Morgan Stanley (MS) 10-Q 4 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	MS
Entity Registrant Name	MORGAN STANLEY
Entity Central Index Key	895,421
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		1,770,260,439

Consolidated Income Statements

Consolidated Income Statements (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Investment banking	$ 1,634	$ 1,545
Trading	3,770	3,235
Investments	126	165
Commissions and fees	1,173	1,033
Asset management	3,192	2,767
Other	207	229
Total non-interest revenues	10,102	8,974
Interest income	2,860	1,965
Interest expense	1,885	1,194
Net interest	975	771
Net revenues	11,077	9,745
Non-interest expenses
Compensation and benefits	4,914	4,466
Occupancy and equipment	336	327
Brokerage, clearing and exchange fees	627	509
Information processing and communications	478	428
Marketing and business development	140	136
Professional services	510	527
Other	652	544
Total non-interest expenses	7,657	6,937
Income from continuing operations before income taxes	3,420	2,808
Provision for income taxes	714	815
Income from continuing operations	2,706	1,993
Income (loss) from discontinued operations, net of income taxes	(2)	(22)
Net income	2,704	1,971
Net income applicable to noncontrolling interests	36	41
Net income applicable to Morgan Stanley	2,668	1,930
Preferred stock dividends and other	93	90
Earnings applicable to Morgan Stanley common shareholders	$ 2,575	$ 1,840
Earnings per basic common share
Income from continuing operations	$ 1.48	$ 1.03
Income (loss) from discontinued operations	0	(0.01)
Earnings per basic common share	1.48	1.02
Earnings per diluted common share
Income from continuing operations	1.46	1.01
Income (loss) from discontinued operations	(0.01)	(0.01)
Earnings per diluted common share	1.45	1
Dividends declared per common share	$ 0.25	$ 0.2
Average common shares outstanding
Basic	1,740	1,801
Diluted	1,771	1,842

Consolidated Comprehensive Inco

Consolidated Comprehensive Income Statements (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Consolidated Comprehensive Income Statements
Net income	$ 2,704	$ 1,971
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	117	150
Change in net unrealized gains (losses) on available-for-sale securities	(410)	84
Pension, postretirement and other	5	0
Change in net debt valuation adjustment	451	9
Total other comprehensive income (loss)	163	243
Comprehensive income	2,867	2,214
Net income applicable to noncontrolling interests	36	41
Other comprehensive income (loss) applicable to noncontrolling interests	72	50
Comprehensive income applicable to Morgan Stanley	$ 2,759	$ 2,123

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and due from banks	$ 29,073	$ 24,816
Interest bearing deposits with banks	22,980	21,348
Restricted cash	35,291	34,231
Trading assets at fair value ($163,158 and $169,735 were pledged to various parties)	273,044	298,282
Investment securities (includes $56,749 and $55,203 at fair value)	80,641	78,802
Securities purchased under agreements to resell	80,246	84,258
Securities borrowed	135,835	124,010
Customer and other receivables	66,835	56,187
Held for investment (net of allowance of $243 and $224)	95,124	92,953
Held for sale	14,011	11,173
Goodwill	6,706	6,597
Intangible assets (net of accumulated amortization of $2,817 and $2,730)	2,427	2,448
Other assets	16,282	16,628
Total assets	858,495	851,733
Liabilities
Deposits (includes $242 and $204 at fair value)	160,424	159,436
Trading liabilities at fair value	139,023	131,295
Securities sold under agreements to repurchase (includes $792 and $800 at fair value)	51,575	56,424
Securities loaned	13,556	13,592
Other secured financings (includes $3,423 and $3,863 at fair value)	10,275	11,271
Customer and other payables	194,924	191,510
Other liabilities and accrued expenses	14,265	17,157
Borrowings (includes $47,533 and $46,912 at fair value)	194,964	192,582
Total liabilities	779,006	773,267
Commitments and contingent liabilities
Equity
Preferred stock	8,520	8,520
Common stock, $0.01 par value: Shares authorized: 3,500,000,000; Shares issued: 2,038,893,979; Shares outstanding: 1,773,934,393 and 1,788,086,805	20	20
Additional paid-in capital	23,260	23,545
Retained earnings	60,009	57,577
Employee stock trusts	2,907	2,907
Accumulated other comprehensive income (loss)	(3,406)	(3,060)
Common stock held in treasury at cost, $0.01 par value (264,959,586 and 250,807,174 shares)	(10,369)	(9,211)
Common stock issued to employee stock trusts	(2,907)	(2,907)
Total Morgan Stanley shareholders' equity	78,034	77,391
Noncontrolling interests	1,455	1,075
Total equity	79,489	78,466
Total liabilities and equity	$ 858,495	$ 851,733

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Consolidated Balance Sheets
Trading assets pledged to various parties	$ 163,158	$ 169,735
Investment securities at fair value	56,749	55,203
Allowance for loans held for investment	243	224
Intangible assets, accumulated amortization	2,817	2,730
Deposits at fair value	242	204
Securities sold under agreement to repurchase at fair value	792	800
Other secured financings at fair value	3,423	3,863
Borrowings at fair value	$ 47,533	$ 46,912
Common stock par value (per share)	$ 0.01	$ 0.01
Common stock, shares authorized	3,500,000,000	3,500,000,000
Common stock, shares issued	2,038,893,979	2,038,893,979
Common stock, shares outstanding	1,773,934,393	1,788,086,805
Common stock held in treasury, shares	264,959,586	250,807,174

Consolidated Statements of Chan

Consolidated Statements of Changes in Total Equity (Unaudited) - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Employee Stock Trusts	Accumulated Other Comprehensive Income (Loss)	Common Stock Held in Treasury at Cost	Common Stock Issued to Employee Stock Trusts	Non-controlling Interests
Balance at at Dec. 31, 2016	$ 77,177	$ 7,520	$ 20	$ 23,271	$ 53,679	$ 2,851	$ (2,643)	$ (5,797)	$ (2,851)	$ 1,127
Cumulative adjustment for accounting changes	10			45	(35)
Net income applicable to Morgan Stanley	1,930				1,930
Net income applicable to noncontrolling interests	41									41
Dividends	(465)				(465)
Shares issued under employee plans and related tax effects	373			(430)		186		803	(186)
Repurchases of common stock and employee tax withholdings	(1,161)							(1,161)
Net change in Accumulated other comprehensive income (loss)	243						193			50
Issuance of preferred stock	994	1,000		(6)
Other net increases (decreases)	(58)									(58)
Balance at at Mar. 31, 2017	79,084	8,520	20	22,880	55,109	3,037	(2,450)	(6,155)	(3,037)	1,160
Balance at at Dec. 31, 2017	78,466	8,520	20	23,545	57,577	2,907	(3,060)	(9,211)	(2,907)	1,075
Cumulative adjustment for accounting changes	(131)				306		(437)
Net income applicable to Morgan Stanley	2,668				2,668
Net income applicable to noncontrolling interests	36									36
Dividends	(542)				(542)
Shares issued under employee plans	425			(285)				710
Repurchases of common stock and employee tax withholdings	(1,868)							(1,868)
Net change in Accumulated other comprehensive income (loss)	163						91			72
Other net increases (decreases)	272									272
Balance at at Mar. 31, 2018	$ 79,489	$ 8,520	$ 20	$ 23,260	$ 60,009	$ 2,907	$ (3,406)	$ (10,369)	$ (2,907)	$ 1,455

Consolidated Cash Flow Statemen

Consolidated Cash Flow Statements (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income	$ 2,704	$ 1,971
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Deferred income taxes	0	0
(Income) loss from equity method investments	(50)	(9)
Stock-based compensation expense	321	269
Depreciation and amortization	390	434
Net gain on sale of available-for-sale securities	0	(2)
Impairment charges	8	5
Provision for credit losses on lending activities	26	25
Other operating adjustments	5	(74)
Changes in assets and liabilities:
Trading assets, net of Trading liabilities	33,832	(12,838)
Securities borrowed	(11,825)	13,433
Securities loaned	(36)	3,090
Customer and other receivables and other assets	(13,019)	(1,687)
Customer and other payables and other liabilities	1,129	(3,556)
Securities purchased under agreements to resell	4,012	(2,868)
Securities sold under agreements to repurchase	(4,849)	1,897
Net cash provided by (used for) operating activities	12,648	90
Cash flows from investing activities
Other assets-Premises, equipment and software, net	(410)	(350)
Business dispositions, net of cash disposed	0	0
Changes in loans, net	(3,801)	(1,105)
Investment securities:
Purchases	(5,482)	(6,449)
Proceeds from sales	810	3,604
Proceeds from paydowns and maturities	2,125	2,071
Other investing activities	(164)	61
Net cash provided by (used for) investing activities	(6,922)	(2,168)
Cash flows from financing activities
Noncontrolling interests	(5)	(2)
Other secured financings	(2,101)	199
Deposits	988	(3,754)
Proceeds from:
Derivatives financing activities	0	48
Issuance of preferred stock, net of issuance costs	0	994
Issuance of Borrowings	15,370	18,433
Payments for:
Borrowings	(11,377)	(11,538)
Derivatives financing activities	0	0
Repurchases of common stock and employee tax withholdings	(1,868)	(1,161)
Cash dividends	(599)	(511)
Other financing activities	(45)	14
Net cash provided by (used for) financing activities	363	2,722
Effect of exchange rate changes on cash and cash equivalents	860	877
Net increase (decrease) in cash and cash equivalents	6,949	1,521
Cash and cash equivalents, at beginning of period	80,395	77,360
Cash and cash equivalents, at end of period	87,344	78,881
Cash and cash equivalents:
Cash and due from banks	29,073	22,081
Interest bearing deposits with banks	22,980	20,773
Restricted cash	35,291	36,027
Cash and cash equivalents, at end of period	87,344	78,881
Supplemental Disclosure of Cash Flow Information
Cash payments for interest	1,407	737
Cash payments for income taxes, net of refunds	$ 250	$ 262

Introduction and Basis of Prese

Introduction and Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Introduction and Basis of Presentation
Introduction and Basis of Presentation	1 . Introduction and Basis of Presentation The Firm Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Unless the context otherwise requires, the terms “Morgan Stanley” or the “Firm” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Acronyms” for definitions of certain acronyms used throughout this Form 10-Q. A descript ion of the clients and principal products and services of each of the Firm ’s business segments is as follows: Institutional Securities provides investment banking, sales and trading, lending and other services to corporations, governments, financial inst itutions, and high to ultra-high net worth clients. Investment banking services consist of capital raising and financial advisory services, including services relating to the underwriting of debt, equity and other securities, as well as advice on mergers a nd acquisitions, restructurings, real estate and project finance. Sales and trading services include sales, financing, prime brokerage and market-making activities in equity and fixed income products, including foreign exchange and commodities . Le nding services include originating and/or purchasing corporate loans, commercial and residential mortgage lending, asset-backed lending, financing extended to equities and commodities customers, and loans to municipalities. Other activities include investm ents and research. Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions covering brokerage and investment advisory services, financial and wealth planning services, annuity and insurance products, credit 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 include equity, fixed income, liquidity and alternative/other products. Institutional clients include defined benefit/def ined contribution plans , foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are serviced through intermediaries, including affiliated and non-affiliated distributors. Basis of Financial Information The unaudited consolidated financial statements (“financial statements”) are prepared in accordance with U.S. GAAP , which requires the Firm to make estimates and assumptions regarding the valuations of ce rtain financial instruments, the valuation of goodwill and intangible assets, compensation, deferred tax assets, the outcome of legal and tax matters, allowance for credit losses and other matters that affect its financial statements and related disclosure s. 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. Intercompany balances and transactions have been eliminated. Certain re classifications have been made to prior periods to conform to the current presentation. The accompanying financial statements should be read in conjunction with the Firm’s financial statements and notes thereto included in the 2017 Form 10-K. Certain footnote disclosures included in the 2017 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 natur e 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 12 ). For consolidated subsidiaries that are less than 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 consoli dated income statements (“income statements”). The portion of shareholders’ equity that is attributable to noncontrolling interests for such subsidiaries is presented as noncontrolling interests, a component of total equity, in the consolidated balance she ets (“balance sheets”). For a discussion of the Firm’s involvement with VIEs and its significant regulated U.S. and international subsidiaries, see Notes 1 and 2 to the financial statements in the 2017 Form 10-K.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Significant Accounting Policies
Significant Accounting Policies	2 . Significant Accounting Policies For a detailed discussion about the Firm’s significant accounting policies, see Note 2 to the financial statements in the 2017 Form 10-K. During the three months ended March 31, 2018 (“current quarter”), there were no significant revisions to the Firm’s significant accounting policies, other than the following and the accounting updates adopted. Carried Interest The Firm is entitled to receive performance-based fees (also referred to as incentive fees, and includes carried interest) when the return on assets under management exceeds certain benchmark returns or other performance targets. Beginning January 1, 2018, when the Firm earns carried interest from funds as specified performance thresholds are met, that carried interest and any related general or limited partner interest is accounted for under the equity method of accounting and mea sured based on the Firm’s claim on the NAV of the fund at the reporting date taking into account the distribution terms applicable to the interest held. Performance-based fees in the form of carried interest considered equity method investments are therefo re outside the scope of the policies for revenue from contracts with customers discussed below. See Note 11 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously rec eived. Accounting Updates Adopted The Firm adopted the following accounting updates in the current quarter . Prior year quarter results are presented under previous policies. See Note 14 for a summary of the Retained earnings impacts of these and o ther minor adoptions effective this quarter. Revenue from Contracts with Customers On January 1, 2018, we adopted Revenue from Contracts with Customers using the modified retrospective method, which resulted in a net decrease to Retained earnings of $ 32 million, net of tax. P rior period amounts were not restated. See Note 20 for new disclosures related to the adoption of this standard. Our revised accounting policy in accordance with this adoption is effective January 1, 2018 , and is discussed below. Revenue R ecognition Revenues are recognized when the promised goods or services are delivered to our customers, in an amount that is based on the consideration the Firm expects to receive in exchange for those goods or services when such amounts are not probable of significant reversal . Investment Banking Revenue from investment banking activities consists of revenues earned from underwriting primarily equity and fixed income securities and advisory fees for mergers, acquisitions, re structuring and advisory assignments. Underwriting revenues are generally recognized on trade date if there is no uncertainty or contingency related to the amount to be paid. Underwriting costs are deferred and recognized in the relevant non-compensation expense line items when the related underwriting revenues are recorded. Advisory fees are recognized as advice is provided to the client, based on the estimated progress of work and when the revenue is not probable of a sign ificant reversal. Advisory costs are recognized as incurred in the relevant non-compensation expense line items, including when reimbursed. Commissions and Fees Commission and fee revenues result from transaction-based arrangements in which the client is charged a fee for the execution of transactions. Such revenues primarily arise from transactions in equity securities; services related to sales and trading activities; and sales of mutual funds, alternative funds, futures, insurance products and options. Commission and fee revenues are recognized on trade date when the performance obligation is satisfied. Asset Management Revenues Asset management, distribution and administration fees are generally based on related asset levels being managed, such as t he AUM of a customer’s account, or the net asset value of a fund. These fees are generally recognized when services are performed and the fees become known . Management fees are reduced by estimated fee waivers and expense caps, if any, provided to the cust omer. Performance-based fees not in the form of carried interest are recorded when the annual performance target is met and the revenue is not probable of a significant reversal . Performance-based fees in the form of carried interest are considered equity method investments and are therefore outside the scope of these policies for revenue from contracts with customers. Sales commissions paid by the Firm in connection with the sale of certain classes of shares of its open-end mutual fun d products are accounted for as deferred commission assets and amortized to expense over the expected life of the contract . The Firm periodically tests deferred commission assets for recoverability based on cash flows expected to be received in future peri ods. Other asset management and distribution costs are recognized as incurred in the relevant non-compensation expense line items. Other I tems Revenue from commodities-related contracts is recognized as the promised goods or services are delivered to the customer. R eceivables from contracts with customers are recognized in Customer and other receivables in the balance sheets when the underlying performance obligations have been satisfied and the Firm has the right per the contract to bill the customer. C ontract assets are recognized in Other assets when the Firm has satisfied its performance obligations, but customer payment is con ditional . Contract liabilities are recognized in Other liabilities when the Firm has collected payment from a customer based o n the terms of the contract, but the underlying performance obligations are not yet satisfied. For contracts with a term less than one year, incremental costs to obtain the contract are expensed as incurred. Revenues are not discounted when payment is expected within one year. The Firm presents, net within revenues, all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Firm from a customer . Derivatives and Hedging–Targeted Improvements to Accounting for Hedging Activities This accounting update aims to better align the hedge accounting requirements with an entity’s risk management strategies and improve the financial reporting of hedging relationships. It also results in simplification of the application of hedge accounting related to the assessment of hedge effectiveness. The Firm early adopted this accounting update in the first quarter of 2018. Upon adoption, the Firm recorded a cumul ative catch-up adjustment, decreasing Retained earnings by $ 99 million, net of tax. This adjustment represents the cumulative effect of applying the new rules from the inc eption of certain fair value hedges of the interest rate risk of our borrowings, in p articular the provision allowing only the benchmark rate component of coupon cash flows to be hedged. Effective January 1, 2018, in accordance with this adoption, t he Firm has updated its accounting policies to permit the hedged item in a fair value hedge of interest rate risk to be defined as including only the benchmark rate component of contractual coupon cash flows, and to allow for hedging part of the contractual term of the hedged instrument. The accounting policy also requires the entire gain or los s from revaluing hedges of net investments in foreign operations at the spot rate to be reported within AOCI. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income This accounting update, which the Firm elected to early adop t as of January 1, 2018, allows compan ies to reclassify from AOCI to R etained earnings the stranded tax effects associated with enactment of the Tax Act on December 22, 2017. These stranded tax effects resulted from the requirement to reflect the total amo unt of the remeasurement of and other adjustments to deferred tax assets and liabilities in 2017 income from continuing operations, regardless of whe ther the deferred taxes were originally recorded in AOCI . Accordingly, as of January 1, 2018, the Firm reco rded a net increase to Retained earnings as a result of the reclassification of $ 443 million of such stranded tax effects previously recorded in AOCI, which were primarily the result of the remeasurement of deferred tax assets and liabilities associated wi th the change in tax rates. Aside from the above treatment related to the Tax Act, the Firm releases stranded tax effects from AOCI into earnings once the related category of instruments or transactions giving rise to these effects no longer exists . For further detail on the tax effects reclassified, refer to Note 14 to the financial statements .

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures
Fair Value Disclosures	3 . Fair Value s Fair Value Measurement Assets and Liabilities Measured at Fair Value on a Recurring Basis At March 31, 2018 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 22,675 $ 23,430 $ — $ — $ 46,105 Other sovereign government obligations 18,185 9,371 7 — 27,563 State and municipal securities — 3,235 2 — 3,237 MABS — 1,799 342 — 2,141 Loans and lending commitments 2 — 4,865 8,128 — 12,993 Corporate and other debt — 21,392 814 — 22,206 Corporate equities 3 120,280 494 233 — 121,007 Derivative and other contracts: Interest rate 989 176,030 1,250 — 178,269 Credit — 6,971 362 — 7,333 Foreign exchange 45 53,504 29 — 53,578 Equity 1,165 44,506 3,871 — 49,542 Commodity and other 383 6,908 4,576 — 11,867 Netting 1 (1,665) (216,759) (1,581) (47,436) (267,441) Total derivative and other contracts 917 71,160 8,507 (47,436) 33,148 Investments 4 482 372 1,012 — 1,866 Physical commodities — 205 — — 205 Total trading assets 4 162,539 136,323 19,045 (47,436) 270,471 Investment securities— AFS 29,979 26,770 — — 56,749 Intangible assets — 3 — — 3 Total assets at fair value $ 192,518 $ 163,096 $ 19,045 $ (47,436) $ 327,223 At March 31, 2018 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 198 $ 44 $ — $ 242 Trading liabilities: U.S. Treasury and agency securities 20,182 32 — — 20,214 Other sovereign government obligations 24,281 3,890 3 — 28,174 Corporate and other debt — 7,886 4 — 7,890 Corporate equities 3 56,667 60 32 — 56,759 Derivative and other contracts: Interest rate 1,043 159,538 580 — 161,161 Credit — 7,456 392 — 7,848 Foreign exchange 31 53,408 62 — 53,501 Equity 1,054 46,616 2,856 — 50,526 Commodity and other 543 5,680 2,916 — 9,139 Netting 1 (1,665) (216,759) (1,581) (36,184) (256,189) Total derivative and other contracts 1,006 55,939 5,225 (36,184) 25,986 Total trading liabilities 102,136 67,807 5,264 (36,184) 139,023 Securities sold under agreements to repurchase — 792 — — 792 Other secured financings — 3,203 220 — 3,423 Borrowings — 43,907 3,626 — 47,533 Total liabilities at fair value $ 102,136 $ 115,907 $ 9,154 $ (36,184) $ 191,013 At December 31, 2017 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 22,077 $ 26,888 $ — $ — $ 48,965 Other sovereign government obligations 20,234 7,825 1 — 28,060 State and municipal securities — 3,592 8 — 3,600 MABS — 2,364 423 — 2,787 Loans and lending commitments 2 — 4,791 5,945 — 10,736 Corporate and other debt — 16,837 701 — 17,538 Corporate equities 3 149,697 492 166 — 150,355 Derivative and other contracts: Interest rate 472 178,704 1,763 — 180,939 Credit — 7,602 420 — 8,022 Foreign exchange 58 53,724 15 — 53,797 Equity 1,101 40,359 3,530 — 44,990 Commodity and other 1,126 5,390 4,147 — 10,663 Netting 1 (2,088) (216,764) (1,575) (47,171) (267,598) Total derivative and other contracts 669 69,015 8,300 (47,171) 30,813 Investments 4 297 523 1,020 — 1,840 Physical commodities — 1,024 — — 1,024 Total trading assets 4 192,974 133,351 16,564 (47,171) 295,718 Investment securities— AFS 27,522 27,681 — — 55,203 Intangible assets — 3 — — 3 Total assets at fair value $ 220,496 $ 161,035 $ 16,564 $ (47,171) $ 350,924 At December 31, 2017 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 157 $ 47 $ — $ 204 Trading liabilities: U.S. Treasury and agency securities 17,802 24 — — 17,826 Other sovereign government obligations 24,857 2,016 — — 26,873 Corporate and other debt — 7,141 3 — 7,144 Corporate equities 3 52,653 82 22 — 52,757 Derivative and other contracts: Interest rate 364 162,239 545 — 163,148 Credit — 8,166 379 — 8,545 Foreign exchange 23 55,118 127 — 55,268 Equity 1,001 44,666 2,322 — 47,989 Commodity and other 1,032 5,156 2,701 — 8,889 Netting 1 (2,088) (216,764) (1,575) (36,717) (257,144) Total derivative and other contracts 332 58,581 4,499 (36,717) 26,695 Total trading liabilities 95,644 67,844 4,524 (36,717) 131,295 Securities sold under agreements to repurchase — 650 150 — 800 Other secured financings — 3,624 239 — 3,863 Borrowings — 43,928 2,984 — 46,912 Total liabilities at fair value $ 95,644 $ 116,203 $ 7,944 $ (36,717) $ 183,074 MABS—Mortgage- and a sset-backed securities 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.” P ositions 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 4 . For a further breakdown by type, see the following Loans and Lending Commitments at Fair Value table. For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes. 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 “ Measured Based on N et Asset Value ” herein . Loans and Lending Commitments at Fair Value $ in millions At March 31, 2018 At December 31, 2017 Corporate $ 9,346 $ 8,358 Residential real estate 706 799 Wholesale real estate 2,941 1,579 Total $ 12,993 $ 10,736 Unsettled Fair Value of Futures Contracts 1 $ in millions At March 31, 2018 At December 31, 2017 Customer and other receivables, net $ 714 $ 831 These contracts are primarily Level 1, actively traded , valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables . For a description of the valuation techniques applied to the Firm’s major categories of assets and liabilities measured at fair value on a recurring basis, see Note 3 to the financial statements in the 2017 Form 10-K. During the current quarter, there were no significant revisions made to the Firm’s valuation techniques. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basi s The following tables present additional information about Level 3 assets and liabilities measured at fair value on a recurring basis . Level 3 instruments may be hedged with instruments cla ssified in Level 1 and Level 2. As a result, the realized and unrealized gains (losses) fo r assets and liabilities within the Level 3 category presented in the following tables do not reflect the relat ed realized and unrealized gains (losses) on hedging instruments that have been classified by the Firm within the Level 1 and/or Level 2 categories. Additionally, the unrealized gains (losses) during the period for assets and liabilities within the Level 3 category presented in the following tables herein 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 reven ues in the income statements . Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Current Quarter $ in millions Beginning Balance at December 31, 2017 Realized and Unrealized Gains (Losses) Purchases 1 Sales and Issuances 2 Settlements 1 Net Transfers Ending Balance at March 31, 2018 Unrealized Gains (Losses) Assets at fair value Trading assets: Other sovereign government obligations $ 1 $ — $ 7 $ — $ — $ (1) $ 7 $ — State and municipal securities 8 — 1 (7) — — 2 — MABS 423 77 64 (238) (16) 32 342 2 Loans and lending commitments 5,945 28 3,740 (283) (1,218) (84) 8,128 (9) Corporate and other debt 701 1 350 (243) — 5 814 (1) Corporate equities 166 — 166 (132) — 33 233 (9) Net derivative and other contracts 3 : Interest rate 1,218 52 32 (41) (81) (510) 670 75 Credit 41 (107) — — 38 (2) (30) (109) Foreign exchange (112) 57 — (31) 33 20 (33) (9) Equity 1,208 356 142 (799) 159 (51) 1,015 315 Commodity and other 1,446 217 13 (6) (57) 47 1,660 149 Total net derivative and other contracts 3,801 575 187 (877) 92 (496) 3,282 421 Investments 1,020 44 21 (78) — 5 1,012 22 Liabilities at fair value Deposits $ 47 $ 1 $ — $ 9 $ (1) $ (10) $ 44 $ 1 Trading liabilities: Other sovereign government obligations — — — 3 — — 3 — Corporate and other debt 3 — (2) 1 — 2 4 — Corporate equities 22 4 (5) 11 — 8 32 4 Securities sold under agreements to repurchase 150 — — — — (150) — — Other secured financings 239 13 — 4 (10) — 220 13 Borrowings 2,984 102 — 640 (83) 187 3,626 99 Loan originations and consolid ations of VIEs are included in P urchases and deconsolid ations of VIEs are included in S ettlements. Amounts related to entering into Net derivative and other contracts, Deposits, Other secured financings and B orrowings primarily represent issuances. Amounts for other line items primarily represent sales. Net derivative and other contracts represent Trading assets—Derivative and other contracts, net of Trading liabilities—Derivative and other contracts . Amounts are presen ted before counterparty netting. Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Prior Year Quarter $ in millions Beginning Balance at December 31, 2016 Realized and Unrealized Gains (Losses) Purchases 1 Sales and Issuances 2 Settlements 1 Net Transfers Ending Balance at March 31, 2017 Unrealized Gains (Losses) Assets at fair value Trading assets: U.S. Treasury and agency securities $ 74 $ — $ 42 $ (241) $ — $ 167 $ 42 $ — Other sovereign government obligations 6 — 61 (2) — — 65 — State and municipal securities 250 — 2 (2) — (195) 55 — MABS 217 7 39 (56) (11) 20 216 (1) Loans and lending commitments 5,122 53 757 (555) (985) 87 4,479 39 Corporate and other debt 475 21 262 (142) (1) 102 717 3 Corporate equities 446 (1) 41 (105) — (71) 310 3 Net derivative and other contracts 3 : Interest rate 420 (114) 46 (24) 16 (46) 298 (127) Credit (373) (25) 6 (5) 41 5 (351) (33) Foreign exchange (43) (36) 1 — 11 (4) (71) (20) Equity 184 (144) 83 (121) 231 (16) 217 (81) Commodity and other 1,600 127 6 (28) (69) (133) 1,503 34 Total net derivative and other contracts 1,788 (192) 142 (178) 230 (194) 1,596 (227) Investments 958 8 62 (3) (66) 2 961 8 Liabilities at fair value Deposits $ 42 $ (1) $ — $ 13 $ — $ — $ 56 $ (1) Trading liabilities: Corporate and other debt 36 (1) (119) 101 — 17 36 (1) Corporate equities 35 12 (68) 26 — 21 2 — Securities sold under agreements to repurchase 149 1 — — — — 148 1 Other secured financings 434 (19) — 13 (220) (43) 203 (12) Borrowings 2,014 (59) — 270 (165) (86) 2,092 (58) Loan originations and consolidations of VIE s are included in P urchases and deconsolidations of VIE s are included in S ettlements. Amounts related to entering into Net derivative and other contracts, Deposits, Other secured financings and B orrowings primarily represent issuances. Amounts for other line items primarily represent sales. Net derivative and other contracts represent Trading assets—Derivative and other contracts, net of Trading liabilities—Derivative and other contracts . Amounts are presen ted before counterparty netting. Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements The following disclosures provide information on the valuation techniques, significant unobservable inputs, and their 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. 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. For qualitative information on the sensitivity of the fair valu e measurements to changes in the significant unobservable inputs , see Note 3 to the financial statements in the 2017 Form 10-K . There are no predictable relationships between multiple significant unobservable inputs attributable to a given valuation techni que. A single amount is disclosed when there is no significant difference between the minimum, maximum and average (weighted average or simple average/median ). Valuation Techniques and Sensitivity of Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Predominant Valuation Techniques/ Range (Weighted Average or Simple Average/Median) 1 $ in millions, except inputs Significant Unobservable Inputs At March 31, 2018 At December 31, 2017 Recurring Fair Value Measurement Assets at fair value MABS ($342 and $423) Comparable pricing: Comparable bond price 0 to 95 points (41 points) 0 to 95 points (26 points) Loans and lending commitments ($8,128 and $5,945) Margin loan model: Discount rate 0% to 3% (1%) 0% to 3% (1%) Volatility skew 9% to 67% (28%) 7% to 41% (22%) Comparable pricing: Comparable loan price 55 to 101 points (97 points) 55 to 102 points (95 points) Corporate and other debt ($814 and $701) Comparable pricing: Comparable bond price 3 to 100 points (70 points) 3 to 134 points (59 points) Discounted cash flow: Recovery rate 16% 6% to 36% (27%) Discount rate 7% to 20% (15%) 7% to 20% (14%) Option model: At the money volatility 15% to 52% (33%) 17% to 52% (52%) Corporate equities ($233 and $166) Comparable pricing: Comparable equity price 100% 100% Net derivative and other contracts 2 : Interest rate ($670 and $1,218) Option model: Interest rate volatility skew 29% to 106% (40% / 43%) 31% to 97% (41% / 47%) Inflation volatility 23% to 61% (44% / 41%) 23% to 63% (44% / 41%) Interest rate curve 1% to 2% (2% / 2%) 2% Credit ($(30) and $41) Comparable pricing: Cash synthetic basis 10 to 11 points (11 points) 12 to 13 points (12 points) Comparable bond price 0 to 75 points (25 points) 0 to 75 points (25 points) Correlation model: Credit correlation 39% to 67% (50%) 38% to 100% (48%) Foreign exchange 3 ( $(33) and $(112)) Option model: Interest rate - Foreign exchange correlation 55% to 57% (56% / 56%) 54% to 57% (56% / 56%) Interest rate volatility skew 29% to 106% (40% / 43%) 31% to 97% (41% / 47%) Contingency probability 90% to 95% (93% / 93%) 95% to 100% (96% / 95%) Equity 3 ( $1,015 and $1,208) Option model: At the money volatility 14% to 55% (35%) 7% to 54% (32%) Volatility skew -3% to 0% (-1%) -5% to 0% (-1%) Equity - Equity correlation 5% to 99% (76%) 5% to 99% (76%) Equity - Foreign exchange correlation -62% to 55% (-42%) -55% to 40% (36%) Equity - Interest rate correlation -7% to 48% (18% / 14%) -7% to 49% (18% / 20%) Commodity and other ($1,660 and $1,446) Option model: Forward power price $2 to $212 ($30) per MWh $4 to $102 ($31) per MWh Commodity volatility 5% to 167% (14%) 7% to 205% (17%) Cross-commodity correlation 5% to 99% (92%) 5% to 99% (92%) Investments ($1,012 and $1,020) Discounted cash flow: WACC 9% to 15% (9%) 8% to 15% (9%) Exit multiple 8 to 10 times (10 times) 8 to 11 times (10 times) Market approach: EBITDA multiple 6 to 24 times (11 times) 6 to 25 times (11 times) Comparable pricing: Comparable equity price 35% to 100% (93%) 45% to 100% (92%) Liabilities at Fair Value Securities sold under agreements to repurchase ($ and $150) Discounted cash flow: Funding spread N/A 107 to 126 bps (120 bps) Other secured financings ($220 and $239) Discounted cash flow: Funding spread 54 to 93 bps (74 bps) 39 to 76 bps (57 bps) Option model: Volatility skew -1% -1% At the money volatility 10% to 40% (26%) 10% to 40% (26%) Borrowings ($3,626 and $2,984) Option model: At the money volatility 5% to 33% (23%) 5% to 35% (22%) Volatility skew -2% to 0% (0%) -2% to 0% (0%) Equity - Equity correlation 45% to 95% (81%) 39% to 95% (86%) Equity - Foreign exchange correlation -43% to 30% (-26%) -55% to 10% (-18%) Nonrecurring Fair Value Measurement Assets at fair value Loans ($1,057 and $924) Corporate loan model: Credit spread 94 to 432 bps (206 bps) 93 to 563 bps (239 bps) Expected recovery: Asset coverage 95% to 99% (95%) 95% to 99% (95%) Points—Percentage of par A mounts represent weighted averages except where simple averages and the median of the inputs are provided when more relevant . CVA and FVA are included in the balance but excluded from the Valuation Technique(s) and Significant Unobservable Inputs . CVA is a Level 3 input when the underlying counterparty credit curve is unobservable. FVA is a Level 3 input in its entirety given the lack of observability of funding spreads in the principal market . Includes derivative contracts with multiple r isks ( i.e. , hybrid products). For a description of the Firm’s significant unobservable inputs and related sensitivity, see Note 3 to the financial sta tements in the 2017 Form 10-K. During the current quarter , there were no significant revisions made to the Firm’s significant unobservable inputs. Measured Based on Net Asset Value For a description of the Firm’s investments in private equity funds, rea l estate funds and hedge funds , which are measured based on NAV , see Note 3 to the financial statements in the 201 7 Form 10-K. At March 31, 2018 At December 31, 2017 Carrying Carrying $ in millions Value Commitment Value Commitment Private equity $ 1,678 $ 304 $ 1,674 $ 308 Real estate 796 181 800 183 Hedge 1 99 4 90 4 Total $ 2,573 $ 489 $ 2,564 $ 495 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 fees in the form of carried interest. The carrying amounts are measured based on the NAV of the fund taking into account the distribution terms applicable to the interest held. This same measurement applies whether investments are accounted for under the equity method or fair value. See Note 11 for information regarding general partner gu arantees, which include potential obligations to return performance fee distributions previously received. See Note 19 for information regardin g related performance fees at risk of reversal, including performance fees in the form of carried interest . Nonredeemable Funds by Contractual Maturity Carrying Value at March 31, 2018 $ in millions Private Equity Real Estate Less than 5 years $ 430 $ 60 5-10 years 1,054 527 Over 10 years 194 209 Total $ 1,678 $ 796 Fair Value Option The Firm 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 c omplexities of applying certain accounting models . Earnings Impact of Instruments under the Fair Value Option Interest Trading Income Net $ in millions Revenues (Expense) Revenues Three Months Ended March 31, 2018 Borrowings $ 26 $ (102) $ (76) Three Months Ended March 31, 2017 Borrowings $ (1,625) $ (119) $ (1,744) Gains (losses) are mainly attributable to changes in foreign currency rates or interest rates or movements in the reference price or index. The amounts in the previous table are included within Net revenues and do not reflect any gains or losses on related hedging instruments. Gains (Losses) Due to Changes in Instrument-Specific Credit Risk Three Months Ended March 31, 2018 2017 $ in millions Trading Revenues OCI Trading Revenues OCI Borrowings $ (15) $ 593 $ (4) $ 14 Securities sold under agreements to repurchase ─ 2 ─ (3) Loans and other debt 1 81 ─ (3) ─ Lending commitments 2 2 ─ ─ ─ $ in millions At March 31, 2018 At December 31, 2017 Cumulative pre-tax DVA gain (loss) recognized in AOCI $ (1,236) $ (1,831) 1 . Loans and other debt instrument-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses. 2 . Gains (losses) on lending commitments were generally determined based on the differen ce between estimated expected client yields and contractual yields at each respective period-end . Borrowings Measured at Fair Value on a Recurring Basis At At March 31, December 31, $ in millions 2018 2017 Business Unit Responsible for Risk Management Equity $ 25,181 $ 25,903 Interest rates 19,744 19,230 Foreign exchange 622 666 Credit 855 815 Commodities 1,131 298 Total $ 47,533 $ 46,912 Excess of Contractual Principal Amount Over Fair Value At At March 31, December 31, $ in millions 2018 2017 Loans and other debt 1 $ 14,843 $ 13,481 Loans 90 or more days past due and/or on nonaccrual status 1 11,834 11,253 Borrowings 2 897 71 1. The majority of the difference between principal and fair value amounts for loans and other debt relates to distressed debt positions purchased at amounts well below par. 2. B orrowings do not include structured notes where the repayment of the initial principal amount fluctuates based on changes in a reference price or index . Fair Value Loans on Nonaccrual Status At At March 31, December 31, $ in millions 2018 2017 Nonaccrual loans $ 1,315 $ 1,240 Nonaccrual loans 90 or more days past due $ 654 $ 779 The previous tables exclude non-recourse debt from consolidated VIEs , liabilities related to failed sales of financial assets, pledged commodities and other liabilities that have specified assets attributable to them. M easured at Fair Value on a Nonr ecurring Basis Carrying and Fair Values At March 31, 2018 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 1,352 $ 1,057 $ 2,409 Other assets—Premises, equipment and software ─ ─ ─ Total $ 1,352 $ 1,057 $ 2,409 Liabilities Other liabilities and accrued expenses— Lending commitments $ 173 $ 40 $ 213 Total $ 173 $ 40 $ 213 At December 31, 2017 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 1,394 $ 924 $ 2,318 Other assets—Other investments ─ 144 144 Total $ 1,394 $ 1,068 $ 2,462 Liabilities Other liabilities and accrued expenses— Lending commitments $ 158 $ 38 $ 196 Total $ 158 $ 38 $ 196 For significant Level 3 balances, r efer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement. Gains (Losses) from Fair Value Remeasurements 1 Three Months Ended March 31, $ in millions 2018 2017 Assets Loans 2 $ 8 $ 32 Other assets—Premises, equipment and software 3 (8) (5) Total $ ─ $ 27 Liabilities Other liabilities and accrued expenses — Lending commitments 2 $ 6 $ 11 Total $ 6 $ 11 Gains and losses for Loans are classified in Other revenues. For other items, gains and losses are recorded in Other revenues if the item is held for sale, otherwise in Other expenses. Non recurring changes in the fair value of loans and lending commitments were calculated as follows: for the held for investment category, based on the value of the underlying collateral; and for the held for sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such trans actions and quotations are unobservable. Losses related to Other assets—Premises, equipment and software costs were determined using techniques that included a default recovery analysis and recently executed transactions . Financial Instruments Not Measured at Fair Value At March 31, 2018 Carrying Fair Value $ in millions Value Level 1 Level 2 Level 3 Total Financial Assets Cash and cash equivalents: Cash and due from banks $ 29,073 $ 29,073 $ — $ — $ 29,073 Interest bearing deposits with banks 22,980 22,980 — — 22,980 Restricted cash 35,291 35,291 — — 35,291 Investment securities— HTM 23,892 11,327 11,270 322 22,919 Securities purchased under agreements to resell 80,246 — 80,175 16 80,191 Securities borrowed 135,835 — 135,781 — 135,781 Customer and other receivables 1 61,017 — 57,405 3,433 60,838 Loans 2 109,135 — 25,687 83,146 108,833 Other assets 438 — 438 — 438 Financial Liabilities Deposits $ 160,182 $ — $ 160,172 $ — $ 160,172 Securities sold under agreements to repurchase 50,783 — 50,763 1 50,764 Securities loaned 13,556 — 13,623 — 13,623 Other secured financings 6,852 — 6,265 607 6,872 Customer and other payables 1 191,332 — 191,332 — 191,332 Borrowings 147,431 — 151,664 27 151,691 At December 31, 2017 Carrying Fair Value $ in millions Value Level 1 Level 2 Level 3 Total Financial Assets Cash and cash equivalents: Cash and due from banks $ 24,816 $ 24,816 $ — $ — $ 24,816 Interest bearing deposits with banks 21,348 21,348 — — 21,348 Restricted cash 34,231 34,231 — — 34,231 Investment securities— HTM 23,599 11,119 11,673 289 23,081 Securities purchased under agreements to resell 84,258 — 78,239 5,978 84,217 Securities borrowed 124,010 — 124,018 1 124,019 Customer and other receivables 1 51,269 — 47,159 3,984 51,143 Loans 2 104,126 — 21,290 82,928 104,218 Other assets 433 — 433 — 433 Financial Liabilities Deposits $ 159,232 $ — $ 159,232 $ — $ 159,232 Securities sold under agreements to repurchase 55,624 — 51,752 3,867 55,619 Securities loaned 13,592 — 13,191 401 13,592 Other secured financings 7,408 — 5,987 1,431 7,418 Customer and other payables 1 188,464 — 188,464 — 188,464 Borrowings 145,670 — 151,692 30 151,722 Accrued interest and dividend receivables and payables where carrying value approximates fair value have been excluded. Amounts include loans measured at fair value on a non recurring basis . Commitments—Held for Investment and Held for Sale Commitment Fair Value $ in millions Amount 1 Level 2 Level 3 Total March 31, 2018 $ 117,582 $ 643 $ 185 $ 828 December 31, 2017 100,151 620 174 794 For further discussion on lending commitments, see Note 11 . The previous tables exclude certain financial instruments such as equity method investments and all non-financial assets and liabilities such as the value of the long-term relationships with the Firm’s deposit customers. During the current quarter, there were no significant updates made to the Firm’s valuation techniques for financial instruments not measured at fair value.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	4 . Derivative Instruments and Hedging Activities Derivative Fair Values At March 31, 2018 Assets $ in millions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate contracts $ 804 $ 1 $ — $ 805 Foreign exchange contracts 43 7 — 50 Total 847 8 — 855 Not designated as accounting hedges Interest rate contracts 175,200 1,742 522 177,464 Credit contracts 5,352 1,981 — 7,333 Foreign exchange contracts 52,711 764 53 53,528 Equity contracts 25,320 — 24,222 49,542 Commodity and other contracts 10,295 — 1,572 11,867 Total 268,878 4,487 26,369 299,734 Total gross derivatives $ 269,725 $ 4,495 $ 26,369 $ 300,589 Amounts offset Counterparty netting (198,282) (3,424) (22,787) (224,493) Cash collateral netting (42,284) (664) — (42,948) Total in Trading assets $ 29,159 $ 407 $ 3,582 $ 33,148 Amounts not offset 1 Financial instruments collateral (12,646) — — (12,646) Other cash collateral (20) — — (20) Net amounts $ 16,493 $ 407 $ 3,582 $ 20,482 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 3,876 Liabilities $ in millions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate contracts $ 174 $ 1 $ — $ 175 Foreign exchange contracts 107 22 — 129 Total 281 23 — 304 Not designated as accounting hedges Interest rate contracts 159,276 1,267 443 160,986 Credit contracts 5,723 2,125 — 7,848 Foreign exchange contracts 52,493 835 44 53,372 Equity contracts 26,778 — 23,748 50,526 Commodity and other contracts 7,583 — 1,556 9,139 Total 251,853 4,227 25,791 281,871 Total gross derivatives $ 252,134 $ 4,250 $ 25,791 $ 282,175 Amounts offset Counterparty netting (198,282) (3,424) (22,787) (224,493) Cash collateral netting (31,280) (416) — (31,696) Total in Trading liabilities $ 22,572 $ 410 $ 3,004 $ 25,986 Amounts not offset 1 Financial instruments collateral (4,966) — (374) (5,340) Other cash collateral (38) (26) — (64) Net amounts $ 17,568 $ 384 $ 2,630 $ 20,582 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 4,366 At December 31, 2017 Assets $ in millions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate contracts $ 1,057 $ — $ — $ 1,057 Foreign exchange contracts 57 6 — 63 Total 1,114 6 — 1,120 Not designated as accounting hedges Interest rate contracts 177,948 1,700 234 179,882 Credit contracts 5,740 2,282 — 8,022 Foreign exchange contracts 52,878 798 58 53,734 Equity contracts 24,452 — 20,538 44,990 Commodity and other contracts 8,861 — 1,802 10,663 Total 269,879 4,780 22,632 297,291 Total gross derivatives $ 270,993 $ 4,786 $ 22,632 $ 298,411 Amounts offset Counterparty netting (201,051) (3,856) (19,861) (224,768) Cash collateral netting (42,141) (689) — (42,830) Total in Trading assets $ 27,801 $ 241 $ 2,771 $ 30,813 Amounts not offset 1 Financial instruments collateral (12,363) — — (12,363) Other cash collateral (4) — — (4) Net amounts $ 15,434 $ 241 $ 2,771 $ 18,446 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 3,154 Liabilities $ in millions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate contracts $ 67 $ 1 $ — $ 68 Foreign exchange contracts 72 57 — 129 Total 139 58 — 197 Not designated as accounting hedges Interest rate contracts 161,758 1,178 144 163,080 Credit contracts 6,273 2,272 — 8,545 Foreign exchange contracts 54,191 925 23 55,139 Equity contracts 27,993 — 19,996 47,989 Commodity and other contracts 7,117 — 1,772 8,889 Total 257,332 4,375 21,935 283,642 Total gross derivatives $ 257,471 $ 4,433 $ 21,935 $ 283,839 Amounts offset Counterparty netting (201,051) (3,856) (19,861) (224,768) Cash collateral netting (31,892) (484) — (32,376) Total in Trading liabilities $ 24,528 $ 93 $ 2,074 $ 26,695 Amounts not offset 1 Financial instruments collateral (5,523) — (412) (5,935) Other cash collateral (18) (14) — (32) Net amounts $ 18,987 $ 79 $ 1,662 $ 20,728 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 3,751 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 3 for infor mation related to the unsettled fair value of futures contracts not designated as accounting hedges, which are excluded from the tables above. Derivative Notionals At March 31, 2018 Assets $ in billions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate contracts $ 20 $ 26 $ — $ 46 Foreign exchange contracts 5 — — 5 Total 25 26 — 51 Not designated as accounting hedges Interest rate contracts 4,449 7,472 3,477 15,398 Credit contracts 165 90 — 255 Foreign exchange contracts 2,223 89 8 2,320 Equity contracts 402 — 383 785 Commodity and other contracts 94 — 61 155 Total 7,333 7,651 3,929 18,913 Total gross derivatives $ 7,358 $ 7,677 $ 3,929 $ 18,964 Liabilities $ in billions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate contracts $ 2 $ 133 $ — $ 135 Foreign exchange contracts 4 2 — 6 Total 6 135 — 141 Not designated as accounting hedges Interest rate contracts 4,614 7,074 1,181 12,869 Credit contracts 188 83 — 271 Foreign exchange contracts 2,184 98 14 2,296 Equity contracts 425 — 474 899 Commodity and other contracts 74 — 53 127 Total 7,485 7,255 1,722 16,462 Total gross derivatives $ 7,491 $ 7,390 $ 1,722 $ 16,603 At December 31, 2017 Assets $ in billions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate contracts $ 20 $ 46 $ — $ 66 Foreign exchange contracts 4 — — 4 Total 24 46 — 70 Not designated as accounting hedges Interest rate contracts 3,999 6,458 2,714 13,171 Credit contracts 194 100 — 294 Foreign exchange contracts 1,960 67 9 2,036 Equity contracts 397 — 334 731 Commodity and other contracts 86 — 72 158 Total 6,636 6,625 3,129 16,390 Total gross derivatives $ 6,660 $ 6,671 $ 3,129 $ 16,460 Liabilities $ in billions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate contracts $ 2 $ 102 $ — $ 104 Foreign exchange contracts 4 2 — 6 Total 6 104 — 110 Not designated as accounting hedges Interest rate contracts 4,199 6,325 1,089 11,613 Credit contracts 226 80 — 306 Foreign exchange contracts 2,014 78 51 2,143 Equity contracts 394 — 405 799 Commodity and other contracts 68 — 61 129 Total 6,901 6,483 1,606 14,990 Total gross derivatives $ 6,907 $ 6,587 $ 1,606 $ 15,100 The Firm believes that the notional amounts of the derivative contracts generally overstate its exposure. For information related to offsetting of certain collateralized transactions, see Note 6 . For a discussion of the Firm’s derivative instruments and hedging activities, see Note 4 to the financial statements in the 2017 Form 10-K. Gains (Losses) on Accounting Hedges Three Months Ended March 31, $ in millions 2018 2017 Fair Value Hedges - Recognized in Interest Expense Interest rate contracts $ (1,841) $ (805) Borrowings 1,852 717 Net Investment Hedges - Foreign exchange contracts Recognized in OCI $ (148) $ (205) Forward points excluded from hedge effectiveness testing—Interest income $ 7 $ (9) Borrowings under Fair Value Hedges $ in millions At March 31, 2018 Carrying amount of Borrowings currently or previously hedged $ 107,264 Basis adjustments included in carrying amount— outstanding hedges $ 2,035 Hedge accounting basis adjustments for Borrowings primarily relate to outstanding hedges. Trading Revenues by Product Type Three Months Ended March 31, $ in millions 2018 2017 Interest rate contracts $ 871 $ 594 Foreign exchange contracts 261 235 Equity security and index contracts 1 1,877 1,641 Commodity and other contracts 435 189 Credit contracts 326 576 Total $ 3,770 $ 3,235 Dividend income is included within equity security and index contracts . The previous table summarizes gains and losses included in Trading revenues in the income statements. These activities include revenues related to derivative and non-derivative financial instruments. The Firm generally utilizes financial instruments ac ross 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. Credit R isk-Related Contingencies In connection with certain OTC trading agreements, the Firm may be required to provide additional collateral or immediately settle any outstanding liability balances with certain counterparties in the event of a credit rating downgrade of the Firm. The following 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. Net Derivative Liabilities and Collateral Posted At At March 31, December 31, $ in millions 2018 2017 Net derivative liabilities with credit risk-related contingent features $ 17,213 $ 20,675 Collateral posted 15,244 16,642 The additional collateral or termination payments that may be called in the event of a future credit rating downgrade vary by contract and can be based on ratings by either or both of Moody’s Investors Service, Inc. (“ Moody’s”) and S&P Global Ratings . The following 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 contract ual downgrade triggers. Incremental Collateral or Termination Payments upon Potential Future Ratings Downgrade At March 31, $ in millions 2018 One-notch downgrade $ 618 Two-notch downgrade 409 Bilateral downgrade agreements included in the amounts above 1 $ 910 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 downg rade arrangements are used by the Firm to manage the risk of counterparty downgrades. Credit Derivatives and Other Credit Contracts 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. For further information on credit derivatives and other credit contracts, see Note 4 to the financial statements in the 2017 Form 10-K. Protection Sold and Purchased with CDS At March 31, 2018 Notional Fair Value (Asset)/Liability Protection Protection Protection Protection $ in millions Sold Purchased Sold Purchased Single name $ 133,209 $ 152,446 $ (1,148) $ 1,580 Index and basket 103,531 98,822 (163) 5 Tranched index and basket 12,330 25,506 (276) 517 Total $ 249,070 $ 276,774 $ (1,587) $ 2,102 Single name and non-tranched index and basket with identical underlying reference obligations $ 233,572 $ 250,376 At December 31, 2017 Notional Fair Value (Asset)/Liability Protection Protection Protection Protection $ in millions Sold Purchased Sold Purchased Single name $ 146,948 $ 164,773 $ (1,277) $ 1,658 Index and basket 131,073 120,348 (341) 209 Tranched index and basket 11,864 24,498 (342) 616 Total $ 289,885 $ 309,619 $ (1,960) $ 2,483 Single name and non-tranched index and basket with identical underlying reference obligations $ 274,473 $ 281,162 Fair value amounts as shown in the table below are on a gross basis prior to cash collateral or counterparty netting. In order to provide an indication of the current payment status or performance risk of the CDS, a breakdown of CDS based on the Firm’s internal credit ratings by investment grade and non-investment grade is provided. Internal credit ratings serve as the Credit Risk Management Department’s assessment of credit risk and the basis for a comprehensive credit limit s framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor . Credit Ratings of Reference Obligation and Maturities of Credit Protection Sold At March 31, 2018 Maximum Potential Payout/Notional Fair Value Years to Maturity (Asset)/ $ in millions Less than 1 1-3 3-5 Over 5 Total Liability Single name CDS Investment grade $ 33,332 $ 35,927 $ 17,621 $ 10,658 $ 97,538 $ (1,124) Non-investment grade 12,994 13,871 6,813 1,993 35,671 (24) Total single name CDS $ 46,326 $ 49,798 $ 24,434 $ 12,651 $ 133,209 $ (1,148) Index and basket CDS Investment grade $ 29,448 $ 14,049 $ 16,003 $ 10,902 $ 70,402 $ (811) Non-investment grade 5,941 6,139 17,681 15,698 45,459 372 Total index and basket CDS $ 35,389 $ 20,188 $ 33,684 $ 26,600 $ 115,861 $ (439) Total CDS sold $ 81,715 $ 69,986 $ 58,118 $ 39,251 $ 249,070 $ (1,587) Other credit contracts — 2 — 127 129 20 Total credit derivatives and other credit contracts $ 81,715 $ 69,988 $ 58,118 $ 39,378 $ 249,199 $ (1,567) At December 31, 2017 Maximum Potential Payout/Notional Fair Value Years to Maturity (Asset)/ $ in millions Less than 1 1-3 3-5 Over 5 Total Liability Single name CDS Investment grade $ 39,721 $ 42,591 $ 18,157 $ 8,872 $ 109,341 $ (1,167) Non-investment grade 14,213 16,293 6,193 908 37,607 (110) Total single name CDS $ 53,934 $ 58,884 $ 24,350 $ 9,780 $ 146,948 $ (1,277) Index and basket CDS Investment grade $ 29,046 $ 15,418 $ 37,343 $ 6,807 $ 88,614 $ (1,091) Non-investment grade 5,246 7,371 32,417 9,289 54,323 408 Total index and basket CDS $ 34,292 $ 22,789 $ 69,760 $ 16,096 $ 142,937 $ (683) Total CDS sold $ 88,226 $ 81,673 $ 94,110 $ 25,876 $ 289,885 $ (1,960) Other credit contracts 2 — — 134 136 16 Total credit derivatives and other credit contracts $ 88,228 $ 81,673 $ 94,110 $ 26,010 $ 290,021 $ (1,944)

