Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document Information [Line Items] | ||
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000895421 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | MORGAN STANLEY | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Entity File Number | 1-11758 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1585 Broadway | |
Entity Address, City or Town | New York, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10036 | |
Entity Tax Identification Number | 36-3145972 | |
City Area Code | (212) | |
Local Phone Number | 761-4000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,652,767,929 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock, $0.01 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | MS | |
Security Exchange Name | NYSE | |
Non-Cumulative Preferred Stock, Series A, $0.01 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Preferred Stock, Series A, $0.01 par value | |
Trading Symbol | MS/PA | |
Security Exchange Name | NYSE | |
Non-Cumulative Preferred Stock, Series E, $0.01 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Preferred Stock, Series E, $0.01 par value | |
Trading Symbol | MS/PE | |
Security Exchange Name | NYSE | |
Non-Cumulative Preferred Stock, Series F, $0.01 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Preferred Stock, Series F, $0.01 par value | |
Trading Symbol | MS/PF | |
Security Exchange Name | NYSE | |
Non-Cumulative Preferred Stock, Series G, $0.01 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Preferred Stock, Series G, $0.01 par value | |
Trading Symbol | MS/PG | |
Security Exchange Name | NYSE | |
Non-Cumulative Preferred Stock, Series I, $0.01 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Preferred Stock, Series I, $0.01 par value | |
Trading Symbol | MS/PI | |
Security Exchange Name | NYSE | |
Non-Cumulative Preferred Stock, Series K, $0.01 par value | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Preferred Stock, Series K, $0.01 par value | |
Trading Symbol | MS/PK | |
Security Exchange Name | NYSE | |
Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026 | |
Trading Symbol | MS/26C | |
Security Exchange Name | NYSE | |
Market Vectors ETNs due March 31, 2020 (two issuances) | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Market Vectors ETNs due March 31, 2020 (two issuances) | |
Trading Symbol | URR/DDR | |
Security Exchange Name | NYSEArca | |
Market Vectors ETNs due April 30, 2020 (two issuances) | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Market Vectors ETNs due April 30, 2020 (two issuances) | |
Trading Symbol | CNY/INR | |
Security Exchange Name | NYSEArca | |
Morgan Stanley Cushing® MLP High Income Index ETNs due March 21, 2031 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Morgan Stanley Cushing® MLP High Income Index ETNs due March 21, 2031 | |
Trading Symbol | MLPY | |
Security Exchange Name | NYSEArca |
Consolidated Income Statements
Consolidated Income Statements - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | ||||
Investment banking | $ 1,590 | $ 1,793 | $ 2,832 | $ 3,427 |
Trading | 2,732 | 3,293 | 6,173 | 7,063 |
Investments | 441 | 147 | 714 | 273 |
Commissions and fees | 979 | 1,039 | 1,945 | 2,212 |
Asset management | 3,220 | 3,189 | 6,269 | 6,381 |
Other | 253 | 243 | 554 | 450 |
Total non-interest revenues | 9,215 | 9,704 | 18,487 | 19,806 |
Interest income | 4,506 | 3,294 | 8,796 | 6,154 |
Interest expense | 3,477 | 2,388 | 6,753 | 4,273 |
Net interest | 1,029 | 906 | 2,043 | 1,881 |
Net revenues | 10,244 | 10,610 | 20,530 | 21,687 |
Non-interest expenses | ||||
Compensation and benefits | 4,531 | 4,621 | 9,182 | 9,535 |
Occupancy and equipment | 353 | 346 | 700 | 682 |
Brokerage, clearing and exchange fees | 630 | 609 | 1,223 | 1,236 |
Information processing and communications | 538 | 496 | 1,070 | 974 |
Marketing and business development | 162 | 179 | 303 | 319 |
Professional services | 537 | 580 | 1,051 | 1,090 |
Other | 590 | 670 | 1,143 | 1,322 |
Total non-interest expenses | 7,341 | 7,501 | 14,672 | 15,158 |
Income from continuing operations before income taxes | 2,903 | 3,109 | 5,858 | 6,529 |
Provision for income taxes | 657 | 640 | 1,144 | 1,354 |
Income from continuing operations | 2,246 | 2,469 | 4,714 | 5,175 |
Income (loss) from discontinued operations, net of income taxes | 0 | (2) | 0 | (4) |
Net income | 2,246 | 2,467 | 4,714 | 5,171 |
Net income applicable to noncontrolling interests | 45 | 30 | 84 | 66 |
Net income applicable to Morgan Stanley | 2,201 | 2,437 | 4,630 | 5,105 |
Preferred stock dividends and other | 170 | 170 | 263 | 263 |
Earnings applicable to Morgan Stanley common shareholders | $ 2,031 | $ 2,267 | $ 4,367 | $ 4,842 |
Earnings per common share | ||||
Basic (USD per share) | $ 1.24 | $ 1.32 | $ 2.65 | $ 2.80 |
Diluted (USD per share) | $ 1.23 | $ 1.30 | $ 2.62 | $ 2.75 |
Average common shares outstanding | ||||
Basic (shares) | 1,634 | 1,720 | 1,646 | 1,730 |
Diluted (shares) | 1,655 | 1,748 | 1,666 | 1,760 |
Consolidated Comprehensive Inco
Consolidated Comprehensive Income Statements - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,246 | $ 2,467 | $ 4,714 | $ 5,171 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 65 | (192) | 43 | (75) |
Change in net unrealized gains (losses) on available-for-sale securities | 609 | (126) | 1,038 | (536) |
Pension, postretirement and other | 3 | 6 | 4 | 11 |
Change in net debt valuation adjustment | (246) | 639 | (866) | 1,090 |
Total other comprehensive income (loss) | 431 | 327 | 219 | 490 |
Comprehensive income | 2,677 | 2,794 | 4,933 | 5,661 |
Net income applicable to noncontrolling interests | 45 | 30 | 84 | 66 |
Other comprehensive income (loss) applicable to noncontrolling interests | 9 | (9) | (22) | 63 |
Comprehensive income applicable to Morgan Stanley | $ 2,623 | $ 2,773 | $ 4,871 | $ 5,532 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 38,257 | $ 30,541 |
Interest bearing deposits with banks | 10,888 | 21,299 |
Restricted cash | 30,435 | 35,356 |
Trading assets at fair value ($118,200 and $120,437 were pledged to various parties) | 286,965 | 266,299 |
Investment securities (includes $63,038 and $61,061 at fair value) | 103,066 | 91,832 |
Securities purchased under agreements to resell (includes $4 and $— at fair value) | 85,398 | 98,522 |
Securities borrowed | 133,580 | 116,313 |
Customer and other receivables | 53,381 | 53,298 |
Held for investment (net of allowance of $265 and $238) | 105,145 | 99,815 |
Held for sale | 15,756 | 15,764 |
Goodwill | 7,158 | 6,688 |
Intangible assets (net of accumulated amortization of $3,044 and $2,877) | 2,276 | 2,163 |
Other assets | 19,654 | 15,641 |
Total assets | 891,959 | 853,531 |
Liabilities | ||
Deposits (includes $934 and $442 at fair value) | 176,593 | 187,820 |
Trading liabilities at fair value | 139,405 | 126,747 |
Securities sold under agreements to repurchase (includes $658 and $812 at fair value) | 62,294 | 49,759 |
Securities loaned | 10,325 | 11,908 |
Other secured financings (includes $8,476 and $5,245 at fair value) | 11,981 | 9,466 |
Customer and other payables | 192,098 | 179,559 |
Other liabilities and accrued expenses | 18,570 | 17,204 |
Borrowings (includes $61,509 and $51,184 at fair value) | 197,848 | 189,662 |
Total liabilities | 809,114 | 772,125 |
Commitments and contingent liabilities (see Note 11) | ||
Equity | ||
Preferred stock | 8,520 | 8,520 |
Common stock | 20 | 20 |
Additional paid-in capital | 23,446 | 23,794 |
Retained earnings | 67,588 | 64,175 |
Employee stock trusts | 2,889 | 2,836 |
Accumulated other comprehensive income (loss) | (2,051) | (2,292) |
Common stock held in treasury at cost, $0.01 par value (380,088,871 and 339,065,036 shares) | (15,799) | (13,971) |
Common stock issued to employee stock trusts | (2,889) | (2,836) |
Total Morgan Stanley shareholders’ equity | 81,724 | 80,246 |
Noncontrolling interests | 1,121 | 1,160 |
Total equity | 82,845 | 81,406 |
Total liabilities and equity | $ 891,959 | $ 853,531 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Trading assets pledged to various parties | $ 118,200 | $ 120,437 |
Investment securities at fair value | 63,038 | 61,061 |
Securities purchased under agreement to resell at fair value | 4 | 0 |
Loans held for investment, allowance | 265 | 238 |
Intangible assets, accumulated amortization | 3,044 | 2,877 |
Deposits at fair value | 934 | 442 |
Securities sold under agreement to repurchase at fair value | 658 | 812 |
Other secured financings at fair value | 8,476 | 5,245 |
Borrowings at fair value | $ 61,509 | $ 51,184 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock authorized (shares) | 3,500,000,000 | 3,500,000,000 |
Common stock issued (shares) | 2,038,893,979 | 2,038,893,979 |
Common stock outstanding (shares) | 1,658,805,108 | 1,699,828,943 |
Common stock held in treasury (shares) | 380,088,871 | 339,065,036 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Total Equity - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Employee Stock Trusts | Accumulated Other Comprehensive Income (Loss) | Common Stock Held In Treasury at Cost | Common Stock Issued to Employee Stock Trusts | Non-Controlling Interests | ||
Balance at beginning of period at Dec. 31, 2017 | $ 23,545 | $ 57,577 | $ 2,907 | $ (3,060) | $ (9,211) | $ (2,907) | $ 1,075 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Share-based award activity | (91) | (78) | 734 | 78 | ||||||||
Net income applicable to Morgan Stanley | $ 5,105 | 5,105 | ||||||||||
Preferred stock dividends | (263) | (263) | [1] | |||||||||
Common stock dividends | [1] | (890) | ||||||||||
Repurchases of common stock and employee tax withholdings | (3,173) | |||||||||||
Net income applicable to noncontrolling interests | 66 | 66 | ||||||||||
Net change in Accumulated other comprehensive income (loss) | 490 | 427 | 63 | |||||||||
Other net increases (decreases) | 0 | 193 | ||||||||||
Balance at end of period at Jun. 30, 2018 | 80,506 | $ 8,520 | $ 20 | 23,454 | 61,835 | 2,829 | (3,070) | (11,650) | (2,829) | 1,397 | ||
Balance at beginning of period at Mar. 31, 2018 | 23,260 | 60,009 | 2,907 | (3,406) | (10,369) | (2,907) | 1,455 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Share-based award activity | 194 | (78) | 24 | 78 | ||||||||
Net income applicable to Morgan Stanley | 2,437 | 2,437 | ||||||||||
Preferred stock dividends | (170) | (170) | [1] | |||||||||
Common stock dividends | [1] | (441) | ||||||||||
Repurchases of common stock and employee tax withholdings | (1,305) | |||||||||||
Net income applicable to noncontrolling interests | 30 | 30 | ||||||||||
Net change in Accumulated other comprehensive income (loss) | 327 | 336 | (9) | |||||||||
Other net increases (decreases) | 0 | (79) | ||||||||||
Balance at end of period at Jun. 30, 2018 | 80,506 | 8,520 | 20 | 23,454 | 61,835 | 2,829 | (3,070) | (11,650) | (2,829) | 1,397 | ||
Balance at beginning of period at Dec. 31, 2018 | 81,406 | 23,794 | 64,175 | 2,836 | (2,292) | (13,971) | (2,836) | 1,160 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Share-based award activity | (350) | 53 | 1,081 | (53) | ||||||||
Net income applicable to Morgan Stanley | 4,630 | 4,630 | ||||||||||
Preferred stock dividends | (263) | (263) | [1] | |||||||||
Common stock dividends | [1] | (1,017) | ||||||||||
Repurchases of common stock and employee tax withholdings | (2,909) | |||||||||||
Net income applicable to noncontrolling interests | 84 | 84 | ||||||||||
Net change in Accumulated other comprehensive income (loss) | 219 | 241 | (22) | |||||||||
Other net increases (decreases) | 2 | (101) | ||||||||||
Balance at end of period at Jun. 30, 2019 | 82,845 | 8,520 | 20 | 23,446 | 67,588 | 2,889 | (2,051) | (15,799) | (2,889) | 1,121 | ||
Balance at beginning of period at Mar. 31, 2019 | 23,178 | 66,061 | 3,000 | (2,473) | (14,582) | (3,000) | 1,168 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Share-based award activity | 268 | (111) | 47 | 111 | ||||||||
Net income applicable to Morgan Stanley | 2,201 | 2,201 | ||||||||||
Preferred stock dividends | (170) | (170) | [1] | |||||||||
Common stock dividends | [1] | (504) | ||||||||||
Repurchases of common stock and employee tax withholdings | (1,264) | |||||||||||
Net income applicable to noncontrolling interests | 45 | 45 | ||||||||||
Net change in Accumulated other comprehensive income (loss) | 431 | 422 | 9 | |||||||||
Other net increases (decreases) | 0 | (101) | ||||||||||
Balance at end of period at Jun. 30, 2019 | $ 82,845 | $ 8,520 | $ 20 | $ 23,446 | $ 67,588 | $ 2,889 | $ (2,051) | $ (15,799) | $ (2,889) | $ 1,121 | ||
[1] | See Note 14 for information regarding dividends per share for common stock and each class of preferred stock. |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities | ||
Net income | $ 4,714 | $ 5,171 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
Stock-based compensation expense | 592 | 526 |
Depreciation and amortization | 1,333 | 907 |
(Release of) Provision for credit losses on lending activities | 54 | (29) |
Other operating adjustments | (121) | 18 |
Changes in assets and liabilities: | ||
Trading assets, net of Trading liabilities | 2,621 | 39,106 |
Securities borrowed | (17,267) | (29,238) |
Securities loaned | (1,583) | (872) |
Customer and other receivables and other assets | 48 | (9,279) |
Customer and other payables and other liabilities | 11,522 | 9,053 |
Securities purchased under agreements to resell | 13,124 | (9,670) |
Securities sold under agreements to repurchase | 12,535 | (5,774) |
Net cash provided by (used for) operating activities | 27,572 | (81) |
Proceeds from (payments for): | ||
Other assets—Premises, equipment and software, net | (1,008) | (908) |
Changes in loans, net | (4,886) | (4,560) |
Investment securities: | ||
Purchases | (26,061) | (12,388) |
Proceeds from sales | 9,869 | 2,231 |
Proceeds from paydowns and maturities | 5,040 | 6,469 |
Other investing activities | (776) | (147) |
Net cash provided by (used for) investing activities | (17,822) | (9,303) |
Net proceeds from (payments for): | ||
Other secured financings | 214 | (2,275) |
Deposits | (11,227) | 13,366 |
Proceeds from issuance of Borrowings | 16,692 | 28,234 |
Payments for: | ||
Borrowings | (18,513) | (22,981) |
Repurchases of common stock and employee tax withholdings | (2,909) | (3,173) |
Cash dividends | (1,412) | (1,115) |
Other financing activities | (106) | (230) |
Net cash provided by (used for) financing activities | (17,261) | 11,826 |
Effect of exchange rate changes on cash and cash equivalents | (105) | (1,248) |
Net increase (decrease) in cash and cash equivalents | (7,616) | 1,194 |
Cash and cash equivalents, at beginning of period | 87,196 | 80,395 |
Cash and cash equivalents, at end of period | 79,580 | 81,589 |
Cash and cash equivalents: | ||
Cash and cash equivalents, at end of period | 87,196 | 80,395 |
Supplemental Disclosure of Cash Flow Information | ||
Cash payments for interest | 6,311 | 3,934 |
Cash payments for income taxes, net of refunds | $ 1,115 | $ 790 |
Introduction and Basis of Prese
Introduction and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Introduction and Basis of Presentation | Introduction and Basis of Presentation The Firm Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Unless the context otherwise requires, the terms “Morgan Stanley” or the “Firm” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Acronyms” for definitions of certain acronyms used throughout this Form 10-Q. A description of the clients and principal products and services of each of the Firm’s business segments is as follows: Institutional Securities provides investment banking, sales and trading, lending and other services to corporations, governments, financial institutions, and high to ultra-high net worth clients. Investment banking services consist of capital raising and financial advisory services, including services relating to the underwriting of debt, equity and other securities, as well as advice on mergers and acquisitions, restructurings, real estate and project finance. Sales and trading services include sales, financing, prime brokerage and market-making activities in equity and fixed income products, including foreign exchange and commodities. Lending activities include originating corporate loans, commercial mortgage lending, providing secured lending facilities and extending financing to sales and trading customers. Other activities include investments and research. Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions covering brokerage and investment advisory services; financial and wealth planning services; annuity and insurance products; securities-based lending, residential real estate loans and other lending products; banking and retirement plan services. Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products include equity, fixed income, liquidity and alternative/other products. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are served 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 certain 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 disclosures. The Firm believes that the estimates utilized in the preparation of its financial statements are prudent and reasonable. Actual results could differ materially from these estimates. Intercompany balances and transactions have been eliminated. Certain reclassifications 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 2018 Form 10-K . Certain footnote disclosures included in the 2018 Form 10-K have been condensed or omitted from these financial statements as they are not required for interim reporting under U.S. GAAP. The financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire year. Consolidation The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 12). For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as noncontrolling interests. The net income attributable to noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the consolidated 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 sheets (“balance sheets”). For a discussion of the Firm’s significant regulated U.S. and international subsidiaries and its involvement with VIEs, see Note 1 to the financial statements in the 2018 Form 10-K . |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies For a detailed discussion about the Firm’s significant accounting policies, see Note 2 to the financial statements in the 2018 Form 10-K . During the six months ended June 30, 2019 (“current year period”), there were no significant revisions to the Firm’s significant accounting policies, other than for the accounting updates adopted. Accounting Updates Adopted The Firm adopted the following accounting updates on January 1, 2019. Prior periods are presented under previous policies. Leases The Firm adopted Leases , and recognized leases with terms exceeding one year in the June 30, 2019 balance sheet as right-of-use (“ROU”) assets and corresponding liabilities. The adoption resulted in an increase to Retained earnings of approximately $63 million , net of tax, related to deferred revenue from previously recorded sale-leaseback transactions. At transition on January 1, 2019, the adoption also resulted in a balance sheet gross-up of approximately $4 billion reflected in Other assets and Other liabilities and accrued expenses. See Note 11 for lease disclosures, including amounts reflected in the June 30, 2019 balance sheet. Prior period amounts were not restated. As allowed by the guidance, the Firm elected not to reassess the following at transition: whether existing contracts are or contain leases, and for existing leases, lease classification and initial direct costs. In addition, the Firm continues to account for existing land easements as service contracts. Both at transition and for new leases thereafter, ROU assets and lease liabilities are initially recognized based on the present value of the future minimum lease payments over the lease term, including non-lease components such as fixed common area maintenance costs and other fixed costs such as real estate taxes and insurance. The discount rates used in determining the present value of leases are the Firm’s incremental borrowing rates, developed based upon each lease’s term and currency of payment. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Firm will exercise that option. For operating leases, the ROU assets also include any prepaid lease payments and initial direct costs incurred and are reduced by lease incentives. For these leases, lease expense is recognized on a straight-line basis over the lease term if the ROU asset has not been impaired or abandoned. Derivatives and Hedging (ASU 2018-16) The amendments in this update permit use of the OIS rate based on the Secured Overnight Financing Rate as a U.S. benchmark interest rate for hedge accounting purposes. The Firm adopted this update on a prospective basis for qualifying new or redesignated hedging relationships. This update did not impact the Firm’s pre-existing hedges. |
Fair Values
Fair Values | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Values | Fair Values Recurring Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis At June 30, 2019 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 55,358 $ 27,102 $ 5 $ — $ 82,465 Other sovereign government obligations 32,032 5,221 10 — 37,263 State and municipal securities — 3,335 16 — 3,351 MABS — 1,471 480 — 1,951 Loans and lending commitments 2 — 5,452 5,604 — 11,056 Corporate and other debt — 19,872 1,364 — 21,236 Corporate equities 3 90,741 463 98 — 91,302 Derivative and other contracts: Interest rate 3,158 190,360 1,359 — 194,877 Credit — 5,540 786 — 6,326 Foreign exchange 15 56,361 21 — 56,397 Equity 1,632 41,040 1,401 — 44,073 Commodity and other 1,081 9,200 3,042 — 13,323 Netting 1 (4,645 ) (228,574 ) (1,073 ) (47,940 ) (282,232 ) Total derivative and other contracts 1,241 73,927 5,536 (47,940 ) 32,764 Investments 4 516 275 785 — 1,576 Physical commodities — 908 — — 908 Total trading assets 4 179,888 138,026 13,898 (47,940 ) 283,872 Investment securities—AFS 33,692 29,346 — — 63,038 Securities purchased under agreements to resell — 4 — — 4 Total assets at fair value $ 213,580 $ 167,376 $ 13,898 $ (47,940 ) $ 346,914 At June 30, 2019 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 796 $ 138 $ — $ 934 Trading liabilities: U.S. Treasury and agency securities 12,309 423 — — 12,732 Other sovereign government obligations 22,769 1,960 1 — 24,730 Corporate and other debt — 7,753 2 — 7,755 Corporate equities 3 61,937 198 33 — 62,168 Derivative and other contracts: Interest rate 2,872 179,899 543 — 183,314 Credit — 5,967 924 — 6,891 Foreign exchange 7 59,147 50 — 59,204 Equity 1,366 41,795 3,116 — 46,277 Commodity and other 1,246 6,779 1,181 — 9,206 Netting 1 (4,645 ) (228,574 ) (1,073 ) (38,580 ) (272,872 ) Total derivative and other contracts 846 65,013 4,741 (38,580 ) 32,020 Total trading liabilities 97,861 75,347 4,777 (38,580 ) 139,405 Securities sold under agreements to repurchase — 658 — — 658 Other secured financings — 8,322 154 — 8,476 Borrowings — 57,570 3,939 — 61,509 Total liabilities at fair value $ 97,861 $ 142,693 $ 9,008 $ (38,580 ) $ 210,982 At December 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 $ 38,767 $ 29,594 $ 54 $ — $ 68,415 Other sovereign government obligations 28,395 5,529 17 — 33,941 State and municipal securities — 3,161 148 — 3,309 MABS — 2,154 354 — 2,508 Loans and lending commitments 2 — 4,055 6,870 — 10,925 Corporate and other debt — 18,129 1,076 — 19,205 Corporate equities 3 93,626 522 95 — 94,243 Derivative and other contracts: Interest rate 2,793 155,027 1,045 — 158,865 Credit — 5,707 421 — 6,128 Foreign exchange 62 63,023 161 — 63,246 Equity 1,256 45,596 1,022 — 47,874 Commodity and other 963 8,517 2,992 — 12,472 Netting 1 (4,151 ) (210,190 ) (896 ) (44,175 ) (259,412 ) Total derivative and other contracts 923 67,680 4,745 (44,175 ) 29,173 Investments 4 412 293 757 — 1,462 Physical commodities — 536 — — 536 Total trading assets 4 162,123 131,653 14,116 (44,175 ) 263,717 Investment securities—AFS 36,399 24,662 — — 61,061 Intangible assets — 5 — — 5 Total assets at fair value $ 198,522 $ 156,320 $ 14,116 $ (44,175 ) $ 324,783 At December 31, 2018 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 415 $ 27 $ — $ 442 Trading liabilities: U.S. Treasury and agency securities 11,272 543 — — 11,815 Other sovereign government obligations 21,391 1,454 — — 22,845 Corporate and other debt — 8,550 1 — 8,551 Corporate equities 3 56,064 199 15 — 56,278 Derivative and other contracts: Interest rate 2,927 142,746 427 — 146,100 Credit — 5,772 381 — 6,153 Foreign exchange 41 63,379 86 — 63,506 Equity 1,042 47,091 2,507 — 50,640 Commodity and other 1,228 6,872 940 — 9,040 Netting 1 (4,151 ) (210,190 ) (896 ) (32,944 ) (248,181 ) Total derivative and other contracts 1,087 55,670 3,445 (32,944 ) 27,258 Total trading liabilities 89,814 66,416 3,461 (32,944 ) 126,747 Securities sold under agreements to repurchase — 812 — — 812 Other secured financings — 5,037 208 — 5,245 Borrowings — 47,378 3,806 — 51,184 Total liabilities at fair value $ 89,814 $ 120,058 $ 7,502 $ (32,944 ) $ 184,430 MABS — Mortgage- and asset-backed securities 1. For positions with the same counterparty classified in different levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within the column for that level. For further information on derivative instruments and hedging activities, see Note 4. 2. For a further breakdown by type, see the following Breakdown of Loans and Lending Commitments at Fair Value table. 3. For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes. 4. Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements — Fund Interests” herein. Breakdown of Loans and Lending Commitments at Fair Value $ in millions At At Corporate $ 8,241 $ 9,171 Residential real estate 1,274 1,153 Commercial real estate 1,541 601 Total $ 11,056 $ 10,925 Unsettled Fair Value of Futures Contracts 1 $ in millions At At Customer and other receivables, net $ 507 $ 615 1. These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables. For a description of the valuation techniques applied to the Firm’s major categories of assets and liabilities measured at fair value on a recurring basis, see Note 3 to the financial statements in the 2018 Form 10-K . During the current year period, there were no significant revisions made to the Firm’s valuation techniques. Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Assets at Fair value U.S. Treasury and agency securities Beginning balance $ 7 $ — $ 54 $ — Purchases 5 — 5 — Sales (4 ) — (54 ) — Net transfers (3 ) — — — Ending balance $ 5 $ — $ 5 $ — Unrealized gains (losses) $ — $ — $ — $ — Other sovereign government obligations Beginning balance $ 5 $ 7 $ 17 $ 1 Realized and unrealized gains (losses) — (3 ) — — Purchases 8 2 8 4 Sales (3 ) (1 ) (4 ) — Net transfers — — (11 ) — Ending balance $ 10 $ 5 $ 10 $ 5 Unrealized gains (losses) $ — $ — $ — $ — State and municipal securities Beginning balance $ 12 $ 2 $ 148 $ 8 Realized and unrealized gains (losses) — — — — Purchases 15 1 15 1 Sales (11 ) (1 ) (43 ) (7 ) Net transfers — — (104 ) — Ending balance $ 16 $ 2 $ 16 $ 2 Unrealized gains (losses) $ — $ — $ — $ — MABS Beginning balance $ 301 $ 342 $ 354 $ 423 Realized and unrealized gains (losses) (5 ) — 3 76 Purchases 52 35 63 74 Sales (43 ) (88 ) (133 ) (282 ) Settlements (19 ) (7 ) (22 ) (12 ) Net transfers 194 45 215 48 Ending balance $ 480 $ 327 $ 480 $ 327 Unrealized gains (losses) $ (12 ) $ (6 ) $ (24 ) $ — Loans and lending commitments Beginning balance $ 6,343 $ 8,128 $ 6,870 $ 5,945 Realized and unrealized gains (losses) 73 (62 ) 44 (6 ) Purchases and originations 957 1,726 1,548 3,841 Sales (1,021 ) (615 ) (588 ) (913 ) Settlements (733 ) (1,781 ) (1,487 ) (1,531 ) Net transfers (15 ) (473 ) (783 ) (413 ) Ending balance $ 5,604 $ 6,923 $ 5,604 $ 6,923 Unrealized gains (losses) $ 66 $ (78 ) $ 44 $ (61 ) Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Corporate and other debt Beginning balance $ 1,061 $ 814 $ 1,076 $ 701 Realized and unrealized gains (losses) 86 37 161 43 Purchases 407 166 428 366 Sales (101 ) (194 ) (267 ) (165 ) Settlements (3 ) (3 ) (5 ) (1 ) Net transfers (86 ) (119 ) (29 ) (243 ) Ending balance $ 1,364 $ 701 $ 1,364 $ 701 Unrealized gains (losses) $ 85 $ 5 $ 152 $ 6 Corporate equities Beginning balance $ 152 $ 233 $ 95 $ 166 Realized and unrealized gains (losses) (12 ) (4 ) (10 ) 2 Purchases 21 21 28 43 Sales (13 ) (25 ) (31 ) (49 ) Net transfers (50 ) (54 ) 16 9 Ending balance $ 98 $ 171 $ 98 $ 171 Unrealized gains (losses) $ (10 ) $ (3 ) $ (7 ) $ (7 ) Investments Beginning balance $ 974 $ 1,012 $ 757 $ 1,020 Realized and unrealized gains (losses) 26 (8 ) 38 23 Purchases 9 17 14 64 Sales (32 ) (28 ) (36 ) (133 ) Net transfers (192 ) (52 ) 12 (33 ) Ending balance $ 785 $ 941 $ 785 $ 941 Unrealized gains (losses) $ 29 $ 2 $ 38 $ 7 Net derivative and other contracts: Interest rate Beginning balance $ 551 $ 670 $ 618 $ 1,218 Realized and unrealized gains (losses) 238 (75 ) 183 (1 ) Purchases 53 61 59 69 Issuances (19 ) (24 ) (30 ) (51 ) Settlements (1 ) (45 ) (15 ) (131 ) Net transfers (6 ) (20 ) 1 (537 ) Ending balance $ 816 $ 567 $ 816 $ 567 Unrealized gains (losses) $ 230 $ (99 ) $ 234 $ (13 ) Credit Beginning balance $ (261 ) $ (30 ) $ 40 $ 41 Realized and unrealized gains (losses) 30 111 217 (22 ) Purchases 28 15 93 4 Issuances (19 ) (41 ) (470 ) (40 ) Settlements 39 (57 ) (8 ) 17 Net transfers 45 — (10 ) (2 ) Ending balance $ (138 ) $ (2 ) $ (138 ) $ (2 ) Unrealized gains (losses) $ 30 $ 115 $ 224 $ (28 ) Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Foreign exchange Beginning balance $ 5 $ (33 ) $ 75 $ (112 ) Realized and unrealized gains (losses) (33 ) 37 (154 ) 96 Purchases — — — — Issuances — (19 ) — (46 ) Settlements (22 ) (3 ) (12 ) 46 Net transfers 21 (8 ) 62 (10 ) Ending balance $ (29 ) $ (26 ) $ (29 ) $ (26 ) Unrealized gains (losses) $ (37 ) $ 43 $ (45 ) $ 28 Equity Beginning balance $ (1,760 ) $ 1,015 $ (1,485 ) $ 1,208 Realized and unrealized gains (losses) 86 51 (92 ) 163 Purchases 60 29 96 94 Issuances (158 ) (191 ) (359 ) (930 ) Settlements 43 185 185 294 Net transfers 14 (2,624 ) (60 ) (2,364 ) Ending balance $ (1,715 ) $ (1,535 ) $ (1,715 ) $ (1,535 ) Unrealized gains (losses) $ 70 $ (14 ) $ (106 ) $ 135 Commodity and other Beginning balance $ 2,106 $ 1,660 $ 2,052 $ 1,446 Realized and unrealized gains (losses) (145 ) 170 (113 ) 392 Purchases 8 1 16 35 Issuances (2 ) (3 ) (17 ) (6 ) Settlements (106 ) 122 (183 ) 7 Net transfers — 82 106 158 Ending balance $ 1,861 $ 2,032 $ 1,861 $ 2,032 Unrealized gains (losses) $ (272 ) $ 107 $ (306 ) $ 230 Liabilities at Fair Value Deposits Beginning balance $ 99 $ 44 $ 27 $ 47 Realized and unrealized losses (gains) 6 (1 ) 12 (1 ) Issuances 24 5 51 10 Settlements (4 ) — (4 ) (1 ) Net transfers 13 (11 ) 52 (18 ) Ending balance $ 138 $ 37 $ 138 $ 37 Unrealized losses (gains) $ 6 $ (1 ) $ 12 $ (1 ) Nonderivative trading liabilities Beginning balance $ 43 $ 39 $ 16 $ 25 Realized and unrealized losses (gains) (9 ) (3 ) (10 ) (6 ) Purchases (24 ) (17 ) (30 ) (19 ) Sales 11 7 28 22 Net transfers 15 (1 ) 32 3 Ending balance $ 36 $ 25 $ 36 $ 25 Unrealized losses (gains) $ (9 ) $ (2 ) $ (10 ) $ (4 ) Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Securities sold under agreements to repurchase Beginning balance $ — $ — $ — $ 150 Net transfers — — — (150 ) Ending balance $ — $ — $ — $ — Unrealized losses (gains) $ — $ — $ — $ — Other secured financings Beginning balance $ 153 $ 220 $ 208 $ 239 Realized and unrealized losses (gains) 2 (5 ) 6 (17 ) Issuances — 4 — 7 Settlements (1 ) (8 ) (8 ) (18 ) Net transfers — (41 ) (52 ) (41 ) Ending balance $ 154 $ 170 $ 154 $ 170 Unrealized losses (gains) $ 2 $ (5 ) $ 6 $ (17 ) Borrowings Beginning balance $ 3,775 $ 3,626 $ 3,806 $ 2,984 Realized and unrealized losses (gains) 172 (130 ) 444 (201 ) Issuances 354 306 598 825 Settlements (99 ) (141 ) (243 ) (195 ) Net transfers (263 ) (366 ) (666 ) (118 ) Ending balance $ 3,939 $ 3,295 $ 3,939 $ 3,295 Unrealized losses (gains) $ 173 $ (133 ) $ 419 $ (199 ) Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA 35 (16 ) 91 (119 ) Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2. The realized and unrealized gains (losses) for assets and liabilities within the Level 3 category presented in the previous tables do not reflect the related realized and unrealized gains (losses) on hedging instruments that have been classified by the Firm within the Level 1 and/or Level 2 categories. The unrealized gains (losses) during the period for assets and liabilities within the Level 3 category may include changes in fair value during the period that were attributable to both observable and unobservable inputs. Total realized and unrealized gains (losses) are primarily included in Trading revenues in the income statements. Additionally, in the previous tables, consolidations of VIEs are included in Purchases and deconsolidations of VIEs are included in Settlements. Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Valuation Techniques and Unobservable Inputs Balance / Range (Average) 1 $ in millions, except inputs At June 30, 2019 At December 31, 2018 Assets Measured at Fair Value on a Recurring Basis MABS $ 480 $ 354 Comparable pricing: Bond price 1 to 97 points 0 to 97 points (38 points) Loans and lending commitments $ 5,604 $ 6,870 Margin loan model: Discount rate 1% to 6% (2%) 1% to 7% (2%) Volatility skew 14% to 63% (21%) 19% to 56% (28%) Credit Spread 10 to 63 bps (28 bps) 14 to 90 bps (36 bps) Comparable pricing: Loan price 76 to 103 points 60 to 101 points (95 points) Corporate and other debt $ 1,364 $ 1,076 Comparable pricing: Bond price 12 to 100 points 12 to 100 points (72 points) Discounted cash flow: Recovery rate 27 % 20 % Discount rate N/M 15% to 21% (16%) Option model: At the money volatility 20 % 24% to 78% (50%) Corporate equities $ 98 $ 95 Comparable pricing: Equity price 100 % 100 % Investments $ 785 $ 757 Discounted cash flow: WACC 14% to 17% (15%) 9% to 15% (10%) Exit multiple 7 to 15 times (11 times) 7 to 10 times (10 times) Market approach: EBITDA multiple 6 to 25 times (11 times) 6 to 24 times (12 times) Comparable pricing: Equity price 75% to 100% (99%) 75% to 100% (96%) Net derivative and other contracts: Interest rate $ 816 $ 618 Option model: IR volatility skew 25% to 127% 22% to 95% (48% / 51%) Contingency probability 90% to 95% (93% / 93%) N/M Inflation volatility 23% to 62% (43% / 40%) 23% to 65% (44% / 40%) IR curve 1 % 1 % Balance / Range (Average) 1 $ in millions, except inputs At June 30, 2019 At December 31, 2018 Credit $ (138 ) $ 40 Comparable pricing: Cash-synthetic basis 12 points 8 to 9 points (9 points) Bond price 0 to 83 points 0 to 75 points (26 points) Credit spread 12 to 499 bps (100 bps) 246 to 499 bps (380 bps) Funding spread 63 to 105 bps (95 bps) 47 to 98 bps (93 bps) Correlation model: Credit correlation 31% to 64% (38%) 36% to 69% (44%) Foreign exchange 2 $ (29 ) $ 75 Option model: IR FX correlation 29% to 57% (46% / 46%) 53% to 56% (55% / 55%) IR volatility skew 25% to 127% 22% to 95% (48% / 51%) Contingency probability 67% to 97% (82% / 82%) 90% to 95% (93% / 95%) Equity 2 $ (1,715 ) $ (1,485 ) Option model: At the money volatility 6% to 72% (36%) 17% to 63% (38%) Volatility skew -2% to 0% (-1%) -2% to 0% (-1%) Equity correlation 5% to 96% (71%) 5% to 96% (71%) FX correlation -60% to 55% (-17%) -60% to 55% (-26%) IR correlation -7% to 44% (16% / 13%) -7% to 45% (15% / 12%) Commodity and other $ 1,861 $ 2,052 Option model: Forward power price $4 to $118 ($28) per MWh 3 to $185 ($31) per MWh Commodity volatility 7% to 213% (16%) 7% to 187% (17%) Cross-commodity correlation 5% to 99% (93%) 5% to 99% (93%) Liabilities Measured at Fair Value on a Recurring Basis Deposits $ 138 $ 27 Option Model: At the money volatility 20% to 30% (22%) N/M Other secured financings $ 154 $ 208 Discounted cash flow: Funding spread 111 to 155 bps (133 bps) 103 to 193 bps (148 bps) Option model: Volatility skew N/M -1 % At the money volatility 10% to 40% (30%) 10% to 40% (25%) Borrowings $ 3,939 $ 3,806 Option model: At the money volatility 6% to 35% (21%) 5% to 35% (22%) Volatility skew -1% to 0% (0%) -2% to 0% (0%) Equity correlation 38% to 94% (75%) 45% to 98% (85%) Equity - FX correlation -72% to 30% (-28%) -75% to 50% (-27%) IR Correlation N/M 58% to 97% (85% / 91%) IR FX Correlation 25% to 58% (38% / 34%) 28% to 58% (44% / 44%) Balance / Range (Average) 1 $ in millions, except inputs At June 30, 2019 At December 31, 2018 Nonrecurring Fair Value Measurement Loans $ 1,298 $ 1,380 Corporate loan model: Credit spread 58 to 448 bps (202 bps) 97 to 434 bps (181 bps) Warehouse model: Credit spread 264 to 271 bps (266 bps) 223 to 313 bps (247 bps) Points—Percentage of par IR—Interest rate FX—Foreign exchange 1. A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant. 2. Includes derivative contracts with multiple risks ( i.e. , hybrid products). The previous tables provide information 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. In general, there are no predictable relationships between multiple significant unobservable inputs attributable to a given valuation technique. For a description of the Firm’s significant unobservable inputs and qualitative information about the effect of hypothetical changes in the values of those inputs, see Note 3 to the financial statements in the 2018 Form 10-K . During the current year period, there were no significant revisions made to the descriptions of the Firm’s significant unobservable inputs. Net Asset Value Measurements Fund Interests At June 30, 2019 At December 31, 2018 $ in millions Carrying Value Commitment Carrying Value Commitment Private equity $ 1,545 $ 368 $ 1,374 $ 316 Real estate 1,452 155 1,105 161 Hedge 1 96 4 103 4 Total $ 3,093 $ 527 $ 2,582 $ 481 1. Investments in hedge funds may be subject to initial period lock-up or gate provisions, which restrict an investor from withdrawing from the fund during a certain initial period or restrict the redemption amount on any redemption date, respectively. For a description of the Firm’s investments in private equity funds, real estate funds and hedge funds, which are measured based on NAV, see Note 3 to the financial statements in the 2018 Form 10-K . Amounts in the previous table represent the Firm’s carrying value of general and limited partnership interests in fund investments, as well as any carried interest. The carrying amounts are measured based on the NAV of the fund taking into account the distribution terms applicable to the interest held. This same measurement applies whether the fund investments are accounted for under the equity method or fair value. See Note 11 for information regarding general partner guarantees, which include potential obligations to return performance-based fees in the form of carried interest previously received. See Note 18 for information regarding carried interest at risk of reversal. Nonredeemable Funds by Contractual Maturity Carrying Value at June 30, 2019 $ in millions Private Equity Real Estate Less than 5 years $ 802 $ 634 5-10 years 720 740 Over 10 years 23 78 Total $ 1,545 $ 1,452 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 the complexities of applying certain accounting models. Borrowings Measured at Fair Value on a Recurring Basis $ in millions At At Business Unit Responsible for Risk Management Equity $ 29,459 $ 24,494 Interest rates 26,343 22,343 Commodities 3,975 2,735 Credit 1,159 856 Foreign exchange 573 756 Total $ 61,509 $ 51,184 Gains (Losses) on Borrowings under the Fair Value Option Three Months Ended June 30, Six Months Ended June 30, $ in millions 2019 2018 2019 2018 Trading revenues $ (2,190 ) $ 859 $ (5,093 ) $ 885 Interest expense (94 ) (73 ) (187 ) (175 ) Net revenues 1 $ (2,284 ) $ 786 $ (5,280 ) $ 710 1. Amounts do not reflect any gains or losses from related economic hedges. Gains (losses) are recorded in Trading revenues and are mainly attributable to movements in the reference price or index, interest rates or foreign exchange rates. Gains (Losses) Due to Changes in Instrument-Specific Credit Risk Three Months Ended June 30, 2019 2018 $ in millions Trading Revenues OCI Trading Revenues OCI Borrowings $ (3 ) $ (328 ) $ (3 ) $ 842 Loans and other debt 1 58 — 63 — Lending commitments (1 ) — 1 — Other — 1 — — Six Months Ended June 30, 2019 2018 $ in millions Trading Revenues OCI Trading Revenues OCI Borrowings $ (7 ) $ (1,144 ) $ (18 ) $ 1,435 Loans and other debt 1 151 — 144 — Lending commitments (2 ) — 3 — Other — (3 ) — 2 $ in millions At At Cumulative pre-tax DVA gain (loss) recognized in AOCI $ (975 ) $ 172 1. Loans and other debt instrument-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses. Difference Between Contractual Principal and Fair Value 1 $ in millions At At Loans and other debt 2 $ 13,064 $ 13,094 Nonaccrual loans 2 10,950 10,831 Borrowings 3 (503 ) 2,657 1. Amounts indicate contractual principal greater than or (less than) fair value. 2. The majority of the difference between principal and fair value amounts for loans and other debt relates to distressed debt positions purchased at amounts well below par. 3. Borrowings in this table do not include structured notes where the repayment of the initial principal amount fluctuates based on changes in a reference price or index. The previous tables exclude non-recourse debt from consolidated VIEs, liabilities related to failed sales of financial assets, pledged commodities and other liabilities that have specified assets attributable to them. Fair Value Loans on Nonaccrual Status $ in millions At At Nonaccrual loans $ 971 $ 1,497 Nonaccrual loans 90 or more days past due $ 526 $ 812 Nonrecurring Fair Value Measurements Carrying and Fair Values At June 30, 2019 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 2,065 $ 1,298 $ 3,363 Other assets—Other investments — 30 30 Other assets—Premises, equipment and software — — — Total $ 2,065 $ 1,328 $ 3,393 Liabilities Other liabilities and accrued expenses—Lending commitments $ 168 $ 55 $ 223 Total $ 168 $ 55 $ 223 At December 31, 2018 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 2,307 $ 1,380 $ 3,687 Other assets—Other investments 14 100 114 Other assets—Premises, equipment and software — — — Total $ 2,321 $ 1,480 $ 3,801 Liabilities Other liabilities and accrued expenses—Lending commitments $ 292 $ 65 $ 357 Total $ 292 $ 65 $ 357 1. For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement. Gains (Losses) from Fair Value Remeasurements 1 Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Assets Loans 2 $ (10 ) $ (1 ) $ 17 $ 8 Other assets—Other investments — (7 ) (5 ) (7 ) Other assets—Premises, equipment and software (2 ) (2 ) (4 ) (10 ) Total $ (12 ) $ (10 ) $ 8 $ (9 ) Liabilities Other liabilities and accrued expenses—Lending commitments 2 $ 7 $ (30 ) $ 74 $ (12 ) Total $ 7 $ (30 ) $ 74 $ (12 ) 1. Gains and losses for Loans and Other assets—Other investments are classified in Other revenues. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise they are recorded in Other expenses. 2. Nonrecurring changes in the fair value of loans and lending commitments were calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable. Financial Instruments Not Measured at Fair Value Carrying and Fair Values At June 30, 2019 Carrying Value Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents: Cash and due from banks $ 38,257 $ 38,257 $ — $ — $ 38,257 Interest bearing deposits with banks 10,888 10,888 — — 10,888 Restricted cash 30,435 30,435 — — 30,435 Investment securities—HTM 40,028 25,672 14,243 604 40,519 Securities purchased under agreements to resell 85,394 — 84,026 1,435 85,461 Securities borrowed 133,580 — 133,581 — 133,581 Customer and other receivables 1 48,423 — 45,511 2,845 48,356 Loans 2 120,901 — 22,661 98,563 121,224 Other assets 461 — 461 — 461 Financial liabilities Deposits $ 175,659 $ — $ 175,954 $ — $ 175,954 Securities sold under agreements to repurchase 61,636 — 61,083 525 61,608 Securities loaned 10,325 — 10,324 — 10,324 Other secured financings 3,505 — 3,508 — 3,508 Customer and other payables 1 188,622 — 188,622 — 188,622 Borrowings 136,339 — 140,512 11 140,523 Commitment Lending commitments 3 $ 125,417 $ — $ 919 $ 325 $ 1,244 At December 31, 2018 Carrying Value Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents: Cash and due from banks $ 30,541 $ 30,541 $ — $ — $ 30,541 Interest bearing deposits with banks 21,299 21,299 — — 21,299 Restricted cash 35,356 35,356 — — 35,356 Investment securities—HTM 30,771 17,473 12,018 474 29,965 Securities purchased under agreements to resell 98,522 — 97,611 866 98,477 Securities borrowed 116,313 — 116,312 — 116,312 Customer and other receivables 1 47,972 — 44,620 3,219 47,839 Loans 2 115,579 — 25,604 90,121 115,725 Other assets 461 — 461 — 461 Financial liabilities Deposits $ 187,378 $ — $ 187,372 $ — $ 187,372 Securities sold under agreements to repurchase 48,947 — 48,385 525 48,910 Securities loaned 11,908 — 11,906 — 11,906 Other secured financings 4,221 — 3,233 994 4,227 Customer and other payables 1 176,561 — 176,561 — 176,561 Borrowings 138,478 — 140,085 30 140,115 Commitment Lending commitments 3 $ 104,844 $ — $ 1,249 $ 321 $ 1,570 1. Accrued interest and dividend receivables and payables where carrying value approximates fair value have been excluded. 2. Amounts include loans measured at fair value on a nonrecurring basis. 3. Represents Lending Commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 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. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Fair Values of Derivative Contracts At June 30, 2019 Assets $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 604 $ 2 $ — $ 606 Foreign exchange 1 5 — 6 Total 605 7 — 612 Not designated as accounting hedges Interest rate 187,449 5,417 1,405 194,271 Credit 4,438 1,888 — 6,326 Foreign exchange 54,977 1,369 45 56,391 Equity 23,127 — 20,946 44,073 Commodity and other 10,902 — 2,421 13,323 Total 280,893 8,674 24,817 314,384 Total gross derivatives $ 281,498 $ 8,681 $ 24,817 $ 314,996 Amounts offset Counterparty netting (208,559 ) (6,936 ) (23,321 ) (238,816 ) Cash collateral netting (42,075 ) (1,341 ) — (43,416 ) Total in Trading assets $ 30,864 $ 404 $ 1,496 $ 32,764 Amounts not offset 1 Financial instruments collateral (13,536 ) — — (13,536 ) Other cash collateral (41 ) — — (41 ) Net amounts $ 17,287 $ 404 $ 1,496 $ 19,187 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 2,083 Liabilities $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ — $ — $ — Foreign exchange 130 43 — 173 Total 130 43 — 173 Not designated as accounting hedges Interest rate 178,461 3,724 1,129 183,314 Credit 4,491 2,400 — 6,891 Foreign exchange 57,499 1,490 42 59,031 Equity 25,358 — 20,919 46,277 Commodity and other 6,742 — 2,464 9,206 Total 272,551 7,614 24,554 304,719 Total gross derivatives $ 272,681 $ 7,657 $ 24,554 $ 304,892 Amounts offset Counterparty netting (208,559 ) (6,936 ) (23,321 ) (238,816 ) Cash collateral netting (33,408 ) (648 ) — (34,056 ) Total in Trading liabilities $ 30,714 $ 73 $ 1,233 $ 32,020 Amounts not offset 1 Financial instruments collateral (11,291 ) — (488 ) (11,779 ) Other cash collateral (39 ) (10 ) — (49 ) Net amounts $ 19,384 $ 63 $ 745 $ 20,192 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 3,247 At December 31, 2018 Assets $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 512 $ 1 $ — $ 513 Foreign exchange 27 8 — 35 Total 539 9 — 548 Not designated as accounting hedges Interest rate 153,768 3,887 697 158,352 Credit 4,630 1,498 — 6,128 Foreign exchange 61,846 1,310 55 63,211 Equity 24,590 — 23,284 47,874 Commodity and other 10,538 — 1,934 12,472 Total 255,372 6,695 25,970 288,037 Total gross derivatives $ 255,911 $ 6,704 $ 25,970 $ 288,585 Amounts offset Counterparty netting (190,220 ) (5,260 ) (24,548 ) (220,028 ) Cash collateral netting (38,204 ) (1,180 ) — (39,384 ) Total in Trading assets $ 27,487 $ 264 $ 1,422 $ 29,173 Amounts not offset 1 Financial instruments collateral (12,467 ) — — (12,467 ) Other cash collateral (31 ) — — (31 ) Net amounts $ 14,989 $ 264 $ 1,422 $ 16,675 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 2,206 Liabilities $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 176 $ — $ — $ 176 Foreign exchange 62 24 — 86 Total 238 24 — 262 Not designated as accounting hedges Interest rate 142,592 2,669 663 145,924 Credit 4,545 1,608 — 6,153 Foreign exchange 62,099 1,302 19 63,420 Equity 27,119 — 23,521 50,640 Commodity and other 6,983 — 2,057 9,040 Total 243,338 5,579 26,260 275,177 Total gross derivatives $ 243,576 $ 5,603 $ 26,260 $ 275,439 Amounts offset Counterparty netting (190,220 ) (5,260 ) (24,548 ) (220,028 ) Cash collateral netting (27,860 ) (293 ) — (28,153 ) Total in Trading liabilities $ 25,496 $ 50 $ 1,712 $ 27,258 Amounts not offset 1 Financial instruments collateral (4,709 ) — (766 ) (5,475 ) Other cash collateral (53 ) (1 ) — (54 ) Net amounts $ 20,734 $ 49 $ 946 $ 21,729 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 4,773 1. Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. See Note 3 for information related to the unsettled fair value of futures contracts not designated as accounting hedges, which are excluded from the previous tables. Notionals of Derivative Contracts At June 30, 2019 Assets $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 14 $ 132 $ — $ 146 Foreign exchange — 1 — 1 Total 14 133 — 147 Not designated as accounting hedges Interest rate 4,899 8,622 1,059 14,580 Credit 121 71 — 192 Foreign exchange 2,781 106 12 2,899 Equity 402 — 404 806 Commodity and other 100 — 70 170 Total 8,303 8,799 1,545 18,647 Total gross derivatives $ 8,317 $ 8,932 $ 1,545 $ 18,794 Liabilities $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ 29 $ — $ 29 Foreign exchange 10 1 — 11 Total 10 30 — 40 Not designated as accounting hedges Interest rate 4,876 8,583 957 14,416 Credit 139 79 — 218 Foreign exchange 2,885 109 13 3,007 Equity 407 — 460 867 Commodity and other 90 — 66 156 Total 8,397 8,771 1,496 18,664 Total gross derivatives $ 8,407 $ 8,801 $ 1,496 $ 18,704 At December 31, 2018 Assets $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 15 $ 52 $ — $ 67 Foreign exchange 5 1 — 6 Total 20 53 — 73 Not designated as accounting hedges Interest rate 4,807 6,708 1,157 12,672 Credit 162 74 — 236 Foreign exchange 2,436 118 14 2,568 Equity 373 — 371 744 Commodity and other 97 — 67 164 Total 7,875 6,900 1,609 16,384 Total gross derivatives $ 7,895 $ 6,953 $ 1,609 $ 16,457 Liabilities $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 2 $ 107 $ — $ 109 Foreign exchange 5 1 — 6 Total 7 108 — 115 Not designated as accounting hedges Interest rate 4,946 5,735 781 11,462 Credit 162 73 — 235 Foreign exchange 2,451 114 17 2,582 Equity 389 — 602 991 Commodity and other 72 — 65 137 Total 8,020 5,922 1,465 15,407 Total gross derivatives $ 8,027 $ 6,030 $ 1,465 $ 15,522 The Firm believes that the notional amounts of derivative contracts generally overstate its exposure. In most circumstances notional amounts are only used as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the benefit of legally enforceable netting arrangements or risk mitigating transactions. For a discussion of the Firm’s derivative instruments and hedging activities, see Note 4 to the financial statements in the 2018 Form 10-K . Gains (Losses) on Accounting Hedges Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Fair Value Hedges—Recognized in Interest Income 1 Interest rate contracts $ (14 ) $ — $ (19 ) $ — Investment Securities—AFS 14 — 19 — Fair Value Hedges—Recognized in Interest Expense Interest rate contracts $ 2,470 $ (619 ) $ 4,047 $ (2,460 ) Borrowings (2,494 ) 587 (4,115 ) 2,439 Net Investment Hedges—Foreign exchange contracts Recognized in OCI, net of tax $ (114 ) $ 395 $ (50 ) $ 247 Forward points excluded from hedge effectiveness testing—Recognized in Interest income 42 24 77 31 Fair Value Hedges—Hedged Items $ in millions At At Investment Securities—AFS Carrying amount 2 currently or previously hedged $ 532 $ 201 Basis adjustments included in carrying amount 3 $ 23 $ 4 Borrowings Carrying amount 2 currently or previously hedged $ 104,752 $ 102,899 Basis adjustments included in carrying amount 3 $ 2,428 $ (1,689 ) 1. The Firm began designating interest rate swaps as fair value hedges of certain AFS securities in the third quarter of 2018. 