40,887 |
Fair Values - Assets and Liabil
Fair Values - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets at fair value | ||
Derivative and other contracts | $ 66,250 | $ 38,154 |
Investment securities | 150,026 | 182,712 |
Total trading assets | 291,188 | 294,869 |
Investment securities—AFS | 83,633 | 102,830 |
Securities purchased under agreements to resell | 0 | 7 |
Liabilities at fair value | ||
Deposits | 3,661 | 1,940 |
Derivative and other contracts | 48,262 | 34,568 |
Securities sold under agreements to repurchase | 951 | 791 |
Other secured financings | 4,594 | 5,133 |
Borrowings | 68,788 | 76,340 |
State and municipal securities | ||
Assets at fair value | ||
Investment securities—AFS | 2,094 | 648 |
Recurring | ||
Assets at fair value | ||
Netting | (68,420) | (50,833) |
Liabilities at fair value | ||
Netting | (68,801) | (50,632) |
Borrowings | 68,788 | 76,340 |
Recurring | Interest rate | ||
Liabilities at fair value | ||
Borrowings | 22,896 | 28,638 |
Recurring | Credit | ||
Liabilities at fair value | ||
Borrowings | 1,220 | 1,347 |
Recurring | Foreign exchange | ||
Liabilities at fair value | ||
Borrowings | 1,299 | 1,472 |
Recurring | Equity | ||
Liabilities at fair value | ||
Borrowings | 34,226 | 37,046 |
Recurring | Commodity and other | ||
Liabilities at fair value | ||
Borrowings | 9,147 | 7,837 |
Recurring | Loans and lending commitments | ||
Assets at fair value | ||
Trading assets | 7,512 | 12,627 |
Recurring | Total | ||
Assets at fair value | ||
Derivative and other contracts | 66,250 | 38,154 |
Netting | (413,980) | (299,137) |
Investment securities | 2,177 | 2,706 |
Physical commodities | 1,924 | 2,771 |
Total trading assets | 285,879 | 290,122 |
Investment securities—AFS | 83,633 | 102,830 |
Securities purchased under agreements to resell | 7 | |
Total assets at fair value | 369,512 | 392,959 |
Liabilities at fair value | ||
Deposits | 3,661 | 1,940 |
Trading liabilities | 162,640 | 158,328 |
Derivative and other contracts | 48,262 | 34,568 |
Netting | (414,361) | (298,936) |
Securities sold under agreements to repurchase | 951 | 791 |
Other secured financings | 4,594 | 5,133 |
Borrowings | 68,788 | 76,340 |
Total liabilities at fair value | 240,634 | 242,532 |
Recurring | Total | Interest rate | ||
Assets at fair value | ||
Derivative and other contracts | 192,532 | 155,565 |
Liabilities at fair value | ||
Derivative and other contracts | 183,195 | 147,202 |
Recurring | Total | Credit | ||
Assets at fair value | ||
Derivative and other contracts | 10,768 | 8,950 |
Liabilities at fair value | ||
Derivative and other contracts | 10,431 | 9,501 |
Recurring | Total | Foreign exchange | ||
Assets at fair value | ||
Derivative and other contracts | 168,244 | 74,731 |
Liabilities at fair value | ||
Derivative and other contracts | 159,629 | 73,195 |
Recurring | Total | Equity | ||
Assets at fair value | ||
Derivative and other contracts | 61,676 | 70,332 |
Liabilities at fair value | ||
Derivative and other contracts | 69,805 | 80,678 |
Recurring | Total | Commodity and other | ||
Assets at fair value | ||
Derivative and other contracts | 47,010 | 27,713 |
Liabilities at fair value | ||
Derivative and other contracts | 39,563 | 22,928 |
Recurring | Total | U.S. Treasury and agency securities | ||
Liabilities at fair value | ||
Trading liabilities | 15,851 | 16,752 |
Recurring | Total | Other sovereign government obligations | ||
Liabilities at fair value | ||
Trading liabilities | 21,625 | 22,833 |
Recurring | Total | Corporate and other debt | ||
Liabilities at fair value | ||
Trading liabilities | 10,016 | 8,723 |
Recurring | Total | Corporate equities | ||
Liabilities at fair value | ||
Trading liabilities | 66,886 | 75,452 |
Recurring | Total | U.S. Treasury and agency securities | ||
Assets at fair value | ||
Trading assets | 67,517 | 75,721 |
Recurring | Total | Other sovereign government obligations | ||
Assets at fair value | ||
Trading assets | 33,166 | 32,785 |
Recurring | Total | State and municipal securities | ||
Assets at fair value | ||
Trading assets | 2,311 | 1,918 |
Recurring | Total | MABS | ||
Assets at fair value | ||
Trading assets | 2,434 | 1,581 |
Recurring | Total | Loans and lending commitments | ||
Assets at fair value | ||
Trading assets | 7,512 | 12,627 |
Recurring | Total | Corporate and other debt | ||
Assets at fair value | ||
Trading assets | 26,834 | 29,282 |
Recurring | Total | Corporate equities | ||
Assets at fair value | ||
Equity securities | 75,754 | 92,577 |
Recurring | Level 1 | ||
Assets at fair value | ||
Derivative and other contracts | 16,647 | 1,720 |
Netting | (15,435) | (5,696) |
Investment securities | 588 | 735 |
Physical commodities | 0 | 0 |
Total trading assets | 157,113 | 168,096 |
Investment securities—AFS | 53,618 | 59,021 |
Securities purchased under agreements to resell | 0 | |
Total assets at fair value | 210,731 | 227,117 |
Liabilities at fair value | ||
Deposits | 0 | 0 |
Trading liabilities | 116,527 | 114,477 |
Derivative and other contracts | 15,202 | 2,092 |
Netting | (15,435) | (5,696) |
Securities sold under agreements to repurchase | 0 | 0 |
Other secured financings | 0 | 0 |
Borrowings | 0 | 0 |
Total liabilities at fair value | 116,527 | 114,477 |
Recurring | Level 1 | Interest rate | ||
Assets at fair value | ||
Derivative and other contracts | 18,630 | 1,364 |
Liabilities at fair value | ||
Derivative and other contracts | 16,043 | 1,087 |
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 | 56 | 28 |
Liabilities at fair value | ||
Derivative and other contracts | 57 | 19 |
Recurring | Level 1 | Equity | ||
Assets at fair value | ||
Derivative and other contracts | 1,736 | 1,562 |
Liabilities at fair value | ||
Derivative and other contracts | 1,868 | 2,119 |
Recurring | Level 1 | Commodity and other | ||
Assets at fair value | ||
Derivative and other contracts | 11,660 | 4,462 |
Liabilities at fair value | ||
Derivative and other contracts | 12,669 | 4,563 |
Recurring | Level 1 | U.S. Treasury and agency securities | ||
Liabilities at fair value | ||
Trading liabilities | 15,842 | 16,433 |
Recurring | Level 1 | Other sovereign government obligations | ||
Liabilities at fair value | ||
Trading liabilities | 19,215 | 20,771 |
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 | 66,268 | 75,181 |
Recurring | Level 1 | U.S. Treasury and agency securities | ||
Assets at fair value | ||
Trading assets | 37,694 | 45,970 |
Recurring | Level 1 | Other sovereign government obligations | ||
Assets at fair value | ||
Trading assets | 27,618 | 28,041 |
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 | 74,566 | 91,630 |
Recurring | Level 2 | ||
Assets at fair value | ||
Derivative and other contracts | 113,210 | 82,959 |
Netting | (328,762) | (241,814) |
Investment securities | 716 | 846 |
Physical commodities | 1,924 | 2,771 |
Total trading assets | 186,340 | 160,962 |
Investment securities—AFS | 29,979 | 43,809 |
Securities purchased under agreements to resell | 7 | |
Total assets at fair value | 216,319 | 204,778 |
Liabilities at fair value | ||
Deposits | 3,654 | 1,873 |
Trading liabilities | 111,476 | 91,556 |
Derivative and other contracts | 98,513 | 80,242 |
Netting | (328,762) | (241,814) |
Securities sold under agreements to repurchase | 443 | 140 |
Other secured financings | 4,481 | 4,730 |
Borrowings | 66,851 | 74,183 |
Total liabilities at fair value | 186,905 | 172,482 |
Recurring | Level 2 | Interest rate | ||
Assets at fair value | ||
Derivative and other contracts | 173,134 | 153,048 |
Liabilities at fair value | ||
Derivative and other contracts | 166,207 | 145,670 |
Recurring | Level 2 | Credit | ||
Assets at fair value | ||
Derivative and other contracts | 10,294 | 8,441 |
Liabilities at fair value | ||
Derivative and other contracts | 10,079 | 9,090 |
Recurring | Level 2 | Foreign exchange | ||
Assets at fair value | ||
Derivative and other contracts | 167,919 | 74,571 |
Liabilities at fair value | ||
Derivative and other contracts | 159,478 | 73,096 |
Recurring | Level 2 | Equity | ||
Assets at fair value | ||
Derivative and other contracts | 59,409 | 68,519 |
Liabilities at fair value | ||
Derivative and other contracts | 66,950 | 77,363 |
Recurring | Level 2 | Commodity and other | ||
Assets at fair value | ||
Derivative and other contracts | 31,216 | 20,194 |
Liabilities at fair value | ||
Derivative and other contracts | 24,561 | 16,837 |
Recurring | Level 2 | U.S. Treasury and agency securities | ||
Liabilities at fair value | ||
Trading liabilities | 8 | 319 |
Recurring | Level 2 | Other sovereign government obligations | ||
Liabilities at fair value | ||
Trading liabilities | 2,398 | 2,062 |
Recurring | Level 2 | Corporate and other debt | ||
Liabilities at fair value | ||
Trading liabilities | 9,993 | 8,707 |
Recurring | Level 2 | Corporate equities | ||
Liabilities at fair value | ||
Trading liabilities | 564 | 226 |
Recurring | Level 2 | U.S. Treasury and agency securities | ||
Assets at fair value | ||
Trading assets | 29,822 | 29,749 |
Recurring | Level 2 | Other sovereign government obligations | ||
Assets at fair value | ||
Trading assets | 5,411 | 4,533 |
Recurring | Level 2 | State and municipal securities | ||
Assets at fair value | ||
Trading assets | 2,259 | 1,905 |
Recurring | Level 2 | MABS | ||
Assets at fair value | ||
Trading assets | 2,090 | 1,237 |
Recurring | Level 2 | Loans and lending commitments | ||
Assets at fair value | ||
Trading assets | 4,929 | 8,821 |
Recurring | Level 2 | Corporate and other debt | ||
Assets at fair value | ||
Trading assets | 24,936 | 27,309 |
Recurring | Level 2 | Corporate equities | ||
Assets at fair value | ||
Equity securities | 1,043 | 832 |
Recurring | Level 3 | ||
Assets at fair value | ||
Equity securities | 145 | 115 |
Derivative and other contracts | 4,813 | 4,308 |
Netting | (1,363) | (794) |
Investment securities | 873 | 1,125 |
Physical commodities | 0 | 0 |
Total trading assets | 10,846 | 11,897 |
Investment securities—AFS | 36 | 0 |
Securities purchased under agreements to resell | 0 | |
Total assets at fair value | 10,882 | 11,897 |
Liabilities at fair value | ||
Deposits | 7 | 67 |
Trading liabilities | 3,438 | 2,927 |
Derivative and other contracts | 3,348 | 2,866 |
Netting | (1,363) | (794) |
Securities sold under agreements to repurchase | 508 | 651 |
Other secured financings | 113 | 403 |
Borrowings | 1,937 | 2,157 |
Total liabilities at fair value | 6,003 | 6,205 |
Recurring | Level 3 | Interest rate | ||
Assets at fair value | ||
Derivative and other contracts | 768 | 1,153 |
Liabilities at fair value | ||
Derivative and other contracts | 945 | 445 |
Recurring | Level 3 | Credit | ||
Assets at fair value | ||
Derivative and other contracts | 474 | 509 |
Liabilities at fair value | ||
Derivative and other contracts | 352 | 411 |
Recurring | Level 3 | Foreign exchange | ||
Assets at fair value | ||
Derivative and other contracts | 269 | 132 |
Liabilities at fair value | ||
Derivative and other contracts | 94 | 80 |
Recurring | Level 3 | Equity | ||
Assets at fair value | ||
Derivative and other contracts | 531 | 251 |
Liabilities at fair value | ||
Derivative and other contracts | 987 | 1,196 |
Recurring | Level 3 | Commodity and other | ||
Assets at fair value | ||
Derivative and other contracts | 4,134 | 3,057 |
Liabilities at fair value | ||
Derivative and other contracts | 2,333 | 1,528 |
Recurring | Level 3 | U.S. Treasury and agency securities | ||
Liabilities at fair value | ||
Trading liabilities | 1 | 0 |
Recurring | Level 3 | Other sovereign government obligations | ||
Liabilities at fair value | ||
Trading liabilities | 12 | 0 |
Recurring | Level 3 | Corporate and other debt | ||
Liabilities at fair value | ||
Trading liabilities | 23 | 16 |
Recurring | Level 3 | Corporate equities | ||
Liabilities at fair value | ||
Trading liabilities | 54 | 45 |
Recurring | Level 3 | U.S. Treasury and agency securities | ||
Assets at fair value | ||
Trading assets | 1 | 2 |
Recurring | Level 3 | Other sovereign government obligations | ||
Assets at fair value | ||
Trading assets | 137 | 211 |
Recurring | Level 3 | State and municipal securities | ||
Assets at fair value | ||
Trading assets | 52 | 13 |
Recurring | Level 3 | MABS | ||
Assets at fair value | ||
Trading assets | 344 | 344 |
Recurring | Level 3 | Loans and lending commitments | ||
Assets at fair value | ||
Trading assets | 2,583 | 3,806 |
Recurring | Level 3 | Corporate and other debt | ||
Assets at fair value | ||
Trading assets | 1,898 | 1,973 |
Recurring | Level 3 | Corporate equities | ||
Assets at fair value | ||
Equity securities | $ 145 | $ 115 |
Fair Values - Detail of Loans a
Fair Values - Detail of Loans and Lending Commitments at Fair Value (Details) - Loans and lending commitments - Recurring - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Measurements | ||
Trading assets | $ 7,512 | $ 12,627 |
Corporate | ||
Fair Value Measurements | ||
Trading assets | 0 | 8 |
Secured lending facilities | ||
Fair Value Measurements | ||
Trading assets | 7 | 0 |
Commercial real estate | ||
Fair Value Measurements | ||
Trading assets | 476 | 863 |
Residential real estate | ||
Fair Value Measurements | ||
Trading assets | 1,568 | 3,911 |
Securities-based lending and Other loans | ||
Fair Value Measurements | ||
Trading assets | $ 5,461 | $ 7,845 |
Fair Values - Detail of Unsettl
Fair Values - Detail of Unsettled Fair Value of Futures Contracts (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Futures Contracts | Customer and other receivables (payables), net | Recurring | ||
Fair Value Measurements | ||
Derivative assets, unsettled fair value | $ 693 | $ 948 |
Fair Values - Activity of Level
Fair Values - Activity of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring - Level 3 - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Liabilities at Fair Value | |||||
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA | $ (36) | $ (4) | $ (126) | $ (18) | |
Deposits | |||||
Liabilities at Fair Value | |||||
Beginning balance | 19 | 86 | $ 126 | 67 | 126 |
Realized and unrealized losses (gains) | 0 | (1) | 0 | 1 | |
Issuances | 2 | 0 | 2 | 0 | |
Settlements | (1) | (4) | (3) | (12) | |
Net transfers | (13) | (19) | (59) | (53) | |
Ending balance | 7 | 62 | 86 | 7 | 62 |
Unrealized losses (gains) | 0 | (1) | 0 | 1 | |
Nonderivative trading liabilities | |||||
Liabilities at Fair Value | |||||
Beginning balance | 104 | 59 | 79 | 61 | 79 |
Realized and unrealized losses (gains) | (8) | (11) | (41) | (20) | |
Purchases | (20) | (16) | (39) | (88) | |
Sales | 16 | 11 | 88 | 83 | |
Net transfers | (2) | (1) | 21 | (12) | |
Ending balance | 90 | 42 | 59 | 90 | 42 |
Unrealized losses (gains) | (8) | (11) | (41) | 1 | |
Securities sold under agreements to repurchase | |||||
Liabilities at Fair Value | |||||
Beginning balance | 514 | 449 | 444 | 651 | 444 |
Realized and unrealized losses (gains) | 5 | (1) | (3) | 5 | |
Issuances | 0 | 0 | 9 | 0 | |
Settlements | (11) | 0 | (22) | 0 | |
Net transfers | 0 | 0 | (127) | (1) | |
Ending balance | 508 | 448 | 449 | 508 | 448 |
Unrealized losses (gains) | 5 | (1) | 0 | 5 | |
Other secured financings | |||||
Liabilities at Fair Value | |||||
Beginning balance | 112 | 401 | 516 | 403 | 516 |
Realized and unrealized losses (gains) | (5) | (17) | (11) | (14) | |
Issuances | 13 | 14 | 44 | 421 | |
Settlements | (7) | (3) | (320) | (500) | |
Net transfers | 0 | 0 | (3) | (28) | |
Ending balance | 113 | 395 | 401 | 113 | 395 |
Unrealized losses (gains) | (5) | (17) | (11) | (13) | |
Borrowings | |||||
Liabilities at Fair Value | |||||
Beginning balance | 2,325 | 1,975 | 4,374 | 2,157 | 4,374 |
Realized and unrealized losses (gains) | (185) | (87) | (625) | (37) | |
Issuances | 65 | 197 | 230 | 411 | |
Settlements | (65) | (67) | (263) | (347) | |
Net transfers | (203) | 38 | 438 | (2,345) | |
Ending balance | 1,937 | 2,056 | 1,975 | 1,937 | 2,056 |
Unrealized losses (gains) | (185) | (86) | (629) | (8) | |
Net derivatives: Interest rate | |||||
Assets at Fair value | |||||
Beginning balance | (102) | 668 | 682 | 708 | 682 |
Realized and unrealized gains (losses) | (200) | 70 | (482) | (223) | |
Purchases | 0 | 22 | 0 | 48 | |
Issuances | 0 | (9) | 0 | (41) | |
Settlements | 122 | 18 | (38) | 101 | |
Net transfers | 3 | 27 | (365) | 229 | |
Ending balance | (177) | 796 | 668 | (177) | 796 |
Unrealized gains (losses) | (120) | 165 | (201) | (168) | |
Net derivatives: Credit | |||||
Assets at Fair value | |||||
Beginning balance | 190 | (203) | 49 | 98 | 49 |
Realized and unrealized gains (losses) | 3 | 59 | 91 | (2) | |
Purchases | 0 | 12 | 3 | 23 | |
Issuances | 0 | (19) | (1) | (44) | |
Settlements | (78) | 102 | (59) | 16 | |
Net transfers | 7 | 15 | (10) | (76) | |
Ending balance | 122 | (34) | (203) | 122 | (34) |
Unrealized gains (losses) | 7 | (26) | 83 | 0 | |
Net derivatives: Foreign exchange | |||||
Assets at Fair value | |||||
Beginning balance | (331) | 33 | 61 | 52 | 61 |
Realized and unrealized gains (losses) | 38 | 32 | (18) | 41 | |
Purchases | 0 | 12 | 0 | 19 | |
Issuances | 0 | (15) | 0 | (21) | |
Settlements | 73 | 46 | 47 | (45) | |
Net transfers | 395 | (11) | 94 | 42 | |
Ending balance | 175 | 97 | 33 | 175 | 97 |
Unrealized gains (losses) | 44 | 29 | 18 | 73 | |
Net derivatives: Equity | |||||
Assets at Fair value | |||||
Beginning balance | (530) | (837) | (2,231) | (945) | (2,231) |
Realized and unrealized gains (losses) | 1 | (45) | 275 | 366 | |
Purchases | 48 | 24 | 167 | 69 | |
Issuances | (92) | (122) | (253) | (362) | |
Settlements | 68 | (3) | 379 | (196) | |
Net transfers | 49 | (17) | (79) | 1,354 | |
Ending balance | (456) | (1,000) | (837) | (456) | (1,000) |
Unrealized gains (losses) | (3) | (96) | 399 | (57) | |
Net derivatives: Commodity and other | |||||
Assets at Fair value | |||||
Beginning balance | 1,344 | 1,430 | 1,709 | 1,529 | 1,709 |
Realized and unrealized gains (losses) | 238 | (167) | 546 | 43 | |
Purchases | 2 | 44 | 107 | 324 | |
Issuances | (7) | (31) | (97) | (137) | |
Settlements | 69 | (97) | (247) | (371) | |
Net transfers | 155 | 130 | (37) | (259) | |
Ending balance | 1,801 | 1,309 | 1,430 | 1,801 | 1,309 |
Unrealized gains (losses) | 72 | (96) | 25 | (243) | |
U.S. Treasury and agency securities | |||||
Assets at Fair value | |||||
Beginning balance | 9 | 25 | 9 | 2 | 9 |
Realized and unrealized gains (losses) | 0 | (1) | (1) | 0 | |
Purchases | 1 | 4 | 2 | 28 | |
Sales | (4) | (24) | (7) | (33) | |
Net transfers | (5) | 0 | 5 | 0 | |
Ending balance | 1 | 4 | 25 | 1 | 4 |
Unrealized gains (losses) | 0 | (1) | (1) | 0 | |
Other sovereign government obligations | |||||
Assets at Fair value | |||||
Beginning balance | 161 | 78 | 268 | 211 | 268 |
Realized and unrealized gains (losses) | 23 | (3) | (24) | (1) | |
Purchases | 43 | 59 | 69 | 129 | |