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2018
Investment securities
Investment Securities	5 . Investment Securities The following tables present information about the Firm’s AFS securities, which are carried at fair value, and HTM securities, which are carried at amortized cost. The net unrealized gains or losses on AFS securities are reported on an after-tax basis as a component of AOCI. AFS and HTM Securities At March 31, 2018 $ in millions Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agency securities: U.S. Treasury securities $ 30,032 $ — $ 833 $ 29,199 U.S. agency securities 1 22,084 32 504 21,612 Total U.S. government and agency securities 52,116 32 1,337 50,811 Corporate and other debt: Agency CMBS 1,302 2 59 1,245 Non-agency CMBS 857 2 17 842 Corporate bonds 1,346 — 28 1,318 CLO 351 1 — 352 FFELP student loan ABS 2 2,173 15 7 2,181 Total corporate and other debt 6,029 20 111 5,938 Total AFS securities 58,145 52 1,448 56,749 HTM securities U.S. government and agency securities: U.S. Treasury securities 11,817 — 490 11,327 U.S. agency securities 1 11,747 — 477 11,270 Total U.S. government and agency securities 23,564 — 967 22,597 Corporate and other debt: Non-agency CMBS 328 — 6 322 Total HTM securities 23,892 — 973 22,919 Total investment securities $ 82,037 $ 52 $ 2,421 $ 79,668 At December 31, 2017 $ in millions Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS debt securities U.S. government and agency securities: U.S. Treasury securities $ 26,842 $ — $ 589 $ 26,253 U.S. agency securities 1 22,803 28 247 22,584 Total U.S. government and agency securities 49,645 28 836 48,837 Corporate and other debt: Agency CMBS 1,370 2 49 1,323 Non-agency CMBS 1,102 — 8 1,094 Corporate bonds 1,379 5 12 1,372 CLO 398 1 — 399 FFELP student loan ABS 2 2,165 15 7 2,173 Total corporate and other debt 6,414 23 76 6,361 Total AFS debt securities 56,059 51 912 55,198 AFS equity securities 15 — 10 5 Total AFS securities 56,074 51 922 55,203 HTM securities U.S. government and agency securities: U.S. Treasury securities 11,424 — 305 11,119 U.S. agency securities 1 11,886 7 220 11,673 Total U.S. government and agency securities 23,310 7 525 22,792 Corporate and other debt: Non-agency CMBS 289 1 1 289 Total HTM securities 23,599 8 526 23,081 Total investment securities $ 79,673 $ 59 $ 1,448 $ 78,284 U.S. agency securities consist mainly of agency-issued debt, agency mortgage pass-through pool securities and CMO s . Amounts are backed by a guarantee from the U.S. Department of Education of at leas t 95 % of the principal balance and interest on such loans . Investment Securities in an Unrealized Loss Position At March 31, 2018 Less than 12 Months 12 Months or Longer Total $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities U.S. government and agency securities: U.S. Treasury securities $ 25,041 $ 711 $ 3,958 $ 122 $ 28,999 $ 833 U.S. agency securities 12,634 402 2,417 102 15,051 504 Total U.S. government and agency securities 37,675 1,113 6,375 224 44,050 1,337 Corporate and other debt: Agency CMBS 910 59 — — 910 59 Non-agency CMBS 309 7 242 10 551 17 Corporate bonds 809 13 383 15 1,192 28 FFELP student loan ABS 1,006 7 — — 1,006 7 Total corporate and other debt 3,034 86 625 25 3,659 111 Total AFS securities 40,709 1,199 7,000 249 47,709 1,448 HTM securities U.S. government and agency securities: U.S. Treasury securities 6,585 177 4,742 313 11,327 490 U.S. agency securities 4,404 119 6,866 358 11,270 477 Total U.S. government and agency securities 10,989 296 11,608 671 22,597 967 Corporate and other debt: Non-agency CMBS 220 6 — — 220 6 Total HTM securities 11,209 302 11,608 671 22,817 973 Total investment securities $ 51,918 $ 1,501 $ 18,608 $ 920 $ 70,526 $ 2,421 At December 31, 2017 Less than 12 Months 12 Months or Longer Total $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS debt securities U.S. government and agency securities: U.S. Treasury securities $ 21,941 $ 495 $ 4,287 $ 94 $ 26,228 $ 589 U.S. agency securities 12,673 192 2,513 55 15,186 247 Total U.S. government and agency securities 34,614 687 6,800 149 41,414 836 Corporate and other debt: Agency CMBS 930 49 — — 930 49 Non-agency CMBS 257 1 559 7 816 8 Corporate bonds 316 3 389 9 705 12 FFELP student loan ABS 984 7 — — 984 7 Total corporate and other debt 2,487 60 948 16 3,435 76 Total AFS debt securities 37,101 747 7,748 165 44,849 912 AFS equity securities — — 5 10 5 10 Total AFS securities 37,101 747 7,753 175 44,854 922 HTM securities U.S. government and agency securities: U.S. Treasury securities 6,608 86 4,512 219 11,120 305 U.S. agency securities 2,879 24 7,298 196 10,177 220 Total U.S. government and agency securities 9,487 110 11,810 415 21,297 525 Corporate and other debt: Non-agency CMBS 124 1 — — 124 1 Total HTM securities 9,611 111 11,810 415 21,421 526 Total investment securities $ 46,712 $ 858 $ 19,563 $ 590 $ 66,275 $ 1,448 T he Firm believes there are no securities in an unrealized loss position that are other-than-temporarily impaired after performing the analysis described in Note 2 to the financial statements in the 2017 Form 10-K . For AFS debt securities, the Firm does not intend to sell the securities and is not likely to be required to sell the securities prior to recovery of amortized cost basis. Furthermore, for AFS and HTM debt securities, the securities have not experienced credit losses as the net unrealized losse s reported in the previous table are primarily due to higher interest rates since those securities were purchased. See Note 1 2 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS, CLO and FFELP student loan ABS. Investment Securities by Contractual Maturity At March 31, 2018 $ in millions Amortized Cost Fair Value Annualized Average Yield AFS securities U.S. government and agency securities: U.S. Treasury securities: Due within 1 year $ 6,153 $ 6,132 0.9% After 1 year through 5 years 19,385 18,906 1.6% After 5 years through 10 years 4,494 4,161 1.4% Total 30,032 29,199 U.S. agency securities: Due within 1 year 43 42 1.1% After 1 year through 5 years 1,899 1,883 1.0% After 5 years through 10 years 1,555 1,506 1.8% After 10 years 18,587 18,181 2.0% Total 22,084 21,612 Total U.S. government and agency securities 52,116 50,811 1.6% Corporate and other debt: Agency CMBS: Due within 1 year 19 19 1.3% After 1 year through 5 years 431 430 1.3% After 5 years through 10 years 47 47 1.2% After 10 years 805 749 1.6% Total 1,302 1,245 Non-agency CMBS: After 5 years through 10 years 36 35 2.5% After 10 years 821 807 1.9% Total 857 842 Corporate bonds: Due within 1 year 97 97 1.6% After 1 year through 5 years 1,175 1,150 2.4% After 5 years through 10 years 74 71 2.5% Total 1,346 1,318 CLO: After 5 years through 10 years 153 153 1.5% After 10 years 198 199 2.4% Total 351 352 FFELP student loan ABS: After 1 year through 5 years 48 47 0.8% After 5 years through 10 years 390 388 0.8% After 10 years 1,735 1,746 1.1% Total 2,173 2,181 Total corporate and other debt 6,029 5,938 1.6% Total AFS securities 58,145 56,749 1.6% HTM securities U.S. government securities: U.S. Treasury securities: Due within 1 year 2,027 2,012 1.2% After 1 year through 5 years 3,952 3,871 1.8% After 5 years through 10 years 5,112 4,807 1.9% After 10 years 726 637 2.3% Total 11,817 11,327 U.S. agency securities: After 5 years through 10 years 34 33 1.9% After 10 years 11,713 11,237 2.6% Total 11,747 11,270 Total U.S. government and agency securities 23,564 22,597 2.2% Corporate and other debt: Non-agency CMBS: After 1 year through 5 years 92 92 3.6% After 5 years through 10 years 217 212 3.9% After 10 years 19 18 4.1% Total corporate and other debt 328 322 3.8% Total HTM securities 23,892 22,919 2.2% Total investment securities $ 82,037 $ 79,668 1.8%

Collateralized Transactions

Collateralized Transactions	3 Months Ended
	Mar. 31, 2018
Collateralized Transactions
Collateralized Transactions	6 . Collateralized Transactions The Firm enters into securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed and securities loaned transactions to, among other things, acquire securities to cover short positions and settle other securities obligations, to accommodate cust omers’ needs and to finance its inventory positions. For further discussion of the Firm’s collateralized transactions, see Note 6 to the financial statements in the 2017 Form 10-K. Offsetting of Certain Collateralized Transactions At March 31, 2018 $ in millions Gross Amounts Amounts Offset Net Amounts Presented Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 185,498 $ (105,252) $ 80,246 $ (74,843) $ 5,403 Securities borrowed 149,347 (13,512) 135,835 (132,271) 3,564 Liabilities Securities sold under agreements to repurchase $ 156,827 $ (105,252) $ 51,575 $ (45,207) $ 6,368 Securities loaned 27,068 (13,512) 13,556 (13,336) 220 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 5,212 Securities borrowed 669 Securities sold under agreements to repurchase 5,118 Securities loaned 194 At December 31, 2017 $ in millions Gross Amounts Amounts Offset Net Amounts Presented Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 199,044 $ (114,786) $ 84,258 $ (78,009) $ 6,249 Securities borrowed 133,431 (9,421) 124,010 (119,358) 4,652 Liabilities Securities sold under agreements to repurchase $ 171,210 $ (114,786) $ 56,424 $ (48,067) $ 8,357 Securities loaned 23,014 (9,422) 13,592 (13,271) 321 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 5,687 Securities borrowed 572 Securities sold under agreements to repurchase 6,945 Securities loaned 307 1. Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. For information related to o ffsetting of derivatives, see Note 4 . Maturities and Collateral Pledged Gross Secured Financing Balances by Remaining Contractual Maturity At March 31, 2018 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 39,192 $ 49,822 $ 27,926 $ 39,887 $ 156,827 Securities loaned 16,869 603 2,045 7,551 27,068 Total included in the offsetting disclosure $ 56,061 $ 50,425 $ 29,971 $ 47,438 $ 183,895 Trading liabilities ― Obligation to return securities received as collateral 18,136 — 610 — 18,746 Total $ 74,197 $ 50,425 $ 30,581 $ 47,438 $ 202,641 At December 31, 2017 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 41,332 $ 66,593 $ 28,682 $ 34,603 $ 171,210 Securities loaned 12,130 873 1,577 8,434 23,014 Total included in the offsetting disclosure $ 53,462 $ 67,466 $ 30,259 $ 43,037 $ 194,224 Trading liabilities ― Obligation to return securities received as collateral 22,555 — — — 22,555 Total $ 76,017 $ 67,466 $ 30,259 $ 43,037 $ 216,779 Gross Secured Financing Balances by Class of Collateral Pledged $ in millions At March 31, 2018 At December 31, 2017 Securities sold under agreements to repurchase U.S. government and agency securities $ 37,361 $ 43,346 State and municipal securities 1,643 2,451 Other sovereign government obligations 78,844 87,141 ABS 2,204 1,130 Corporate and other debt 10,063 7,737 Corporate equities 25,893 28,497 Other 819 908 Total $ 156,827 $ 171,210 Securities loaned U.S. government and agency securities $ 6 $ 81 Other sovereign government obligations 14,077 9,489 Corporate and other debt 28 14 Corporate equities 12,770 13,174 Other 187 256 Total $ 27,068 $ 23,014 Total included in the offsetting disclosure $ 183,895 $ 194,224 Trading liabilities ― Obligation to return securities received as collateral Corporate equities $ 18,746 $ 22,555 Total $ 202,641 $ 216,779 Assets Pledged The Firm pledges its trading assets and loans to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives. Counterparties may or may not have the right to sell or repledge the collateral. Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged to various parties) in the balance sheets. Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge $ in millions At March 31, 2018 At December 31, 2017 Trading assets $ 34,590 $ 31,324 Loans (gross of allowance for loan losses) 342 228 Total $ 34,932 $ 31,552 Collateral Received 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 these securities held as collateral and use the securities to secure securities sold under agreements to repurchase , to en ter into securities lending and derivative transactions or for delivery to counterparties to cover short positions Fair Value of Collateral Received with Right to Sell or Repledge $ in millions At March 31, 2018 At December 31, 2017 Collateral received with right to sell or repledge $ 597,886 $ 599,244 Collateral that was sold or repledged 471,985 475,113 Customer Margin Lending and Other $ in millions At March 31, 2018 At December 31, 2017 Net customer receivables representing margin loans $ 34,382 $ 32,112 The Firm provides m argin lending arrangements which allow the client to borrow against the value of qualifying securities. Margin loans are included within Customer and other receivables in the balance sheets. Under these agreements and transactions, the Firm receives collateral, including U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Customer receivables generated from margin lending activities are collateralized by custome r-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 disc ussion of the Firm’s margin lending activities, see Note 6 to the financial statements in the 201 7 Form 10-K. The Firm has additional secured liabilities. For a further discussion of other secured financings, see Note 10. Restricted Cash and Segregated Securities $ in millions At March 31, 2018 At December 31, 2017 Restricted cash $ 35,291 $ 34,231 Segregated securities 1 18,917 20,549 Total $ 54,208 $ 54,780 Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheets.

Loans and Allowance for Credit

Loans and Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2018
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Loans and Allowance for Credit Losses	7 . Loans , Lending Commitments and Allowance for Credit Losses Loans The Firm’s loans held for investment are recorded at amortized cost, and its loans held for sale are recorded at the lower of cost or fair value in the balance sheets. For a further description of these loans, refer to Note 7 to the financial statements in the 2017 Form 10-K. See Note 3 for further information regarding Loans and lending commitments held at fair value. See Note 11 for details of current commitments to lend in the future . Loans by Type At March 31, 2018 Loans Held Loans Held $ in millions for Investment for Sale Total Loans Corporate loans $ 31,903 $ 12,000 $ 43,903 Consumer loans 26,877 — 26,877 Residential real estate loans 26,566 33 26,599 Wholesale real estate loans 10,021 1,978 11,999 Total loans, gross 95,367 14,011 109,378 Allowance for loan losses (243) — (243) Total loans, net $ 95,124 $ 14,011 $ 109,135 At December 31, 2017 Loans Held Loans Held $ in millions for Investment for Sale Total Loans Corporate loans $ 29,754 $ 9,456 $ 39,210 Consumer loans 26,808 — 26,808 Residential real estate loans 26,635 35 26,670 Wholesale real estate loans 9,980 1,682 11,662 Total loans, gross 93,177 11,173 104,350 Allowance for loan losses (224) — (224) Total loans, net $ 92,953 $ 11,173 $ 104,126 Loans by Interest Rate Type At At March 31, December 31, $ in millions 2018 2017 Fixed $ 14,252 $ 13,339 Floating or adjustable 94,883 90,787 Total loans, net $ 109,135 $ 104,126 Loans to Non-U.S. Borrowers At At March 31, December 31, $ in millions 2018 2017 Loans, net $ 16,110 $ 9,977 Credit Quality For a further discussion about the Firm’s evaluation of credit tra nsactions and monitoring and credit quality indicators, as well as factors considered by the Firm in determining the allowance for loan losses and impairments, see Notes 2 and 7 to the financial statements in the 2017 Form 10-K. Loans Held for Investment before Allowance by Credit Quality At March 31, 2018 $ in millions Corporate Consumer Residential Real Estate Wholesale Real Estate Total Pass $ 31,327 $ 26,872 $ 26,492 $ 9,126 $ 93,817 Special mention 162 5 — 460 627 Substandard 405 — 74 435 914 Doubtful 9 — — — 9 Loss — — — — — Total $ 31,903 $ 26,877 $ 26,566 $ 10,021 $ 95,367 At December 31, 2017 $ in millions Corporate Consumer Residential Real Estate Wholesale Real Estate Total Pass $ 29,166 $ 26,802 $ 26,562 $ 9,480 $ 92,010 Special mention 188 6 — 200 394 Substandard 393 — 73 300 766 Doubtful 7 — — — 7 Loss — — — — — Total $ 29,754 $ 26,808 $ 26,635 $ 9,980 $ 93,177 The following loans and lending commitments have been evaluated for a specific allowance. All remaining loans and lending commitments are assessed under the inherent allowance methodolog y . Impaired Loans and Lending Commitments before Allowance At March 31, 2018 Residential $ in millions Corporate Real Estate Total Loans With allowance $ 15 $ — $ 15 Without allowance 1 69 49 118 UPB 95 51 146 Lending Commitments Without allowance 1 $ 226 $ — $ 226 At December 31, 2017 Residential $ in millions Corporate Real Estate Total Loans With allowance $ 16 $ — $ 16 Without allowance 1 118 45 163 UPB 146 46 192 Lending Commitments Without allowance 1 $ 199 $ — $ 199 At March 31, 2018 and December 31, 2017 , no allowance was recorded for these loans and lending commitments as the present value of the expected future cash flows (or, alternatively, the observable market price of the instrument or the fair value of the collateral held) equaled or exceeded the carrying value. Impaired Loans and Allowance by Region At March 31, 2018 $ in millions Americas EMEA Asia Total Impaired loans $ 129 $ — $ 4 $ 133 Allowance for loan losses 199 $ 42 $ 2 $ 243 At December 31, 2017 $ in millions Americas EMEA Asia Total Impaired loans $ 160 $ 9 $ 10 $ 179 Allowance for loan losses 194 27 3 224 Troubled Debt Restructurings At At March 31, December 31, $ in millions 2018 2017 Loans $ 52 $ 51 Lending commitments 25 28 Allowance for loan losses and lending commitments 6 10 Impaired loans and lending commitments classified as held for investment within corporate loans include TDRs as shown in the previous table. These restructurings typically include modifications of interest rates, collateral requirements, other loan covenants and payment extensions. Allowance for Loan Losses Rollforward $ in millions Corporate Consumer Residential Real Estate Wholesale Real Estate Total December 31, 2017 $ 126 $ 4 $ 24 $ 70 $ 224 Provision (release) 6 — (1) 14 19 Other (1) — — 1 — March 31, 2018 $ 131 $ 4 $ 23 $ 85 $ 243 Inherent $ 126 $ 4 $ 23 $ 85 $ 238 Specific 5 — — — 5 $ in millions Corporate Consumer Residential Real Estate Wholesale Real Estate Total December 31, 2016 $ 195 $ 4 $ 20 $ 55 $ 274 Recoveries 1 — — — 1 Provision (release) 13 — — 9 22 March 31, 2017 $ 209 $ 4 $ 20 $ 64 $ 297 Inherent $ 142 $ 4 $ 20 $ 64 $ 230 Specific 67 — — — 67 Allowance for Lending Commitments Rollforward $ in millions Corporate Consumer Residential Real Estate Wholesale Real Estate Total December 31, 2017 $ 194 $ 1 $ — $ 3 $ 198 Provision (release) 7 — — — 7 Other — — — — — March 31, 2018 $ 201 $ 1 $ — $ 3 $ 205 Inherent $ 200 $ 1 $ — $ 3 $ 204 Specific 1 — — — 1 $ in millions Corporate Consumer Residential Real Estate Wholesale Real Estate Total December 31, 2016 $ 185 $ 1 $ — $ 4 $ 190 Provision (release) 3 — — — 3 March 31, 2017 $ 188 $ 1 $ — $ 4 $ 193 Inherent $ 186 $ 1 $ — $ 4 $ 191 Specific 2 — — — 2 Employee Loans At At March 31, December 31, $ in millions 2018 2017 Balance $ 3,687 $ 4,185 Allowance for loan losses (75) (77) Balance, net $ 3,612 $ 4,108 Repayment term range, in years 1 to 20 1 to 20 Employee loans are granted in conjunction with a program established to retain and recruit certain employees, are full recourse and generally require periodic repayments . These loans are recorded in Customer and other receivables in the balance sheets. The Firm establishes an allowance for loan amounts it does not consider recoverable, and the related provision is recorded in C ompensation and benefits expense.

Equity Method Investments

Equity Method Investments	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures
Equity Method Investments	8 . Equity Method Investments Overview Equity method investments other than certain investments in funds are summarized below and included in Other assets in the balance sheets with related income or loss included in Other revenues in the income statements. See the Measured Based on Net Asset Value table in Note 3 for the carrying value of the Firm’s fund interests, which are comprised of general and limited partnership interests, as well as any related performance fees in the form of carried interest. Equity Method Investment Balances $ in millions At March 31, 2018 At December 31, 2017 Investments $ 2,662 $ 2,623 Three Months Ended March 31, $ in millions 2018 2017 Income (loss) $ 50 $ 9 Ja panese Securities Joint Venture Included in the equity method investments is t he Firm’s 40 % voting interest in Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (“ MUMSS”). Mitsubishi UFJ Financial Group, Inc. (“ MUFG”) holds a 60 % voting interest. The Firm accounts for its equity method investment in MUMSS within the Institutional Securities business segment. Three Months Ended March 31, $ in millions 2018 2017 Income from investment in MUMSS $ 56 $ 48

Deposits

Deposits	3 Months Ended
	Mar. 31, 2018
Deposits [Abstract]
Deposits	9 . De posi ts Deposits At March 31, At December 31, $ in millions 2018 2017 Savings and demand deposits $ 138,358 $ 144,487 Time deposits 22,066 14,949 Total $ 160,424 $ 159,436 Deposits subject to FDIC insurance $ 129,968 $ 127,017 Time deposits that equal or exceed the FDIC insurance limit $ 10 $ 38 Time Deposit Maturities $ in millions At March 31, 2018 2018 $ 13,164 2019 4,803 2020 2,257 2021 747 2022 418 Thereafter 677

Borrowings and Other Secured Fi

Borrowings and Other Secured Financings	3 Months Ended
	Mar. 31, 2018
Borrowings and Other Secured Financings
Long-Term Borrowings and Other Secured Financings	10 . Borrowings and Other Secured Financings Borrowings At At March 31, December 31, $ in millions 2018 2017 Original maturities of one year or less $ 1,256 $ 1,519 Original maturities greater than one year Senior $ 183,712 $ 180,835 Subordinated 9,996 10,228 Total $ 193,708 $ 191,063 Total borrowings $ 194,964 $ 192,582 Weighted average stated maturity, in years 1 6.6 6.6 Includes only borrowings with original maturities greater than one year. Other Secured Financings Other secured financings include the liabilities related to pledged commodities, certain ELNs, transfers of financial assets that are accounted for as financings rather than sales, consolidated VIEs where the Firm is deemed to be the primary beneficiary and other secured borrowings. These liabilities are generally payable from the cash flows of the related assets accounted fo r as Trading assets . See Note 12 for further information on other se cured financings related to VIEs and securitization activities. Other Secured Financings by Original Maturity and Type At At March 31, December 31, $ in millions 2018 2017 Original maturities: Greater than one year $ 8,159 $ 8,685 One year or less 1,406 2,034 Failed sales 1 710 552 Total $ 10,275 $ 11,271 For more information o n failed sales, see Note 12 .

Commitments, Guarantees and Con

Commitments, Guarantees and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments, Guarantees and Contingencies [Abstract]
Commitments, Guarantees and Contingencies	11 . Commitments, Guarantees and Contingencies Commitments The Firm’s commitments are summarized in the following table by years to maturity. Since commitments associated with these instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements. Years to Maturity at March 31, 2018 Less $ in millions than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 14,447 $ 43,086 $ 46,618 $ 7,454 $ 111,605 Consumer 6,598 — 8 3 6,609 Residential real estate 5 64 33 259 361 Wholesale real estate 183 833 25 — 1,041 Forward-starting secured financing receivables 85,399 — — 1,177 86,576 Underwriting 344 — — — 344 Investment activities 527 96 62 230 915 Letters of credit and other financial guarantees 195 — 1 41 237 Total $ 107,698 $ 44,079 $ 46,747 $ 9,164 $ 207,688 Corporate lending commitments participated to third parties $ 6,877 Forward-starting secured financing receivables settled within three business days $ 72,754 For a further description of these commitments, refer to Note 12 to the financial statements in the 2017 Form 10-K. Guarantees Obligations under Guarantee Arrangements at March 31, 2018 Maximum Potential Payout/Notional Years to Maturity $ in millions Less than 1 1-3 3-5 Over 5 Total Credit derivatives $ 81,715 $ 69,986 $ 58,118 $ 39,251 $ 249,070 Other credit contracts — 2 — 127 129 Non-credit derivatives 1,903,988 1,196,331 379,171 639,749 4,119,239 Standby letters of credit and other financial guarantees issued 1 806 1,114 1,272 4,903 8,095 Market value guarantees 40 62 58 — 160 Liquidity facilities 3,367 — — — 3,367 Whole loan sales guarantees — 1 1 23,223 23,225 Securitization representations and warranties — — — 60,861 60,861 General partner guarantees 33 52 324 27 436 Carrying Amount (Asset)/ Collateral/ $ in millions Liability Recourse Credit derivatives 2 $ (1,587) $ — Other credit contracts 20 — Non-credit derivatives 2 45,314 — Standby letters of credit and other financial guarantees issued 1 (182) 6,588 Market value guarantees — — Liquidity facilities (5) 5,475 Whole loan sales guarantees 8 — Securitization representations and warranties 91 — General partner guarantees 59 — 1. These amounts include certain issued standby letters of credit participated to third parties, totaling $ 0.7 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements. 2. Carrying amounts of derivative contracts are shown on a gross basis prior to cash collateral or counterparty netting. For further information on derivative contracts, see Note 4 . The Firm also 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, secur ity 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. Al so 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. In certain situations, collateral may be held by the Firm for those contracts that meet the definition of a guarantee. Generally, the Firm sets collateral requirements by counterparty so that the collateral covers various transactions and products and is not allocate d specifically to individual contracts. Also, the Firm may recover amounts related to the underlying asset delivered to the Firm under the derivative contract. For more information on the nature of the obligation and related business activity for market v alue guarantees, liquidity facilities, whole loan sales guarantees and general partner guarantees related to certain investment management funds, as well as the other products in the previous table, see Note 12 to the financial statements in the 2017 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 indemnifi cations related to indemnities, exchange/clearinghouse member guarantees and merger and acquisition guarantees are described in Note 12 to the financial statements in the 2017 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 a re 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 100%-owned finance subsidiary. Contingencies Legal . In addition to the matters 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, arising in connection with its activities as a global diversified financial services institution. Certain of the actual or threat ened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the entities that would otherwise be the primary defendants in such cases are bankrupt or are in financial distress. These actions have included, but are not limited to, residential mortgage and credit crisis-related matters. Over the last several years, the level of litigation and investigatory activity (both formal and informal) by governmental and self-re gulatory agencies has increased materially in the financial services industry. As a result, the Firm expects that it will continue to be the subject of elevated claims for damages and other relief and, while the Firm has identified below any individual pro ceedings where the Firm believes a material loss to be reasonably possible and reasonably estimable, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or are not yet determined to be probable or possible and reasonably estimable losses. The Firm contests liability and/or the amount of damages as appropriate in each pending matter. Where available information indicates that it is probable a liability had been incurred at the date of the financia l statements and the Firm can reasonably estimate the amount of that loss, the Firm accrues the estimated loss by a charge to income. In many proceedings and investigations, however, it is inherently difficult to determine whether any loss is probable o r 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 t o reasonably estimate the size of the possible loss or range of loss. For certain legal proceedings and investigations, the Firm cannot reasonably estimate such losses, particularly for proceedings and investigations where the factual record is being dev eloped or contested or where plaintiffs or government entities seek substantial or indeterminate damages, restitution, disgorgement or penalties. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters, determination of issues related to class certification and the calculation of damages or other relief, and by addressing novel or unsettled legal questions relevant to the proceedings or investigations in question, before a loss or additional loss or range of loss or additional range of loss can be reasonably estimated for a proceeding or investigation. For certain other legal proceedings and investigations, the Firm can estimate reasonably possible losses, additional losses, ra nges of loss or ranges of additional loss in excess of amounts accrued, but does not believe, based on current knowledge and after consultation with counsel, that such losses will have a material adverse effect on the Firm’s financial statements as a whole , other than the matters referred to in the following paragraphs. On July 15, 2010, China Development Industrial Bank (“CDIB”) filed a complaint against the Firm, styled China Development Industrial Bank v. Morgan Stanley & Co. Incorporated et al. , which is pending in the Supreme Court of the State of New York, New York County (“Supreme Court of NY”). The complaint relates to a $275 million CDS referencing the super senior portion of the STACK 2006-1 CDO. The complaint asserts claims for common law fraud, fraudulent inducement and fraudulent concealment and alleges that the Firm misrepresented the risks of the STACK 2006-1 CDO to CDIB, and that the Firm knew that the assets backing the CDO were of poor quality when it entered into the CDS with CDIB. The co mplaint seeks compensatory damages related to the approximately $228 million that CDIB alleges it has already lost under the CDS, rescission of CDIB’s obligation to pay an additional $12 million, punitive damages, equitable relief, fees and costs. On Febru ary 28, 2011, the court denied the Firm’s motion to dismiss the complaint. Based on currently available information, the Firm believes it could incur a loss in this action of up to approximately $240 million plus pre- and post-judgment interest, fees and c osts. On May 3, 2013, plaintiffs in Deutsche Zentral-Genossenschaftsbank AG et al. v. Morgan Stanley et al. filed a complaint against the Firm, certain affiliates, and other defendants in the Supreme Court of NY. The complaint alleges that defendants mad e material misrepresentations and omissions in the sale to plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten an d/or sold by the Firm to plaintiff was approximately $634 million. The complaint alleges causes of action against the Firm for common law fraud, fraudulent concealment, aiding and abetting fraud, negligent misrepresentation, and rescission and seeks, among other things, compensatory and punitive damages. On June 10, 2014, the court granted in part and denied in part the Firm’s motion to dismiss the complaint. On June 20, 2017 the Appellate Division affirmed the lower court’s June 10, 2014 order. On October 3, 2017, the Appellate Division denied the Firm’s motion for leave to appeal to the New York Court of Appeals. At March 25, 2018, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $211 million, a nd the certificates had incurred actual losses of approximately $89 million. Based on currently available information, the Firm believes it could incur a loss in this action up to the difference between the $211 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Firm, or upon sale, plus pre- and post-judgment interest, fees and costs. The Firm may be entitled to be indemnified for some of these losses. On July 8, 2013, U.S. Bank National Association, in its capacity as trustee, filed a complaint against the Firm styled U.S. Bank National Association, solely in its capacity as Trustee of the Morgan Stanley Mortgage Loan Trust 2007-2AX (MSM 2007-2AX) v. Morgan Stanley Mort gage Capital Holdings LLC, Successor-by-Merger to Morgan Stanley Mortgage Capital Inc. and GreenPoint Mortgage Funding, Inc. , pending in the Supreme Court of NY. The complaint asserts claims for breach of contract and alleges, among other things, that the loans in the trust, which had an original principal balance of approximately $650 million, breached various representations and warranties. The complaint seeks, among other relief, specific performance of the loan breach remedy procedures in the transactio n documents, unspecified damages and interest. On August 22, 2013, the Firm filed a motion to dismiss the complaint, which was granted in part and denied in part on November 24, 2014. Based on currently available information, the Firm believes that it coul d incur a loss in this action of up to approximately $240 million, the total original unpaid balance of the mortgage loans for which the Firm received repurchase demands that it did not repurchase, plus pre- and post-judgment interest, fees and costs, but plaintiff is seeking to expand the number of loans at issue and the possible range of loss could increase. On December 30, 2013, Wilmington Trust Company, in its capacity as trustee for Morgan Stanley Mortgage Loan Trust 2007-12, filed a complaint agains t the Firm styled Wilmington Trust Company v. Morgan Stanley Mortgage Capital Holdings LLC et al. , pending in the Supreme Court of NY. The complaint asserts claims for breach of contract and alleges, among other things, that the loans in the trust, which h ad an original principal balance of approximately $516 million, breached various representations and warranties. The complaint seeks, among other relief, unspecified damages, attorneys’ fees, interest and costs. On February 28, 2014, the defendants filed a motion to dismiss the complaint, which was granted in part and denied in part on June 14, 2016. On July 11, 2017, the Appellate Division affirmed in part and reversed in part the trial court’s order that granted in part the Firm’s motion to dismiss. On Se ptember 26, 2017, the Appellate Division denied plaintiff’s motion for leave to appeal to the New York Court of Appeals. Based on currently available information, the Firm believes that it could incur a loss in this action of up to approximately $152 milli on, the total original unpaid balance of the mortgage loans for which the Firm received repurchase demands that it did not repurchase, plus attorney’s fees, costs and interest, but plaintiff is seeking to expand the number of loans at issue and the possibl e range of loss could increase. On September 19, 2014, Financial Guaranty Insurance Company (“FGIC”) filed a complaint against the Firm in the Supreme Court of NY, styled Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. re lating to a securitization issued by Basket of Aggregated Residential NIMS 2007-1 Ltd. The complaint asserts claims for breach of contract and alleges, among other things, that the net interest margin securities (“NIMS”) in the trust breached various repre sentations and warranties. FGIC issued a financial guaranty policy with respect to certain notes that had an original balance of approximately $475 million. The complaint seeks, among other relief, specific performance of the NIMS breach remedy procedures in the transaction documents, unspecified damages, reimbursement of certain payments made pursuant to the transaction documents, attorneys’ fees and interest. On November 24, 2014, the Firm filed a motion to dismiss the complaint, which the court denied on January 19, 2017. On February 24, 2017, the Firm filed a notice of appeal of the denial of its motion to dismiss the complaint and perfected its appeal on November 22, 2017. Based on currently available information, the Firm believes that it could incur a loss in this action of up to approximately $126 million, the unpaid balance of these notes, plus pre- and post-judgment interest, fees and costs, as well as claim payments that FGIC has made and will make in the future. On September 23, 2014, FGIC filed a complaint against the Firm in the Supreme Court of NY styled Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. relating to the Morgan Stanley ABS Capital I Inc. Trust 2007-NC4. The complaint asserts claims for breach of co ntract and fraudulent inducement and alleges, among other things, that the loans in the trust breached various representations and warranties and defendants made untrue statements and material omissions to induce FGIC to issue a financial guaranty policy o n certain classes of certificates that had an original balance of approximately $876 million. The complaint seeks, among other relief, specific performance of the loan breach remedy procedures in the transaction documents, compensatory, consequential and p unitive damages, attorneys’ fees and interest. On January 23, 2017, the court denied the Firm’s motion to dismiss the complaint. On February 24, 2017, the Firm filed a notice of appeal of the court’s order and perfected its appeal on November 22, 2017. Bas ed on currently available information, the Firm believes that it could incur a loss in this action of up to approximately $277 million, the total original unpaid balance of the mortgage loans for which the Firm received repurchase demands from a certificat e holder and FGIC that the Firm did not repurchase, plus pre- and post-judgment interest, fees and costs, as well as claim payments that FGIC has made and will make in the future. In addition, plaintiff is seeking to expand the number of loans at issue and the possible range of loss could increase. On January 23, 2015, Deutsche Bank National Trust Company, in its capacity as trustee, filed a complaint against the Firm styled Deutsche Bank National Trust Company solely in its capacity as Trustee of the Morgan Stanley ABS Capital I Inc. Trust 2007-NC4 v. Morgan Stanley Mortgage Capital Holdings LLC as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc., and Morgan Stanley ABS Capital I Inc. , pending in the Supreme Court of NY. The complaint assert s claims for breach of contract and alleges, among other things, that the loans in the trust, which had an original principal balance of approximately $1.05 billion, breached various representations and warranties. The complaint seeks, among other relief, specific performance of the loan breach remedy procedures in the transaction documents, compensatory, consequential, rescissory, equitable and punitive damages, attorneys’ fees, costs and other related expenses, and interest. On December 11, 2015, the cour t granted in part and denied in part the Firm’s motion to dismiss the complaint. On February 11, 2016, plaintiff filed a notice of appeal of that order, and the appeal was fully briefed on August 19, 2016. Based on currently available information, the Firm believes that it could incur a loss in this action of up to approximately $277 million, the total original unpaid balance of the mortgage loans for which the Firm received repurchase demands from a certificate holder and a monoline insurer that the Firm d id not repurchase, plus pre- and post-judgment interest, fees and costs, but plaintiff is seeking to expand the number of loans at issue and the possible range of loss could increase. In matters styled Case number 15/3637 and Case number 15/4353 , the Dutch Tax Authority (“Dutch Authority”) is challenging, in the District Court in Amsterdam, the prior set-off by the Firm of approximately €124 million (approximately $1 52 million) plus accrued interest of withholding tax credits against the Firm’s corpora tion tax liabilities for the tax years 2007 to 2013. The Dutch Authority alleges that the Firm was not entitled to receive the withholding tax credits on the basis, inter alia, that a Firm subsidiary did not hold legal title to certain securities subject t o withholding tax on the relevant dates. The Dutch Authority has also alleged that the Firm failed to provide certain information to the Dutch Authority and keep adequate books and records. A hearing took place in this matter on September 19, 2017. Based o n currently available information, the Firm believes that it could incur a loss in this action of up to approximately €124 million (approximately $1 52 million) plus accrued interest. On April 26, 2018, the District Court in Amsterdam issued a decision in m atters styled Case number 15/3637 and Case number 15/4353 dismissing the Dutch Authority’s claims. The Dutch Au thority has until June 7, 2018 to file any appeal.