2. Carrying amount represents amortized cost basis. 3. Hedge accounting basis adjustments for AFS securities and Borrowings are primarily related to outstanding hedges. Net Derivative Liabilities and Collateral Posted $ in millions At At Net derivative liabilities with credit risk-related contingent features $ 22,589 $ 16,403 Collateral posted 17,556 11,981 The previous table presents the aggregate fair value of certain derivative contracts that contain credit risk-related contingent features that are in a net liability position for which the Firm has posted collateral in the normal course of business. Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade $ in millions At One-notch downgrade $ 492 Two-notch downgrade 339 Bilateral downgrade agreements included in the amounts above 1 $ 755 1. Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades. The additional collateral or termination payments that may be called in the event of a future credit rating downgrade vary by contract and can be based on ratings by either or both of Moody’s Investors Service, Inc. (“Moody’s”) and S&P Global Ratings. The previous table shows the future potential collateral amounts and termination payments that could be called or required by counterparties or exchange and clearing organizations in the event of one-notch or two-notch downgrade scenarios based on the relevant contractual downgrade triggers. Maximum Potential Payout/Notional of Credit Protection Sold 1 Years to Maturity at June 30, 2019 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 17 $ 20 $ 24 $ 9 $ 70 Non-investment grade 9 11 10 2 32 Total $ 26 $ 31 $ 34 $ 11 $ 102 Index and basket CDS Investment grade $ 3 $ 7 $ 34 $ 10 $ 54 Non-investment grade 7 6 13 11 37 Total $ 10 $ 13 $ 47 $ 21 $ 91 Total CDS sold $ 36 $ 44 $ 81 $ 32 $ 193 Other credit contracts — — — — — Total credit protection sold $ 36 $ 44 $ 81 $ 32 $ 193 CDS protection sold with identical protection purchased $ 181 Years to Maturity at December 31, 2018 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 22 $ 24 $ 19 $ 8 $ 73 Non-investment grade 10 11 9 1 31 Total $ 32 $ 35 $ 28 $ 9 $ 104 Index and basket CDS Investment grade $ 5 $ 10 $ 61 $ 7 $ 83 Non-investment grade 5 6 13 13 37 Total $ 10 $ 16 $ 74 $ 20 $ 120 Total CDS sold $ 42 $ 51 $ 102 $ 29 $ 224 Other credit contracts — — — — — Total credit protection sold $ 42 $ 51 $ 102 $ 29 $ 224 CDS protection sold with identical protection purchased $ 210 Fair Value Asset (Liability) of Credit Protection Sold 1 $ in millions At At Single-name CDS Investment grade $ 446 $ 118 Non-investment grade (487 ) (403 ) Total $ (41 ) $ (285 ) Index and basket CDS Investment grade $ 906 $ 314 Non-investment grade (381 ) (1,413 ) Total $ 525 $ (1,099 ) Total CDS sold $ 484 $ (1,384 ) Other credit contracts (11 ) (14 ) Total credit protection sold $ 473 $ (1,398 ) 1. Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the Credit Risk Management Department’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor. Protection Purchased with CDS Fair Value Asset (Liability) $ in millions At June 30, 2019 At December 31, 2018 Single name $ (226 ) $ 277 Index and basket (396 ) 1,333 Tranched index and basket (427 ) (251 ) Total $ (1,049 ) $ 1,359 Notional $ in billions At June 30, 2019 At December 31, 2018 Single name $ 111 $ 116 Index and basket 89 117 Tranched index and basket 17 14 Total $ 217 $ 247 The Firm enters into credit derivatives, principally CDS, under which it receives or provides protection against the risk of default on a set of debt obligations issued by a specified reference entity or entities. A majority of the Firm’s counterparties for these derivatives are banks, broker-dealers, and insurance and other financial institutions. The fair value amounts as shown in the previous tables are prior to cash collateral or counterparty netting. For further information on credit derivatives and other contracts, see Note 4 to the financial statements in the 2018 Form 10-K . |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities AFS and HTM Securities At June 30, 2019 $ in millions Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agency securities: U.S. Treasury securities $ 32,931 $ 218 $ 159 $ 32,990 U.S. agency securities 1 22,972 188 126 23,034 Total U.S. government and agency securities 55,903 406 285 56,024 Corporate and other debt: Agency CMBS 2,888 57 37 2,908 Non-agency CMBS 220 — 2 218 Auto loan ABS 4 — — 4 Corporate bonds 1,842 10 5 1,847 State and municipal securities 333 10 — 343 FFELP student loan ABS 2 1,706 5 17 1,694 Total corporate and other debt 6,993 82 61 7,014 Total AFS securities 62,896 488 346 63,038 HTM securities U.S. government and agency securities: U.S. Treasury securities 25,232 509 69 25,672 U.S. agency securities 1 14,212 117 86 14,243 Total U.S. government and agency securities 39,444 626 155 39,915 Corporate and other debt: Non-agency CMBS 584 20 — 604 Total HTM securities 40,028 646 155 40,519 Total investment securities $ 102,924 $ 1,134 $ 501 $ 103,557 At December 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 $ 36,268 $ 40 $ 656 $ 35,652 U.S. agency securities 1 20,740 10 497 20,253 Total U.S. government and agency securities 57,008 50 1,153 55,905 Corporate and other debt: Agency CMBS 1,054 — 62 992 Non-agency CMBS 461 — 14 447 Corporate bonds 1,585 — 32 1,553 State and municipal securities 200 2 — 202 FFELP student loan ABS 2 1,967 10 15 1,962 Total corporate and other debt 5,267 12 123 5,156 Total AFS securities 62,275 62 1,276 61,061 HTM securities U.S. government and agency securities: U.S. Treasury securities 17,832 44 403 17,473 U.S. agency securities 1 12,456 8 446 12,018 Total U.S. government and agency securities 30,288 52 849 29,491 Corporate and other debt: Non-agency CMBS 483 — 9 474 Total HTM securities 30,771 52 858 29,965 Total investment securities $ 93,046 $ 114 $ 2,134 $ 91,026 1. U.S. agency securities consist mainly of agency-issued debt, agency mortgage pass-through pool securities and CMOs. 2. Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% of the principal balance and interest outstanding. I nvestment Securities in an Unrealized Loss Position At June 30, 2019 Less than 12 Months 12 Months or Longer Total $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities U.S. government and agency securities: U.S. Treasury securities $ — $ — $ 14,432 $ 159 $ 14,432 $ 159 U.S. agency securities 1,621 11 10,951 115 12,572 126 Total U.S. government and agency securities 1,621 11 25,383 274 27,004 285 Corporate and other debt: Agency CMBS 320 1 750 36 1,070 37 Non-agency CMBS — — 218 2 218 2 Corporate bonds 349 2 403 3 752 5 FFELP student loan ABS 520 5 762 12 1,282 17 Total corporate and other debt 1,189 8 2,133 53 3,322 61 Total AFS securities 2,810 19 27,516 327 30,326 346 HTM securities U.S. government and agency securities: U.S. Treasury securities — — 4,804 69 4,804 69 U.S. agency securities 94 — 6,937 86 7,031 86 Total HTM securities 94 — 11,741 155 11,835 155 Total investment securities $ 2,904 $ 19 $ 39,257 $ 482 $ 42,161 $ 501 At December 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 $ 19,937 $ 541 $ 5,994 $ 115 $ 25,931 $ 656 U.S. agency securities 12,904 383 4,142 114 17,046 497 Total U.S. government and agency securities 32,841 924 10,136 229 42,977 1,153 Corporate and other debt: Agency CMBS 808 62 — — 808 62 Non-agency CMBS — — 446 14 446 14 Corporate bonds 470 7 1,010 25 1,480 32 FFELP student loan ABS 1,366 15 — — 1,366 15 Total corporate and other debt 2,644 84 1,456 39 4,100 123 Total AFS securities 35,485 1,008 11,592 268 47,077 1,276 HTM securities U.S. government and agency securities: U.S. Treasury securities — — 11,161 403 11,161 403 U.S. agency securities 410 1 10,004 445 10,414 446 Total U.S. government and agency securities 410 1 21,165 848 21,575 849 Corporate and other debt: Non-agency CMBS 206 1 216 8 422 9 Total HTM securities 616 2 21,381 856 21,997 858 Total investment securities $ 36,101 $ 1,010 $ 32,973 $ 1,124 $ 69,074 $ 2,134 The 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 2018 Form 10-K . For AFS 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 the amortized cost basis. Furthermore, for both AFS and HTM securities, the securities have not experienced credit losses as the unrealized losses reported in the previous table are primarily due to higher interest rates since those securities were purchased. See Note 12 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS and FFELP student loan ABS. Investment Securities by Contractual Maturity At June 30, 2019 $ 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 $ 6,652 $ 6,656 2.0 % After 1 year through 5 years 22,678 22,741 1.9 % After 5 years through 10 years 3,601 3,593 1.8 % Total 32,931 32,990 U.S. agency securities: Due within 1 year 444 443 1.1 % After 1 year through 5 years 671 668 1.1 % After 5 years through 10 years 1,495 1,483 1.8 % After 10 years 20,362 20,440 2.4 % Total 22,972 23,034 Total U.S. government and agency securities 55,903 56,024 2.0 % Corporate and other debt: Agency CMBS: After 1 year through 5 years 144 143 1.6 % After 5 years through 10 years 1,813 1,862 2.8 % After 10 years 931 903 1.9 % Total 2,888 2,908 Non-agency CMBS: After 1 year through 5 years 35 35 2.5 % After 10 years 185 183 2.0 % Total 220 218 Auto loan ABS: After 1 year through 5 years 4 4 2.5 % Total 4 4 Corporate bonds: Due within 1 year 51 51 1.4 % After 1 year through 5 years 1,473 1,478 2.6 % After 5 years through 10 years 318 318 3.3 % Total 1,842 1,847 At June 30, 2019 $ in millions Amortized Cost Fair Value Annualized Average Yield State and municipal securities: After 1 year through 5 years $ 2 $ 2 3.4 % After 5 years through 10 years 211 212 3.5 % After 10 Years 120 129 5.4 % Total 333 343 FFELP student loan ABS: After 1 year through 5 years 75 74 0.8 % After 5 years through 10 years 403 396 0.8 % After 10 years 1,228 1,224 1.2 % Total 1,706 1,694 Total corporate and other debt 6,993 7,014 2.4 % Total AFS securities 62,896 63,038 2.1 % HTM securities U.S. government and agency securities: U.S. Treasury securities: Due within 1 year 849 847 1.6 % After 1 year through 5 years 13,834 14,037 2.3 % After 5 years through 10 years 9,466 9,707 2.2 % After 10 years 1,083 1,081 2.5 % Total 25,232 25,672 U.S. agency securities: After 5 years through 10 years 27 27 1.9 % After 10 years 14,185 14,216 2.6 % Total 14,212 14,243 Total U.S. government and agency securities 39,444 39,915 2.4 % Corporate and other debt: Non-agency CMBS: Due within 1 year 99 99 4.8 % After 1 year through 5 years 71 71 4.2 % After 5 years through 10 years 376 393 4.1 % After 10 years 38 41 4.4 % Total corporate and other debt 584 604 4.3 % Total HTM securities 40,028 40,519 2.5 % Total investment securities $ 102,924 $ 103,557 2.2 % Gross Realized Gains (Losses) on Sales of AFS Securities Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Gross realized gains $ 53 $ 6 $ 72 $ 7 Gross realized (losses) — (3 ) (9 ) (4 ) Total 1 $ 53 $ 3 $ 63 $ 3 1. Realized gains and losses are recognized in Other revenues in the income statements . |
Collateralized Transactions
Collateralized Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Collateralized Agreements [Abstract] | |
Collateralized Transactions | Collateralized Transactions Offsetting of Certain Collateralized Transactions At June 30, 2019 $ in millions Gross Amounts Amounts Offset Net Amounts Presented Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 250,004 $ (164,606 ) $ 85,398 $ (83,492 ) $ 1,906 Securities borrowed 143,046 (9,466 ) 133,580 (129,614 ) 3,966 Liabilities Securities sold under agreements to repurchase $ 226,900 $ (164,606 ) $ 62,294 $ (53,942 ) $ 8,352 Securities loaned 19,791 (9,466 ) 10,325 (10,298 ) 27 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 1,425 Securities borrowed 828 Securities sold under agreements to repurchase 6,603 Securities loaned 17 At December 31, 2018 $ in millions Gross Amounts Amounts Offset Net Amounts Presented Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 262,976 $ (164,454 ) $ 98,522 $ (95,610 ) $ 2,912 Securities borrowed 134,711 (18,398 ) 116,313 (112,551 ) 3,762 Liabilities Securities sold under agreements to repurchase $ 214,213 $ (164,454 ) $ 49,759 $ (41,095 ) $ 8,664 Securities loaned 30,306 (18,398 ) 11,908 (11,677 ) 231 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 2,579 Securities borrowed 724 Securities sold under agreements to repurchase 6,762 Securities loaned 191 1. Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. For further discussion of the Firm’s collateralized transactions, see Note 6 to the financial statements in the 2018 Form 10-K . For information related to offsetting of derivatives, see Note 4 . Gross Secured Financing Balances by Remaining Contractual Maturity At June 30, 2019 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 86,201 $ 68,956 $ 29,202 $ 42,541 $ 226,900 Securities loaned 12,314 1,595 1,196 4,686 19,791 Total included in the offsetting disclosure $ 98,515 $ 70,551 $ 30,398 $ 47,227 $ 246,691 Trading liabilities— 20,001 — — — 20,001 Total $ 118,516 $ 70,551 $ 30,398 $ 47,227 $ 266,692 At December 31, 2018 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 56,503 $ 93,427 $ 35,692 $ 28,591 $ 214,213 Securities loaned 18,397 3,609 1,985 6,315 30,306 Total included in the offsetting disclosure $ 74,900 $ 97,036 $ 37,677 $ 34,906 $ 244,519 Trading liabilities— 17,594 — — — 17,594 Total $ 92,494 $ 97,036 $ 37,677 $ 34,906 $ 262,113 Gross Secured Financing Balances by Class of Collateral Pledged $ in millions At At Securities sold under agreements to repurchase U.S. Treasury and agency securities $ 78,757 $ 68,487 State and municipal securities 1,417 925 Other sovereign government obligations 120,426 120,432 ABS 1,634 3,017 Corporate and other debt 7,265 8,719 Corporate equities 16,562 12,079 Other 839 554 Total $ 226,900 $ 214,213 Securities loaned Other sovereign government obligations $ 9,904 $ 19,021 Corporate equities 9,800 10,800 Other 87 485 Total $ 19,791 $ 30,306 Total included in the offsetting disclosure $ 246,691 $ 244,519 Trading liabilities—Obligation to return securities received as collateral Corporate equities $ 20,001 $ 17,594 Total $ 266,692 $ 262,113 Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge $ in millions At At Trading assets $ 39,625 $ 39,430 The Firm pledges its trading assets to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives and to cover customer short sales. Counterparties may or may not have the right to sell or repledge the collateral. Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged to various parties) in the balance sheets. Fair Value of Collateral Received with Right to Sell or Repledge $ in millions At At Collateral received with right to sell $ 699,097 $ 639,610 Collateral that was sold or repledged 1 559,790 487,983 1. Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers. Restricted Cash and Segregated Securities $ in millions At At Restricted cash $ 30,435 $ 35,356 Segregated securities 1 22,140 26,877 Total $ 52,575 $ 62,233 1. Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheets. The Firm receives collateral in the form of securities in connection with securities purchased under agreements to resell, securities borrowed, securities-for-securities transactions, derivative transactions, customer margin loans and securities-based lending. In many cases, the Firm is permitted to sell or repledge these securities held as collateral and use the securities to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or for delivery to counterparties to cover short positions. Customer Margin Lending $ in millions At At Customer receivables representing margin loans $ 26,888 $ 26,225 The Firm provides margin lending arrangements which allow customers to borrow against the value of qualifying securities. Receivables under margin lending arrangements are included within Customer and other receivables in the balance sheets. Under these agreements and transactions, the Firm receives collateral, 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 customer-owned securities held by the Firm. The Firm monitors required margin levels and established credit terms daily and, pursuant to such guidelines, requires customers to deposit additional collateral, or reduce positions, when necessary. For a further discussion of the Firm’s margin lending activities, see Note 6 to the financial statements in the 2018 Form 10-K . The Firm has additional secured liabilities. For a further discussion of other secured financings, see Notes 10 and 12 . |
Loans, Lending Commitments and
Loans, Lending Commitments and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans, Lending Commitments and Allowance for Credit Losses | Loans, Lending Commitments and Allowance for Credit Losses Loans by Type At June 30, 2019 $ in millions Loans Held for Investment Loans Held for Sale Total Loans Corporate $ 40,283 $ 14,132 $ 54,415 Consumer 29,196 — 29,196 Residential real estate 28,595 21 28,616 Commercial real estate 7,336 1,603 8,939 Total loans, gross 105,410 15,756 121,166 Allowance for loan losses (265 ) — (265 ) Total loans, net $ 105,145 $ 15,756 $ 120,901 Fixed rate loans, net $ 18,201 Floating or adjustable rate loans, net 102,700 Loans to non-U.S. borrowers, net 20,028 At December 31, 2018 $ in millions Loans Held for Investment Loans Held for Sale Total Loans Corporate $ 36,909 $ 13,886 $ 50,795 Consumer 27,868 — 27,868 Residential real estate 27,466 22 27,488 Commercial real estate 1 7,810 1,856 9,666 Total loans, gross 100,053 15,764 115,817 Allowance for loan losses (238 ) — (238 ) Total loans, net $ 99,815 $ 15,764 $ 115,579 Fixed rate loans, net $ 15,632 Floating or adjustable rate loans, net 99,947 Loans to non-U.S. borrowers, net 17,568 1. Beginning in 2019, loans previously referred to as Wholesale real estate are referred to as Commercial real estate. Loans Held for Investment before Allowance by Credit Quality At June 30, 2019 $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total Pass $ 39,775 $ 29,191 $ 28,490 $ 6,932 $ 104,388 Special mention 94 — 10 284 388 Substandard 414 5 95 120 634 Doubtful — — — — — Loss — — — — — Total $ 40,283 $ 29,196 $ 28,595 $ 7,336 $ 105,410 At December 31, 2018 $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total Pass $ 36,217 $ 27,863 $ 27,387 $ 7,378 $ 98,845 Special mention 492 5 — 312 809 Substandard 200 — 79 120 399 Doubtful — — — — — Loss — — — — — Total $ 36,909 $ 27,868 $ 27,466 $ 7,810 $ 100,053 Impaired Loans and Lending Commitments before Allowance At June 30, 2019 $ in millions Corporate Consumer Residential Real Estate Total Loans With allowance $ 229 $ — $ — $ 229 Without allowance 1 26 5 77 108 Total impaired loans $ 255 $ 5 $ 77 $ 337 UPB 262 5 84 351 Lending commitments With allowance $ 7 $ — $ — $ 7 Without allowance 1 40 — — 40 Total impaired lending commitments $ 47 $ — $ — $ 47 At December 31, 2018 $ in millions Corporate Consumer Residential Estate Total Loans With allowance $ 24 $ — $ — $ 24 Without allowance 1 32 — 69 101 Total impaired loans $ 56 $ — $ 69 $ 125 UPB 63 — 70 133 Lending commitments With allowance $ 19 $ — $ — $ 19 Without allowance 1 34 — — 34 Total impaired lending commitments $ 53 $ — $ — $ 53 1. No allowance was recorded for these loans and lending commitments as the present value of the expected future cash flows or value of the collateral equaled or exceeded the carrying value. Loans and lending commitments in the previous table have been evaluated for a specific allowance. All remaining loans and lending commitments are assessed under the inherent allowance methodology. Impaired Loans and Total Allowance by Region At June 30, 2019 $ in millions Americas EMEA Asia Total Impaired loans $ 337 $ — $ — $ 337 Total Allowance for loan losses 210 52 3 265 At December 31, 2018 $ in millions Americas EMEA Asia Total Impaired loans $ 125 $ — $ — $ 125 Total Allowance for loan losses 193 42 3 238 Troubled Debt Restructurings $ in millions At At Loans $ 43 $ 38 Lending commitments 62 45 Allowance for loan losses and lending commitments 4 4 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 Commercial Real Estate Total December 31, 2018 $ 144 $ 7 $ 20 $ 67 $ 238 Gross charge-offs — — (1 ) — (1 ) Provision (release) 1 33 — 4 (3 ) 34 Other (6 ) — — — (6 ) June 30, 2019 $ 171 $ 7 $ 23 $ 64 $ 265 Inherent $ 154 $ 7 $ 23 $ 64 $ 248 Specific 17 — — — 17 $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total December 31, 2017 $ 126 $ 4 $ 24 $ 70 $ 224 Gross charge-offs (1 ) — — — (1 ) Recoveries 2 54 — — — 54 Net recoveries (charge-offs) 53 — — — 53 Provision (release) 1,2 (51 ) 1 (5 ) 21 (34 ) Other (1 ) — (1 ) — (2 ) June 30, 2018 $ 127 $ 5 $ 18 $ 91 $ 241 Inherent $ 123 $ 5 $ 18 $ 91 $ 237 Specific 4 — — — 4 1. The Firm recorded a provision for loan losses of $7 million , and a release of $53 million in the current quarter and prior year quarter, respectively. 2. The prior year period release was primarily due to the recovery of a previously charged off energy industry related loan. Allowance for Lending Commitments Rollforward $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total December 31, 2018 $ 198 $ 2 $ — $ 3 $ 203 Provision (release) 18 — — 2 20 Other (1 ) (1 ) — — (2 ) June 30, 2019 $ 215 $ 1 $ — $ 5 $ 221 Inherent $ 213 $ 1 $ — $ 5 $ 219 Specific 2 — — — 2 $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total December 31, 2017 $ 194 $ 1 $ — $ 3 $ 198 Provision (release) 5 — — — 5 Other — — — (1 ) (1 ) June 30, 2018 $ 199 $ 1 $ — $ 2 $ 202 Inherent $ 195 $ 1 $ — $ 2 $ 198 Specific 4 — — — 4 For a further discussion of the Firm’s loans, including loan types and categories, as well as the Firm’s allowance methodology, refer to Notes 2 and 7 to the financial statements in the 2018 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. Employee Loans $ in millions At At Balance $ 2,975 $ 3,415 Allowance for loan losses (63 ) (63 ) Balance, net $ 2,912 $ 3,352 Remaining repayment term, weighted average in years 4.7 4.3 Employee loans are granted in conjunction with a program established primarily to recruit certain Wealth Management representatives, are full recourse and generally require periodic repayments. 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 Compensation and benefits expense. |
Equity Method Investments
Equity Method Investments | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Equity Method Investments Equity Method Investment Balances $ in millions At At Investments $ 2,404 $ 2,432 Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Income (loss) $ (16 ) $ 4 $ (26 ) $ 54 Equity method investments, other than investments in certain fund interests, are summarized above and are included in Other assets in the balance sheets with related income or loss included in Other revenues in the income statements. See “Net Asset Value Measurements—Fund Interests” in Note 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 carried interest. Japanese Securities Joint Venture Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Income from investment in MUMSS $ 6 $ 26 $ 9 $ 82 The Firm and Mitsubishi UFJ Financial Group, Inc. (“MUFG”) formed a joint venture in Japan comprising their respective investment banking and securities businesses by forming two joint venture companies, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (“MUMSS”) and Morgan Stanley MUFG Securities Co., Ltd. (“MSMS”) (the “Joint Venture”). The Firm owns a 40% economic interest in the Joint Venture and MUFG owns the other 60% . The Firm’s 40% voting interest in MUMSS is accounted for under the equity method within the Institutional Securities business segment, and is included in the equity method investment balances above. The Firm consolidates MSMS into the Institutional Securities business segment, based on its 51% voting interest. The Firm engages in transactions in the ordinary course of business with MUFG and its affiliates, for example investment banking, financial advisory, sales and trading, derivatives, investment management, lending, securitization and other financial services transactions. Such transactions are on substantially the same terms as those that would be available to unrelated third parties for comparable transactions. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2019 | |
Deposits [Abstract] | |
Deposits | Deposits Deposits $ in millions At At Savings and demand deposits $ 138,014 $ 154,897 Time deposits 38,579 32,923 Total $ 176,593 $ 187,820 Deposits subject to FDIC insurance $ 140,873 $ 144,515 Time deposits that equal or exceed the FDIC insurance limit $ 26 $ 11 Time Deposit Maturities $ in millions At 2019 $ 9,767 2020 16,363 2021 6,014 2022 2,480 2023 2,369 Thereafter 1,586 Total $ 38,579 |
Borrowings and Other Secured Fi
Borrowings and Other Secured Financings | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings and Other Secured Financings | Borrowings and Other Secured Financings Borrowings $ in millions At At Original maturities of one year or less $ 1,776 $ 1,545 Original maturities greater than one year Senior $ 185,516 $ 178,027 Subordinated 10,556 10,090 Total $ 196,072 $ 188,117 Total borrowings $ 197,848 $ 189,662 Weighted average stated maturity, in years 1 6.8 6.5 1. Only includes borrowings with original maturities greater than one year. Other Secured Financings $ in millions At At Original maturities: Greater than one year $ 5,048 $ 6,772 One year or less 4,353 2,036 Failed sales 2,580 658 Total $ 11,981 $ 9,466 Other secured financings include the liabilities related to certain ELNs, transfers of financial assets that are accounted for as financings rather than sales, pledged commodities, consolidated VIEs where the Firm is deemed to be the primary beneficiary and other secured borrowings. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 12 for further information on other secured financings related to VIEs and securitization activities. 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. |
Commitments, Leases, Guarantees
Commitments, Leases, Guarantees and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments, Leases, Guarantees and Contingencies [Abstract] | |