Sales | (57) | (4) | (60) | (269) | |
Net transfers | (33) | (3) | (59) | 0 | |
Ending balance | 137 | 127 | 78 | 137 | 127 |
Unrealized gains (losses) | 23 | (3) | (22) | 0 | |
State and municipal securities | |||||
Assets at Fair value | |||||
Beginning balance | 29 | 4 | 0 | 13 | 0 |
Realized and unrealized gains (losses) | (1) | 0 | (2) | 0 | |
Purchases | 4 | 0 | 54 | 4 | |
Sales | 0 | (4) | 0 | (4) | |
Net transfers | 20 | 0 | (13) | 0 | |
Ending balance | 52 | 0 | 4 | 52 | 0 |
Unrealized gains (losses) | (3) | 0 | (2) | 0 | |
MABS | |||||
Assets at Fair value | |||||
Beginning balance | 339 | 357 | 322 | 344 | 322 |
Realized and unrealized gains (losses) | 8 | 11 | (366) | 67 | |
Purchases | 3 | 96 | 448 | 263 | |
Sales | (33) | (23) | (116) | (216) | |
Net transfers | 27 | (75) | 34 | (70) | |
Ending balance | 344 | 366 | 357 | 344 | 366 |
Unrealized gains (losses) | 9 | 11 | (12) | 8 | |
Loans and lending commitments | |||||
Assets at Fair value | |||||
Beginning balance | 2,507 | 4,896 | 5,759 | 3,806 | 5,759 |
Realized and unrealized gains (losses) | (26) | 47 | 8 | 33 | |
Purchases and originations | 541 | 1,373 | 800 | 2,467 | |
Sales | (353) | (768) | (801) | (2,314) | |
Settlements | (144) | (414) | (618) | (1,082) | |
Net transfers | 58 | (830) | (612) | (559) | |
Ending balance | 2,583 | 4,304 | 4,896 | 2,583 | 4,304 |
Unrealized gains (losses) | (27) | 21 | 0 | (5) | |
Liabilities at Fair Value | |||||
Transfers from Level 3 to Level 2 | 895 | ||||
Corporate and other debt | |||||
Assets at Fair value | |||||
Beginning balance | 2,113 | 1,801 | 3,435 | 1,973 | 3,435 |
Realized and unrealized gains (losses) | (43) | 173 | 446 | (151) | |
Purchases and originations | 132 | 639 | 752 | 1,505 | |
Sales | (528) | (594) | (1,400) | (1,698) | |
Settlements | (30) | 0 | (26) | 0 | |
Net transfers | 254 | (456) | 153 | (1,528) | |
Ending balance | 1,898 | 1,563 | 1,801 | 1,898 | 1,563 |
Unrealized gains (losses) | (42) | 173 | 454 | 10 | |
Liabilities at Fair Value | |||||
Transfers from Level 3 to Level 2 | 2,000 | ||||
Corporate equities | |||||
Assets at Fair value | |||||
Beginning balance | 246 | 150 | 86 | 115 | 86 |
Realized and unrealized gains (losses) | (60) | 4 | (71) | (15) | |
Purchases | 15 | 83 | 79 | 367 | |
Sales | (37) | (7) | (67) | (193) | |
Net transfers | (19) | (16) | 89 | (31) | |
Ending balance | 145 | 214 | 150 | 145 | 214 |
Unrealized gains (losses) | (60) | 4 | (65) | (5) | |
Investments | |||||
Assets at Fair value | |||||
Beginning balance | 1,027 | 978 | 828 | 1,125 | 828 |
Realized and unrealized gains (losses) | (140) | 18 | (275) | 58 | |
Purchases | 6 | 59 | 52 | 150 | |
Sales | (18) | (23) | (33) | (46) | |
Net transfers | (2) | (251) | 4 | (209) | |
Ending balance | 873 | 781 | 978 | 873 | 781 |
Unrealized gains (losses) | (136) | 13 | (267) | 39 | |
Investment securities —AFS | |||||
Assets at Fair value | |||||
Beginning balance | 38 | 0 | 2,804 | 0 | 2,804 |
Realized and unrealized gains (losses) | (2) | 0 | (2) | (4) | |
Sales | 0 | 0 | 0 | (203) | |
Net transfers | 0 | 0 | 38 | (2,597) | |
Ending balance | 36 | 0 | 0 | 36 | 0 |
Unrealized gains (losses) | $ (2) | 0 | $ (2) | $ 0 | |
Liabilities at Fair Value | |||||
Transfers from Level 3 to Level 2 | $ 2,500 | ||||
Net derivatives: Equity | |||||
Liabilities at Fair Value | |||||
Transfers from Level 3 to Level 2 | 1,000 | ||||
Borrowings | |||||
Liabilities at Fair Value | |||||
Transfers from Level 3 to Level 2 | $ 2,200 |
Fair Values - Valuation Techniq
Fair Values - Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements (Details) $ in Millions | Sep. 30, 2022 USD ($) $ / MWh | Dec. 31, 2021 USD ($) $ / MWh |
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ 66,250 | $ 38,154 |
Deposits | 3,661 | 1,940 |
Securities sold under agreements to repurchase | 951 | 791 |
Other secured financings | 7,701 | 10,041 |
Borrowings | 68,788 | 76,340 |
Recurring | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings | 68,788 | 76,340 |
Recurring | Loans and lending commitments | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 7,512 | 12,627 |
Nonrecurring | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans | 8,331 | 5,611 |
Level 3 | Recurring | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Corporate equities | 145 | 115 |
Investments | 873 | 1,125 |
Derivative assets | 4,813 | 4,308 |
Deposits | 7 | 67 |
Nonderivative trading liabilities —Corporate equities | 3,438 | 2,927 |
Securities sold under agreements to repurchase | 508 | 651 |
Other secured financings | 113 | 403 |
Borrowings | 1,937 | 2,157 |
Level 3 | Recurring | Corporate equities | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Nonderivative trading liabilities —Corporate equities | $ 54 | $ 45 |
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 | Other sovereign government obligations | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | $ 137 | $ 211 |
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 | 52 | 13 |
Level 3 | Recurring | MABS | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 344 | 344 |
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 | 2,583 | 3,806 |
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 | 1,898 | 1,973 |
Level 3 | Recurring | Interest rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | (177) | $ 708 |
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 | |
Level 3 | Recurring | Credit | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ 122 | $ 98 |
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 | 0.07 | 0.07 |
Level 3 | Recurring | Foreign exchange | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ 175 | $ 52 |
Level 3 | Recurring | Equity | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | (456) | (945) |
Level 3 | Recurring | Commodity and other | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ 1,801 | $ 1,529 |
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 | 0.23 | 0.30 |
Loans, measurement input value | 0.36 | 0.40 |
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 | 0.48 | 0.43 |
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 | 0.15 | 0.10 |
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 | 7 | 8 |
Level 3 | Recurring | Minimum | Discounted Cash Flow | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Funding spread | 0.0062 | 0.0112 |
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 | 7 | 8 |
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 | 0.06 | 0.07 |
Level 3 | Recurring | Minimum | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.57 | |
Level 3 | Recurring | Minimum | Option Model | IR Curve Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.58 | |
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 | (0.17) | (0.26) |
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) | (0.01) |
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 | 0.39 | 0.41 |
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) | (0.55) |
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 | 0.76 | 1 |
Level 3 | Recurring | Minimum | State and municipal securities | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.78 | |
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 | 0.84 | 0.89 |
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 | 0.02 | 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 | 0.52 | 0.50 |
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 | 0.54 |
Borrowings, measurement input value | 0.54 | 0.54 |
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 | 1.06 | 0.39 |
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 | 0.58 | 0.62 |
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 | |
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 | 0.24 |
Level 3 | Recurring | Minimum | 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 | |
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 | 0.0010 | 0.0014 |
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 | 0.0018 | 0.0015 |
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 | |
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 | (0.04) | (0.01) |
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 | |
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 | 0.11 | (0.04) |
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 | 0.95 | 0.90 |
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 | 0.05 |
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 | (0.03) | (0.04) |
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 | 0.10 | 0.05 |
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) | (0.85) |
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 | 0.10 | 0.13 |
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 | 2 | 4 |
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 | 0.70 | 0.43 |
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 | 1.01 | 1 |
Loans, measurement input value | 0.80 | 0.80 |
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 | Discounted Cash Flow | WACC | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 0.18 | 0.16 |
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 | ||
Funding spread | 0.0147 | 0.0127 |
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 | 20 | 25 |
Level 3 | Recurring | Maximum | Option Model | Equity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.96 | 0.85 |
Level 3 | Recurring | Maximum | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.93 | |
Level 3 | Recurring | Maximum | Option Model | IR Curve Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.85 | |
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 | 0.05 | 0.08 |
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 | 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 | 0.25 |
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 | 1.27 | 1.40 |
Level 3 | Recurring | Maximum | State and municipal securities | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 1 | |
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 | 0.95 | 0.86 |
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 | 1.01 | 1.01 |
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 | 0.04 |
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 | 1.39 | 1.63 |
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 | 0.84 |
Borrowings, measurement input value | 0.84 | 0.84 |
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 | 1.26 | 0.79 |
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 | 0.99 | 0.98 |
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 | |
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 | 0.62 | 0.65 |
Level 3 | Recurring | Maximum | 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 | 0.05 | |
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 | 0.83 | 0.83 |
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 | 0.0530 | 0.0477 |
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 | 0.0590 | 0.0433 |
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 | |
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 | 0.71 | 0.07 |
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 | |
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 | 0.15 | (0.02) |
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 | |
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 | 0.97 | 0.99 |
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 | Equity | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.96 | 0.99 |
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 | 0.65 | 0.37 |
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 | 0.30 |
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 | 288 | 263 |
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 | 1.37 | 3.85 |
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 | 1 |
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 | 0.77 | 0.83 |
Loans, measurement input value | 0.66 | 0.61 |
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 | 0.85 | 0.99 |
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 | 0.17 | 0.15 |
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 | 13 | 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 | ||
Funding spread | 0.0114 | 0.0120 |
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 | 9 | 10 |
Level 3 | Recurring | Weighted Average | Option Model | Equity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.23 | 0.20 |
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 | (0.01) | 0 |
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 | 0.86 | 0.81 |
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 | (0.17) | (0.30) |
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 | 0.92 | 1.20 |
Level 3 | Recurring | Weighted Average | State and municipal securities | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.95 | |
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 | 0.68 | 0.59 |
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 | 0.97 | 0.97 |
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 | 0.90 | 0.99 |
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 | 0.43 | 0.46 |
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 | 0.0129 | 0.0068 |
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 | 0.0086 | 0.0055 |
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 | 0.27 | 0.24 |
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 | Equity | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.76 | 0.73 |
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 | (0.27) | (0.42) |
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 | 59 | 39 |
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 | 0.36 | 0.22 |
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 | 0.93 | 0.94 |
Level 3 | Recurring | Average | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.69 | |
Level 3 | Recurring | Average | Option Model | IR Curve Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.75 | |
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) | (0.05) |
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 | 0.62 |
Borrowings, measurement input value | 0.62 | 0.62 |
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 | 1.13 | 0.64 |
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 | 0.80 | 0.83 |
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 | |
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 | 0.44 |
Level 3 | Recurring | Average | 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 | |
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 | |
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 | 0.21 | 0.02 |
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 | |
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 | 0.13 | (0.03) |
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 | |
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 | 0.12 | 0.15 |
Level 3 | Recurring | Median | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.56 | |
Level 3 | Recurring | Median | Option Model | IR Curve Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.73 | |
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) | (0.05) |
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 | 0.54 |
Borrowings, measurement input value | 0.54 | 0.54 |
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 | 1.11 | 0.63 |
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 | 0.80 | 0.84 |
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 | |
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 | 0.40 |
Level 3 | Recurring | Median | 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 | |
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 | |
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 | 0.17 | 0 |
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 | |
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 | 0.13 | (0.03) |
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 | |
Level 3 | Nonrecurring | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans | $ 3,476 | $ 1,576 |
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 | 0.0113 | 0.0108 |
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 | 0.0146 | 0.0182 |
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 | 0.0819 | 0.0565 |
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 | 0.0260 | 0.0446 |
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 | 0.0438 | 0.0284 |
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 | 0.0235 | 0.0376 |
Fair Values - Fund Interests Me
Fair Values - Fund Interests Measured Based on Net Asset Value (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Measured Based on Net Asset Value | ||
Carrying Value | $ 5,309 | $ 4,747 |
Commitment | 782 | 865 |
Private equity | ||
Measured Based on Net Asset Value | ||
Carrying Value | 2,795 | 2,492 |
Commitment | 538 | 615 |
Real estate | ||
Measured Based on Net Asset Value | ||
Carrying Value | 2,316 | 2,064 |
Commitment | 242 | 248 |
Hedge | ||
Measured Based on Net Asset Value | ||
Carrying Value | 198 | 191 |
Commitment | $ 2 | $ 2 |
Fair Values - Nonredeemable Fun
Fair Values - Nonredeemable Funds by Contractual Maturity (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Private equity | |
Carrying Value of Nonredeemable Funds by Contractual Maturity | |
Less than 5 years | $ 1,035 |
5-10 years | 1,196 |
Over 10 years | 564 |
Total | 2,795 |
Real estate | |
Carrying Value of Nonredeemable Funds by Contractual Maturity | |
Less than 5 years | 902 |
5-10 years | 1,380 |
Over 10 years | 34 |
Total | $ 2,316 |
Fair Values - Assets and Liab_2
Fair Values - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Assets at fair value | |||||
Loans | $ 8,331 | $ 8,331 | $ 5,611 | ||
Other assets—Other investments | 5 | 5 | 8 | ||
Other assets—ROU assets | 5 | 5 | 16 | ||
Total | 8,341 | 8,341 | 5,635 | ||
Liabilities | |||||
Other liabilities and accrued expenses—Lending commitments | 519 | 519 | 243 | ||
Total | 519 | 519 | 243 | ||
Assets | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | (122) | $ (34) | (383) | $ (155) | |
Loans | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | (118) | (22) | (365) | (75) | |
Goodwill | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | 0 | 0 | 0 | (8) | |
Intangibles | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | 0 | 0 | 0 | (3) | |
Other assets—Other investments | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | (2) | (2) | (8) | (55) | |
Other assets—Premises, equipment and software | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | (1) | (10) | (3) | (14) | |
Other assets—ROU assets | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | (1) | 0 | (7) | 0 | |
Liabilities | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | (13) | (2) | (172) | 34 | |
Other liabilities and accrued expenses—Lending commitments | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | (13) | $ (2) | (172) | $ 34 | |