Variable Interest Entities and

Variable Interest Entities and Securitization Activities	3 Months Ended
	Mar. 31, 2018
Securitization Activities and Variable Interest Entities [Abstract]
Variable Interest Entity Disclosures	12 . Variable Interest Entities and Securitization Activities Overview For a discussion o f the Firm’s VIE s , the determination and structure of VIE s and securitization activities, see Note 13 to the financial statements in the 201 7 Form 10-K. Consolidated VIE Assets and Liabilities by Type of Activity At March 31, 2018 At December 31, 2017 $ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities OSF $ 361 $ 1 $ 378 $ 3 MABS 1 234 197 249 210 Other 2 2,718 1,131 1,174 250 Total $ 3,313 $ 1,329 $ 1,801 $ 463 OSF—Other structured financings Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets. 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. Other primarily includes investment funds , certain operating entities, CLOs and structured transactions . At Ma rch 31, 2018, Other includes the consolidation of a fund managed by Mesa West Capital , LLC , which was acquired in the current quarter. Assets and Liabilities by Balance Sheet Caption At March 31, At December 31, $ in millions 2018 2017 Assets Cash and cash equivalents: Cash and due from banks $ 103 $ 69 Restricted cash 223 222 Trading assets at fair value 2,345 833 Customer and other receivables 21 19 Goodwill 18 18 Intangible assets 149 155 Other assets 454 485 Total $ 3,313 $ 1,801 Liabilities Other secured financings $ 1,305 $ 438 Other liabilities and accrued expenses 24 25 Total $ 1,329 $ 463 Consolidated VIE assets and liabilities are presented in the previous tables after intercompany eliminations. Most assets owned by consolidated VIEs cannot be removed unilaterally by the Firm and are not generally available to the Firm. Most related liabilities issued by consolidated VIEs are non-recourse to the Firm. In certain other 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 hold ers. Select Information Related to Consolidated VIEs At March 31, At December 31, $ in millions 2018 2017 Noncontrolling interests $ 494 $ 189 Non-consolidated VIEs T he following tables include non-consolidated VIE s in which the Firm has determined that its maximum exposure to loss is greater than specific thresholds or meets certain other criteria and exc lude exposure to loss from liabilities due to immateriality . Most of the VIE s included in the following tables a re sponsored by unrelated parties; the Firm ’s involvement generally is the result of its secondary market-making activities, securities held in its Investment securities portfolio (see Note 5 ) and certain investments in funds. Non-consolidated VIEs At March 31, 2018 $ in millions MABS CDO MTOB OSF Other VIE assets (unpaid principal balance) $ 76,854 $ 14,445 $ 5,439 $ 3,307 $ 19,959 Maximum exposure to loss Debt and equity interests $ 9,075 $ 2,163 $ 81 $ 1,589 $ 4,654 Derivative and other contracts — — 3,367 — 2,317 Commitments, guarantees and other 882 902 — 161 327 Total $ 9,957 $ 3,065 $ 3,448 $ 1,750 $ 7,298 Carrying value of exposure to loss—Assets Debt and equity interests $ 9,075 $ 2,163 $ 51 $ 1,185 $ 4,654 Derivative and other contracts — — 5 — 111 Total $ 9,075 $ 2,163 $ 56 $ 1,185 $ 4,765 At December 31, 2017 $ in millions MABS CDO MTOB OSF Other VIE assets (unpaid principal balance) $ 89,288 $ 9,807 $ 5,306 $ 3,322 $ 31,934 Maximum exposure to loss Debt and equity interests $ 10,657 $ 1,384 $ 80 $ 1,628 $ 4,730 Derivative and other contracts — — 3,333 — 1,686 Commitments, guarantees and other 1,214 668 — 164 433 Total $ 11,871 $ 2,052 $ 3,413 $ 1,792 $ 6,849 Carrying value of exposure to loss—Assets Debt and equity interests $ 10,657 $ 1,384 $ 43 $ 1,202 $ 4,730 Derivative and other contracts — — 5 — 184 Total $ 10,657 $ 1,384 $ 48 $ 1,202 $ 4,914 MTOB— Municipal tender option bonds The Firm’s maximum exposure to loss presented in the previous table often differs from the carrying value of the variable interests held by the Firm. The maximum exposure to loss presented in the previous table 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, other credit support, total return swaps, written put options, and the fair value of certain other derivatives an d investments the Firm has made in the VIE. Liabilities issued by VIEs generally are non-recourse to the Firm. Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect fair value write-down s already recorded by the Firm. The Firm’s maximum exposure to loss presented in the previous table does not include the offsetting benefit of any financial instruments that the Firm may utilize to hedge these risks associated with its variable interests . In addition, the Firm’s maximum exposure to loss presented in the previous table is not reduced by 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. Non-consolidated VIEs Mortgage- and Asset-Backed Securitization Assets At March 31, 2018 At December 31, 2017 UPB Debt and Equity Interests UPB Debt and Equity Interests $ in millions Residential mortgages $ 13,564 $ 782 $ 15,636 $ 1,272 Commercial mortgages 35,886 1,934 46,464 2,331 U.S. agency collateralized mortgage obligations 14,405 3,150 16,223 3,439 Other consumer or commercial loans 12,999 3,209 10,965 3,615 Total $ 76,854 $ 9,075 $ 89,288 $ 10,657 Additional VIE Assets Owned At March 31, At December 31, $ in millions 2018 2017 VIE assets $ 12,314 $ 11,318 These assets were either retained in connection with transfers of assets by the Firm, acquired in connection with secondary market-making activities, held as AFS securities in its Investment securities portfolio (see Note 5 ), or held as investments in funds. At March 31, 2018 and December 31, 2017 , these assets consisted of securities backed by residential mortgage loans, commercial mortgage loans or other consumer loans, such as credit card receivables, automobile loans and student loans, CDO s or CLOs, and investment funds. The Firm’s primary risk exposure is to the securities issued by the SPEs owned by the Firm, with the highest risk on the most subordinate class of beneficial interests. These assets generally are included in Trading asse ts—Corporate and other debt, Trading assets—Investments or AFS securities within its Investment securities portfolio and are measured at fair value (see Note 3 ). The Firm does not provide additional support in these transactions through contractual faci lities, such as liquidity facilities, guarantees or similar derivatives. The Firm’s maximum exposure to loss generally equals the fair value of the assets owned. Transactions with SPEs in which the Firm, acting as principal, transferred financial assets with continuing involvement and received sales treatment are shown in the following tables. Transfers of Assets with Continuing Involvement At March 31, 2018 RML CML U.S. Agency CMO CLN and Other 1 $ in millions SPE assets (UPB) 2 $ 14,978 $ 59,607 $ 14,751 $ 16,823 Retained interests Investment grade $ — $ 324 $ 825 $ 5 Non-investment grade (fair value) 1 107 — 308 Total $ 1 $ 431 $ 825 $ 313 Interests purchased in the secondary market (fair value) Investment grade $ — $ 112 $ 71 $ — Non-investment grade 16 57 — 15 Total $ 16 $ 169 $ 71 $ 15 Derivative assets (fair value) $ — $ — $ — $ 191 Derivative liabilities (fair value) — — — 119 At December 31, 2017 RML CML U.S. Agency CMO CLN and Other 1 $ in millions SPE assets(UPB) 2 $ 15,555 $ 62,744 $ 11,612 $ 17,060 Retained interests Investment grade $ — $ 293 $ 407 $ 4 Non-investment grade (fair value) 1 98 — 478 Total $ 1 $ 391 $ 407 $ 482 Interests purchased in the secondary market (fair value) Investment grade $ — $ 94 $ 439 $ — Non-investment grade 16 66 — 4 Total $ 16 $ 160 $ 439 $ 4 Derivative assets (fair value) $ 1 $ — $ — $ 226 Derivative liabilities (fair value) — — — 85 RML—Residential mortgage loans CML—Commercial mortgage loans Amounts include CLO transactions managed by unrelated third parties. Amounts include assets transferred by unrelated transferors . Fair Value at March 31, 2018 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 831 $ 5 $ 836 Non-investment grade 13 403 416 Total $ 844 $ 408 $ 1,252 Interests purchased in the secondary market Investment grade $ 182 $ 1 $ 183 Non-investment grade 52 36 88 Total $ 234 $ 37 $ 271 Derivative assets $ 50 $ 141 $ 191 Derivative liabilities 114 5 119 Fair Value at December 31, 2017 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 407 $ 4 $ 411 Non-investment grade 22 555 577 Total $ 429 $ 559 $ 988 Interests purchased in the secondary market Investment grade $ 531 $ 2 $ 533 Non-investment grade 57 29 86 Total $ 588 $ 31 $ 619 Derivative assets $ 78 $ 149 $ 227 Derivative liabilities 81 4 85 Transferred assets are carried at fair value prior to securitization, and any changes in fair value are recognized in the income statements. The Firm may act as underwriter of the beneficial interests issued by these securitization vehicles. Investment banking underwriting net revenues are recognized in connection with these transactions. The Firm may retain interests in the securitized financial assets as one or more tranches of the securitization. These retained int erests are generally carried at fair value in the balance sheets with changes in fair value recognized in the income statements. Proceeds from New Securitization Transactions and Sales of Loans Three Months Ended March 31, $ in millions 2018 2017 New transactions 1 $ 6,134 $ 5,997 Retained interests 481 430 Sales of corporate loans to CLO SPEs 1, 2 94 179 Net gains on new transactions and sale s of corporate loans to CLO entities at the time of the sale were not material for all periods presented. 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 11 ). The Firm also enters into transactions in which it sells equity securities and contemporaneously enters into bilateral OTC equity derivatives with the purchasers of the securities, through which it retains the exposure to the securities as shown in the following table. Assets Sold with Retained Exposure At March 31, At December 31, $ in millions 2018 2017 Carrying value of assets derecognized at the time of sale and gross cash proceeds $ 26,800 $ 19,115 Fair value Assets sold $ 26,566 $ 19,138 Derivative assets recognized in the balance sheets 2 176 Derivative liabilities recognized in the balance sheets 236 153 Failed Sales For transfers that fail to meet the accounting criteria for a sale, the Firm continues to recognize the assets in Trading assets at fair value, and the Firm recognizes the associated liabilities in Other secured financings at fair value in the balance sheets (see Note 10 ). The assets transferred to certain unconsolidated VI Es in transactions accounted for as failed sales cannot be removed unilaterally by the Firm and are not generally available to the Firm. The related liabilities are als o non-recourse to the Firm. In certain other failed sale transactions, the Firm has the right to remove assets or provides additional recourse through derivatives such as total return swaps, guarantees or other forms of involvement. Carrying Value of Assets and Liabilities Related to Failed Sales At March 31, 2018 At December 31, 2017 $ in millions Assets Liabilities Assets Liabilities Failed sales $ 710 $ 710 $ 552 $ 552

Regulatory Requirements

Regulatory Requirements	3 Months Ended
	Mar. 31, 2018
Regulatory Requirements
Regulatory Requirements	13 . Regulatory Requirements Regulatory Capital Framework and Requirements For a discussion of the Firm’s regulatory capital framework, see Note 14 to the financial statements in the 2017 Form 10-K. The Firm is required to maintain minimum risk-based and leverage capital ratios under the regulatory capital requirements. A summary of the calculations of regulatory capital, RWA and transition provisions follows. The Firm’s risk-based capital ratios for purposes of determining regulatory compliance are the lower of the capital ratios computed under (i) the standardized approaches for calculating credit risk and market risk RWA (“ Standardized Approach”) and (ii) the applicable advanced approaches for calculating credit risk, market risk and operational risk RWA (“ Advanced Approach”). Minimum risk-based capital ratio requirements apply to Common Equity Tier 1 capital, Tier 1 capital and Total capital. Certain adjustm ents to and deductions from capital are required for purposes of determining these ratios, such as goodwill, intangible assets, certain deferred tax assets, other amounts in AOCI and investments in the capital instruments of unconsolidated financial instit utions. In addition to the minimum risk-based capital ratio requirements, by 2019 the Firm will be subject to the following buffers : A greater than 2.5% Common Equity Tier 1 capital conservation buffer; The Common Equity Tier 1 G-SIB capital surcharge, currently at 3%; and Up to a 2.5% Common Equity Tier 1 CCyB , currently set by U.S. banking agencies at zero . In 2017 and 2018, each of the buffer s is 50% and 7 5% , respectively, of the 2019 requirement noted above . Failure to maintain the buffers will result in restrictions on the Firm’s ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers . For a further discuss ion of the Firm’s calculation of risk-based capital ratios, see Note 14 to the financial statements in the 2017 Form 10-K . The Firm’s Regulatory Capital and Capital Ratios At March 31, 2018 and December 31, 2017 , the Firm’s ratios are based on the Standardized Approach rules. Regulatory Capital At March 31, 2018 $ in millions Amount Ratio Required Ratio 1 Common Equity Tier 1 capital $ 60,568 15.5% 8.6% Tier 1 capital 69,213 17.7% 10.1% Total capital 79,363 20.3% 12.1% Total RWA 390,390 N/A N/A Tier 1 leverage 69,213 8.2% 4.0% Adjusted average assets 2 846,868 N/A N/A SLR 3 69,213 6.3% 5.0% Supplementary leverage exposure 1,091,518 N/A N/A At December 31, 2017 $ in millions Amount Ratio Required Ratio 1 Common Equity Tier 1 capital $ 61,134 16.5% 7.3% Tier 1 capital 69,938 18.9% 8.8% Total capital 80,275 21.7% 10.8% Total RWA 369,578 N/A N/A Tier 1 leverage 69,938 8.3% 4.0% Adjusted average assets 2 842,270 N/A N/A Percenta ges represent minimum required regulatory capital ratios under the transitional rules. Regulatory compliance was determined based on capital ratios calculated under the transitional rules until December 31, 2017. Adjusted average assets represent the denominator of the Tier 1 leverage ratio and are composed of the average daily balance of consolidated on-balance sheet assets under U.S. GAAP during the current quarter and the quarter ended December 31, 2017 , respectively, adjusted for disallowed goodwill, intangible assets, certain deferred tax assets, certain investments in the capital instruments of unconsolidated financial institutions and other adjustments The SLR became effective as a capital standard on January 1, 2018. U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios The Firm’s U.S. Bank Subsidiaries are subject to similar regulatory capital requirements as the Firm. Failure to meet minimum capital requirements can initiate 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 s tatements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, each of the U.S. Bank Subsidiaries must meet specific capital guidelines that involve quantitative measures of its assets, liabilities and certain off-b alance sheet items as calculated under regulatory accounting practices. Each U.S. depository institution subsidiary of the Firm must be well-capitalized in order for the Firm to continue to qualify as a financial holding company and to continue to engage in the broadest range of financial activities permitted for financial holding companies. Under regulatory capital requirements adopted by the U.S. federal banking agencies, U.S. depository institutions must maintain certain minimum capital ratios in order to be considered well-capitalized. At March 31, 2018 and December 31, 2017 , the Firm’s U.S. Bank Subsidiaries maintained capital at levels sufficiently in excess of the universally mandated well-capitalized requirements to address any additional capital needs and requirements identified by the U.S. federal banking regulators. At March 31, 2018 and December 31, 2017 , the U.S. Bank Subsidiaries’ ratios are based on the Standardized Approach rules . MSBNA’s Regulatory Capital At March 31, 2018 $ in millions Amount Ratio Required Ratio 1 Common Equity Tier 1 capital $ 15,514 19.7% 6.5% Tier 1 capital 15,514 19.7% 8.0% Total capital 15,785 20.1% 10.0% Tier 1 leverage 15,514 11.8% 5.0% SLR 2 9.0% 6.0% At December 31, 2017 $ in millions Amount Ratio Required Ratio 1 Common Equity Tier 1 capital $ 15,196 20.5% 6.5% Tier 1 capital 15,196 20.5% 8.0% Total capital 15,454 20.8% 10.0% Tier 1 leverage 15,196 11.8% 5.0% MSPBNA’s Regulatory Capital At March 31, 2018 $ in millions Amount Ratio Required Ratio 1 Common Equity Tier 1 capital $ 6,382 24.2% 6.5% Tier 1 capital 6,382 24.2% 8.0% Total capital 6,425 24.4% 10.0% Tier 1 leverage 6,382 9.7% 5.0% SLR 2 9.3% 6.0% At December 31, 2017 $ in millions Amount Ratio Required Ratio 1 Common Equity Tier 1 capital $ 6,215 24.4% 6.5% Tier 1 capital 6,215 24.4% 8.0% Total capital 6,258 24.6% 10.0% Tier 1 leverage 6,215 9.7% 5.0% Ratios that are required in order to be considered well-capitalized for U.S. regulatory purposes. Regulatory compliance was determined based on capital ratios calculated under the transitional rules until December 31, 2017 . The SLR became effective as a capital standard on January 1, 2018. U.S. Broker-Dealer Regulatory Capital Requirements MS&Co. Regulatory Capital $ in millions At March 31, 2018 At December 31, 2017 Net capital $ 12,661 $ 10,142 Excess net capital 10,303 8,018 MS&Co. is a registered U.S. broker-dealer and registered futures commission merchant and, accordingly, is subject to the minimum net capital requirements of the SEC and the CFTC. MS&Co . has consistently operated with capital in excess of its regulatory capital requirements. As an Alternative Net Capital broker- dealer, and in accordance with the market and credit risk standards of Appendix E of SEC Rule 15c3-1, MS&Co. is subject to minimum net capital and tentative net capital requirements . In addition, MS&Co. must notify the SEC if its tentative net capit al falls below certain levels. At March 31, 2018 and December 31, 2017 , MS&Co. has exceeded its net capital requirement and has tentative net capital in excess of the minimum and notification re quirements. MSSB LLC Regulatory Capital $ in millions At March 31, 2018 At December 31, 2017 Net capital $ 2,919 $ 2,567 Excess net capital 2,759 2,400 MSSB LLC is a registered U.S. broker- dealer and introducing broker for the futures business and, accordingly, is subject to the minimum net capital requirements of the SEC. MSSB LLC has consistently operated with capital in excess of its regulatory capital requirements. Other Regulated Subsidiaries MSIP, a London-based broker-dealer subsidiary, is subject to the capital requirements of the PRA, and MSMS, a Tokyo-based broker-dealer subsidiary, is subject to the capital requirements of the Financial Services Agency. MSIP and MSMS have consistently operated with capital in excess of their respective regulatory capital requirements . Certain other U.S. and non-U.S. subsidiaries of the Firm are subject to various securities, commodities and banking regulations, and cap ital adequacy requirements promulgated by the regulatory and exchange authorities of the countries in which they operate. These subsidiaries have consistently operated with capital in excess of their local capital adequacy requirements.

Total Equity

Total Equity	3 Months Ended
	Mar. 31, 2018
Total Equity
Total Equity	14 . Total Equi ty Share Repurchases Three Months Ended March 31, $ in millions 2018 2017 Repurchases of common stock under the Firm's share repurchase program $ 1,250 $ 750 The Firm’s 2017 Capital Plan (“Capital Plan”) includes the share repurchase of up to $ 5.0 billion of outstanding common stock for the period beginning July 1, 2017 through June 30, 2018 , an increase from $ 3.5 billion in the 2016 Capital Plan. Additionally, the Capital Plan includes quarterly common stock dividends of up to $ 0.25 per share. Preferred Stock Three Months Ended March 31, $ in millions 2018 2017 Dividends declared $ 93 $ 90 F or a description of Series A through Series K preferred stock issuances, see Note 15 to the financial statements in the 201 7 F orm 10-K. The Firm is authorized to issue 30 million shares of preferred stock. The preferred stock has a preference over the common stock upon liquidation. The Firm’s preferred stock qualifies as Tier 1 capital in accordance with regulatory capital requirements (see Note 13 ). Preferred Stock Outstanding $ in millions, except per share data Shares Outstanding Carrying Value At Liquidation At At March 31, Preference March 31, December 31, 2018 per Share 2018 2017 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 G 20,000 25,000 500 500 H 52,000 25,000 1,300 1,300 I 40,000 25,000 1,000 1,000 J 60,000 25,000 1,500 1,500 K 40,000 25,000 1,000 1,000 Total $ 8,520 $ 8,520 1. Series C is composed of the issuance of 1,160,791 shares of Series C Preferred Stock to MUFG for an aggregate purchase price of $ 911 million, less the redemption of 640,909 shares of Series C Preferred Stock of $ 503 million, which were converted to common shares of approximately $ 705 million. Comprehe nsive Income (Loss ) Accumulated Other Comprehensive Income (Loss) 1 $ in millions Foreign Currency Translation Adjustments AFS Securities Pension, Postretirement and Other DVA Total December 31, 2017 $ (767) $ (547) $ (591) $ (1,155) $ (3,060) Cumulative adjustment for for accounting changes 2 (8) (111) (124) (194) (437) OCI during the period 60 (410) 5 436 91 March 31, 2018 $ (715) $ (1,068) $ (710) $ (913) $ (3,406) December 31, 2016 $ (986) $ (588) $ (474) $ (595) $ (2,643) OCI during the period 107 84 — 2 193 March 31, 2017 $ (879) $ (504) $ (474) $ (593) $ (2,450) Amounts net of tax and noncontrolling interests. The cumulative adjustment for accounting change s is primarily the effect of the adoption of the accounting update Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This adjustment was recorded as of January 1, 2018 to reclassify certain income tax effects related to enactment of the Tax Act from AOCI to Retained earnings, primarily related to the remeasurement of deferred tax assets and liabilities resulting from the reduction in corporate income tax rate to 21%. See Note 2 for further information. Components of Period Changes in OCI Three Months Ended March 31, 2018 1 $ in millions Pre-tax Gain (Loss) Income Tax Benefit (Provision) After-tax Gain (Loss) Non-controlling Interests Net Foreign currency translation adjustments OCI activity $ 78 $ 39 $ 117 $ 57 $ 60 Reclassified to earnings — — — — — Net OCI $ 78 $ 39 $ 117 $ 57 $ 60 Change in net unrealized gains (losses) on AFS securities OCI activity $ (535) $ 125 $ (410) $ — $ (410) Reclassified to earnings — — — — — Net OCI $ (535) $ 125 $ (410) $ — $ (410) Pension, postretirement and other OCI activity $ — $ — $ — $ — $ — Reclassified to earnings 6 (1) 5 — 5 Net OCI $ 6 $ (1) $ 5 $ — $ 5 Change in net DVA OCI activity $ 580 $ (140) $ 440 $ 15 $ 425 Reclassified to earnings 15 (4) 11 — 11 Net OCI $ 595 $ (144) $ 451 $ 15 $ 436 Three Months Ended March 31, 2017 $ in millions Pre-tax Gain (Loss) Income Tax Benefit (Provision) After-tax Gain (Loss) Non-controlling Interests Net Foreign currency translation adjustments OCI activity $ 43 $ 107 $ 150 $ 43 $ 107 Reclassified to earnings — — — — — Net OCI $ 43 $ 107 $ 150 $ 43 $ 107 Change in net unrealized gains (losses) on AFS securities OCI activity $ 137 $ (52) $ 85 $ — $ 85 Reclassified to earnings (2) 1 (1) — (1) Net OCI $ 135 $ (51) $ 84 $ — $ 84 Change in net DVA OCI activity $ 7 $ (1) $ 6 $ 7 $ (1) Reclassified to earnings 4 (1) 3 — 3 Net OCI $ 11 $ (2) $ 9 $ 7 $ 2 Exclusive of 2018 cumulative adjustments related to the adoption of certain accounting updates in the current quarter. Refer to the table below and Note 2 for further information. Cumulative Adjustments to Retained Earnings Three Months Ended $ in millions March 31, 2018 Revenue from contracts with customers $ (32) Derivatives and hedging‒targeted improvements to accounting for hedging activities (99) Reclassification of certain tax effects from AOCI 443 Other 1 (6) Total $ 306 Three Months Ended $ in millions March 31, 2017 Improvements to employee share-based payment accounting 2 (30) Intra-entity transfers of assets other than inventory (5) Total $ (35) Other includes the adoption of accounting update s related to Recognition and Measurement of Financial Assets and Financial Liabilities (other than the provision around presenting unrealized DVA in OCI which we early adopted in 2016) and Derecognition of Nonfinancial Assets . The impact of these adoptions on Retained earnings was not significant. See Note 2 to the 2017 Form 10-K for further information. Amounts in the previous table represent cumulative adjustments related to the adoption of the accountin g updates during the current and prior year quarters. See Note 2 for further information.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Common Share	15 . Earnings per Common Shar e Calculation of Basic and Diluted EPS Three Months Ended March 31, in millions, except for per share data 2018 2017 Basic EPS Income from continuing operations $ 2,706 $ 1,993 Income (loss) from discontinued operations (2) (22) Net income 2,704 1,971 Net income applicable to noncontrolling interests 36 41 Net income applicable to Morgan Stanley 2,668 1,930 Preferred stock dividends and other 93 90 Earnings applicable to Morgan Stanley common shareholders $ 2,575 $ 1,840 Weighted average common shares outstanding 1,740 1,801 Earnings per basic common share Income from continuing operations $ 1.48 $ 1.03 Income (loss) from discontinued operations — (0.01) Earnings per basic common share $ 1.48 $ 1.02 Diluted EPS Earnings applicable to Morgan Stanley common shareholders $ 2,575 $ 1,840 Weighted average common shares outstanding 1,740 1,801 Effect of dilutive securities: Stock options and RSUs 1 31 41 Weighted average common shares outstanding and common stock equivalents 1,771 1,842 Earnings per diluted common share Income from continuing operations $ 1.46 $ 1.01 Income (loss) from discontinued operations (0.01) (0.01) Earnings per diluted common share $ 1.45 $ 1.00 Weighted average antidilutive RSUs and stock options (excluded from the computation of diluted EPS) 1 1 — 1. RSUs that are considered participating securities are treated as a separate class of securities in the computation of basic EPS, and, therefore, such RSUs are not included as incremental shares in the diluted EPS computation .

Interest Income and Interest Ex

Interest Income and Interest Expense	3 Months Ended
	Mar. 31, 2018
Interest Income and Interest Expense
Interest Income and Interest Expense	16 . Inter est Income and Interest Expense Interest income and Interest expense are classified in the income statements based on the nature of the instrument and related market conventions. When included as a component of the instrument’s fair value, interest is included within Trading revenues or Investments revenues. Otherwise, it is included within Interest income or Interest expense. Three Months Ended March 31, $ in millions 2018 2017 Interest income Investment securities $ 424 $ 326 Loans 938 748 Securities purchased under agreements to resell and Securities borrowed 1 215 (18) Trading assets, net of Trading liabilities 540 463 Customer receivables and Other 2 743 446 Total interest income $ 2,860 $ 1,965 Interest expense Deposits $ 159 $ 11 Borrowings 1,138 1,022 Securities sold under agreements to repurchase and Securities loaned 3 402 248 Customer payables and Other 4 186 (87) Total interest expense $ 1,885 $ 1,194 Net interest $ 975 $ 771 1. Includes fees paid on Securities borrowed . 2 . Inclu des interest from Customer receivables, Restricted cash and Interest bearing deposits with banks . 3 . Includes fees received on Securities loaned. 4 . Includes fees received from prime brokerage customers for stock loan transactions incurred to cover customers’ short positions.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2018
Employee Benefit Plans
Employee Benefit Plans	17 . Employee Benefit Plans The Firm sponsors various retirement plans for the majority of its U.S. employees. The Firm provides certain other postretirement benefits, primarily health care and life insurance, to eligible U.S. employees. Components of Net Periodic Benefit Expense (Income) for Pension and Other Postretirement Plans Three Months Ended March 31, $ in millions 2018 2017 Service cost, benefits earned during the period $ 4 $ 4 Interest cost on projected benefit obligation 34 37 Expected return on plan assets (28) (29) Net amortization of prior service credit — (4) Net amortization of actuarial loss 6 4 Net periodic benefit expense (income) $ 16 $ 12

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Taxes
Income Taxes	17 . Income Taxes The Firm is under continuous examination by the IRS and other tax authorities in certain countries, such as Japan and the U.K., and in states in which it has significant business operations, such as New York. The Firm has established a liability for unrecognized tax benefits, and associated interest, if applicable (“tax liabilities”), that it believes is adequate in relation to the potential for additional assessments. Once established, the Firm adjusts such tax liabilities only when new information i s available or when an event occurs necessitating a change. During the fourth quarter of 2017, the Firm agreed to proposed adjustments associated with the expected closure of the IRS field audits for tax years 2006-2008. The Firm expects final closure of these tax years in the second quarter of 2018. The Firm is currently at various levels of field examination with respect to audits by the IRS, as well as New York State and New York City, for tax years 2009-2012 an d 2007-2014, respectively. The Firm believes that the resolution of the above tax matters will not have a material effect on the annual financial statements, although a resolutio n co uld have a material impact i n the income statements and effective tax rate for any period in which such resolution occurs. Furthermore, by the end of the first quarter of 2018 , the F irm reached a conclusion with the U.K. tax authorities on certain issues through tax year 2010, the resolution of which did not have a material impact on the annual financial statements or effective tax rate. See Note 1 1 regarding the Dutch Tax Authority ’s challenge, in the District Court in Amsterdam (matters styled Case number 15/3637 and Case number 15/4353 ), of the Firm’s entitlement to certain withholding tax credits which may impact the balance of unrecognized tax benefits . It is reasonably possibl e that significant changes in the balance of unrecognized tax benefits occur within the next 12 months. At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the Firm’s effective tax rate over the next 12 months

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment And Geographic Information	19 . Segment and Geographic Information Segment Information For a discussion about the Firm’s business segments, see Note 21 to the financial statements in the 2017 Form 10-K . Selected Financial Information by Business Segment Three Months Ended March 31, 2018 $ in millions IS WM IM I/E Total Total non-interest revenues $ 6,195 $ 3,305 $ 718 $ (116) $ 10,102 Interest income 1,804 1,280 1 (225) 2,860 Interest expense 1,899 211 1 (226) 1,885 Net interest (95) 1,069 — 1 975 Net revenues $ 6,100 $ 4,374 $ 718 $ (115) $ 11,077 Income from continuing operations before income taxes $ 2,112 $ 1,160 $ 148 $ — $ 3,420 Provision for income taxes 449 246 19 — 714 Income from continuing operations 1,663 914 129 — 2,706 Income (loss) from discontinued operations, net of income taxes (2) — — — (2) Net income 1,661 914 129 — 2,704 Net income applicable to noncontrolling interests 34 — 2 — 36 Net income applicable to Morgan Stanley $ 1,627 $ 914 $ 127 $ — $ 2,668 Three Months Ended March 31, 2017 $ in millions IS WM IM I/E Total Total non-interest revenues $ 5,379 $ 3,064 $ 608 $ (77) $ 8,974 Interest income 1,124 1,079 1 (239) 1,965 Interest expense 1,351 85 — (242) 1,194 Net interest (227) 994 1 3 771 Net revenues $ 5,152 $ 4,058 $ 609 $ (74) $ 9,745 Income from continuing operations before income taxes $ 1,730 $ 973 $ 103 $ 2 $ 2,808 Provision for income taxes 459 326 30 — 815 Income from continuing operations 1,271 647 73 2 1,993 Income (loss) from discontinued operations, net of income taxes (22) — — — (22) Net income 1,249 647 73 2 1,971 Net income applicable to noncontrolling interests 35 — 6 — 41 Net income applicable to Morgan Stanley $ 1,214 $ 647 $ 67 $ 2 $ 1,930 I/E–Intersegment Eliminations Total Assets by Business Segment At At March 31, December 31, $ in millions 2018 2017 Institutional Securities $ 674,785 $ 664,974 Wealth Management 177,603 182,009 Investment Management 6,107 4,750 Total 1 $ 858,495 $ 851,733 Parent assets have been fully allocated to the business segments. Additional Information – Investment Management Net Unrealized Performance-based Fees At At March 31, December 31, $ in millions 2018 2017 Net cumulative unrealized performance-based fees at risk of reversing $ 441 $ 442 The Firm’ s portion of net cumulative unrealized performance-based fees (for which the Firm is not obligated to pay compensation) are at risk of reversing if the fund performance falls below the stated investment management agreement benchmarks. See Note 11 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received . Reduction of Fees due to Fee Waivers Three Months Ended March 31, $ in millions 2018 2017 Fee waivers $ 18 $ 23 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. Geographic Information For a discussion about the Firm’s geographic net revenues, see Note 21 to the financial statements in the 2017 Form 10-K. Net Revenues by Region Three Months Ended $ in millions March 31, 2018 March 31, 2017 Americas $ 8,018 $ 7,088 EMEA 1,708 1,489 Asia 1,351 1,168 Total $ 11,077 $ 9,745

Customer Contract Revenue Recog

Customer Contract Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	20 . Revenues from Contracts with Customers These disclosures are made in accordance with the adoption of the accounting update Revenue from Contracts with Customers , as such, they relate only to the subset of revenues generated from contracts with customers, which excludes certain revenues, such as revenues from financial instruments. For a detailed discussion about the Firm’s revenue recognition accounting policies, see Note 2 . For further segment and geographic information of the Firm’s total revenues, see Note 19 . For a discussion abou t the Firm’s business segments, see Note 21 to the financial statements in the 2017 Form 10-K . Customer Contract Revenue by Business Segment Three Months Ended March 31, 2018 $ in millions IS WM IM I/E Total Investment banking 1 $ 1,308 $ 140 $ — $ (19) $ 1,429 Commissions and fees 744 498 — (69) 1,173 Asset management 110 2,495 626 (39) 3,192 Other customer contract revenues 2 59 59 — (2) 116 Total revenues from contracts with customers 3 $ 2,221 $ 3,192 $ 626 $ (129) $ 5,910 Investment banking includes revenues from underwriting equity and fixed income securities and advisory fees. Includes Trading and Other revenues from contracts with customers. Includes $ 902 million in total consolidated revenue recognized in the current quarter from services performed over multiple periods related primarily to investment banking advisory fees, and distribution fees. Customer Contract Revenue by Region Three Months Ended $ in millions March 31, 2018 Americas $ 4,738 EMEA 622 Asia 550 Total $ 5,910 Change in Revenue as a Result of Application of the New Revenue Recognition Standard 1 Three Months Ended $ in millions March 31, 2018 Investment banking 2 $ 60 Commissions and fees 2 Asset management 9 Other customer contract revenues 12 Total change $ 83 The accounting update requires, among other things, a gross presentation of certain costs that were previously netted against revenues. As a result, the Firm recorded an increase to net revenues and noncompensation expenses of $ 79 million, which was reported as follows: $ 72 million in the Institutional Securities business segment; $ 23 million in the Investment Management business segment; and $ (16) million in Intersegment Eliminations related to intersegment activity. The effect of chang ing to a gross presentation on advisory fees and total underwriting fees within the Institutional Securities business segment in the current quarter was $ 15 million and $ 45 million, respectively. Balance Sheet Amounts Related to C ustomer Contracts Revenue At At March 31, January 1, $ in millions 2018 2018 Customer and other receivables $ 2,697 $ 2,805 Other Liabilities—Contract Liabilities Rollforward Three Months Ended $ in millions March 31, 2018 January 1, 2018 $ 155 Recognized contract liabilities 184 Contract liabilities recognized into revenue (160) March 31, 2018 $ 179 Current quarter a ctivity in contract liabilities relates primarily to Wealth Management a dvisory and managed a ccount fees that are billed in advance and recognized into revenue as the underlying services are provided . Certain Future Expected Reven ues At March 31, 2018 $ in millions 2018 2019 2020 Thereafter Total Other customer contract revenues 1 $ 89 $ 118 $ 95 $ 310 $ 612 Primarily includes commodities-related contracts with c ustomers . The previous table presents expected revenues from current obligations to perform services in the future. It excludes the following: revenue subject to potential ly significant reversal, revenues from contracts shorter than one year, and revenues from billings that are com mensurate with the value of the services performed at each stage of the contract.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events
Subsequent Events	21 . Subsequent Events The Firm has evaluated subsequent events for adjustment to or disclosure in the financial statements through the date of this report and has not identified any r ecordable or disclosable events not otherwise reported in these financial statements or the notes thereto .

Significant Accounting Polici29

Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2018
Significant Accounting Policies
Accounting Standards Adopted	Accounting Updates Adopted The Firm adopted the following accounting updates in the current quarter . Prior year quarter results are presented under previous policies. See Note 14 for a summary of the Retained earnings impacts of these and o ther minor adoptions effective this quarter. Revenue from Contracts with Customers On January 1, 2018, we adopted Revenue from Contracts with Customers using the modified retrospective method, which resulted in a net decrease to Retained earnings of $ 32 million, net of tax. P rior period amounts were not restated. See Note 20 for new disclosures related to the adoption of this standard. Our revised accounting policy in accordance with this adoption is effective January 1, 2018 , and is discussed below. Revenue R ecognition Revenues are recognized when the promised goods or services are delivered to our customers, in an amount that is based on the consideration the Firm expects to receive in exchange for those goods or services when such amounts are not probable of significant reversal . Investment Banking Revenue from investment banking activities consists of revenues earned from underwriting primarily equity and fixed income securities and advisory fees for mergers, acquisitions, re structuring and advisory assignments. Underwriting revenues are generally recognized on trade date if there is no uncertainty or contingency related to the amount to be paid. Underwriting costs are deferred and recognized in the relevant non-compensation expense line items when the related underwriting revenues are recorded. Advisory fees are recognized as advice is provided to the client, based on the estimated progress of work and when the revenue is not probable of a sign ificant reversal. Advisory costs are recognized as incurred in the relevant non-compensation expense line items, including when reimbursed. Commissions and Fees Commission and fee revenues result from transaction-based arrangements in which the client is charged a fee for the execution of transactions. Such revenues primarily arise from transactions in equity securities; services related to sales and trading activities; and sales of mutual funds, alternative funds, futures, insurance products and options. Commission and fee revenues are recognized on trade date when the performance obligation is satisfied. Asset Management Revenues Asset management, distribution and administration fees are generally based on related asset levels being managed, such as t he AUM of a customer’s account, or the net asset value of a fund. These fees are generally recognized when services are performed and the fees become known . Management fees are reduced by estimated fee waivers and expense caps, if any, provided to the cust omer. Performance-based fees not in the form of carried interest are recorded when the annual performance target is met and the revenue is not probable of a significant reversal . Performance-based fees in the form of carried interest are considered equity method investments and are therefore outside the scope of these policies for revenue from contracts with customers. Sales commissions paid by the Firm in connection with the sale of certain classes of shares of its open-end mutual fun d products are accounted for as deferred commission assets and amortized to expense over the expected life of the contract . The Firm periodically tests deferred commission assets for recoverability based on cash flows expected to be received in future peri ods. Other asset management and distribution costs are recognized as incurred in the relevant non-compensation expense line items. Other I tems Revenue from commodities-related contracts is recognized as the promised goods or services are delivered to the customer. R eceivables from contracts with customers are recognized in Customer and other receivables in the balance sheets when the underlying performance obligations have been satisfied and the Firm has the right per the contract to bill the customer. C ontract assets are recognized in Other assets when the Firm has satisfied its performance obligations, but customer payment is con ditional . Contract liabilities are recognized in Other liabilities when the Firm has collected payment from a customer based o n the terms of the contract, but the underlying performance obligations are not yet satisfied. For contracts with a term less than one year, incremental costs to obtain the contract are expensed as incurred. Revenues are not discounted when payment is expected within one year. The Firm presents, net within revenues, all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Firm from a customer . Derivatives and Hedging–Targeted Improvements to Accounting for Hedging Activities This accounting update aims to better align the hedge accounting requirements with an entity’s risk management strategies and improve the financial reporting of hedging relationships. It also results in simplification of the application of hedge accounting related to the assessment of hedge effectiveness. The Firm early adopted this accounting update in the first quarter of 2018. Upon adoption, the Firm recorded a cumul ative catch-up adjustment, decreasing Retained earnings by $ 99 million, net of tax. This adjustment represents the cumulative effect of applying the new rules from the inc eption of certain fair value hedges of the interest rate risk of our borrowings, in p articular the provision allowing only the benchmark rate component of coupon cash flows to be hedged. Effective January 1, 2018, in accordance with this adoption, t he Firm has updated its accounting policies to permit the hedged item in a fair value hedge of interest rate risk to be defined as including only the benchmark rate component of contractual coupon cash flows, and to allow for hedging part of the contractual term of the hedged instrument. The accounting policy also requires the entire gain or los s from revaluing hedges of net investments in foreign operations at the spot rate to be reported within AOCI. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income This accounting update, which the Firm elected to early adop t as of January 1, 2018, allows compan ies to reclassify from AOCI to R etained earnings the stranded tax effects associated with enactment of the Tax Act on December 22, 2017. These stranded tax effects resulted from the requirement to reflect the total amo unt of the remeasurement of and other adjustments to deferred tax assets and liabilities in 2017 income from continuing operations, regardless of whe ther the deferred taxes were originally recorded in AOCI . Accordingly, as of January 1, 2018, the Firm reco rded a net increase to Retained earnings as a result of the reclassification of $ 443 million of such stranded tax effects previously recorded in AOCI, which were primarily the result of the remeasurement of deferred tax assets and liabilities associated wi th the change in tax rates. Aside from the above treatment related to the Tax Act, the Firm releases stranded tax effects from AOCI into earnings once the related category of instruments or transactions giving rise to these effects no longer exists . For further detail on the tax effects reclassified, refer to Note 14 to the financial statements .