Commitments, Leases, Guarantees and Contingencies | Commitments, Leases, Guarantees and Contingencies Commitments Years to Maturity at June 30, 2019 $ in millions Less than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 29,788 $ 33,262 $ 47,590 $ 7,109 $ 117,749 Consumer 7,522 1 11 — 7,534 Residential and commercial 85 466 11 477 1,039 Forward-starting 109,906 — — 8,556 118,462 Underwriting 1,104 — — — 1,104 Investment activities 537 121 39 249 946 Letters of credit and other financial guarantees 186 1 — 2 189 Total $ 149,128 $ 33,851 $ 47,651 $ 16,393 $ 247,023 Corporate lending commitments participated to third parties $ 7,998 Forward-starting secured financing receivables settled within three business days $ 97,767 Since commitments associated with these instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements. For a further description of these commitments, refer to Note 12 to the financial statements in the 2018 Form 10-K . Leases Balance Sheet Amounts Related to Leases $ in millions At Other assets—ROU assets $ 3,859 Other liabilities and accrued expenses— Lease liabilities 4,595 Weighted average: Remaining lease term, in years 9.8 Discount rate 3.7 % Lease Liabilities $ in millions At Remainder of 2019 $ 366 2020 716 2021 653 2022 599 2023 548 Thereafter 2,816 Total undiscounted cash flows $ 5,698 Imputed interest (1,103 ) Amount on balance sheet $ 4,595 Lease Costs $ in millions Three Months Ended Six Months Ended Fixed costs $ 156 $ 326 Variable costs 1 48 82 Less: Sublease income (1 ) (2 ) Total lease cost, net 203 406 1. Includes common area maintenance charges and other variable costs not included in the measurement of ROU assets and lease liabilities. Cash Flows Statement Supplemental Information $ in millions Three Months Ended Six Months Ended Cash outflows—Lease liabilities $ 167 $ 332 Non-cash—ROU assets recorded for new and modified leases 71 111 Minimum Future Lease Commitments (under Previous GAAP) $ in millions At 2019 $ 677 2020 657 2021 602 2022 555 2023 507 Thereafter 2,639 Total undiscounted cash flows $ 5,637 Minimum rental income to be received in the future under non-cancelable operating subleases $ 7 The Firm’s leases are principally non-cancelable operating real estate leases. Guarantees Obligations under Guarantee Arrangements at June 30, 2019 Maximum Potential Payout/Notional Years to Maturity $ in millions Less than 1 1-3 3-5 Over 5 Total Credit derivatives $ 36,335 $ 44,060 $ 80,905 $ 31,704 $ 193,004 Other credit contracts — — 7 116 123 Non-credit derivatives 1,715,336 1,504,933 452,278 669,229 4,341,776 Standby letters of credit and other financial guarantees issued 1 1,255 889 1,357 4,193 7,694 Market value guarantees 95 96 3 — 194 Liquidity facilities 4,501 — — — 4,501 Whole loan sales guarantees — 1 — 23,192 23,193 Securitization representations and warranties — — — 68,120 68,120 General partner guarantees 63 129 6 44 242 Client clearing guarantees 1,947 — — — 1,947 $ in millions Carrying Amount Asset (Liability) Collateral/ Recourse Credit derivatives 2 $ 484 $ — Other credit contracts (11 ) — Non-credit derivatives 2 (56,357 ) — Standby letters of credit and other financial guarantees issued 1 231 6,163 Market value guarantees — 90 Liquidity facilities 6 7,793 Whole loan sales guarantees (4 ) — Securitization representations and warranties 3 (42 ) — General partner guarantees (53 ) — Client clearing guarantees — 1,946 1. These amounts include certain issued standby letters of credit participated to third parties, totaling $0.6 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements. 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. 3. Primarily related to residential mortgage securitizations. The Firm has obligations under certain guarantee arrangements, including contracts and indemnification agreements, that contingently require the Firm to make payments to the guaranteed party based on changes in an underlying measure (such as an interest or foreign exchange rate, security or commodity price, an index, or the occurrence or non-occurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. Also included as guarantees are contracts that contingently require the Firm to make payments to the guaranteed party based on another entity’s failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others. In certain situations, collateral may be held by the Firm for those contracts that meet the definition of a guarantee. Generally, the Firm sets collateral requirements by counterparty so that the collateral covers various transactions and products and is not allocated specifically to individual contracts. Also, the Firm may recover amounts related to the underlying asset delivered to the Firm under a derivative contract. For more information on the nature of the obligation and related business activity for market value 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 2018 Form 10-K , except for Clearing member guarantees, which are described below. Client Clearing Guarantees. In the second quarter of 2019, the Firm became a sponsoring member of the Government Securities Division of the FICC's Sponsored Clearing Model. Clients of the Firm, as sponsored members, can transact in overnight securities repurchase and resale agreements, which are cleared through FICC. As sponsoring member, the Firm guarantees to FICC the prompt and full payment and performance of its clients’ obligations. The amount included in the previous table represents the maximum potential payout the Firm could be responsible for through the guarantee it provides. The Firm minimizes credit exposure under this guarantee by obtaining a security interest in its sponsored member clients’ collateral and their contractual rights under sponsored member transactions. Therefore, the Firm's exposure is estimated to be an amount substantially lower than the maximum potential payout amount. Other Guarantees and Indemnities In the normal course of business, the Firm provides guarantees and indemnifications in a variety of transactions. These provisions generally are standard contractual terms. Certain of these guarantees and indemnifications related to indemnities, exchange and clearinghouse member guarantees and merger and acquisition guarantees are described in Note 12 to the financial statements in the 2018 Form 10-K . In addition, in the ordinary course of business, the Firm guarantees the debt and/or certain trading obligations (including obligations associated with derivatives, foreign exchange contracts and the settlement of physical commodities) of certain subsidiaries. These guarantees generally are entity or product specific and are required by investors or trading counterparties. The activities of the Firm’s subsidiaries covered by these guarantees (including any related debt or trading obligations) are included in the financial statements. Finance Subsidiary The Parent Company fully and unconditionally guarantees the securities issued by Morgan Stanley Finance LLC, a 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 threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the entities that would otherwise be the primary defendants in such cases are bankrupt or are in financial distress. These actions have included, but are not limited to, residential mortgage and credit crisis-related matters. While the Firm has identified below any individual proceedings where the Firm believes a material loss to be reasonably possible and reasonably estimable, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or are not yet determined to be probable or possible and reasonably estimable losses. The Firm contests liability and/or the amount of damages as appropriate in each pending matter. Where available information indicates that it is probable a liability had been incurred at the date of the financial statements and the Firm can reasonably estimate the amount of that loss, the Firm accrues the estimated loss by a charge to income. In many proceedings and investigations, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount of any loss. In addition, even where a loss is possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is not always possible to reasonably estimate the size of the possible loss or range of loss. For certain legal proceedings and investigations, the Firm cannot reasonably estimate such losses, particularly for proceedings and investigations where the factual record is being developed or contested or where plaintiffs or government entities seek substantial or indeterminate damages, restitution, disgorgement or penalties. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters, determination of issues related to class certification and the calculation of damages or other relief, and by addressing novel or unsettled legal questions relevant to the proceedings or investigations in question, before a loss or additional loss or range of loss or additional range of loss can be reasonably estimated for a proceeding or investigation. For certain other legal proceedings and investigations, the Firm can estimate reasonably possible losses, additional losses, ranges of loss or ranges of additional loss in excess of amounts accrued but does not believe, based on current knowledge and after consultation with counsel, that such losses will have a material adverse effect on the Firm’s financial statements as a whole, other than the matters referred to in the following paragraphs. On July 15, 2010 , China Development Industrial Bank (“CDIB”) filed a complaint against the Firm, styled China Development Industrial Bank v. Morgan Stanley & Co. Incorporated et al. , which is pending in the Supreme Court of the State of New York, New York County (“Supreme Court of NY”). The complaint relates to a $275 million CDS referencing the super senior portion of the STACK 2006-1 CDO. The complaint asserts claims for common law fraud, fraudulent inducement and fraudulent concealment and alleges that the Firm misrepresented the risks of the STACK 2006-1 CDO to CDIB, and that the Firm knew that the assets backing the CDO were of poor quality when it entered into the CDS with CDIB. The complaint seeks compensatory damages related to the approximately $228 million that CDIB alleges it has already lost under the CDS, rescission of CDIB’s obligation to pay an additional $12 million , punitive damages, equitable relief, fees and costs. On February 28, 2011, the court denied the Firm’s motion to dismiss the complaint. On December 21, 2018, the court denied the Firm’s motion for summary judgment and granted in part the Firm’s motion for sanctions relating to spoliation of evidence. On January 24, 2019, CDIB filed a notice of appeal from the court’s December 21, 2018 order, and on January 25, 2019, the Firm filed a notice of appeal from the same order. On March 7, 2019, the court denied the relief that CDIB sought in a motion to clarify and resettle the portion of the court’s December 21, 2018 order granting spoliation sanctions. Based on currently available information, the Firm believes it could incur a loss in this action of up to approximately $240 million plus pre- and post-judgment interest, fees and costs. On July 8, 2013 , U.S. Bank National Association, in its capacity as trustee, filed a complaint against the Firm styled U.S. Bank National Association, solely in its capacity as Trustee of the Morgan Stanley Mortgage Loan Trust 2007-2AX (MSM 2007-2AX) v. Morgan Stanley Mortgage Capital Holdings LLC, Successor-by-Merger to Morgan Stanley Mortgage Capital Inc. and GreenPoint Mortgage Funding, Inc. , pending in the Supreme Court of NY. The complaint asserts claims for breach of contract and alleges, among other things, that the loans in the trust, which had an original principal balance of approximately $650 million , breached various representations and warranties. The complaint seeks, among other relief, specific performance of the loan breach remedy procedures in the transaction documents, unspecified damages and interest. On November 24, 2014, the court granted in part and denied in part the Firm’s motion to dismiss the complaint. On April 4, 2019, the court denied the Firm’s motion to renew its motion to dismiss. Based on currently available information, the Firm believes that it could incur a loss in this action of up to approximately $240 million , the total original unpaid balance of the mortgage loans for which the Firm received repurchase demands that it did not repurchase, plus pre- and post-judgment interest, fees and costs, but plaintiff is seeking to expand the number of loans at issue and the possible range of loss could increase. On September 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. relating 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 representations 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 September 13, 2018, the Appellate Division, First Department, affirmed the lower court’s order denying the Firm’s motion to dismiss. 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 contract and fraudulent inducement and alleges, among other things, that the loans in the trust breached various representations and warranties and defendants made untrue statements and material omissions to induce FGIC to issue a financial guaranty policy on certain classes of certificates that had an original balance of approximately $876 million . The complaint seeks, among other relief, specific performance of the loan breach remedy procedures in the transaction documents, compensatory, consequential and punitive damages, attorneys’ fees and interest. On January 23, 2017, the court denied the Firm’s motion to dismiss the complaint. On September 13, 2018, the Appellate Division, First Department, affirmed in part and reversed in part the lower court’s order denying the Firm’s motion to dismiss. On December 20, 2018, the Appellate Division denied plaintiff’s motion for leave to appeal the decision of the Appellate Division, First Department, to the New York Court of Appeals ("Court of Appeals") or, in the alternative, for re-argument. Based on currently available information, the Firm believes that it could incur a loss in this action of up to approximately $277 million , the total original unpaid balance of the mortgage loans for which the Firm received repurchase demands from a certificate holder and FGIC that the Firm did not repurchase, plus pre- and post-judgment interest, fees and costs, as well as claim payments that FGIC has made and will make in the future. In addition, plaintiff is seeking to expand the number of loans at issue and the possible range of loss could increase. On January 23, 2015 , Deutsche Bank National Trust Company, in its capacity as trustee, filed a complaint against the Firm styled Deutsche Bank National Trust Company solely in its capacity as Trustee of the Morgan Stanley ABS Capital I Inc. Trust 2007-NC4 v. Morgan Stanley Mortgage Capital Holdings LLC as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc., and Morgan Stanley ABS Capital I Inc. , pending in the Supreme Court of NY. The complaint asserts claims for breach of contract and alleges, among other things, that the loans in the trust, which had an original principal balance of approximately $1.05 billion , breached various representations and warranties. The complaint seeks, among other relief, specific performance of the loan breach remedy procedures in the transaction documents, compensatory, consequential, rescissory, equitable and punitive damages, attorneys’ fees, costs and other related expenses, and interest. On December 11, 2015, the court granted in part and denied in part the Firm’s motion to dismiss the complaint. On October 19, 2018, the court granted the Firm’s motion for leave to amend its answer and to stay the case pending resolution of Deutsche Bank National Trust Company’s appeal to the Court of Appeals in another case. On January 17, 2019, the First Department reversed the trial court’s order to the extent that it had granted in part the Firm’s motion to dismiss the complaint. On June 4, 2019, the Appellate Division, First Department, granted Morgan Stanley’s motion for leave to appeal to the Court of Appeals. Based on currently available information, the Firm believes that it could incur a loss in this action of up to approximately $277 million , the total original unpaid balance of the mortgage loans for which the Firm received repurchase demands from a certificate holder and a monoline insurer that the Firm did not repurchase, plus pre- and post-judgment interest, fees and costs, but plaintiff is seeking to expand the number of loans at issue and the possible range of loss could increase. In matters styled Case number 15/3637 and Case number 15/4353 , the Dutch Tax Authority (“Dutch Authority”) has challenged, in the District Court in Amsterdam, the prior set-off by the Firm of approximately €124 million (approximately $141 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. A hearing took place in this matter on September 19, 2017. On April 26, 2018, the District Court in Amsterdam issued a decision dismissing the Dutch Authority’s claims. On June 4, 2018, the Dutch Authority filed an appeal before the Court of Appeal in Amsterdam in matters re-styled Case number 18/00318 and Case number 18/ 00319. On June 26 and July 2, 2019, a hearing of the Dutch Authority’s appeal was held in the matters styled Case number 15/3637 and Case number 15/4353 . Based on currently available information, the Firm believes that it could incur a loss in this action of up to approximately €124 million (approximately $141 million ) plus accrued interest. |
Variable Interest Entities and
Variable Interest Entities and Securitization Activities | 6 Months Ended |
Jun. 30, 2019 | |
Variable Interest Entities and Securitization Activities [Abstract] | |
Variable Interest Entities and Securitization Activities | Variable Interest Entities and Securitization Activities Consolidated VIEs Assets and Liabilities by Type of Activity At June 30, 2019 At December 31, 2018 $ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities OSF $ 248 $ — $ 267 $ — MABS 1 343 15 59 38 Other 2 870 61 809 48 Total $ 1,461 $ 76 $ 1,135 $ 86 OSF—Other structured financings 1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable. 2. Other primarily includes certain operating entities, investment funds and structured transactions. Assets and Liabilities by Balance Sheet Caption $ in millions At At Assets Cash and cash equivalents: Cash and due from banks $ 103 $ 77 Restricted cash 172 171 Trading assets at fair value 643 314 Customer and other receivables 11 25 Goodwill 18 18 Intangible assets 99 128 Other assets 415 402 Total $ 1,461 $ 1,135 Liabilities Other secured financings $ 44 $ 64 Other liabilities and accrued expenses 32 22 Total $ 76 $ 86 Noncontrolling interests $ 131 $ 106 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 holders. Non-consolidated VIEs At June 30, 2019 $ in millions MABS CDO MTOB OSF Other VIE assets (UPB) $ 77,872 $ 3,384 $ 6,862 $ 2,332 $ 22,065 Maximum exposure to loss 1 Debt and equity interests $ 8,221 $ 241 $ — $ 982 $ 6,281 Derivative and other contracts — — 4,501 — 2,569 Commitments, guarantees and other 364 — — — 430 Total $ 8,585 $ 241 $ 4,501 $ 982 $ 9,280 Carrying value of exposure to loss—Assets Debt and equity interests $ 8,221 $ 241 $ — $ 981 $ 6,281 Derivative and other contracts — — 6 — 153 Total $ 8,221 $ 241 $ 6 $ 981 $ 6,434 Additional VIE assets owned 2 $ 10,921 Carrying value of exposure to loss—Liabilities Derivative and other contracts $ — $ — $ — $ — $ 161 At December 31, 2018 $ in millions MABS CDO MTOB OSF Other VIE assets (UPB) $ 71,287 $ 10,848 $ 7,014 $ 3,314 $ 19,682 Maximum exposure to loss 1 Debt and equity interests $ 8,234 $ 1,169 $ — $ 1,622 $ 4,645 Derivative and other contracts — — 4,449 — 1,768 Commitments, guarantees and other 397 3 — 235 327 Total $ 8,631 $ 1,172 $ 4,449 $ 1,857 $ 6,740 Carrying value of exposure to loss—Assets Debt and equity interests $ 8,234 $ 1,169 $ — $ 1,205 $ 4,645 Derivative and other contracts — — 6 — 87 Total $ 8,234 $ 1,169 $ 6 $ 1,205 $ 4,732 Additional VIE assets owned 2 $ 11,969 Carrying value of exposure to loss—Liabilities Derivative and other contracts $ — $ — $ — $ — $ 185 MTOB—Municipal tender option bonds 1. Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm. 2. Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s primary risk exposure is to the most subordinate class of beneficial interest and maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 3). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives. The majority of the VIEs included in the previous tables are sponsored by unrelated parties; examples of the Firm’s involvement with these VIEs include its secondary market-making activities and the securities held in its Investment securities portfolio (see Note 5). The Firm’s maximum exposure to loss is dependent on the nature of the Firm’s variable interest in the VIE and is limited to: • notional amounts of certain liquidity facilities; • other credit support; • total return swaps; • written put options; and • fair value of certain other derivatives and investments the Firm has made in the VIE. The Firm’s maximum exposure to loss in the previous tables does not include the offsetting benefit of hedges or any reductions associated with the amount of collateral held as part of a transaction with the VIE or any party to the VIE directly against a specific exposure to loss. Liabilities issued by VIEs generally are non-recourse to the Firm. Mortgage- and Asset-Backed Securitization Assets At June 30, 2019 At December 31, 2018 $ in millions UPB Debt and Equity Interests UPB Debt and Equity Interests Residential mortgages $ 12,843 $ 503 $ 6,954 $ 745 Commercial mortgages 37,960 1,346 42,974 1,237 U.S. agency collateralized mortgage obligations 20,232 3,924 14,969 3,443 Other consumer or commercial loans 6,837 2,448 6,390 2,809 Total $ 77,872 $ 8,221 $ 71,287 $ 8,234 Transfers of Assets with Continuing Involvement 1 At June 30, 2019 $ in millions RML CML U.S. Agency CMO CLN and Other 2 SPE assets (UPB) 3 $ 14,334 $ 74,243 $ 18,449 $ 4,157 Retained interests Investment grade $ 32 $ 557 $ 455 $ 2 Non-investment grade 5 186 — 87 Total $ 37 $ 743 $ 455 $ 89 Interests purchased in the secondary market (fair value) Investment grade $ 22 $ 218 $ 862 $ — Non-investment grade 37 34 — — Total $ 59 $ 252 $ 862 $ — Derivative assets (fair value) $ — $ — $ — $ 85 Derivative liabilities (fair value) — — — 63 At December 31, 2018 $ in millions RML CML U.S. Agency CMO CLN and Other 2 SPE assets (UPB) 3 $ 14,376 $ 68,593 $ 16,594 $ 14,608 Retained interests Investment grade $ 17 $ 483 $ 1,573 $ 3 Non-investment grade 4 212 — 210 Total $ 21 $ 695 $ 1,573 $ 213 Interests purchased in the secondary market (fair value) Investment grade $ 7 $ 91 $ 102 $ — Non-investment grade 28 71 — — Total $ 35 $ 162 $ 102 $ — Derivative assets (fair value) $ — $ — $ — $ 216 Derivative liabilities (fair value) — — — 178 Fair Value At June 30, 2019 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 469 $ 11 $ 480 Non-investment grade 21 99 120 Total $ 490 $ 110 $ 600 Interests purchased in the secondary market Investment grade $ 1,095 $ 7 $ 1,102 Non-investment grade 53 18 71 Total $ 1,148 $ 25 $ 1,173 Derivative assets $ 11 $ 74 $ 85 Derivative liabilities 61 2 63 Fair Value At December 31, 2018 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 1,580 $ 13 $ 1,593 Non-investment grade 174 252 426 Total $ 1,754 $ 265 $ 2,019 Interests purchased in the secondary market Investment grade $ 193 $ 7 $ 200 Non-investment grade 83 16 99 Total $ 276 $ 23 $ 299 Derivative assets $ 121 $ 95 $ 216 Derivative liabilities 175 3 178 RML—Residential mortgage loans CML—Commercial mortgage loans 1. Beginning June 30, 2019, as permitted by applicable guidance, certain transfers of assets where the Firm’s only continuing involvement is a derivative are only reported in the Assets Sold with Retained Exposure table, and are no longer also included in this table. At December 31, 2018 these transactions were included in CLN and Other and comprised approximately $8 billion in UPB, $20 million in Derivative assets and $119 million in Derivative liabilities. 2. Amounts include CLO transactions managed by unrelated third parties. 3. Amounts include assets transferred by unrelated transferors. The transfers of assets with continuing involvement tables include transactions with SPEs in which the Firm, acting as principal, transferred financial assets with continuing involvement and received sales treatment. Transferred assets are carried at fair value prior to securitization, and any changes in fair value are recognized in the income statements. The Firm may act as underwriter of the beneficial interests issued by these securitization vehicles, for which Investment banking revenues are recognized. The Firm may retain interests in the securitized financial assets as one or more tranches of the securitization. These retained interests are generally carried at fair value in the balance sheets with changes in fair value recognized in the income statements. Proceeds from New Securitization Transactions and Sales of Loans Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 New transactions 1 $ 7,513 $ 5,624 $ 12,246 $ 11,758 Retained interests 635 1,156 3,522 1,637 Sales of corporate loans to CLO SPEs 1, 2 — 142 — 236 1. Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented. 2. Sponsored by non-affiliates. The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain assets transferred in securitization transactions sponsored by the Firm (see Note 11). Assets Sold with Retained Exposure $ in millions At At Gross cash proceeds from sale of assets 1 $ 34,628 $ 27,121 Fair value Assets sold $ 35,084 $ 26,524 Derivative assets recognized 587 164 Derivative liabilities recognized 67 763 1. The carrying value of assets derecognized at the time of sale approximates gross cash proceeds. The Firm enters into transactions in which it sells securities, primarily equities and contemporaneously enters into bilateral OTC derivatives with the purchasers of the securities, through which it retains exposure to the sold securities. For a discussion of the Firm’s VIEs, the determination and structure of VIEs and securitization activities, see Note 13 to the financial statements in the 2018 Form 10-K . |