Level 2 | |||||
Assets at fair value | |||||
Loans | 4,855 | 4,855 | 4,035 | ||
Other assets—Other investments | 0 | 0 | 0 | ||
Other assets—ROU assets | 5 | 5 | 16 | ||
Total | 4,860 | 4,860 | 4,051 | ||
Liabilities | |||||
Other liabilities and accrued expenses—Lending commitments | 375 | 375 | 173 | ||
Total | 375 | 375 | 173 | ||
Level 3 | |||||
Assets at fair value | |||||
Loans | 3,476 | 3,476 | 1,576 | ||
Other assets—Other investments | 5 | 5 | 8 | ||
Other assets—ROU assets | 0 | 0 | 0 | ||
Total | 3,481 | 3,481 | 1,584 | ||
Liabilities | |||||
Other liabilities and accrued expenses—Lending commitments | 144 | 144 | 70 | ||
Total | $ 144 | $ 144 | $ 70 |
Fair Values - Financial Instrum
Fair Values - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Financial assets | ||
Securities borrowed | $ 136,478 | $ 129,713 |
Customer and other receivables | 87,935 | 96,018 |
Loans | 197,583 | 174,302 |
Financial liabilities | ||
Deposits | 338,123 | 347,574 |
Securities sold under agreements to repurchase | 60,133 | 62,188 |
Securities loaned | 13,097 | 12,299 |
Other secured financings | 7,701 | 10,041 |
Customer and other payables | 229,463 | 228,685 |
Borrowings | 220,423 | 233,127 |
Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 111,696 | 127,725 |
Investment securities—HTM | 77,636 | 80,168 |
Securities purchased under agreements to resell | 111,124 | 119,992 |
Securities borrowed | 136,478 | 129,713 |
Customer and other receivables | 83,417 | 91,664 |
Loans | 210,936 | 188,134 |
Other assets | 704 | 528 |
Financial liabilities | ||
Deposits | 334,462 | 345,634 |
Securities sold under agreements to repurchase | 59,182 | 61,397 |
Securities loaned | 13,097 | 12,299 |
Other secured financings | 3,107 | 4,908 |
Customer and other payables | 229,272 | 228,631 |
Borrowings | 151,635 | 156,787 |
Additional Disclosures | ||
Lending commitments | 135,899 | 133,519 |
Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 111,696 | 127,725 |
Investment securities—HTM | 66,393 | 79,882 |
Securities purchased under agreements to resell | 110,992 | 119,997 |
Securities borrowed | 136,471 | 129,713 |
Customer and other receivables | 83,051 | 91,533 |
Loans | 203,671 | 189,490 |
Other assets | 704 | 528 |
Financial liabilities | ||
Deposits | 334,378 | 345,911 |
Securities sold under agreements to repurchase | 59,070 | 61,419 |
Securities loaned | 13,096 | 12,296 |
Other secured financings | 3,107 | 4,910 |
Customer and other payables | 229,272 | 228,631 |
Borrowings | 148,109 | 162,158 |
Additional Disclosures | ||
Lending commitments | 2,945 | 1,360 |
Fair Value | Level 1 | ||
Financial assets | ||
Cash and cash equivalents | 111,696 | 127,725 |
Investment securities—HTM | 27,657 | 29,454 |
Securities purchased under agreements to resell | 0 | 0 |
Securities borrowed | 0 | 0 |
Customer and other receivables | 0 | 0 |
Loans | 0 | 0 |
Other assets | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Securities loaned | 0 | 0 |
Other secured financings | 0 | 0 |
Customer and other payables | 0 | 0 |
Borrowings | 0 | 0 |
Additional Disclosures | ||
Lending commitments | 0 | 0 |
Fair Value | Level 2 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Investment securities—HTM | 37,721 | 49,352 |
Securities purchased under agreements to resell | 108,312 | 117,922 |
Securities borrowed | 136,471 | 129,713 |
Customer and other receivables | 79,493 | 88,091 |
Loans | 25,100 | 25,706 |
Other assets | 704 | 528 |
Financial liabilities | ||
Deposits | 334,378 | 345,911 |
Securities sold under agreements to repurchase | 59,070 | 61,419 |
Securities loaned | 13,096 | 12,296 |
Other secured financings | 3,107 | 4,910 |
Customer and other payables | 229,272 | 228,631 |
Borrowings | 148,105 | 162,154 |
Additional Disclosures | ||
Lending commitments | 2,065 | 890 |
Fair Value | Level 3 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Investment securities—HTM | 1,015 | 1,076 |
Securities purchased under agreements to resell | 2,680 | 2,075 |
Securities borrowed | 0 | 0 |
Customer and other receivables | 3,558 | 3,442 |
Loans | 178,571 | 163,784 |
Other assets | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Securities loaned | 0 | 0 |
Other secured financings | 0 | 0 |
Customer and other payables | 0 | 0 |
Borrowings | 4 | 4 |
Additional Disclosures | ||
Lending commitments | $ 880 | $ 470 |
Fair Value Option - Borrowings
Fair Value Option - Borrowings Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Measurements | ||
Borrowings at fair value | $ 68,788 | $ 76,340 |
Recurring | ||
Fair Value Measurements | ||
Borrowings at fair value | 68,788 | 76,340 |
Recurring | Equity | ||
Fair Value Measurements | ||
Borrowings at fair value | 34,226 | 37,046 |
Recurring | Interest rates | ||
Fair Value Measurements | ||
Borrowings at fair value | 22,896 | 28,638 |
Recurring | Commodities | ||
Fair Value Measurements | ||
Borrowings at fair value | 9,147 | 7,837 |
Recurring | Credit | ||
Fair Value Measurements | ||
Borrowings at fair value | 1,220 | 1,347 |
Recurring | Foreign exchange | ||
Fair Value Measurements | ||
Borrowings at fair value | $ 1,299 | $ 1,472 |
Fair Value Option - Net Revenue
Fair Value Option - Net Revenues from Borrowings under the Fair Value Option (Details) - Borrowings - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value Option Quantitative Disclosures | ||||
Net revenues | $ 3,967 | $ 1,306 | $ 16,158 | $ 703 |
Trading revenues | ||||
Fair Value Option Quantitative Disclosures | ||||
Net revenues | 4,034 | 1,383 | 16,361 | 937 |
Interest expense | ||||
Fair Value Option Quantitative Disclosures | ||||
Net revenues | $ 67 | $ 77 | $ 203 | $ 234 |
Fair Value Option - Gains (Loss
Fair Value Option - Gains (Losses) Due to Changes in Instrument-Specific Credit Risk (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Fair Value disclosure | |||||
Cumulative pre-tax DVA gain (loss) recognized in AOCI | $ 1,034 | $ 1,034 | $ (2,439) | ||
Loans and other receivables | Trading revenues | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | (68) | $ 58 | (59) | $ 311 | |
Loans and other receivables | OCI | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | 0 | 0 | 0 | 0 | |
Lending commitments | Trading revenues | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | (2) | (3) | (3) | (2) | |
Lending commitments | OCI | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | 0 | 0 | 0 | 0 | |
Deposits | Trading revenues | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | 0 | 0 | 0 | 0 | |
Deposits | OCI | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | (9) | 6 | 5 | 15 | |
Borrowings | Trading revenues | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | 0 | (9) | 1 | (36) | |
Borrowings | OCI | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | $ 1,091 | $ 190 | $ 3,468 | $ 612 |
Fair Value Option - Difference
Fair Value Option - Difference Between Contractual Principal and Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Loans and other receivables | $ 10,908 | $ 12,633 |
Nonaccrual loans | 8,192 | 9,999 |
Borrowings | $ 5,558 | $ (2,106) |
Fair Value Option - Fair Value
Fair Value Option - Fair Value Loans on Nonaccrual Status (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Nonaccrual loans | $ 440 | $ 989 |
Nonaccrual loans 90 or more days past due | $ 41 | $ 363 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Values of Derivative Contracts (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative Assets | ||
Total gross derivatives | $ 480,230 | $ 337,291 |
Counterparty netting | (356,873) | (254,430) |
Cash collateral netting | (57,107) | (44,707) |
Total in Trading assets | 66,250 | 38,154 |
Financial instruments collateral | (28,876) | (10,457) |
Net amounts | 37,374 | 27,697 |
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | 8,565 | 6,725 |
Derivative Liabilities | ||
Total gross derivatives | 462,623 | 333,504 |
Amounts offset against counterparty netting | (356,873) | (254,430) |
Amounts offset against cash collateral netting | (57,488) | (44,506) |
Total in Trading liabilities | 48,262 | 34,568 |
Amounts not offset against financial instruments collateral | (5,826) | (5,913) |
Net amounts | 42,436 | 28,655 |
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | 8,279 | 6,194 |
Designated as accounting hedges | ||
Derivative Assets | ||
Total gross derivatives | 523 | 792 |
Derivative Liabilities | ||
Total gross derivatives | 487 | 194 |
Designated as accounting hedges | Interest rate | ||
Derivative Assets | ||
Total gross derivatives | 54 | 595 |
Derivative Liabilities | ||
Total gross derivatives | 428 | 87 |
Designated as accounting hedges | Foreign exchange | ||
Derivative Assets | ||
Total gross derivatives | 469 | 197 |
Derivative Liabilities | ||
Total gross derivatives | 59 | 107 |
Not designated as accounting hedges | ||
Derivative Assets | ||
Total gross derivatives | 479,707 | 336,499 |
Derivative Liabilities | ||
Total gross derivatives | 462,136 | 333,310 |
Economic hedges of loans | Credit | ||
Derivative Assets | ||
Total gross derivatives | 114 | 15 |
Derivative Liabilities | ||
Total gross derivatives | 239 | 429 |
Other derivatives | Interest rate | ||
Derivative Assets | ||
Total gross derivatives | 192,478 | 154,970 |
Derivative Liabilities | ||
Total gross derivatives | 182,767 | 147,115 |
Other derivatives | Credit | ||
Derivative Assets | ||
Total gross derivatives | 10,654 | 8,935 |
Derivative Liabilities | ||
Total gross derivatives | 10,192 | 9,072 |
Other derivatives | Foreign exchange | ||
Derivative Assets | ||
Total gross derivatives | 167,775 | 74,534 |
Derivative Liabilities | ||
Total gross derivatives | 159,570 | 73,088 |
Other derivatives | Equity | ||
Derivative Assets | ||
Total gross derivatives | 61,676 | 70,332 |
Derivative Liabilities | ||
Total gross derivatives | 69,805 | 80,678 |
Other derivatives | Commodity and other | ||
Derivative Assets | ||
Total gross derivatives | 47,010 | 27,713 |
Derivative Liabilities | ||
Total gross derivatives | 39,563 | 22,928 |
Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 389,738 | 278,447 |
Counterparty netting | (270,565) | (201,729) |
Cash collateral netting | (55,266) | (43,495) |
Total in Trading assets | 63,907 | 33,223 |
Financial instruments collateral | (28,876) | (10,457) |
Net amounts | 35,031 | 22,766 |
Derivative Liabilities | ||
Total gross derivatives | 367,215 | 275,175 |
Amounts offset against counterparty netting | (270,565) | (201,729) |
Amounts offset against cash collateral netting | (56,300) | (43,305) |
Total in Trading liabilities | 40,350 | 30,141 |
Amounts not offset against financial instruments collateral | (2,927) | (5,866) |
Net amounts | 37,423 | 24,275 |
Bilateral OTC | Designated as accounting hedges | ||
Derivative Assets | ||
Total gross derivatives | 385 | 785 |
Derivative Liabilities | ||
Total gross derivatives | 483 | 143 |
Bilateral OTC | Designated as accounting hedges | Interest rate | ||
Derivative Assets | ||
Total gross derivatives | 53 | 594 |
Derivative Liabilities | ||
Total gross derivatives | 427 | 86 |
Bilateral OTC | Designated as accounting hedges | Foreign exchange | ||
Derivative Assets | ||
Total gross derivatives | 332 | 191 |
Derivative Liabilities | ||
Total gross derivatives | 56 | 57 |
Bilateral OTC | Not designated as accounting hedges | ||
Derivative Assets | ||
Total gross derivatives | 389,353 | 277,662 |
Derivative Liabilities | ||
Total gross derivatives | 366,732 | 275,032 |
Bilateral OTC | Economic hedges of loans | Credit | ||
Derivative Assets | ||
Total gross derivatives | 2 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 8 | 17 |
Bilateral OTC | Other derivatives | Interest rate | ||
Derivative Assets | ||
Total gross derivatives | 158,740 | 147,585 |
Derivative Liabilities | ||
Total gross derivatives | 147,347 | 140,770 |
Bilateral OTC | Other derivatives | Credit | ||
Derivative Assets | ||
Total gross derivatives | 7,627 | 5,749 |
Derivative Liabilities | ||
Total gross derivatives | 7,057 | 5,609 |
Bilateral OTC | Other derivatives | Foreign exchange | ||
Derivative Assets | ||
Total gross derivatives | 163,229 | 73,276 |
Derivative Liabilities | ||
Total gross derivatives | 155,524 | 71,851 |
Bilateral OTC | Other derivatives | Equity | ||
Derivative Assets | ||
Total gross derivatives | 25,922 | 28,877 |
Derivative Liabilities | ||
Total gross derivatives | 31,341 | 39,597 |
Bilateral OTC | Other derivatives | Commodity and other | ||
Derivative Assets | ||
Total gross derivatives | 33,833 | 22,175 |
Derivative Liabilities | ||
Total gross derivatives | 25,455 | 17,188 |
Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 39,417 | 11,429 |
Counterparty netting | (37,449) | (9,818) |
Cash collateral netting | (1,841) | (1,212) |
Total in Trading assets | 127 | 399 |
Financial instruments collateral | 0 | 0 |
Net amounts | 127 | 399 |
Derivative Liabilities | ||
Total gross derivatives | 41,821 | 11,234 |
Amounts offset against counterparty netting | (37,449) | (9,818) |
Amounts offset against cash collateral netting | (1,188) | (1,201) |
Total in Trading liabilities | 3,184 | 215 |
Amounts not offset against financial instruments collateral | 0 | (8) |
Net amounts | 3,184 | 207 |
Cleared OTC | Designated as accounting hedges | ||
Derivative Assets | ||
Total gross derivatives | 138 | 7 |
Derivative Liabilities | ||
Total gross derivatives | 4 | 51 |
Cleared OTC | Designated as accounting hedges | Interest rate | ||
Derivative Assets | ||
Total gross derivatives | 1 | 1 |
Derivative Liabilities | ||
Total gross derivatives | 1 | 1 |
Cleared OTC | Designated as accounting hedges | Foreign exchange | ||
Derivative Assets | ||
Total gross derivatives | 137 | 6 |
Derivative Liabilities | ||
Total gross derivatives | 3 | 50 |
Cleared OTC | Not designated as accounting hedges | ||
Derivative Assets | ||
Total gross derivatives | 39,279 | 11,422 |
Derivative Liabilities | ||
Total gross derivatives | 41,817 | 11,183 |
Cleared OTC | Economic hedges of loans | Credit | ||
Derivative Assets | ||
Total gross derivatives | 112 | 15 |
Derivative Liabilities | ||
Total gross derivatives | 231 | 412 |
Cleared OTC | Other derivatives | Interest rate | ||
Derivative Assets | ||
Total gross derivatives | 31,664 | 7,002 |
Derivative Liabilities | ||
Total gross derivatives | 34,480 | 6,112 |
Cleared OTC | Other derivatives | Credit | ||
Derivative Assets | ||
Total gross derivatives | 3,027 | 3,186 |
Derivative Liabilities | ||
Total gross derivatives | 3,135 | 3,463 |
Cleared OTC | Other derivatives | Foreign exchange | ||
Derivative Assets | ||
Total gross derivatives | 4,476 | 1,219 |
Derivative Liabilities | ||
Total gross derivatives | 3,971 | 1,196 |
Cleared OTC | Other derivatives | Equity | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Cleared OTC | Other derivatives | Commodity and other | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 51,075 | 47,415 |
Counterparty netting | (48,859) | (42,883) |
Cash collateral netting | 0 | 0 |
Total in Trading assets | 2,216 | 4,532 |
Financial instruments collateral | 0 | 0 |
Net amounts | 2,216 | 4,532 |
Derivative Liabilities | ||
Total gross derivatives | 53,587 | 47,095 |
Amounts offset against counterparty netting | (48,859) | (42,883) |
Amounts offset against cash collateral netting | 0 | 0 |
Total in Trading liabilities | 4,728 | 4,212 |
Amounts not offset against financial instruments collateral | (2,899) | (39) |
Net amounts | 1,829 | 4,173 |
Exchange- Traded | Designated as accounting hedges | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Exchange- Traded | Designated as accounting hedges | Interest rate | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Exchange- Traded | Designated as accounting hedges | Foreign exchange | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Exchange- Traded | Not designated as accounting hedges | ||
Derivative Assets | ||
Total gross derivatives | 51,075 | 47,415 |
Derivative Liabilities | ||
Total gross derivatives | 53,587 | 47,095 |
Exchange- Traded | Economic hedges of loans | Credit | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Exchange- Traded | Other derivatives | Interest rate | ||
Derivative Assets | ||
Total gross derivatives | 2,074 | 383 |
Derivative Liabilities | ||
Total gross derivatives | 940 | 233 |
Exchange- Traded | Other derivatives | Credit | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Exchange- Traded | Other derivatives | Foreign exchange | ||
Derivative Assets | ||
Total gross derivatives | 70 | 39 |
Derivative Liabilities | ||
Total gross derivatives | 75 | 41 |
Exchange- Traded | Other derivatives | Equity | ||
Derivative Assets | ||
Total gross derivatives | 35,754 | 41,455 |
Derivative Liabilities | ||
Total gross derivatives | 38,464 | 41,081 |
Exchange- Traded | Other derivatives | Commodity and other | ||
Derivative Assets | ||
Total gross derivatives | 13,177 | 5,538 |
Derivative Liabilities | ||
Total gross derivatives | $ 14,108 | $ 5,740 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Notionals of Derivative Contracts (Details) - USD ($) $ in Billions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives, Notional Amount | ||
Derivative assets | $ 16,737 | $ 16,183 |
Derivative liabilities | 17,464 | 16,626 |
Designated as accounting hedges | ||
Derivatives, Notional Amount | ||
Derivative assets | 63 | 117 |
Derivative liabilities | 192 | 107 |
Designated as accounting hedges | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 51 | 108 |
Derivative liabilities | 189 | 99 |
Designated as accounting hedges | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 12 | 9 |
Derivative liabilities | 3 | 8 |
Not designated as accounting hedges | ||
Derivatives, Notional Amount | ||
Derivative assets | 16,674 | 16,066 |
Derivative liabilities | 17,272 | 16,519 |
Economic hedges of loans | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 5 | 0 |
Derivative liabilities | 11 | 13 |
Other derivatives | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 11,422 | 11,140 |
Derivative liabilities | 11,941 | 11,237 |
Other derivatives | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 336 | 321 |
Derivative liabilities | 325 | 331 |
Other derivatives | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 3,756 | 3,491 |
Derivative liabilities | 3,683 | 3,460 |
Other derivatives | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 927 | 902 |
Derivative liabilities | 1,106 | 1,287 |
Other derivatives | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 228 | 212 |
Derivative liabilities | 206 | 191 |
Bilateral OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 7,797 | 7,736 |
Derivative liabilities | 7,759 | 8,080 |
Bilateral OTC | Designated as accounting hedges | ||
Derivatives, Notional Amount | ||