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures
Assets and Liabilities Measured at Fair Value on a Recurring Basis	Assets and Liabilities Measured at Fair Value on a Recurring Basis At March 31, 2018 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 22,675 $ 23,430 $ — $ — $ 46,105 Other sovereign government obligations 18,185 9,371 7 — 27,563 State and municipal securities — 3,235 2 — 3,237 MABS — 1,799 342 — 2,141 Loans and lending commitments 2 — 4,865 8,128 — 12,993 Corporate and other debt — 21,392 814 — 22,206 Corporate equities 3 120,280 494 233 — 121,007 Derivative and other contracts: Interest rate 989 176,030 1,250 — 178,269 Credit — 6,971 362 — 7,333 Foreign exchange 45 53,504 29 — 53,578 Equity 1,165 44,506 3,871 — 49,542 Commodity and other 383 6,908 4,576 — 11,867 Netting 1 (1,665) (216,759) (1,581) (47,436) (267,441) Total derivative and other contracts 917 71,160 8,507 (47,436) 33,148 Investments 4 482 372 1,012 — 1,866 Physical commodities — 205 — — 205 Total trading assets 4 162,539 136,323 19,045 (47,436) 270,471 Investment securities— AFS 29,979 26,770 — — 56,749 Intangible assets — 3 — — 3 Total assets at fair value $ 192,518 $ 163,096 $ 19,045 $ (47,436) $ 327,223 At March 31, 2018 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 198 $ 44 $ — $ 242 Trading liabilities: U.S. Treasury and agency securities 20,182 32 — — 20,214 Other sovereign government obligations 24,281 3,890 3 — 28,174 Corporate and other debt — 7,886 4 — 7,890 Corporate equities 3 56,667 60 32 — 56,759 Derivative and other contracts: Interest rate 1,043 159,538 580 — 161,161 Credit — 7,456 392 — 7,848 Foreign exchange 31 53,408 62 — 53,501 Equity 1,054 46,616 2,856 — 50,526 Commodity and other 543 5,680 2,916 — 9,139 Netting 1 (1,665) (216,759) (1,581) (36,184) (256,189) Total derivative and other contracts 1,006 55,939 5,225 (36,184) 25,986 Total trading liabilities 102,136 67,807 5,264 (36,184) 139,023 Securities sold under agreements to repurchase — 792 — — 792 Other secured financings — 3,203 220 — 3,423 Borrowings — 43,907 3,626 — 47,533 Total liabilities at fair value $ 102,136 $ 115,907 $ 9,154 $ (36,184) $ 191,013 At December 31, 2017 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 22,077 $ 26,888 $ — $ — $ 48,965 Other sovereign government obligations 20,234 7,825 1 — 28,060 State and municipal securities — 3,592 8 — 3,600 MABS — 2,364 423 — 2,787 Loans and lending commitments 2 — 4,791 5,945 — 10,736 Corporate and other debt — 16,837 701 — 17,538 Corporate equities 3 149,697 492 166 — 150,355 Derivative and other contracts: Interest rate 472 178,704 1,763 — 180,939 Credit — 7,602 420 — 8,022 Foreign exchange 58 53,724 15 — 53,797 Equity 1,101 40,359 3,530 — 44,990 Commodity and other 1,126 5,390 4,147 — 10,663 Netting 1 (2,088) (216,764) (1,575) (47,171) (267,598) Total derivative and other contracts 669 69,015 8,300 (47,171) 30,813 Investments 4 297 523 1,020 — 1,840 Physical commodities — 1,024 — — 1,024 Total trading assets 4 192,974 133,351 16,564 (47,171) 295,718 Investment securities— AFS 27,522 27,681 — — 55,203 Intangible assets — 3 — — 3 Total assets at fair value $ 220,496 $ 161,035 $ 16,564 $ (47,171) $ 350,924 At December 31, 2017 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 157 $ 47 $ — $ 204 Trading liabilities: U.S. Treasury and agency securities 17,802 24 — — 17,826 Other sovereign government obligations 24,857 2,016 — — 26,873 Corporate and other debt — 7,141 3 — 7,144 Corporate equities 3 52,653 82 22 — 52,757 Derivative and other contracts: Interest rate 364 162,239 545 — 163,148 Credit — 8,166 379 — 8,545 Foreign exchange 23 55,118 127 — 55,268 Equity 1,001 44,666 2,322 — 47,989 Commodity and other 1,032 5,156 2,701 — 8,889 Netting 1 (2,088) (216,764) (1,575) (36,717) (257,144) Total derivative and other contracts 332 58,581 4,499 (36,717) 26,695 Total trading liabilities 95,644 67,844 4,524 (36,717) 131,295 Securities sold under agreements to repurchase — 650 150 — 800 Other secured financings — 3,624 239 — 3,863 Borrowings — 43,928 2,984 — 46,912 Total liabilities at fair value $ 95,644 $ 116,203 $ 7,944 $ (36,717) $ 183,074 MABS—Mortgage- and a sset-backed securities 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.” P ositions 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 4 . For a further breakdown by type, see the following Loans and Lending Commitments at Fair Value table. For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes. 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 “ Measured Based on N et Asset Value ” herein .
Loans and Lending Commitments at Fair Value	Loans and Lending Commitments at Fair Value $ in millions At March 31, 2018 At December 31, 2017 Corporate $ 9,346 $ 8,358 Residential real estate 706 799 Wholesale real estate 2,941 1,579 Total $ 12,993 $ 10,736
Unsettled Fair Value of Futures Contracts	Unsettled Fair Value of Futures Contracts 1 $ in millions At March 31, 2018 At December 31, 2017 Customer and other receivables, net $ 714 $ 831 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 .
Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis	Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Current Quarter $ in millions Beginning Balance at December 31, 2017 Realized and Unrealized Gains (Losses) Purchases 1 Sales and Issuances 2 Settlements 1 Net Transfers Ending Balance at March 31, 2018 Unrealized Gains (Losses) Assets at fair value Trading assets: Other sovereign government obligations $ 1 $ — $ 7 $ — $ — $ (1) $ 7 $ — State and municipal securities 8 — 1 (7) — — 2 — MABS 423 77 64 (238) (16) 32 342 2 Loans and lending commitments 5,945 28 3,740 (283) (1,218) (84) 8,128 (9) Corporate and other debt 701 1 350 (243) — 5 814 (1) Corporate equities 166 — 166 (132) — 33 233 (9) Net derivative and other contracts 3 : Interest rate 1,218 52 32 (41) (81) (510) 670 75 Credit 41 (107) — — 38 (2) (30) (109) Foreign exchange (112) 57 — (31) 33 20 (33) (9) Equity 1,208 356 142 (799) 159 (51) 1,015 315 Commodity and other 1,446 217 13 (6) (57) 47 1,660 149 Total net derivative and other contracts 3,801 575 187 (877) 92 (496) 3,282 421 Investments 1,020 44 21 (78) — 5 1,012 22 Liabilities at fair value Deposits $ 47 $ 1 $ — $ 9 $ (1) $ (10) $ 44 $ 1 Trading liabilities: Other sovereign government obligations — — — 3 — — 3 — Corporate and other debt 3 — (2) 1 — 2 4 — Corporate equities 22 4 (5) 11 — 8 32 4 Securities sold under agreements to repurchase 150 — — — — (150) — — Other secured financings 239 13 — 4 (10) — 220 13 Borrowings 2,984 102 — 640 (83) 187 3,626 99 Loan originations and consolid ations of VIEs are included in P urchases and deconsolid ations of VIEs are included in S ettlements. Amounts related to entering into Net derivative and other contracts, Deposits, Other secured financings and B orrowings primarily represent issuances. Amounts for other line items primarily represent sales. Net derivative and other contracts represent Trading assets—Derivative and other contracts, net of Trading liabilities—Derivative and other contracts . Amounts are presen ted before counterparty netting. Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Prior Year Quarter $ in millions Beginning Balance at December 31, 2016 Realized and Unrealized Gains (Losses) Purchases 1 Sales and Issuances 2 Settlements 1 Net Transfers Ending Balance at March 31, 2017 Unrealized Gains (Losses) Assets at fair value Trading assets: U.S. Treasury and agency securities $ 74 $ — $ 42 $ (241) $ — $ 167 $ 42 $ — Other sovereign government obligations 6 — 61 (2) — — 65 — State and municipal securities 250 — 2 (2) — (195) 55 — MABS 217 7 39 (56) (11) 20 216 (1) Loans and lending commitments 5,122 53 757 (555) (985) 87 4,479 39 Corporate and other debt 475 21 262 (142) (1) 102 717 3 Corporate equities 446 (1) 41 (105) — (71) 310 3 Net derivative and other contracts 3 : Interest rate 420 (114) 46 (24) 16 (46) 298 (127) Credit (373) (25) 6 (5) 41 5 (351) (33) Foreign exchange (43) (36) 1 — 11 (4) (71) (20) Equity 184 (144) 83 (121) 231 (16) 217 (81) Commodity and other 1,600 127 6 (28) (69) (133) 1,503 34 Total net derivative and other contracts 1,788 (192) 142 (178) 230 (194) 1,596 (227) Investments 958 8 62 (3) (66) 2 961 8 Liabilities at fair value Deposits $ 42 $ (1) $ — $ 13 $ — $ — $ 56 $ (1) Trading liabilities: Corporate and other debt 36 (1) (119) 101 — 17 36 (1) Corporate equities 35 12 (68) 26 — 21 2 — Securities sold under agreements to repurchase 149 1 — — — — 148 1 Other secured financings 434 (19) — 13 (220) (43) 203 (12) Borrowings 2,014 (59) — 270 (165) (86) 2,092 (58) Loan originations and consolidations of VIE s are included in P urchases and deconsolidations of VIE s are included in S ettlements. Amounts related to entering into Net derivative and other contracts, Deposits, Other secured financings and B orrowings primarily represent issuances. Amounts for other line items primarily represent sales. Net derivative and other contracts represent Trading assets—Derivative and other contracts, net of Trading liabilities—Derivative and other contracts . Amounts are presen ted before counterparty netting.
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements	Valuation Techniques and Sensitivity of Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Predominant Valuation Techniques/ Range (Weighted Average or Simple Average/Median) 1 $ in millions, except inputs Significant Unobservable Inputs At March 31, 2018 At December 31, 2017 Recurring Fair Value Measurement Assets at fair value MABS ($342 and $423) Comparable pricing: Comparable bond price 0 to 95 points (41 points) 0 to 95 points (26 points) Loans and lending commitments ($8,128 and $5,945) Margin loan model: Discount rate 0% to 3% (1%) 0% to 3% (1%) Volatility skew 9% to 67% (28%) 7% to 41% (22%) Comparable pricing: Comparable loan price 55 to 101 points (97 points) 55 to 102 points (95 points) Corporate and other debt ($814 and $701) Comparable pricing: Comparable bond price 3 to 100 points (70 points) 3 to 134 points (59 points) Discounted cash flow: Recovery rate 16% 6% to 36% (27%) Discount rate 7% to 20% (15%) 7% to 20% (14%) Option model: At the money volatility 15% to 52% (33%) 17% to 52% (52%) Corporate equities ($233 and $166) Comparable pricing: Comparable equity price 100% 100% Net derivative and other contracts 2 : Interest rate ($670 and $1,218) Option model: Interest rate volatility skew 29% to 106% (40% / 43%) 31% to 97% (41% / 47%) Inflation volatility 23% to 61% (44% / 41%) 23% to 63% (44% / 41%) Interest rate curve 1% to 2% (2% / 2%) 2% Credit ($(30) and $41) Comparable pricing: Cash synthetic basis 10 to 11 points (11 points) 12 to 13 points (12 points) Comparable bond price 0 to 75 points (25 points) 0 to 75 points (25 points) Correlation model: Credit correlation 39% to 67% (50%) 38% to 100% (48%) Foreign exchange 3 ( $(33) and $(112)) Option model: Interest rate - Foreign exchange correlation 55% to 57% (56% / 56%) 54% to 57% (56% / 56%) Interest rate volatility skew 29% to 106% (40% / 43%) 31% to 97% (41% / 47%) Contingency probability 90% to 95% (93% / 93%) 95% to 100% (96% / 95%) Equity 3 ( $1,015 and $1,208) Option model: At the money volatility 14% to 55% (35%) 7% to 54% (32%) Volatility skew -3% to 0% (-1%) -5% to 0% (-1%) Equity - Equity correlation 5% to 99% (76%) 5% to 99% (76%) Equity - Foreign exchange correlation -62% to 55% (-42%) -55% to 40% (36%) Equity - Interest rate correlation -7% to 48% (18% / 14%) -7% to 49% (18% / 20%) Commodity and other ($1,660 and $1,446) Option model: Forward power price $2 to $212 ($30) per MWh $4 to $102 ($31) per MWh Commodity volatility 5% to 167% (14%) 7% to 205% (17%) Cross-commodity correlation 5% to 99% (92%) 5% to 99% (92%) Investments ($1,012 and $1,020) Discounted cash flow: WACC 9% to 15% (9%) 8% to 15% (9%) Exit multiple 8 to 10 times (10 times) 8 to 11 times (10 times) Market approach: EBITDA multiple 6 to 24 times (11 times) 6 to 25 times (11 times) Comparable pricing: Comparable equity price 35% to 100% (93%) 45% to 100% (92%) Liabilities at Fair Value Securities sold under agreements to repurchase ($ and $150) Discounted cash flow: Funding spread N/A 107 to 126 bps (120 bps) Other secured financings ($220 and $239) Discounted cash flow: Funding spread 54 to 93 bps (74 bps) 39 to 76 bps (57 bps) Option model: Volatility skew -1% -1% At the money volatility 10% to 40% (26%) 10% to 40% (26%) Borrowings ($3,626 and $2,984) Option model: At the money volatility 5% to 33% (23%) 5% to 35% (22%) Volatility skew -2% to 0% (0%) -2% to 0% (0%) Equity - Equity correlation 45% to 95% (81%) 39% to 95% (86%) Equity - Foreign exchange correlation -43% to 30% (-26%) -55% to 10% (-18%) Nonrecurring Fair Value Measurement Assets at fair value Loans ($1,057 and $924) Corporate loan model: Credit spread 94 to 432 bps (206 bps) 93 to 563 bps (239 bps) Expected recovery: Asset coverage 95% to 99% (95%) 95% to 99% (95%) Points—Percentage of par A mounts represent weighted averages except where simple averages and the median of the inputs are provided when more relevant . CVA and FVA are included in the balance but excluded from the Valuation Technique(s) and Significant Unobservable Inputs . CVA is a Level 3 input when the underlying counterparty credit curve is unobservable. FVA is a Level 3 input in its entirety given the lack of observability of funding spreads in the principal market . Includes derivative contracts with multiple r isks ( i.e. , hybrid products).
Measured Based on Net Asset Value	At March 31, 2018 At December 31, 2017 Carrying Carrying $ in millions Value Commitment Value Commitment Private equity $ 1,678 $ 304 $ 1,674 $ 308 Real estate 796 181 800 183 Hedge 1 99 4 90 4 Total $ 2,573 $ 489 $ 2,564 $ 495 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 March 31, 2018 $ in millions Private Equity Real Estate Less than 5 years $ 430 $ 60 5-10 years 1,054 527 Over 10 years 194 209 Total $ 1,678 $ 796
Earnings Impact of Instruments under the Fair Value Option	Earnings Impact of Instruments under the Fair Value Option Interest Trading Income Net $ in millions Revenues (Expense) Revenues Three Months Ended March 31, 2018 Borrowings $ 26 $ (102) $ (76) Three Months Ended March 31, 2017 Borrowings $ (1,625) $ (119) $ (1,744)
Gains (Losses) Due to Changes in Instrument-Specific Credit Risk	Gains (Losses) Due to Changes in Instrument-Specific Credit Risk Three Months Ended March 31, 2018 2017 $ in millions Trading Revenues OCI Trading Revenues OCI Borrowings $ (15) $ 593 $ (4) $ 14 Securities sold under agreements to repurchase ─ 2 ─ (3) Loans and other debt 1 81 ─ (3) ─ Lending commitments 2 2 ─ ─ ─ $ in millions At March 31, 2018 At December 31, 2017 Cumulative pre-tax DVA gain (loss) recognized in AOCI $ (1,236) $ (1,831) 1 . Loans and other debt instrument-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses. 2 . Gains (losses) on lending commitments were generally determined based on the differen ce between estimated expected client yields and contractual yields at each respective period-end .
Borrowings Measured at Fair Value on a Recurring Basis	Borrowings Measured at Fair Value on a Recurring Basis At At March 31, December 31, $ in millions 2018 2017 Business Unit Responsible for Risk Management Equity $ 25,181 $ 25,903 Interest rates 19,744 19,230 Foreign exchange 622 666 Credit 855 815 Commodities 1,131 298 Total $ 47,533 $ 46,912
Excess of Contractual Principal Amount Over Fair Value	Excess of Contractual Principal Amount Over Fair Value At At March 31, December 31, $ in millions 2018 2017 Loans and other debt 1 $ 14,843 $ 13,481 Loans 90 or more days past due and/or on nonaccrual status 1 11,834 11,253 Borrowings 2 897 71 1. The majority of the difference between principal and fair value amounts for loans and other debt relates to distressed debt positions purchased at amounts well below par. 2. B orrowings do not include structured notes where the repayment of the initial principal amount fluctuates based on changes in a reference price or index
Fair Value Loans on Nonaccrual Status	Fair Value Loans on Nonaccrual Status At At March 31, December 31, $ in millions 2018 2017 Nonaccrual loans $ 1,315 $ 1,240 Nonaccrual loans 90 or more days past due $ 654 $ 779
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis	M easured at Fair Value on a Nonr ecurring Basis Carrying and Fair Values At March 31, 2018 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 1,352 $ 1,057 $ 2,409 Other assets—Premises, equipment and software ─ ─ ─ Total $ 1,352 $ 1,057 $ 2,409 Liabilities Other liabilities and accrued expenses— Lending commitments $ 173 $ 40 $ 213 Total $ 173 $ 40 $ 213 At December 31, 2017 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 1,394 $ 924 $ 2,318 Other assets—Other investments ─ 144 144 Total $ 1,394 $ 1,068 $ 2,462 Liabilities Other liabilities and accrued expenses— Lending commitments $ 158 $ 38 $ 196 Total $ 158 $ 38 $ 196 For significant Level 3 balances, r efer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement. Gains (Losses) from Fair Value Remeasurements 1 Three Months Ended March 31, $ in millions 2018 2017 Assets Loans 2 $ 8 $ 32 Other assets—Premises, equipment and software 3 (8) (5) Total $ ─ $ 27 Liabilities Other liabilities and accrued expenses — Lending commitments 2 $ 6 $ 11 Total $ 6 $ 11 Gains and losses for Loans are classified in Other revenues. For other items, gains and losses are recorded in Other revenues if the item is held for sale, otherwise in Other expenses. Non recurring changes in the fair value of loans and lending commitments were calculated as follows: for the held for investment category, based on the value of the underlying collateral; and for the held for sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such trans actions and quotations are unobservable. Losses related to Other assets—Premises, equipment and software costs were determined using techniques that included a default recovery analysis and recently executed transactions .
Financial Instruments Not Measured at Fair Value	Financial Instruments Not Measured at Fair Value At March 31, 2018 Carrying Fair Value $ in millions Value Level 1 Level 2 Level 3 Total Financial Assets Cash and cash equivalents: Cash and due from banks $ 29,073 $ 29,073 $ — $ — $ 29,073 Interest bearing deposits with banks 22,980 22,980 — — 22,980 Restricted cash 35,291 35,291 — — 35,291 Investment securities— HTM 23,892 11,327 11,270 322 22,919 Securities purchased under agreements to resell 80,246 — 80,175 16 80,191 Securities borrowed 135,835 — 135,781 — 135,781 Customer and other receivables 1 61,017 — 57,405 3,433 60,838 Loans 2 109,135 — 25,687 83,146 108,833 Other assets 438 — 438 — 438 Financial Liabilities Deposits $ 160,182 $ — $ 160,172 $ — $ 160,172 Securities sold under agreements to repurchase 50,783 — 50,763 1 50,764 Securities loaned 13,556 — 13,623 — 13,623 Other secured financings 6,852 — 6,265 607 6,872 Customer and other payables 1 191,332 — 191,332 — 191,332 Borrowings 147,431 — 151,664 27 151,691 At December 31, 2017 Carrying Fair Value $ in millions Value Level 1 Level 2 Level 3 Total Financial Assets Cash and cash equivalents: Cash and due from banks $ 24,816 $ 24,816 $ — $ — $ 24,816 Interest bearing deposits with banks 21,348 21,348 — — 21,348 Restricted cash 34,231 34,231 — — 34,231 Investment securities— HTM 23,599 11,119 11,673 289 23,081 Securities purchased under agreements to resell 84,258 — 78,239 5,978 84,217 Securities borrowed 124,010 — 124,018 1 124,019 Customer and other receivables 1 51,269 — 47,159 3,984 51,143 Loans 2 104,126 — 21,290 82,928 104,218 Other assets 433 — 433 — 433 Financial Liabilities Deposits $ 159,232 $ — $ 159,232 $ — $ 159,232 Securities sold under agreements to repurchase 55,624 — 51,752 3,867 55,619 Securities loaned 13,592 — 13,191 401 13,592 Other secured financings 7,408 — 5,987 1,431 7,418 Customer and other payables 1 188,464 — 188,464 — 188,464 Borrowings 145,670 — 151,692 30 151,722 Accrued interest and dividend receivables and payables where carrying value approximates fair value have been excluded. Amounts include loans measured at fair value on a non recurring basis .
Lending Commitments-Held for Investment and Held for Sale	Commitments—Held for Investment and Held for Sale Commitment Fair Value $ in millions Amount 1 Level 2 Level 3 Total March 31, 2018 $ 117,582 $ 643 $ 185 $ 828 December 31, 2017 100,151 620 174 794 For further discussion on lending commitments, see Note 11 .

Derivative Instruments and He31

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Asset Fair Values	Derivative Fair Values At March 31, 2018 Assets $ in millions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate contracts $ 804 $ 1 $ — $ 805 Foreign exchange contracts 43 7 — 50 Total 847 8 — 855 Not designated as accounting hedges Interest rate contracts 175,200 1,742 522 177,464 Credit contracts 5,352 1,981 — 7,333 Foreign exchange contracts 52,711 764 53 53,528 Equity contracts 25,320 — 24,222 49,542 Commodity and other contracts 10,295 — 1,572 11,867 Total 268,878 4,487 26,369 299,734 Total gross derivatives $ 269,725 $ 4,495 $ 26,369 $ 300,589 Amounts offset Counterparty netting (198,282) (3,424) (22,787) (224,493) Cash collateral netting (42,284) (664) — (42,948) Total in Trading assets $ 29,159 $ 407 $ 3,582 $ 33,148 Amounts not offset 1 Financial instruments collateral (12,646) — — (12,646) Other cash collateral (20) — — (20) Net amounts $ 16,493 $ 407 $ 3,582 $ 20,482 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 3,876 At December 31, 2017 Assets $ in millions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate contracts $ 1,057 $ — $ — $ 1,057 Foreign exchange contracts 57 6 — 63 Total 1,114 6 — 1,120 Not designated as accounting hedges Interest rate contracts 177,948 1,700 234 179,882 Credit contracts 5,740 2,282 — 8,022 Foreign exchange contracts 52,878 798 58 53,734 Equity contracts 24,452 — 20,538 44,990 Commodity and other contracts 8,861 — 1,802 10,663 Total 269,879 4,780 22,632 297,291 Total gross derivatives $ 270,993 $ 4,786 $ 22,632 $ 298,411 Amounts offset Counterparty netting (201,051) (3,856) (19,861) (224,768) Cash collateral netting (42,141) (689) — (42,830) Total in Trading assets $ 27,801 $ 241 $ 2,771 $ 30,813 Amounts not offset 1 Financial instruments collateral (12,363) — — (12,363) Other cash collateral (4) — — (4) Net amounts $ 15,434 $ 241 $ 2,771 $ 18,446 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 3,154 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 .
Derivative Liability Fair Values	Liabilities $ in millions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate contracts $ 174 $ 1 $ — $ 175 Foreign exchange contracts 107 22 — 129 Total 281 23 — 304 Not designated as accounting hedges Interest rate contracts 159,276 1,267 443 160,986 Credit contracts 5,723 2,125 — 7,848 Foreign exchange contracts 52,493 835 44 53,372 Equity contracts 26,778 — 23,748 50,526 Commodity and other contracts 7,583 — 1,556 9,139 Total 251,853 4,227 25,791 281,871 Total gross derivatives $ 252,134 $ 4,250 $ 25,791 $ 282,175 Amounts offset Counterparty netting (198,282) (3,424) (22,787) (224,493) Cash collateral netting (31,280) (416) — (31,696) Total in Trading liabilities $ 22,572 $ 410 $ 3,004 $ 25,986 Amounts not offset 1 Financial instruments collateral (4,966) — (374) (5,340) Other cash collateral (38) (26) — (64) Net amounts $ 17,568 $ 384 $ 2,630 $ 20,582 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 4,366 Liabilities $ in millions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate contracts $ 67 $ 1 $ — $ 68 Foreign exchange contracts 72 57 — 129 Total 139 58 — 197 Not designated as accounting hedges Interest rate contracts 161,758 1,178 144 163,080 Credit contracts 6,273 2,272 — 8,545 Foreign exchange contracts 54,191 925 23 55,139 Equity contracts 27,993 — 19,996 47,989 Commodity and other contracts 7,117 — 1,772 8,889 Total 257,332 4,375 21,935 283,642 Total gross derivatives $ 257,471 $ 4,433 $ 21,935 $ 283,839 Amounts offset Counterparty netting (201,051) (3,856) (19,861) (224,768) Cash collateral netting (31,892) (484) — (32,376) Total in Trading liabilities $ 24,528 $ 93 $ 2,074 $ 26,695 Amounts not offset 1 Financial instruments collateral (5,523) — (412) (5,935) Other cash collateral (18) (14) — (32) Net amounts $ 18,987 $ 79 $ 1,662 $ 20,728 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 3,751 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 .
Derivative Notionals	Derivative Notionals At March 31, 2018 Assets $ in billions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate contracts $ 20 $ 26 $ — $ 46 Foreign exchange contracts 5 — — 5 Total 25 26 — 51 Not designated as accounting hedges Interest rate contracts 4,449 7,472 3,477 15,398 Credit contracts 165 90 — 255 Foreign exchange contracts 2,223 89 8 2,320 Equity contracts 402 — 383 785 Commodity and other contracts 94 — 61 155 Total 7,333 7,651 3,929 18,913 Total gross derivatives $ 7,358 $ 7,677 $ 3,929 $ 18,964 Liabilities $ in billions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate contracts $ 2 $ 133 $ — $ 135 Foreign exchange contracts 4 2 — 6 Total 6 135 — 141 Not designated as accounting hedges Interest rate contracts 4,614 7,074 1,181 12,869 Credit contracts 188 83 — 271 Foreign exchange contracts 2,184 98 14 2,296 Equity contracts 425 — 474 899 Commodity and other contracts 74 — 53 127 Total 7,485 7,255 1,722 16,462 Total gross derivatives $ 7,491 $ 7,390 $ 1,722 $ 16,603 At December 31, 2017 Assets $ in billions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate contracts $ 20 $ 46 $ — $ 66 Foreign exchange contracts 4 — — 4 Total 24 46 — 70 Not designated as accounting hedges Interest rate contracts 3,999 6,458 2,714 13,171 Credit contracts 194 100 — 294 Foreign exchange contracts 1,960 67 9 2,036 Equity contracts 397 — 334 731 Commodity and other contracts 86 — 72 158 Total 6,636 6,625 3,129 16,390 Total gross derivatives $ 6,660 $ 6,671 $ 3,129 $ 16,460 Liabilities $ in billions Bilateral OTC Cleared OTC Exchange-Traded Total Designated as accounting hedges Interest rate contracts $ 2 $ 102 $ — $ 104 Foreign exchange contracts 4 2 — 6 Total 6 104 — 110 Not designated as accounting hedges Interest rate contracts 4,199 6,325 1,089 11,613 Credit contracts 226 80 — 306 Foreign exchange contracts 2,014 78 51 2,143 Equity contracts 394 — 405 799 Commodity and other contracts 68 — 61 129 Total 6,901 6,483 1,606 14,990 Total gross derivatives $ 6,907 $ 6,587 $ 1,606 $ 15,100
Gains (Losses) on Accounting Hedges	Gains (Losses) on Accounting Hedges Three Months Ended March 31, $ in millions 2018 2017 Fair Value Hedges - Recognized in Interest Expense Interest rate contracts $ (1,841) $ (805) Borrowings 1,852 717 Net Investment Hedges - Foreign exchange contracts Recognized in OCI $ (148) $ (205) Forward points excluded from hedge effectiveness testing—Interest income $ 7 $ (9)
Borrowings under Fair Value Hedges	Borrowings under Fair Value Hedges $ in millions At March 31, 2018 Carrying amount of Borrowings currently or previously hedged $ 107,264 Basis adjustments included in carrying amount— outstanding hedges $ 2,035
Trading Revenues by Product Type	Trading Revenues by Product Type Three Months Ended March 31, $ in millions 2018 2017 Interest rate contracts $ 871 $ 594 Foreign exchange contracts 261 235 Equity security and index contracts 1 1,877 1,641 Commodity and other contracts 435 189 Credit contracts 326 576 Total $ 3,770 $ 3,235 Dividend income is included within equity security and index contracts .
Credit Risk-Related Contingencies	Net Derivative Liabilities and Collateral Posted At At March 31, December 31, $ in millions 2018 2017 Net derivative liabilities with credit risk-related contingent features $ 17,213 $ 20,675 Collateral posted 15,244 16,642 Incremental Collateral or Termination Payments upon Potential Future Ratings Downgrade At March 31, $ in millions 2018 One-notch downgrade $ 618 Two-notch downgrade 409 Bilateral downgrade agreements included in the amounts above 1 $ 910 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 downg rade arrangements are used by the Firm to manage the risk of counterparty downgrades.
Credit Derivatives and Other Credit Contracts	Protection Sold and Purchased with CDS At March 31, 2018 Notional Fair Value (Asset)/Liability Protection Protection Protection Protection $ in millions Sold Purchased Sold Purchased Single name $ 133,209 $ 152,446 $ (1,148) $ 1,580 Index and basket 103,531 98,822 (163) 5 Tranched index and basket 12,330 25,506 (276) 517 Total $ 249,070 $ 276,774 $ (1,587) $ 2,102 Single name and non-tranched index and basket with identical underlying reference obligations $ 233,572 $ 250,376 At December 31, 2017 Notional Fair Value (Asset)/Liability Protection Protection Protection Protection $ in millions Sold Purchased Sold Purchased Single name $ 146,948 $ 164,773 $ (1,277) $ 1,658 Index and basket 131,073 120,348 (341) 209 Tranched index and basket 11,864 24,498 (342) 616 Total $ 289,885 $ 309,619 $ (1,960) $ 2,483 Single name and non-tranched index and basket with identical underlying reference obligations $ 274,473 $ 281,162 Credit Ratings of Reference Obligation and Maturities of Credit Protection Sold At March 31, 2018 Maximum Potential Payout/Notional Fair Value Years to Maturity (Asset)/ $ in millions Less than 1 1-3 3-5 Over 5 Total Liability Single name CDS Investment grade $ 33,332 $ 35,927 $ 17,621 $ 10,658 $ 97,538 $ (1,124) Non-investment grade 12,994 13,871 6,813 1,993 35,671 (24) Total single name CDS $ 46,326 $ 49,798 $ 24,434 $ 12,651 $ 133,209 $ (1,148) Index and basket CDS Investment grade $ 29,448 $ 14,049 $ 16,003 $ 10,902 $ 70,402 $ (811) Non-investment grade 5,941 6,139 17,681 15,698 45,459 372 Total index and basket CDS $ 35,389 $ 20,188 $ 33,684 $ 26,600 $ 115,861 $ (439) Total CDS sold $ 81,715 $ 69,986 $ 58,118 $ 39,251 $ 249,070 $ (1,587) Other credit contracts — 2 — 127 129 20 Total credit derivatives and other credit contracts $ 81,715 $ 69,988 $ 58,118 $ 39,378 $ 249,199 $ (1,567) At December 31, 2017 Maximum Potential Payout/Notional Fair Value Years to Maturity (Asset)/ $ in millions Less than 1 1-3 3-5 Over 5 Total Liability Single name CDS Investment grade $ 39,721 $ 42,591 $ 18,157 $ 8,872 $ 109,341 $ (1,167) Non-investment grade 14,213 16,293 6,193 908 37,607 (110) Total single name CDS $ 53,934 $ 58,884 $ 24,350 $ 9,780 $ 146,948 $ (1,277) Index and basket CDS Investment grade $ 29,046 $ 15,418 $ 37,343 $ 6,807 $ 88,614 $ (1,091) Non-investment grade 5,246 7,371 32,417 9,289 54,323 408 Total index and basket CDS $ 34,292 $ 22,789 $ 69,760 $ 16,096 $ 142,937 $ (683) Total CDS sold $ 88,226 $ 81,673 $ 94,110 $ 25,876 $ 289,885 $ (1,960) Other credit contracts 2 — — 134 136 16 Total credit derivatives and other credit contracts $ 88,228 $ 81,673 $ 94,110 $ 26,010 $ 290,021 $ (1,944)

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2018
Investment securities
Schedule of AFS and HTM Securities	AFS and HTM Securities At March 31, 2018 $ in millions Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agency securities: U.S. Treasury securities $ 30,032 $ — $ 833 $ 29,199 U.S. agency securities 1 22,084 32 504 21,612 Total U.S. government and agency securities 52,116 32 1,337 50,811 Corporate and other debt: Agency CMBS 1,302 2 59 1,245 Non-agency CMBS 857 2 17 842 Corporate bonds 1,346 — 28 1,318 CLO 351 1 — 352 FFELP student loan ABS 2 2,173 15 7 2,181 Total corporate and other debt 6,029 20 111 5,938 Total AFS securities 58,145 52 1,448 56,749 HTM securities U.S. government and agency securities: U.S. Treasury securities 11,817 — 490 11,327 U.S. agency securities 1 11,747 — 477 11,270 Total U.S. government and agency securities 23,564 — 967 22,597 Corporate and other debt: Non-agency CMBS 328 — 6 322 Total HTM securities 23,892 — 973 22,919 Total investment securities $ 82,037 $ 52 $ 2,421 $ 79,668 At December 31, 2017 $ in millions Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS debt securities U.S. government and agency securities: U.S. Treasury securities $ 26,842 $ — $ 589 $ 26,253 U.S. agency securities 1 22,803 28 247 22,584 Total U.S. government and agency securities 49,645 28 836 48,837 Corporate and other debt: Agency CMBS 1,370 2 49 1,323 Non-agency CMBS 1,102 — 8 1,094 Corporate bonds 1,379 5 12 1,372 CLO 398 1 — 399 FFELP student loan ABS 2 2,165 15 7 2,173 Total corporate and other debt 6,414 23 76 6,361 Total AFS debt securities 56,059 51 912 55,198 AFS equity securities 15 — 10 5 Total AFS securities 56,074 51 922 55,203 HTM securities U.S. government and agency securities: U.S. Treasury securities 11,424 — 305 11,119 U.S. agency securities 1 11,886 7 220 11,673 Total U.S. government and agency securities 23,310 7 525 22,792 Corporate and other debt: Non-agency CMBS 289 1 1 289 Total HTM securities 23,599 8 526 23,081 Total investment securities $ 79,673 $ 59 $ 1,448 $ 78,284 U.S. agency securities consist mainly of agency-issued debt, agency mortgage pass-through pool securities and CMO s . Amounts are backed by a guarantee from the U.S. Department of Education of at leas t 95 % of the principal balance and interest on such loans
Schedule of Investment Securities in an Unrealized Loss Position	Investment Securities in an Unrealized Loss Position At March 31, 2018 Less than 12 Months 12 Months or Longer Total $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities U.S. government and agency securities: U.S. Treasury securities $ 25,041 $ 711 $ 3,958 $ 122 $ 28,999 $ 833 U.S. agency securities 12,634 402 2,417 102 15,051 504 Total U.S. government and agency securities 37,675 1,113 6,375 224 44,050 1,337 Corporate and other debt: Agency CMBS 910 59 — — 910 59 Non-agency CMBS 309 7 242 10 551 17 Corporate bonds 809 13 383 15 1,192 28 FFELP student loan ABS 1,006 7 — — 1,006 7 Total corporate and other debt 3,034 86 625 25 3,659 111 Total AFS securities 40,709 1,199 7,000 249 47,709 1,448 HTM securities U.S. government and agency securities: U.S. Treasury securities 6,585 177 4,742 313 11,327 490 U.S. agency securities 4,404 119 6,866 358 11,270 477 Total U.S. government and agency securities 10,989 296 11,608 671 22,597 967 Corporate and other debt: Non-agency CMBS 220 6 — — 220 6 Total HTM securities 11,209 302 11,608 671 22,817 973 Total investment securities $ 51,918 $ 1,501 $ 18,608 $ 920 $ 70,526 $ 2,421 At December 31, 2017 Less than 12 Months 12 Months or Longer Total $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS debt securities U.S. government and agency securities: U.S. Treasury securities $ 21,941 $ 495 $ 4,287 $ 94 $ 26,228 $ 589 U.S. agency securities 12,673 192 2,513 55 15,186 247 Total U.S. government and agency securities 34,614 687 6,800 149 41,414 836 Corporate and other debt: Agency CMBS 930 49 — — 930 49 Non-agency CMBS 257 1 559 7 816 8 Corporate bonds 316 3 389 9 705 12 FFELP student loan ABS 984 7 — — 984 7 Total corporate and other debt 2,487 60 948 16 3,435 76 Total AFS debt securities 37,101 747 7,748 165 44,849 912 AFS equity securities — — 5 10 5 10 Total AFS securities 37,101 747 7,753 175 44,854 922 HTM securities U.S. government and agency securities: U.S. Treasury securities 6,608 86 4,512 219 11,120 305 U.S. agency securities 2,879 24 7,298 196 10,177 220 Total U.S. government and agency securities 9,487 110 11,810 415 21,297 525 Corporate and other debt: Non-agency CMBS 124 1 — — 124 1 Total HTM securities 9,611 111 11,810 415 21,421 526 Total investment securities $ 46,712 $ 858 $ 19,563 $ 590 $ 66,275 $ 1,448
Schedule of Investment Securities by Contractual Maturity	Investment Securities by Contractual Maturity At March 31, 2018 $ in millions Amortized Cost Fair Value Annualized Average Yield AFS securities U.S. government and agency securities: U.S. Treasury securities: Due within 1 year $ 6,153 $ 6,132 0.9% After 1 year through 5 years 19,385 18,906 1.6% After 5 years through 10 years 4,494 4,161 1.4% Total 30,032 29,199 U.S. agency securities: Due within 1 year 43 42 1.1% After 1 year through 5 years 1,899 1,883 1.0% After 5 years through 10 years 1,555 1,506 1.8% After 10 years 18,587 18,181 2.0% Total 22,084 21,612 Total U.S. government and agency securities 52,116 50,811 1.6% Corporate and other debt: Agency CMBS: Due within 1 year 19 19 1.3% After 1 year through 5 years 431 430 1.3% After 5 years through 10 years 47 47 1.2% After 10 years 805 749 1.6% Total 1,302 1,245 Non-agency CMBS: After 5 years through 10 years 36 35 2.5% After 10 years 821 807 1.9% Total 857 842 Corporate bonds: Due within 1 year 97 97 1.6% After 1 year through 5 years 1,175 1,150 2.4% After 5 years through 10 years 74 71 2.5% Total 1,346 1,318 CLO: After 5 years through 10 years 153 153 1.5% After 10 years 198 199 2.4% Total 351 352 FFELP student loan ABS: After 1 year through 5 years 48 47 0.8% After 5 years through 10 years 390 388 0.8% After 10 years 1,735 1,746 1.1% Total 2,173 2,181 Total corporate and other debt 6,029 5,938 1.6% Total AFS securities 58,145 56,749 1.6% HTM securities U.S. government securities: U.S. Treasury securities: Due within 1 year 2,027 2,012 1.2% After 1 year through 5 years 3,952 3,871 1.8% After 5 years through 10 years 5,112 4,807 1.9% After 10 years 726 637 2.3% Total 11,817 11,327 U.S. agency securities: After 5 years through 10 years 34 33 1.9% After 10 years 11,713 11,237 2.6% Total 11,747 11,270 Total U.S. government and agency securities 23,564 22,597 2.2% Corporate and other debt: Non-agency CMBS: After 1 year through 5 years 92 92 3.6% After 5 years through 10 years 217 212 3.9% After 10 years 19 18 4.1% Total corporate and other debt 328 322 3.8% Total HTM securities 23,892 22,919 2.2% Total investment securities $ 82,037 $ 79,668 1.8%

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	3 Months Ended
	Mar. 31, 2018
Collateralized Transactions
Offsetting of Certain Collaterized Transactions	Offsetting of Certain Collateralized Transactions At March 31, 2018 $ in millions Gross Amounts Amounts Offset Net Amounts Presented Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 185,498 $ (105,252) $ 80,246 $ (74,843) $ 5,403 Securities borrowed 149,347 (13,512) 135,835 (132,271) 3,564 Liabilities Securities sold under agreements to repurchase $ 156,827 $ (105,252) $ 51,575 $ (45,207) $ 6,368 Securities loaned 27,068 (13,512) 13,556 (13,336) 220 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 5,212 Securities borrowed 669 Securities sold under agreements to repurchase 5,118 Securities loaned 194 At December 31, 2017 $ in millions Gross Amounts Amounts Offset Net Amounts Presented Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 199,044 $ (114,786) $ 84,258 $ (78,009) $ 6,249 Securities borrowed 133,431 (9,421) 124,010 (119,358) 4,652 Liabilities Securities sold under agreements to repurchase $ 171,210 $ (114,786) $ 56,424 $ (48,067) $ 8,357 Securities loaned 23,014 (9,422) 13,592 (13,271) 321 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 5,687 Securities borrowed 572 Securities sold under agreements to repurchase 6,945 Securities loaned 307 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.
Gross Secured Financing Balances	Maturities and Collateral Pledged Gross Secured Financing Balances by Remaining Contractual Maturity At March 31, 2018 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 39,192 $ 49,822 $ 27,926 $ 39,887 $ 156,827 Securities loaned 16,869 603 2,045 7,551 27,068 Total included in the offsetting disclosure $ 56,061 $ 50,425 $ 29,971 $ 47,438 $ 183,895 Trading liabilities ― Obligation to return securities received as collateral 18,136 — 610 — 18,746 Total $ 74,197 $ 50,425 $ 30,581 $ 47,438 $ 202,641 At December 31, 2017 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 41,332 $ 66,593 $ 28,682 $ 34,603 $ 171,210 Securities loaned 12,130 873 1,577 8,434 23,014 Total included in the offsetting disclosure $ 53,462 $ 67,466 $ 30,259 $ 43,037 $ 194,224 Trading liabilities ― Obligation to return securities received as collateral 22,555 — — — 22,555 Total $ 76,017 $ 67,466 $ 30,259 $ 43,037 $ 216,779 Gross Secured Financing Balances by Class of Collateral Pledged $ in millions At March 31, 2018 At December 31, 2017 Securities sold under agreements to repurchase U.S. government and agency securities $ 37,361 $ 43,346 State and municipal securities 1,643 2,451 Other sovereign government obligations 78,844 87,141 ABS 2,204 1,130 Corporate and other debt 10,063 7,737 Corporate equities 25,893 28,497 Other 819 908 Total $ 156,827 $ 171,210 Securities loaned U.S. government and agency securities $ 6 $ 81 Other sovereign government obligations 14,077 9,489 Corporate and other debt 28 14 Corporate equities 12,770 13,174 Other 187 256 Total $ 27,068 $ 23,014 Total included in the offsetting disclosure $ 183,895 $ 194,224 Trading liabilities ― Obligation to return securities received as collateral Corporate equities $ 18,746 $ 22,555 Total $ 202,641 $ 216,779
Carrying Value of Assets Loaned or Pledged Without Counterparty Right to Sell or Repledge	Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge $ in millions At March 31, 2018 At December 31, 2017 Trading assets $ 34,590 $ 31,324 Loans (gross of allowance for loan losses) 342 228 Total $ 34,932 $ 31,552
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 March 31, 2018 At December 31, 2017 Collateral received with right to sell or repledge $ 597,886 $ 599,244 Collateral that was sold or repledged 471,985 475,113
Customer Margin Lending and Other	Customer Margin Lending and Other $ in millions At March 31, 2018 At December 31, 2017 Net customer receivables representing margin loans $ 34,382 $ 32,112
Restricted Cash and Segregated Securities	Restricted Cash and Segregated Securities $ in millions At March 31, 2018 At December 31, 2017 Restricted cash $ 35,291 $ 34,231 Segregated securities 1 18,917 20,549 Total $ 54,208 $ 54,780 Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheets.