Regulatory Requirements
Regulatory Requirements | 6 Months Ended |
Jun. 30, 2019 | |
Brokers and Dealers [Abstract] | |
Regulatory Requirements | Regulatory Requirements Regulatory Capital Framework and Requirements For a discussion of the Firm’s regulatory capital framework, see Note 14 to the financial statements in the 2018 Form 10-K . The Firm is required to maintain minimum risk-based and leverage-based capital ratios under regulatory capital requirements. A summary of the calculations of regulatory capital, RWA and transition provisions follows. Minimum risk-based capital ratio requirements apply to Common Equity Tier 1 capital, Tier 1 capital and Total capital (which includes Tier 2 capital). Capital standards require certain adjustments to, and deductions from, capital for purposes of determining these ratios. In addition to the minimum risk-based capital ratio requirements, the Firm is subject to the following buffers in 2019 : • 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 2018 , each of these buffers was 75% of the fully phased-in 2019 requirement noted above. Failure to maintain the buffers would result in restrictions on the Firm’s ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. The Firm’s Regulatory Capital and Capital Ratios At June 30, 2019 $ in millions Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 10.0 % $ 64,011 16.3 % Tier 1 capital 11.5 % 72,742 18.6 % Total capital 13.5 % 82,322 21.0 % Total RWA 391,509 Leverage-based capital Tier 1 leverage 4.0 % $ 72,742 8.4 % Adjusted average assets 2 868,494 SLR 5.0 % 72,742 6.5 % Supplementary leverage exposure 3 1,124,645 At December 31, 2018 $ in millions Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 8.6 % $ 62,086 16.9 % Tier 1 capital 10.1 % 70,619 19.2 % Total capital 12.1 % 80,052 21.8 % Total RWA 367,309 Leverage-based capital Tier 1 leverage 4.0 % $ 70,619 8.4 % Adjusted average assets 2 843,074 SLR 5.0 % 70,619 6.5 % Supplementary leverage exposure 3 1,092,672 1. Required ratios are inclusive of any buffers applicable as of the date presented. For 2018 , the minimum required regulatory capital ratios for risk-based capital are under the transitional rules. 2. Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets during the quarters ended June 30, 2019 and December 31, 2018 , reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in the Firm's own capital instruments, certain deferred tax assets and other capital deductions. 3. Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily (i) for derivatives: potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. At June 30, 2019 and December 31, 2018 , the Firm’s risk-based capital ratios are based on the Standardized Approach rules. U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios The OCC establishes capital requirements for the Firm’s U.S. Bank Subsidiaries and evaluates their compliance with such capital requirements. Regulatory capital requirements for the U.S. Bank Subsidiaries are calculated in a similar manner to the Firm’s regulatory capital requirements, although G-SIB capital surcharge requirements do not apply to the U.S. Bank Subsidiaries. The OCC’s regulatory capital framework includes Prompt Corrective Action (“PCA”) standards, including “well-capitalized” PCA standards that are based on specified regulatory capital ratio minimums. For the Firm to remain an FHC, the U.S. Bank Subsidiaries must remain well-capitalized in accordance with the OCC’s PCA standards. In addition, failure by the U.S. Bank Subsidiaries to meet minimum capital requirements may result in certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the U.S. Bank Subsidiaries’ and the Firm’s financial statements. At June 30, 2019 and December 31, 2018 , the U.S. Bank Subsidiaries’ risk-based capital ratios are based on the Standardized Approach rules, and in each period, the ratios exceeded well-capitalized requirements. MSBNA’s Regulatory Capital At June 30, 2019 $ in millions Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % $ 15,862 19.6 % Tier 1 capital 8.0 % 15,862 19.6 % Total capital 10.0 % 16,148 20.0 % Leverage-based capital Tier 1 leverage 5.0 % $ 15,862 11.3 % SLR 6.0 % 15,862 8.7 % At December 31, 2018 $ in millions Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % $ 15,221 19.5 % Tier 1 capital 8.0 % 15,221 19.5 % Total capital 10.0 % 15,484 19.8 % Leverage-based capital Tier 1 leverage 5.0 % $ 15,221 10.5 % SLR 6.0 % 15,221 8.2 % MSPBNA’s Regulatory Capital At June 30, 2019 $ in millions Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % $ 7,945 27.4 % Tier 1 capital 8.0 % 7,945 27.4 % Total capital 10.0 % 7,992 27.6 % Leverage-based capital Tier 1 leverage 5.0 % $ 7,945 10.7 % SLR 6.0 % 7,945 10.2 % At December 31, 2018 $ in millions Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % $ 7,183 25.2 % Tier 1 capital 8.0 % 7,183 25.2 % Total capital 10.0 % 7,229 25.4 % Leverage-based capital Tier 1 leverage 5.0 % $ 7,183 10.0 % SLR 6.0 % 7,183 9.6 % 1. Ratios that are required in order to be considered well-capitalized for U.S. regulatory purposes. U.S. Broker-Dealer Regulatory Capital Requirements MS&Co. Regulatory Capital $ in millions At June 30, 2019 At December 31, 2018 Net capital $ 12,581 $ 13,797 Excess net capital 9,996 11,333 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 capital falls below certain levels. At June 30, 2019 and December 31, 2018 , MS&Co. has exceeded its net capital requirement and has tentative net capital in excess of the minimum and notification requirements. MSSB LLC Regulatory Capital $ in millions At June 30, 2019 At December 31, 2018 Net capital $ 3,361 $ 3,455 Excess net capital 3,219 3,313 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. |
Total Equity
Total Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Total Equity | Total Equity Share Repurchases Three Months Ended June 30, Six Months Ended June 30, $ in millions 2019 2018 2019 2018 Repurchases of common stock under our Share Repurchase Program $ 1,180 $ 1,250 $ 2,360 $ 2,500 The Firm’s 2019 Capital Plan (“Capital Plan”) includes the share repurchase of up to $6.0 billion of outstanding common stock for the period beginning July 1, 2019 through June 30, 2020 . Additionally, the Capital Plan includes quarterly common stock dividends of up to $0.35 per share, beginning with the common stock dividend announced on July 18, 2019. For information about the Firm's 2018 Capital Plan, see Note 15 to the financial statements in the 2018 Form 10-K . A portion of common stock repurchases in the current quarter and current year period was conducted under a sales plan with MUFG, whereby MUFG sold shares of the Firm’s common stock to the Firm, as part of the Firm’s Share Repurchase Program. The sales plan is only intended to maintain MUFG’s ownership percentage below 24.9% in order to comply with MUFG’s passivity commitments to the Board of Governors of the Federal Reserve System and has no impact on the strategic alliance between MUFG and the Firm, including the joint ventures in Japan. Common Stock Dividends Per Share Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Dividends declared per common share $ 0.30 $ 0.25 $ 0.60 $ 0.50 Preferred Stock Outstanding Shares Outstanding Carrying Value $ in millions, except per share data At Liquidation Preference per Share At At Series A 44,000 $ 25,000 $ 1,100 $ 1,100 C 1 519,882 1,000 408 408 E 34,500 25,000 862 862 F 34,000 25,000 850 850 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 . For a description of Series A through Series K preferred stock issuances, see Note 15 to the financial statements in the 2018 Form 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 Dividends $ in millions, except per share data Three Months Ended Three Months Ended Per Share 1 Total Per Share 1 Total Series A $ 253 $ 11 $ 253 $ 11 C 25 13 25 13 E 445 15 445 15 F 430 15 430 15 G 414 8 414 8 H 681 35 681 35 I 398 16 398 16 J 694 42 694 42 K 366 15 366 15 Total $ 170 $ 170 $ in millions, except per share data Six Months Ended Six Months Ended Per Share 1 Total Per Share 1 Total Series A $ 503 $ 22 $ 503 $ 22 C 50 26 50 26 E 891 30 891 30 F 859 30 859 30 G 828 16 828 16 H 681 35 681 35 I 797 32 797 32 J 694 42 694 42 K 731 30 731 30 Total $ 263 $ 263 1. Dividends on preferred stock are payable quarterly, except for Series H, which was payable semiannually until July 15, 2019 and is now payable quarterly, and Series J, which is payable semiannually until July 15, 2020, and quarterly thereafter. Accumulated Other Comprehensive Income (Loss) 1 $ in millions Foreign Currency Translation Adjustments AFS Securities Pension, Postretirement and Other DVA Total March 31, 2019 $ (901 ) $ (501 ) $ (577 ) $ (494 ) $ (2,473 ) OCI during the period 36 609 3 (226 ) 422 June 30, 2019 $ (865 ) $ 108 $ (574 ) $ (720 ) $ (2,051 ) March 31, 2018 $ (715 ) $ (1,068 ) $ (710 ) $ (913 ) $ (3,406 ) OCI during the period (149 ) (126 ) 6 605 336 June 30, 2018 $ (864 ) $ (1,194 ) $ (704 ) $ (308 ) $ (3,070 ) December 31, 2018 $ (889 ) $ (930 ) $ (578 ) $ 105 $ (2,292 ) OCI during the period 24 1,038 4 (825 ) 241 June 30, 2019 $ (865 ) $ 108 $ (574 ) $ (720 ) $ (2,051 ) December 31, 2017 $ (767 ) $ (547 ) $ (591 ) $ (1,155 ) $ (3,060 ) Cumulative adjustment for accounting changes 2 (8 ) (111 ) (124 ) (194 ) (437 ) OCI during the period (89 ) (536 ) 11 1,041 427 June 30, 2018 $ (864 ) $ (1,194 ) $ (704 ) $ (308 ) $ (3,070 ) 1. Amounts are net of tax and exclude noncontrolling interests. 2. The cumulative adjustment for accounting changes 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 the corporate income tax rate to 21%. See Note 2 for further information. Components of Period Changes in OCI Three Months Ended June 30, 2019 $ in millions Pre-tax Gain (Loss) Income Tax Benefit (Provision) After-tax Gain (Loss) Non- controlling Interests Net Foreign currency translation adjustments OCI activity $ 32 $ 33 $ 65 $ 29 $ 36 Reclassified to earnings — — — — — Net OCI $ 32 $ 33 $ 65 $ 29 $ 36 Change in net unrealized gains (losses) on AFS securities OCI activity $ 849 $ (200 ) $ 649 $ — $ 649 Reclassified to earnings (53 ) 13 (40 ) — (40 ) Net OCI $ 796 $ (187 ) $ 609 $ — $ 609 Pension, postretirement and other OCI activity $ — $ — $ — $ — $ — Reclassified to earnings 3 — 3 — 3 Net OCI $ 3 $ — $ 3 $ — $ 3 Change in net DVA OCI activity $ (330 ) $ 82 $ (248 ) $ (20 ) $ (228 ) Reclassified to earnings 3 (1 ) 2 — 2 Net OCI $ (327 ) $ 81 $ (246 ) $ (20 ) $ (226 ) Three Months Ended June 30, 2018 $ in millions Pre-tax Gain (Loss) Income Tax Benefit (Provision) After-tax Gain (Loss) Non- controlling Interests Net Foreign currency translation adjustments OCI activity $ (86 ) $ (106 ) $ (192 ) $ (43 ) $ (149 ) Reclassified to earnings — — — — — Net OCI $ (86 ) $ (106 ) $ (192 ) $ (43 ) $ (149 ) Change in net unrealized gains (losses) on AFS securities OCI activity $ (162 ) $ 39 $ (123 ) $ — $ (123 ) Reclassified to earnings (3 ) — (3 ) — (3 ) Net OCI $ (165 ) $ 39 $ (126 ) $ — $ (126 ) Pension, postretirement and other OCI activity $ 2 $ — $ 2 $ — $ 2 Reclassified to earnings 6 (2 ) 4 — 4 Net OCI $ 8 $ (2 ) $ 6 $ — $ 6 Change in net DVA OCI activity $ 841 $ (205 ) $ 636 $ 34 $ 602 Reclassified to earnings 3 — 3 — 3 Net OCI $ 844 $ (205 ) $ 639 $ 34 $ 605 Six Months Ended 1 $ in millions Pre-tax Income After-tax Non- Net Foreign currency translation adjustments OCI activity $ 28 $ 15 $ 43 $ 19 $ 24 Reclassified to earnings — — — — — Net OCI $ 28 $ 15 $ 43 $ 19 $ 24 Change in net unrealized gains (losses) on AFS securities OCI activity $ 1,419 $ (333 ) $ 1,086 $ — $ 1,086 Reclassified to earnings (63 ) 15 (48 ) — (48 ) Net OCI $ 1,356 $ (318 ) $ 1,038 $ — $ 1,038 Pension, postretirement and other OCI activity $ — $ (1 ) $ (1 ) $ — $ (1 ) Reclassified to earnings 6 (1 ) 5 — 5 Net OCI $ 6 $ (2 ) $ 4 $ — $ 4 Change in net DVA OCI activity $ (1,154 ) $ 283 $ (871 ) $ (41 ) $ (830 ) Reclassified to earnings 7 (2 ) 5 — 5 Net OCI $ (1,147 ) $ 281 $ (866 ) $ (41 ) $ (825 ) Six Months Ended 1 $ in millions Pre-tax Income After-tax Non- Net Foreign currency translation adjustments OCI activity $ (8 ) $ (67 ) $ (75 ) $ 14 $ (89 ) Reclassified to earnings — — — — — Net OCI $ (8 ) $ (67 ) $ (75 ) $ 14 $ (89 ) Change in net unrealized gains (losses) on AFS securities OCI activity $ (697 ) $ 164 $ (533 ) $ — $ (533 ) Reclassified to earnings (3 ) — (3 ) — (3 ) Net OCI $ (700 ) $ 164 $ (536 ) $ — $ (536 ) Pension, postretirement and other OCI activity $ 2 $ — $ 2 $ — $ 2 Reclassified to earnings 12 (3 ) 9 — 9 Net OCI $ 14 $ (3 ) $ 11 $ — $ 11 Change in net DVA OCI activity $ 1,421 $ (345 ) $ 1,076 $ 49 $ 1,027 Reclassified to earnings 18 (4 ) 14 — 14 Net OCI $ 1,439 $ (349 ) $ 1,090 $ 49 $ 1,041 1. Exclusive of cumulative adjustments related to the adoption of certain accounting updates. Refer to the table below and Note 2 for further information. Cumulative Adjustments to Retained Earnings Related to the Adoption of Accounting Updates 1 Six Months Ended $ in millions June 30, 2019 Leases $ 63 Six Months Ended $ in millions June 30, 2018 Revenues from contracts with customers 2 $ (32 ) Derivatives and hedging—targeted improvements to accounting for hedging activities 2 (99 ) Reclassification of certain tax effects from AOCI 2 443 Other 3 (6 ) Total $ 306 1. There were no cumulative adjustments to retained earnings related to the adoption of accounting updates for the three months ended June 30, 2019 and 2018 . 2. See Note 2 to the financial statements in the 2018 Form 10-K for further information. 3. Other includes the adoption of accounting updates related to Recognition and Measurement of Financial Assets and Financial Liabilities (other than the provision around presenting unrealized DVA in OCI, which the Firm early adopted in 2016) and Derecognition of Nonfinancial Assets . The impact of these adoptions on Retained earnings was not significant. |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings per Common Share Three Months Ended Six Months Ended in millions, except for per share data 2019 2018 2019 2018 Earnings applicable to Morgan $ 2,031 $ 2,267 $ 4,367 $ 4,842 Basic EPS Weighted average common shares outstanding 1,634 1,720 1,646 1,730 Earnings per basic common share $ 1.24 $ 1.32 $ 2.65 $ 2.80 Diluted EPS Weighted average common shares outstanding 1,634 1,720 1,646 1,730 Effect of dilutive RSUs and PSUs 21 28 20 30 Weighted average common shares outstanding and common stock equivalents 1,655 1,748 1,666 1,760 Earnings per diluted common share $ 1.23 $ 1.30 $ 2.62 $ 2.75 Weighted average antidilutive RSUs (excluded from the computation of diluted EPS) — 1 3 1 |
Interest Income and Interest Ex
Interest Income and Interest Expense | 6 Months Ended |
Jun. 30, 2019 | |
Interest Income (Expense), Net [Abstract] | |
Interest Income and Interest Expense | Interest Income and Interest Expense Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Interest income Investment securities $ 509 $ 417 $ 984 $ 841 Loans 1,196 1,074 2,391 2,012 Securities purchased under agreements to resell and Securities borrowed 1 1,047 366 1,994 581 Trading assets, net of Trading liabilities 747 576 1,460 1,116 Customer receivables and Other 2 1,007 861 1,967 1,604 Total interest income $ 4,506 $ 3,294 $ 8,796 $ 6,154 Interest expense Deposits $ 493 $ 273 $ 955 $ 432 Borrowings 1,342 1,258 2,722 2,396 Securities sold under agreements to repurchase and Securities loaned 3 735 446 1,335 848 Customer payables and Other 4 907 411 1,741 597 Total interest expense $ 3,477 $ 2,388 $ 6,753 $ 4,273 Net interest $ 1,029 $ 906 $ 2,043 $ 1,881 1. Includes fees paid on Securities borrowed. 2. Includes interest from Customer receivables and Cash and cash equivalents. 3. Includes fees received on Securities loaned. 4. Includes fees received from prime brokerage customers for stock loan transactions entered into to cover customers’ short positions. Interest income and Interest expense are classified in the income statements based on the nature of the instrument and related market conventions. When included as a component of the instrument’s fair value, interest is included within Trading revenues or Investments revenues. Otherwise, it is included within Interest income or Interest expense. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Firm is under continuous examination by the IRS and other tax authorities in certain countries, such as Japan and the U.K., and in states and localities in which it has significant business operations, such as New York. The Firm has established a liability for unrecognized tax benefits, and associated interest, if applicable (“tax liabilities”), that it believes is adequate in relation to the potential for additional assessments. Once established, the Firm adjusts such tax liabilities only when new information is available or when an event occurs necessitating a change. The Firm’s effective tax rate for the current quarter and current year period included recurring-type discrete tax benefits associated with employee share-based payments of $20 million and $127 million , respectively. The Firm’s effective tax rate for the current year period included an intermittent net discrete tax benefit of $101 million primarily associated with the remeasurement of reserves and related interest due to new information with regard to multi-jurisdiction tax examinations. See Note 11 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 possible 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. The Firm believes that the resolution of the previous tax examinations will not have a material effect on the annual financial statements, although a resolution could have a material impact in the income statements and on the effective tax rate for any period in which such resolution occurs. |
Segment, Geographic and Revenue
Segment, Geographic and Revenue Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment, Geographic and Revenue Information | Segment, Geographic and Revenue Information Segment Information Selected Financial Information by Business Segment Three Months Ended June 30, 2019 $ in millions IS WM IM I/E Total Investment banking 1, 2 $ 1,472 $ 138 $ (1 ) $ (19 ) $ 1,590 Trading 2,558 162 (1 ) 13 2,732 Investments 194 — 247 — 441 Commissions and fees 1 625 428 — (74 ) 979 Asset management 1 103 2,544 612 (39 ) 3,220 Other 143 120 (9 ) (1 ) 253 Total non-interest revenues 3, 4 5,095 3,392 848 (120 ) 9,215 Interest income 3,289 1,348 6 (137 ) 4,506 Interest expense 3,271 332 15 (141 ) 3,477 Net interest 18 1,016 (9 ) 4 1,029 Net revenues $ 5,113 $ 4,408 $ 839 $ (116 ) $ 10,244 Income from continuing operations before income taxes $ 1,463 $ 1,243 $ 199 $ (2 ) $ 2,903 Provision for income taxes 324 290 44 (1 ) 657 Income from continuing operations 1,139 953 155 (1 ) 2,246 Net income 1,139 953 155 (1 ) 2,246 Net income applicable to noncontrolling interests 18 — 27 — 45 Net income applicable to Morgan Stanley $ 1,121 $ 953 $ 128 $ (1 ) $ 2,201 Three Months Ended June 30, 2018 $ in millions IS WM IM I/E Total Investment banking 1, 2 $ 1,699 $ 114 $ — $ (20 ) $ 1,793 Trading 3,128 135 16 14 3,293 Investments 89 3 55 — 147 Commissions and fees 1 674 442 — (77 ) 1,039 Asset management 1 102 2,514 610 (37 ) 3,189 Other 168 74 3 (2 ) 243 Total non-interest revenues 3, 4 5,860 3,282 684 (122 ) 9,704 Interest income 2,195 1,320 17 (238 ) 3,294 Interest expense 2,341 277 10 (240 ) 2,388 Net interest (146 ) 1,043 7 2 906 Net revenues $ 5,714 $ 4,325 $ 691 $ (120 ) $ 10,610 Income from continuing operations before income taxes $ 1,812 $ 1,157 $ 140 $ — $ 3,109 Provision for income taxes 323 281 36 — 640 Income from continuing operations 1,489 876 104 — 2,469 Income (loss) from discontinued operations, net of income taxes (2 ) — — — (2 ) Net income 1,487 876 104 — 2,467 Net income applicable to noncontrolling interests 30 — — — 30 Net income applicable to Morgan Stanley $ 1,457 $ 876 $ 104 $ — $ 2,437 Six Months Ended June 30, 2019 $ in millions IS WM IM I/E Total Investment banking 1, 2 $ 2,623 $ 247 $ (1 ) $ (37 ) $ 2,832 Trading 5,688 464 (4 ) 25 6,173 Investments 275 1 438 — 714 Commissions and fees 1 1,246 834 — (135 ) 1,945 Asset management 1 210 4,905 1,229 (75 ) 6,269 Other 365 200 (6 ) (5 ) 554 Total non-interest revenues 3, 4 10,407 6,651 1,656 (227 ) 18,487 Interest income 6,345 2,761 10 (320 ) 8,796 Interest expense 6,443 615 23 (328 ) 6,753 Net interest (98 ) 2,146 (13 ) 8 2,043 Net revenues $ 10,309 $ 8,797 $ 1,643 $ (219 ) $ 20,530 Income from continuing operations before income taxes $ 3,058 $ 2,431 $ 373 $ (4 ) $ 5,858 Provision for income taxes 514 554 77 (1 ) 1,144 Income from continuing operations 2,544 1,877 296 (3 ) 4,714 Net income 2,544 1,877 296 (3 ) 4,714 Net income applicable to noncontrolling interests 52 — 32 — 84 Net income applicable to Morgan Stanley $ 2,492 $ 1,877 $ 264 $ (3 ) $ 4,630 Six Months Ended June 30, 2018 $ in millions IS WM IM I/E Total Investment banking 1, 2 $ 3,212 $ 254 $ — $ (39 ) $ 3,427 Trading 6,771 244 21 27 7,063 Investments 138 3 132 — 273 Commissions and fees 1 1,418 940 — (146 ) 2,212 Asset management 1 212 5,009 1,236 (76 ) 6,381 Other 304 137 13 (4 ) 450 Total non-interest revenues 3, 4 12,055 6,587 1,402 (238 ) 19,806 Interest income 3,999 2,600 18 (463 ) 6,154 Interest expense 4,240 488 11 (466 ) 4,273 Net interest (241 ) 2,112 7 3 1,881 Net revenues $ 11,814 $ 8,699 $ 1,409 $ (235 ) $ 21,687 Income from continuing operations before income taxes $ 3,924 $ 2,317 $ 288 $ — $ 6,529 Provision for income taxes 772 527 55 — 1,354 Income from continuing operations 3,152 1,790 233 — 5,175 Income (loss) from discontinued operations, net of income taxes (4 ) — — — (4 ) Net income 3,148 1,790 233 — 5,171 Net income applicable to noncontrolling interests 64 — 2 — 66 Net income applicable to Morgan Stanley $ 3,084 $ 1,790 $ 231 $ — $ 5,105 I/E–Intersegment Eliminations 1. Approximately 90% of Investment Banking revenues in the current quarter and current year period and approximately 85% of Investment banking revenues in the prior year quarter and prior year period were accounted for under the Revenues from Contracts with Customers accounting update. In all periods presented, substantially all of Commissions and fees and Asset management revenues were accounted for under this accounting update. 2. Current quarter Institutional Securities Investment banking revenues are composed of $506 million of Advisory and $966 million of Underwriting revenues. Prior year quarter Institutional Securities Investment banking revenues are composed of $618 million of Advisory and $1,081 million of Underwriting revenues. Current year period Institutional Securities Investment banking revenues are composed of $912 million of Advisory and $1,711 million of Underwriting revenues. Prior year period Institutional Securities Investment banking revenues are composed of $1,192 million of Advisory and $2,020 million of Underwriting revenues. 3. The Firm enters into certain contracts which contain a current obligation to perform services in the future. Excluding contracts where billing is commensurate with the value of the services performed at each stage of the contract, contracts with variable consideration that is subject to reversal, and contracts with less than one year duration, we expect to record the following approximate revenues in the future: $94 million in the remainder of 2019 and $119 million in 2020; between $40 million and $75 million per year in 2021 through 2025; and $10 million per year thereafter through 2035. These revenues are primarily related to certain commodities contracts with customers. 4. Includes $725 million and $862 million in revenue recognized in the current quarter and prior year quarter, respectively, and $1,344 million and $1,628 million in revenue recognized in the current year period and prior year period, respectively, where some or all services were performed in prior periods. This amount is primarily composed of investment banking advisory fees and distribution fees. For a discussion about the Firm’s business segments, see Note 21 to the financial statements in the 2018 Form 10-K . Total Assets by Business Segment $ in millions At At Institutional Securities $ 696,748 $ 646,427 Wealth Management 1 189,811 202,392 Investment Management 5,400 4,712 Total 2 $ 891,959 $ 853,531 1. The Firm acquired Solium Capital Inc. in the current quarter and as a result recorded Goodwill of approximately $469 million and Intangible assets of approximately $268 million . 2. Parent assets have been fully allocated to the business segments. Additional Segment Information—Investment Management Net Unrealized Carried Interest $ in millions At At Net cumulative unrealized carried interest at risk of reversing $ 540 $ 434 The Firm’s portion of net cumulative unrealized carried interest (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-based fees in the form of carried interest previously received. Reduction of Fees due to Fee Waivers Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Fee waivers $ 10 $ 16 $ 21 $ 34 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. Separately, the Firm’s employees, including its senior officers, may participate on the same terms and conditions as other investors in certain funds that the Firm sponsors primarily for client investment, and the Firm may waive or lower applicable fees and charges for its employees. Geographic Information Net Revenues by Region Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Americas $ 7,526 $ 7,614 $ 14,847 $ 15,632 EMEA 1,576 1,829 3,278 3,537 Asia 1,142 1,167 2,405 2,518 Total $ 10,244 $ 10,610 $ 20,530 $ 21,687 For a discussion about the Firm’s geographic net revenues, see Note 21 to the financial statements in the 2018 Form 10-K . Revenue Information Trading Revenues by Product Type Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Interest rate $ 604 $ 781 $ 1,389 $ 1,652 Foreign exchange 73 138 314 399 Equity security and index 1 1,478 1,785 2,929 3,661 Commodity and other 264 358 686 794 Credit 313 231 855 557 Total $ 2,732 $ 3,293 $ 6,173 $ 7,063 1. 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 across a variety of product types in connection with its market-making and related risk management strategies. The trading revenues presented in the table are not representative of the manner in which the Firm manages its business activities and are prepared in a manner similar to the presentation of trading revenues for regulatory reporting purposes. Receivables related to Revenues from Contracts with Customers $ in millions At At Customer and other receivables $ 2,536 $ 2,308 Receivables from contracts with customers, which are included within Customer and other receivables in the balance sheets, arise when the Firm has both recorded revenues and has the right per the contract to bill the customer. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 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 recordable or disclosable events not otherwise reported in these financial statements or the notes thereto. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Financial Information | 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 certain 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 disclosures. The Firm believes that the estimates utilized in the preparation of its financial statements are prudent and reasonable. Actual results could differ materially from these estimates. Intercompany balances and transactions have been eliminated. Certain reclassifications 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 2018 Form 10-K . Certain footnote disclosures included in the 2018 Form 10-K have been condensed or omitted from these financial statements as they are not required for interim reporting under U.S. GAAP. The financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire year. |