Derivative assets | 11 | 12 |
Derivative liabilities | 6 | 5 |
Bilateral OTC | Designated as accounting hedges | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 2 | 4 |
Derivative liabilities | 3 | 0 |
Bilateral OTC | Designated as accounting hedges | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 9 | 8 |
Derivative liabilities | 3 | 5 |
Bilateral OTC | Not designated as accounting hedges | ||
Derivatives, Notional Amount | ||
Derivative assets | 7,786 | 7,724 |
Derivative liabilities | 7,753 | 8,075 |
Bilateral OTC | Economic hedges of loans | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 1 |
Bilateral OTC | Other derivatives | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 3,320 | 3,488 |
Derivative liabilities | 3,430 | 3,827 |
Bilateral OTC | Other derivatives | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 207 | 216 |
Derivative liabilities | 194 | 225 |
Bilateral OTC | Other derivatives | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 3,600 | 3,386 |
Derivative liabilities | 3,513 | 3,360 |
Bilateral OTC | Other derivatives | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 504 | 495 |
Derivative liabilities | 503 | 552 |
Bilateral OTC | Other derivatives | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 155 | 139 |
Derivative liabilities | 113 | 110 |
Cleared OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 7,819 | 7,387 |
Derivative liabilities | 8,448 | 7,273 |
Cleared OTC | Designated as accounting hedges | ||
Derivatives, Notional Amount | ||
Derivative assets | 52 | 105 |
Derivative liabilities | 186 | 102 |
Cleared OTC | Designated as accounting hedges | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 49 | 104 |
Derivative liabilities | 186 | 99 |
Cleared OTC | Designated as accounting hedges | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 3 | 1 |
Derivative liabilities | 0 | 3 |
Cleared OTC | Not designated as accounting hedges | ||
Derivatives, Notional Amount | ||
Derivative assets | 7,767 | 7,282 |
Derivative liabilities | 8,262 | 7,171 |
Cleared OTC | Economic hedges of loans | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 5 | 0 |
Derivative liabilities | 11 | 12 |
Cleared OTC | Other derivatives | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 7,486 | 7,082 |
Derivative liabilities | 7,979 | 6,965 |
Cleared OTC | Other derivatives | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 129 | 105 |
Derivative liabilities | 131 | 106 |
Cleared OTC | Other derivatives | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 147 | 95 |
Derivative liabilities | 141 | 88 |
Cleared OTC | Other derivatives | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Cleared OTC | Other derivatives | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Exchange- Traded | ||
Derivatives, Notional Amount | ||
Derivative assets | 1,121 | 1,060 |
Derivative liabilities | 1,257 | 1,273 |
Exchange- Traded | Designated as accounting hedges | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Exchange- Traded | Designated as accounting hedges | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Exchange- Traded | Designated as accounting hedges | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Exchange- Traded | Not designated as accounting hedges | ||
Derivatives, Notional Amount | ||
Derivative assets | 1,121 | 1,060 |
Derivative liabilities | 1,257 | 1,273 |
Exchange- Traded | Economic hedges of loans | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Exchange- Traded | Other derivatives | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 616 | 570 |
Derivative liabilities | 532 | 445 |
Exchange- Traded | Other derivatives | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Exchange- Traded | Other derivatives | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 9 | 10 |
Derivative liabilities | 29 | 12 |
Exchange- Traded | Other derivatives | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 423 | 407 |
Derivative liabilities | 603 | 735 |
Exchange- Traded | Other derivatives | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 73 | 73 |
Derivative liabilities | $ 93 | $ 81 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Gains (Losses) on Accounting Hedges and Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Investment Securities—AFS | |||||
Fair Value Hedges - Hedged Items | |||||
Amortized cost basis currently/ carrying amount currently or previously hedged | $ 26,017 | $ 26,017 | $ 17,902 | ||
Basis adjustments included in carrying amount | (1,847) | (1,847) | (591) | ||
Deposits | |||||
Fair Value Hedges - Hedged Items | |||||
Amortized cost basis currently/ carrying amount currently or previously hedged | 4,319 | 4,319 | 6,279 | ||
Basis adjustments included in carrying amount | (138) | (138) | 5 | ||
Borrowings | |||||
Borrowings | |||||
Carrying amount currently or previously hedged | 135,864 | 135,864 | 122,919 | ||
Basis adjustments included in carrying amount—Outstanding hedges | (13,052) | (13,052) | 2,324 | ||
Basis adjustments included in carrying amount—Terminated hedges | (722) | (722) | $ (743) | ||
Fair Value Hedges | Interest Income | Interest rate | |||||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||||
Gains (losses) recognized in interest expense | 846 | $ 107 | 2,037 | $ 607 | |
Fair Value Hedges | Interest Income | Investment Securities—AFS | |||||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||||
Gains (losses) recognized in interest expense | (836) | (82) | (1,960) | (509) | |
Fair Value Hedges | Interest expense | Interest rate | |||||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||||
Gains (losses) recognized in interest expense | (5,379) | (763) | (15,629) | (3,633) | |
Fair Value Hedges | Interest expense | Deposits | |||||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||||
Gains (losses) recognized in interest expense | 25 | 15 | 143 | 73 | |
Fair Value Hedges | Interest expense | Borrowings | |||||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||||
Gains (losses) recognized in interest expense | 5,372 | 796 | 15,499 | 3,547 | |
Net Investment Hedges | Foreign exchange | |||||
Net investment hedges—Foreign exchange contracts | |||||
Recognized in OCI | 662 | 225 | 1,436 | 524 | |
Forward points excluded from hedge effectiveness testing—Recognized in Interest income | $ 18 | $ (19) | $ (59) | $ (32) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Economic Loan Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Credit | Economic hedges of loans | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative recognized in other revenues | $ (44) | $ (21) | $ 160 | $ (170) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Net Derivative Liabilities and Collateral Posted (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Net derivative liabilities with credit risk-related contingent features | $ 23,750 | $ 20,548 |
Collateral posted | $ 14,427 | $ 14,789 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Bilateral Downgrade Agreement | |
Derivatives | |
Incremental collateral or termination payments upon potential future ratings downgrade | $ 1,215 |
One-notch downgrade | |
Derivatives | |
Incremental collateral or termination payments upon potential future ratings downgrade | 779 |
Two-notch downgrade | |
Derivatives | |
Incremental collateral or termination payments upon potential future ratings downgrade | $ 491 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities - Maximum Potential Payout/Notional of Credit Protection Sold (Details) - Credit Protection Sold - USD ($) $ in Billions | Sep. 30, 2022 | Dec. 31, 2021 |
Credit Derivatives | ||
Maximum potential payout/notional | $ 328 | $ 317 |
CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 328 | 317 |
CDS protection sold with identical protection purchased | 273 | 278 |
Single-name CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 117 | 111 |
Single-name CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 79 | 74 |
Single-name CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 38 | 37 |
Index and basket CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 211 | 206 |
Index and basket CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 127 | 134 |
Index and basket CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 84 | 72 |
Other credit contracts | ||
Credit Derivatives | ||
Maximum potential payout/notional | 0 | 0 |
Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 26 | 26 |
Less Than 1 (Year) | CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 26 | 26 |
Less Than 1 (Year) | Single-name CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 16 | 15 |
Less Than 1 (Year) | Single-name CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 11 | 10 |
Less Than 1 (Year) | Single-name CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 5 | 5 |
Less Than 1 (Year) | Index and basket CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 10 | 11 |
Less Than 1 (Year) | Index and basket CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 2 | 2 |
Less Than 1 (Year) | Index and basket CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 8 | 9 |
Less Than 1 (Year) | Other credit contracts | ||
Credit Derivatives | ||
Maximum potential payout/notional | 0 | 0 |
1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 68 | 64 |
1 - 3 (Years) | CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 68 | 64 |
1 - 3 (Years) | Single-name CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 40 | 39 |
1 - 3 (Years) | Single-name CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 28 | 26 |
1 - 3 (Years) | Single-name CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 12 | 13 |
1 - 3 (Years) | Index and basket CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 28 | 25 |
1 - 3 (Years) | Index and basket CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 11 | 11 |
1 - 3 (Years) | Index and basket CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 17 | 14 |
1 - 3 (Years) | Other credit contracts | ||
Credit Derivatives | ||
Maximum potential payout/notional | 0 | 0 |
3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 152 | 189 |
3 - 5 (Years) | CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 152 | 189 |
3 - 5 (Years) | Single-name CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 43 | 46 |
3 - 5 (Years) | Single-name CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 27 | 29 |
3 - 5 (Years) | Single-name CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 16 | 17 |
3 - 5 (Years) | Index and basket CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 109 | 143 |
3 - 5 (Years) | Index and basket CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 70 | 106 |
3 - 5 (Years) | Index and basket CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 39 | 37 |
3 - 5 (Years) | Other credit contracts | ||
Credit Derivatives | ||
Maximum potential payout/notional | 0 | 0 |
Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 82 | 38 |
Over 5 (Years) | CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 82 | 38 |
Over 5 (Years) | Single-name CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 18 | 11 |
Over 5 (Years) | Single-name CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 13 | 9 |
Over 5 (Years) | Single-name CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 5 | 2 |
Over 5 (Years) | Index and basket CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 64 | 27 |
Over 5 (Years) | Index and basket CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 44 | 15 |
Over 5 (Years) | Index and basket CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 20 | 12 |
Over 5 (Years) | Other credit contracts | ||
Credit Derivatives | ||
Maximum potential payout/notional | $ 0 | $ 0 |
Derivative Instruments and H_10
Derivative Instruments and Hedging Activities - Fair Value Asset/(Liability) of Credit Protection Sold (Details) - Credit Protection Sold - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Credit Derivatives | ||
Fair Value Asset (Liability) | $ (6,062) | $ 1,798 |
CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (6,060) | 1,801 |
Single-name CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (1,741) | 1,058 |
Single-name CDS | Investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 145 | 1,428 |
Single-name CDS | Non-investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (1,886) | (370) |
Index and basket CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (4,319) | 743 |
Index and basket CDS | Investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (194) | 1,393 |
Index and basket CDS | Non-investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (4,125) | (650) |
Other credit contracts | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | $ (2) | $ (3) |
Derivative Instruments and H_11
Derivative Instruments and Hedging Activities - Protection Purchased with CDS (Details) - Protection Purchased - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Credit Derivatives | ||
Notional | $ 349,000 | $ 348,000 |
CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 6,397 | (2,352) |
Single name | ||
Credit Derivatives | ||
Notional | 139,000 | 126,000 |
Fair Value Asset (Liability) | 1,970 | (1,338) |
Index and basket | ||
Credit Derivatives | ||
Notional | 184,000 | 204,000 |
Fair Value Asset (Liability) | 3,986 | (563) |
Tranched index and basket | ||
Credit Derivatives | ||
Notional | 26,000 | 18,000 |
Fair Value Asset (Liability) | $ 441 | $ (451) |
Investment Securities - AFS and
Investment Securities - AFS and HTM Securities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
AFS securities | ||
Amortized Cost | $ 89,558 | $ 102,515 |
Gross Unrealized Gains | 27 | 954 |
Gross Unrealized Losses | 5,952 | 639 |
Fair Value | 83,633 | 102,830 |
HTM securities | ||
Amortized Cost | 77,636 | 80,168 |
Gross Unrealized Gains | 0 | 1,079 |
Gross Unrealized Losses | 11,243 | 1,365 |
Fair Value | 66,393 | 79,882 |
Amortized cost | 167,194 | 182,683 |
Gross Unrealized Gains | 27 | 2,033 |
Gross Unrealized Losses | 17,195 | 2,004 |
Fair Value | 150,026 | 182,712 |
U.S. Treasury securities | ||
AFS securities | ||
Amortized Cost | 56,113 | 58,974 |
Gross Unrealized Gains | 9 | 343 |
Gross Unrealized Losses | 2,504 | 296 |
Fair Value | 53,618 | 59,021 |
HTM securities | ||
Amortized Cost | 29,589 | 28,653 |
Gross Unrealized Gains | 0 | 882 |
Gross Unrealized Losses | 1,932 | 81 |
Fair Value | 27,657 | 29,454 |
U.S. agency securities | ||
AFS securities | ||
Amortized Cost | 23,918 | 26,780 |
Gross Unrealized Gains | 1 | 274 |
Gross Unrealized Losses | 2,879 | 241 |
Fair Value | 21,040 | 26,813 |
HTM securities | ||
Amortized Cost | 44,945 | 48,195 |
Gross Unrealized Gains | 0 | 169 |
Gross Unrealized Losses | 9,006 | 1,228 |
Fair Value | 35,939 | 47,136 |
Agency CMBS | ||
AFS securities | ||
Amortized Cost | 6,144 | 14,476 |
Gross Unrealized Gains | 3 | 289 |
Gross Unrealized Losses | 449 | 89 |
Fair Value | 5,698 | 14,676 |
HTM securities | ||
Amortized Cost | 1,954 | 2,267 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 172 | 51 |
Fair Value | 1,782 | 2,216 |
Non-agency CMBS | ||
HTM securities | ||
Amortized Cost | 1,148 | 1,053 |
Gross Unrealized Gains | 0 | 28 |
Gross Unrealized Losses | 133 | 5 |
Fair Value | 1,015 | 1,076 |
State and municipal securities | ||
AFS securities | ||
Amortized Cost | 2,170 | 613 |
Gross Unrealized Gains | 14 | 37 |
Gross Unrealized Losses | 90 | 2 |
Fair Value | 2,094 | 648 |
FFELP student loan ABS: | ||
AFS securities | ||
Amortized Cost | 1,213 | 1,672 |
Gross Unrealized Gains | 0 | 11 |
Gross Unrealized Losses | 30 | 11 |
Fair Value | $ 1,183 | $ 1,672 |
HTM securities | ||
Third party guarantees (as a percent) | 95% |
Investment Securities - Investm
Investment Securities - Investment Securities in an Unrealized Loss Position (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
AFS securities | ||
AFS: Fair value, less than 12 months | $ 69,078 | $ 46,955 |
AFS: Fair value, 12 months or longer | 12,879 | 1,775 |
AFS: Fair value, total | 81,957 | 48,730 |
AFS: Gross unrealized losses, less than 12 months | 4,069 | 607 |
AFS: Gross unrealized losses, 12 months or longer | 1,883 | 32 |
AFS: Gross unrealized losses, total | 5,952 | 639 |
U.S. Treasury securities | ||
AFS securities | ||
AFS: Fair value, less than 12 months | 46,061 | 31,459 |
AFS: Fair value, 12 months or longer | 6,673 | 0 |
AFS: Fair value, total | 52,734 | 31,459 |
AFS: Gross unrealized losses, less than 12 months | 1,923 | 296 |
AFS: Gross unrealized losses, 12 months or longer | 581 | 0 |
AFS: Gross unrealized losses, total | 2,504 | 296 |
U.S. agency securities | ||
AFS securities | ||
AFS: Fair value, less than 12 months | 15,301 | 12,283 |
AFS: Fair value, 12 months or longer | 5,708 | 1,167 |
AFS: Fair value, total | 21,009 | 13,450 |
AFS: Gross unrealized losses, less than 12 months | 1,602 | 219 |
AFS: Gross unrealized losses, 12 months or longer | 1,277 | 22 |
AFS: Gross unrealized losses, total | 2,879 | 241 |
Agency CMBS | ||
AFS securities | ||
AFS: Fair value, less than 12 months | 5,373 | 2,872 |
AFS: Fair value, 12 months or longer | 104 | 10 |
AFS: Fair value, total | 5,477 | 2,882 |
AFS: Gross unrealized losses, less than 12 months | 437 | 89 |
AFS: Gross unrealized losses, 12 months or longer | 12 | 0 |
AFS: Gross unrealized losses, total | 449 | 89 |
State and municipal securities | ||
AFS securities | ||
AFS: Fair value, less than 12 months | 1,536 | 21 |
AFS: Fair value, 12 months or longer | 46 | 7 |
AFS: Fair value, total | 1,582 | 28 |
AFS: Gross unrealized losses, less than 12 months | 88 | 2 |
AFS: Gross unrealized losses, 12 months or longer | 2 | 0 |
AFS: Gross unrealized losses, total | 90 | 2 |
FFELP student loan ABS: | ||
AFS securities | ||
AFS: Fair value, less than 12 months | 807 | 320 |
AFS: Fair value, 12 months or longer | 348 | 591 |
AFS: Fair value, total | 1,155 | 911 |
AFS: Gross unrealized losses, less than 12 months | 19 | 1 |
AFS: Gross unrealized losses, 12 months or longer | 11 | 10 |
AFS: Gross unrealized losses, total | $ 30 | $ 11 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Non-agency CMBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Allowance for credit loss related to held-to-maturity securities | $ 30 | $ 33 |
Investment Securities - Inves_2
Investment Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Amortized Cost | ||
AFS securities: Amortized cost, total | $ 89,558 | $ 102,515 |
HTM securities: Net carrying amount, total | 77,636 | |
Investment securities: amortized cost, total | 167,194 | 182,683 |
Fair Value | ||
AFS securities: Fair value, total | 83,633 | 102,830 |
HTM securities: Fair value, total | 66,393 | 79,882 |
Investment securities: fair value, total | $ 150,026 | 182,712 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, total (as a percent) | 1.40% | |