Loans and Allowance for Credi34

Loans and Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2018
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Loans Held for Investment and Held for Sale	Loans by Type At March 31, 2018 Loans Held Loans Held $ in millions for Investment for Sale Total Loans Corporate loans $ 31,903 $ 12,000 $ 43,903 Consumer loans 26,877 — 26,877 Residential real estate loans 26,566 33 26,599 Wholesale real estate loans 10,021 1,978 11,999 Total loans, gross 95,367 14,011 109,378 Allowance for loan losses (243) — (243) Total loans, net $ 95,124 $ 14,011 $ 109,135 At December 31, 2017 Loans Held Loans Held $ in millions for Investment for Sale Total Loans Corporate loans $ 29,754 $ 9,456 $ 39,210 Consumer loans 26,808 — 26,808 Residential real estate loans 26,635 35 26,670 Wholesale real estate loans 9,980 1,682 11,662 Total loans, gross 93,177 11,173 104,350 Allowance for loan losses (224) — (224) Total loans, net $ 92,953 $ 11,173 $ 104,126 Loans by Interest Rate Type At At March 31, December 31, $ in millions 2018 2017 Fixed $ 14,252 $ 13,339 Floating or adjustable 94,883 90,787 Total loans, net $ 109,135 $ 104,126 Loans to Non-U.S. Borrowers At At March 31, December 31, $ in millions 2018 2017 Loans, net $ 16,110 $ 9,977
Loans Held for Investment Before Allowance by Credit Quality	Loans Held for Investment before Allowance by Credit Quality At March 31, 2018 $ in millions Corporate Consumer Residential Real Estate Wholesale Real Estate Total Pass $ 31,327 $ 26,872 $ 26,492 $ 9,126 $ 93,817 Special mention 162 5 — 460 627 Substandard 405 — 74 435 914 Doubtful 9 — — — 9 Loss — — — — — Total $ 31,903 $ 26,877 $ 26,566 $ 10,021 $ 95,367 At December 31, 2017 $ in millions Corporate Consumer Residential Real Estate Wholesale Real Estate Total Pass $ 29,166 $ 26,802 $ 26,562 $ 9,480 $ 92,010 Special mention 188 6 — 200 394 Substandard 393 — 73 300 766 Doubtful 7 — — — 7 Loss — — — — — Total $ 29,754 $ 26,808 $ 26,635 $ 9,980 $ 93,177
Impaired Loans and Lending Commitments Before Allowance	Impaired Loans and Lending Commitments before Allowance At March 31, 2018 Residential $ in millions Corporate Real Estate Total Loans With allowance $ 15 $ — $ 15 Without allowance 1 69 49 118 UPB 95 51 146 Lending Commitments Without allowance 1 $ 226 $ — $ 226 At December 31, 2017 Residential $ in millions Corporate Real Estate Total Loans With allowance $ 16 $ — $ 16 Without allowance 1 118 45 163 UPB 146 46 192 Lending Commitments Without allowance 1 $ 199 $ — $ 199 At March 31, 2018 and December 31, 2017 , no allowance was recorded for these loans and lending commitments as the present value of the expected future cash flows (or, alternatively, the observable market price of the instrument or the fair value of the collateral held) equaled or exceeded the carrying value.
Impaired Loans and Allowance by Region	Impaired Loans and Allowance by Region At March 31, 2018 $ in millions Americas EMEA Asia Total Impaired loans $ 129 $ — $ 4 $ 133 Allowance for loan losses 199 $ 42 $ 2 $ 243 At December 31, 2017 $ in millions Americas EMEA Asia Total Impaired loans $ 160 $ 9 $ 10 $ 179 Allowance for loan losses 194 27 3 224
Troubled Debt Restructurings	Troubled Debt Restructurings At At March 31, December 31, $ in millions 2018 2017 Loans $ 52 $ 51 Lending commitments 25 28 Allowance for loan losses and lending commitments 6 10
Allowance for Loan Losses and Lending Commitments Rollforward	Allowance for Loan Losses Rollforward $ in millions Corporate Consumer Residential Real Estate Wholesale Real Estate Total December 31, 2017 $ 126 $ 4 $ 24 $ 70 $ 224 Provision (release) 6 — (1) 14 19 Other (1) — — 1 — March 31, 2018 $ 131 $ 4 $ 23 $ 85 $ 243 Inherent $ 126 $ 4 $ 23 $ 85 $ 238 Specific 5 — — — 5 $ in millions Corporate Consumer Residential Real Estate Wholesale Real Estate Total December 31, 2016 $ 195 $ 4 $ 20 $ 55 $ 274 Recoveries 1 — — — 1 Provision (release) 13 — — 9 22 March 31, 2017 $ 209 $ 4 $ 20 $ 64 $ 297 Inherent $ 142 $ 4 $ 20 $ 64 $ 230 Specific 67 — — — 67 Allowance for Lending Commitments Rollforward $ in millions Corporate Consumer Residential Real Estate Wholesale Real Estate Total December 31, 2017 $ 194 $ 1 $ — $ 3 $ 198 Provision (release) 7 — — — 7 Other — — — — — March 31, 2018 $ 201 $ 1 $ — $ 3 $ 205 Inherent $ 200 $ 1 $ — $ 3 $ 204 Specific 1 — — — 1 $ in millions Corporate Consumer Residential Real Estate Wholesale Real Estate Total December 31, 2016 $ 185 $ 1 $ — $ 4 $ 190 Provision (release) 3 — — — 3 March 31, 2017 $ 188 $ 1 $ — $ 4 $ 193 Inherent $ 186 $ 1 $ — $ 4 $ 191 Specific 2 — — — 2
Employee Loans	Employee Loans At At March 31, December 31, $ in millions 2018 2017 Balance $ 3,687 $ 4,185 Allowance for loan losses (75) (77) Balance, net $ 3,612 $ 4,108 Repayment term range, in years 1 to 20 1 to 20

Equity Method Investments (Tabl

Equity Method Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Equity Method Investments
Schedule of Equity Method Investments	Equity Method Investment Balances $ in millions At March 31, 2018 At December 31, 2017 Investments $ 2,662 $ 2,623 Three Months Ended March 31, $ in millions 2018 2017 Income (loss) $ 50 $ 9
MUMSS
Equity Method Investments
Schedule of Equity Method Investments	Three Months Ended March 31, $ in millions 2018 2017 Income from investment in MUMSS $ 56 $ 48

Deposits (Tables)

Deposits (Tables)	3 Months Ended
	Mar. 31, 2018
Deposits [Abstract]
Deposits	Deposits At March 31, At December 31, $ in millions 2018 2017 Savings and demand deposits $ 138,358 $ 144,487 Time deposits 22,066 14,949 Total $ 160,424 $ 159,436 Deposits subject to FDIC insurance $ 129,968 $ 127,017 Time deposits that equal or exceed the FDIC insurance limit $ 10 $ 38
Time Deposit Maturities	Time Deposit Maturities $ in millions At March 31, 2018 2018 $ 13,164 2019 4,803 2020 2,257 2021 747 2022 418 Thereafter 677

Borrowings and Other Secured 37

Borrowings and Other Secured Financings (Tables)	3 Months Ended
	Mar. 31, 2018
Borrowings and Other Secured Financings
Borrowings	Borrowings At At March 31, December 31, $ in millions 2018 2017 Original maturities of one year or less $ 1,256 $ 1,519 Original maturities greater than one year Senior $ 183,712 $ 180,835 Subordinated 9,996 10,228 Total $ 193,708 $ 191,063 Total borrowings $ 194,964 $ 192,582 Weighted average stated maturity, in years 1 6.6 6.6 Includes only borrowings with original maturities greater than one year.
Other Secured Financings	Other Secured Financings by Original Maturity and Type At At March 31, December 31, $ in millions 2018 2017 Original maturities: Greater than one year $ 8,159 $ 8,685 One year or less 1,406 2,034 Failed sales 1 710 552 Total $ 10,275 $ 11,271 For more information o n failed sales, see Note 12 .

Commitments, Guarantees and C38

Commitments, Guarantees and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2018
Commitments, Guarantees and Contingencies [Abstract]
Commitments by Years to Maturity	Years to Maturity at March 31, 2018 Less $ in millions than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 14,447 $ 43,086 $ 46,618 $ 7,454 $ 111,605 Consumer 6,598 — 8 3 6,609 Residential real estate 5 64 33 259 361 Wholesale real estate 183 833 25 — 1,041 Forward-starting secured financing receivables 85,399 — — 1,177 86,576 Underwriting 344 — — — 344 Investment activities 527 96 62 230 915 Letters of credit and other financial guarantees 195 — 1 41 237 Total $ 107,698 $ 44,079 $ 46,747 $ 9,164 $ 207,688 Corporate lending commitments participated to third parties $ 6,877 Forward-starting secured financing receivables settled within three business days $ 72,754
Obligations under Guarantee Arrangements	Obligations under Guarantee Arrangements at March 31, 2018 Maximum Potential Payout/Notional Years to Maturity $ in millions Less than 1 1-3 3-5 Over 5 Total Credit derivatives $ 81,715 $ 69,986 $ 58,118 $ 39,251 $ 249,070 Other credit contracts — 2 — 127 129 Non-credit derivatives 1,903,988 1,196,331 379,171 639,749 4,119,239 Standby letters of credit and other financial guarantees issued 1 806 1,114 1,272 4,903 8,095 Market value guarantees 40 62 58 — 160 Liquidity facilities 3,367 — — — 3,367 Whole loan sales guarantees — 1 1 23,223 23,225 Securitization representations and warranties — — — 60,861 60,861 General partner guarantees 33 52 324 27 436 Carrying Amount (Asset)/ Collateral/ $ in millions Liability Recourse Credit derivatives 2 $ (1,587) $ — Other credit contracts 20 — Non-credit derivatives 2 45,314 — Standby letters of credit and other financial guarantees issued 1 (182) 6,588 Market value guarantees — — Liquidity facilities (5) 5,475 Whole loan sales guarantees 8 — Securitization representations and warranties 91 — General partner guarantees 59 — 1. These amounts include certain issued standby letters of credit participated to third parties, totaling $ 0.7 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements. 2. Carrying amounts of derivative contracts are shown on a gross basis prior to cash collateral or counterparty netting. For further information on derivative contracts, see Note 4 .

Variable Interest Entities an39

Variable Interest Entities and Securitization Activities (Tables)	3 Months Ended
	Mar. 31, 2018
Securitization Activities and Variable Interest Entities [Abstract]
Consolidated VIEs	Assets and Liabilities by Type of Activity At March 31, 2018 At December 31, 2017 $ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities OSF $ 361 $ 1 $ 378 $ 3 MABS 1 234 197 249 210 Other 2 2,718 1,131 1,174 250 Total $ 3,313 $ 1,329 $ 1,801 $ 463 OSF—Other structured financings Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets. 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. Other primarily includes investment funds , certain operating entities, CLOs and structured transactions . At Ma rch 31, 2018, Other includes the consolidation of a fund managed by Mesa West Capital , LLC , which was acquired in the current quarter. Assets and Liabilities by Balance Sheet Caption At March 31, At December 31, $ in millions 2018 2017 Assets Cash and cash equivalents: Cash and due from banks $ 103 $ 69 Restricted cash 223 222 Trading assets at fair value 2,345 833 Customer and other receivables 21 19 Goodwill 18 18 Intangible assets 149 155 Other assets 454 485 Total $ 3,313 $ 1,801 Liabilities Other secured financings $ 1,305 $ 438 Other liabilities and accrued expenses 24 25 Total $ 1,329 $ 463 Select Information Related to Consolidated VIEs At March 31, At December 31, $ in millions 2018 2017 Noncontrolling interests $ 494 $ 189
Non-Consolidated VIEs	Non-consolidated VIEs At March 31, 2018 $ in millions MABS CDO MTOB OSF Other VIE assets (unpaid principal balance) $ 76,854 $ 14,445 $ 5,439 $ 3,307 $ 19,959 Maximum exposure to loss Debt and equity interests $ 9,075 $ 2,163 $ 81 $ 1,589 $ 4,654 Derivative and other contracts — — 3,367 — 2,317 Commitments, guarantees and other 882 902 — 161 327 Total $ 9,957 $ 3,065 $ 3,448 $ 1,750 $ 7,298 Carrying value of exposure to loss—Assets Debt and equity interests $ 9,075 $ 2,163 $ 51 $ 1,185 $ 4,654 Derivative and other contracts — — 5 — 111 Total $ 9,075 $ 2,163 $ 56 $ 1,185 $ 4,765 At December 31, 2017 $ in millions MABS CDO MTOB OSF Other VIE assets (unpaid principal balance) $ 89,288 $ 9,807 $ 5,306 $ 3,322 $ 31,934 Maximum exposure to loss Debt and equity interests $ 10,657 $ 1,384 $ 80 $ 1,628 $ 4,730 Derivative and other contracts — — 3,333 — 1,686 Commitments, guarantees and other 1,214 668 — 164 433 Total $ 11,871 $ 2,052 $ 3,413 $ 1,792 $ 6,849 Carrying value of exposure to loss—Assets Debt and equity interests $ 10,657 $ 1,384 $ 43 $ 1,202 $ 4,730 Derivative and other contracts — — 5 — 184 Total $ 10,657 $ 1,384 $ 48 $ 1,202 $ 4,914 MTOB— Municipal tender option bonds Non-consolidated VIEs Mortgage- and Asset-Backed Securitization Assets At March 31, 2018 At December 31, 2017 UPB Debt and Equity Interests UPB Debt and Equity Interests $ in millions Residential mortgages $ 13,564 $ 782 $ 15,636 $ 1,272 Commercial mortgages 35,886 1,934 46,464 2,331 U.S. agency collateralized mortgage obligations 14,405 3,150 16,223 3,439 Other consumer or commercial loans 12,999 3,209 10,965 3,615 Total $ 76,854 $ 9,075 $ 89,288 $ 10,657 Additional VIE Assets Owned At March 31, At December 31, $ in millions 2018 2017 VIE assets $ 12,314 $ 11,318
Transfers of Assets with Continuing Involvement	Transfers of Assets with Continuing Involvement At March 31, 2018 RML CML U.S. Agency CMO CLN and Other 1 $ in millions SPE assets (UPB) 2 $ 14,978 $ 59,607 $ 14,751 $ 16,823 Retained interests Investment grade $ — $ 324 $ 825 $ 5 Non-investment grade (fair value) 1 107 — 308 Total $ 1 $ 431 $ 825 $ 313 Interests purchased in the secondary market (fair value) Investment grade $ — $ 112 $ 71 $ — Non-investment grade 16 57 — 15 Total $ 16 $ 169 $ 71 $ 15 Derivative assets (fair value) $ — $ — $ — $ 191 Derivative liabilities (fair value) — — — 119 At December 31, 2017 RML CML U.S. Agency CMO CLN and Other 1 $ in millions SPE assets(UPB) 2 $ 15,555 $ 62,744 $ 11,612 $ 17,060 Retained interests Investment grade $ — $ 293 $ 407 $ 4 Non-investment grade (fair value) 1 98 — 478 Total $ 1 $ 391 $ 407 $ 482 Interests purchased in the secondary market (fair value) Investment grade $ — $ 94 $ 439 $ — Non-investment grade 16 66 — 4 Total $ 16 $ 160 $ 439 $ 4 Derivative assets (fair value) $ 1 $ — $ — $ 226 Derivative liabilities (fair value) — — — 85 RML—Residential mortgage loans CML—Commercial mortgage loans Amounts include CLO transactions managed by unrelated third parties. Amounts include assets transferred by unrelated transferors . Fair Value at March 31, 2018 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 831 $ 5 $ 836 Non-investment grade 13 403 416 Total $ 844 $ 408 $ 1,252 Interests purchased in the secondary market Investment grade $ 182 $ 1 $ 183 Non-investment grade 52 36 88 Total $ 234 $ 37 $ 271 Derivative assets $ 50 $ 141 $ 191 Derivative liabilities 114 5 119 Fair Value at December 31, 2017 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 407 $ 4 $ 411 Non-investment grade 22 555 577 Total $ 429 $ 559 $ 988 Interests purchased in the secondary market Investment grade $ 531 $ 2 $ 533 Non-investment grade 57 29 86 Total $ 588 $ 31 $ 619 Derivative assets $ 78 $ 149 $ 227 Derivative liabilities 81 4 85
Proceeds from New Securitization Transactions and Sales of Loans	Proceeds from New Securitization Transactions and Sales of Loans Three Months Ended March 31, $ in millions 2018 2017 New transactions 1 $ 6,134 $ 5,997 Retained interests 481 430 Sales of corporate loans to CLO SPEs 1, 2 94 179 Net gains on new transactions and sale s of corporate loans to CLO entities at the time of the sale were not material for all periods presented. Sponsored by non-affiliates .
Assets Sold with Retained Exposure	Assets Sold with Retained Exposure At March 31, At December 31, $ in millions 2018 2017 Carrying value of assets derecognized at the time of sale and gross cash proceeds $ 26,800 $ 19,115 Fair value Assets sold $ 26,566 $ 19,138 Derivative assets recognized in the balance sheets 2 176 Derivative liabilities recognized in the balance sheets 236 153
Carrying Value of Assets and Liabilities Related to Failed Sales	Carrying Value of Assets and Liabilities Related to Failed Sales At March 31, 2018 At December 31, 2017 $ in millions Assets Liabilities Assets Liabilities Failed sales $ 710 $ 710 $ 552 $ 552

Regulatory Requirements (Tables

Regulatory Requirements (Tables)	3 Months Ended
	Mar. 31, 2018
Regulatory Requirements
Schedule of Regulatory Capital and Capital Ratios	Regulatory Capital At March 31, 2018 $ in millions Amount Ratio Required Ratio 1 Common Equity Tier 1 capital $ 60,568 15.5% 8.6% Tier 1 capital 69,213 17.7% 10.1% Total capital 79,363 20.3% 12.1% Total RWA 390,390 N/A N/A Tier 1 leverage 69,213 8.2% 4.0% Adjusted average assets 2 846,868 N/A N/A SLR 3 69,213 6.3% 5.0% Supplementary leverage exposure 1,091,518 N/A N/A At December 31, 2017 $ in millions Amount Ratio Required Ratio 1 Common Equity Tier 1 capital $ 61,134 16.5% 7.3% Tier 1 capital 69,938 18.9% 8.8% Total capital 80,275 21.7% 10.8% Total RWA 369,578 N/A N/A Tier 1 leverage 69,938 8.3% 4.0% Adjusted average assets 2 842,270 N/A N/A Percenta ges represent minimum required regulatory capital ratios under the transitional rules. Regulatory compliance was determined based on capital ratios calculated under the transitional rules until December 31, 2017. Adjusted average assets represent the denominator of the Tier 1 leverage ratio and are composed of the average daily balance of consolidated on-balance sheet assets under U.S. GAAP during the current quarter and the quarter ended December 31, 2017 , respectively, adjusted for disallowed goodwill, intangible assets, certain deferred tax assets, certain investments in the capital instruments of unconsolidated financial institutions and other adjustments The SLR became effective as a capital standard on January 1, 2018.
MSBNA
Regulatory Requirements
Schedule of Regulatory Capital and Capital Ratios	MSBNA’s Regulatory Capital At March 31, 2018 $ in millions Amount Ratio Required Ratio 1 Common Equity Tier 1 capital $ 15,514 19.7% 6.5% Tier 1 capital 15,514 19.7% 8.0% Total capital 15,785 20.1% 10.0% Tier 1 leverage 15,514 11.8% 5.0% SLR 2 9.0% 6.0% At December 31, 2017 $ in millions Amount Ratio Required Ratio 1 Common Equity Tier 1 capital $ 15,196 20.5% 6.5% Tier 1 capital 15,196 20.5% 8.0% Total capital 15,454 20.8% 10.0% Tier 1 leverage 15,196 11.8% 5.0%
MSPBNA
Regulatory Requirements
Schedule of Regulatory Capital and Capital Ratios	MSPBNA’s Regulatory Capital At March 31, 2018 $ in millions Amount Ratio Required Ratio 1 Common Equity Tier 1 capital $ 6,382 24.2% 6.5% Tier 1 capital 6,382 24.2% 8.0% Total capital 6,425 24.4% 10.0% Tier 1 leverage 6,382 9.7% 5.0% SLR 2 9.3% 6.0% At December 31, 2017 $ in millions Amount Ratio Required Ratio 1 Common Equity Tier 1 capital $ 6,215 24.4% 6.5% Tier 1 capital 6,215 24.4% 8.0% Total capital 6,258 24.6% 10.0% Tier 1 leverage 6,215 9.7% 5.0% Ratios that are required in order to be considered well-capitalized for U.S. regulatory purposes. Regulatory compliance was determined based on capital ratios calculated under the transitional rules until December 31, 2017 . The SLR became effective as a capital standard on January 1, 2018.
MS&Co.
Regulatory Requirements
Schedule of Broker-Dealer Regulatory Capital Requirements	U.S. Broker-Dealer Regulatory Capital Requirements MS&Co. Regulatory Capital $ in millions At March 31, 2018 At December 31, 2017 Net capital $ 12,661 $ 10,142 Excess net capital 10,303 8,018
MSSB LLC
Regulatory Requirements
Schedule of Broker-Dealer Regulatory Capital Requirements	MSSB LLC Regulatory Capital $ in millions At March 31, 2018 At December 31, 2017 Net capital $ 2,919 $ 2,567 Excess net capital 2,759 2,400

Total Equity (Tables)

Total Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Total Equity
Repurchases of Common Stock	Share Repurchases Three Months Ended March 31, $ in millions 2018 2017 Repurchases of common stock under the Firm's share repurchase program $ 1,250 $ 750
Preferred Stock	Preferred Stock Three Months Ended March 31, $ in millions 2018 2017 Dividends declared $ 93 $ 90 Preferred Stock Outstanding $ in millions, except per share data Shares Outstanding Carrying Value At Liquidation At At March 31, Preference March 31, December 31, 2018 per Share 2018 2017 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 G 20,000 25,000 500 500 H 52,000 25,000 1,300 1,300 I 40,000 25,000 1,000 1,000 J 60,000 25,000 1,500 1,500 K 40,000 25,000 1,000 1,000 Total $ 8,520 $ 8,520 1. Series C is composed of the issuance of 1,160,791 shares of Series C Preferred Stock to MUFG for an aggregate purchase price of $ 911 million, less the redemption of 640,909 shares of Series C Preferred Stock of $ 503 million, which were converted to common shares of approximately $ 705 million.
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) 1 $ in millions Foreign Currency Translation Adjustments AFS Securities Pension, Postretirement and Other DVA Total December 31, 2017 $ (767) $ (547) $ (591) $ (1,155) $ (3,060) Cumulative adjustment for for accounting changes 2 (8) (111) (124) (194) (437) OCI during the period 60 (410) 5 436 91 March 31, 2018 $ (715) $ (1,068) $ (710) $ (913) $ (3,406) December 31, 2016 $ (986) $ (588) $ (474) $ (595) $ (2,643) OCI during the period 107 84 — 2 193 March 31, 2017 $ (879) $ (504) $ (474) $ (593) $ (2,450) Amounts net of tax and noncontrolling interests. The cumulative adjustment for accounting change s is primarily the effect of the adoption of the accounting update Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This adjustment was recorded as of January 1, 2018 to reclassify certain income tax effects related to enactment of the Tax Act from AOCI to Retained earnings, primarily related to the remeasurement of deferred tax assets and liabilities resulting from the reduction in corporate income tax rate to 21%. See Note 2 for further information.
Period Changes in OCI Components	Components of Period Changes in OCI Three Months Ended March 31, 2018 1 $ in millions Pre-tax Gain (Loss) Income Tax Benefit (Provision) After-tax Gain (Loss) Non-controlling Interests Net Foreign currency translation adjustments OCI activity $ 78 $ 39 $ 117 $ 57 $ 60 Reclassified to earnings — — — — — Net OCI $ 78 $ 39 $ 117 $ 57 $ 60 Change in net unrealized gains (losses) on AFS securities OCI activity $ (535) $ 125 $ (410) $ — $ (410) Reclassified to earnings — — — — — Net OCI $ (535) $ 125 $ (410) $ — $ (410) Pension, postretirement and other OCI activity $ — $ — $ — $ — $ — Reclassified to earnings 6 (1) 5 — 5 Net OCI $ 6 $ (1) $ 5 $ — $ 5 Change in net DVA OCI activity $ 580 $ (140) $ 440 $ 15 $ 425 Reclassified to earnings 15 (4) 11 — 11 Net OCI $ 595 $ (144) $ 451 $ 15 $ 436 Three Months Ended March 31, 2017 $ in millions Pre-tax Gain (Loss) Income Tax Benefit (Provision) After-tax Gain (Loss) Non-controlling Interests Net Foreign currency translation adjustments OCI activity $ 43 $ 107 $ 150 $ 43 $ 107 Reclassified to earnings — — — — — Net OCI $ 43 $ 107 $ 150 $ 43 $ 107 Change in net unrealized gains (losses) on AFS securities OCI activity $ 137 $ (52) $ 85 $ — $ 85 Reclassified to earnings (2) 1 (1) — (1) Net OCI $ 135 $ (51) $ 84 $ — $ 84 Change in net DVA OCI activity $ 7 $ (1) $ 6 $ 7 $ (1) Reclassified to earnings 4 (1) 3 — 3 Net OCI $ 11 $ (2) $ 9 $ 7 $ 2 Exclusive of 2018 cumulative adjustments related to the adoption of certain accounting updates in the current quarter. Refer to the table below and Note 2 for further information.
Cumulative Adjustments to Retained Earnings	Cumulative Adjustments to Retained Earnings Three Months Ended $ in millions March 31, 2018 Revenue from contracts with customers $ (32) Derivatives and hedging‒targeted improvements to accounting for hedging activities (99) Reclassification of certain tax effects from AOCI 443 Other 1 (6) Total $ 306 Three Months Ended $ in millions March 31, 2017 Improvements to employee share-based payment accounting 2 (30) Intra-entity transfers of assets other than inventory (5) Total $ (35) Other includes the adoption of accounting update s related to Recognition and Measurement of Financial Assets and Financial Liabilities (other than the provision around presenting unrealized DVA in OCI which we early adopted in 2016) and Derecognition of Nonfinancial Assets . The impact of these adoptions on Retained earnings was not significant. See Note 2 to the 2017 Form 10-K for further information.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Calculation of Basic and Diluted EPS	Three Months Ended March 31, in millions, except for per share data 2018 2017 Basic EPS Income from continuing operations $ 2,706 $ 1,993 Income (loss) from discontinued operations (2) (22) Net income 2,704 1,971 Net income applicable to noncontrolling interests 36 41 Net income applicable to Morgan Stanley 2,668 1,930 Preferred stock dividends and other 93 90 Earnings applicable to Morgan Stanley common shareholders $ 2,575 $ 1,840 Weighted average common shares outstanding 1,740 1,801 Earnings per basic common share Income from continuing operations $ 1.48 $ 1.03 Income (loss) from discontinued operations — (0.01) Earnings per basic common share $ 1.48 $ 1.02 Diluted EPS Earnings applicable to Morgan Stanley common shareholders $ 2,575 $ 1,840 Weighted average common shares outstanding 1,740 1,801 Effect of dilutive securities: Stock options and RSUs 1 31 41 Weighted average common shares outstanding and common stock equivalents 1,771 1,842 Earnings per diluted common share Income from continuing operations $ 1.46 $ 1.01 Income (loss) from discontinued operations (0.01) (0.01) Earnings per diluted common share $ 1.45 $ 1.00 Weighted average antidilutive RSUs and stock options (excluded from the computation of diluted EPS) 1 1 — 1. RSUs that are considered participating securities are treated as a separate class of securities in the computation of basic EPS, and, therefore, such RSUs are not included as incremental shares in the diluted EPS computation .

Interest Income and Interest 43

Interest Income and Interest Expense (Tables)	3 Months Ended
	Mar. 31, 2018
Interest Income and Interest Expense
Schedule of Details of Interest Income and Interest Expense	Three Months Ended March 31, $ in millions 2018 2017 Interest income Investment securities $ 424 $ 326 Loans 938 748 Securities purchased under agreements to resell and Securities borrowed 1 215 (18) Trading assets, net of Trading liabilities 540 463 Customer receivables and Other 2 743 446 Total interest income $ 2,860 $ 1,965 Interest expense Deposits $ 159 $ 11 Borrowings 1,138 1,022 Securities sold under agreements to repurchase and Securities loaned 3 402 248 Customer payables and Other 4 186 (87) Total interest expense $ 1,885 $ 1,194 Net interest $ 975 $ 771 1. Includes fees paid on Securities borrowed . 2 . Inclu des interest from Customer receivables, Restricted cash and Interest bearing deposits with banks . 3 . Includes fees received on Securities loaned. 4 . Includes fees received from prime brokerage customers for stock loan transactions incurred to cover customers’ short positions.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2018
Employee Benefit Plans
Components of Net Periodic Benefit Expense (Income) for Pension and Other Postretirement Plans	Components of Net Periodic Benefit Expense (Income) for Pension and Other Postretirement Plans Three Months Ended March 31, $ in millions 2018 2017 Service cost, benefits earned during the period $ 4 $ 4 Interest cost on projected benefit obligation 34 37 Expected return on plan assets (28) (29) Net amortization of prior service credit — (4) Net amortization of actuarial loss 6 4 Net periodic benefit expense (income) $ 16 $ 12

Segment and Geographic Inform45

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Selected Financial Information by Business Segment	Selected Financial Information by Business Segment Three Months Ended March 31, 2018 $ in millions IS WM IM I/E Total Total non-interest revenues $ 6,195 $ 3,305 $ 718 $ (116) $ 10,102 Interest income 1,804 1,280 1 (225) 2,860 Interest expense 1,899 211 1 (226) 1,885 Net interest (95) 1,069 — 1 975 Net revenues $ 6,100 $ 4,374 $ 718 $ (115) $ 11,077 Income from continuing operations before income taxes $ 2,112 $ 1,160 $ 148 $ — $ 3,420 Provision for income taxes 449 246 19 — 714 Income from continuing operations 1,663 914 129 — 2,706 Income (loss) from discontinued operations, net of income taxes (2) — — — (2) Net income 1,661 914 129 — 2,704 Net income applicable to noncontrolling interests 34 — 2 — 36 Net income applicable to Morgan Stanley $ 1,627 $ 914 $ 127 $ — $ 2,668 Three Months Ended March 31, 2017 $ in millions IS WM IM I/E Total Total non-interest revenues $ 5,379 $ 3,064 $ 608 $ (77) $ 8,974 Interest income 1,124 1,079 1 (239) 1,965 Interest expense 1,351 85 — (242) 1,194 Net interest (227) 994 1 3 771 Net revenues $ 5,152 $ 4,058 $ 609 $ (74) $ 9,745 Income from continuing operations before income taxes $ 1,730 $ 973 $ 103 $ 2 $ 2,808 Provision for income taxes 459 326 30 — 815 Income from continuing operations 1,271 647 73 2 1,993 Income (loss) from discontinued operations, net of income taxes (22) — — — (22) Net income 1,249 647 73 2 1,971 Net income applicable to noncontrolling interests 35 — 6 — 41 Net income applicable to Morgan Stanley $ 1,214 $ 647 $ 67 $ 2 $ 1,930 I/E–Intersegment Eliminations
Total Assets by Business Segment	Total Assets by Business Segment At At March 31, December 31, $ in millions 2018 2017 Institutional Securities $ 674,785 $ 664,974 Wealth Management 177,603 182,009 Investment Management 6,107 4,750 Total 1 $ 858,495 $ 851,733 Parent assets have been fully allocated to the business segments.
Information on Net Unrealized Carried Interest and Fee Waivers	Net Unrealized Performance-based Fees At At March 31, December 31, $ in millions 2018 2017 Net cumulative unrealized performance-based fees at risk of reversing $ 441 $ 442 Reduction of Fees due to Fee Waivers Three Months Ended March 31, $ in millions 2018 2017 Fee waivers $ 18 $ 23
Net Revenues by Region	Net Revenues by Region Three Months Ended $ in millions March 31, 2018 March 31, 2017 Americas $ 8,018 $ 7,088 EMEA 1,708 1,489 Asia 1,351 1,168 Total $ 11,077 $ 9,745

Customer Contract Revenue Rec46

Customer Contract Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenues from Contracts with Customers	Customer Contract Revenue by Business Segment Three Months Ended March 31, 2018 $ in millions IS WM IM I/E Total Investment banking 1 $ 1,308 $ 140 $ — $ (19) $ 1,429 Commissions and fees 744 498 — (69) 1,173 Asset management 110 2,495 626 (39) 3,192 Other customer contract revenues 2 59 59 — (2) 116 Total revenues from contracts with customers 3 $ 2,221 $ 3,192 $ 626 $ (129) $ 5,910 Investment banking includes revenues from underwriting equity and fixed income securities and advisory fees. Includes Trading and Other revenues from contracts with customers. Includes $ 902 million in total consolidated revenue recognized in the current quarter from services performed over multiple periods related primarily to investment banking advisory fees, and distribution fees. Customer Contract Revenue by Region Three Months Ended $ in millions March 31, 2018 Americas $ 4,738 EMEA 622 Asia 550 Total $ 5,910
Change in Revenue as a Result of Application of the New Revenue Recognition Standard	Change in Revenue as a Result of Application of the New Revenue Recognition Standard 1 Three Months Ended $ in millions March 31, 2018 Investment banking 2 $ 60 Commissions and fees 2 Asset management 9 Other customer contract revenues 12 Total change $ 83 The accounting update requires, among other things, a gross presentation of certain costs that were previously netted against revenues. As a result, the Firm recorded an increase to net revenues and noncompensation expenses of $ 79 million, which was reported as follows: $ 72 million in the Institutional Securities business segment; $ 23 million in the Investment Management business segment; and $ (16) million in Intersegment Eliminations related to intersegment activity. The effect of chang ing to a gross presentation on advisory fees and total underwriting fees within the Institutional Securities business segment in the current quarter was $ 15 million and $ 45 million, respectively.
Contract with Customer, Asset and Liability	Balance Sheet Amounts Related to C ustomer Contracts Revenue At At March 31, January 1, $ in millions 2018 2018 Customer and other receivables $ 2,697 $ 2,805 Other Liabilities—Contract Liabilities Rollforward Three Months Ended $ in millions March 31, 2018 January 1, 2018 $ 155 Recognized contract liabilities 184 Contract liabilities recognized into revenue (160) March 31, 2018 $ 179
Future Expected Revenues	Certain Future Expected Reven ues At March 31, 2018 $ in millions 2018 2019 2020 Thereafter Total Other customer contract revenues 1 $ 89 $ 118 $ 95 $ 310 $ 612 Primarily includes commodities-related contracts with c ustomers .

Significant Accounting Polici47

Significant Accounting Policies (Details) $ in Millions	Jan. 01, 2018USD ($)
Revenue from Contracts with Customers
Accounting Standards Adopted
Cumulative catch-up adjustment to Retained Earnings	$ (32)
Derivatives and Hedging-Targeted Improvements to Accounting for Hedging Activities
Accounting Standards Adopted
Cumulative catch-up adjustment to Retained Earnings	(99)
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
Accounting Standards Adopted
Cumulative catch-up adjustment to Retained Earnings	$ 443

Fair Value Disclosures (Assets

Fair Value Disclosures (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Assets at Fair Value
Total trading assets	$ 273,044	$ 298,282
Investment securities - AFS	56,749	55,203
Liabilities at Fair Value
Deposits	242	204
Securities sold under agreements to repurchase	792	800
Other secured financings	3,423	3,863
Borrowings	47,533	46,912
Recurring
Assets at Fair Value
U.S. treasury and agency securities	46,105	48,965
Other sovereign government obligations	27,563	28,060
State and municipal securities	3,237	3,600
MABS	2,141	2,787
Corporate and other debt	22,206	17,538
Loans and lending commitments	12,993	10,736
Corporate equities	121,007	150,355
Derivative and other contracts	33,148	30,813
Netting	(267,441)	(267,598)
Counterparty and cash collateral netting	(47,436)	(47,171)
Investments	1,866	1,840
Physical commodities	205	1,024
Total trading assets	270,471	295,718
Investment securities - AFS	56,749	55,203
Intangible assets	3	3
Total assets	327,223	350,924
Liabilities at Fair Value
Deposits	242	204
U.S. treasury and agency securities	20,214	17,826
Other sovereign government obligations	28,174	26,873
Corporate and other debt	7,890	7,144
Corporate equities	56,759	52,757
Derivative and other contracts	25,986	26,695
Netting	(256,189)	(257,144)
Counterparty and cash collateral netting	(36,184)	(36,717)
Total trading liabilities	139,023	131,295
Securities sold under agreements to repurchase	792	800
Other secured financings	3,423	3,863
Borrowings	47,533	46,912
Total liabilities	191,013	183,074
Recurring | Futures Contracts | Customer and Other Receivables, Net
Additional Fair Value Disclosure
Derivative assets, unsettled fair value	714	831
Recurring | Corporate Loans
Assets at Fair Value
Loans and lending commitments	9,346	8,358
Recurring | Residential Real Estate Loans
Assets at Fair Value
Loans and lending commitments	706	799
Recurring | Wholesale Real Estate Loans
Assets at Fair Value
Loans and lending commitments	2,941	1,579
Recurring | Interest Rate Contracts
Assets at Fair Value
Derivative and other contracts	178,269	180,939
Liabilities at Fair Value
Derivative and other contracts	161,161	163,148
Borrowings	19,744	19,230
Recurring | Credit Contracts
Assets at Fair Value
Derivative and other contracts	7,333	8,022
Liabilities at Fair Value
Derivative and other contracts	7,848	8,545
Borrowings	855	815
Recurring | Foreign Exchange Contracts
Assets at Fair Value
Derivative and other contracts	53,578	53,797
Liabilities at Fair Value
Derivative and other contracts	53,501	55,268
Borrowings	622	666
Recurring | Equity Contracts
Assets at Fair Value
Derivative and other contracts	49,542	44,990
Liabilities at Fair Value
Derivative and other contracts	50,526	47,989
Borrowings	25,181	25,903
Recurring | Commodity and Other Contracts
Assets at Fair Value
Derivative and other contracts	11,867	10,663
Liabilities at Fair Value
Derivative and other contracts	9,139	8,889
Recurring | Level 1
Assets at Fair Value
U.S. treasury and agency securities	22,675	22,077
Other sovereign government obligations	18,185	20,234
State and municipal securities	0	0
MABS	0	0
Corporate and other debt	0	0
Loans and lending commitments	0	0
Corporate equities	120,280	149,697
Derivative and other contracts	917	669
Netting	(1,665)	(2,088)
Investments	482	297
Physical commodities	0	0
Total trading assets	162,539	192,974
Investment securities - AFS	29,979	27,522
Intangible assets	0	0
Total assets	192,518	220,496
Liabilities at Fair Value
Deposits	0	0
U.S. treasury and agency securities	20,182	17,802
Other sovereign government obligations	24,281	24,857
Corporate and other debt	0	0
Corporate equities	56,667	52,653
Derivative and other contracts	1,006	332
Netting	(1,665)	(2,088)
Total trading liabilities	102,136	95,644
Securities sold under agreements to repurchase	0	0
Other secured financings	0	0
Borrowings	0	0
Total liabilities	102,136	95,644
Recurring | Level 1 | Interest Rate Contracts
Assets at Fair Value
Derivative and other contracts	989	472
Liabilities at Fair Value
Derivative and other contracts	1,043	364
Recurring | Level 1 | Credit Contracts
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 Contracts
Assets at Fair Value
Derivative and other contracts	45	58
Liabilities at Fair Value
Derivative and other contracts	31	23
Recurring | Level 1 | Equity Contracts
Assets at Fair Value
Derivative and other contracts	1,165	1,101
Liabilities at Fair Value
Derivative and other contracts	1,054	1,001
Recurring | Level 1 | Commodity and Other Contracts
Assets at Fair Value
Derivative and other contracts	383	1,126
Liabilities at Fair Value
Derivative and other contracts	543	1,032
Recurring | Level 2
Assets at Fair Value
U.S. treasury and agency securities	23,430	26,888
Other sovereign government obligations	9,371	7,825
State and municipal securities	3,235	3,592
MABS	1,799	2,364
Corporate and other debt	21,392	16,837
Loans and lending commitments	4,865	4,791
Corporate equities	494	492
Derivative and other contracts	71,160	69,015
Netting	(216,759)	(216,764)
Investments	372	523
Physical commodities	205	1,024
Total trading assets	136,323	133,351
Investment securities - AFS	26,770	27,681
Intangible assets	3	3
Total assets	163,096	161,035
Liabilities at Fair Value
Deposits	198	157
U.S. treasury and agency securities	32	24
Other sovereign government obligations	3,890	2,016
Corporate and other debt	7,886	7,141
Corporate equities	60	82
Derivative and other contracts	55,939	58,581
Netting	(216,759)	(216,764)
Total trading liabilities	67,807	67,844
Securities sold under agreements to repurchase	792	650
Other secured financings	3,203	3,624
Borrowings	43,907	43,928
Total liabilities	115,907	116,203
Recurring | Level 2 | Interest Rate Contracts
Assets at Fair Value
Derivative and other contracts	176,030	178,704
Liabilities at Fair Value
Derivative and other contracts	159,538	162,239
Recurring | Level 2 | Credit Contracts
Assets at Fair Value
Derivative and other contracts	6,971	7,602
Liabilities at Fair Value
Derivative and other contracts	7,456	8,166
Recurring | Level 2 | Foreign Exchange Contracts
Assets at Fair Value
Derivative and other contracts	53,504	53,724
Liabilities at Fair Value
Derivative and other contracts	53,408	55,118
Recurring | Level 2 | Equity Contracts
Assets at Fair Value
Derivative and other contracts	44,506	40,359
Liabilities at Fair Value
Derivative and other contracts	46,616	44,666
Recurring | Level 2 | Commodity and Other Contracts
Assets at Fair Value
Derivative and other contracts	6,908	5,390
Liabilities at Fair Value
Derivative and other contracts	5,680	5,156
Recurring | Level 3
Assets at Fair Value
U.S. treasury and agency securities	0	0
Other sovereign government obligations	7	1
State and municipal securities	2	8
MABS	342	423
Corporate and other debt	814	701
Loans and lending commitments	8,128	5,945
Corporate equities	233	166
Derivative and other contracts	8,507	8,300
Netting	(1,581)	(1,575)
Investments	1,012	1,020
Physical commodities	0	0
Total trading assets	19,045	16,564
Investment securities - AFS	0	0
Intangible assets	0	0
Total assets	19,045	16,564
Liabilities at Fair Value
Deposits	44	47
U.S. treasury and agency securities	0	0
Other sovereign government obligations	3	0
Corporate and other debt	4	3
Corporate equities	32	22
Derivative and other contracts	5,225	4,499
Netting	(1,581)	(1,575)
Total trading liabilities	5,264	4,524
Securities sold under agreements to repurchase	0	150
Other secured financings	220	239
Borrowings	3,626	2,984
Total liabilities	9,154	7,944
Recurring | Level 3 | Interest Rate Contracts
Assets at Fair Value
Derivative and other contracts	1,250	1,763
Liabilities at Fair Value
Derivative and other contracts	580	545
Recurring | Level 3 | Credit Contracts
Assets at Fair Value
Derivative and other contracts	362	420
Liabilities at Fair Value
Derivative and other contracts	392	379
Recurring | Level 3 | Foreign Exchange Contracts
Assets at Fair Value
Derivative and other contracts	29	15
Liabilities at Fair Value
Derivative and other contracts	62	127
Recurring | Level 3 | Equity Contracts
Assets at Fair Value
Derivative and other contracts	3,871	3,530
Liabilities at Fair Value
Derivative and other contracts	2,856	2,322
Recurring | Level 3 | Commodity and Other Contracts
Assets at Fair Value
Derivative and other contracts	4,576	4,147
Liabilities at Fair Value
Derivative and other contracts	$ 2,916	$ 2,701

Fair Value Disclosures (Rollfor

Fair Value Disclosures (Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - Recurring - Level 3 - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Deposits
Liabilities
Beginning balance	$ 47	$ 42
Realized and unrealized (gains) losses	(1)	1
Purchases	0	0
Sales and Issuances	9	13
Settlements	(1)	0
Net transfers	(10)	0
Ending balance	44	56
Unrealized gains (losses)	1	(1)
Securities Sold Under Agreements to Repurchase
Liabilities
Beginning balance	150	149
Realized and unrealized (gains) losses	0	(1)
Purchases	0	0
Sales and Issuances	0	0
Settlements	0	0
Net transfers	(150)	0
Ending balance	0	148
Unrealized gains (losses)	0	1
Other Secured Financings
Liabilities
Beginning balance	239	434
Realized and unrealized (gains) losses	(13)	19
Purchases	0	0
Sales and Issuances	4	13
Settlements	(10)	(220)
Net transfers	0	(43)
Ending balance	220	203
Unrealized gains (losses)	13	(12)
Borrowings
Liabilities
Beginning balance	2,984	2,014
Realized and unrealized (gains) losses	(102)	59
Purchases	0	0
Sales and Issuances	640	270
Settlements	(83)	(165)
Net transfers	187	(86)
Ending balance	3,626	2,092
Unrealized gains (losses)	99	(58)
Trading Assets | U.S. Treasury and Agency Securities
Assets
Beginning balance		74
Realized and unrealized gains (losses)		0
Purchases		42
Sales and issuances		(241)
Settlements		0
Net transfers		167
Ending balance		42
Unrealized gains (losses)		0
Trading Assets | Other Sovereign Government Obligations
Assets
Beginning balance	1	6
Realized and unrealized gains (losses)	0	0
Purchases	7	61
Sales and issuances	0	(2)
Settlements	0	0
Net transfers	(1)	0
Ending balance	7	65
Unrealized gains (losses)	0	0
Trading Assets | State and Municipal Securities
Assets
Beginning balance	8	250
Realized and unrealized gains (losses)	0	0
Purchases	1	2
Sales and issuances	(7)	(2)
Settlements	0	0
Net transfers	0	(195)
Ending balance	2	55
Unrealized gains (losses)	0	0
Trading Assets | MABS
Assets
Beginning balance	423	217
Realized and unrealized gains (losses)	77	7
Purchases	64	39
Sales and issuances	(238)	(56)
Settlements	(16)	(11)
Net transfers	32	20
Ending balance	342	216
Unrealized gains (losses)	2	(1)
Trading Assets | Loans and Lending Commitments
Assets
Beginning balance	5,945	5,122
Realized and unrealized gains (losses)	28	53
Purchases	3,740	757
Sales and issuances	(283)	(555)
Settlements	(1,218)	(985)
Net transfers	(84)	87
Ending balance	8,128	4,479
Unrealized gains (losses)	(9)	39
Trading Assets | Corporate and Other Debt
Assets
Beginning balance	701	475
Realized and unrealized gains (losses)	1	21
Purchases	350	262
Sales and issuances	(243)	(142)
Settlements	0	(1)
Net transfers	5	102
Ending balance	814	717
Unrealized gains (losses)	(1)	3
Trading Assets | Corporate Equities
Assets
Beginning balance	166	446
Realized and unrealized gains (losses)	0	(1)
Purchases	166	41
Sales and issuances	(132)	(105)
Settlements	0	0
Net transfers	33	(71)
Ending balance	233	310
Unrealized gains (losses)	(9)	3
Trading Assets | Net Derivative and Other Contracts
Assets
Beginning balance	3,801	1,788
Realized and unrealized gains (losses)	575	(192)
Purchases	187	142
Sales and issuances	(877)	(178)
Settlements	92	230
Net transfers	(496)	(194)
Ending balance	3,282	1,596
Unrealized gains (losses)	421	(227)
Trading Assets | Net Derivative and Other Contracts | Interest Rate Contracts
Assets
Beginning balance	1,218	420
Realized and unrealized gains (losses)	52	(114)
Purchases	32	46
Sales and issuances	(41)	(24)
Settlements	(81)	16
Net transfers	(510)	(46)
Ending balance	670	298
Unrealized gains (losses)	75	(127)
Trading Assets | Net Derivative and Other Contracts | Credit Contracts
Assets
Beginning balance	41	(373)
Realized and unrealized gains (losses)	(107)	(25)
Purchases	0	6
Sales and issuances	0	(5)
Settlements	38	41
Net transfers	(2)	5
Ending balance	(30)	(351)
Unrealized gains (losses)	(109)	(33)
Trading Assets | Net Derivative and Other Contracts | Foreign Exchange Contracts
Assets
Beginning balance	(112)	(43)
Realized and unrealized gains (losses)	57	(36)
Purchases	0	1
Sales and issuances	(31)	0
Settlements	33	11
Net transfers	20	(4)
Ending balance	(33)	(71)
Unrealized gains (losses)	(9)	(20)
Trading Assets | Net Derivative and Other Contracts | Equity Contracts
Assets
Beginning balance	1,208	184
Realized and unrealized gains (losses)	356	(144)
Purchases	142	83
Sales and issuances	(799)	(121)
Settlements	159	231
Net transfers	(51)	(16)
Ending balance	1,015	217
Unrealized gains (losses)	315	(81)
Trading Assets | Net Derivative and Other Contracts | Commodity and Other Contracts
Assets
Beginning balance	1,446	1,600
Realized and unrealized gains (losses)	217	127
Purchases	13	6
Sales and issuances	(6)	(28)
Settlements	(57)	(69)
Net transfers	47	(133)
Ending balance	1,660	1,503
Unrealized gains (losses)	149	34
Trading Assets | Investments
Assets
Beginning balance	1,020	958
Realized and unrealized gains (losses)	44	8
Purchases	21	62
Sales and issuances	(78)	(3)
Settlements	0	(66)
Net transfers	5	2
Ending balance	1,012	961
Unrealized gains (losses)	22	8
Trading Liabilities | Other Sovereign Government Obligations
Liabilities
Beginning balance	0
Realized and unrealized (gains) losses	0
Purchases	0
Sales and Issuances	3
Settlements	0
Net transfers	0
Ending balance	3
Unrealized gains (losses)	0
Trading Liabilities | Corporate and Other Debt
Liabilities
Beginning balance	3	36
Realized and unrealized (gains) losses	0	1
Purchases	(2)	(119)
Sales and Issuances	1	101
Settlements	0	0
Net transfers	2	17
Ending balance	4	36
Unrealized gains (losses)	0	(1)
Trading Liabilities | Corporate Equities
Liabilities
Beginning balance	22	35
Realized and unrealized (gains) losses	(4)	(12)
Purchases	(5)	(68)
Sales and Issuances	11	26
Settlements	0	0
Net transfers	8	21
Ending balance	32	2
Unrealized gains (losses)	$ 4	$ 0