Consolidation | Consolidation The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 12). For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as noncontrolling interests. The net income attributable to noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the consolidated 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 sheets (“balance sheets”). For a discussion of the Firm’s significant regulated U.S. and international subsidiaries and its involvement with VIEs, see Note 1 to the financial statements in the 2018 Form 10-K . |
Accounting Updates Adopted | Accounting Updates Adopted The Firm adopted the following accounting updates on January 1, 2019. Prior periods are presented under previous policies. Leases The Firm adopted Leases , and recognized leases with terms exceeding one year in the June 30, 2019 balance sheet as right-of-use (“ROU”) assets and corresponding liabilities. The adoption resulted in an increase to Retained earnings of approximately $63 million , net of tax, related to deferred revenue from previously recorded sale-leaseback transactions. At transition on January 1, 2019, the adoption also resulted in a balance sheet gross-up of approximately $4 billion reflected in Other assets and Other liabilities and accrued expenses. See Note 11 for lease disclosures, including amounts reflected in the June 30, 2019 balance sheet. Prior period amounts were not restated. As allowed by the guidance, the Firm elected not to reassess the following at transition: whether existing contracts are or contain leases, and for existing leases, lease classification and initial direct costs. In addition, the Firm continues to account for existing land easements as service contracts. Both at transition and for new leases thereafter, ROU assets and lease liabilities are initially recognized based on the present value of the future minimum lease payments over the lease term, including non-lease components such as fixed common area maintenance costs and other fixed costs such as real estate taxes and insurance. The discount rates used in determining the present value of leases are the Firm’s incremental borrowing rates, developed based upon each lease’s term and currency of payment. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Firm will exercise that option. For operating leases, the ROU assets also include any prepaid lease payments and initial direct costs incurred and are reduced by lease incentives. For these leases, lease expense is recognized on a straight-line basis over the lease term if the ROU asset has not been impaired or abandoned. Derivatives and Hedging (ASU 2018-16) The amendments in this update permit use of the OIS rate based on the Secured Overnight Financing Rate as a U.S. benchmark interest rate for hedge accounting purposes. The Firm adopted this update on a prospective basis for qualifying new or redesignated hedging relationships. This update did not impact the Firm’s pre-existing hedges. |
Fair Values (Tables)
Fair Values (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and Liabilities Measured at Fair Value on a Recurring Basis At June 30, 2019 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 55,358 $ 27,102 $ 5 $ — $ 82,465 Other sovereign government obligations 32,032 5,221 10 — 37,263 State and municipal securities — 3,335 16 — 3,351 MABS — 1,471 480 — 1,951 Loans and lending commitments 2 — 5,452 5,604 — 11,056 Corporate and other debt — 19,872 1,364 — 21,236 Corporate equities 3 90,741 463 98 — 91,302 Derivative and other contracts: Interest rate 3,158 190,360 1,359 — 194,877 Credit — 5,540 786 — 6,326 Foreign exchange 15 56,361 21 — 56,397 Equity 1,632 41,040 1,401 — 44,073 Commodity and other 1,081 9,200 3,042 — 13,323 Netting 1 (4,645 ) (228,574 ) (1,073 ) (47,940 ) (282,232 ) Total derivative and other contracts 1,241 73,927 5,536 (47,940 ) 32,764 Investments 4 516 275 785 — 1,576 Physical commodities — 908 — — 908 Total trading assets 4 179,888 138,026 13,898 (47,940 ) 283,872 Investment securities—AFS 33,692 29,346 — — 63,038 Securities purchased under agreements to resell — 4 — — 4 Total assets at fair value $ 213,580 $ 167,376 $ 13,898 $ (47,940 ) $ 346,914 At June 30, 2019 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 796 $ 138 $ — $ 934 Trading liabilities: U.S. Treasury and agency securities 12,309 423 — — 12,732 Other sovereign government obligations 22,769 1,960 1 — 24,730 Corporate and other debt — 7,753 2 — 7,755 Corporate equities 3 61,937 198 33 — 62,168 Derivative and other contracts: Interest rate 2,872 179,899 543 — 183,314 Credit — 5,967 924 — 6,891 Foreign exchange 7 59,147 50 — 59,204 Equity 1,366 41,795 3,116 — 46,277 Commodity and other 1,246 6,779 1,181 — 9,206 Netting 1 (4,645 ) (228,574 ) (1,073 ) (38,580 ) (272,872 ) Total derivative and other contracts 846 65,013 4,741 (38,580 ) 32,020 Total trading liabilities 97,861 75,347 4,777 (38,580 ) 139,405 Securities sold under agreements to repurchase — 658 — — 658 Other secured financings — 8,322 154 — 8,476 Borrowings — 57,570 3,939 — 61,509 Total liabilities at fair value $ 97,861 $ 142,693 $ 9,008 $ (38,580 ) $ 210,982 At December 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 $ 38,767 $ 29,594 $ 54 $ — $ 68,415 Other sovereign government obligations 28,395 5,529 17 — 33,941 State and municipal securities — 3,161 148 — 3,309 MABS — 2,154 354 — 2,508 Loans and lending commitments 2 — 4,055 6,870 — 10,925 Corporate and other debt — 18,129 1,076 — 19,205 Corporate equities 3 93,626 522 95 — 94,243 Derivative and other contracts: Interest rate 2,793 155,027 1,045 — 158,865 Credit — 5,707 421 — 6,128 Foreign exchange 62 63,023 161 — 63,246 Equity 1,256 45,596 1,022 — 47,874 Commodity and other 963 8,517 2,992 — 12,472 Netting 1 (4,151 ) (210,190 ) (896 ) (44,175 ) (259,412 ) Total derivative and other contracts 923 67,680 4,745 (44,175 ) 29,173 Investments 4 412 293 757 — 1,462 Physical commodities — 536 — — 536 Total trading assets 4 162,123 131,653 14,116 (44,175 ) 263,717 Investment securities—AFS 36,399 24,662 — — 61,061 Intangible assets — 5 — — 5 Total assets at fair value $ 198,522 $ 156,320 $ 14,116 $ (44,175 ) $ 324,783 At December 31, 2018 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 415 $ 27 $ — $ 442 Trading liabilities: U.S. Treasury and agency securities 11,272 543 — — 11,815 Other sovereign government obligations 21,391 1,454 — — 22,845 Corporate and other debt — 8,550 1 — 8,551 Corporate equities 3 56,064 199 15 — 56,278 Derivative and other contracts: Interest rate 2,927 142,746 427 — 146,100 Credit — 5,772 381 — 6,153 Foreign exchange 41 63,379 86 — 63,506 Equity 1,042 47,091 2,507 — 50,640 Commodity and other 1,228 6,872 940 — 9,040 Netting 1 (4,151 ) (210,190 ) (896 ) (32,944 ) (248,181 ) Total derivative and other contracts 1,087 55,670 3,445 (32,944 ) 27,258 Total trading liabilities 89,814 66,416 3,461 (32,944 ) 126,747 Securities sold under agreements to repurchase — 812 — — 812 Other secured financings — 5,037 208 — 5,245 Borrowings — 47,378 3,806 — 51,184 Total liabilities at fair value $ 89,814 $ 120,058 $ 7,502 $ (32,944 ) $ 184,430 MABS — Mortgage- and asset-backed securities 1. For positions with the same counterparty classified in different levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within the column for that level. For further information on derivative instruments and hedging activities, see Note 4. 2. For a further breakdown by type, see the following Breakdown of Loans and Lending Commitments at Fair Value table. 3. For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes. 4. Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements — Fund Interests” herein. |
Schedule of Breakdown of Loans and Lending Commitments at Fair Value | Breakdown of Loans and Lending Commitments at Fair Value $ in millions At At Corporate $ 8,241 $ 9,171 Residential real estate 1,274 1,153 Commercial real estate 1,541 601 Total $ 11,056 $ 10,925 |
Schedule of Unsettled Fair Value of Futures Contracts | Unsettled Fair Value of Futures Contracts 1 $ in millions At At Customer and other receivables, net $ 507 $ 615 1. These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables. |
Schedule of Rollforward of Level 3 Assets Measured at Fair Value on a Recurring Basis | Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Assets at Fair value U.S. Treasury and agency securities Beginning balance $ 7 $ — $ 54 $ — Purchases 5 — 5 — Sales (4 ) — (54 ) — Net transfers (3 ) — — — Ending balance $ 5 $ — $ 5 $ — Unrealized gains (losses) $ — $ — $ — $ — Other sovereign government obligations Beginning balance $ 5 $ 7 $ 17 $ 1 Realized and unrealized gains (losses) — (3 ) — — Purchases 8 2 8 4 Sales (3 ) (1 ) (4 ) — Net transfers — — (11 ) — Ending balance $ 10 $ 5 $ 10 $ 5 Unrealized gains (losses) $ — $ — $ — $ — State and municipal securities Beginning balance $ 12 $ 2 $ 148 $ 8 Realized and unrealized gains (losses) — — — — Purchases 15 1 15 1 Sales (11 ) (1 ) (43 ) (7 ) Net transfers — — (104 ) — Ending balance $ 16 $ 2 $ 16 $ 2 Unrealized gains (losses) $ — $ — $ — $ — MABS Beginning balance $ 301 $ 342 $ 354 $ 423 Realized and unrealized gains (losses) (5 ) — 3 76 Purchases 52 35 63 74 Sales (43 ) (88 ) (133 ) (282 ) Settlements (19 ) (7 ) (22 ) (12 ) Net transfers 194 45 215 48 Ending balance $ 480 $ 327 $ 480 $ 327 Unrealized gains (losses) $ (12 ) $ (6 ) $ (24 ) $ — Loans and lending commitments Beginning balance $ 6,343 $ 8,128 $ 6,870 $ 5,945 Realized and unrealized gains (losses) 73 (62 ) 44 (6 ) Purchases and originations 957 1,726 1,548 3,841 Sales (1,021 ) (615 ) (588 ) (913 ) Settlements (733 ) (1,781 ) (1,487 ) (1,531 ) Net transfers (15 ) (473 ) (783 ) (413 ) Ending balance $ 5,604 $ 6,923 $ 5,604 $ 6,923 Unrealized gains (losses) $ 66 $ (78 ) $ 44 $ (61 ) Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Corporate and other debt Beginning balance $ 1,061 $ 814 $ 1,076 $ 701 Realized and unrealized gains (losses) 86 37 161 43 Purchases 407 166 428 366 Sales (101 ) (194 ) (267 ) (165 ) Settlements (3 ) (3 ) (5 ) (1 ) Net transfers (86 ) (119 ) (29 ) (243 ) Ending balance $ 1,364 $ 701 $ 1,364 $ 701 Unrealized gains (losses) $ 85 $ 5 $ 152 $ 6 Corporate equities Beginning balance $ 152 $ 233 $ 95 $ 166 Realized and unrealized gains (losses) (12 ) (4 ) (10 ) 2 Purchases 21 21 28 43 Sales (13 ) (25 ) (31 ) (49 ) Net transfers (50 ) (54 ) 16 9 Ending balance $ 98 $ 171 $ 98 $ 171 Unrealized gains (losses) $ (10 ) $ (3 ) $ (7 ) $ (7 ) Investments Beginning balance $ 974 $ 1,012 $ 757 $ 1,020 Realized and unrealized gains (losses) 26 (8 ) 38 23 Purchases 9 17 14 64 Sales (32 ) (28 ) (36 ) (133 ) Net transfers (192 ) (52 ) 12 (33 ) Ending balance $ 785 $ 941 $ 785 $ 941 Unrealized gains (losses) $ 29 $ 2 $ 38 $ 7 Net derivative and other contracts: Interest rate Beginning balance $ 551 $ 670 $ 618 $ 1,218 Realized and unrealized gains (losses) 238 (75 ) 183 (1 ) Purchases 53 61 59 69 Issuances (19 ) (24 ) (30 ) (51 ) Settlements (1 ) (45 ) (15 ) (131 ) Net transfers (6 ) (20 ) 1 (537 ) Ending balance $ 816 $ 567 $ 816 $ 567 Unrealized gains (losses) $ 230 $ (99 ) $ 234 $ (13 ) Credit Beginning balance $ (261 ) $ (30 ) $ 40 $ 41 Realized and unrealized gains (losses) 30 111 217 (22 ) Purchases 28 15 93 4 Issuances (19 ) (41 ) (470 ) (40 ) Settlements 39 (57 ) (8 ) 17 Net transfers 45 — (10 ) (2 ) Ending balance $ (138 ) $ (2 ) $ (138 ) $ (2 ) Unrealized gains (losses) $ 30 $ 115 $ 224 $ (28 ) Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Foreign exchange Beginning balance $ 5 $ (33 ) $ 75 $ (112 ) Realized and unrealized gains (losses) (33 ) 37 (154 ) 96 Purchases — — — — Issuances — (19 ) — (46 ) Settlements (22 ) (3 ) (12 ) 46 Net transfers 21 (8 ) 62 (10 ) Ending balance $ (29 ) $ (26 ) $ (29 ) $ (26 ) Unrealized gains (losses) $ (37 ) $ 43 $ (45 ) $ 28 Equity Beginning balance $ (1,760 ) $ 1,015 $ (1,485 ) $ 1,208 Realized and unrealized gains (losses) 86 51 (92 ) 163 Purchases 60 29 96 94 Issuances (158 ) (191 ) (359 ) (930 ) Settlements 43 185 185 294 Net transfers 14 (2,624 ) (60 ) (2,364 ) Ending balance $ (1,715 ) $ (1,535 ) $ (1,715 ) $ (1,535 ) Unrealized gains (losses) $ 70 $ (14 ) $ (106 ) $ 135 Commodity and other Beginning balance $ 2,106 $ 1,660 $ 2,052 $ 1,446 Realized and unrealized gains (losses) (145 ) 170 (113 ) 392 Purchases 8 1 16 35 Issuances (2 ) (3 ) (17 ) (6 ) Settlements (106 ) 122 (183 ) 7 Net transfers — 82 106 158 Ending balance $ 1,861 $ 2,032 $ 1,861 $ 2,032 Unrealized gains (losses) $ (272 ) $ 107 $ (306 ) $ 230 Liabilities at Fair Value Deposits Beginning balance $ 99 $ 44 $ 27 $ 47 Realized and unrealized losses (gains) 6 (1 ) 12 (1 ) Issuances 24 5 51 10 Settlements (4 ) — (4 ) (1 ) Net transfers 13 (11 ) 52 (18 ) Ending balance $ 138 $ 37 $ 138 $ 37 Unrealized losses (gains) $ 6 $ (1 ) $ 12 $ (1 ) Nonderivative trading liabilities Beginning balance $ 43 $ 39 $ 16 $ 25 Realized and unrealized losses (gains) (9 ) (3 ) (10 ) (6 ) Purchases (24 ) (17 ) (30 ) (19 ) Sales 11 7 28 22 Net transfers 15 (1 ) 32 3 Ending balance $ 36 $ 25 $ 36 $ 25 Unrealized losses (gains) $ (9 ) $ (2 ) $ (10 ) $ (4 ) Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Securities sold under agreements to repurchase Beginning balance $ — $ — $ — $ 150 Net transfers — — — (150 ) Ending balance $ — $ — $ — $ — Unrealized losses (gains) $ — $ — $ — $ — Other secured financings Beginning balance $ 153 $ 220 $ 208 $ 239 Realized and unrealized losses (gains) 2 (5 ) 6 (17 ) Issuances — 4 — 7 Settlements (1 ) (8 ) (8 ) (18 ) Net transfers — (41 ) (52 ) (41 ) Ending balance $ 154 $ 170 $ 154 $ 170 Unrealized losses (gains) $ 2 $ (5 ) $ 6 $ (17 ) Borrowings Beginning balance $ 3,775 $ 3,626 $ 3,806 $ 2,984 Realized and unrealized losses (gains) 172 (130 ) 444 (201 ) Issuances 354 306 598 825 Settlements (99 ) (141 ) (243 ) (195 ) Net transfers (263 ) (366 ) (666 ) (118 ) Ending balance $ 3,939 $ 3,295 $ 3,939 $ 3,295 Unrealized losses (gains) $ 173 $ (133 ) $ 419 $ (199 ) Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA 35 (16 ) 91 (119 ) |
Schedule of Rollforward of Level 3 Liabilities Measured at Fair Value on a Recurring Basis | Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Assets at Fair value U.S. Treasury and agency securities Beginning balance $ 7 $ — $ 54 $ — Purchases 5 — 5 — Sales (4 ) — (54 ) — Net transfers (3 ) — — — Ending balance $ 5 $ — $ 5 $ — Unrealized gains (losses) $ — $ — $ — $ — Other sovereign government obligations Beginning balance $ 5 $ 7 $ 17 $ 1 Realized and unrealized gains (losses) — (3 ) — — Purchases 8 2 8 4 Sales (3 ) (1 ) (4 ) — Net transfers — — (11 ) — Ending balance $ 10 $ 5 $ 10 $ 5 Unrealized gains (losses) $ — $ — $ — $ — State and municipal securities Beginning balance $ 12 $ 2 $ 148 $ 8 Realized and unrealized gains (losses) — — — — Purchases 15 1 15 1 Sales (11 ) (1 ) (43 ) (7 ) Net transfers — — (104 ) — Ending balance $ 16 $ 2 $ 16 $ 2 Unrealized gains (losses) $ — $ — $ — $ — MABS Beginning balance $ 301 $ 342 $ 354 $ 423 Realized and unrealized gains (losses) (5 ) — 3 76 Purchases 52 35 63 74 Sales (43 ) (88 ) (133 ) (282 ) Settlements (19 ) (7 ) (22 ) (12 ) Net transfers 194 45 215 48 Ending balance $ 480 $ 327 $ 480 $ 327 Unrealized gains (losses) $ (12 ) $ (6 ) $ (24 ) $ — Loans and lending commitments Beginning balance $ 6,343 $ 8,128 $ 6,870 $ 5,945 Realized and unrealized gains (losses) 73 (62 ) 44 (6 ) Purchases and originations 957 1,726 1,548 3,841 Sales (1,021 ) (615 ) (588 ) (913 ) Settlements (733 ) (1,781 ) (1,487 ) (1,531 ) Net transfers (15 ) (473 ) (783 ) (413 ) Ending balance $ 5,604 $ 6,923 $ 5,604 $ 6,923 Unrealized gains (losses) $ 66 $ (78 ) $ 44 $ (61 ) Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Corporate and other debt Beginning balance $ 1,061 $ 814 $ 1,076 $ 701 Realized and unrealized gains (losses) 86 37 161 43 Purchases 407 166 428 366 Sales (101 ) (194 ) (267 ) (165 ) Settlements (3 ) (3 ) (5 ) (1 ) Net transfers (86 ) (119 ) (29 ) (243 ) Ending balance $ 1,364 $ 701 $ 1,364 $ 701 Unrealized gains (losses) $ 85 $ 5 $ 152 $ 6 Corporate equities Beginning balance $ 152 $ 233 $ 95 $ 166 Realized and unrealized gains (losses) (12 ) (4 ) (10 ) 2 Purchases 21 21 28 43 Sales (13 ) (25 ) (31 ) (49 ) Net transfers (50 ) (54 ) 16 9 Ending balance $ 98 $ 171 $ 98 $ 171 Unrealized gains (losses) $ (10 ) $ (3 ) $ (7 ) $ (7 ) Investments Beginning balance $ 974 $ 1,012 $ 757 $ 1,020 Realized and unrealized gains (losses) 26 (8 ) 38 23 Purchases 9 17 14 64 Sales (32 ) (28 ) (36 ) (133 ) Net transfers (192 ) (52 ) 12 (33 ) Ending balance $ 785 $ 941 $ 785 $ 941 Unrealized gains (losses) $ 29 $ 2 $ 38 $ 7 Net derivative and other contracts: Interest rate Beginning balance $ 551 $ 670 $ 618 $ 1,218 Realized and unrealized gains (losses) 238 (75 ) 183 (1 ) Purchases 53 61 59 69 Issuances (19 ) (24 ) (30 ) (51 ) Settlements (1 ) (45 ) (15 ) (131 ) Net transfers (6 ) (20 ) 1 (537 ) Ending balance $ 816 $ 567 $ 816 $ 567 Unrealized gains (losses) $ 230 $ (99 ) $ 234 $ (13 ) Credit Beginning balance $ (261 ) $ (30 ) $ 40 $ 41 Realized and unrealized gains (losses) 30 111 217 (22 ) Purchases 28 15 93 4 Issuances (19 ) (41 ) (470 ) (40 ) Settlements 39 (57 ) (8 ) 17 Net transfers 45 — (10 ) (2 ) Ending balance $ (138 ) $ (2 ) $ (138 ) $ (2 ) Unrealized gains (losses) $ 30 $ 115 $ 224 $ (28 ) Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Foreign exchange Beginning balance $ 5 $ (33 ) $ 75 $ (112 ) Realized and unrealized gains (losses) (33 ) 37 (154 ) 96 Purchases — — — — Issuances — (19 ) — (46 ) Settlements (22 ) (3 ) (12 ) 46 Net transfers 21 (8 ) 62 (10 ) Ending balance $ (29 ) $ (26 ) $ (29 ) $ (26 ) Unrealized gains (losses) $ (37 ) $ 43 $ (45 ) $ 28 Equity Beginning balance $ (1,760 ) $ 1,015 $ (1,485 ) $ 1,208 Realized and unrealized gains (losses) 86 51 (92 ) 163 Purchases 60 29 96 94 Issuances (158 ) (191 ) (359 ) (930 ) Settlements 43 185 185 294 Net transfers 14 (2,624 ) (60 ) (2,364 ) Ending balance $ (1,715 ) $ (1,535 ) $ (1,715 ) $ (1,535 ) Unrealized gains (losses) $ 70 $ (14 ) $ (106 ) $ 135 Commodity and other Beginning balance $ 2,106 $ 1,660 $ 2,052 $ 1,446 Realized and unrealized gains (losses) (145 ) 170 (113 ) 392 Purchases 8 1 16 35 Issuances (2 ) (3 ) (17 ) (6 ) Settlements (106 ) 122 (183 ) 7 Net transfers — 82 106 158 Ending balance $ 1,861 $ 2,032 $ 1,861 $ 2,032 Unrealized gains (losses) $ (272 ) $ 107 $ (306 ) $ 230 Liabilities at Fair Value Deposits Beginning balance $ 99 $ 44 $ 27 $ 47 Realized and unrealized losses (gains) 6 (1 ) 12 (1 ) Issuances 24 5 51 10 Settlements (4 ) — (4 ) (1 ) Net transfers 13 (11 ) 52 (18 ) Ending balance $ 138 $ 37 $ 138 $ 37 Unrealized losses (gains) $ 6 $ (1 ) $ 12 $ (1 ) Nonderivative trading liabilities Beginning balance $ 43 $ 39 $ 16 $ 25 Realized and unrealized losses (gains) (9 ) (3 ) (10 ) (6 ) Purchases (24 ) (17 ) (30 ) (19 ) Sales 11 7 28 22 Net transfers 15 (1 ) 32 3 Ending balance $ 36 $ 25 $ 36 $ 25 Unrealized losses (gains) $ (9 ) $ (2 ) $ (10 ) $ (4 ) Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Securities sold under agreements to repurchase Beginning balance $ — $ — $ — $ 150 Net transfers — — — (150 ) Ending balance $ — $ — $ — $ — Unrealized losses (gains) $ — $ — $ — $ — Other secured financings Beginning balance $ 153 $ 220 $ 208 $ 239 Realized and unrealized losses (gains) 2 (5 ) 6 (17 ) Issuances — 4 — 7 Settlements (1 ) (8 ) (8 ) (18 ) Net transfers — (41 ) (52 ) (41 ) Ending balance $ 154 $ 170 $ 154 $ 170 Unrealized losses (gains) $ 2 $ (5 ) $ 6 $ (17 ) Borrowings Beginning balance $ 3,775 $ 3,626 $ 3,806 $ 2,984 Realized and unrealized losses (gains) 172 (130 ) 444 (201 ) Issuances 354 306 598 825 Settlements (99 ) (141 ) (243 ) (195 ) Net transfers (263 ) (366 ) (666 ) (118 ) Ending balance $ 3,939 $ 3,295 $ 3,939 $ 3,295 Unrealized losses (gains) $ 173 $ (133 ) $ 419 $ (199 ) Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA 35 (16 ) 91 (119 ) |
Schedule of Valuation Techniques and Unobservable Inputs | Valuation Techniques and Unobservable Inputs Balance / Range (Average) 1 $ in millions, except inputs At June 30, 2019 At December 31, 2018 Assets Measured at Fair Value on a Recurring Basis MABS $ 480 $ 354 Comparable pricing: Bond price 1 to 97 points 0 to 97 points (38 points) Loans and lending commitments $ 5,604 $ 6,870 Margin loan model: Discount rate 1% to 6% (2%) 1% to 7% (2%) Volatility skew 14% to 63% (21%) 19% to 56% (28%) Credit Spread 10 to 63 bps (28 bps) 14 to 90 bps (36 bps) Comparable pricing: Loan price 76 to 103 points 60 to 101 points (95 points) Corporate and other debt $ 1,364 $ 1,076 Comparable pricing: Bond price 12 to 100 points 12 to 100 points (72 points) Discounted cash flow: Recovery rate 27 % 20 % Discount rate N/M 15% to 21% (16%) Option model: At the money volatility 20 % 24% to 78% (50%) Corporate equities $ 98 $ 95 Comparable pricing: Equity price 100 % 100 % Investments $ 785 $ 757 Discounted cash flow: WACC 14% to 17% (15%) 9% to 15% (10%) Exit multiple 7 to 15 times (11 times) 7 to 10 times (10 times) Market approach: EBITDA multiple 6 to 25 times (11 times) 6 to 24 times (12 times) Comparable pricing: Equity price 75% to 100% (99%) 75% to 100% (96%) Net derivative and other contracts: Interest rate $ 816 $ 618 Option model: IR volatility skew 25% to 127% 22% to 95% (48% / 51%) Contingency probability 90% to 95% (93% / 93%) N/M Inflation volatility 23% to 62% (43% / 40%) 23% to 65% (44% / 40%) IR curve 1 % 1 % Balance / Range (Average) 1 $ in millions, except inputs At June 30, 2019 At December 31, 2018 Credit $ (138 ) $ 40 Comparable pricing: Cash-synthetic basis 12 points 8 to 9 points (9 points) Bond price 0 to 83 points 0 to 75 points (26 points) Credit spread 12 to 499 bps (100 bps) 246 to 499 bps (380 bps) Funding spread 63 to 105 bps (95 bps) 47 to 98 bps (93 bps) Correlation model: Credit correlation 31% to 64% (38%) 36% to 69% (44%) Foreign exchange 2 $ (29 ) $ 75 Option model: IR FX correlation 29% to 57% (46% / 46%) 53% to 56% (55% / 55%) IR volatility skew 25% to 127% 22% to 95% (48% / 51%) Contingency probability 67% to 97% (82% / 82%) 90% to 95% (93% / 95%) Equity 2 $ (1,715 ) $ (1,485 ) Option model: At the money volatility 6% to 72% (36%) 17% to 63% (38%) Volatility skew -2% to 0% (-1%) -2% to 0% (-1%) Equity correlation 5% to 96% (71%) 5% to 96% (71%) FX correlation -60% to 55% (-17%) -60% to 55% (-26%) IR correlation -7% to 44% (16% / 13%) -7% to 45% (15% / 12%) Commodity and other $ 1,861 $ 2,052 Option model: Forward power price $4 to $118 ($28) per MWh 3 to $185 ($31) per MWh Commodity volatility 7% to 213% (16%) 7% to 187% (17%) Cross-commodity correlation 5% to 99% (93%) 5% to 99% (93%) Liabilities Measured at Fair Value on a Recurring Basis Deposits $ 138 $ 27 Option Model: At the money volatility 20% to 30% (22%) N/M Other secured financings $ 154 $ 208 Discounted cash flow: Funding spread 111 to 155 bps (133 bps) 103 to 193 bps (148 bps) Option model: Volatility skew N/M -1 % At the money volatility 10% to 40% (30%) 10% to 40% (25%) Borrowings $ 3,939 $ 3,806 Option model: At the money volatility 6% to 35% (21%) 5% to 35% (22%) Volatility skew -1% to 0% (0%) -2% to 0% (0%) Equity correlation 38% to 94% (75%) 45% to 98% (85%) Equity - FX correlation -72% to 30% (-28%) -75% to 50% (-27%) IR Correlation N/M 58% to 97% (85% / 91%) IR FX Correlation 25% to 58% (38% / 34%) 28% to 58% (44% / 44%) Balance / Range (Average) 1 $ in millions, except inputs At June 30, 2019 At December 31, 2018 Nonrecurring Fair Value Measurement Loans $ 1,298 $ 1,380 Corporate loan model: Credit spread 58 to 448 bps (202 bps) 97 to 434 bps (181 bps) Warehouse model: Credit spread 264 to 271 bps (266 bps) 223 to 313 bps (247 bps) Points—Percentage of par IR—Interest rate FX—Foreign exchange 1. A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant. 2. Includes derivative contracts with multiple risks ( i.e. , hybrid products). |
Schedule of Net Asset Value Measurements | Net Asset Value Measurements Fund Interests At June 30, 2019 At December 31, 2018 $ in millions Carrying Value Commitment Carrying Value Commitment Private equity $ 1,545 $ 368 $ 1,374 $ 316 Real estate 1,452 155 1,105 161 Hedge 1 96 4 103 4 Total $ 3,093 $ 527 $ 2,582 $ 481 1. Investments in hedge funds may be subject to initial period lock-up or gate provisions, which restrict an investor from withdrawing from the fund during a certain initial period or restrict the redemption amount on any redemption date, respectively. Nonredeemable Funds by Contractual Maturity Carrying Value at June 30, 2019 $ in millions Private Equity Real Estate Less than 5 years $ 802 $ 634 5-10 years 720 740 Over 10 years 23 78 Total $ 1,545 $ 1,452 |