HTM securities: Annualized average yield, total (as a percent) | 1.90% | |
Investment securities: Annualized average yield, total (as a percent) | 1.60% | |
U.S. Treasury securities | ||
Amortized Cost | ||
AFS securities: Amortized cost, due within 1 year | $ 12,692 | |
AFS securities: Amortized cost, after 1 year through 5 years | 40,430 | |
AFS securities: Amortized cost, after 5 years through 10 years | 2,991 | |
AFS securities: Amortized cost, total | 56,113 | 58,974 |
HTM securities: Net carrying amount, due within 1 year | 3,429 | |
HTM securities: Net carrying amount, after 1 year through 5 years | 20,732 | |
HTM securities: Net carrying amount, after 5 year through 10 years | 3,867 | |
HTM securities: Net carrying amount, after 10 years | 1,561 | |
HTM securities: Net carrying amount, total | 29,589 | |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 12,438 | |
AFS securities: Fair value, after 1 year through 5 years | 38,199 | |
AFS securities: Fair value, after 5 years through 10 years | 2,981 | |
AFS securities: Fair value, total | 53,618 | 59,021 |
HTM securities: Fair value, due within 1 year | 3,397 | |
HTM securities: Fair value, after 1 year through 5 years | 19,573 | |
HTM securities: Fair value, after 5 years through 10 years | 3,515 | |
HTM securities: Fair value, after 10 years | 1,172 | |
HTM securities: Fair value, total | $ 27,657 | 29,454 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 1.10% | |
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 1.20% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 1.10% | |
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) | 1.80% | |
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 | $ 4 | |
AFS securities: Amortized cost, after 1 year through 5 years | 415 | |
AFS securities: Amortized cost, after 5 years through 10 years | 919 | |
AFS securities: Amortized cost, after 10 years | 22,580 | |
AFS securities: Amortized cost, total | 23,918 | 26,780 |
HTM securities: Net carrying amount, after 5 year through 10 years | 399 | |
HTM securities: Net carrying amount, after 10 years | 44,546 | |
HTM securities: Net carrying amount, total | 44,945 | |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 5 | |
AFS securities: Fair value, after 1 year through 5 years | 382 | |
AFS securities: Fair value, after 5 years through 10 years | 831 | |
AFS securities: Fair value, after 10 years | 19,822 | |
AFS securities: Fair value, total | 21,040 | 26,813 |
HTM securities: Fair value, after 5 years through 10 years | 362 | |
HTM securities: Fair value, after 10 years | 35,577 | |
HTM securities: Fair value, total | $ 35,939 | 47,136 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 0.90% | |
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 1.40% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 1.80% | |
AFS securities: Annualized average yield, after 10 years (as a percent) | 1.70% | |
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent) | 2.10% | |
HTM securities: Annualized average yield, after 10 year (as a percent) | 1.80% | |
Agency CMBS | ||
Amortized Cost | ||
AFS securities: Amortized cost, due within 1 year | $ 119 | |
AFS securities: Amortized cost, after 1 year through 5 years | 854 | |
AFS securities: Amortized cost, after 5 years through 10 years | 3,856 | |
AFS securities: Amortized cost, after 10 years | 1,315 | |
AFS securities: Amortized cost, total | 6,144 | 14,476 |
HTM securities: Net carrying amount, due within 1 year | 60 | |
HTM securities: Net carrying amount, after 1 year through 5 years | 1,528 | |
HTM securities: Net carrying amount, after 5 year through 10 years | 226 | |
HTM securities: Net carrying amount, after 10 years | 140 | |
HTM securities: Net carrying amount, total | 1,954 | |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 118 | |
AFS securities: Fair value, after 1 year through 5 years | 783 | |
AFS securities: Fair value, after 5 years through 10 years | 3,680 | |
AFS securities: Fair value, after 10 years | 1,117 | |
AFS securities: Fair value, total | 5,698 | 14,676 |
HTM securities: Fair value, due within 1 year | 59 | |
HTM securities: Fair value, after 1 year through 5 years | 1,418 | |
HTM securities: Fair value, after 5 years through 10 years | 192 | |
HTM securities: Fair value, after 10 years | 113 | |
HTM securities: Fair value, total | $ 1,782 | 2,216 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 1.80% | |
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 2.10% | |
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) | 1.20% | |
HTM securities: Annualized average yield, due within 1 year (as a percent) | 1% | |
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) | 1.50% | |
HTM securities: Annualized average yield, after 10 year (as a percent) | 1.50% | |
State and municipal securities | ||
Amortized Cost | ||
AFS securities: Amortized cost, due within 1 year | $ 33 | |
AFS securities: Amortized cost, after 1 year through 5 years | 28 | |
AFS securities: Amortized cost, after 5 years through 10 years | 65 | |
AFS securities: Amortized cost, after 10 years | 2,044 | |
AFS securities: Amortized cost, total | 2,170 | 613 |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 34 | |
AFS securities: Fair value, after 1 year through 5 years | 29 | |
AFS securities: Fair value, after 5 years through 10 years | 62 | |
AFS securities: Fair value, after 10 years | 1,969 | |
AFS securities: Fair value, total | $ 2,094 | 648 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 2.50% | |
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 2.60% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 2.60% | |
AFS securities: Annualized average yield, after 10 years (as a percent) | 3.20% | |
FFELP student loan ABS: | ||
Amortized Cost | ||
AFS securities: Amortized cost, after 1 year through 5 years | $ 122 | |
AFS securities: Amortized cost, after 5 years through 10 years | 129 | |
AFS securities: Amortized cost, after 10 years | 962 | |
AFS securities: Amortized cost, total | 1,213 | 1,672 |
Fair Value | ||
AFS securities: Fair value, after 1 year through 5 years | 118 | |
AFS securities: Fair value, after 5 years through 10 years | 124 | |
AFS securities: Fair value, after 10 years | 941 | |
AFS securities: Fair value, total | $ 1,183 | 1,672 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 0.90% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 0.70% | |
AFS securities: Annualized average yield, after 10 years (as a percent) | 1.60% | |
Non-agency CMBS | ||
Amortized Cost | ||
HTM securities: Net carrying amount, due within 1 year | $ 173 | |
HTM securities: Net carrying amount, after 1 year through 5 years | 206 | |
HTM securities: Net carrying amount, after 5 year through 10 years | 718 | |
HTM securities: Net carrying amount, after 10 years | 51 | |
HTM securities: Net carrying amount, total | 1,148 | |
Fair Value | ||
HTM securities: Fair value, due within 1 year | 172 | |
HTM securities: Fair value, after 1 year through 5 years | 191 | |
HTM securities: Fair value, after 5 years through 10 years | 607 | |
HTM securities: Fair value, after 10 years | 45 | |
HTM securities: Fair value, total | $ 1,015 | $ 1,076 |
Annualized Average Yield | ||
HTM securities: Annualized average yield, due within 1 year (as a percent) | 4% | |
HTM securities: Annualized average yield, after 1 years through 5 years (as a percent) | 3.90% | |
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent) | 3.70% | |
HTM securities: Annualized average yield, after 10 year (as a percent) | 3.70% |
Investment Securities - Gross R
Investment Securities - Gross Realized Gains (Losses) on Sales of AFS Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
AFS securities | ||||
Gross realized gains | $ 13 | $ 17 | $ 163 | $ 236 |
Gross realized (losses) | (4) | 0 | (92) | (27) |
Total | $ 9 | $ 17 | $ 71 | $ 209 |
Collateralized Transactions - O
Collateralized Transactions - Offsetting of Certain Collateralized Transactions (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Securities purchased under agreements to resell | ||
Gross Amounts | $ 207,180 | $ 197,486 |
Amounts Offset | (96,056) | (77,487) |
Balance Sheet Net Amounts | 111,124 | 119,999 |
Amounts not offset | (106,215) | (106,896) |
Net Amounts | 4,909 | 13,103 |
Securities borrowed | ||
Gross Amounts | 148,654 | 139,395 |
Amounts Offset | (12,176) | (9,682) |
Balance Sheet Net Amounts | 136,478 | 129,713 |
Amounts not offset | (130,579) | (124,028) |
Net Amounts | 5,899 | 5,685 |
Securities sold under agreements to repurchase | ||
Gross Amounts | 156,189 | 139,675 |
Amounts Offset | (96,056) | (77,487) |
Balance Sheet Net Amounts | 60,133 | 62,188 |
Amounts not offset | (55,748) | (53,692) |
Net Amounts | 4,385 | 8,496 |
Securities loaned | ||
Gross Amounts | 25,273 | 21,981 |
Amounts Offset | (12,176) | (9,682) |
Balance Sheet Net Amounts | 13,097 | 12,299 |
Amounts not offset | (12,664) | (12,019) |
Net Amounts | 433 | 280 |
Net amounts for which master netting agreements are not in place or may not be legally enforceable | ||
Securities purchased under agreements to resell | 2,773 | 12,514 |
Securities borrowed | 820 | 1,041 |
Securities sold under agreements to repurchase | 3,162 | 8,295 |
Securities loaned | $ 262 | $ 139 |
Collateralized Transactions - G
Collateralized Transactions - Gross Secured Financing Balances (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | $ 156,189 | $ 139,675 |
Securities loaned | 25,273 | 21,981 |
Total included in the offsetting disclosure | 181,462 | 161,656 |
Trading liabilities— Obligation to return securities received as collateral | 22,373 | 30,104 |
Total | 203,835 | 191,760 |
U.S. Treasury and agency securities | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 51,436 | 30,790 |
Other sovereign government obligations | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 74,401 | 73,063 |
Securities loaned | 1,045 | 748 |
Corporate equities | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 19,128 | 25,881 |
Securities loaned | 23,688 | 20,656 |
Trading liabilities— Obligation to return securities received as collateral | 22,355 | 30,048 |
Other | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 11,224 | 9,941 |
Securities loaned | 540 | 577 |
Trading liabilities— Obligation to return securities received as collateral | 18 | 56 |
Overnight and Open | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 53,042 | 29,271 |
Securities loaned | 15,249 | 11,480 |
Total included in the offsetting disclosure | 68,291 | 40,751 |
Trading liabilities— Obligation to return securities received as collateral | 22,373 | 30,104 |
Total | 90,664 | 70,855 |
Less than 30 Days | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 50,868 | 53,987 |
Securities loaned | 0 | 364 |
Total included in the offsetting disclosure | 50,868 | 54,351 |
Trading liabilities— Obligation to return securities received as collateral | 0 | 0 |
Total | 50,868 | 54,351 |
30-90 Days | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 12,508 | 17,099 |
Securities loaned | 1,398 | 650 |
Total included in the offsetting disclosure | 13,906 | 17,749 |
Trading liabilities— Obligation to return securities received as collateral | 0 | 0 |
Total | 13,906 | 17,749 |
Over 90 Days | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 39,771 | 39,318 |
Securities loaned | 8,626 | 9,487 |
Total included in the offsetting disclosure | 48,397 | 48,805 |
Trading liabilities— Obligation to return securities received as collateral | 0 | 0 |
Total | $ 48,397 | $ 48,805 |
Collateralized Transactions - A
Collateralized Transactions - Assets Loaned or Pledged (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Collateralized Agreements [Abstract] | ||
Financial Instrument, Owned, Pledged Status [Extensible Enumeration] | Asset Pledged as Collateral [Member] | |
Trading assets | $ 32,461 | $ 32,458 |
Collateralized Transactions - C
Collateralized Transactions - Collateral Received (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Collateralized Agreements [Abstract] | ||
Collateral received with right to sell or repledge | $ 630,129 | $ 672,104 |
Collateral that was sold or repledged | $ 489,010 | $ 510,000 |
Collateralized Transactions - S
Collateralized Transactions - Securities Segregated for Regulatory Purposes (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Collateralized Agreements [Abstract] | ||
Segregated securities | $ 36,579 | $ 20,092 |
Collateralized Transactions -_2
Collateralized Transactions - Customer Margin Lending (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Collateralized Agreements [Abstract] | ||
Margin and other lending | $ 43,415 | $ 71,532 |
Loans, Lending Commitments an_3
Loans, Lending Commitments and Related Allowance for Credit Losses - Loans by Type (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
HFI Loans | ||||
Total loans | $ 198,332 | $ 174,956 | ||
ACL | 749 | 654 | $ 684 | $ 835 |
Total loans, net | 197,583 | 174,302 | ||
HFS Loans | ||||
Total loans | 13,353 | 13,832 | ||
Total loans, net | 13,353 | 13,832 | ||
Total Loans | ||||
Total loans | 211,685 | 188,788 | ||
ACL | 749 | 654 | 684 | 835 |
Total loans, net | 210,936 | 188,134 | ||
Loans to non-U.S. borrowers, net | 24,624 | 24,322 | ||
Corporate | ||||
HFI Loans | ||||
Total loans | 6,858 | 5,567 | ||
ACL | 211 | 165 | 197 | 309 |
HFS Loans | ||||
Total loans | 7,640 | 8,107 | ||
Total Loans | ||||
Total loans | 14,498 | 13,674 | ||
ACL | 211 | 165 | 197 | 309 |
Secured lending facilities | ||||
HFI Loans | ||||
Total loans | 34,788 | 31,471 | ||
ACL | 156 | 163 | 175 | 198 |
HFS Loans | ||||
Total loans | 3,707 | 3,879 | ||
Total Loans | ||||
Total loans | 38,495 | 35,350 | ||
ACL | 156 | 163 | 175 | 198 |
Commercial real estate | ||||
HFI Loans | ||||
Total loans | 8,191 | 7,227 | ||
ACL | 224 | 206 | 193 | 211 |
HFS Loans | ||||
Total loans | 1,750 | 1,777 | ||
Total Loans | ||||
Total loans | 9,941 | 9,004 | ||
ACL | 224 | 206 | 193 | 211 |
Residential real estate | ||||
HFI Loans | ||||
Total loans | 52,904 | 44,251 | ||
ACL | 87 | 60 | 58 | 59 |
HFS Loans | ||||
Total loans | 5 | 7 | ||
Total Loans | ||||
Total loans | 52,909 | 44,258 | ||
ACL | 87 | 60 | 58 | 59 |
Securities-based lending and Other loans | ||||
HFI Loans | ||||
Total loans | 95,591 | 86,440 | ||
ACL | 71 | 60 | 61 | 58 |
HFS Loans | ||||
Total loans | 251 | 62 | ||
Total Loans | ||||
Total loans | 95,842 | 86,502 | ||
ACL | $ 71 | $ 60 | $ 61 | $ 58 |
Loans, Lending Commitments an_4
Loans, Lending Commitments and Related Allowance for Credit Losses - Loans by Interest Rate Type (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed Rate | $ 48,451 | $ 42,141 |
Floating or Adjustable Rate | 163,234 | 146,647 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed Rate | 0 | 0 |
Floating or Adjustable Rate | 14,498 | 13,674 |
Secured lending facilities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed Rate | 0 | 0 |
Floating or Adjustable Rate | 38,495 | 35,350 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed Rate | 205 | 343 |
Floating or Adjustable Rate | 9,735 | 8,661 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed Rate | 24,105 | 18,966 |
Floating or Adjustable Rate | 28,805 | 25,292 |
Securities-based lending and Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed Rate | 24,141 | 22,832 |
Floating or Adjustable Rate | $ 71,701 | $ 63,670 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 198,332 | $ 174,956 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 6,230 | 4,684 |
Current Fiscal Year | 80 | 85 |
One Year Ago | 92 | 137 |
Two Years Ago | 41 | 176 |
Three Years Ago | 153 | 196 |
Four Years Ago | 146 | |
Prior | 116 | 289 |
Total | 6,858 | 5,567 |
Corporate | Investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 3,111 | 2,356 |
Current Fiscal Year | 0 | 0 |
One Year Ago | 0 | 111 |
Two Years Ago | 16 | 0 |
Three Years Ago | 0 | 196 |
Four Years Ago | 146 | |
Prior | 115 | 229 |
Total | 3,388 | 2,892 |
Corporate | Non-investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 3,119 | 2,328 |
Current Fiscal Year | 80 | 85 |
One Year Ago | 92 | 26 |
Two Years Ago | 25 | 176 |
Three Years Ago | 153 | 0 |
Four Years Ago | 0 | |
Prior | 1 | 60 |
Total | 3,470 | 2,675 |
Secured lending facilities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 30,644 | 27,775 |
Current Fiscal Year | 1,585 | 499 |
One Year Ago | 430 | 195 |
Two Years Ago | 107 | 862 |
Three Years Ago | 616 | 1,000 |
Four Years Ago | 284 | |
Prior | 1,122 | 1,140 |
Total | 34,788 | 31,471 |
Secured lending facilities | Investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 9,413 | 7,603 |
Current Fiscal Year | 590 | 32 |
One Year Ago | 234 | 35 |
Two Years Ago | 0 | 43 |
Three Years Ago | 60 | 297 |
Four Years Ago | 0 | |
Prior | 217 | 144 |
Total | 10,514 | 8,154 |
Secured lending facilities | Non-investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 21,231 | 20,172 |
Current Fiscal Year | 995 | 467 |
One Year Ago | 196 | 160 |
Two Years Ago | 107 | 819 |
Three Years Ago | 556 | 703 |
Four Years Ago | 284 | |
Prior | 905 | 996 |
Total | 24,274 | 23,317 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 158 | 152 |
Current Fiscal Year | 2,309 | 1,715 |
One Year Ago | 1,775 | 910 |
Two Years Ago | 731 | 2,242 |
Three Years Ago | 1,785 | 943 |
Four Years Ago | 774 | |
Prior | 659 | 1,265 |
Total | 8,191 | 7,227 |
Commercial real estate | Investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 4 | 3 |
Current Fiscal Year | 503 | 423 |
One Year Ago | 283 | 91 |
Two Years Ago | 92 | 976 |
Three Years Ago | 923 | 527 |
Four Years Ago | 475 | |
Prior | 86 | 189 |
Total | 2,366 | 2,209 |
Commercial real estate | Non-investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 154 | 149 |
Current Fiscal Year | 1,806 | 1,292 |
One Year Ago | 1,492 | 819 |
Two Years Ago | 639 | 1,266 |
Three Years Ago | 862 | 416 |
Four Years Ago | 299 | |
Prior | 573 | 1,076 |
Total | 5,825 | 5,018 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 106 | 96 |
Current Fiscal Year | 12,192 | 15,125 |
One Year Ago | 14,538 | 9,720 |
Two Years Ago | 9,035 | 5,902 |
Three Years Ago | 5,362 | 2,417 |
Four Years Ago | 2,171 | 2,780 |
Prior | 9,500 | 8,211 |
Total | 52,904 | 44,251 |
Residential real estate | Less than or equal to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 106 | 96 |
Current Fiscal Year | 11,257 | 14,116 |
One Year Ago | 13,555 | 9,210 |
Two Years Ago | 8,573 | 5,536 |
Three Years Ago | 5,031 | 2,231 |
Four Years Ago | 2,001 | 2,588 |
Prior | 8,737 | 7,485 |
Total | 49,260 | 41,262 |
Residential real estate | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 0 | 0 |
Current Fiscal Year | 935 | 1,009 |