Fair Value Disclosures (Valuati

Fair Value Disclosures (Valuation Techniques and Sensitivity of Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements) (Details) - Level 3 $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)$ / MWh	Dec. 31, 2017USD ($)$ / MWh
Recurring | MABS
Fair Value Inputs, Assets and Liabilities, Quantitative Information
Assets	$ 342	$ 423
Recurring | MABS | Comparable Pricing | Minimum
Fair Value Inputs
Comparable bond price	0.00%	0.00%
Recurring | MABS | Comparable Pricing | Maximum
Fair Value Inputs
Comparable bond price	95.00%	95.00%
Recurring | MABS | Comparable Pricing | Weighted Average
Fair Value Inputs
Comparable bond price	41.00%	26.00%
Recurring | Loans and Lending Commitments
Fair Value Inputs, Assets and Liabilities, Quantitative Information
Assets	$ 8,128	$ 5,945
Recurring | Loans and Lending Commitments | Comparable Pricing | Minimum
Fair Value Inputs
Comparable loan price	55.00%	55.00%
Recurring | Loans and Lending Commitments | Comparable Pricing | Maximum
Fair Value Inputs
Comparable loan price	101.00%	102.00%
Recurring | Loans and Lending Commitments | Comparable Pricing | Weighted Average
Fair Value Inputs
Comparable loan price	97.00%	95.00%
Recurring | Loans and Lending Commitments | Margin Loan Model | Minimum
Fair Value Inputs
Discount rate	0.00%	0.00%
Volatility Skew	9.00%	7.00%
Recurring | Loans and Lending Commitments | Margin Loan Model | Maximum
Fair Value Inputs
Discount rate	3.00%	3.00%
Volatility Skew	67.00%	41.00%
Recurring | Loans and Lending Commitments | Margin Loan Model | Weighted Average
Fair Value Inputs
Discount rate	1.00%	1.00%
Volatility Skew	28.00%	22.00%
Recurring | Corporate and Other Debt
Fair Value Inputs, Assets and Liabilities, Quantitative Information
Assets	$ 814	$ 701
Recurring | Corporate and Other Debt | Comparable Pricing | Minimum
Fair Value Inputs
Comparable bond price	3.00%	3.00%
Recurring | Corporate and Other Debt | Comparable Pricing | Maximum
Fair Value Inputs
Comparable bond price	100.00%	134.00%
Recurring | Corporate and Other Debt | Comparable Pricing | Weighted Average
Fair Value Inputs
Comparable bond price	70.00%	59.00%
Recurring | Corporate and Other Debt | Discounted Cash Flow
Fair Value Inputs
Recovery rate	16.00%
Recurring | Corporate and Other Debt | Discounted Cash Flow | Minimum
Fair Value Inputs
Discount rate	7.00%	7.00%
Recovery rate		6.00%
Recurring | Corporate and Other Debt | Discounted Cash Flow | Maximum
Fair Value Inputs
Discount rate	20.00%	20.00%
Recovery rate		36.00%
Recurring | Corporate and Other Debt | Discounted Cash Flow | Weighted Average
Fair Value Inputs
Discount rate	15.00%	14.00%
Recovery rate		27.00%
Recurring | Corporate and Other Debt | Option Model | Minimum
Fair Value Inputs
At the money volatility	15.00%	17.00%
Recurring | Corporate and Other Debt | Option Model | Maximum
Fair Value Inputs
At the money volatility	52.00%	52.00%
Recurring | Corporate and Other Debt | Option Model | Weighted Average
Fair Value Inputs
At the money volatility	33.00%	52.00%
Recurring | Corporate Equities
Fair Value Inputs, Assets and Liabilities, Quantitative Information
Assets	$ 233	$ 166
Recurring | Corporate Equities | Comparable Pricing
Fair Value Inputs
Comparable equity price	100.00%	100.00%
Recurring | Interest Rate Contracts
Fair Value Inputs, Assets and Liabilities, Quantitative Information
Assets	$ 670	$ 1,218
Recurring | Interest Rate Contracts | Option Model
Fair Value Inputs
Interest rate curve		2.00%
Recurring | Interest Rate Contracts | Option Model | Simple Average
Fair Value Inputs
Inflation volatility	44.00%	44.00%
Interest rate curve	2.00%
Interest rate volatility skew	40.00%	41.00%
Recurring | Interest Rate Contracts | Option Model | Median
Fair Value Inputs
Inflation volatility	41.00%	41.00%
Interest rate curve	2.00%
Interest rate volatility skew	43.00%	47.00%
Recurring | Interest Rate Contracts | Option Model | Minimum
Fair Value Inputs
Inflation volatility	23.00%	23.00%
Interest rate curve	1.00%
Interest rate volatility skew	29.00%	31.00%
Recurring | Interest Rate Contracts | Option Model | Maximum
Fair Value Inputs
Inflation volatility	61.00%	63.00%
Interest rate curve	2.00%
Interest rate volatility skew	106.00%	97.00%
Recurring | Credit Contracts
Fair Value Inputs, Assets and Liabilities, Quantitative Information
Assets	$ (30)	$ 41
Recurring | Credit Contracts | Comparable Pricing | Minimum
Fair Value Inputs
Cash synthetic basis	10.00%	12.00%
Comparable bond price	0.00%	0.00%
Recurring | Credit Contracts | Comparable Pricing | Maximum
Fair Value Inputs
Cash synthetic basis	11.00%	13.00%
Comparable bond price	75.00%	75.00%
Recurring | Credit Contracts | Comparable Pricing | Weighted Average
Fair Value Inputs
Cash synthetic basis	11.00%	12.00%
Comparable bond price	25.00%	25.00%
Recurring | Credit Contracts | Correlation Model | Minimum
Fair Value Inputs
Credit correlation	39.00%	38.00%
Recurring | Credit Contracts | Correlation Model | Maximum
Fair Value Inputs
Credit correlation	67.00%	100.00%
Recurring | Credit Contracts | Correlation Model | Weighted Average
Fair Value Inputs
Credit correlation	50.00%	48.00%
Recurring | Foreign Exchange Contracts
Fair Value Inputs, Assets and Liabilities, Quantitative Information
Assets	$ (33)	$ (112)
Recurring | Foreign Exchange Contracts | Option Model | Simple Average
Fair Value Inputs
Contingency probability	93.00%	96.00%
Interest rate - Foreign exchange correlation	56.00%	56.00%
Interest rate volatility skew	40.00%	41.00%
Recurring | Foreign Exchange Contracts | Option Model | Median
Fair Value Inputs
Contingency probability	93.00%	95.00%
Interest rate - Foreign exchange correlation	56.00%	56.00%
Interest rate volatility skew	43.00%	47.00%
Recurring | Foreign Exchange Contracts | Option Model | Minimum
Fair Value Inputs
Contingency probability	90.00%	95.00%
Interest rate - Foreign exchange correlation	55.00%	54.00%
Interest rate volatility skew	29.00%	31.00%
Recurring | Foreign Exchange Contracts | Option Model | Maximum
Fair Value Inputs
Contingency probability	95.00%	100.00%
Interest rate - Foreign exchange correlation	57.00%	57.00%
Interest rate volatility skew	106.00%	97.00%
Recurring | Equity Contracts
Fair Value Inputs, Assets and Liabilities, Quantitative Information
Assets	$ 1,015	$ 1,208
Recurring | Equity Contracts | Option Model | Simple Average
Fair Value Inputs
Equity - Interest rate correlation	18.00%	18.00%
Recurring | Equity Contracts | Option Model | Median
Fair Value Inputs
Equity - Interest rate correlation	14.00%	20.00%
Recurring | Equity Contracts | Option Model | Minimum
Fair Value Inputs
At the money volatility	14.00%	7.00%
Equity - Equity correlation	5.00%	5.00%
Equity - Foreign exchange correlation	(62.00%)	(55.00%)
Equity - Interest rate correlation	(7.00%)	(7.00%)
Volatility Skew	(3.00%)	(5.00%)
Recurring | Equity Contracts | Option Model | Maximum
Fair Value Inputs
At the money volatility	55.00%	54.00%
Equity - Equity correlation	99.00%	99.00%
Equity - Foreign exchange correlation	55.00%	40.00%
Equity - Interest rate correlation	48.00%	49.00%
Volatility Skew	0.00%	0.00%
Recurring | Equity Contracts | Option Model | Weighted Average
Fair Value Inputs
At the money volatility	35.00%	32.00%
Equity - Equity correlation	76.00%	76.00%
Equity - Foreign exchange correlation	(42.00%)	36.00%
Volatility Skew	(1.00%)	(1.00%)
Recurring | Commodity and Other Contracts
Fair Value Inputs, Assets and Liabilities, Quantitative Information
Assets	$ 1,660	$ 1,446
Recurring | Commodity and Other Contracts | Option Model | Minimum
Fair Value Inputs
Commodity volatility	5.00%	7.00%
Cross commodity correlation	5.00%	5.00%
Forward power price | $ / MWh	2	4
Recurring | Commodity and Other Contracts | Option Model | Maximum
Fair Value Inputs
Commodity volatility	167.00%	205.00%
Cross commodity correlation	99.00%	99.00%
Forward power price | $ / MWh	212	102
Recurring | Commodity and Other Contracts | Option Model | Weighted Average
Fair Value Inputs
Commodity volatility	14.00%	17.00%
Cross commodity correlation	92.00%	92.00%
Forward power price | $ / MWh	30	31
Recurring | Investments
Fair Value Inputs, Assets and Liabilities, Quantitative Information
Assets	$ 1,012	$ 1,020
Recurring | Investments | Comparable Pricing | Minimum
Fair Value Inputs
Comparable equity price	35.00%	45.00%
Recurring | Investments | Comparable Pricing | Maximum
Fair Value Inputs
Comparable equity price	100.00%	100.00%
Recurring | Investments | Comparable Pricing | Weighted Average
Fair Value Inputs
Comparable equity price	93.00%	92.00%
Recurring | Investments | Discounted Cash Flow | Minimum
Fair Value Inputs
Exit multiple	8	8
WACC	9.00%	8.00%
Recurring | Investments | Discounted Cash Flow | Maximum
Fair Value Inputs
Exit multiple	10	11
WACC	15.00%	15.00%
Recurring | Investments | Discounted Cash Flow | Weighted Average
Fair Value Inputs
Exit multiple	10	10
WACC	9.00%	9.00%
Recurring | Investments | Market Approach | Minimum
Fair Value Inputs
EBITDA multiple	6	6
Recurring | Investments | Market Approach | Maximum
Fair Value Inputs
EBITDA multiple	24	25
Recurring | Investments | Market Approach | Weighted Average
Fair Value Inputs
EBITDA multiple	11	11
Recurring | Securities Sold Under Agreements to Repurchase
Fair Value Inputs, Assets and Liabilities, Quantitative Information
Liabilities	$ 0	$ 150
Recurring | Securities Sold Under Agreements to Repurchase | Discounted Cash Flow | Minimum
Fair Value Inputs
Funding spread		1.07%
Recurring | Securities Sold Under Agreements to Repurchase | Discounted Cash Flow | Maximum
Fair Value Inputs
Funding spread		1.26%
Recurring | Securities Sold Under Agreements to Repurchase | Discounted Cash Flow | Weighted Average
Fair Value Inputs
Funding spread		1.20%
Recurring | Other Secured Financings
Fair Value Inputs, Assets and Liabilities, Quantitative Information
Liabilities	$ 220	$ 239
Recurring | Other Secured Financings | Discounted Cash Flow | Minimum
Fair Value Inputs
Funding spread	0.54%	0.39%
Recurring | Other Secured Financings | Discounted Cash Flow | Maximum
Fair Value Inputs
Funding spread	0.93%	0.76%
Recurring | Other Secured Financings | Discounted Cash Flow | Weighted Average
Fair Value Inputs
Funding spread	0.74%	0.57%
Recurring | Other Secured Financings | Option Model
Fair Value Inputs
Volatility Skew	(1.00%)	(1.00%)
Recurring | Other Secured Financings | Option Model | Minimum
Fair Value Inputs
At the money volatility	10.00%	10.00%
Recurring | Other Secured Financings | Option Model | Maximum
Fair Value Inputs
At the money volatility	40.00%	40.00%
Recurring | Other Secured Financings | Option Model | Weighted Average
Fair Value Inputs
At the money volatility	26.00%	26.00%
Recurring | Borrowings
Fair Value Inputs, Assets and Liabilities, Quantitative Information
Liabilities	$ 3,626	$ 2,984
Recurring | Borrowings | Option Model | Minimum
Fair Value Inputs
At the money volatility	5.00%	5.00%
Equity - Equity correlation	45.00%	39.00%
Equity - Foreign exchange correlation	(43.00%)	(55.00%)
Volatility Skew	(2.00%)	(2.00%)
Recurring | Borrowings | Option Model | Maximum
Fair Value Inputs
At the money volatility	33.00%	35.00%
Equity - Equity correlation	95.00%	95.00%
Equity - Foreign exchange correlation	30.00%	10.00%
Volatility Skew	0.00%	0.00%
Recurring | Borrowings | Option Model | Weighted Average
Fair Value Inputs
At the money volatility	23.00%	22.00%
Equity - Equity correlation	81.00%	86.00%
Equity - Foreign exchange correlation	(26.00%)	(18.00%)
Volatility Skew	0.00%	0.00%
Nonrecurring | Loans
Fair Value Inputs, Assets and Liabilities, Quantitative Information
Assets	$ 1,057	$ 924
Nonrecurring | Loans | Corporate Loan Model | Minimum
Fair Value Inputs
Credit spread	0.94%	0.93%
Nonrecurring | Loans | Corporate Loan Model | Maximum
Fair Value Inputs
Credit spread	4.32%	5.63%
Nonrecurring | Loans | Corporate Loan Model | Weighted Average
Fair Value Inputs
Credit spread	2.06%	2.39%
Nonrecurring | Loans | Expected Recovery | Minimum
Fair Value Inputs
Asset coverage	95.00%	95.00%
Nonrecurring | Loans | Expected Recovery | Maximum
Fair Value Inputs
Asset coverage	99.00%	99.00%
Nonrecurring | Loans | Expected Recovery | Weighted Average
Fair Value Inputs
Asset coverage	95.00%	95.00%

Fair Value Disclosures (Measure

Fair Value Disclosures (Measured Based on Net Asset Value) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Measured Based on Net Asset Value
Carrying value	$ 2,573	$ 2,564
Commitment	489	495
Private Equity Funds
Measured Based on Net Asset Value
Carrying value	1,678	1,674
Commitment	304	308
Carrying Value of Nonredeemable Funds by Contractual Maturity
Less than 5 years	430
5-10 years	1,054
Over 10 years	194
Total	1,678
Real Estate Funds
Measured Based on Net Asset Value
Carrying value	796	800
Commitment	181	183
Carrying Value of Nonredeemable Funds by Contractual Maturity
Less than 5 years	60
5-10 years	527
Over 10 years	209
Total	796
Hedge Funds
Measured Based on Net Asset Value
Carrying value	99	90
Commitment	$ 4	$ 4

Fair Value Disclosures (Earning

Fair Value Disclosures (Earnings Impact of Instruments under the Fair Value Option) (Details) - Borrowings - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fair Value Option Quantitative Disclosures
Earnings impact	$ (76)	$ (1,744)
Trading Revenues
Fair Value Option Quantitative Disclosures
Earnings impact	26	(1,625)
Interest Income (Expense)
Fair Value Option Quantitative Disclosures
Earnings impact	$ (102)	$ (119)

Fair Value Disclosures (Gains (

Fair Value Disclosures (Gains (Losses) Due to Changes in Instrument-Specific Credit Risk) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Fair Value disclosure
Cumulative pre-tax DVA gain (loss) recognized in AOCI	$ (1,236)		$ (1,831)
Loans and Other Debt | OCI
Fair Value disclosure
Gains (losses) due to changes in instrument-specific credit risk	0	$ 0
Loans and Other Debt | Trading Revenues
Fair Value disclosure
Gains (losses) due to changes in instrument-specific credit risk	81	(3)
Lending Commitments | OCI
Fair Value disclosure
Gains (losses) due to changes in instrument-specific credit risk	0	0
Lending Commitments | Trading Revenues
Fair Value disclosure
Gains (losses) due to changes in instrument-specific credit risk	2	0
Securities Sold Under Agreements to Repurchase | OCI
Fair Value disclosure
Gains (losses) due to changes in instrument-specific credit risk	2	(3)
Securities Sold Under Agreements to Repurchase | Trading Revenues
Fair Value disclosure
Gains (losses) due to changes in instrument-specific credit risk	0	0
Borrowings | OCI
Fair Value disclosure
Gains (losses) due to changes in instrument-specific credit risk	593	14
Borrowings | Trading Revenues
Fair Value disclosure
Gains (losses) due to changes in instrument-specific credit risk	$ (15)	$ (4)

Fair Value Disclosures (Borrowi

Fair Value Disclosures (Borrowings Measured at Fair Value) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fair Value Measurements
Borrowings at fair value	$ 47,533	$ 46,912
Recurring
Fair Value Measurements
Borrowings at fair value	47,533	46,912
Recurring | Equity
Fair Value Measurements
Borrowings at fair value	25,181	25,903
Recurring | Interest Rates
Fair Value Measurements
Borrowings at fair value	19,744	19,230
Recurring | Foreign Exchange
Fair Value Measurements
Borrowings at fair value	622	666
Recurring | Credit Contracts
Fair Value Measurements
Borrowings at fair value	855	815
Recurring | Commodities
Fair Value Measurements
Borrowings at fair value	$ 1,131	$ 298

Fair Value Disclosures (Excess

Fair Value Disclosures (Excess of Contractual Principal Amount Over Fair Value) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fair Value Disclosures
Loans and other debt	$ 14,843	$ 13,481
Loans 90 or more days past due and/or on nonaccrual status	11,834	11,253
Borrowings	$ 897	$ 71

Fair Value Disclosures (Fair Va

Fair Value Disclosures (Fair Value of Loans in Nonaccrual Status) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fair Value Disclosures
Nonaccrual loans	$ 1,315	$ 1,240
Nonaccrual loans 90 or more days past due	$ 654	$ 779

Fair Value Disclosures (Asset57

Fair Value Disclosures (Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - Nonrecurring - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Fair Value
Loans	$ 2,409		$ 2,318
Other assets-Other investments			144
Other assets-Premises, equipment and software costs	0
Total assets	2,409		2,462
Other liabilities and accrued expenses-Lending commitments	213		196
Total liabilities	213		196
Assets
Fair Value
Gains (losses) from fair value remeasurements	0	$ 27
Loans
Fair Value
Gains (losses) from fair value remeasurements	8	32
Other Assets-Premises, Equipment and Software Costs
Fair Value
Gains (losses) from fair value remeasurements	(8)	(5)
Liabilities
Fair Value
Gains (losses) from fair value remeasurements	6	11
Other Liabilities and Accrued Expenses-Lending Commitments
Fair Value
Gains (losses) from fair value remeasurements	6	$ 11
Level 2
Fair Value
Loans	1,352		1,394
Other assets-Other investments			0
Other assets-Premises, equipment and software costs	0
Total assets	1,352		1,394
Other liabilities and accrued expenses-Lending commitments	173		158
Total liabilities	173		158
Level 3
Fair Value
Loans	1,057		924
Other assets-Other investments			144
Other assets-Premises, equipment and software costs	0
Total assets	1,057		1,068
Other liabilities and accrued expenses-Lending commitments	40		38
Total liabilities	$ 40		$ 38

Fair Value Disclosures (Financi

Fair Value Disclosures (Financial Instruments Not Measured at Fair Value) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Financial Assets
Cash and due from banks	$ 29,073	$ 24,816	$ 22,081
Interest bearing deposits with banks	22,980	21,348	20,773
Restricted cash	35,291	34,231	$ 36,027
Securities purchased under agreements to resell	80,246	84,258
Securities borrowed	135,835	124,010
Customer and other receivables	66,835	56,187
Loans	95,124	92,953
Financial Liabilities
Deposits	160,424	159,436
Securities sold under agreements to repurchase	51,575	56,424
Securities loaned	13,556	13,592
Other secured financings	10,275	11,271
Customer and other payables	194,924	191,510
Borrowings	194,964	192,582
Additional Disclosures
Commitment amount	117,582	100,151
Carrying Value
Financial Assets
Cash and due from banks	29,073	24,816
Interest bearing deposits with banks	22,980	21,348
Restricted cash	35,291	34,231
Investment securities - HTM securities	23,892	23,599
Securities purchased under agreements to resell	80,246	84,258
Securities borrowed	135,835	124,010
Customer and other receivables	61,017	51,269
Loans	109,135	104,126
Other assets	438	433
Financial Liabilities
Deposits	160,182	159,232
Securities sold under agreements to repurchase	50,783	55,624
Securities loaned	13,556	13,592
Other secured financings	6,852	7,408
Customer and other payables	191,332	188,464
Borrowings	147,431	145,670
Fair Value
Financial Assets
Cash and due from banks	29,073	24,816
Interest bearing deposits with banks	22,980	21,348
Restricted cash	35,291	34,231
Investment securities - HTM securities	22,919	23,081
Securities purchased under agreements to resell	80,191	84,217
Securities borrowed	135,781	124,019
Customer and other receivables	60,838	51,143
Loans	108,833	104,218
Other assets	438	433
Financial Liabilities
Deposits	160,172	159,232
Securities sold under agreements to repurchase	50,764	55,619
Securities loaned	13,623	13,592
Other secured financings	6,872	7,418
Customer and other payables	191,332	188,464
Borrowings	151,691	151,722
Additional Disclosures
Commitment amount	828	794
Fair Value | Level 1
Financial Assets
Cash and due from banks	29,073	24,816
Interest bearing deposits with banks	22,980	21,348
Restricted cash	35,291	34,231
Investment securities - HTM securities	11,327	11,119
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
Fair Value | Level 2
Financial Assets
Cash and due from banks	0	0
Interest bearing deposits with banks	0	0
Restricted cash	0	0
Investment securities - HTM securities	11,270	11,673
Securities purchased under agreements to resell	80,175	78,239
Securities borrowed	135,781	124,018
Customer and other receivables	57,405	47,159
Loans	25,687	21,290
Other assets	438	433
Financial Liabilities
Deposits	160,172	159,232
Securities sold under agreements to repurchase	50,763	51,752
Securities loaned	13,623	13,191
Other secured financings	6,265	5,987
Customer and other payables	191,332	188,464
Borrowings	151,664	151,692
Additional Disclosures
Commitment amount	643	620
Fair Value | Level 3
Financial Assets
Cash and due from banks	0	0
Interest bearing deposits with banks	0	0
Restricted cash	0	0
Investment securities - HTM securities	322	289
Securities purchased under agreements to resell	16	5,978
Securities borrowed	0	1
Customer and other receivables	3,433	3,984
Loans	83,146	82,928
Other assets	0	0
Financial Liabilities
Deposits	0	0
Securities sold under agreements to repurchase	1	3,867
Securities loaned	0	401
Other secured financings	607	1,431
Customer and other payables	0	0
Borrowings	27	30
Additional Disclosures
Commitment amount	$ 185	$ 174

Derivative Instruments and He59

Derivative Instruments and Hedging Activities (Derivative Fair Values) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Derivative Assets
Gross derivatives	$ 300,589	$ 298,411
Amounts offset: Counterparty netting	(224,493)	(224,768)
Amounts offset: Cash collateral netting	(42,948)	(42,830)
Total in Trading Assets	33,148	30,813
Amounts not offset: Financial instruments collateral	(12,646)	(12,363)
Amounts not offset: Other cash collateral	(20)	(4)
Net amounts	20,482	18,446
Derivative assets not subject to legally enforceable master netting or collateral agreements	3,876	3,154
Derivative Liabilities
Gross derivatives	282,175	283,839
Counterparty netting	(224,493)	(224,768)
Cash collateral netting	(31,696)	(32,376)
Total in Trading Liabilities	25,986	26,695
Amounts not offset against financial instruments collateral	(5,340)	(5,935)
Amounts not offset against other cash collateral	(64)	(32)
Net amounts	20,582	20,728
Derivative liabilities not subject to legally enforceable master netting or collateral agreements	4,366	3,751
Bilateral OTC
Derivative Assets
Gross derivatives	269,725	270,993
Amounts offset: Counterparty netting	(198,282)	(201,051)
Amounts offset: Cash collateral netting	(42,284)	(42,141)
Total in Trading Assets	29,159	27,801
Amounts not offset: Financial instruments collateral	(12,646)	(12,363)
Amounts not offset: Other cash collateral	(20)	(4)
Net amounts	16,493	15,434
Derivative Liabilities
Gross derivatives	252,134	257,471
Counterparty netting	(198,282)	(201,051)
Cash collateral netting	(31,280)	(31,892)
Total in Trading Liabilities	22,572	24,528
Amounts not offset against financial instruments collateral	(4,966)	(5,523)
Amounts not offset against other cash collateral	(38)	(18)
Net amounts	17,568	18,987
Cleared OTC
Derivative Assets
Gross derivatives	4,495	4,786
Amounts offset: Counterparty netting	(3,424)	(3,856)
Amounts offset: Cash collateral netting	(664)	(689)
Total in Trading Assets	407	241
Amounts not offset: Financial instruments collateral	0	0
Amounts not offset: Other cash collateral	0	0
Net amounts	407	241
Derivative Liabilities
Gross derivatives	4,250	4,433
Counterparty netting	(3,424)	(3,856)
Cash collateral netting	(416)	(484)
Total in Trading Liabilities	410	93
Amounts not offset against financial instruments collateral	0	0
Amounts not offset against other cash collateral	(26)	(14)
Net amounts	384	79
Exchange Traded
Derivative Assets
Gross derivatives	26,369	22,632
Amounts offset: Counterparty netting	(22,787)	(19,861)
Amounts offset: Cash collateral netting	0	0
Total in Trading Assets	3,582	2,771
Amounts not offset: Financial instruments collateral	0	0
Amounts not offset: Other cash collateral	0	0
Net amounts	3,582	2,771
Derivative Liabilities
Gross derivatives	25,791	21,935
Counterparty netting	(22,787)	(19,861)
Cash collateral netting	0	0
Total in Trading Liabilities	3,004	2,074
Amounts not offset against financial instruments collateral	(374)	(412)
Amounts not offset against other cash collateral	0	0
Net amounts	2,630	1,662
Designated as Accounting Hedges
Derivative Assets
Gross derivatives	855	1,120
Derivative Liabilities
Gross derivatives	304	197
Designated as Accounting Hedges | Bilateral OTC
Derivative Assets
Gross derivatives	847	1,114
Derivative Liabilities
Gross derivatives	281	139
Designated as Accounting Hedges | Cleared OTC
Derivative Assets
Gross derivatives	8	6
Derivative Liabilities
Gross derivatives	23	58
Designated as Accounting Hedges | Exchange Traded
Derivative Assets
Gross derivatives	0	0
Derivative Liabilities
Gross derivatives	0	0
Designated as Accounting Hedges | Interest Rate Contracts
Derivative Assets
Gross derivatives	805	1,057
Derivative Liabilities
Gross derivatives	175	68
Designated as Accounting Hedges | Interest Rate Contracts | Bilateral OTC
Derivative Assets
Gross derivatives	804	1,057
Derivative Liabilities
Gross derivatives	174	67
Designated as Accounting Hedges | Interest Rate Contracts | Cleared OTC
Derivative Assets
Gross derivatives	1	0
Derivative Liabilities
Gross derivatives	1	1
Designated as Accounting Hedges | Interest Rate Contracts | Exchange Traded
Derivative Assets
Gross derivatives	0	0
Derivative Liabilities
Gross derivatives	0	0
Designated as Accounting Hedges | Foreign Exchange Contracts
Derivative Assets
Gross derivatives	50	63
Derivative Liabilities
Gross derivatives	129	129
Designated as Accounting Hedges | Foreign Exchange Contracts | Bilateral OTC
Derivative Assets
Gross derivatives	43	57
Derivative Liabilities
Gross derivatives	107	72
Designated as Accounting Hedges | Foreign Exchange Contracts | Cleared OTC
Derivative Assets
Gross derivatives	7	6
Derivative Liabilities
Gross derivatives	22	57
Designated as Accounting Hedges | Foreign Exchange Contracts | Exchange Traded
Derivative Assets
Gross derivatives	0	0
Derivative Liabilities
Gross derivatives	0	0
Not Designated as Accounting Hedges
Derivative Assets
Gross derivatives	299,734	297,291
Derivative Liabilities
Gross derivatives	281,871	283,642
Not Designated as Accounting Hedges | Bilateral OTC
Derivative Assets
Gross derivatives	268,878	269,879
Derivative Liabilities
Gross derivatives	251,853	257,332
Not Designated as Accounting Hedges | Cleared OTC
Derivative Assets
Gross derivatives	4,487	4,780
Derivative Liabilities
Gross derivatives	4,227	4,375
Not Designated as Accounting Hedges | Exchange Traded
Derivative Assets
Gross derivatives	26,369	22,632
Derivative Liabilities
Gross derivatives	25,791	21,935
Not Designated as Accounting Hedges | Interest Rate Contracts
Derivative Assets
Gross derivatives	177,464	179,882
Derivative Liabilities
Gross derivatives	160,986	163,080
Not Designated as Accounting Hedges | Interest Rate Contracts | Bilateral OTC
Derivative Assets
Gross derivatives	175,200	177,948
Derivative Liabilities
Gross derivatives	159,276	161,758
Not Designated as Accounting Hedges | Interest Rate Contracts | Cleared OTC
Derivative Assets
Gross derivatives	1,742	1,700
Derivative Liabilities
Gross derivatives	1,267	1,178
Not Designated as Accounting Hedges | Interest Rate Contracts | Exchange Traded
Derivative Assets
Gross derivatives	522	234
Derivative Liabilities
Gross derivatives	443	144
Not Designated as Accounting Hedges | Credit Contracts
Derivative Assets
Gross derivatives	7,333	8,022
Derivative Liabilities
Gross derivatives	7,848	8,545
Not Designated as Accounting Hedges | Credit Contracts | Bilateral OTC
Derivative Assets
Gross derivatives	5,352	5,740
Derivative Liabilities
Gross derivatives	5,723	6,273
Not Designated as Accounting Hedges | Credit Contracts | Cleared OTC
Derivative Assets
Gross derivatives	1,981	2,282
Derivative Liabilities
Gross derivatives	2,125	2,272
Not Designated as Accounting Hedges | Credit Contracts | Exchange Traded
Derivative Assets
Gross derivatives	0	0
Derivative Liabilities
Gross derivatives	0	0
Not Designated as Accounting Hedges | Foreign Exchange Contracts
Derivative Assets
Gross derivatives	53,528	53,734
Derivative Liabilities
Gross derivatives	53,372	55,139
Not Designated as Accounting Hedges | Foreign Exchange Contracts | Bilateral OTC
Derivative Assets
Gross derivatives	52,711	52,878
Derivative Liabilities
Gross derivatives	52,493	54,191
Not Designated as Accounting Hedges | Foreign Exchange Contracts | Cleared OTC
Derivative Assets
Gross derivatives	764	798
Derivative Liabilities
Gross derivatives	835	925
Not Designated as Accounting Hedges | Foreign Exchange Contracts | Exchange Traded
Derivative Assets
Gross derivatives	53	58
Derivative Liabilities
Gross derivatives	44	23
Not Designated as Accounting Hedges | Equity Contracts
Derivative Assets
Gross derivatives	49,542	44,990
Derivative Liabilities
Gross derivatives	50,526	47,989
Not Designated as Accounting Hedges | Equity Contracts | Bilateral OTC
Derivative Assets
Gross derivatives	25,320	24,452
Derivative Liabilities
Gross derivatives	26,778	27,993
Not Designated as Accounting Hedges | Equity Contracts | Cleared OTC
Derivative Assets
Gross derivatives	0	0
Derivative Liabilities
Gross derivatives	0	0
Not Designated as Accounting Hedges | Equity Contracts | Exchange Traded
Derivative Assets
Gross derivatives	24,222	20,538
Derivative Liabilities
Gross derivatives	23,748	19,996
Not Designated as Accounting Hedges | Commodity and Other Contracts
Derivative Assets
Gross derivatives	11,867	10,663
Derivative Liabilities
Gross derivatives	9,139	8,889
Not Designated as Accounting Hedges | Commodity and Other Contracts | Bilateral OTC
Derivative Assets
Gross derivatives	10,295	8,861
Derivative Liabilities
Gross derivatives	7,583	7,117
Not Designated as Accounting Hedges | Commodity and Other Contracts | Cleared OTC
Derivative Assets
Gross derivatives	0	0
Derivative Liabilities
Gross derivatives	0	0
Not Designated as Accounting Hedges | Commodity and Other Contracts | Exchange Traded
Derivative Assets
Gross derivatives	1,572	1,802
Derivative Liabilities
Gross derivatives	$ 1,556	$ 1,772

Derivative Instruments and He60

Derivative Instruments and Hedging Activities (Derivative Notionals) (Details) - USD ($) $ in Billions	Mar. 31, 2018	Dec. 31, 2017
Derivatives, Notional Amount
Derivative assets	$ 18,964	$ 16,460
Derivative liabilities	16,603	15,100
Bilateral OTC
Derivatives, Notional Amount
Derivative assets	7,358	6,660
Derivative liabilities	7,491	6,907
Cleared OTC
Derivatives, Notional Amount
Derivative assets	7,677	6,671
Derivative liabilities	7,390	6,587
Exchange Traded
Derivatives, Notional Amount
Derivative assets	3,929	3,129
Derivative liabilities	1,722	1,606
Designated as Accounting Hedges
Derivatives, Notional Amount
Derivative assets	51	70
Derivative liabilities	141	110
Designated as Accounting Hedges | Interest Rate Contracts
Derivatives, Notional Amount
Derivative assets	46	66
Derivative liabilities	135	104
Designated as Accounting Hedges | Foreign Exchange Contracts
Derivatives, Notional Amount
Derivative assets	5	4
Derivative liabilities	6	6
Designated as Accounting Hedges | Bilateral OTC
Derivatives, Notional Amount
Derivative assets	25	24
Derivative liabilities	6	6
Designated as Accounting Hedges | Bilateral OTC | Interest Rate Contracts
Derivatives, Notional Amount
Derivative assets	20	20
Derivative liabilities	2	2
Designated as Accounting Hedges | Bilateral OTC | Foreign Exchange Contracts
Derivatives, Notional Amount
Derivative assets	5	4
Derivative liabilities	4	4
Designated as Accounting Hedges | Cleared OTC
Derivatives, Notional Amount
Derivative assets	26	46
Derivative liabilities	135	104
Designated as Accounting Hedges | Cleared OTC | Interest Rate Contracts
Derivatives, Notional Amount
Derivative assets	26	46
Derivative liabilities	133	102
Designated as Accounting Hedges | Cleared OTC | Foreign Exchange Contracts
Derivatives, Notional Amount
Derivative assets	0	0
Derivative liabilities	2	2
Designated as Accounting Hedges | Exchange Traded
Derivatives, Notional Amount
Derivative assets	0	0
Derivative liabilities	0	0
Designated as Accounting Hedges | Exchange Traded | Interest Rate Contracts
Derivatives, Notional Amount
Derivative assets	0	0
Derivative liabilities	0	0
Designated as Accounting Hedges | Exchange Traded | Foreign Exchange Contracts
Derivatives, Notional Amount
Derivative assets	0	0
Derivative liabilities	0	0
Not Designated as Accounting Hedges
Derivatives, Notional Amount
Derivative assets	18,913	16,390
Derivative liabilities	16,462	14,990
Not Designated as Accounting Hedges | Interest Rate Contracts
Derivatives, Notional Amount
Derivative assets	15,398	13,171
Derivative liabilities	12,869	11,613
Not Designated as Accounting Hedges | Credit Contracts
Derivatives, Notional Amount
Derivative assets	255	294
Derivative liabilities	271	306
Not Designated as Accounting Hedges | Foreign Exchange Contracts
Derivatives, Notional Amount
Derivative assets	2,320	2,036
Derivative liabilities	2,296	2,143
Not Designated as Accounting Hedges | Equity Contracts
Derivatives, Notional Amount
Derivative assets	785	731
Derivative liabilities	899	799
Not Designated as Accounting Hedges | Commodity and Other Contracts
Derivatives, Notional Amount
Derivative assets	155	158
Derivative liabilities	127	129
Not Designated as Accounting Hedges | Bilateral OTC
Derivatives, Notional Amount
Derivative assets	7,333	6,636
Derivative liabilities	7,485	6,901
Not Designated as Accounting Hedges | Bilateral OTC | Interest Rate Contracts
Derivatives, Notional Amount
Derivative assets	4,449	3,999
Derivative liabilities	4,614	4,199
Not Designated as Accounting Hedges | Bilateral OTC | Credit Contracts
Derivatives, Notional Amount
Derivative assets	165	194
Derivative liabilities	188	226
Not Designated as Accounting Hedges | Bilateral OTC | Foreign Exchange Contracts
Derivatives, Notional Amount
Derivative assets	2,223	1,960
Derivative liabilities	2,184	2,014
Not Designated as Accounting Hedges | Bilateral OTC | Equity Contracts
Derivatives, Notional Amount
Derivative assets	402	397
Derivative liabilities	425	394
Not Designated as Accounting Hedges | Bilateral OTC | Commodity and Other Contracts
Derivatives, Notional Amount
Derivative assets	94	86
Derivative liabilities	74	68
Not Designated as Accounting Hedges | Cleared OTC
Derivatives, Notional Amount
Derivative assets	7,651	6,625
Derivative liabilities	7,255	6,483
Not Designated as Accounting Hedges | Cleared OTC | Interest Rate Contracts
Derivatives, Notional Amount
Derivative assets	7,472	6,458
Derivative liabilities	7,074	6,325
Not Designated as Accounting Hedges | Cleared OTC | Credit Contracts
Derivatives, Notional Amount
Derivative assets	90	100
Derivative liabilities	83	80
Not Designated as Accounting Hedges | Cleared OTC | Foreign Exchange Contracts
Derivatives, Notional Amount
Derivative assets	89	67
Derivative liabilities	98	78
Not Designated as Accounting Hedges | Cleared OTC | Equity Contracts
Derivatives, Notional Amount
Derivative assets	0	0
Derivative liabilities	0	0
Not Designated as Accounting Hedges | Cleared OTC | Commodity and Other Contracts
Derivatives, Notional Amount
Derivative assets	0	0
Derivative liabilities	0	0
Not Designated as Accounting Hedges | Exchange Traded
Derivatives, Notional Amount
Derivative assets	3,929	3,129
Derivative liabilities	1,722	1,606
Not Designated as Accounting Hedges | Exchange Traded | Interest Rate Contracts
Derivatives, Notional Amount
Derivative assets	3,477	2,714
Derivative liabilities	1,181	1,089
Not Designated as Accounting Hedges | Exchange Traded | Credit Contracts
Derivatives, Notional Amount
Derivative assets	0	0
Derivative liabilities	0	0
Not Designated as Accounting Hedges | Exchange Traded | Foreign Exchange Contracts
Derivatives, Notional Amount
Derivative assets	8	9
Derivative liabilities	14	51
Not Designated as Accounting Hedges | Exchange Traded | Equity Contracts
Derivatives, Notional Amount
Derivative assets	383	334
Derivative liabilities	474	405
Not Designated as Accounting Hedges | Exchange Traded | Commodity and Other Contracts
Derivatives, Notional Amount
Derivative assets	61	72
Derivative liabilities	$ 53	$ 61

Derivative Instruments and He61

Derivative Instruments and Hedging Activities (Gains (Losses) on Accounting Hedges and Trading Revenues by Product Type) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Trading Revenues by Product Type
Trading revenues	$ 3,770	$ 3,235
Borrowings
ASU 2017-12 Derivatives and Hedging-Targeted Improvements to Accounting for Hedging Activities
Carrying amount of Borrowings currently or previously hedged	107,264
Interest Rate Contracts
Trading Revenues by Product Type
Trading revenues	871	594
Foreign Exchange Contracts
Trading Revenues by Product Type
Trading revenues	261	235
Equity Security and Index Contracts
Trading Revenues by Product Type
Trading revenues	1,877	1,641
Commodity and Other Contracts
Trading Revenues by Product Type
Trading revenues	435	189
Credit Contracts
Trading Revenues by Product Type
Trading revenues	326	576
Fair Value Hedges | Interest Expense | Interest Rate Contracts
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense
Gains (losses) recognized in Interest Expense	(1,841)	(805)
Fair Value Hedges | Interest Expense | Borrowings
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense
Gains (losses) recognized in Interest Expense	1,852	717
Outstanding Hedges | Borrowings
ASU 2017-12 Derivatives and Hedging-Targeted Improvements to Accounting for Hedging Activities
Basis adjustments included in carrying amount	2,035
Net Investment Hedges | Foreign Exchange Contracts
Net Investment Hedges
Gains (losses) recognized in OCI	(148)	(205)
Forward points excluded from hedge effectiveness testing - Interest income	$ 7	$ (9)

Derivative Instruments and He62

Derivative Instruments and Hedging Activities (Credit Risk-Related Contingencies) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Derivatives
Net derivative liabilities with credit-risk-related contingent features	$ 17,213	$ 20,675
Collateral posted	15,244	$ 16,642
Bilateral Downgrade Agreement
Derivatives
Incremental collateral or termination payments upon potential future ratings downgrade of either party	910
One-notch Downgrade
Derivatives
Incremental collateral or termination payments upon potential future ratings downgrade of either party	618
Two-notch Downgrade
Derivatives
Incremental collateral or termination payments upon potential future ratings downgrade of either party	$ 409