Schedule of Fair Value Option | Fair Value Loans on Nonaccrual Status $ in millions At At Nonaccrual loans $ 971 $ 1,497 Nonaccrual loans 90 or more days past due $ 526 $ 812 Borrowings Measured at Fair Value on a Recurring Basis $ in millions At At Business Unit Responsible for Risk Management Equity $ 29,459 $ 24,494 Interest rates 26,343 22,343 Commodities 3,975 2,735 Credit 1,159 856 Foreign exchange 573 756 Total $ 61,509 $ 51,184 Gains (Losses) on Borrowings under the Fair Value Option Three Months Ended June 30, Six Months Ended June 30, $ in millions 2019 2018 2019 2018 Trading revenues $ (2,190 ) $ 859 $ (5,093 ) $ 885 Interest expense (94 ) (73 ) (187 ) (175 ) Net revenues 1 $ (2,284 ) $ 786 $ (5,280 ) $ 710 1. Amounts do not reflect any gains or losses from related economic hedges. Gains (Losses) Due to Changes in Instrument-Specific Credit Risk Three Months Ended June 30, 2019 2018 $ in millions Trading Revenues OCI Trading Revenues OCI Borrowings $ (3 ) $ (328 ) $ (3 ) $ 842 Loans and other debt 1 58 — 63 — Lending commitments (1 ) — 1 — Other — 1 — — Six Months Ended June 30, 2019 2018 $ in millions Trading Revenues OCI Trading Revenues OCI Borrowings $ (7 ) $ (1,144 ) $ (18 ) $ 1,435 Loans and other debt 1 151 — 144 — Lending commitments (2 ) — 3 — Other — (3 ) — 2 $ in millions At At Cumulative pre-tax DVA gain (loss) recognized in AOCI $ (975 ) $ 172 1. Loans and other debt instrument-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses. Difference Between Contractual Principal and Fair Value 1 $ in millions At At Loans and other debt 2 $ 13,064 $ 13,094 Nonaccrual loans 2 10,950 10,831 Borrowings 3 (503 ) 2,657 1. Amounts indicate contractual principal greater than or (less than) fair value. 2. The majority of the difference between principal and fair value amounts for loans and other debt relates to distressed debt positions purchased at amounts well below par. 3. Borrowings in this table do not include structured notes where the repayment of the initial principal amount fluctuates based on changes in a reference price or index. |
Schedule of Nonrecurring Fair Value Measurements | Nonrecurring Fair Value Measurements Carrying and Fair Values At June 30, 2019 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 2,065 $ 1,298 $ 3,363 Other assets—Other investments — 30 30 Other assets—Premises, equipment and software — — — Total $ 2,065 $ 1,328 $ 3,393 Liabilities Other liabilities and accrued expenses—Lending commitments $ 168 $ 55 $ 223 Total $ 168 $ 55 $ 223 At December 31, 2018 Fair Value $ in millions Level 2 Level 3 1 Total Assets Loans $ 2,307 $ 1,380 $ 3,687 Other assets—Other investments 14 100 114 Other assets—Premises, equipment and software — — — Total $ 2,321 $ 1,480 $ 3,801 Liabilities Other liabilities and accrued expenses—Lending commitments $ 292 $ 65 $ 357 Total $ 292 $ 65 $ 357 1. For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement. Gains (Losses) from Fair Value Remeasurements 1 Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Assets Loans 2 $ (10 ) $ (1 ) $ 17 $ 8 Other assets—Other investments — (7 ) (5 ) (7 ) Other assets—Premises, equipment and software (2 ) (2 ) (4 ) (10 ) Total $ (12 ) $ (10 ) $ 8 $ (9 ) Liabilities Other liabilities and accrued expenses—Lending commitments 2 $ 7 $ (30 ) $ 74 $ (12 ) Total $ 7 $ (30 ) $ 74 $ (12 ) 1. Gains and losses for Loans and Other assets—Other investments are classified in Other revenues. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise they are recorded in Other expenses. 2. Nonrecurring changes in the fair value of loans and lending commitments were calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable. |
Schedule of Financial Instruments Not Measured at Fair Value | Carrying and Fair Values At June 30, 2019 Carrying Value Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents: Cash and due from banks $ 38,257 $ 38,257 $ — $ — $ 38,257 Interest bearing deposits with banks 10,888 10,888 — — 10,888 Restricted cash 30,435 30,435 — — 30,435 Investment securities—HTM 40,028 25,672 14,243 604 40,519 Securities purchased under agreements to resell 85,394 — 84,026 1,435 85,461 Securities borrowed 133,580 — 133,581 — 133,581 Customer and other receivables 1 48,423 — 45,511 2,845 48,356 Loans 2 120,901 — 22,661 98,563 121,224 Other assets 461 — 461 — 461 Financial liabilities Deposits $ 175,659 $ — $ 175,954 $ — $ 175,954 Securities sold under agreements to repurchase 61,636 — 61,083 525 61,608 Securities loaned 10,325 — 10,324 — 10,324 Other secured financings 3,505 — 3,508 — 3,508 Customer and other payables 1 188,622 — 188,622 — 188,622 Borrowings 136,339 — 140,512 11 140,523 Commitment Lending commitments 3 $ 125,417 $ — $ 919 $ 325 $ 1,244 At December 31, 2018 Carrying Value Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents: Cash and due from banks $ 30,541 $ 30,541 $ — $ — $ 30,541 Interest bearing deposits with banks 21,299 21,299 — — 21,299 Restricted cash 35,356 35,356 — — 35,356 Investment securities—HTM 30,771 17,473 12,018 474 29,965 Securities purchased under agreements to resell 98,522 — 97,611 866 98,477 Securities borrowed 116,313 — 116,312 — 116,312 Customer and other receivables 1 47,972 — 44,620 3,219 47,839 Loans 2 115,579 — 25,604 90,121 115,725 Other assets 461 — 461 — 461 Financial liabilities Deposits $ 187,378 $ — $ 187,372 $ — $ 187,372 Securities sold under agreements to repurchase 48,947 — 48,385 525 48,910 Securities loaned 11,908 — 11,906 — 11,906 Other secured financings 4,221 — 3,233 994 4,227 Customer and other payables 1 176,561 — 176,561 — 176,561 Borrowings 138,478 — 140,085 30 140,115 Commitment Lending commitments 3 $ 104,844 $ — $ 1,249 $ 321 $ 1,570 1. Accrued interest and dividend receivables and payables where carrying value approximates fair value have been excluded. 2. Amounts include loans measured at fair value on a nonrecurring basis. 3. Represents Lending Commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 11. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Derivative Asset Contracts | 1. Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. Fair Values of Derivative Contracts At June 30, 2019 Assets $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 604 $ 2 $ — $ 606 Foreign exchange 1 5 — 6 Total 605 7 — 612 Not designated as accounting hedges Interest rate 187,449 5,417 1,405 194,271 Credit 4,438 1,888 — 6,326 Foreign exchange 54,977 1,369 45 56,391 Equity 23,127 — 20,946 44,073 Commodity and other 10,902 — 2,421 13,323 Total 280,893 8,674 24,817 314,384 Total gross derivatives $ 281,498 $ 8,681 $ 24,817 $ 314,996 Amounts offset Counterparty netting (208,559 ) (6,936 ) (23,321 ) (238,816 ) Cash collateral netting (42,075 ) (1,341 ) — (43,416 ) Total in Trading assets $ 30,864 $ 404 $ 1,496 $ 32,764 Amounts not offset 1 Financial instruments collateral (13,536 ) — — (13,536 ) Other cash collateral (41 ) — — (41 ) Net amounts $ 17,287 $ 404 $ 1,496 $ 19,187 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 2,083 At December 31, 2018 Assets $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 512 $ 1 $ — $ 513 Foreign exchange 27 8 — 35 Total 539 9 — 548 Not designated as accounting hedges Interest rate 153,768 3,887 697 158,352 Credit 4,630 1,498 — 6,128 Foreign exchange 61,846 1,310 55 63,211 Equity 24,590 — 23,284 47,874 Commodity and other 10,538 — 1,934 12,472 Total 255,372 6,695 25,970 288,037 Total gross derivatives $ 255,911 $ 6,704 $ 25,970 $ 288,585 Amounts offset Counterparty netting (190,220 ) (5,260 ) (24,548 ) (220,028 ) Cash collateral netting (38,204 ) (1,180 ) — (39,384 ) Total in Trading assets $ 27,487 $ 264 $ 1,422 $ 29,173 Amounts not offset 1 Financial instruments collateral (12,467 ) — — (12,467 ) Other cash collateral (31 ) — — (31 ) Net amounts $ 14,989 $ 264 $ 1,422 $ 16,675 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 2,206 |
Schedule of Fair Values of Derivative Liability Contracts | Liabilities $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 176 $ — $ — $ 176 Foreign exchange 62 24 — 86 Total 238 24 — 262 Not designated as accounting hedges Interest rate 142,592 2,669 663 145,924 Credit 4,545 1,608 — 6,153 Foreign exchange 62,099 1,302 19 63,420 Equity 27,119 — 23,521 50,640 Commodity and other 6,983 — 2,057 9,040 Total 243,338 5,579 26,260 275,177 Total gross derivatives $ 243,576 $ 5,603 $ 26,260 $ 275,439 Amounts offset Counterparty netting (190,220 ) (5,260 ) (24,548 ) (220,028 ) Cash collateral netting (27,860 ) (293 ) — (28,153 ) Total in Trading liabilities $ 25,496 $ 50 $ 1,712 $ 27,258 Amounts not offset 1 Financial instruments collateral (4,709 ) — (766 ) (5,475 ) Other cash collateral (53 ) (1 ) — (54 ) Net amounts $ 20,734 $ 49 $ 946 $ 21,729 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 4,773 1. Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. Liabilities $ in millions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ — $ — $ — Foreign exchange 130 43 — 173 Total 130 43 — 173 Not designated as accounting hedges Interest rate 178,461 3,724 1,129 183,314 Credit 4,491 2,400 — 6,891 Foreign exchange 57,499 1,490 42 59,031 Equity 25,358 — 20,919 46,277 Commodity and other 6,742 — 2,464 9,206 Total 272,551 7,614 24,554 304,719 Total gross derivatives $ 272,681 $ 7,657 $ 24,554 $ 304,892 Amounts offset Counterparty netting (208,559 ) (6,936 ) (23,321 ) (238,816 ) Cash collateral netting (33,408 ) (648 ) — (34,056 ) Total in Trading liabilities $ 30,714 $ 73 $ 1,233 $ 32,020 Amounts not offset 1 Financial instruments collateral (11,291 ) — (488 ) (11,779 ) Other cash collateral (39 ) (10 ) — (49 ) Net amounts $ 19,384 $ 63 $ 745 $ 20,192 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 3,247 |
Schedule of Notionals of Derivative Contracts | Notionals of Derivative Contracts At June 30, 2019 Assets $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 14 $ 132 $ — $ 146 Foreign exchange — 1 — 1 Total 14 133 — 147 Not designated as accounting hedges Interest rate 4,899 8,622 1,059 14,580 Credit 121 71 — 192 Foreign exchange 2,781 106 12 2,899 Equity 402 — 404 806 Commodity and other 100 — 70 170 Total 8,303 8,799 1,545 18,647 Total gross derivatives $ 8,317 $ 8,932 $ 1,545 $ 18,794 Liabilities $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ — $ 29 $ — $ 29 Foreign exchange 10 1 — 11 Total 10 30 — 40 Not designated as accounting hedges Interest rate 4,876 8,583 957 14,416 Credit 139 79 — 218 Foreign exchange 2,885 109 13 3,007 Equity 407 — 460 867 Commodity and other 90 — 66 156 Total 8,397 8,771 1,496 18,664 Total gross derivatives $ 8,407 $ 8,801 $ 1,496 $ 18,704 At December 31, 2018 Assets $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 15 $ 52 $ — $ 67 Foreign exchange 5 1 — 6 Total 20 53 — 73 Not designated as accounting hedges Interest rate 4,807 6,708 1,157 12,672 Credit 162 74 — 236 Foreign exchange 2,436 118 14 2,568 Equity 373 — 371 744 Commodity and other 97 — 67 164 Total 7,875 6,900 1,609 16,384 Total gross derivatives $ 7,895 $ 6,953 $ 1,609 $ 16,457 Liabilities $ in billions Bilateral OTC Cleared OTC Exchange- Traded Total Designated as accounting hedges Interest rate $ 2 $ 107 $ — $ 109 Foreign exchange 5 1 — 6 Total 7 108 — 115 Not designated as accounting hedges Interest rate 4,946 5,735 781 11,462 Credit 162 73 — 235 Foreign exchange 2,451 114 17 2,582 Equity 389 — 602 991 Commodity and other 72 — 65 137 Total 8,020 5,922 1,465 15,407 Total gross derivatives $ 8,027 $ 6,030 $ 1,465 $ 15,522 |
Schedule of Gains (Losses) on Accounting Hedges | Gains (Losses) on Accounting Hedges Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Fair Value Hedges—Recognized in Interest Income 1 Interest rate contracts $ (14 ) $ — $ (19 ) $ — Investment Securities—AFS 14 — 19 — Fair Value Hedges—Recognized in Interest Expense Interest rate contracts $ 2,470 $ (619 ) $ 4,047 $ (2,460 ) Borrowings (2,494 ) 587 (4,115 ) 2,439 Net Investment Hedges—Foreign exchange contracts Recognized in OCI, net of tax $ (114 ) $ 395 $ (50 ) $ 247 Forward points excluded from hedge effectiveness testing—Recognized in Interest income 42 24 77 31 |
Schedule of Fair Value Hedges - Hedged Items | Fair Value Hedges—Hedged Items $ in millions At At Investment Securities—AFS Carrying amount 2 currently or previously hedged $ 532 $ 201 Basis adjustments included in carrying amount 3 $ 23 $ 4 Borrowings Carrying amount 2 currently or previously hedged $ 104,752 $ 102,899 Basis adjustments included in carrying amount 3 $ 2,428 $ (1,689 ) 1. The Firm began designating interest rate swaps as fair value hedges of certain AFS securities in the third quarter of 2018. 2. Carrying amount represents amortized cost basis. 3. Hedge accounting basis adjustments for AFS securities and Borrowings are primarily related to outstanding hedges. |
Schedule of Credit Risk-Related Contingencies | Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade $ in millions At One-notch downgrade $ 492 Two-notch downgrade 339 Bilateral downgrade agreements included in the amounts above 1 $ 755 1. Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades. The additional collateral or termination payments that may be called in the event of a future credit rating downgrade vary by contract and can be based on ratings by either or both of Moody’s Investors Service, Inc. (“Moody’s”) and S&P Global Ratings. The previous table shows the future potential collateral amounts and termination payments that could be called or required by counterparties or exchange and clearing organizations in the event of one-notch or two-notch downgrade scenarios based on the relevant contractual downgrade triggers. Net Derivative Liabilities and Collateral Posted $ in millions At At Net derivative liabilities with credit risk-related contingent features $ 22,589 $ 16,403 Collateral posted 17,556 11,981 The previous table presents the aggregate fair value of certain derivative contracts that contain credit risk-related contingent features that are in a net liability position for which the Firm has posted collateral in the normal course of business. |
Schedule of Credit Derivatives and Other Credit Contracts | Maximum Potential Payout/Notional of Credit Protection Sold 1 Years to Maturity at June 30, 2019 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 17 $ 20 $ 24 $ 9 $ 70 Non-investment grade 9 11 10 2 32 Total $ 26 $ 31 $ 34 $ 11 $ 102 Index and basket CDS Investment grade $ 3 $ 7 $ 34 $ 10 $ 54 Non-investment grade 7 6 13 11 37 Total $ 10 $ 13 $ 47 $ 21 $ 91 Total CDS sold $ 36 $ 44 $ 81 $ 32 $ 193 Other credit contracts — — — — — Total credit protection sold $ 36 $ 44 $ 81 $ 32 $ 193 CDS protection sold with identical protection purchased $ 181 Years to Maturity at December 31, 2018 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 22 $ 24 $ 19 $ 8 $ 73 Non-investment grade 10 11 9 1 31 Total $ 32 $ 35 $ 28 $ 9 $ 104 Index and basket CDS Investment grade $ 5 $ 10 $ 61 $ 7 $ 83 Non-investment grade 5 6 13 13 37 Total $ 10 $ 16 $ 74 $ 20 $ 120 Total CDS sold $ 42 $ 51 $ 102 $ 29 $ 224 Other credit contracts — — — — — Total credit protection sold $ 42 $ 51 $ 102 $ 29 $ 224 CDS protection sold with identical protection purchased $ 210 Fair Value Asset (Liability) of Credit Protection Sold 1 $ in millions At At Single-name CDS Investment grade $ 446 $ 118 Non-investment grade (487 ) (403 ) Total $ (41 ) $ (285 ) Index and basket CDS Investment grade $ 906 $ 314 Non-investment grade (381 ) (1,413 ) Total $ 525 $ (1,099 ) Total CDS sold $ 484 $ (1,384 ) Other credit contracts (11 ) (14 ) Total credit protection sold $ 473 $ (1,398 ) 1. Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the Credit Risk Management Department’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor. Protection Purchased with CDS Fair Value Asset (Liability) $ in millions At June 30, 2019 At December 31, 2018 Single name $ (226 ) $ 277 Index and basket (396 ) 1,333 Tranched index and basket (427 ) (251 ) Total $ (1,049 ) $ 1,359 Notional $ in billions At June 30, 2019 At December 31, 2018 Single name $ 111 $ 116 Index and basket 89 117 Tranched index and basket 17 14 Total $ 217 $ 247 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of AFS and HTM Securities | AFS and HTM Securities At June 30, 2019 $ in millions Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities U.S. government and agency securities: U.S. Treasury securities $ 32,931 $ 218 $ 159 $ 32,990 U.S. agency securities 1 22,972 188 126 23,034 Total U.S. government and agency securities 55,903 406 285 56,024 Corporate and other debt: Agency CMBS 2,888 57 37 2,908 Non-agency CMBS 220 — 2 218 Auto loan ABS 4 — — 4 Corporate bonds 1,842 10 5 1,847 State and municipal securities 333 10 — 343 FFELP student loan ABS 2 1,706 5 17 1,694 Total corporate and other debt 6,993 82 61 7,014 Total AFS securities 62,896 488 346 63,038 HTM securities U.S. government and agency securities: U.S. Treasury securities 25,232 509 69 25,672 U.S. agency securities 1 14,212 117 86 14,243 Total U.S. government and agency securities 39,444 626 155 39,915 Corporate and other debt: Non-agency CMBS 584 20 — 604 Total HTM securities 40,028 646 155 40,519 Total investment securities $ 102,924 $ 1,134 $ 501 $ 103,557 At December 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 $ 36,268 $ 40 $ 656 $ 35,652 U.S. agency securities 1 20,740 10 497 20,253 Total U.S. government and agency securities 57,008 50 1,153 55,905 Corporate and other debt: Agency CMBS 1,054 — 62 992 Non-agency CMBS 461 — 14 447 Corporate bonds 1,585 — 32 1,553 State and municipal securities 200 2 — 202 FFELP student loan ABS 2 1,967 10 15 1,962 Total corporate and other debt 5,267 12 123 5,156 Total AFS securities 62,275 62 1,276 61,061 HTM securities U.S. government and agency securities: U.S. Treasury securities 17,832 44 403 17,473 U.S. agency securities 1 12,456 8 446 12,018 Total U.S. government and agency securities 30,288 52 849 29,491 Corporate and other debt: Non-agency CMBS 483 — 9 474 Total HTM securities 30,771 52 858 29,965 Total investment securities $ 93,046 $ 114 $ 2,134 $ 91,026 1. U.S. agency securities consist mainly of agency-issued debt, agency mortgage pass-through pool securities and CMOs. 2. Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% |
Schedule of Investment Securities in an Unrealized Loss Position | I nvestment Securities in an Unrealized Loss Position At June 30, 2019 Less than 12 Months 12 Months or Longer Total $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities U.S. government and agency securities: U.S. Treasury securities $ — $ — $ 14,432 $ 159 $ 14,432 $ 159 U.S. agency securities 1,621 11 10,951 115 12,572 126 Total U.S. government and agency securities 1,621 11 25,383 274 27,004 285 Corporate and other debt: Agency CMBS 320 1 750 36 1,070 37 Non-agency CMBS — — 218 2 218 2 Corporate bonds 349 2 403 3 752 5 FFELP student loan ABS 520 5 762 12 1,282 17 Total corporate and other debt 1,189 8 2,133 53 3,322 61 Total AFS securities 2,810 19 27,516 327 30,326 346 HTM securities U.S. government and agency securities: U.S. Treasury securities — — 4,804 69 4,804 69 U.S. agency securities 94 — 6,937 86 7,031 86 Total HTM securities 94 — 11,741 155 11,835 155 Total investment securities $ 2,904 $ 19 $ 39,257 $ 482 $ 42,161 $ 501 At December 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 $ 19,937 $ 541 $ 5,994 $ 115 $ 25,931 $ 656 U.S. agency securities 12,904 383 4,142 114 17,046 497 Total U.S. government and agency securities 32,841 924 10,136 229 42,977 1,153 Corporate and other debt: Agency CMBS 808 62 — — 808 62 Non-agency CMBS — — 446 14 446 14 Corporate bonds 470 7 1,010 25 1,480 32 FFELP student loan ABS 1,366 15 — — 1,366 15 Total corporate and other debt 2,644 84 1,456 39 4,100 123 Total AFS securities 35,485 1,008 11,592 268 47,077 1,276 HTM securities U.S. government and agency securities: U.S. Treasury securities — — 11,161 403 11,161 403 U.S. agency securities 410 1 10,004 445 10,414 446 Total U.S. government and agency securities 410 1 21,165 848 21,575 849 Corporate and other debt: Non-agency CMBS 206 1 216 8 422 9 Total HTM securities 616 2 21,381 856 21,997 858 Total investment securities $ 36,101 $ 1,010 $ 32,973 $ 1,124 $ 69,074 $ 2,134 |
Schedule of Investment Securities by Contractual Maturity | Investment Securities by Contractual Maturity At June 30, 2019 $ 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 $ 6,652 $ 6,656 2.0 % After 1 year through 5 years 22,678 22,741 1.9 % After 5 years through 10 years 3,601 3,593 1.8 % Total 32,931 32,990 U.S. agency securities: Due within 1 year 444 443 1.1 % After 1 year through 5 years 671 668 1.1 % After 5 years through 10 years 1,495 1,483 1.8 % After 10 years 20,362 20,440 2.4 % Total 22,972 23,034 Total U.S. government and agency securities 55,903 56,024 2.0 % Corporate and other debt: Agency CMBS: After 1 year through 5 years 144 143 1.6 % After 5 years through 10 years 1,813 1,862 2.8 % After 10 years 931 903 1.9 % Total 2,888 2,908 Non-agency CMBS: After 1 year through 5 years 35 35 2.5 % After 10 years 185 183 2.0 % Total 220 218 Auto loan ABS: After 1 year through 5 years 4 4 2.5 % Total 4 4 Corporate bonds: Due within 1 year 51 51 1.4 % After 1 year through 5 years 1,473 1,478 2.6 % After 5 years through 10 years 318 318 3.3 % Total 1,842 1,847 At June 30, 2019 $ in millions Amortized Cost Fair Value Annualized Average Yield State and municipal securities: After 1 year through 5 years $ 2 $ 2 3.4 % After 5 years through 10 years 211 212 3.5 % After 10 Years 120 129 5.4 % Total 333 343 FFELP student loan ABS: After 1 year through 5 years 75 74 0.8 % After 5 years through 10 years 403 396 0.8 % After 10 years 1,228 1,224 1.2 % Total 1,706 1,694 Total corporate and other debt 6,993 7,014 2.4 % Total AFS securities 62,896 63,038 2.1 % HTM securities U.S. government and agency securities: U.S. Treasury securities: Due within 1 year 849 847 1.6 % After 1 year through 5 years 13,834 14,037 2.3 % After 5 years through 10 years 9,466 9,707 2.2 % After 10 years 1,083 1,081 2.5 % Total 25,232 25,672 U.S. agency securities: After 5 years through 10 years 27 27 1.9 % After 10 years 14,185 14,216 2.6 % Total 14,212 14,243 Total U.S. government and agency securities 39,444 39,915 2.4 % Corporate and other debt: Non-agency CMBS: Due within 1 year 99 99 4.8 % After 1 year through 5 years 71 71 4.2 % After 5 years through 10 years 376 393 4.1 % After 10 years 38 41 4.4 % Total corporate and other debt 584 604 4.3 % Total HTM securities 40,028 40,519 2.5 % Total investment securities $ 102,924 $ 103,557 2.2 % |
Schedule of Gross Realized Gains and Losses on Sales of AFS Securities | Gross Realized Gains (Losses) on Sales of AFS Securities Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Gross realized gains $ 53 $ 6 $ 72 $ 7 Gross realized (losses) — (3 ) (9 ) (4 ) Total 1 $ 53 $ 3 $ 63 $ 3 1. Realized gains and losses are recognized in Other revenues in the income statements . |
Collateralized Transactions (Ta
Collateralized Transactions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Collateralized Agreements [Abstract] | |
Schedule of Offsetting of Certain Collaterized Transactions | Offsetting of Certain Collateralized Transactions At June 30, 2019 $ in millions Gross Amounts Amounts Offset Net Amounts Presented Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 250,004 $ (164,606 ) $ 85,398 $ (83,492 ) $ 1,906 Securities borrowed 143,046 (9,466 ) 133,580 (129,614 ) 3,966 Liabilities Securities sold under agreements to repurchase $ 226,900 $ (164,606 ) $ 62,294 $ (53,942 ) $ 8,352 Securities loaned 19,791 (9,466 ) 10,325 (10,298 ) 27 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 1,425 Securities borrowed 828 Securities sold under agreements to repurchase 6,603 Securities loaned 17 At December 31, 2018 $ in millions Gross Amounts Amounts Offset Net Amounts Presented Amounts Not Offset 1 Net Amounts Assets Securities purchased under agreements to resell $ 262,976 $ (164,454 ) $ 98,522 $ (95,610 ) $ 2,912 Securities borrowed 134,711 (18,398 ) 116,313 (112,551 ) 3,762 Liabilities Securities sold under agreements to repurchase $ 214,213 $ (164,454 ) $ 49,759 $ (41,095 ) $ 8,664 Securities loaned 30,306 (18,398 ) 11,908 (11,677 ) 231 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 2,579 Securities borrowed 724 Securities sold under agreements to repurchase 6,762 Securities loaned 191 1. Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. |
Schedule of Gross Secured Financing Balances | Gross Secured Financing Balances by Remaining Contractual Maturity At June 30, 2019 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 86,201 $ 68,956 $ 29,202 $ 42,541 $ 226,900 Securities loaned 12,314 1,595 1,196 4,686 19,791 Total included in the offsetting disclosure $ 98,515 $ 70,551 $ 30,398 $ 47,227 $ 246,691 Trading liabilities— 20,001 — — — 20,001 Total $ 118,516 $ 70,551 $ 30,398 $ 47,227 $ 266,692 At December 31, 2018 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 56,503 $ 93,427 $ 35,692 $ 28,591 $ 214,213 Securities loaned 18,397 3,609 1,985 6,315 30,306 Total included in the offsetting disclosure $ 74,900 $ 97,036 $ 37,677 $ 34,906 $ 244,519 Trading liabilities— 17,594 — — — 17,594 Total $ 92,494 $ 97,036 $ 37,677 $ 34,906 $ 262,113 Gross Secured Financing Balances by Class of Collateral Pledged $ in millions At At Securities sold under agreements to repurchase U.S. Treasury and agency securities $ 78,757 $ 68,487 State and municipal securities 1,417 925 Other sovereign government obligations 120,426 120,432 ABS 1,634 3,017 Corporate and other debt 7,265 8,719 Corporate equities 16,562 12,079 Other 839 554 Total $ 226,900 $ 214,213 Securities loaned Other sovereign government obligations $ 9,904 $ 19,021 Corporate equities 9,800 10,800 Other 87 485 Total $ 19,791 $ 30,306 Total included in the offsetting disclosure $ 246,691 $ 244,519 Trading liabilities—Obligation to return securities received as collateral Corporate equities $ 20,001 $ 17,594 Total $ 266,692 $ 262,113 |
Schedule of Carrying Value of Assets Loaned or Pledged Without Counterparty Right to Sell or Repledge | Carrying Value of Assets Loaned or Pledged without Counterparty Right to Sell or Repledge $ in millions At At Trading assets $ 39,625 $ 39,430 |