One Year Ago | 983 | 510 |
Two Years Ago | 462 | 366 |
Three Years Ago | 331 | 186 |
Four Years Ago | 170 | 192 |
Prior | 763 | 726 |
Total | 3,644 | 2,989 |
Residential real estate | Greater than or equal to 740 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 75 | 65 |
Current Fiscal Year | 9,741 | 12,230 |
One Year Ago | 11,749 | 7,941 |
Two Years Ago | 7,396 | 4,690 |
Three Years Ago | 4,268 | 1,865 |
Four Years Ago | 1,663 | 2,157 |
Prior | 7,045 | 5,973 |
Total | 41,937 | 34,921 |
Residential real estate | 680-739 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 27 | 27 |
Current Fiscal Year | 2,109 | 2,638 |
One Year Ago | 2,529 | 1,648 |
Two Years Ago | 1,523 | 1,072 |
Three Years Ago | 956 | 497 |
Four Years Ago | 457 | 558 |
Prior | 2,143 | 1,919 |
Total | 9,744 | 8,359 |
Residential real estate | Less than or equal to 679 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 4 | 4 |
Current Fiscal Year | 342 | 257 |
One Year Ago | 260 | 131 |
Two Years Ago | 116 | 140 |
Three Years Ago | 138 | 55 |
Four Years Ago | 51 | 65 |
Prior | 312 | 319 |
Total | 1,223 | 971 |
Securities-based lending and Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 85,709 | 78,513 |
Current Fiscal Year | 2,896 | 1,618 |
One Year Ago | 1,399 | 1,277 |
Two Years Ago | 1,077 | 1,731 |
Three Years Ago | 1,555 | 880 |
Four Years Ago | 746 | 748 |
Prior | 2,209 | 1,673 |
Total | 95,591 | 86,440 |
Securities-based lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 78,639 | 71,485 |
Current Fiscal Year | 1,409 | 807 |
One Year Ago | 714 | 0 |
Two Years Ago | 0 | 19 |
Three Years Ago | 18 | 232 |
Four Years Ago | 202 | 0 |
Prior | 16 | 16 |
Total | 80,998 | 72,559 |
Other | Investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 5,695 | 6,170 |
Current Fiscal Year | 1,379 | 708 |
One Year Ago | 541 | 651 |
Two Years Ago | 529 | 1,079 |
Three Years Ago | 912 | 273 |
Four Years Ago | 301 | 531 |
Prior | 1,562 | 1,294 |
Total | 10,919 | 10,706 |
Other | Non-investment grade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revolving | 1,375 | 858 |
Current Fiscal Year | 108 | 103 |
One Year Ago | 144 | 626 |
Two Years Ago | 548 | 633 |
Three Years Ago | 625 | 375 |
Four Years Ago | 243 | 217 |
Prior | 631 | 363 |
Total | $ 3,674 | $ 3,175 |
Loans, Lending Commitments an_6
Loans, Lending Commitments and Related Allowance for Credit Losses - Past Due Loans Held for Investment before Allowance (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 198,332 | $ 174,956 |
Past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 185 | 209 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 6,858 | 5,567 |
Corporate | Past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 44 | 0 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 52,904 | 44,251 |
Residential real estate | Past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 141 | $ 209 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 413 | $ 893 |
Nonaccrual loans without an ACL | 108 | 356 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 60 | 34 |
Secured lending facilities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 99 | 375 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 130 | 195 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 120 | 138 |
Securities-based lending and Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 4 | $ 151 |
Loans, Lending Commitments an_8
Loans, Lending Commitments and Related Allowance for Credit Losses - Troubled Debt Restructurings (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Troubled Debt Restructurings | ||
Loans, before ACL | $ 27 | $ 49 |
Allowance for credit losses | $ 0 | $ 8 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Allowance for loan losses rollforward | ||||
Beginning balance | $ 654 | $ 835 | ||
Gross charge-offs | (31) | (107) | ||
Recoveries | 7 | |||
Net (charge-offs) recoveries | (24) | |||
Provision (release) | $ 6 | $ 5 | 137 | (37) |
Other | (18) | (7) | ||
Ending balance | $ 749 | $ 684 | $ 749 | $ 684 |
Percent of loans to total loans | 100% | 100% | 100% | 100% |
Allowance for lending commitments rollforward | ||||
Beginning balance | $ 444 | $ 396 | ||
Provision (release) | $ 29 | $ 19 | 56 | 36 |
Other | (13) | (3) | ||
Ending balance | 487 | 429 | 487 | 429 |
Corporate | ||||
Allowance for loan losses rollforward | ||||
Beginning balance | 165 | 309 | ||
Gross charge-offs | 0 | (19) | ||
Recoveries | 6 | |||
Net (charge-offs) recoveries | 6 | |||
Provision (release) | 46 | (91) | ||
Other | (6) | (2) | ||
Ending balance | $ 211 | $ 197 | $ 211 | $ 197 |
Percent of loans to total loans | 3% | 3% | 3% | 3% |
Allowance for lending commitments rollforward | ||||
Beginning balance | $ 356 | $ 323 | ||
Provision (release) | 64 | 39 | ||
Other | (12) | (3) | ||
Ending balance | $ 408 | $ 359 | 408 | 359 |
Secured lending facilities | ||||
Allowance for loan losses rollforward | ||||
Beginning balance | 163 | 198 | ||
Gross charge-offs | (3) | (67) | ||
Recoveries | 0 | |||
Net (charge-offs) recoveries | (3) | |||
Provision (release) | (2) | 47 | ||
Other | (2) | (3) | ||
Ending balance | $ 156 | $ 175 | $ 156 | $ 175 |
Percent of loans to total loans | 18% | 17% | 18% | 17% |
Allowance for lending commitments rollforward | ||||
Beginning balance | $ 41 | $ 38 | ||
Provision (release) | 7 | 2 | ||
Other | (1) | 1 | ||
Ending balance | $ 47 | $ 41 | 47 | 41 |
Commercial real estate | ||||
Allowance for loan losses rollforward | ||||
Beginning balance | 206 | 211 | ||
Gross charge-offs | (7) | (21) | ||
Recoveries | 0 | |||
Net (charge-offs) recoveries | (7) | |||
Provision (release) | 35 | 4 | ||
Other | (10) | (1) | ||
Ending balance | $ 224 | $ 193 | $ 224 | $ 193 |
Percent of loans to total loans | 4% | 4% | 4% | 4% |
Allowance for lending commitments rollforward | ||||
Beginning balance | $ 20 | $ 11 | ||
Provision (release) | (6) | 0 | ||
Other | 0 | (1) | ||
Ending balance | $ 14 | $ 10 | 14 | 10 |
Residential real estate | ||||
Allowance for loan losses rollforward | ||||
Beginning balance | 60 | 59 | ||
Gross charge-offs | 0 | 0 | ||
Recoveries | 1 | |||
Net (charge-offs) recoveries | 1 | |||
Provision (release) | 26 | (2) | ||
Other | 0 | 1 | ||
Ending balance | $ 87 | $ 58 | $ 87 | $ 58 |
Percent of loans to total loans | 27% | 26% | 27% | 26% |
Allowance for lending commitments rollforward | ||||
Beginning balance | $ 1 | $ 1 | ||
Provision (release) | 1 | 0 | ||
Other | 0 | 0 | ||
Ending balance | $ 2 | $ 1 | 2 | 1 |
SBL and Other | ||||
Allowance for loan losses rollforward | ||||
Beginning balance | 60 | 58 | ||
Gross charge-offs | (21) | 0 | ||
Recoveries | 0 | |||
Net (charge-offs) recoveries | (21) | |||
Provision (release) | 32 | 5 | ||
Other | 0 | (2) | ||
Ending balance | $ 71 | $ 61 | $ 71 | $ 61 |
Percent of loans to total loans | 48% | 50% | 48% | 50% |
Allowance for lending commitments rollforward | ||||
Beginning balance | $ 26 | $ 23 | ||
Provision (release) | (10) | (5) | ||
Other | 0 | 0 | ||
Ending balance | $ 16 | $ 18 | $ 16 | $ 18 |
Loans, Lending Commitments a_10
Loans, Lending Commitments and Related Allowance for Credit Losses - Schedule of Selected Credit Ratios (Details) | Sep. 30, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
ACL to total loans | 0.40% | 0.40% |
Nonaccrual loans to total loans | 0.20% | 0.50% |
ACL to nonaccrual loans | 181.40% | 73.20% |
Loans, Lending Commitments a_11
Loans, Lending Commitments and Related Allowance for Credit Losses - Employee Loans (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Employee Loans [Line Items] | ||
Employee loans | $ 4,065 | $ 3,726 |
ACL | (141) | (153) |
Employee loans, net of ACL | $ 3,924 | $ 3,573 |
Remaining repayment term, weighted average in years | 5 years 9 months 18 days | 5 years 8 months 12 days |
Currently employed by the Firm | ||
Employee Loans [Line Items] | ||
Employee loans | $ 3,967 | $ 3,613 |
No longer employed by the Firm | ||
Employee Loans [Line Items] | ||
Employee loans | $ 98 | $ 113 |
Other Assets - Equity Method _3
Other Assets - Equity Method Investments - Balances (Details) - Investment Management - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Equity Method Investments | |||||
Investments | $ 1,881 | $ 1,881 | $ 2,214 | ||
Income (loss) | $ 21 | $ 24 | $ 44 | $ 51 |
Other Assets - Equity Method _4
Other Assets - Equity Method Investments - Joint Ventures (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
MUMSS | ||||
Equity Method Investments | ||||
Income (loss) from investment in MUMSS | $ 17 | $ 29 | $ 35 | $ 113 |
Deposits - Summary (Details)
Deposits - Summary (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Savings and demand deposits | $ 317,129 | $ 332,747 |
Time deposits | 20,994 | 14,827 |
Total | 338,123 | 347,574 |
Deposits subject to FDIC insurance | 239,194 | 230,894 |
Deposits not subject to FDIC insurance | $ 98,929 | $ 116,680 |
Deposits - Time Deposit Maturit
Deposits - Time Deposit Maturities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Time Deposit Maturities | ||
2022 | $ 1,948 | |
2023 | 9,279 | |
2024 | 5,640 | |
2025 | 2,093 | |
2026 | 623 | |
Thereafter | 1,411 | |
Total | $ 20,994 | $ 14,827 |
Borrowings and Other Secured _3
Borrowings and Other Secured Financings - Borrowings (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Borrowings | ||
Original maturities of one year or less | $ 4,062 | $ 5,764 |
Original maturities greater than one year | ||
Senior | 202,251 | 213,776 |
Subordinated | 14,110 | 13,587 |
Total | 216,361 | 227,363 |
Total borrowings | $ 220,423 | $ 233,127 |
Weighted average stated maturity, in years | 6 years 8 months 12 days | 7 years 8 months 12 days |
Borrowings and Other Secured _4
Borrowings and Other Secured Financings - Other Secured Financings (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Original maturities: | ||
One year or less | $ 295 | $ 4,573 |
Greater than one year | 7,406 | 5,468 |
Total | 7,701 | 10,041 |
Transfers of assets accounted for as secured financings | $ 931 | $ 1,556 |
Commitments, Guarantees and C_3
Commitments, Guarantees and Contingencies - Commitments (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | $ 96,857 |
1-3 (years) | 41,482 |
3-5 (years) | 57,322 |
Over 5 (years) | 12,828 |
Total | 208,489 |
Forward-starting secured financing receivables | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 62,091 |
1-3 (years) | 0 |
3-5 (years) | 0 |
Over 5 (years) | 0 |
Total | 62,091 |
Forward-starting secured financing receivables settled within three business days | 45,666 |
Central counterparty | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 300 |
1-3 (years) | 0 |
3-5 (years) | 0 |
Over 5 (years) | 4,909 |
Total | 5,209 |
Underwriting | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 2,350 |
1-3 (years) | 0 |
3-5 (years) | 0 |
Over 5 (years) | 0 |
Total | 2,350 |
Investment activities | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 1,479 |
1-3 (years) | 169 |
3-5 (years) | 65 |
Over 5 (years) | 351 |
Total | 2,064 |
Letters of credit and other financial guarantees | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 168 |
1-3 (years) | 0 |
3-5 (years) | 0 |
Over 5 (years) | 2 |
Total | 170 |
Corporate | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 11,654 |
1-3 (years) | 29,955 |
3-5 (years) | 54,877 |
Over 5 (years) | 6,105 |
Total | 102,591 |
Lending commitments participated to third parties | 7,877 |
Secured lending facilities | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 6,297 |
1-3 (years) | 6,007 |
3-5 (years) | 1,814 |
Over 5 (years) | 775 |
Total | 14,893 |
Commercial and Residential real estate | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 103 |
1-3 (years) | 339 |
3-5 (years) | 18 |
Over 5 (years) | 296 |
Total | 756 |
Securities-based lending and Other | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 12,415 |
1-3 (years) | 5,012 |
3-5 (years) | 548 |
Over 5 (years) | 390 |
Total | $ 18,365 |
Commitments, Guarantees and C_4
Commitments, Guarantees and Contingencies - Obligations under Guarantee Arrangements (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Non-credit derivatives | |
Guarantees | |
Carrying amount: liability | $ (107,603) |
Non-credit derivatives | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 1,168,376 |
Non-credit derivatives | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 917,531 |
Non-credit derivatives | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 351,872 |
Non-credit derivatives | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 759,598 |
Standby letters of credit and other financial guarantees issued | |
Guarantees | |
Carrying amount: asset | 6 |
Standby letters of credit | 700 |
Allowance for credit loss | 74 |
Standby letters of credit and other financial guarantees issued | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 1,641 |
Standby letters of credit and other financial guarantees issued | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 826 |
Standby letters of credit and other financial guarantees issued | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 1,310 |
Standby letters of credit and other financial guarantees issued | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 2,672 |
Market value guarantees | |
Guarantees | |
Carrying amount: asset | 0 |
Market value guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 5 |
Market value guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 2 |
Market value guarantees | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Market value guarantees | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Liquidity facilities | |
Guarantees | |
Carrying amount: liability | (6) |
Liquidity facilities | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 3,712 |
Liquidity facilities | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Liquidity facilities | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Liquidity facilities | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Whole loan sales guarantees | |
Guarantees | |
Carrying amount: liability | 0 |
Whole loan sales guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Whole loan sales guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 9 |
Whole loan sales guarantees | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 78 |
Whole loan sales guarantees | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 23,079 |
Securitization representations and warranties | |
Guarantees | |
Carrying amount: liability | (3) |
Securitization representations and warranties | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Securitization representations and warranties | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Securitization representations and warranties | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Securitization representations and warranties | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 80,236 |
General partner guarantees | |
Guarantees | |
Carrying amount: liability | (88) |
General partner guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 361 |
General partner guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 10 |
General partner guarantees | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 32 |
General partner guarantees | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 157 |
Client clearing guarantees | |
Guarantees | |
Carrying amount: liability | 0 |
Client clearing guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 159 |
Client clearing guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Client clearing guarantees | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Client clearing guarantees | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | $ 0 |
Commitments, Guarantees and C_5
Commitments, Guarantees and Contingencies - Legal Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Legal expenses | $ 41 | $ 50 | $ 387 | $ 99 |
Commitments, Guarantees and C_6
Commitments, Guarantees and Contingencies - Narrative (Details) - Sep. 30, 2022 € in Millions, $ in Millions | EUR (€) | USD ($) |
Case Number 15/3637 and Case Number 15/4353 | Pending Litigation | ||
Loss Contingencies | ||
Withholding tax credit set-off | € 124 | $ 122 |
Variable Interest Entities an_3
Variable Interest Entities and Securitization Activities - Assets and Liabilities by Type of Activity (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity | ||
VIE Assets | $ 1,160,029 | $ 1,188,140 |
VIE Liabilities | 1,057,940 | 1,081,542 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Assets | 3,237 | 2,912 |
VIE Liabilities | 1,596 | 1,028 |
Variable Interest Entity, Primary Beneficiary | MABS | ||
Variable Interest Entity | ||
VIE Assets | 1,006 | 1,177 |
VIE Liabilities | 471 | 409 |
Variable Interest Entity, Primary Beneficiary | Investment vehicles | ||
Variable Interest Entity | ||
VIE Assets | 885 | 717 |
VIE Liabilities | 508 | 294 |
Variable Interest Entity, Primary Beneficiary | Operating entities | ||
Variable Interest Entity | ||
VIE Assets | 502 | 508 |
VIE Liabilities | 33 | 39 |
Variable Interest Entity, Primary Beneficiary | Other | ||
Variable Interest Entity | ||
VIE Assets | 844 | 510 |
VIE Liabilities | $ 584 | $ 286 |
Variable Interest Entities an_4
Variable Interest Entities and Securitization Activities - Assets and Liabilities by Balance Sheet Caption (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 111,696 | $ 127,725 |
Trading assets at fair value | 291,188 | 294,869 |
Investment securities | 150,026 | 182,712 |
Securities purchased under agreements to resell | 111,124 | 119,999 |
Customer and other receivables | 87,935 | 96,018 |
Intangible assets | 7,893 | 8,360 |
Other assets | 24,789 | 23,491 |
Total assets | 1,160,029 | 1,188,140 |
Liabilities | ||
Other secured financings | 7,701 | 10,041 |
Other liabilities and accrued expenses | 26,360 | 29,300 |
Total liabilities | 1,057,940 | 1,081,542 |
Noncontrolling interests | 1,078 | 1,157 |
Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Cash and cash equivalents | 368 | 341 |
Trading assets at fair value | 2,074 | 1,965 |
Investment securities | 244 | 37 |
Securities purchased under agreements to resell | 200 | 200 |
Customer and other receivables | 30 | 31 |
Intangible assets | 76 | 85 |
Other assets | 245 | 253 |
Total assets | 3,237 | 2,912 |
Liabilities | ||
Other secured financings | 1,420 | 767 |
Other liabilities and accrued expenses | 176 | 261 |
Total liabilities | 1,596 | 1,028 |
Noncontrolling interests | $ 103 | $ 115 |
Variable Interest Entities an_5
Variable Interest Entities and Securitization Activities - Non-Consolidated VIEs (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity | ||
VIE Assets | $ 1,160,029 | $ 1,188,140 |
Additional VIE assets owned | 13,500 | 15,392 |