Derivative Instruments and He63

Derivative Instruments and Hedging Activities (Credit Derivatives and Other Credit Contracts) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Protection Sold
Credit Derivatives
Notional	$ 249,199	$ 290,021
Fair value (asset)/liability	(1,567)	(1,944)
Protection Sold | Less than 1 (Year)
Credit Derivatives
Notional	81,715	88,228
Protection Sold | 1 - 3 (Years)
Credit Derivatives
Notional	69,988	81,673
Protection Sold | 3 - 5 (Years)
Credit Derivatives
Notional	58,118	94,110
Protection Sold | Over 5 (Years)
Credit Derivatives
Notional	39,378	26,010
Protection Sold | CDSs
Credit Derivatives
Notional	249,070	289,885
Fair value (asset)/liability	(1,587)	(1,960)
Protection Sold | CDSs | Less than 1 (Year)
Credit Derivatives
Notional	81,715	88,226
Protection Sold | CDSs | 1 - 3 (Years)
Credit Derivatives
Notional	69,986	81,673
Protection Sold | CDSs | 3 - 5 (Years)
Credit Derivatives
Notional	58,118	94,110
Protection Sold | CDSs | Over 5 (Years)
Credit Derivatives
Notional	39,251	25,876
Protection Sold | Single Name CDSs
Credit Derivatives
Notional	133,209	146,948
Fair value (asset)/liability	(1,148)	(1,277)
Protection Sold | Single Name CDSs | Investment Grade
Credit Derivatives
Notional	97,538	109,341
Fair value (asset)/liability	(1,124)	(1,167)
Protection Sold | Single Name CDSs | Non-investment Grade
Credit Derivatives
Notional	35,671	37,607
Fair value (asset)/liability	(24)	(110)
Protection Sold | Single Name CDSs | Less than 1 (Year)
Credit Derivatives
Notional	46,326	53,934
Protection Sold | Single Name CDSs | Less than 1 (Year) | Investment Grade
Credit Derivatives
Notional	33,332	39,721
Protection Sold | Single Name CDSs | Less than 1 (Year) | Non-investment Grade
Credit Derivatives
Notional	12,994	14,213
Protection Sold | Single Name CDSs | 1 - 3 (Years)
Credit Derivatives
Notional	49,798	58,884
Protection Sold | Single Name CDSs | 1 - 3 (Years) | Investment Grade
Credit Derivatives
Notional	35,927	42,591
Protection Sold | Single Name CDSs | 1 - 3 (Years) | Non-investment Grade
Credit Derivatives
Notional	13,871	16,293
Protection Sold | Single Name CDSs | 3 - 5 (Years)
Credit Derivatives
Notional	24,434	24,350
Protection Sold | Single Name CDSs | 3 - 5 (Years) | Investment Grade
Credit Derivatives
Notional	17,621	18,157
Protection Sold | Single Name CDSs | 3 - 5 (Years) | Non-investment Grade
Credit Derivatives
Notional	6,813	6,193
Protection Sold | Single Name CDSs | Over 5 (Years)
Credit Derivatives
Notional	12,651	9,780
Protection Sold | Single Name CDSs | Over 5 (Years) | Investment Grade
Credit Derivatives
Notional	10,658	8,872
Protection Sold | Single Name CDSs | Over 5 (Years) | Non-investment Grade
Credit Derivatives
Notional	1,993	908
Protection Sold | Total Index and Basket CDSs
Credit Derivatives
Notional	115,861	142,937
Fair value (asset)/liability	(439)	(683)
Protection Sold | Total Index and Basket CDSs | Investment Grade
Credit Derivatives
Notional	70,402	88,614
Fair value (asset)/liability	(811)	(1,091)
Protection Sold | Total Index and Basket CDSs | Non-investment Grade
Credit Derivatives
Notional	45,459	54,323
Fair value (asset)/liability	372	408
Protection Sold | Total Index and Basket CDSs | Less than 1 (Year)
Credit Derivatives
Notional	35,389	34,292
Protection Sold | Total Index and Basket CDSs | Less than 1 (Year) | Investment Grade
Credit Derivatives
Notional	29,448	29,046
Protection Sold | Total Index and Basket CDSs | Less than 1 (Year) | Non-investment Grade
Credit Derivatives
Notional	5,941	5,246
Protection Sold | Total Index and Basket CDSs | 1 - 3 (Years)
Credit Derivatives
Notional	20,188	22,789
Protection Sold | Total Index and Basket CDSs | 1 - 3 (Years) | Investment Grade
Credit Derivatives
Notional	14,049	15,418
Protection Sold | Total Index and Basket CDSs | 1 - 3 (Years) | Non-investment Grade
Credit Derivatives
Notional	6,139	7,371
Protection Sold | Total Index and Basket CDSs | 3 - 5 (Years)
Credit Derivatives
Notional	33,684	69,760
Protection Sold | Total Index and Basket CDSs | 3 - 5 (Years) | Investment Grade
Credit Derivatives
Notional	16,003	37,343
Protection Sold | Total Index and Basket CDSs | 3 - 5 (Years) | Non-investment Grade
Credit Derivatives
Notional	17,681	32,417
Protection Sold | Total Index and Basket CDSs | Over 5 (Years)
Credit Derivatives
Notional	26,600	16,096
Protection Sold | Total Index and Basket CDSs | Over 5 (Years) | Investment Grade
Credit Derivatives
Notional	10,902	6,807
Protection Sold | Total Index and Basket CDSs | Over 5 (Years) | Non-investment Grade
Credit Derivatives
Notional	15,698	9,289
Protection Sold | Index and Basket CDSs
Credit Derivatives
Notional	103,531	131,073
Fair value (asset)/liability	(163)	(341)
Protection Sold | Tranched Index and Basket
Credit Derivatives
Notional	12,330	11,864
Fair value (asset)/liability	(276)	(342)
Protection Sold | Single Name, and Non-tranched Index and Basket With Identical Underlying Reference Obligations
Credit Derivatives
Notional	233,572	274,473
Protection Sold | Other Credit Contracts
Credit Derivatives
Notional	129	136
Fair value (asset)/liability	20	16
Protection Sold | Other Credit Contracts | Less than 1 (Year)
Credit Derivatives
Notional	0	2
Protection Sold | Other Credit Contracts | 1 - 3 (Years)
Credit Derivatives
Notional	2	0
Protection Sold | Other Credit Contracts | 3 - 5 (Years)
Credit Derivatives
Notional	0	0
Protection Sold | Other Credit Contracts | Over 5 (Years)
Credit Derivatives
Notional	127	134
Protection Purchased | CDSs
Credit Derivatives
Notional	276,774	309,619
Fair value (asset)/liability	2,102	2,483
Protection Purchased | Single Name CDSs
Credit Derivatives
Notional	152,446	164,773
Fair value (asset)/liability	1,580	1,658
Protection Purchased | Index and Basket CDSs
Credit Derivatives
Notional	98,822	120,348
Fair value (asset)/liability	5	209
Protection Purchased | Tranched Index and Basket
Credit Derivatives
Notional	25,506	24,498
Fair value (asset)/liability	517	616
Protection Purchased | Single Name, and Non-tranched Index and Basket With Identical Underlying Reference Obligations
Credit Derivatives
Notional	$ 250,376	$ 281,162

Investment Securities (AFS and

Investment Securities (AFS and HTM Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Investment securities
Total Investment securities: Amortized cost	$ 82,037	$ 79,673
Total Investment securities: Gross unrealized gains	52	59
Total Investment securities: Gross unrealized losses	2,421	1,448
Total Investment securities: Fair value	79,668	78,284
AFS securities
AFS debt securities: Amortized cost	58,145	56,059
AFS debt securities: Gross unrealized gains	52	51
AFS debt securities: Gross unrealized losses	1,448	912
AFS debt securities: Fair value	56,749	55,198
AFS equity securities: Amortized cost	0	15
AFS equity securities: Gross unrealized gains		0
AFS equity securities: Gross unrealized losses		10
AFS equity securities: Fair value	0	5
Total AFS securities: Amortized cost	58,145	56,074
Total AFS securities: Gross unrealized gains		51
Total AFS securities: Gross unrealized losses		922
Total AFS securities: Fair value	56,749	55,203
HTM securities
HTM: Amortized Cost	23,892	23,599
HTM: Gross unrealized gains	0	8
HTM: Gross unrealized losses	973	526
HTM securities: Fair value	22,919	23,081
U.S. Government and Agency Securities
AFS securities
AFS debt securities: Amortized cost	52,116	49,645
AFS debt securities: Gross unrealized gains	32	28
AFS debt securities: Gross unrealized losses	1,337	836
AFS debt securities: Fair value	50,811	48,837
HTM securities
HTM: Amortized Cost	23,564	23,310
HTM: Gross unrealized gains	0	7
HTM: Gross unrealized losses	967	525
HTM securities: Fair value	22,597	22,792
U.S. Treasury Securities
AFS securities
AFS debt securities: Amortized cost	30,032	26,842
AFS debt securities: Gross unrealized gains	0	0
AFS debt securities: Gross unrealized losses	833	589
AFS debt securities: Fair value	29,199	26,253
HTM securities
HTM: Amortized Cost	11,817	11,424
HTM: Gross unrealized gains	0	0
HTM: Gross unrealized losses	490	305
HTM securities: Fair value	11,327	11,119
U.S. Agency Securities
AFS securities
AFS debt securities: Amortized cost	22,084	22,803
AFS debt securities: Gross unrealized gains	32	28
AFS debt securities: Gross unrealized losses	504	247
AFS debt securities: Fair value	21,612	22,584
HTM securities
HTM: Amortized Cost	11,747	11,886
HTM: Gross unrealized gains	0	7
HTM: Gross unrealized losses	477	220
HTM securities: Fair value	11,270	11,673
Corporate and Other Debt
AFS securities
AFS debt securities: Amortized cost	6,029	6,414
AFS debt securities: Gross unrealized gains	20	23
AFS debt securities: Gross unrealized losses	111	76
AFS debt securities: Fair value	5,938	6,361
HTM securities
HTM: Amortized Cost	328	289
HTM: Gross unrealized gains	0	1
HTM: Gross unrealized losses	6	1
HTM securities: Fair value	322	289
CMBS: Agency
AFS securities
AFS debt securities: Amortized cost	1,302	1,370
AFS debt securities: Gross unrealized gains	2	2
AFS debt securities: Gross unrealized losses	59	49
AFS debt securities: Fair value	1,245	1,323
CMBS: Non-Agency
AFS securities
AFS debt securities: Amortized cost	857	1,102
AFS debt securities: Gross unrealized gains	2	0
AFS debt securities: Gross unrealized losses	17	8
AFS debt securities: Fair value	842	1,094
HTM securities
HTM: Amortized Cost	328	289
HTM: Gross unrealized gains	0	1
HTM: Gross unrealized losses	6	1
HTM securities: Fair value	322	289
Corporate Bonds
AFS securities
AFS debt securities: Amortized cost	1,346	1,379
AFS debt securities: Gross unrealized gains	0	5
AFS debt securities: Gross unrealized losses	28	12
AFS debt securities: Fair value	1,318	1,372
CLO
AFS securities
AFS debt securities: Amortized cost	351	398
AFS debt securities: Gross unrealized gains	1	1
AFS debt securities: Gross unrealized losses	0	0
AFS debt securities: Fair value	352	399
FFELP Student Loan ABS
AFS securities
AFS debt securities: Amortized cost	2,173	2,165
AFS debt securities: Gross unrealized gains	15	15
AFS debt securities: Gross unrealized losses	7	7
AFS debt securities: Fair value	$ 2,181	$ 2,173
HTM securities
Percent of principal balance and interest guaranteed by the U.S. Department of Education	95.00%	95.00%

Investment Securities (Investme

Investment Securities (Investment Securities in an Unrealized Loss Position) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Investment securities
Investment securities: Fair Value, Less than 12 Months	$ 51,918	$ 46,712
Investment securities: Fair Value, 12 Months or Longer	18,608	19,563
Investment securities: Fair Value	70,526	66,275
Investment securities: Gross Unrealized Loss, Less than 12 Months	1,501	858
Investment securities: Gross Unrealized Loss, 12 Months or Longer	920	590
Investment securities: Gross Unrealized Loss	2,421	1,448
AFS Securities
AFS securities
AFS: Fair Value, Less than 12 Months	40,709	37,101
AFS: Fair Value, 12 Months or Longer	7,000	7,753
AFS: Fair Value, Total	47,709	44,854
AFS: Gross Unrealized Losses, Less than 12 Months	1,199	747
AFS: Gross Unrealized Losses, 12 Months or Longer	249	175
AFS: Gross Unrealized Losses, Total	1,448	922
AFS Debt Securities
AFS securities
AFS: Fair Value, Less than 12 Months		37,101
AFS: Fair Value, 12 Months or Longer		7,748
AFS: Fair Value, Total		44,849
AFS: Gross Unrealized Losses, Less than 12 Months		747
AFS: Gross Unrealized Losses, 12 Months or Longer		165
AFS: Gross Unrealized Losses, Total		912
AFS Debt Securities | U.S. Government and Agency Securities
AFS securities
AFS: Fair Value, Less than 12 Months	37,675	34,614
AFS: Fair Value, 12 Months or Longer	6,375	6,800
AFS: Fair Value, Total	44,050	41,414
AFS: Gross Unrealized Losses, Less than 12 Months	1,113	687
AFS: Gross Unrealized Losses, 12 Months or Longer	224	149
AFS: Gross Unrealized Losses, Total	1,337	836
AFS Debt Securities | U.S. Treasury Securities
AFS securities
AFS: Fair Value, Less than 12 Months	25,041	21,941
AFS: Fair Value, 12 Months or Longer	3,958	4,287
AFS: Fair Value, Total	28,999	26,228
AFS: Gross Unrealized Losses, Less than 12 Months	711	495
AFS: Gross Unrealized Losses, 12 Months or Longer	122	94
AFS: Gross Unrealized Losses, Total	833	589
AFS Debt Securities | U.S. Agency Securities
AFS securities
AFS: Fair Value, Less than 12 Months	12,634	12,673
AFS: Fair Value, 12 Months or Longer	2,417	2,513
AFS: Fair Value, Total	15,051	15,186
AFS: Gross Unrealized Losses, Less than 12 Months	402	192
AFS: Gross Unrealized Losses, 12 Months or Longer	102	55
AFS: Gross Unrealized Losses, Total	504	247
AFS Debt Securities | Corporate and Other Debt
AFS securities
AFS: Fair Value, Less than 12 Months	3,034	2,487
AFS: Fair Value, 12 Months or Longer	625	948
AFS: Fair Value, Total	3,659	3,435
AFS: Gross Unrealized Losses, Less than 12 Months	86	60
AFS: Gross Unrealized Losses, 12 Months or Longer	25	16
AFS: Gross Unrealized Losses, Total	111	76
AFS Debt Securities | CMBS: Agency
AFS securities
AFS: Fair Value, Less than 12 Months	910	930
AFS: Fair Value, 12 Months or Longer	0	0
AFS: Fair Value, Total	910	930
AFS: Gross Unrealized Losses, Less than 12 Months	59	49
AFS: Gross Unrealized Losses, 12 Months or Longer	0	0
AFS: Gross Unrealized Losses, Total	59	49
AFS Debt Securities | CMBS: Non-Agency
AFS securities
AFS: Fair Value, Less than 12 Months	309	257
AFS: Fair Value, 12 Months or Longer	242	559
AFS: Fair Value, Total	551	816
AFS: Gross Unrealized Losses, Less than 12 Months	7	1
AFS: Gross Unrealized Losses, 12 Months or Longer	10	7
AFS: Gross Unrealized Losses, Total	17	8
AFS Debt Securities | Corporate Bonds
AFS securities
AFS: Fair Value, Less than 12 Months	809	316
AFS: Fair Value, 12 Months or Longer	383	389
AFS: Fair Value, Total	1,192	705
AFS: Gross Unrealized Losses, Less than 12 Months	13	3
AFS: Gross Unrealized Losses, 12 Months or Longer	15	9
AFS: Gross Unrealized Losses, Total	28	12
AFS Debt Securities | FFELP Student Loan ABS
AFS securities
AFS: Fair Value, Less than 12 Months	1,006	984
AFS: Fair Value, 12 Months or Longer	0	0
AFS: Fair Value, Total	1,006	984
AFS: Gross Unrealized Losses, Less than 12 Months	7	7
AFS: Gross Unrealized Losses, 12 Months or Longer	0	0
AFS: Gross Unrealized Losses, Total	7	7
AFS Equity Securities
AFS securities
AFS: Fair Value, Less than 12 Months		0
AFS: Fair Value, 12 Months or Longer		5
AFS: Fair Value, Total		5
AFS: Gross Unrealized Losses, Less than 12 Months		0
AFS: Gross Unrealized Losses, 12 Months or Longer		10
AFS: Gross Unrealized Losses, Total		10
HTM securities
HTM securities
HTM: Fair Value, Less than 12 Months	11,209	9,611
HTM: Fair Value, 12 Months or Longer	11,608	11,810
HTM: Fair Value, Total	22,817	21,421
HTM: Gross Unrealized Losses, Less than 12 Months	302	111
HTM: Gross Unrealized Losses, 12 Months or Longer	671	415
HTM: Gross Unrealized Losses, Total	973	526
HTM securities | U.S. Government and Agency Securities
HTM securities
HTM: Fair Value, Less than 12 Months	10,989	9,487
HTM: Fair Value, 12 Months or Longer	11,608	11,810
HTM: Fair Value, Total	22,597	21,297
HTM: Gross Unrealized Losses, Less than 12 Months	296	110
HTM: Gross Unrealized Losses, 12 Months or Longer	671	415
HTM: Gross Unrealized Losses, Total	967	525
HTM securities | U.S. Treasury Securities
HTM securities
HTM: Fair Value, Less than 12 Months	6,585	6,608
HTM: Fair Value, 12 Months or Longer	4,742	4,512
HTM: Fair Value, Total	11,327	11,120
HTM: Gross Unrealized Losses, Less than 12 Months	177	86
HTM: Gross Unrealized Losses, 12 Months or Longer	313	219
HTM: Gross Unrealized Losses, Total	490	305
HTM securities | U.S. Agency Securities
HTM securities
HTM: Fair Value, Less than 12 Months	4,404	2,879
HTM: Fair Value, 12 Months or Longer	6,866	7,298
HTM: Fair Value, Total	11,270	10,177
HTM: Gross Unrealized Losses, Less than 12 Months	119	24
HTM: Gross Unrealized Losses, 12 Months or Longer	358	196
HTM: Gross Unrealized Losses, Total	477	220
HTM securities | Corporate and Other Debt
HTM securities
HTM: Fair Value, Less than 12 Months	220	124
HTM: Fair Value, 12 Months or Longer	0	0
HTM: Fair Value, Total	220	124
HTM: Gross Unrealized Losses, Less than 12 Months	6	1
HTM: Gross Unrealized Losses, 12 Months or Longer	0	0
HTM: Gross Unrealized Losses, Total	6	1
HTM securities | CMBS: Non-Agency
HTM securities
HTM: Fair Value, Less than 12 Months	220	124
HTM: Fair Value, 12 Months or Longer	0	0
HTM: Fair Value, Total	220	124
HTM: Gross Unrealized Losses, Less than 12 Months	6	1
HTM: Gross Unrealized Losses, 12 Months or Longer	0	0
HTM: Gross Unrealized Losses, Total	$ 6	$ 1

Investment Securities (Invest66

Investment Securities (Investment Securities by Contractual Maturity) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Amortized Cost
AFS debt securities: Amortized cost, total	$ 58,145	$ 56,059
AFS equity securities: Amortized cost	0	15
AFS Securities: Amortized cost, total	58,145	56,074
HTM securities: Amortized cost, total	23,892	23,599
Investment securities: Amortized cost, total	82,037	79,673
Fair Value
AFS debt securities: Fair value, total	56,749	55,198
AFS equity securities: Fair value	0	5
AFS securities: Fair value, total	56,749	55,203
HTM securities: Fair value, total	22,919	23,081
Investment securities: Fair value, total	$ 79,668	78,284
Average Yield
AFS debt securities: Annualized average yield, total	1.60%
AFS securities: Annualized average yield, total	1.60%
HTM securities: Annualized average yield, total	2.20%
Investment securities: Annualized average yield, total	1.80%
U.S. Government and Agency Securities
Amortized Cost
AFS debt securities: Amortized cost, total	$ 52,116	49,645
HTM securities: Amortized cost, total	23,564	23,310
Fair Value
AFS debt securities: Fair value, total	50,811	48,837
HTM securities: Fair value, total	$ 22,597	22,792
Average Yield
AFS debt securities: Annualized average yield, total	1.60%
HTM securities: Annualized average yield, total	2.20%
U.S. Treasury Securities
Amortized Cost
AFS debt securities: Amortized cost, due within 1 year	$ 6,153
AFS debt securities: Amortized cost, after 1 year through 5 years	19,385
AFS debt securities: Amortized cost, after 5 years through 10 years	4,494
AFS debt securities: Amortized cost, total	30,032	26,842
HTM securities: Amortized cost, due within 1 year	2,027
HTM securities: Amortized cost, after 1 year through 5 years	3,952
HTM securities: Amortized cost, after 5 year through 10 years	5,112
HTM securities: Amortized cost, after 10 years	726
HTM securities: Amortized cost, total	11,817	11,424
Fair Value
AFS debt securities: Fair value, due within 1 year	6,132
AFS debt securities: Fair value, after 1 year through 5 years	18,906
AFS debt securities: Fair value, after 5 years through 10 years	4,161
AFS debt securities: Fair value, total	29,199	26,253
HTM securities: Fair value, due within 1 year	2,012
HTM securities: Fair value, after 1 year through 5 years	3,871
HTM securities: Fair value, after 5 years through 10 years	4,807
HTM securities: Fair value, after 10 years	637
HTM securities: Fair value, total	$ 11,327	11,119
Average Yield
AFS debt securities: Annualized average yield, due within 1 year	0.90%
AFS debt securities: Annualized average yield, after 1 year through 5 years	1.60%
AFS debt securities: Annualized average yield, after 5 years through 10 years	1.40%
HTM securities: Annualized average yield, due within 1 year	1.20%
HTM securities: Annualized average yield, after 1 years through 5 years	1.80%
HTM securities: Annualized average yield, after 5 years through 10 years	1.90%
HTM securities: Annualized average yield, after 10 year	2.30%
U.S. Agency Securities
Amortized Cost
AFS debt securities: Amortized cost, due within 1 year	$ 43
AFS debt securities: Amortized cost, after 1 year through 5 years	1,899
AFS debt securities: Amortized cost, after 5 years through 10 years	1,555
AFS debt securities: Amortized cost, after 10 years	18,587
AFS debt securities: Amortized cost, total	22,084	22,803
HTM securities: Amortized cost, after 5 year through 10 years	34
HTM securities: Amortized cost, after 10 years	11,713
HTM securities: Amortized cost, total	11,747	11,886
Fair Value
AFS debt securities: Fair value, due within 1 year	42
AFS debt securities: Fair value, after 1 year through 5 years	1,883
AFS debt securities: Fair value, after 5 years through 10 years	1,506
AFS debt securities: Fair value, after 10 years	18,181
AFS debt securities: Fair value, total	21,612	22,584
HTM securities: Fair value, after 5 years through 10 years	33
HTM securities: Fair value, after 10 years	11,237
HTM securities: Fair value, total	$ 11,270	11,673
Average Yield
AFS debt securities: Annualized average yield, due within 1 year	1.10%
AFS debt securities: Annualized average yield, after 1 year through 5 years	1.00%
AFS debt securities: Annualized average yield, after 5 years through 10 years	1.80%
AFS debt securities: Annualized average yield, after 10 years	2.00%
HTM securities: Annualized average yield, after 5 years through 10 years	1.90%
HTM securities: Annualized average yield, after 10 year	2.60%
Corporate and Other Debt
Amortized Cost
AFS debt securities: Amortized cost, total	$ 6,029	6,414
HTM securities: Amortized cost, total	328	289
Fair Value
AFS debt securities: Fair value, total	5,938	6,361
HTM securities: Fair value, total	$ 322	289
Average Yield
AFS debt securities: Annualized average yield, total	1.60%
HTM securities: Annualized average yield, total	3.80%
CMBS: Agency
Amortized Cost
AFS debt securities: Amortized cost, due within 1 year	$ 19
AFS debt securities: Amortized cost, after 1 year through 5 years	431
AFS debt securities: Amortized cost, after 5 years through 10 years	47
AFS debt securities: Amortized cost, after 10 years	805
AFS debt securities: Amortized cost, total	1,302	1,370
Fair Value
AFS debt securities: Fair value, due within 1 year	19
AFS debt securities: Fair value, after 1 year through 5 years	430
AFS debt securities: Fair value, after 5 years through 10 years	47
AFS debt securities: Fair value, after 10 years	749
AFS debt securities: Fair value, total	$ 1,245	1,323
Average Yield
AFS debt securities: Annualized average yield, due within 1 year	1.30%
AFS debt securities: Annualized average yield, after 1 year through 5 years	1.30%
AFS debt securities: Annualized average yield, after 5 years through 10 years	1.20%
AFS debt securities: Annualized average yield, after 10 years	1.60%
CMBS: Non-Agency
Amortized Cost
AFS debt securities: Amortized cost, after 5 years through 10 years	$ 36
AFS debt securities: Amortized cost, after 10 years	821
AFS debt securities: Amortized cost, total	857	1,102
HTM securities: Amortized cost, after 1 year through 5 years	92
HTM securities: Amortized cost, after 5 year through 10 years	217
HTM securities: Amortized cost, after 10 years	19
HTM securities: Amortized cost, total	328	289
Fair Value
AFS debt securities: Fair value, after 5 years through 10 years	35
AFS debt securities: Fair value, after 10 years	807
AFS debt securities: Fair value, total	842	1,094
HTM securities: Fair value, after 1 year through 5 years	92
HTM securities: Fair value, after 5 years through 10 years	212
HTM securities: Fair value, after 10 years	18
HTM securities: Fair value, total	$ 322	289
Average Yield
AFS debt securities: Annualized average yield, after 5 years through 10 years	2.50%
AFS debt securities: Annualized average yield, after 10 years	1.90%
HTM securities: Annualized average yield, after 1 years through 5 years	3.60%
HTM securities: Annualized average yield, after 5 years through 10 years	3.90%
HTM securities: Annualized average yield, after 10 year	4.10%
Corporate Bonds
Amortized Cost
AFS debt securities: Amortized cost, due within 1 year	$ 97
AFS debt securities: Amortized cost, after 1 year through 5 years	1,175
AFS debt securities: Amortized cost, after 5 years through 10 years	74
AFS debt securities: Amortized cost, total	1,346	1,379
Fair Value
AFS debt securities: Fair value, due within 1 year	97
AFS debt securities: Fair value, after 1 year through 5 years	1,150
AFS debt securities: Fair value, after 5 years through 10 years	71
AFS debt securities: Fair value, total	$ 1,318	1,372
Average Yield
AFS debt securities: Annualized average yield, due within 1 year	1.60%
AFS debt securities: Annualized average yield, after 1 year through 5 years	2.40%
AFS debt securities: Annualized average yield, after 5 years through 10 years	2.50%
CLO
Amortized Cost
AFS debt securities: Amortized cost, after 5 years through 10 years	$ 153
AFS debt securities: Amortized cost, after 10 years	198
AFS debt securities: Amortized cost, total	351	398
Fair Value
AFS debt securities: Fair value, after 5 years through 10 years	153
AFS debt securities: Fair value, after 10 years	199
AFS debt securities: Fair value, total	$ 352	399
Average Yield
AFS debt securities: Annualized average yield, after 5 years through 10 years	1.50%
AFS debt securities: Annualized average yield, after 10 years	2.40%
FFELP Student Loan ABS
Amortized Cost
AFS debt securities: Amortized cost, after 1 year through 5 years	$ 48
AFS debt securities: Amortized cost, after 5 years through 10 years	390
AFS debt securities: Amortized cost, after 10 years	1,735
AFS debt securities: Amortized cost, total	2,173	2,165
Fair Value
AFS debt securities: Fair value, after 1 year through 5 years	47
AFS debt securities: Fair value, after 5 years through 10 years	388
AFS debt securities: Fair value, after 10 years	1,746
AFS debt securities: Fair value, total	$ 2,181	$ 2,173
Average Yield
AFS debt securities: Annualized average yield, after 1 year through 5 years	0.80%
AFS debt securities: Annualized average yield, after 5 years through 10 years	0.80%
AFS debt securities: Annualized average yield, after 10 years	1.10%

Collateralized Transactions (Of

Collateralized Transactions (Offsetting of Certain Collateralized Transactions) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Securities Purchased under Agreements to Resell
Gross amount	$ 185,498	$ 199,044
Amounts offset	(105,252)	(114,786)
Net amount presented	80,246	84,258
Amounts not offset	(74,843)	(78,009)
Net amounts	5,403	6,249
Securities Borrowed
Gross amount	149,347	133,431
Amounts offset	(13,512)	(9,421)
Net amount presented	135,835	124,010
Amounts not offset	(132,271)	(119,358)
Net amounts	3,564	4,652
Securities Sold under Agreements to Repurchase
Gross amount	156,827	171,210
Amounts offset	(105,252)	(114,786)
Net amount presented	51,575	56,424
Amounts not offset	(45,207)	(48,067)
Net amounts	6,368	8,357
Securities Loaned
Gross amount	27,068	23,014
Amounts offset	(13,512)	(9,422)
Net amount presented	13,556	13,592
Amounts not offset	(13,336)	(13,271)
Net amounts	220	321
Not Subject to Legally Enforceable Master Netting Agreements
Securities purchased under agreements to resell	5,212	5,687
Securities borrowed	669	572
Securities sold under agreements to repurchase	5,118	6,945
Securities loaned	$ 194	$ 307

Collateralized Transactions (Gr

Collateralized Transactions (Gross Secured Financing Balances) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Gross Secured Financing Balances
Securities sold under agreements to repurchase	$ 156,827	$ 171,210
Securities loaned	27,068	23,014
Total included in the offsetting disclosure	183,895	194,224
Trading liabilities - Obligation to return securities received as collateral	18,746	22,555
Total	202,641	216,779
U.S. Government and Agency Securities
Gross Secured Financing Balances
Securities sold under agreements to repurchase	37,361	43,346
Securities loaned	6	81
State and Municipal Securities
Gross Secured Financing Balances
Securities sold under agreements to repurchase	1,643	2,451
Other Sovereign Government Obligations
Gross Secured Financing Balances
Securities sold under agreements to repurchase	78,844	87,141
Securities loaned	14,077	9,489
ABS
Gross Secured Financing Balances
Securities sold under agreements to repurchase	2,204	1,130
Corporate and Other Debt
Gross Secured Financing Balances
Securities sold under agreements to repurchase	10,063	7,737
Securities loaned	28	14
Corporate Equities
Gross Secured Financing Balances
Securities sold under agreements to repurchase	25,893	28,497
Securities loaned	12,770	13,174
Trading liabilities - Obligation to return securities received as collateral	18,746	22,555
Other
Gross Secured Financing Balances
Securities sold under agreements to repurchase	819	908
Securities loaned	187	256
Trading liabilities - Obligation to return securities received as collateral	0	0
Overnight and Open
Gross Secured Financing Balances
Securities sold under agreements to repurchase	39,192	41,332
Securities loaned	16,869	12,130
Total included in the offsetting disclosure	56,061	53,462
Trading liabilities - Obligation to return securities received as collateral	18,136	22,555
Total	74,197	76,017
Less than 30 days
Gross Secured Financing Balances
Securities sold under agreements to repurchase	49,822	66,593
Securities loaned	603	873
Total included in the offsetting disclosure	50,425	67,466
Trading liabilities - Obligation to return securities received as collateral	0	0
Total	50,425	67,466
30-90 days
Gross Secured Financing Balances
Securities sold under agreements to repurchase	27,926	28,682
Securities loaned	2,045	1,577
Total included in the offsetting disclosure	29,971	30,259
Trading liabilities - Obligation to return securities received as collateral	610	0
Total	30,581	30,259
Over 90 days
Gross Secured Financing Balances
Securities sold under agreements to repurchase	39,887	34,603
Securities loaned	7,551	8,434
Total included in the offsetting disclosure	47,438	43,037
Trading liabilities - Obligation to return securities received as collateral	0	0
Total	$ 47,438	$ 43,037

Collateralized Transactions (As

Collateralized Transactions (Assets Pledged) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Collateralized Transactions
Trading assets	$ 34,590	$ 31,324
Loans (gross of allowance for loan losses)	342	228
Total	$ 34,932	$ 31,552

Collateralized Transactions (Co

Collateralized Transactions (Collateral Received) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Collateralized Transactions
Collateral with rights to sell or repledge	$ 597,886	$ 599,244
Collateral that was sold or repledged	$ 471,985	$ 475,113

Collateralized Transactions (Cu

Collateralized Transactions (Customer Margin Lending and Other) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Collateralized Transactions
Net customer receivables representing margin loans	$ 34,382	$ 32,112

Collateralized Transactions (Re

Collateralized Transactions (Restricted Cash and Segregated Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Collateralized Transactions
Restricted cash	$ 35,291	$ 34,231	$ 36,027
Segregated securities	18,917	20,549
Total	$ 54,208	$ 54,780

Loans and Allowance for Credi73

Loans and Allowance for Credit Losses (Loans Held for Investment and Held for Sale) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Loans Held for Investment
Loans held for investment, gross	$ 95,367	$ 93,177
Allowance for loan losses	(243)	(224)	$ (297)	$ (274)
Loans held for investment, net	95,124	92,953
Loans Held for Sale
Loans held for sale, gross	14,011	11,173
Allowance for loan losses	0	0
Loans held for sale, net	14,011	11,173
Total Loans
Total loans, gross	109,378	104,350
Allowance for loan losses	(243)	(224)
Total loans, net	109,135	104,126
Loans at fixed interest rates	14,252	13,339
Loans at floating or adjustable interest rates	94,883	90,787
Non-U.S.
Total Loans
Total loans, net	16,110	9,977
Pass
Loans Held for Investment
Loans held for investment, gross	93,817	92,010
Special Mention
Loans Held for Investment
Loans held for investment, gross	627	394
Substandard
Loans Held for Investment
Loans held for investment, gross	914	766
Doubtful
Loans Held for Investment
Loans held for investment, gross	9	7
Loss
Loans Held for Investment
Loans held for investment, gross	0	0
Corporate
Loans Held for Investment
Loans held for investment, gross	31,903	29,754
Allowance for loan losses	(131)	(126)	(209)	(195)
Loans Held for Sale
Loans held for sale, gross	12,000	9,456
Total Loans
Total loans, gross	43,903	39,210
Corporate | Pass
Loans Held for Investment
Loans held for investment, gross	31,327	29,166
Corporate | Special Mention
Loans Held for Investment
Loans held for investment, gross	162	188
Corporate | Substandard
Loans Held for Investment
Loans held for investment, gross	405	393
Corporate | Doubtful
Loans Held for Investment
Loans held for investment, gross	9	7
Corporate | Loss
Loans Held for Investment
Loans held for investment, gross	0	0
Consumer
Loans Held for Investment
Loans held for investment, gross	26,877	26,808
Allowance for loan losses	(4)	(4)	(4)	(4)
Loans Held for Sale
Loans held for sale, gross	0	0
Total Loans
Total loans, gross	26,877	26,808
Consumer | Pass
Loans Held for Investment
Loans held for investment, gross	26,872	26,802
Consumer | Special Mention
Loans Held for Investment
Loans held for investment, gross	5	6
Consumer | Substandard
Loans Held for Investment
Loans held for investment, gross	0	0
Consumer | Doubtful
Loans Held for Investment
Loans held for investment, gross	0	0
Consumer | Loss
Loans Held for Investment
Loans held for investment, gross	0	0
Residential Real Estate
Loans Held for Investment
Loans held for investment, gross	26,566	26,635
Allowance for loan losses	(23)	(24)	(20)	(20)
Loans Held for Sale
Loans held for sale, gross	33	35
Total Loans
Total loans, gross	26,599	26,670
Residential Real Estate | Pass
Loans Held for Investment
Loans held for investment, gross	26,492	26,562
Residential Real Estate | Special Mention
Loans Held for Investment
Loans held for investment, gross	0	0
Residential Real Estate | Substandard
Loans Held for Investment
Loans held for investment, gross	74	73
Residential Real Estate | Doubtful
Loans Held for Investment
Loans held for investment, gross	0	0
Residential Real Estate | Loss
Loans Held for Investment
Loans held for investment, gross	0	0
Wholesale Real Estate
Loans Held for Investment
Loans held for investment, gross	10,021	9,980
Allowance for loan losses	(85)	(70)	$ (64)	$ (55)
Loans Held for Sale
Loans held for sale, gross	1,978	1,682
Total Loans
Total loans, gross	11,999	11,662
Wholesale Real Estate | Pass
Loans Held for Investment
Loans held for investment, gross	9,126	9,480
Wholesale Real Estate | Special Mention
Loans Held for Investment
Loans held for investment, gross	460	200
Wholesale Real Estate | Substandard
Loans Held for Investment
Loans held for investment, gross	435	300
Wholesale Real Estate | Doubtful
Loans Held for Investment
Loans held for investment, gross	0	0
Wholesale Real Estate | Loss
Loans Held for Investment
Loans held for investment, gross	$ 0	$ 0

Loans and Allowance for Credi74

Loans and Allowance for Credit Losses (Impaired Loans) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Impaired Loans
Loans: With allowance	$ 15	$ 16
Loans: Without allowance	118	163
Loans: UPB	146	192
Lending Commitments: Without allowance	226	199
Impaired loans	133	179
Allowance for loan losses	243	224
Americas
Impaired Loans
Impaired loans	129	160
Allowance for loan losses	199	194
EMEA
Impaired Loans
Impaired loans	0	9
Allowance for loan losses	42	27
Asia
Impaired Loans
Impaired loans	4	10
Allowance for loan losses	2	3
Corporate
Impaired Loans
Loans: With allowance	15	16
Loans: Without allowance	69	118
Loans: UPB	95	146
Lending Commitments: Without allowance	226	199
Residential Real Estate
Impaired Loans
Loans: With allowance	0	0
Loans: Without allowance	49	45
Loans: UPB	51	46
Lending Commitments: Without allowance	$ 0	$ 0

Loans and Allowance for Credi75

Loans and Allowance for Credit Losses (TDR) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Troubled Debt Restructurings
Loans	$ 52	$ 51
Lending commitments	25	28
Allowance for loan losses and lending commitments	$ 6	$ 10

Loans and Allowance for Credi76

Loans and Allowance for Credit Losses (Allowance for Loan Losses and Lending Commitments Rollforward) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Allowance for loan losses rollforward
Beginning balance	$ 224	$ 274
Recoveries		1
Provision (release)	19	22
Other	0
Ending balance	243	297
Inherent	238	230
Specific	5	67
Allowance for lending commitments rollforward
Beginning balance	198	190
Provision for (release of) lending commitments	7	3
Other	0
Ending balance	205	193
Inherent	204	191
Specific	1	2
Corporate
Allowance for loan losses rollforward
Beginning balance	126	195
Recoveries		1
Provision (release)	6	13
Other	(1)
Ending balance	131	209
Inherent	126	142
Specific	5	67
Allowance for lending commitments rollforward
Beginning balance	194	185
Provision for (release of) lending commitments	7	3
Other	0
Ending balance	201	188
Inherent	200	186
Specific	1	2
Consumer
Allowance for loan losses rollforward
Beginning balance	4	4
Recoveries		0
Provision (release)	0	0
Other	0
Ending balance	4	4
Inherent	4	4
Specific	0	0
Allowance for lending commitments rollforward
Beginning balance	1	1
Provision for (release of) lending commitments	0	0
Other	0
Ending balance	1	1
Inherent	1	1
Specific	0	0
Residential Real Estate
Allowance for loan losses rollforward
Beginning balance	24	20
Recoveries		0
Provision (release)	(1)	0
Other	0
Ending balance	23	20
Inherent	23	20
Specific	0	0
Allowance for lending commitments rollforward
Beginning balance	0	0
Provision for (release of) lending commitments	0	0
Other	0
Ending balance	0	0
Inherent	0	0
Specific	0	0
Wholesale Real Estate
Allowance for loan losses rollforward
Beginning balance	70	55
Recoveries		0
Provision (release)	14	9
Other	1
Ending balance	85	64
Inherent	85	64
Specific	0	0
Allowance for lending commitments rollforward
Beginning balance	3	4
Provision for (release of) lending commitments	0	0
Other	0
Ending balance	3	4
Inherent	3	4
Specific	$ 0	$ 0

Loans and Allowance for Credi77

Loans and Allowance for Credit Losses (Employee Loans) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Employee Loans
Balance	$ 3,687	$ 4,185
Allowance for loan losses	(75)	(77)
Balance, net	$ 3,612	$ 4,108
Minimum
Employee Loans
Employee loan repayment terms	1 year	1 year
Maximum
Employee Loans
Employee loan repayment terms	20 years	20 years

Equity Method Investments (Equi

Equity Method Investments (Equity Method Investment Balances) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Equity Method Investments and Joint Ventures
Equity method investments	$ 2,662		$ 2,623
Income (loss) from equity method investments	$ 50	$ 9

Equity Method Investments (Inve

Equity Method Investments (Investees) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Equity Method Investments
Income from equity method investments	$ 50	$ 9
MUMSS
Equity Method Investments
Voting interest	40.00%
Income from equity method investments	$ 56	$ 48
MUFG | MUMSS
Equity Method Investments
Voting interest	60.00%

Deposits (Details)

Deposits (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Deposits [Abstract]
Savings and demand deposits	$ 138,358	$ 144,487
Time deposits	22,066	14,949
Total	160,424	159,436
Deposits subject to FDIC insurance	129,968	127,017
Time deposits that equal or exceed the FDIC insurance limit	10	$ 38
Time Deposit Maturities
2,018	13,164
2,019	4,803
2,020	2,257
2,021	747
2,022	418
Thereafter	$ 677

Borrowings and Other Secured 81

Borrowings and Other Secured Financings (Long-Term Borrowings) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Borrowings and Other Secured Financings
Original maturities of one year or less	$ 1,256	$ 1,519
Original maturities greater than one year
Senior	183,712	180,835
Subordinated	9,996	10,228
Total	193,708	191,063
Total borrowings	$ 194,964	$ 192,582
Weighted average stated maturity, in years	6 years 7 months	6 years 7 months

Borrowings and Other Secured 82

Borrowings and Other Secured Financings (Other Secured Financings) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Borrowings and Other Secured Financings
Secured financings with original maturities greater than one year	$ 8,159	$ 8,685
Secured financings with original maturities one year or less	1,406	2,034
Failed sales	710	552
Total other secured financings	$ 10,275	$ 11,271

Commitments, Guarantees and C83

Commitments, Guarantees and Contingencies (Commitments) (Details) $ in Millions	Mar. 31, 2018USD ($)
Commitment, Fiscal Year Maturity
Less than 1 (year)	$ 107,698
1-3 (years)	44,079
3-5 (years)	46,747
Over 5 (years)	9,164
Total	207,688
Corporate Lending
Commitment, Fiscal Year Maturity
Commitments participated to third parties	6,877
Forward-starting Secured Financing Receivables
Commitment, Fiscal Year Maturity
Less than 1 (year)	85,399
1-3 (years)	0
3-5 (years)	0
Over 5 (years)	1,177
Total	86,576
Commitments settled within three business days	72,754
Underwriting
Commitment, Fiscal Year Maturity
Less than 1 (year)	344
1-3 (years)	0
3-5 (years)	0
Over 5 (years)	0
Total	344
Investment Activities
Commitment, Fiscal Year Maturity
Less than 1 (year)	527
1-3 (years)	96
3-5 (years)	62
Over 5 (years)	230
Total	915
Letters of Credit and Other Financial Guarantees
Commitment, Fiscal Year Maturity
Less than 1 (year)	195
1-3 (years)	0
3-5 (years)	1
Over 5 (years)	41
Total	237
Lending Commitments | Corporate Lending
Commitment, Fiscal Year Maturity
Less than 1 (year)	14,447
1-3 (years)	43,086
3-5 (years)	46,618
Over 5 (years)	7,454
Total	111,605
Lending Commitments | Consumer Lending
Commitment, Fiscal Year Maturity
Less than 1 (year)	6,598
1-3 (years)	0
3-5 (years)	8
Over 5 (years)	3
Total	6,609
Lending Commitments | Residential Real Estate Lending
Commitment, Fiscal Year Maturity
Less than 1 (year)	5
1-3 (years)	64
3-5 (years)	33
Over 5 (years)	259
Total	361
Lending Commitments | Wholesale Real Estate Lending
Commitment, Fiscal Year Maturity
Less than 1 (year)	183
1-3 (years)	833
3-5 (years)	25
Over 5 (years)	0
Total	$ 1,041

Commitments, Guarantees and C84

Commitments, Guarantees and Contingencies (Obligations under Guarantee Arrangements) (Details) $ in Millions	Mar. 31, 2018USD ($)
Credit Derivatives
Guarantees
Maximum potential payout/notional	$ 249,070
Carrying amount: (asset)	(1,587)
Collateral/recourse	0
Credit Derivatives | Less than 1 (Year)
Guarantees
Maximum potential payout/notional	81,715
Credit Derivatives | 1 - 3 (Years)
Guarantees
Maximum potential payout/notional	69,986
Credit Derivatives | 3 - 5 (Years)
Guarantees
Maximum potential payout/notional	58,118
Credit Derivatives | Over 5 (Years)
Guarantees
Maximum potential payout/notional	39,251
Other Credit Contracts
Guarantees
Maximum potential payout/notional	129
Carrying amount: liability	20
Collateral/recourse	0
Other Credit Contracts | Less than 1 (Year)
Guarantees
Maximum potential payout/notional	0
Other Credit Contracts | 1 - 3 (Years)
Guarantees
Maximum potential payout/notional	2
Other Credit Contracts | 3 - 5 (Years)
Guarantees
Maximum potential payout/notional	0
Other Credit Contracts | Over 5 (Years)
Guarantees
Maximum potential payout/notional	127
Non-credit Derivatives
Guarantees
Maximum potential payout/notional	4,119,239
Carrying amount: liability	45,314
Collateral/recourse	0
Non-credit Derivatives | Less than 1 (Year)
Guarantees
Maximum potential payout/notional	1,903,988
Non-credit Derivatives | 1 - 3 (Years)
Guarantees
Maximum potential payout/notional	1,196,331
Non-credit Derivatives | 3 - 5 (Years)
Guarantees
Maximum potential payout/notional	379,171
Non-credit Derivatives | Over 5 (Years)
Guarantees
Maximum potential payout/notional	639,749
Standby Letters of Credit and Other Financial Guarantees Issued
Guarantees
Maximum potential payout/notional	8,095
Carrying amount: (asset)	(182)
Collateral/recourse	6,588
Standby letters of credit	700
Standby Letters of Credit and Other Financial Guarantees Issued | Less than 1 (Year)
Guarantees
Maximum potential payout/notional	806
Standby Letters of Credit and Other Financial Guarantees Issued | 1 - 3 (Years)
Guarantees
Maximum potential payout/notional	1,114
Standby Letters of Credit and Other Financial Guarantees Issued | 3 - 5 (Years)
Guarantees
Maximum potential payout/notional	1,272
Standby Letters of Credit and Other Financial Guarantees Issued | Over 5 (Years)
Guarantees
Maximum potential payout/notional	4,903
Market Value Guarantees
Guarantees
Maximum potential payout/notional	160
Carrying amount: liability	0
Collateral/recourse	0
Market Value Guarantees | Less than 1 (Year)
Guarantees
Maximum potential payout/notional	40
Market Value Guarantees | 1 - 3 (Years)
Guarantees
Maximum potential payout/notional	62
Market Value Guarantees | 3 - 5 (Years)
Guarantees
Maximum potential payout/notional	58
Market Value Guarantees | Over 5 (Years)
Guarantees
Maximum potential payout/notional	0
Liquidity Facilities
Guarantees
Maximum potential payout/notional	3,367
Carrying amount: (asset)	(5)
Collateral/recourse	5,475
Liquidity Facilities | Less than 1 (Year)
Guarantees
Maximum potential payout/notional	3,367
Liquidity Facilities | 1 - 3 (Years)
Guarantees
Maximum potential payout/notional	0
Liquidity Facilities | 3 - 5 (Years)
Guarantees
Maximum potential payout/notional	0
Liquidity Facilities | Over 5 (Years)
Guarantees
Maximum potential payout/notional	0
Whole Loan Sales Guarantees
Guarantees
Maximum potential payout/notional	23,225
Carrying amount: liability	8
Collateral/recourse	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	1
Whole Loan Sales Guarantees | 3 - 5 (Years)
Guarantees
Maximum potential payout/notional	1
Whole Loan Sales Guarantees | Over 5 (Years)
Guarantees
Maximum potential payout/notional	23,223
Securitizations Representations and Warranties
Guarantees
Maximum potential payout/notional	60,861
Carrying amount: liability	91
Collateral/recourse	0
Securitizations Representations and Warranties | Less than 1 (Year)
Guarantees
Maximum potential payout/notional	0
Securitizations Representations and Warranties | 1 - 3 (Years)
Guarantees
Maximum potential payout/notional	0
Securitizations Representations and Warranties | 3 - 5 (Years)
Guarantees
Maximum potential payout/notional	0
Securitizations Representations and Warranties | Over 5 (Years)
Guarantees
Maximum potential payout/notional	60,861
General Partner Guarantees
Guarantees
Maximum potential payout/notional	436
Carrying amount: liability	59
Collateral/recourse	0
General Partner Guarantees | Less than 1 (Year)
Guarantees
Maximum potential payout/notional	33
General Partner Guarantees | 1 - 3 (Years)
Guarantees
Maximum potential payout/notional	52
General Partner Guarantees | 3 - 5 (Years)
Guarantees
Maximum potential payout/notional	324
General Partner Guarantees | Over 5 (Years)
Guarantees
Maximum potential payout/notional	$ 27

Commitments, Guarantees and C85

Commitments, Guarantees and Contingencies (Contingencies) (Details) - 3 months ended Mar. 31, 2018 - Pending Litigation € in Millions, $ in Millions	EUR (€)	USD ($)
China Development Industrial Bank v. Morgan Stanley & Co. Incorporated et al.
Loss Contingencies
Lawsuit filing date	Jul. 15, 2010
Name of plaintiff	China Development Industrial Bank (“CDIB”)
Name of defendant	The Firm
Domicile of litigation	The Supreme Court of the State of New York, New York County (“Supreme Court of NY”)
Allegations	The complaint relates to a $275 million CDS referencing the super senior portion of the STACK 2006-1 CDO. The complaint asserts claims for common law fraud, fraudulent inducement and fraudulent concealment and alleges that the Firm misrepresented the risks of the STACK 2006-1 CDO to CDIB, and that the Firm knew that the assets backing the CDO were of poor quality when it entered into the CDS with CDIB.
Damages sought	The complaint seeks compensatory damages related to the approximately $228 million that CDIB alleges it has already lost under the CDS, rescission of CDIB’s obligation to pay an additional $12 million, punitive damages, equitable relief, fees and costs.
China Development Industrial Bank v. Morgan Stanley & Co. Incorporated et al. | Maximum
Loss Contingencies
Estimate of possible loss		$ 240
Deutsche Zentral-Genossenschaftsbank AG et al. v. Morgan Stanley et al.
Loss Contingencies
Lawsuit filing date	May 3, 2013
Name of defendant	The Firm
Domicile of litigation	The Supreme Court of NY
Allegations	The complaint alleges that defendants made material misrepresentations and omissions in the sale to plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Firm to plaintiff was approximately $634 million. The complaint alleges causes of action against the Firm for common law fraud, fraudulent concealment, aiding and abetting fraud, negligent misrepresentation, and rescission.
Damages sought	The complaint seeks, among other things, compensatory and punitive damages.
Request for information	At March 25, 2018, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $211 million, and the certificates had incurred actual losses of approximately $89 million.
US Bank National Association, solely in its capacity as Trustee of the Morgan Stanley Mortgage Loan Trust 2007-2AX (MSM 2007-2AX) v. Morgan Stanley Mortgage Capital Holdings LLC, as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc. and GreenPoint Mortgage Funding, Inc.
Loss Contingencies
Lawsuit filing date	Jul. 8, 2013
Name of plaintiff	U.S. Bank National Association
Name of defendant	The Firm
Domicile of litigation	The Supreme Court of NY
Allegations	The complaint asserts claims for breach of contract and alleges, among other things, that the loans in the trust, which had an original principal balance of approximately $650 million, breached various representations and warranties.
Damages sought	The complaint seeks, among other relief, specific performance of the loan breach remedy procedures in the transaction documents, unspecified damages and interest.
US Bank National Association, solely in its capacity as Trustee of the Morgan Stanley Mortgage Loan Trust 2007-2AX (MSM 2007-2AX) v. Morgan Stanley Mortgage Capital Holdings LLC, as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc. and GreenPoint Mortgage Funding, Inc. | Maximum
Loss Contingencies
Estimate of possible loss		240
Wilmington Trust Company v. Morgan Stanley Mortgage Capital Holdings LLC et al.
Loss Contingencies
Lawsuit filing date	Dec. 30, 2013
Name of plaintiff	Wilmington Trust Company
Name of defendant	The Firm
Domicile of litigation	The Supreme Court of NY
Allegations	The complaint asserts claims for breach of contract and alleges, among other things, that the loans in the trust, which had an original principal balance of approximately $516 million, breached various representations and warranties.
Damages sought	The complaint seeks, among other relief, unspecified damages, attorneys’ fees, interest and costs.
Wilmington Trust Company v. Morgan Stanley Mortgage Capital Holdings LLC et al. | Maximum
Loss Contingencies
Estimate of possible loss		152
Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. (NIMS 2007-1)
Loss Contingencies
Lawsuit filing date	Sep. 19, 2014
Name of plaintiff	Financial Guaranty Insurance Company (“FGIC”)
Name of defendant	The Firm
Domicile of litigation	The Supreme Court of NY
Allegations	The complaint asserts claims for breach of contract and alleges, among other things, that the net interest margin securities (“NIMS”) in the trust breached various representations and warranties. FGIC issued a financial guaranty policy with respect to certain notes that had an original balance of approximately $475 million.
Damages sought	The complaint seeks, among other relief, specific performance of the NIMS breach remedy procedures in the transaction documents, unspecified damages, reimbursement of certain payments made pursuant to the transaction documents, attorneys’ fees and interest.
Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. (NIMS 2007-1) | Maximum
Loss Contingencies
Estimate of possible loss		126
Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. (Trust 2007-NC4)
Loss Contingencies
Lawsuit filing date	Sep. 23, 2014
Name of plaintiff	FGIC
Name of defendant	The Firm
Domicile of litigation	The Supreme Court of NY
Allegations	The complaint asserts claims for breach of contract and fraudulent inducement and alleges, among other things, that the loans in the trust breached various representations and warranties and defendants made untrue statements and material omissions to induce FGIC to issue a financial guaranty policy on certain classes of certificates that had an original balance of approximately $876 million.
Damages sought	The complaint seeks, among other relief, specific performance of the loan breach remedy procedures in the transaction documents, compensatory, consequential and punitive damages, attorneys’ fees and interest.
Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. (Trust 2007-NC4) | Maximum
Loss Contingencies
Estimate of possible loss		277
Deutsche Bank National Trust Company solely in its capacity as Trustee of the Morgan Stanley ABS Capital I Inc. Trust 2007-NC4 v. Morgan Stanley Mortgage Capital Holdings LLC as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc., and Morgan Stanley ABS Capital I Inc.
Loss Contingencies
Lawsuit filing date	Jan. 23, 2015
Name of plaintiff	Deutsche Bank National Trust Company
Name of defendant	The Firm
Domicile of litigation	The Supreme Court of NY
Allegations	The complaint asserts claims for breach of contract and alleges, among other things, that the loans in the trust, which had an original principal balance of approximately $1.05 billion, breached various representations and warranties.
Damages sought	The complaint seeks, among other relief, specific performance of the loan breach remedy procedures in the transaction documents, compensatory, consequential, rescissory, equitable and punitive damages, attorneys’ fees, costs and other related expenses, and interest.
Deutsche Bank National Trust Company solely in its capacity as Trustee of the Morgan Stanley ABS Capital I Inc. Trust 2007-NC4 v. Morgan Stanley Mortgage Capital Holdings LLC as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc., and Morgan Stanley ABS Capital I Inc. | Maximum
Loss Contingencies
Estimate of possible loss		277
Case Number 15/3637 and Case Number 15/4353
Loss Contingencies
Name of plaintiff	The Dutch Tax Authority (“Dutch Authority”)
Name of defendant	The Firm
Domicile of litigation	The District Court in Amsterdam
Allegations	The prior set-off by the Firm of approximately €124 million (approximately $152 million) plus accrued interest of withholding tax credits against the Firm’s corporation tax liabilities for the tax years 2007 to 2013. The Dutch Authority alleges that the Firm was not entitled to receive the withholding tax credits on the basis, inter alia, that a Firm subsidiary did not hold legal title to certain securities subject to withholding tax on the relevant dates. The Dutch Authority has also alleged that the Firm failed to provide certain information to the Dutch Authority and keep adequate books and records.
Case Number 15/3637 and Case Number 15/4353 | Maximum
Loss Contingencies
Estimate of possible loss	€ 124	$ 152

Variable Interest Entities an86

Variable Interest Entities and Securitization Activities (Consolidated VIEs) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity
VIE assets	$ 3,313	$ 1,801
VIE liabilities	1,329	463
OSF
Variable Interest Entity
VIE assets	361	378
VIE liabilities	1	3
MABS
Variable Interest Entity
VIE assets	234	249
VIE liabilities	197	210
Other
Variable Interest Entity
VIE assets	2,718	1,174
VIE liabilities	$ 1,131	$ 250

Variable Interest Entities an87

Variable Interest Entities and Securitization Activities (Assets and Liabilities by Balance Sheet Caption) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Cash and cash equivalents:
Cash and due from banks	$ 29,073	$ 24,816	$ 22,081
Restricted cash	35,291	34,231	$ 36,027
Trading assets at fair value	273,044	298,282
Customer and other receivables	66,835	56,187
Goodwill	6,706	6,597
Intangible assets	2,427	2,448
Other assets	16,282	16,628
Total assets	858,495	851,733
Liabilities
Other secured financings at fair value	3,423	3,863
Other liabilities and accrued expenses	14,265	17,157
Total liabilities	779,006	773,267
Noncontrolling interests	1,455	1,075
Consolidated VIEs
Cash and cash equivalents:
Cash and due from banks	103	69
Restricted cash	223	222
Trading assets at fair value	2,345	833
Customer and other receivables	21	19
Goodwill	18	18
Intangible assets	149	155
Other assets	454	485
Total assets	3,313	1,801
Liabilities
Other secured financings at fair value	1,305	438
Other liabilities and accrued expenses	24	25
Total liabilities	1,329	463
Noncontrolling interests	$ 494	$ 189

Variable Interest Entities an88

Variable Interest Entities and Securitization Activities (Non-Consolidated VIEs) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity
Additional VIE assets issued by securitization SPEs	$ 12,314	$ 11,318
MABS
Variable Interest Entity
VIE assets (UPB)	76,854	89,288
Maximum exposure to loss	9,957	11,871
Residential Mortgage
Variable Interest Entity
VIE assets (UPB)	13,564	15,636
Commercial Mortgage
Variable Interest Entity
VIE assets (UPB)	35,886	46,464
U.S. Agency CMO
Variable Interest Entity
VIE assets (UPB)	14,405	16,223
Other Consumer or Commercial Loans
Variable Interest Entity
VIE assets (UPB)	12,999	10,965
CDO
Variable Interest Entity
VIE assets (UPB)	14,445	9,807
Maximum exposure to loss	3,065	2,052
MTOB
Variable Interest Entity
VIE assets (UPB)	5,439	5,306
Maximum exposure to loss	3,448	3,413
OSF
Variable Interest Entity
VIE assets (UPB)	3,307	3,322
Maximum exposure to loss	1,750	1,792
Other
Variable Interest Entity
VIE assets (UPB)	19,959	31,934
Maximum exposure to loss	7,298	6,849
Assets | MABS
Variable Interest Entity
Carrying value of exposure to loss	9,075	10,657
Assets | CDO
Variable Interest Entity
Carrying value of exposure to loss	2,163	1,384
Assets | MTOB
Variable Interest Entity
Carrying value of exposure to loss	56	48
Assets | OSF
Variable Interest Entity
Carrying value of exposure to loss	1,185	1,202
Assets | Other
Variable Interest Entity
Carrying value of exposure to loss	4,765	4,914
Debt and Equity Interests | MABS
Variable Interest Entity
Maximum exposure to loss	9,075	10,657
Carrying value of exposure to loss	9,075	10,657
Debt and Equity Interests | Residential Mortgage
Variable Interest Entity
Maximum exposure to loss	782	1,272
Debt and Equity Interests | Commercial Mortgage
Variable Interest Entity
Maximum exposure to loss	1,934	2,331
Debt and Equity Interests | U.S. Agency CMO
Variable Interest Entity
Maximum exposure to loss	3,150	3,439
Debt and Equity Interests | Other Consumer or Commercial Loans
Variable Interest Entity
Maximum exposure to loss	3,209	3,615
Debt and Equity Interests | CDO
Variable Interest Entity
Maximum exposure to loss	2,163	1,384
Carrying value of exposure to loss	2,163	1,384
Debt and Equity Interests | MTOB
Variable Interest Entity
Maximum exposure to loss	81	80
Carrying value of exposure to loss	51	43
Debt and Equity Interests | OSF
Variable Interest Entity
Maximum exposure to loss	1,589	1,628
Carrying value of exposure to loss	1,185	1,202
Debt and Equity Interests | Other
Variable Interest Entity
Maximum exposure to loss	4,654	4,730
Carrying value of exposure to loss	4,654	4,730
Net Derivative and Other Contracts | MABS
Variable Interest Entity
Maximum exposure to loss	0	0
Carrying value of exposure to loss	0	0
Net Derivative and Other Contracts | CDO
Variable Interest Entity
Maximum exposure to loss	0	0
Carrying value of exposure to loss	0	0
Net Derivative and Other Contracts | MTOB
Variable Interest Entity
Maximum exposure to loss	3,367	3,333
Carrying value of exposure to loss	5	5
Net Derivative and Other Contracts | OSF
Variable Interest Entity
Maximum exposure to loss	0	0
Carrying value of exposure to loss	0	0
Net Derivative and Other Contracts | Other
Variable Interest Entity
Maximum exposure to loss	2,317	1,686
Carrying value of exposure to loss	111	184
Commitments, Guarantees and Other | MABS
Variable Interest Entity
Maximum exposure to loss	882	1,214
Commitments, Guarantees and Other | CDO
Variable Interest Entity
Maximum exposure to loss	902	668
Commitments, Guarantees and Other | MTOB
Variable Interest Entity
Maximum exposure to loss	0	0
Commitments, Guarantees and Other | OSF
Variable Interest Entity
Maximum exposure to loss	161	164
Commitments, Guarantees and Other | Other
Variable Interest Entity
Maximum exposure to loss	$ 327	$ 433

Variable Interest Entities an89

Variable Interest Entities and Securitization Activities (Transfers of Assets with Continuing Involvement 1) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity
Derivative assets (fair value)	$ 33,148	$ 30,813
Derivative liabilities (fair value)	25,986	26,695
SPE
Variable Interest Entity
Retained interests	1,252	988
Interests purchased in the secondary market (fair value)	271	619
Derivative assets (fair value)	191	227
Derivative liabilities (fair value)	119	85
SPE | Investment Grade
Variable Interest Entity
Retained interests	836	411
Interests purchased in the secondary market (fair value)	183	533
SPE | Non-investment Grade
Variable Interest Entity
Retained interests	416	577
Interests purchased in the secondary market (fair value)	88	86
SPE | RML
Variable Interest Entity
SPE assets (UPB)	14,978	15,555
Retained interests	1	1
Interests purchased in the secondary market (fair value)	16	16
Derivative assets (fair value)	0	1
Derivative liabilities (fair value)	0	0
SPE | RML | Investment Grade
Variable Interest Entity
Retained interests	0	0
Interests purchased in the secondary market (fair value)	0	0
SPE | RML | Non-investment Grade
Variable Interest Entity
Retained interests	1	1
Interests purchased in the secondary market (fair value)	16	16
SPE | CML
Variable Interest Entity
SPE assets (UPB)	59,607	62,744
Retained interests	431	391
Interests purchased in the secondary market (fair value)	169	160
Derivative assets (fair value)	0	0
Derivative liabilities (fair value)	0	0
SPE | CML | Investment Grade
Variable Interest Entity
Retained interests	324	293
Interests purchased in the secondary market (fair value)	112	94
SPE | CML | Non-investment Grade
Variable Interest Entity
Retained interests	107	98
Interests purchased in the secondary market (fair value)	57	66
SPE | U.S. Agency CMO
Variable Interest Entity
SPE assets (UPB)	14,751	11,612
Retained interests	825	407
Interests purchased in the secondary market (fair value)	71	439
Derivative assets (fair value)	0	0
Derivative liabilities (fair value)	0	0
SPE | U.S. Agency CMO | Investment Grade
Variable Interest Entity
Retained interests	825	407
Interests purchased in the secondary market (fair value)	71	439
SPE | U.S. Agency CMO | Non-investment Grade
Variable Interest Entity
Retained interests	0	0
Interests purchased in the secondary market (fair value)	0	0
SPE | CLN and Other
Variable Interest Entity
SPE assets (UPB)	16,823	17,060
Retained interests	313	482
Interests purchased in the secondary market (fair value)	15	4
Derivative assets (fair value)	191	226
Derivative liabilities (fair value)	119	85
SPE | CLN and Other | Investment Grade
Variable Interest Entity
Retained interests	5	4
Interests purchased in the secondary market (fair value)	0	0
SPE | CLN and Other | Non-investment Grade
Variable Interest Entity
Retained interests	308	478
Interests purchased in the secondary market (fair value)	$ 15	$ 4

Variable Interest Entities an90

Variable Interest Entities and Securitization Activities (Transfers of Assets with Continuing Involvement 2) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity
Derivative assets	$ 33,148	$ 30,813
Derivative liabilities	25,986	26,695
SPE
Variable Interest Entity
Retained interests	1,252	988
Interests purchased in the secondary market (fair value)	271	619
Derivative assets	191	227
Derivative liabilities	119	85
SPE | Investment Grade
Variable Interest Entity
Retained interests	836	411
Interests purchased in the secondary market (fair value)	183	533
SPE | Non-investment Grade
Variable Interest Entity
Retained interests	416	577
Interests purchased in the secondary market (fair value)	88	86
SPE | Level 2
Variable Interest Entity
Retained interests	844	429
Interests purchased in the secondary market (fair value)	234	588
Derivative assets	50	78
Derivative liabilities	114	81
SPE | Level 2 | Investment Grade
Variable Interest Entity
Retained interests	831	407
Interests purchased in the secondary market (fair value)	182	531
SPE | Level 2 | Non-investment Grade
Variable Interest Entity
Retained interests	13	22
Interests purchased in the secondary market (fair value)	52	57
SPE | Level 3
Variable Interest Entity
Retained interests	408	559
Interests purchased in the secondary market (fair value)	37	31
Derivative assets	141	149
Derivative liabilities	5	4
SPE | Level 3 | Investment Grade
Variable Interest Entity
Retained interests	5	4
Interests purchased in the secondary market (fair value)	1	2
SPE | Level 3 | Non-investment Grade
Variable Interest Entity
Retained interests	403	555
Interests purchased in the secondary market (fair value)	$ 36	$ 29

Variable Interest Entities an91

Variable Interest Entities and Securitization Activities (Proceeds from New Securitization Transactions and Sales of Loans) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Special Purpose Entities
Transfer of Financial Assets Accounted for as Sales
Proceeds from new securitization transactions	$ 6,134	$ 5,997
Proceeds from retained interests in securitization transactions	481	430
CLO SPEs | Corporate Loans
Transfer of Financial Assets Accounted for as Sales
Proceeds from sale of loans	$ 94	$ 179

Variable Interest Entities an92

Variable Interest Entities and Securitization Activities (Assets Sold with Retained Exposure) (Details) - Bilateral OTC - Equity Derivatives - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Transfer of Financial Assets Accounted for as Sales
Carrying value of assets derecognized at the time of sale and gross cash proceeds	$ 26,800	$ 19,115
Fair value of assets sold	26,566	19,138
Fair value of derivative assets recognized in the balance sheets	2	176
Fair value of derivative liabilities recognized in the balance sheets	$ 236	$ 153

Variable Interest Entities an93

Variable Interest Entities and Securitization Activities (Failed Sales) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Failed Sales
Assets, carrying value	$ 710	$ 552
Liabilities, carrying value	$ 710	$ 552

Regulatory Requirements (Narrat

Regulatory Requirements (Narrative) (Details)	3 Months Ended
	Mar. 31, 2018
Regulatory Requirements
Description of regulatory requirements on capital adequacy	In addition to the minimum risk-based capital ratio requirements, by 2019 the Firm will be subject to the following buffers: A greater than 2.5% Common Equity Tier 1 capital conservation buffer; The Common Equity Tier 1 G-SIB capital surcharge, currently at 3%; and Up to a 2.5% Common Equity Tier 1 CCyB, currently set by U.S. banking agencies at zero.
Description of possible effects of noncompliance	In 2017 and 2018, each of the buffers is 50% and 75%, respectively, of the 2019 requirement noted above. Failure to maintain the buffers will result in restrictions on the Firm’s ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers.

Regulatory Requirements (Capita

Regulatory Requirements (Capital Measures) (Details) - Standardized Approach Transitional Rules - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Amount
Common Equity Tier 1 capital	$ 60,568	$ 61,134
Tier 1 capital	69,213	69,938
Total capital	79,363	80,275
Total RWA	390,390	369,578
Tier 1 leverage	69,213	69,938
Adjusted average assets	846,868	$ 842,270
SLR	69,213
Supplementary leverage exposure	$ 1,091,518
Ratio
Common Equity Tier 1 capital	15.50%	16.50%
Tier 1 capital	17.70%	18.90%
Total capital	20.30%	21.70%
Tier 1 leverage	8.20%	8.30%
SLR	6.30%
Required Ratio
Common Equity Tier 1 capital	8.60%	7.30%
Tier 1 capital	10.10%	8.80%
Total capital	12.10%	10.80%
Tier 1 leverage	4.00%	4.00%
SLR	5.00%

Regulatory Requirements (U.S. B

Regulatory Requirements (U.S. Bank Subsidiaries' Regulatory Capital and Capital Ratios) (Details) - Standardized Approach Transitional Rules - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Amount
Common Equity Tier 1 capital	$ 60,568	$ 61,134
Tier 1 capital	69,213	69,938
Total capital	79,363	80,275
Tier 1 leverage	$ 69,213	$ 69,938
Ratio
Common Equity Tier 1 capital	15.50%	16.50%
Tier 1 capital	17.70%	18.90%
Total capital	20.30%	21.70%
Tier 1 leverage	8.20%	8.30%
SLR	6.30%
Required Ratio
SLR	5.00%
MSBNA
Amount
Common Equity Tier 1 capital	$ 15,514	$ 15,196
Tier 1 capital	15,514	15,196
Total capital	15,785	15,454
Tier 1 leverage	$ 15,514	$ 15,196
Ratio
Common Equity Tier 1 capital	19.70%	20.50%
Tier 1 capital	19.70%	20.50%
Total capital	20.10%	20.80%
Tier 1 leverage	11.80%	11.80%
SLR	9.00%
Required Ratio
Common Equity Tier 1 capital	6.50%	6.50%
Tier 1 capital ratio	8.00%	8.00%
Total capital ratio	10.00%	10.00%
Tier 1 leverage ratio	5.00%	5.00%
SLR	6.00%
MSPBNA
Amount
Common Equity Tier 1 capital	$ 6,382	$ 6,215
Tier 1 capital	6,382	6,215
Total capital	6,425	6,258
Tier 1 leverage	$ 6,382	$ 6,215
Ratio
Common Equity Tier 1 capital	24.20%	24.40%
Tier 1 capital	24.20%	24.40%
Total capital	24.40%	24.60%
Tier 1 leverage	9.70%	9.70%
SLR	9.30%
Required Ratio
Common Equity Tier 1 capital	6.50%	6.50%
Tier 1 capital ratio	8.00%	8.00%
Total capital ratio	10.00%	10.00%
Tier 1 leverage ratio	5.00%	5.00%
SLR	6.00%

Regulatory Requirements (Broker

Regulatory Requirements (Broker-Dealer Regulatory Capital Requirements) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
MS&Co.
Regulatory Requirements
Net capital	$ 12,661	$ 10,142
Excess net capital	10,303	8,018
MSSB LLC
Regulatory Requirements
Net capital	2,919	2,567
Excess net capital	$ 2,759	$ 2,400

Total Equity (Dividends and Sha

Total Equity (Dividends and Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Mar. 31, 2017
Share Repurchase Program
Repurchases of common stock	$ 1,250			$ 750
Capital Plans
Dividends declared per common share	$ 0.25			$ 0.2
2017 Capital Plan
Capital Plans
Authorized repurchase amount of outstanding common stock	$ 5,000
Stock repurchase program start date	Jul. 1, 2017
Stock repurchase program expiration date	Jun. 30, 2018
Dividends declared per common share	$ 0.25	$ 0.25	$ 0.25
2016 Capital Plan
Capital Plans
Authorized repurchase amount of outstanding common stock	$ 3,500

Total Equity (Preferred Stock G

Total Equity (Preferred Stock General Disclosure) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Total Equity
Preferred stock dividends declared	$ 93	$ 90
Preferred stock shares authorized	30

Total Equity (Preferred Stock O

Total Equity (Preferred Stock Outstanding) (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Class of Stock
Preferred stock carrying value	$ 8,520	$ 8,520
Series A
Class of Stock
Preferred stock shares outstanding	44,000
Liquidation preference per share	$ 25,000
Preferred stock carrying value	$ 1,100	1,100
Series C
Class of Stock
Preferred stock shares outstanding	519,882
Liquidation preference per share	$ 1,000
Preferred stock carrying value	$ 408	408
Series C | MUFG
Class of Stock
Preferred stock shares issued	1,160,791
Preferred stock aggregate purchase price	$ 911
Preferred stock redemption, shares	640,909
Preferred stock redemption amount	$ 503
Preferred stock converted to common shares	$ 705
Series E
Class of Stock
Preferred stock shares outstanding	34,500
Liquidation preference per share	$ 25,000
Preferred stock carrying value	$ 862	862
Series F
Class of Stock
Preferred stock shares outstanding	34,000
Liquidation preference per share	$ 25,000
Preferred stock carrying value	$ 850	850
Series G
Class of Stock
Preferred stock shares outstanding	20,000
Liquidation preference per share	$ 25,000
Preferred stock carrying value	$ 500	500
Series H
Class of Stock
Preferred stock shares outstanding	52,000
Liquidation preference per share	$ 25,000
Preferred stock carrying value	$ 1,300	1,300
Series I
Class of Stock
Preferred stock shares outstanding	40,000
Liquidation preference per share	$ 25,000
Preferred stock carrying value	$ 1,000	1,000
Series J
Class of Stock
Preferred stock shares outstanding	60,000
Liquidation preference per share	$ 25,000
Preferred stock carrying value	$ 1,500	1,500
Series K
Class of Stock
Preferred stock shares outstanding	40,000
Liquidation preference per share	$ 25,000
Preferred stock carrying value	$ 1,000	$ 1,000

Total Equity (AOCI) (Details)

Total Equity (AOCI) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cumulative adjustment for accounting changes	$ (131)	$ 10
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(3,060)	(2,643)
Cumulative adjustment for accounting changes	(437)
OCI during the period	91	193
Ending balance	(3,406)	(2,450)
Foreign Currency Translation Adjustments
Beginning balance	(767)	(986)
Cumulative adjustment for accounting changes	(8)
OCI during the period	60	107
Ending balance	(715)	(879)
AFS Securities
Beginning balance	(547)	(588)
Cumulative adjustment for accounting changes	(111)
OCI during the period	(410)	84
Ending balance	(1,068)	(504)
Pension, Postretirement and Other
Beginning balance	(591)	(474)
Cumulative adjustment for accounting changes	(124)
OCI during the period	5	0
Ending balance	(710)	(474)
DVA
Beginning balance	(1,155)	(595)
Cumulative adjustment for accounting changes	(194)
OCI during the period	436	2
Ending balance	$ (913)	$ (593)

Total Equity (Components of Per

Total Equity (Components of Period Changes in OCI ) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Pre-tax Gain (Loss): Foreign Currency Translation Adjustments
OCI activity	$ 78	$ 43
Reclassified to earnings	0	0
Net OCI	78	43
Pre-tax Gain (Loss): Change in Net Unrealized Gains (Losses) on AFS Securities
OCI activity	(535)	137
Reclassified to earnings	0	(2)
Net OCI	(535)	135
Pre-tax Gain (Loss): Pension, Postretirement and Other
OCI activity	0
Reclassified to earnings	6
Net OCI	6
Pre-tax Gain (Loss): Change in Net DVA
OCI activity	580	7
Reclassified to earnings	15	4
Net OCI	595	11
Income Tax Benefit (Provision): Foreign Currency Translation Adjustments
OCI activity	39	107
Reclassified to earnings	0	0
Net OCI	39	107
Income Tax Benefit (Provision): Change in Net Unrealized Gains (Losses) on AFS Securities
OCI activity	125	(52)
Reclassified to earnings	0	1
Net OCI	125	(51)
Income Tax Benefit (Provision): Pension, Postretirement and Other
OCI activity	0
Reclassified to earnings	(1)
Net OCI	(1)
Income Tax Benefit (Provision): Change in Net DVA
OCI activity	(140)	(1)
Reclassified to earnings	(4)	(1)
Net OCI	(144)	(2)
After-tax Gain (Loss): Foreign Currency Translation Adjustments
OCI activity	117	150
Reclassified to earnings	0	0
Net OCI	117	150
After-tax Gain (Loss): Change in Net Unrealized Gains (Losses) on AFS Securities
OCI activity	(410)	85
Reclassified to earnings	0	(1)
Net OCI	(410)	84
After-tax Gain (Loss): Pension, Postretirement and Other
OCI activity	0
Reclassified to earnings	5
Net OCI	5	0
After-tax Gain (Loss): Change in Net DVA
OCI activity	440	6
Reclassified to earnings	11	3
Net OCI	451	9
Non-controlling Interests
After-tax Gain (Loss): Foreign Currency Translation Adjustments
OCI activity	57	43
Reclassified to earnings	0	0
Net OCI	57	43
After-tax Gain (Loss): Change in Net Unrealized Gains (Losses) on AFS Securities
OCI activity	0	0
Reclassified to earnings	0	0
Net OCI	0	0
After-tax Gain (Loss): Pension, Postretirement and Other
OCI activity	0
Reclassified to earnings	0
Net OCI	0
After-tax Gain (Loss): Change in Net DVA
OCI activity	15	7
Reclassified to earnings	0	0
Net OCI	15	7
Net
After-tax Gain (Loss): Foreign Currency Translation Adjustments
OCI activity	60	107
Reclassified to earnings	0	0
Net OCI	60	107
After-tax Gain (Loss): Change in Net Unrealized Gains (Losses) on AFS Securities
OCI activity	(410)	85
Reclassified to earnings	0	(1)
Net OCI	(410)	84
After-tax Gain (Loss): Pension, Postretirement and Other
OCI activity	0
Reclassified to earnings	5
Net OCI	5
After-tax Gain (Loss): Change in Net DVA
OCI activity	425	(1)
Reclassified to earnings	11	3
Net OCI	$ 436	$ 2

Total Equity (Cumulative Adjust

Total Equity (Cumulative Adjustments to Retained Earnings) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cumulative adjustment for accounting changes	$ (131)	$ 10
Retained Earnings
Cumulative adjustment for accounting changes	306	(35)
Retained Earnings | Revenue from Contracts with Customers
Cumulative adjustment for accounting changes	(32)
Retained Earnings | Derivatives and Hedging-Targeted Improvements to Accounting for Hedging Activities
Cumulative adjustment for accounting changes	(99)
Retained Earnings | Reclassification of Certain Tax Effects from AOCI
Cumulative adjustment for accounting changes	443
Retained Earnings | Improvements to Employee Share-Based Payment Accounting
Cumulative adjustment for accounting changes		(30)
Retained Earnings | Intra-Entity Transfers of Assets Other Than Inventory
Cumulative adjustment for accounting changes		$ (5)
Retained Earnings | Other
Cumulative adjustment for accounting changes	$ (6)

Earnings per Common Share (Calc

Earnings per Common Share (Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Basic EPS
Income from continuing operations	$ 2,706	$ 1,993
Income (loss) from discontinued operations	(2)	(22)
Net income	2,704	1,971
Net income applicable to noncontrolling interests	36	41
Net income applicable to Morgan Stanley	2,668	1,930
Preferred stock dividends and other	93	90
Earnings applicable to Morgan Stanley common shareholders	$ 2,575	$ 1,840
Weighted average common shares outstanding	1,740	1,801
Earnings per basic common share
Income from continuing operations	$ 1.48	$ 1.03
Income (loss) from discontinued operations	0	(0.01)
Earnings per basic common share	$ 1.48	$ 1.02
Diluted EPS
Earnings applicable to Morgan Stanley common shareholders	$ 2,575	$ 1,840
Weighted average common shares outstanding	1,740	1,801
Effect of dilutive securities:
Stock options and RSUs	31	41
Weighted average common shares outstanding and common stock equivalents	1,771	1,842
Earnings per diluted common share
Income from continuing operations	$ 1.46	$ 1.01
Income (loss) from discontinued operations	(0.01)	(0.01)
Earnings per diluted common share	$ 1.45	$ 1
Weighted average antidilutive RSUs and stock options (excluded from the computation of diluted EPS)	1	0

Interest Income and Interest105

Interest Income and Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest income
Investment securities	$ 424	$ 326
Loans	938	748
Securities purchased under agreements to resell and Securities borrowed	215	(18)
Trading assets, net of Trading liabilities	540	463
Customer receivables and Other	743	446
Total Interest income	2,860	1,965
Interest expense
Deposits	159	11
Borrowings	1,138	1,022
Securities sold under agreements to repurchase and Securities loaned	402	248
Customer payables and Other	186	(87)
Total interest expense	1,885	1,194
Net interest	$ 975	$ 771

Employee Benefit Plans (Net Per

Employee Benefit Plans (Net Periodic Benefit Expense (Income)) (Details) - Pension Plans - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Components of Net Periodic Benefit Expense (Income)
Service cost, benefits earned during the period	$ 4	$ 4
Interest cost on projected benefit obligation	34	37
Expected return on plan assets	(28)	(29)
Net amortization of prior service credit	0	(4)
Net amortization of actuarial loss	6	4
Net periodic benefit expense (income)	$ 16	$ 12

Segment and Geographic Infor107

Segment and Geographic Information (Selected Financial Information by Business Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information
Total non-interest revenues	$ 10,102	$ 8,974
Interest income	2,860	1,965
Interest expense	1,885	1,194
Net interest	975	771
Net revenues	11,077	9,745
Income from continuing operations before income taxes	3,420	2,808
Provision for income taxes	714	815
Income from continuing operations	2,706	1,993
Income (loss) from discontinued operations, net of income taxes	(2)	(22)
Net income	2,704	1,971
Net income (loss) applicable to noncontrolling interests	36	41
Net income applicable to Morgan Stanley	2,668	1,930
I/E
Segment Reporting Information
Total non-interest revenues	(116)	(77)
Interest income	(225)	(239)
Interest expense	(226)	(242)
Net interest	1	3
Net revenues	(115)	(74)
Income from continuing operations before income taxes	0	2
Provision for income taxes	0	0
Income from continuing operations	0	2
Income (loss) from discontinued operations, net of income taxes	0	0
Net income	0	2
Net income (loss) applicable to noncontrolling interests	0	0
Net income applicable to Morgan Stanley	0	2
IS
Segment Reporting Information
Total non-interest revenues	6,195	5,379
Interest income	1,804	1,124
Interest expense	1,899	1,351
Net interest	(95)	(227)
Net revenues	6,100	5,152
Income from continuing operations before income taxes	2,112	1,730
Provision for income taxes	449	459
Income from continuing operations	1,663	1,271
Income (loss) from discontinued operations, net of income taxes	(2)	(22)
Net income	1,661	1,249
Net income (loss) applicable to noncontrolling interests	34	35
Net income applicable to Morgan Stanley	1,627	1,214
WM
Segment Reporting Information
Total non-interest revenues	3,305	3,064
Interest income	1,280	1,079
Interest expense	211	85
Net interest	1,069	994
Net revenues	4,374	4,058
Income from continuing operations before income taxes	1,160	973
Provision for income taxes	246	326
Income from continuing operations	914	647
Income (loss) from discontinued operations, net of income taxes	0	0
Net income	914	647
Net income (loss) applicable to noncontrolling interests	0	0
Net income applicable to Morgan Stanley	914	647
IM
Segment Reporting Information
Total non-interest revenues	718	608
Interest income	1	1
Interest expense	1	0
Net interest	0	1
Net revenues	718	609
Income from continuing operations before income taxes	148	103
Provision for income taxes	19	30
Income from continuing operations	129	73
Income (loss) from discontinued operations, net of income taxes	0	0
Net income	129	73
Net income (loss) applicable to noncontrolling interests	2	6
Net income applicable to Morgan Stanley	$ 127	$ 67

Segment and Geographic Infor108

Segment and Geographic Information (Assets by Business Segment) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Information
Assets	$ 858,495	$ 851,733
Institutional Securities
Segment Reporting Information
Assets	674,785	664,974
Wealth Management
Segment Reporting Information
Assets	177,603	182,009
Investment Management
Segment Reporting Information
Assets	$ 6,107	$ 4,750

Segment and Geographic Infor109

Segment and Geographic Information (Additional Information - Investment Management) (Details) - Investment Management - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Segment Reporting Information
Net cumulative unrealized performance-based fees at risk of reversing	$ 441		$ 442
Fee waivers	$ 18	$ 23

Segment and Geographic Infor110

Segment and Geographic Information (Net Revenues by Region) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information
Net revenues	$ 11,077	$ 9,745
Americas
Segment Reporting Information
Net revenues	8,018	7,088
EMEA
Segment Reporting Information
Net revenues	1,708	1,489
Asia
Segment Reporting Information
Net revenues	$ 1,351	$ 1,168

Customer Contract Revenue Re111

Customer Contract Revenue Recognition (Customer Contract Renenues) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Disaggregation of Revenue
Revenues from contracts with customers	$ 5,910
Revenue recognized from services performed over multiple periods	902
Americas
Disaggregation of Revenue
Revenues from contracts with customers	4,738
EMEA
Disaggregation of Revenue
Revenues from contracts with customers	622
Asia
Disaggregation of Revenue
Revenues from contracts with customers	550
I/E
Disaggregation of Revenue
Revenues from contracts with customers	(129)
IS
Disaggregation of Revenue
Revenues from contracts with customers	2,221
WM
Disaggregation of Revenue
Revenues from contracts with customers	3,192
IM
Disaggregation of Revenue
Revenues from contracts with customers	626
Investment Banking
Disaggregation of Revenue
Revenues from contracts with customers	1,429
Investment Banking | I/E
Disaggregation of Revenue
Revenues from contracts with customers	(19)
Investment Banking | IS
Disaggregation of Revenue
Revenues from contracts with customers	1,308
Investment Banking | WM
Disaggregation of Revenue
Revenues from contracts with customers	140
Investment Banking | IM
Disaggregation of Revenue
Revenues from contracts with customers	0
Commissions and Fees
Disaggregation of Revenue
Revenues from contracts with customers	1,173
Commissions and Fees | I/E
Disaggregation of Revenue
Revenues from contracts with customers	(69)
Commissions and Fees | IS
Disaggregation of Revenue
Revenues from contracts with customers	744
Commissions and Fees | WM
Disaggregation of Revenue
Revenues from contracts with customers	498
Commissions and Fees | IM
Disaggregation of Revenue
Revenues from contracts with customers	0
Asset Management
Disaggregation of Revenue
Revenues from contracts with customers	3,192
Asset Management | I/E
Disaggregation of Revenue
Revenues from contracts with customers	(39)
Asset Management | IS
Disaggregation of Revenue
Revenues from contracts with customers	110
Asset Management | WM
Disaggregation of Revenue
Revenues from contracts with customers	2,495
Asset Management | IM
Disaggregation of Revenue
Revenues from contracts with customers	626
Ohter Customer Contract Revenues
Disaggregation of Revenue
Revenues from contracts with customers	116
Ohter Customer Contract Revenues | I/E
Disaggregation of Revenue
Revenues from contracts with customers	(2)
Ohter Customer Contract Revenues | IS
Disaggregation of Revenue
Revenues from contracts with customers	59
Ohter Customer Contract Revenues | WM
Disaggregation of Revenue
Revenues from contracts with customers	59
Ohter Customer Contract Revenues | IM
Disaggregation of Revenue
Revenues from contracts with customers	$ 0

Customer Contract Revenue Re112

Customer Contract Revenue Recognition (Change in Revenue) (Details) - Revenue from Contracts with Customers $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Change in Revenue as a Result of Application of the New Revenue Recognition Standard
Change in revenues	$ 83
Increase to net revenues and noncompensation expenses	79
Investment Banking
Change in Revenue as a Result of Application of the New Revenue Recognition Standard
Change in revenues	60
Commissions and Fees
Change in Revenue as a Result of Application of the New Revenue Recognition Standard
Change in revenues	2
Asset Management
Change in Revenue as a Result of Application of the New Revenue Recognition Standard
Change in revenues	9
Ohter Customer Contract Revenues
Change in Revenue as a Result of Application of the New Revenue Recognition Standard
Change in revenues	12
I/E
Change in Revenue as a Result of Application of the New Revenue Recognition Standard
Increase to net revenues and noncompensation expenses	(16)
Institutional Securities
Change in Revenue as a Result of Application of the New Revenue Recognition Standard
Increase to net revenues and noncompensation expenses	72
Institutional Securities | Advisory
Change in Revenue as a Result of Application of the New Revenue Recognition Standard
Change in revenues	15
Institutional Securities | Underwriting
Change in Revenue as a Result of Application of the New Revenue Recognition Standard
Change in revenues	45
Investment Management
Change in Revenue as a Result of Application of the New Revenue Recognition Standard
Increase to net revenues and noncompensation expenses	$ 23

Customer Contract Revenue Re113

Customer Contract Revenue Recognition (Balance Sheet Amounts) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Jan. 01, 2018
Customer and Other Receivables Balance Related to Contracts with Customers
Customer and other receivables	$ 2,697	$ 2,805
Contract Liabilities Rollforward
Contract liabilities, beginning balance	155
Recognized contract liabilities	184
Contract liabilities recognized into revenue	(160)
Contract liabilities, ending balance	$ 179

Customer Contract Revenue Re114

Customer Contract Revenue Recognition (Future Expected Revenues) (Details) - Ohter Customer Contract Revenues $ in Millions	Mar. 31, 2018USD ($)
Future Expected Revenues
2,018	$ 89
2,019	118
2,020	95
Thereafter	310
Total	$ 612