VIE Liabilities | 1,057,940 | 1,081,542 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE assets (UPB) | 125,670 | 146,071 |
MABS | ||
Variable Interest Entity | ||
VIE assets (UPB) | 125,670 | 146,071 |
Maximum exposure to loss | 13,445 | 18,833 |
MABS | Assets | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Assets | 12,946 | 18,062 |
MABS | Debt and equity interests | ||
Variable Interest Entity | ||
Maximum exposure to loss | 12,946 | 18,062 |
MABS | Debt and equity interests | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Assets | 12,946 | 18,062 |
MABS | Derivative and other contracts | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
MABS | Derivative and other contracts | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Assets | 0 | 0 |
MABS | Derivative and other contracts | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Liabilities | 0 | 0 |
MABS | Commitments, guarantees and other | ||
Variable Interest Entity | ||
Maximum exposure to loss | 499 | 771 |
CDO | ||
Variable Interest Entity | ||
VIE assets (UPB) | 170 | 667 |
Maximum exposure to loss | 100 | 129 |
CDO | Assets | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Assets | 100 | 129 |
CDO | Debt and equity interests | ||
Variable Interest Entity | ||
Maximum exposure to loss | 100 | 129 |
CDO | Debt and equity interests | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Assets | 100 | 129 |
CDO | Derivative and other contracts | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
CDO | Derivative and other contracts | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Assets | 0 | 0 |
CDO | Derivative and other contracts | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Liabilities | 0 | 0 |
CDO | Commitments, guarantees and other | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
MTOB | ||
Variable Interest Entity | ||
VIE assets (UPB) | 5,448 | 6,089 |
Maximum exposure to loss | 3,712 | 4,100 |
MTOB | Assets | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Assets | 5 | 5 |
MTOB | Debt and equity interests | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
MTOB | Debt and equity interests | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Assets | 0 | 0 |
MTOB | Derivative and other contracts | ||
Variable Interest Entity | ||
Maximum exposure to loss | 3,712 | 4,100 |
MTOB | Derivative and other contracts | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Assets | 5 | 5 |
MTOB | Derivative and other contracts | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Liabilities | 11 | 0 |
MTOB | Commitments, guarantees and other | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
OSF | ||
Variable Interest Entity | ||
VIE assets (UPB) | 2,302 | 2,086 |
Maximum exposure to loss | 1,592 | 1,459 |
OSF | Assets | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Assets | 1,592 | 1,459 |
OSF | Debt and equity interests | ||
Variable Interest Entity | ||
Maximum exposure to loss | 1,592 | 1,459 |
OSF | Debt and equity interests | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Assets | 1,592 | 1,459 |
OSF | Derivative and other contracts | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
OSF | Derivative and other contracts | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Assets | 0 | 0 |
OSF | Derivative and other contracts | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Liabilities | 0 | 0 |
OSF | Commitments, guarantees and other | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Other | ||
Variable Interest Entity | ||
VIE assets (UPB) | 49,714 | 52,111 |
Maximum exposure to loss | 16,814 | 16,943 |
Other | Assets | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Assets | 13,217 | 12,345 |
Other | Debt and equity interests | ||
Variable Interest Entity | ||
Maximum exposure to loss | 11,423 | 10,339 |
Other | Debt and equity interests | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Assets | 11,423 | 10,339 |
Other | Derivative and other contracts | ||
Variable Interest Entity | ||
Maximum exposure to loss | 4,637 | 5,599 |
Other | Derivative and other contracts | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Assets | 1,794 | 2,006 |
Other | Derivative and other contracts | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
VIE Liabilities | 448 | 362 |
Other | Commitments, guarantees and other | ||
Variable Interest Entity | ||
Maximum exposure to loss | $ 754 | $ 1,005 |
Variable Interest Entities an_6
Variable Interest Entities and Securitization Activities - Mortgage and Asset Backed Securitization Assets (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity | ||
Debt and Equity Interests | $ 1,160,029 | $ 1,188,140 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity | ||
UPB | 125,670 | 146,071 |
Variable Interest Entity, Not Primary Beneficiary | Residential mortgages | ||
Variable Interest Entity | ||
UPB | 11,853 | 15,216 |
Variable Interest Entity, Not Primary Beneficiary | Commercial mortgages | ||
Variable Interest Entity | ||
UPB | 78,298 | 68,503 |
Variable Interest Entity, Not Primary Beneficiary | U.S. agency collateralized mortgage obligations | ||
Variable Interest Entity | ||
UPB | 32,493 | 57,972 |
Variable Interest Entity, Not Primary Beneficiary | Other consumer or commercial loans | ||
Variable Interest Entity | ||
UPB | 3,026 | 4,380 |
Variable Interest Entity, Not Primary Beneficiary | Debt and Equity Interests | ||
Variable Interest Entity | ||
Debt and Equity Interests | 12,946 | 18,062 |
Variable Interest Entity, Not Primary Beneficiary | Debt and Equity Interests | Residential mortgages | ||
Variable Interest Entity | ||
Debt and Equity Interests | 2,002 | 2,182 |
Variable Interest Entity, Not Primary Beneficiary | Debt and Equity Interests | Commercial mortgages | ||
Variable Interest Entity | ||
Debt and Equity Interests | 4,572 | 4,092 |
Variable Interest Entity, Not Primary Beneficiary | Debt and Equity Interests | U.S. agency collateralized mortgage obligations | ||
Variable Interest Entity | ||
Debt and Equity Interests | 4,865 | 9,835 |
Variable Interest Entity, Not Primary Beneficiary | Debt and Equity Interests | Other consumer or commercial loans | ||
Variable Interest Entity | ||
Debt and Equity Interests | $ 1,507 | $ 1,953 |
Variable Interest Entities an_7
Variable Interest Entities and Securitization Activities - Transferred Assets with Continuing Involvement (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity | ||
Derivative assets | $ 66,250 | $ 38,154 |
Derivative liabilities | 48,262 | 34,568 |
SPE | ||
Variable Interest Entity | ||
Interests purchased in the secondary market | 348 | 264 |
Derivative assets | 1,259 | 891 |
Derivative liabilities | 282 | 284 |
SPE | Investment grade | ||
Variable Interest Entity | ||
Interests purchased in the secondary market | 259 | 169 |
SPE | Non-investment grade | ||
Variable Interest Entity | ||
Interests purchased in the secondary market | 89 | 95 |
SPE | RML | ||
Variable Interest Entity | ||
SPE assets (UPB) | 9,395 | 6,802 |
Retained interests | 135 | 91 |
Interests purchased in the secondary market | 76 | 56 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
SPE | RML | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 111 | 72 |
Interests purchased in the secondary market | 33 | 18 |
SPE | RML | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 24 | 19 |
Interests purchased in the secondary market | 43 | 38 |
SPE | CML | ||
Variable Interest Entity | ||
SPE assets (UPB) | 92,284 | 94,276 |
Retained interests | 1,434 | 1,224 |
Interests purchased in the secondary market | 227 | 171 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
SPE | CML | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 930 | 638 |
Interests purchased in the secondary market | 181 | 118 |
SPE | CML | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 504 | 586 |
Interests purchased in the secondary market | 46 | 53 |
SPE | U.S. Agency CMO | ||
Variable Interest Entity | ||
SPE assets (UPB) | 17,854 | 28,697 |
Retained interests | 290 | 465 |
Interests purchased in the secondary market | 45 | 33 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
SPE | U.S. Agency CMO | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 279 | 465 |
Interests purchased in the secondary market | 45 | 33 |
SPE | U.S. Agency CMO | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 11 | 0 |
Interests purchased in the secondary market | 0 | 0 |
SPE | CLN and Other | ||
Variable Interest Entity | ||
SPE assets (UPB) | 10,775 | 13,121 |
Retained interests | 45 | 69 |
Interests purchased in the secondary market | 0 | 4 |
Derivative assets | 1,259 | 891 |
Derivative liabilities | 282 | 284 |
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 | 45 | 69 |
Interests purchased in the secondary market | $ 0 | $ 4 |
Variable Interest Entities an_8
Variable Interest Entities and Securitization Activities - Fair Value of Transfers of Assets with Continuing Involvement (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity | ||
Derivative assets | $ 66,250 | $ 38,154 |
Derivative liabilities | 48,262 | 34,568 |
SPE | ||
Variable Interest Entity | ||
Retained interests | 617 | 618 |
Interests purchased in the secondary market | 348 | 264 |
Derivative assets | 1,259 | 891 |
Derivative liabilities | 282 | 284 |
SPE | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 557 | 538 |
Interests purchased in the secondary market | 259 | 169 |
SPE | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 60 | 80 |
Interests purchased in the secondary market | 89 | 95 |
SPE | Level 2 | ||
Variable Interest Entity | ||
Retained interests | 581 | 576 |
Interests purchased in the secondary market | 328 | 238 |
Derivative assets | 1,259 | 891 |
Derivative liabilities | 239 | 194 |
SPE | Level 2 | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 557 | 536 |
Interests purchased in the secondary market | 257 | 168 |
SPE | Level 2 | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 24 | 40 |
Interests purchased in the secondary market | 71 | 70 |
SPE | Level 3 | ||
Variable Interest Entity | ||
Retained interests | 36 | 42 |
Interests purchased in the secondary market | 20 | 26 |
Derivative assets | 0 | 0 |
Derivative liabilities | 43 | 90 |
SPE | Level 3 | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 0 | 2 |
Interests purchased in the secondary market | 2 | 1 |
SPE | Level 3 | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 36 | 40 |
Interests purchased in the secondary market | $ 18 | $ 25 |
Variable Interest Entities an_9
Variable Interest Entities and Securitization Activities - Proceeds from New Securitization Transactions and Sales of Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Transfer of Financial Assets Accounted for as Sales | ||||
New transactions | $ 5,332 | $ 12,103 | $ 19,809 | $ 43,303 |
Retained interests | 500 | 2,396 | 3,553 | 7,960 |
CLO SPEs | Corporate Loans | ||||
Transfer of Financial Assets Accounted for as Sales | ||||
Sales of corporate loans to CLO SPEs | $ 37 | $ 144 | $ 53 | $ 217 |
Variable Interest Entities a_10
Variable Interest Entities and Securitization Activities - Assets Sold with Retained Exposure (Details) - Bilateral OTC - Equity - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Transfer of Financial Assets Accounted for as Sales | ||
Gross cash proceeds from sale of assets | $ 50,718 | $ 67,930 |
Fair value | ||
Assets sold | 48,474 | 68,992 |
Derivative assets recognized in the balance sheet | 160 | 1,195 |
Derivative liabilities recognized in the balance sheet | $ 2,405 | $ 132 |
Regulatory Requirements - Capit
Regulatory Requirements - Capital Buffer Requirements (Details) | Sep. 30, 2022 | Dec. 31, 2021 |
Capital conservation buffer | ||
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 - Narra
Regulatory Requirements - Narrative (Details) | Sep. 30, 2022 | Dec. 31, 2021 |
Broker-Dealer [Abstract] | ||
Standardized (as a percent) | 0 | 0 |
Regulatory Requirements - Risk-
Regulatory Requirements - Risk-Based Regulatory Capital Ratio Requirements (Details) | Sep. 30, 2022 | Dec. 31, 2021 |
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) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
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% | |
Amount | ||
Common Equity Tier 1 capital | $ 67,933 | $ 75,742 |
Tier 1 capital | 76,428 | 83,348 |
Total capital | 86,139 | 93,166 |
Total RWA | 457,911 | 471,921 |
Adjusted average assets | 1,154,411 | 1,169,939 |
Supplementary leverage exposure | $ 1,406,345 | $ 1,476,962 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 0.148 | 0.160 |
Tier 1 capital (as a percent) | 0.167 | 0.177 |
Total capital (as a percent) | 0.188 | 0.197 |
Tier 1 leverage (as a percent) | 0.066 | 0.071 |
SLR (as a percent) | 0.054 | 0.056 |
Regulatory Requirements - U.S.
Regulatory Requirements - U.S. Bank Subsidiaries' Regulatory Capital and Capital Ratios (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
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% | |
Amount | ||
Common Equity Tier 1 capital | $ 67,933 | $ 75,742 |
Tier 1 capital | 76,428 | 83,348 |
Total capital | $ 86,139 | $ 93,166 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 0.148 | 0.160 |
Tier 1 capital (as a percent) | 0.167 | 0.177 |
Total capital (as a percent) | 0.188 | 0.197 |
Tier 1 leverage (as a percent) | 0.066 | 0.071 |
SLR (as a percent) | 0.054 | 0.056 |
MSBNA | ||
Well-Capitalized Requirement Ratio [Abstract] | ||
Common Equity Tier 1 capital (as a percent) | 6.50% | |
Tier 1 capital (as a percent) | 8% | |
Total capital (as a percent) | 0.100 | |
Tier 1 leverage (as a percent) | 0.050 | |
SLR (as a percent) | 6% | |
Required Ratio | ||
Common Equity Tier 1 capital (as a percent) | 7% | |
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% | |
Amount | ||
Common Equity Tier 1 capital | $ 18,758 | $ 18,960 |
Tier 1 capital | 18,758 | 18,960 |
Total capital | 19,335 | 19,544 |
Tier 1 leverage | 18,758 | 18,960 |
SLR | $ 18,758 | $ 18,960 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 0.195 | 0.205 |
Tier 1 capital (as a percent) | 0.195 | 0.205 |
Total capital (as a percent) | 0.201 | 0.211 |
Tier 1 leverage (as a percent) | 0.096 | 0.102 |
SLR (as a percent) | 0.076 | 0.081 |
MSPBNA | ||
Well-Capitalized Requirement Ratio [Abstract] | ||
Common Equity Tier 1 capital (as a percent) | 6.50% | |
Tier 1 capital (as a percent) | 8% | |
Total capital (as a percent) | 0.100 | |
Tier 1 leverage (as a percent) | 0.050 | |
SLR (as a percent) | 6% | |
Required Ratio | ||
Common Equity Tier 1 capital (as a percent) | 7% | |
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% | |
Amount | ||
Common Equity Tier 1 capital | $ 16,134 | $ 10,293 |
Tier 1 capital | 16,134 | 10,293 |
Total capital | 16,261 | 10,368 |
Tier 1 leverage | 16,134 | 10,293 |
SLR | $ 16,134 | $ 10,293 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 0.290 | 0.243 |
Tier 1 capital (as a percent) | 0.290 | 0.243 |
Total capital (as a percent) | 0.292 | 0.245 |
Tier 1 leverage (as a percent) | 0.081 | 0.069 |
SLR (as a percent) | 0.079 | 0.067 |
Regulatory Requirements - U.S_2
Regulatory Requirements - U.S. Broker-Dealer Regulatory Capital Requirements (Details) - MS&Co. - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Regulatory Requirements | ||
Net capital | $ 14,886 | $ 18,383 |
Excess net capital | $ 10,405 | $ 14,208 |
Total Equity - Narrative (Detai
Total Equity - Narrative (Details) $ / shares in Units, shares in Millions | Aug. 02, 2022 USD ($) $ / shares shares | Jun. 27, 2022 USD ($) |
Class of Stock | ||
Redemption period | 90 days | |
Redemption price (in USD per share) | $ 25,000 | |
Redemption price per depositary share (in USD per share) | $ 25 | |
Authorized repurchase amount of outstanding common stock | $ | $ 20,000,000,000 | |
Non-Cumulative Preferred Stock, Series P, $0.01 par value | ||
Class of Stock | ||
Stock issued during period in shares) | shares | 40 | |
Stock issued during period | $ | $ 1,000,000,000 | |
Interest per depositary share | 0.001 | |
Dividend rate | 6.50% | |
Preferred stock, par value (in USD per share) | $ 0.01 |
Total Equity - Preferred Stock
Total Equity - Preferred Stock Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Class of Stock | ||
Preferred stock carrying value | $ 8,750 | $ 7,750 |
Preferred stock shares authorized (shares) | 30,000,000 | 30,000,000 |
Series A | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 44,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 1,100 | $ 1,100 |
Series C | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 519,882 | |
Liquidation preference per share (USD per share) | $ 1,000 | |
Preferred stock carrying value | $ 408 | 408 |
Series E | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 34,500 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 862 | 862 |
Series F | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 34,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 850 | 850 |
Series I | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 40,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 1,000 | 1,000 |
Series K | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 40,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 1,000 | 1,000 |
Series L | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 20,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 500 | 500 |
Series M | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 400,000 | |
Liquidation preference per share (USD per share) | $ 1,000 | |
Preferred stock carrying value | $ 430 | 430 |
Series N | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 3,000 | |
Liquidation preference per share (USD per share) | $ 100,000 | |
Preferred stock carrying value | $ 300 | 300 |
Series O | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 52,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 1,300 | 1,300 |
Series P | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 40,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 1,000 | $ 0 |
Total Equity - Common Stock Rep
Total Equity - Common Stock Repurchases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity [Abstract] | ||||
Repurchases of common stock under the Firm’s Share Repurchase Authorization | $ 2,555 | $ 3,557 | $ 8,165 | $ 8,631 |
Total Equity - Common Shares Ou
Total Equity - Common Shares Outstanding for Basic and Diluted EPS (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity [Abstract] | ||||
Weighted average common shares outstanding, basic (shares) | 1,674 | 1,781 | 1,704 | 1,797 |
Effect of dilutive RSUs and PSUs (shares) | 23 | 31 | 21 | 27 |
Weighted average common shares outstanding and common stock equivalents, diluted (shares) | 1,697 | 1,812 | 1,725 | 1,824 |
Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) (shares) | 1 | 0 | 5 | 0 |
Total Equity - Dividends (Detai
Total Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Preferred Stock Dividends | ||||
Preferred stock dividends declared | $ 138 | $ 123 | $ 366 | $ 364 |
Dividends declared per common share (USD per share) | $ 0.775 | $ 0.700 | $ 2.175 | $ 1.400 |
Common stock dividends | $ 1,329 | $ 1,276 | $ 3,802 | $ 2,562 |
Series A | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 261 | $ 256 | $ 756 | $ 758 |
Preferred stock dividends declared | $ 11 | $ 11 | $ 33 | $ 33 |
Series C | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 25 | $ 25 | $ 75 | $ 75 |
Preferred stock dividends declared | $ 13 | $ 13 | $ 39 | $ 39 |
Series E | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 445 | $ 445 | $ 1,336 | $ 1,336 |
Preferred stock dividends declared | $ 15 | $ 15 | $ 45 | $ 45 |
Series F | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 430 | $ 430 | $ 1,289 | $ 1,289 |
Preferred stock dividends declared | $ 15 | $ 15 | $ 44 | $ 44 |
Series H | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 0 | $ 239 | $ 0 | $ 719 |
Preferred stock dividends declared | $ 0 | $ 12 | $ 0 | $ 37 |
Series I | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 398 | $ 398 | $ 1,195 | $ 1,195 |
Preferred stock dividends declared | $ 16 | $ 16 | $ 48 | $ 48 |
Series J | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 0 | $ 253 | ||
Preferred stock dividends declared | $ 0 | $ 15 | ||
Series K | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 366 | $ 366 | $ 1,097 | $ 1,097 |
Preferred stock dividends declared | $ 15 | $ 15 | $ 45 | $ 45 |
Series L | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 305 | $ 305 | $ 914 | $ 914 |
Preferred stock dividends declared | $ 6 | $ 6 | $ 18 | $ 18 |
Series M | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 29 | $ 29 | $ 59 | $ 59 |
Preferred stock dividends declared | $ 12 | $ 12 | $ 24 | $ 24 |
Series N | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 2,650 | $ 2,650 | $ 5,300 | $ 5,300 |
Preferred stock dividends declared | $ 8 | $ 8 | $ 16 | $ 16 |
Series O | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 266 | $ 0 | $ 797 | $ 0 |
Preferred stock dividends declared | $ 14 | $ 0 | $ 41 | $ 0 |
Series P | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 330 | $ 0 | $ 330 | $ 0 |
Preferred stock dividends declared | $ 13 | $ 0 | $ 13 | $ 0 |
Total Equity - Accumulated Othe
Total Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 106,598 | |||
OCI during the period | $ (754) | $ (182) | (2,798) | $ (803) |
Ending balance | 102,089 | 107,119 | 102,089 | 107,119 |
Total | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (5,021) | (2,523) | (3,102) | (1,962) |
OCI during the period | (737) | (178) | (2,656) | (739) |
Ending balance | (5,758) | (2,701) | (5,758) | (2,701) |
CTA | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (1,226) | (895) | (1,002) | (795) |
OCI during the period | (207) | (65) | (431) | (165) |
Ending balance | (1,433) | (960) | (1,433) | (960) |
AFS Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (3,226) | 1,004 | 245 | 1,787 |
OCI during the period | (1,307) | (256) | (4,778) | (1,039) |
Ending balance | (4,533) | 748 | (4,533) | 748 |
Pension and Other | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (543) | (481) | (551) | (498) |
OCI during the period | 5 | 5 | 13 | 22 |
Ending balance | (538) | (476) | (538) | (476) |
DVA | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (26) | (2,151) | (1,794) | (2,456) |
OCI during the period | 772 | 138 | 2,540 | 443 |
Ending balance | $ 746 | $ (2,013) | $ 746 | $ (2,013) |
Total Equity - Components of Pe
Total Equity - Components of Period Changes in OCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
After-tax Gain (Loss) | ||||
Net OCI | $ (754) | $ (182) | $ (2,798) | $ (803) |
Foreign Currency Translation Adjustment Attributable to Parent | ||||
After-tax Gain (Loss) | ||||
OCI activity | (207) | (65) | (490) | (165) |
Reclassified to earnings | 0 | 0 | 59 | 0 |
Net OCI | (207) | (65) | (431) | (165) |
Foreign Currency Translation Adjustment Including Noncontrolling Interest | ||||
Pre-tax Gain (Loss) | ||||
OCI activity | (85) | (14) | (279) | (106) |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | (85) | (14) | (279) | (106) |
Income Tax Benefit (Provision) | ||||
OCI activity | (183) | (64) | (441) | (150) |
Reclassified to earnings | 0 | 0 | 59 | 0 |
Net OCI | (183) | (64) | (382) | (150) |
After-tax Gain (Loss) | ||||
OCI activity | (268) | (78) | (720) | (256) |
Reclassified to earnings | 0 | 0 | 59 | 0 |
Net OCI | (268) | (78) | (661) | (256) |
Foreign Currency Translation Adjustment Attributable to Noncontrolling Interest | ||||
After-tax Gain (Loss) | ||||
OCI activity | (61) | (13) | (230) | (91) |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | (61) | (13) | (230) | (91) |
Change in Net Unrealized Gains (Losses) on AFS Securities Attributable to Parent | ||||
After-tax Gain (Loss) | ||||
OCI activity | (1,300) | (243) | (4,724) | (879) |
Reclassified to earnings | (7) | (13) | (54) | (160) |
Net OCI | (1,307) | (256) | (4,778) | (1,039) |
Change in Net Unrealized Gains (Losses) on AFS Securities Including Noncontrolling Interest | ||||
Pre-tax Gain (Loss) | ||||
OCI activity | (1,698) | (317) | (6,169) | (1,146) |
Reclassified to earnings | (9) | (17) | (71) | (209) |
Net OCI | (1,707) | (334) | (6,240) | (1,355) |
Income Tax Benefit (Provision) | ||||
OCI activity | 398 | 74 | 1,445 | 267 |
Reclassified to earnings | 2 | 4 | 17 | 49 |
Net OCI | 400 | 78 | 1,462 | 316 |
After-tax Gain (Loss) | ||||
OCI activity | (1,300) | (243) | (4,724) | (879) |
Reclassified to earnings | (7) | (13) | (54) | (160) |
Net OCI | (1,307) | (256) | (4,778) | (1,039) |
Change in Net Unrealized Gains (Losses) on AFS Securities Attributable to Noncontrolling Interest | ||||
After-tax Gain (Loss) | ||||
OCI activity | 0 | 0 | 0 | 0 |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | 0 | 0 | 0 | 0 |
Pension, Postretirement and Other Attributable to Parent | ||||
After-tax Gain (Loss) | ||||
OCI activity | 1 | 0 | (1) | 8 |
Reclassified to earnings | 4 | 5 | 14 | 14 |
Net OCI | 5 | 5 | 13 | 22 |
Pension, Postretirement and Other Including Noncontrolling Interest | ||||
Pre-tax Gain (Loss) | ||||
OCI activity | 1 | 0 | (1) | 8 |
Reclassified to earnings | 6 | 7 | 17 | 21 |
Net OCI | 7 | 7 | 16 | 29 |
Income Tax Benefit (Provision) | ||||
OCI activity | 0 | 0 | 0 | 0 |
Reclassified to earnings | (2) | (2) | (3) | (7) |
Net OCI | (2) | (2) | (3) | (7) |
After-tax Gain (Loss) | ||||
OCI activity | 1 | 0 | (1) | 8 |
Reclassified to earnings | 4 | 5 | 14 | 14 |
Net OCI | 5 | 5 | 13 | 22 |
Pension, Postretirement and Other Attributable to Noncontrolling Interest | ||||
After-tax Gain (Loss) | ||||
OCI activity | 0 | 0 | 0 | 0 |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | 0 | 0 | 0 | 0 |
Change in Net DVA Attributable to Parent | ||||
After-tax Gain (Loss) | ||||
OCI activity | 772 | 132 | 2,541 | 416 |
Reclassified to earnings | 0 | 6 | (1) | 27 |
Net OCI | 772 | 138 | 2,540 | 443 |
Change in Net DVA Including Noncontrolling Interest | ||||
Pre-tax Gain (Loss) | ||||
OCI activity | 1,082 | 187 | 3,474 | 591 |
Reclassified to earnings | 0 | 9 | (1) | 36 |
Net OCI | 1,082 | 196 | 3,473 | 627 |
Income Tax Benefit (Provision) | ||||
OCI activity | (266) | (46) | (845) | (148) |
Reclassified to earnings | 0 | (3) | 0 | (9) |
Net OCI | (266) | (49) | (845) | (157) |
After-tax Gain (Loss) | ||||
OCI activity | 816 | 141 | 2,629 | 443 |
Reclassified to earnings | 0 | 6 | (1) | 27 |
Net OCI | 816 | 147 | 2,628 | 470 |
Change in Net DVA Attributable to Noncontrolling Interest | ||||
After-tax Gain (Loss) | ||||
OCI activity | 44 | 9 | 88 | 27 |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | $ 44 | $ 9 | $ 88 | $ 27 |
Interest Income and Interest _3
Interest Income and Interest Expense - Summary (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income | ||||
Investment securities | $ 743 | $ 643 | $ 2,261 | $ 2,100 |
Loans | 1,910 | 1,063 | 4,469 | 3,091 |
Securities purchased under agreements to resell | 664 | (36) | 870 | (147) |
Securities borrowed | 385 | (246) | 97 | (752) |
Trading assets, net of Trading liabilities | 635 | 525 | 1,722 | 1,521 |
Customer receivables and Other | 1,764 | 402 | 2,944 | 1,187 |
Total interest income | 6,101 | 2,351 | 12,363 | 7,000 |
Interest expense | ||||
Deposits | 476 | 102 | 684 | 330 |
Borrowings | 1,370 | 597 | 2,990 | 2,030 |
Securities sold under agreements to repurchase | 501 | 19 | 725 | 82 |
Securities loaned | 135 | 112 | 340 | 279 |
Customer payables and Other | 1,109 | (542) | 616 | (1,677) |
Total interest expense | 3,591 | 288 | 5,355 | 1,044 |
Net interest | $ 2,510 | $ 2,063 | $ 7,008 | $ 5,956 |
Interest Income and Interest _4
Interest Income and Interest Expense - Accrued Interest (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Interest Income (Expense), Net [Abstract] | ||
Customer and other receivables | $ 3,242 | $ 1,800 |
Customer and other payables | $ 3,401 | $ 2,164 |
Segment, Geographic and Reven_3
Segment, Geographic and Revenue Information - Selected Financial Information by Business Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information | ||||
Investment banking | $ 1,373 | $ 3,013 | $ 4,281 | $ 8,413 |
Trading | 3,331 | 2,861 | 10,911 | 10,416 |
Investments | (168) | 45 | (70) | 744 |
Commissions and fees | 1,133 | 1,280 | 3,769 | 4,214 |
Asset management | 4,744 | 5,201 | 14,775 | 14,572 |
Other | 63 | 290 | 245 | 916 |
Total non-interest revenues | 10,476 | 12,690 | 33,911 | 39,275 |
Interest income | 6,101 | 2,351 | 12,363 | 7,000 |
Interest expense | 3,591 | 288 | 5,355 | 1,044 |
Net interest | 2,510 | 2,063 | 7,008 | 5,956 |
Net revenues | 12,986 | 14,753 | 40,919 | 45,231 |
Provision for credit losses | 35 | 24 | 193 | (1) |
Compensation and benefits | 5,614 | 5,920 | 17,438 | 19,141 |
Non-compensation expenses | 3,949 | 3,935 | 11,993 | 11,307 |
Total non-interest expenses | 9,563 | 9,855 | 29,431 | 30,448 |
Income before provision for income taxes | 3,388 | 4,874 | 11,295 | 14,784 |
Provision for income taxes | 726 | 1,150 | 2,382 | 3,380 |
Net income | 2,662 | 3,724 | 8,913 | 11,404 |
Net income (loss) applicable to noncontrolling interests | 30 | 17 | 120 | 66 |
Net income applicable to Morgan Stanley | 2,632 | 3,707 | 8,793 | 11,338 |
I/E | ||||
Segment Reporting Information | ||||
Investment banking | (18) | (22) | (56) | (65) |
Trading | 10 | 21 | 43 | 63 |
Investments | 0 | 0 | 0 | 0 |
Commissions and fees | (58) | (88) | (210) | (272) |
Asset management | (54) | (42) | (153) | (117) |
Other | (4) | (1) | (10) | (7) |
Total non-interest revenues | (124) | (132) | (386) | (398) |
Interest income | (432) | (69) | (676) | (133) |
Interest expense | (437) | (71) | (683) | (140) |
Net interest | 5 | 2 | 7 | 7 |
Net revenues | (119) | (130) | (379) | (391) |
Provision for credit losses | 0 | 0 | 0 | 0 |
Compensation and benefits | 0 | 0 | 0 | 0 |
Non-compensation expenses | (116) | (131) | (371) | (397) |
Total non-interest expenses | (116) | (131) | (371) | (397) |
Income before provision for income taxes | (3) | 1 | (8) | 6 |
Provision for income taxes | (1) | 0 | (2) | 1 |
Net income | (2) | 1 | (6) | 5 |
Net income (loss) applicable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income applicable to Morgan Stanley | (2) | 1 | (6) | 5 |
IS | Operating Segments | ||||
Segment Reporting Information | ||||
Investment banking | 1,277 | 2,849 | 3,983 | 7,838 |
Trading | 3,330 | 2,897 | 11,511 | 10,048 |
Investments | (73) | 52 | (69) | 199 |
Commissions and fees | 648 | 664 | 2,110 | 2,216 |
Asset management | 140 | 145 | 442 | 432 |
Other | (25) | 172 | (131) | 467 |
Total non-interest revenues | 5,297 | 6,779 | 17,846 | 21,200 |
Interest income | 3,889 | 948 | 6,797 | 2,791 |
Interest expense | 3,369 | 232 | 5,050 | 827 |
Net interest | 520 | 716 | 1,747 | 1,964 |
Net revenues | 5,817 | 7,495 | 19,593 | 23,164 |
Provision for credit losses | 24 | 24 | 150 | 1 |
Compensation and benefits | 1,948 | 2,248 | 6,602 | 7,795 |
Non-compensation expenses | 2,219 | 2,250 | 6,874 | 6,526 |
Total non-interest expenses | 4,167 | 4,498 | 13,476 | 14,321 |
Income before provision for income taxes | 1,626 | 2,973 | 5,967 | 8,842 |
Provision for income taxes | 305 | 713 | 1,235 | 2,023 |
Net income | 1,321 | 2,260 | 4,732 | 6,819 |
Net income (loss) applicable to noncontrolling interests | 47 | 31 | 146 | 85 |
Net income applicable to Morgan Stanley | 1,274 | 2,229 | 4,586 | 6,734 |
WM | Operating Segments | ||||
Segment Reporting Information | ||||
Investment banking | 114 | 186 | 354 | 640 |
Trading | (41) | (58) | (681) | 323 |
Investments | 18 | 8 | 45 | 24 |
Commissions and fees | 543 | 704 | 1,869 | 2,269 |
Asset management | 3,389 | 3,628 | 10,525 | 10,266 |
Other | 93 | 119 | 388 | 479 |
Total non-interest revenues | 4,116 | 4,587 | 12,500 | 14,001 |
Interest income | 2,626 | 1,464 | 6,208 | 4,316 |
Interest expense | 622 | 116 | 917 | 328 |
Net interest | 2,004 | 1,348 | 5,291 | 3,988 |
Net revenues | 6,120 | 5,935 | 17,791 | 17,989 |
Provision for credit losses | 11 | 0 | 43 | (2) |
Compensation and benefits | 3,171 | 3,159 | 9,191 | 9,604 |
Non-compensation expenses | 1,289 | 1,246 | 3,814 | 3,621 |
Total non-interest expenses | 4,460 | 4,405 | 13,005 | 13,225 |
Income before provision for income taxes | 1,649 | 1,530 | 4,743 | 4,766 |
Provision for income taxes | 396 | 373 | 1,028 | 1,103 |
Net income | 1,253 | 1,157 | 3,715 | 3,663 |
Net income (loss) applicable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income applicable to Morgan Stanley | 1,253 | 1,157 | 3,715 | 3,663 |
IM | Operating Segments | ||||
Segment Reporting Information | ||||
Investment banking | 0 | 0 | 0 | 0 |
Trading | 32 | 1 | 38 | (18) |
Investments | (113) | (15) | (46) | 521 |
Commissions and fees | 0 | 0 | 0 | 1 |
Asset management | 1,269 | 1,470 | 3,961 | 3,991 |
Other | (1) | 0 | (2) | (23) |
Total non-interest revenues | 1,187 | 1,456 | 3,951 | 4,472 |
Interest income | 18 | 8 | 34 | 26 |
Interest expense | 37 | 11 | 71 | 29 |
Net interest | (19) | (3) | (37) | (3) |
Net revenues | 1,168 | 1,453 | 3,914 | 4,469 |
Provision for credit losses | 0 | 0 | 0 | 0 |
Compensation and benefits | 495 | 513 | 1,645 | 1,742 |
Non-compensation expenses | 557 | 570 | 1,676 | 1,557 |
Total non-interest expenses | 1,052 | 1,083 | 3,321 | 3,299 |
Income before provision for income taxes | 116 | 370 | 593 | 1,170 |
Provision for income taxes | 26 | 64 | 121 | 253 |
Net income | 90 | 306 | 472 | 917 |
Net income (loss) applicable to noncontrolling interests | (17) | (14) | (26) | (19) |
Net income applicable to Morgan Stanley | $ 107 | $ 320 | $ 498 | $ 936 |
Segment, Geographic and Reven_4
Segment, Geographic and Revenue Information - Institutional Securities - Investment Banking Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from External Customer [Line Items] | ||||
Investment banking | $ 1,373 | $ 3,013 | $ 4,281 | $ 8,413 |
Firm Investment banking revenues from contracts with customers (as a percent) | 89% | 91% | 89% | 91% |
Institutional Securities | Operating Segments | ||||
Revenue from External Customer [Line Items] | ||||
Investment banking | $ 1,277 | $ 2,849 | $ 3,983 | $ 7,838 |
Institutional Securities | Operating Segments | Institutional Securities Advisory | ||||
Revenue from External Customer [Line Items] | ||||
Investment banking | 693 | 1,272 | 2,235 | 2,416 |
Institutional Securities | Operating Segments | Institutional Securities Underwriting | ||||
Revenue from External Customer [Line Items] | ||||
Investment banking | $ 584 | $ 1,577 | $ 1,748 | $ 5,422 |
Segment, Geographic and Reven_5
Segment, Geographic and Revenue Information - Trading Revenues by Product Type (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue | ||||
Trading revenues | $ 3,331 | $ 2,861 | $ 10,911 | $ 10,416 |
Interest rate | ||||
Disaggregation of Revenue | ||||
Trading revenues | 1,070 | (32) | 1,930 | 844 |
Foreign exchange | ||||
Disaggregation of Revenue | ||||
Trading revenues | 31 | 253 | 1,154 | 841 |
Equity | ||||
Disaggregation of Revenue | ||||
Trading revenues | 1,872 | 1,903 | 5,869 | 5,631 |
Commodity and other | ||||
Disaggregation of Revenue | ||||
Trading revenues | 279 | 538 | 1,288 | 2,079 |
Credit | ||||
Disaggregation of Revenue | ||||
Trading revenues | $ 79 | $ 199 | $ 670 | $ 1,021 |
Segment, Geographic and Reven_6
Segment, Geographic and Revenue Information - Investment Management Investments Revenues - Net Unrealized Carried Interest (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Segment Reporting [Abstract] | ||
Net cumulative unrealized performance-based fees at risk of reversing | $ 837 | $ 802 |
Segment, Geographic and Reven_7
Segment, Geographic and Revenue Information - Investment Management Asset Management Revenues - Reduction of Fees due to Fee Waivers (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting [Abstract] | ||||
Fee waivers | $ 28 | $ 139 | $ 193 | $ 364 |
Segment, Geographic and Reven_8
Segment, Geographic and Revenue Information - Other Expenses - Transaction Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting [Abstract] | ||||
Transaction taxes | $ 215 | $ 262 | $ 701 | $ 717 |
Segment, Geographic and Reven_9
Segment, Geographic and Revenue Information - Net Revenues by Region (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information | ||||
Net revenues | $ 12,986 | $ 14,753 | $ 40,919 | $ 45,231 |
Americas | ||||
Segment Reporting Information | ||||
Net revenues | 10,094 | 11,255 | 30,220 | 33,331 |
EMEA | ||||
Segment Reporting Information | ||||
Net revenues | 1,392 | 1,752 | 5,381 | 6,004 |
Asia | ||||
Segment Reporting Information | ||||
Net revenues | $ 1,500 | $ 1,746 | $ 5,318 | $ 5,896 |
Segment, Geographic and Reve_10
Segment, Geographic and Revenue Information - Revenue Recognized from Prior Services (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting [Abstract] | ||||
Non-interest revenues | $ 788 | $ 1,308 | $ 2,036 | $ 1,862 |
Segment, Geographic and Reve_11
Segment, Geographic and Revenue Information - Receivables from Contracts with Customers (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Segment Reporting [Abstract] | ||
Customer and other receivables | $ 2,483 | $ 3,591 |
Segment, Geographic and Reve_12
Segment, Geographic and Revenue Information - Assets by Business Segment (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Segment Reporting Information | ||
Assets | $ 1,160,029 | $ 1,188,140 |
Institutional Securities | ||
Segment Reporting Information | ||
Assets | 786,384 | 792,135 |
Wealth Management | ||
Segment Reporting Information | ||
Assets | 356,467 | 378,438 |
Investment Management | ||
Segment Reporting Information | ||
Assets | $ 17,178 | $ 17,567 |