Schedule of Fair Value of Collateral Received with Right to Sell or Repledge | Fair Value of Collateral Received with Right to Sell or Repledge $ in millions At At Collateral received with right to sell $ 699,097 $ 639,610 Collateral that was sold or repledged 1 559,790 487,983 1. Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers. |
Schedule of Restricted Cash and Segregated Securities | Restricted Cash and Segregated Securities $ in millions At At Restricted cash $ 30,435 $ 35,356 Segregated securities 1 22,140 26,877 Total $ 52,575 $ 62,233 1. Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheets. |
Schedule of Customer Margin Lending | Customer Margin Lending $ in millions At At Customer receivables representing margin loans $ 26,888 $ 26,225 |
Loans, Lending Commitments an_2
Loans, Lending Commitments and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of Loans by Type | Loans by Type At June 30, 2019 $ in millions Loans Held for Investment Loans Held for Sale Total Loans Corporate $ 40,283 $ 14,132 $ 54,415 Consumer 29,196 — 29,196 Residential real estate 28,595 21 28,616 Commercial real estate 7,336 1,603 8,939 Total loans, gross 105,410 15,756 121,166 Allowance for loan losses (265 ) — (265 ) Total loans, net $ 105,145 $ 15,756 $ 120,901 Fixed rate loans, net $ 18,201 Floating or adjustable rate loans, net 102,700 Loans to non-U.S. borrowers, net 20,028 At December 31, 2018 $ in millions Loans Held for Investment Loans Held for Sale Total Loans Corporate $ 36,909 $ 13,886 $ 50,795 Consumer 27,868 — 27,868 Residential real estate 27,466 22 27,488 Commercial real estate 1 7,810 1,856 9,666 Total loans, gross 100,053 15,764 115,817 Allowance for loan losses (238 ) — (238 ) Total loans, net $ 99,815 $ 15,764 $ 115,579 Fixed rate loans, net $ 15,632 Floating or adjustable rate loans, net 99,947 Loans to non-U.S. borrowers, net 17,568 1. Beginning in 2019, loans previously referred to as Wholesale real estate are referred to as Commercial real estate. |
Schedule of Loans Held for Investment before Allowance by Credit Quality | Loans Held for Investment before Allowance by Credit Quality At June 30, 2019 $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total Pass $ 39,775 $ 29,191 $ 28,490 $ 6,932 $ 104,388 Special mention 94 — 10 284 388 Substandard 414 5 95 120 634 Doubtful — — — — — Loss — — — — — Total $ 40,283 $ 29,196 $ 28,595 $ 7,336 $ 105,410 At December 31, 2018 $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total Pass $ 36,217 $ 27,863 $ 27,387 $ 7,378 $ 98,845 Special mention 492 5 — 312 809 Substandard 200 — 79 120 399 Doubtful — — — — — Loss — — — — — Total $ 36,909 $ 27,868 $ 27,466 $ 7,810 $ 100,053 |
Schedule of Impaired Loans and Lending Commitments before Allowance | Impaired Loans and Lending Commitments before Allowance At June 30, 2019 $ in millions Corporate Consumer Residential Real Estate Total Loans With allowance $ 229 $ — $ — $ 229 Without allowance 1 26 5 77 108 Total impaired loans $ 255 $ 5 $ 77 $ 337 UPB 262 5 84 351 Lending commitments With allowance $ 7 $ — $ — $ 7 Without allowance 1 40 — — 40 Total impaired lending commitments $ 47 $ — $ — $ 47 At December 31, 2018 $ in millions Corporate Consumer Residential Estate Total Loans With allowance $ 24 $ — $ — $ 24 Without allowance 1 32 — 69 101 Total impaired loans $ 56 $ — $ 69 $ 125 UPB 63 — 70 133 Lending commitments With allowance $ 19 $ — $ — $ 19 Without allowance 1 34 — — 34 Total impaired lending commitments $ 53 $ — $ — $ 53 1. No allowance was recorded for these loans and lending commitments as the present value of the expected future cash flows or value of the collateral equaled or exceeded the carrying value. |
Schedule of Impaired Loans and Allowance by Region | Impaired Loans and Total Allowance by Region At June 30, 2019 $ in millions Americas EMEA Asia Total Impaired loans $ 337 $ — $ — $ 337 Total Allowance for loan losses 210 52 3 265 At December 31, 2018 $ in millions Americas EMEA Asia Total Impaired loans $ 125 $ — $ — $ 125 Total Allowance for loan losses 193 42 3 238 |
Schedule of Troubled Debt Restructurings | Troubled Debt Restructurings $ in millions At At Loans $ 43 $ 38 Lending commitments 62 45 Allowance for loan losses and lending commitments 4 4 |
Schedule of Activity of Allowance for Loan Losses and Lending Commitments | Allowance for Loan Losses Rollforward $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total December 31, 2018 $ 144 $ 7 $ 20 $ 67 $ 238 Gross charge-offs — — (1 ) — (1 ) Provision (release) 1 33 — 4 (3 ) 34 Other (6 ) — — — (6 ) June 30, 2019 $ 171 $ 7 $ 23 $ 64 $ 265 Inherent $ 154 $ 7 $ 23 $ 64 $ 248 Specific 17 — — — 17 $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total December 31, 2017 $ 126 $ 4 $ 24 $ 70 $ 224 Gross charge-offs (1 ) — — — (1 ) Recoveries 2 54 — — — 54 Net recoveries (charge-offs) 53 — — — 53 Provision (release) 1,2 (51 ) 1 (5 ) 21 (34 ) Other (1 ) — (1 ) — (2 ) June 30, 2018 $ 127 $ 5 $ 18 $ 91 $ 241 Inherent $ 123 $ 5 $ 18 $ 91 $ 237 Specific 4 — — — 4 1. The Firm recorded a provision for loan losses of $7 million , and a release of $53 million in the current quarter and prior year quarter, respectively. 2. The prior year period release was primarily due to the recovery of a previously charged off energy industry related loan. Allowance for Lending Commitments Rollforward $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total December 31, 2018 $ 198 $ 2 $ — $ 3 $ 203 Provision (release) 18 — — 2 20 Other (1 ) (1 ) — — (2 ) June 30, 2019 $ 215 $ 1 $ — $ 5 $ 221 Inherent $ 213 $ 1 $ — $ 5 $ 219 Specific 2 — — — 2 $ in millions Corporate Consumer Residential Real Estate Commercial Real Estate Total December 31, 2017 $ 194 $ 1 $ — $ 3 $ 198 Provision (release) 5 — — — 5 Other — — — (1 ) (1 ) June 30, 2018 $ 199 $ 1 $ — $ 2 $ 202 Inherent $ 195 $ 1 $ — $ 2 $ 198 Specific 4 — — — 4 |
Schedule of Employee Loans | Employee Loans $ in millions At At Balance $ 2,975 $ 3,415 Allowance for loan losses (63 ) (63 ) Balance, net $ 2,912 $ 3,352 Remaining repayment term, weighted average in years 4.7 4.3 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | Equity Method Investment Balances $ in millions At At Investments $ 2,404 $ 2,432 Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Income (loss) $ (16 ) $ 4 $ (26 ) $ 54 |
Schedule of Joint Ventures | Japanese Securities Joint Venture Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Income from investment in MUMSS $ 6 $ 26 $ 9 $ 82 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits $ in millions At At Savings and demand deposits $ 138,014 $ 154,897 Time deposits 38,579 32,923 Total $ 176,593 $ 187,820 Deposits subject to FDIC insurance $ 140,873 $ 144,515 Time deposits that equal or exceed the FDIC insurance limit $ 26 $ 11 |
Schedule of Time Deposit Maturities | Time Deposit Maturities $ in millions At 2019 $ 9,767 2020 16,363 2021 6,014 2022 2,480 2023 2,369 Thereafter 1,586 Total $ 38,579 |
Borrowings and Other Secured _2
Borrowings and Other Secured Financings (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Borrowings $ in millions At At Original maturities of one year or less $ 1,776 $ 1,545 Original maturities greater than one year Senior $ 185,516 $ 178,027 Subordinated 10,556 10,090 Total $ 196,072 $ 188,117 Total borrowings $ 197,848 $ 189,662 Weighted average stated maturity, in years 1 6.8 6.5 1. Only includes borrowings with original maturities greater than one year. |
Schedule of Other Secured Financings | Other Secured Financings $ in millions At At Original maturities: Greater than one year $ 5,048 $ 6,772 One year or less 4,353 2,036 Failed sales 2,580 658 Total $ 11,981 $ 9,466 |
Commitments, Leases, Guarante_2
Commitments, Leases, Guarantees and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments, Leases, Guarantees and Contingencies [Abstract] | |
Schedule of Commitments | Commitments Years to Maturity at June 30, 2019 $ in millions Less than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 29,788 $ 33,262 $ 47,590 $ 7,109 $ 117,749 Consumer 7,522 1 11 — 7,534 Residential and commercial 85 466 11 477 1,039 Forward-starting 109,906 — — 8,556 118,462 Underwriting 1,104 — — — 1,104 Investment activities 537 121 39 249 946 Letters of credit and other financial guarantees 186 1 — 2 189 Total $ 149,128 $ 33,851 $ 47,651 $ 16,393 $ 247,023 Corporate lending commitments participated to third parties $ 7,998 Forward-starting secured financing receivables settled within three business days $ 97,767 |
Schedule of Balance Sheet Amounts Related to Leases | Balance Sheet Amounts Related to Leases $ in millions At Other assets—ROU assets $ 3,859 Other liabilities and accrued expenses— Lease liabilities 4,595 Weighted average: Remaining lease term, in years 9.8 Discount rate 3.7 % |
Schedule of Lease Liabilities | Lease Liabilities $ in millions At Remainder of 2019 $ 366 2020 716 2021 653 2022 599 2023 548 Thereafter 2,816 Total undiscounted cash flows $ 5,698 Imputed interest (1,103 ) Amount on balance sheet $ 4,595 |
Schedule of Lease Cost | Lease Costs $ in millions Three Months Ended Six Months Ended Fixed costs $ 156 $ 326 Variable costs 1 48 82 Less: Sublease income (1 ) (2 ) Total lease cost, net 203 406 1. Includes common area maintenance charges and other variable costs not included in the measurement of ROU assets and lease liabilities. |
Schedule of Cash Flows Statement Supplemental Information | Cash Flows Statement Supplemental Information $ in millions Three Months Ended Six Months Ended Cash outflows—Lease liabilities $ 167 $ 332 Non-cash—ROU assets recorded for new and modified leases 71 111 |
Schedule of Minimum Future Lease Commitments (under Previous GAAP) | Minimum Future Lease Commitments (under Previous GAAP) $ in millions At 2019 $ 677 2020 657 2021 602 2022 555 2023 507 Thereafter 2,639 Total undiscounted cash flows $ 5,637 Minimum rental income to be received in the future under non-cancelable operating subleases $ 7 |
Schedule of Obligations under Guarantee Arrangements | Obligations under Guarantee Arrangements at June 30, 2019 Maximum Potential Payout/Notional Years to Maturity $ in millions Less than 1 1-3 3-5 Over 5 Total Credit derivatives $ 36,335 $ 44,060 $ 80,905 $ 31,704 $ 193,004 Other credit contracts — — 7 116 123 Non-credit derivatives 1,715,336 1,504,933 452,278 669,229 4,341,776 Standby letters of credit and other financial guarantees issued 1 1,255 889 1,357 4,193 7,694 Market value guarantees 95 96 3 — 194 Liquidity facilities 4,501 — — — 4,501 Whole loan sales guarantees — 1 — 23,192 23,193 Securitization representations and warranties — — — 68,120 68,120 General partner guarantees 63 129 6 44 242 Client clearing guarantees 1,947 — — — 1,947 $ in millions Carrying Amount Asset (Liability) Collateral/ Recourse Credit derivatives 2 $ 484 $ — Other credit contracts (11 ) — Non-credit derivatives 2 (56,357 ) — Standby letters of credit and other financial guarantees issued 1 231 6,163 Market value guarantees — 90 Liquidity facilities 6 7,793 Whole loan sales guarantees (4 ) — Securitization representations and warranties 3 (42 ) — General partner guarantees (53 ) — Client clearing guarantees — 1,946 1. These amounts include certain issued standby letters of credit participated to third parties, totaling $0.6 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements. 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. 3. Primarily related to residential mortgage securitizations. |
Variable Interest Entities an_2
Variable Interest Entities and Securitization Activities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Variable Interest Entities and Securitization Activities [Abstract] | |
Schedule of Consolidated VIEs | Assets and Liabilities by Type of Activity At June 30, 2019 At December 31, 2018 $ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities OSF $ 248 $ — $ 267 $ — MABS 1 343 15 59 38 Other 2 870 61 809 48 Total $ 1,461 $ 76 $ 1,135 $ 86 OSF—Other structured financings 1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable. 2. Other primarily includes certain operating entities, investment funds and structured transactions. Assets and Liabilities by Balance Sheet Caption $ in millions At At Assets Cash and cash equivalents: Cash and due from banks $ 103 $ 77 Restricted cash 172 171 Trading assets at fair value 643 314 Customer and other receivables 11 25 Goodwill 18 18 Intangible assets 99 128 Other assets 415 402 Total $ 1,461 $ 1,135 Liabilities Other secured financings $ 44 $ 64 Other liabilities and accrued expenses 32 22 Total $ 76 $ 86 Noncontrolling interests $ 131 $ 106 |
Schedule of Non-Consolidated VIEs | Non-consolidated VIEs At June 30, 2019 $ in millions MABS CDO MTOB OSF Other VIE assets (UPB) $ 77,872 $ 3,384 $ 6,862 $ 2,332 $ 22,065 Maximum exposure to loss 1 Debt and equity interests $ 8,221 $ 241 $ — $ 982 $ 6,281 Derivative and other contracts — — 4,501 — 2,569 Commitments, guarantees and other 364 — — — 430 Total $ 8,585 $ 241 $ 4,501 $ 982 $ 9,280 Carrying value of exposure to loss—Assets Debt and equity interests $ 8,221 $ 241 $ — $ 981 $ 6,281 Derivative and other contracts — — 6 — 153 Total $ 8,221 $ 241 $ 6 $ 981 $ 6,434 Additional VIE assets owned 2 $ 10,921 Carrying value of exposure to loss—Liabilities Derivative and other contracts $ — $ — $ — $ — $ 161 At December 31, 2018 $ in millions MABS CDO MTOB OSF Other VIE assets (UPB) $ 71,287 $ 10,848 $ 7,014 $ 3,314 $ 19,682 Maximum exposure to loss 1 Debt and equity interests $ 8,234 $ 1,169 $ — $ 1,622 $ 4,645 Derivative and other contracts — — 4,449 — 1,768 Commitments, guarantees and other 397 3 — 235 327 Total $ 8,631 $ 1,172 $ 4,449 $ 1,857 $ 6,740 Carrying value of exposure to loss—Assets Debt and equity interests $ 8,234 $ 1,169 $ — $ 1,205 $ 4,645 Derivative and other contracts — — 6 — 87 Total $ 8,234 $ 1,169 $ 6 $ 1,205 $ 4,732 Additional VIE assets owned 2 $ 11,969 Carrying value of exposure to loss—Liabilities Derivative and other contracts $ — $ — $ — $ — $ 185 MTOB—Municipal tender option bonds 1. Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm. 2. Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s primary risk exposure is to the most subordinate class of beneficial interest and maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 3). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives. |
Schedule of Mortgage- and Asset-Backed Securitization Assets | Mortgage- and Asset-Backed Securitization Assets At June 30, 2019 At December 31, 2018 $ in millions UPB Debt and Equity Interests UPB Debt and Equity Interests Residential mortgages $ 12,843 $ 503 $ 6,954 $ 745 Commercial mortgages 37,960 1,346 42,974 1,237 U.S. agency collateralized mortgage obligations 20,232 3,924 14,969 3,443 Other consumer or commercial loans 6,837 2,448 6,390 2,809 Total $ 77,872 $ 8,221 $ 71,287 $ 8,234 |
Schedule of Transfers of Assets with Continuing Involvement | Transfers of Assets with Continuing Involvement 1 At June 30, 2019 $ in millions RML CML U.S. Agency CMO CLN and Other 2 SPE assets (UPB) 3 $ 14,334 $ 74,243 $ 18,449 $ 4,157 Retained interests Investment grade $ 32 $ 557 $ 455 $ 2 Non-investment grade 5 186 — 87 Total $ 37 $ 743 $ 455 $ 89 Interests purchased in the secondary market (fair value) Investment grade $ 22 $ 218 $ 862 $ — Non-investment grade 37 34 — — Total $ 59 $ 252 $ 862 $ — Derivative assets (fair value) $ — $ — $ — $ 85 Derivative liabilities (fair value) — — — 63 At December 31, 2018 $ in millions RML CML U.S. Agency CMO CLN and Other 2 SPE assets (UPB) 3 $ 14,376 $ 68,593 $ 16,594 $ 14,608 Retained interests Investment grade $ 17 $ 483 $ 1,573 $ 3 Non-investment grade 4 212 — 210 Total $ 21 $ 695 $ 1,573 $ 213 Interests purchased in the secondary market (fair value) Investment grade $ 7 $ 91 $ 102 $ — Non-investment grade 28 71 — — Total $ 35 $ 162 $ 102 $ — Derivative assets (fair value) $ — $ — $ — $ 216 Derivative liabilities (fair value) — — — 178 Fair Value At June 30, 2019 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 469 $ 11 $ 480 Non-investment grade 21 99 120 Total $ 490 $ 110 $ 600 Interests purchased in the secondary market Investment grade $ 1,095 $ 7 $ 1,102 Non-investment grade 53 18 71 Total $ 1,148 $ 25 $ 1,173 Derivative assets $ 11 $ 74 $ 85 Derivative liabilities 61 2 63 Fair Value At December 31, 2018 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 1,580 $ 13 $ 1,593 Non-investment grade 174 252 426 Total $ 1,754 $ 265 $ 2,019 Interests purchased in the secondary market Investment grade $ 193 $ 7 $ 200 Non-investment grade 83 16 99 Total $ 276 $ 23 $ 299 Derivative assets $ 121 $ 95 $ 216 Derivative liabilities 175 3 178 RML—Residential mortgage loans CML—Commercial mortgage loans 1. Beginning June 30, 2019, as permitted by applicable guidance, certain transfers of assets where the Firm’s only continuing involvement is a derivative are only reported in the Assets Sold with Retained Exposure table, and are no longer also included in this table. At December 31, 2018 these transactions were included in CLN and Other and comprised approximately $8 billion in UPB, $20 million in Derivative assets and $119 million in Derivative liabilities. 2. Amounts include CLO transactions managed by unrelated third parties. 3. Amounts include assets transferred by unrelated transferors. |
Schedule of Proceeds from New Securitization Transactions and Sales of Loans | Proceeds from New Securitization Transactions and Sales of Loans Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 New transactions 1 $ 7,513 $ 5,624 $ 12,246 $ 11,758 Retained interests 635 1,156 3,522 1,637 Sales of corporate loans to CLO SPEs 1, 2 — 142 — 236 1. Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented. 2. Sponsored by non-affiliates. |
Schedule of Assets Sold with Retained Exposure | Assets Sold with Retained Exposure $ in millions At At Gross cash proceeds from sale of assets 1 $ 34,628 $ 27,121 Fair value Assets sold $ 35,084 $ 26,524 Derivative assets recognized 587 164 Derivative liabilities recognized 67 763 1. The carrying value of assets derecognized at the time of sale approximates gross cash proceeds. |
Regulatory Requirements (Tables
Regulatory Requirements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Regulatory Requirements | |
Schedule of Regulatory Capital and Capital Ratios | The Firm’s Regulatory Capital and Capital Ratios At June 30, 2019 $ in millions Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 10.0 % $ 64,011 16.3 % Tier 1 capital 11.5 % 72,742 18.6 % Total capital 13.5 % 82,322 21.0 % Total RWA 391,509 Leverage-based capital Tier 1 leverage 4.0 % $ 72,742 8.4 % Adjusted average assets 2 868,494 SLR 5.0 % 72,742 6.5 % Supplementary leverage exposure 3 1,124,645 At December 31, 2018 $ in millions Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 8.6 % $ 62,086 16.9 % Tier 1 capital 10.1 % 70,619 19.2 % Total capital 12.1 % 80,052 21.8 % Total RWA 367,309 Leverage-based capital Tier 1 leverage 4.0 % $ 70,619 8.4 % Adjusted average assets 2 843,074 SLR 5.0 % 70,619 6.5 % Supplementary leverage exposure 3 1,092,672 1. Required ratios are inclusive of any buffers applicable as of the date presented. For 2018 , the minimum required regulatory capital ratios for risk-based capital are under the transitional rules. 2. Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets during the quarters ended June 30, 2019 and December 31, 2018 , reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in the Firm's own capital instruments, certain deferred tax assets and other capital deductions. 3. Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily (i) for derivatives: potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. |
MSBNA | |
Regulatory Requirements | |
Schedule of Regulatory Capital and Capital Ratios | MSBNA’s Regulatory Capital At June 30, 2019 $ in millions Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % $ 15,862 19.6 % Tier 1 capital 8.0 % 15,862 19.6 % Total capital 10.0 % 16,148 20.0 % Leverage-based capital Tier 1 leverage 5.0 % $ 15,862 11.3 % SLR 6.0 % 15,862 8.7 % At December 31, 2018 $ in millions Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % $ 15,221 19.5 % Tier 1 capital 8.0 % 15,221 19.5 % Total capital 10.0 % 15,484 19.8 % Leverage-based capital Tier 1 leverage 5.0 % $ 15,221 10.5 % SLR 6.0 % 15,221 8.2 % |
MSPBNA | |
Regulatory Requirements | |
Schedule of Regulatory Capital and Capital Ratios | MSPBNA’s Regulatory Capital At June 30, 2019 $ in millions Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % $ 7,945 27.4 % Tier 1 capital 8.0 % 7,945 27.4 % Total capital 10.0 % 7,992 27.6 % Leverage-based capital Tier 1 leverage 5.0 % $ 7,945 10.7 % SLR 6.0 % 7,945 10.2 % At December 31, 2018 $ in millions Required Ratio 1 Amount Ratio Risk-based capital Common Equity Tier 1 capital 6.5 % $ 7,183 25.2 % Tier 1 capital 8.0 % 7,183 25.2 % Total capital 10.0 % 7,229 25.4 % Leverage-based capital Tier 1 leverage 5.0 % $ 7,183 10.0 % SLR 6.0 % 7,183 9.6 % 1. Ratios that are required in order to be considered well-capitalized for U.S. regulatory purposes. |
MS&Co. | |
Regulatory Requirements | |
Schedule of Broker-Dealer Regulatory Capital Requirements | MS&Co. Regulatory Capital $ in millions At June 30, 2019 At December 31, 2018 Net capital $ 12,581 $ 13,797 Excess net capital 9,996 11,333 |
MSSB LLC | |
Regulatory Requirements | |
Schedule of Broker-Dealer Regulatory Capital Requirements | MSSB LLC Regulatory Capital $ in millions At June 30, 2019 At December 31, 2018 Net capital $ 3,361 $ 3,455 Excess net capital 3,219 3,313 |
Total Equity (Tables)
Total Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Share Repurchases | Share Repurchases Three Months Ended June 30, Six Months Ended June 30, $ in millions 2019 2018 2019 2018 Repurchases of common stock under our Share Repurchase Program $ 1,180 $ 1,250 $ 2,360 $ 2,500 |
Schedule of Common Stock Dividends Per Share | Common Stock Dividends Per Share Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Dividends declared per common share $ 0.30 $ 0.25 $ 0.60 $ 0.50 |
Schedule of Preferred Stock | Preferred Stock Dividends $ in millions, except per share data Three Months Ended Three Months Ended Per Share 1 Total Per Share 1 Total Series A $ 253 $ 11 $ 253 $ 11 C 25 13 25 13 E 445 15 445 15 F 430 15 430 15 G 414 8 414 8 H 681 35 681 35 I 398 16 398 16 J 694 42 694 42 K 366 15 366 15 Total $ 170 $ 170 $ in millions, except per share data Six Months Ended Six Months Ended Per Share 1 Total Per Share 1 Total Series A $ 503 $ 22 $ 503 $ 22 C 50 26 50 26 E 891 30 891 30 F 859 30 859 30 G 828 16 828 16 H 681 35 681 35 I 797 32 797 32 J 694 42 694 42 K 731 30 731 30 Total $ 263 $ 263 1. Dividends on preferred stock are payable quarterly, except for Series H, which was payable semiannually until July 15, 2019 and is now payable quarterly, and Series J, which is payable semiannually until July 15, 2020, and quarterly thereafter. Preferred Stock Outstanding Shares Outstanding Carrying Value $ in millions, except per share data At Liquidation Preference per Share At At Series A 44,000 $ 25,000 $ 1,100 $ 1,100 C 1 519,882 1,000 408 408 E 34,500 25,000 862 862 F 34,000 25,000 850 850 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 . |
Schedule of 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 March 31, 2019 $ (901 ) $ (501 ) $ (577 ) $ (494 ) $ (2,473 ) OCI during the period 36 609 3 (226 ) 422 June 30, 2019 $ (865 ) $ 108 $ (574 ) $ (720 ) $ (2,051 ) March 31, 2018 $ (715 ) $ (1,068 ) $ (710 ) $ (913 ) $ (3,406 ) OCI during the period (149 ) (126 ) 6 605 336 June 30, 2018 $ (864 ) $ (1,194 ) $ (704 ) $ (308 ) $ (3,070 ) December 31, 2018 $ (889 ) $ (930 ) $ (578 ) $ 105 $ (2,292 ) OCI during the period 24 1,038 4 (825 ) 241 June 30, 2019 $ (865 ) $ 108 $ (574 ) $ (720 ) $ (2,051 ) December 31, 2017 $ (767 ) $ (547 ) $ (591 ) $ (1,155 ) $ (3,060 ) Cumulative adjustment for accounting changes 2 (8 ) (111 ) (124 ) (194 ) (437 ) OCI during the period (89 ) (536 ) 11 1,041 427 June 30, 2018 $ (864 ) $ (1,194 ) $ (704 ) $ (308 ) $ (3,070 ) 1. Amounts are net of tax and exclude noncontrolling interests. 2. The cumulative adjustment for accounting changes 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 the corporate income tax rate to 21%. See Note 2 for further information. |
Schedule of Components of Period Changes in OCI | Components of Period Changes in OCI Three Months Ended June 30, 2019 $ in millions Pre-tax Gain (Loss) Income Tax Benefit (Provision) After-tax Gain (Loss) Non- controlling Interests Net Foreign currency translation adjustments OCI activity $ 32 $ 33 $ 65 $ 29 $ 36 Reclassified to earnings — — — — — Net OCI $ 32 $ 33 $ 65 $ 29 $ 36 Change in net unrealized gains (losses) on AFS securities OCI activity $ 849 $ (200 ) $ 649 $ — $ 649 Reclassified to earnings (53 ) 13 (40 ) — (40 ) Net OCI $ 796 $ (187 ) $ 609 $ — $ 609 Pension, postretirement and other OCI activity $ — $ — $ — $ — $ — Reclassified to earnings 3 — 3 — 3 Net OCI $ 3 $ — $ 3 $ — $ 3 Change in net DVA OCI activity $ (330 ) $ 82 $ (248 ) $ (20 ) $ (228 ) Reclassified to earnings 3 (1 ) 2 — 2 Net OCI $ (327 ) $ 81 $ (246 ) $ (20 ) $ (226 ) Three Months Ended June 30, 2018 $ in millions Pre-tax Gain (Loss) Income Tax Benefit (Provision) After-tax Gain (Loss) Non- controlling Interests Net Foreign currency translation adjustments OCI activity $ (86 ) $ (106 ) $ (192 ) $ (43 ) $ (149 ) Reclassified to earnings — — — — — Net OCI $ (86 ) $ (106 ) $ (192 ) $ (43 ) $ (149 ) Change in net unrealized gains (losses) on AFS securities OCI activity $ (162 ) $ 39 $ (123 ) $ — $ (123 ) Reclassified to earnings (3 ) — (3 ) — (3 ) Net OCI $ (165 ) $ 39 $ (126 ) $ — $ (126 ) Pension, postretirement and other OCI activity $ 2 $ — $ 2 $ — $ 2 Reclassified to earnings 6 (2 ) 4 — 4 Net OCI $ 8 $ (2 ) $ 6 $ — $ 6 Change in net DVA OCI activity $ 841 $ (205 ) $ 636 $ 34 $ 602 Reclassified to earnings 3 — 3 — 3 Net OCI $ 844 $ (205 ) $ 639 $ 34 $ 605 Six Months Ended 1 $ in millions Pre-tax Income After-tax Non- Net Foreign currency translation adjustments OCI activity $ 28 $ 15 $ 43 $ 19 $ 24 Reclassified to earnings — — — — — Net OCI $ 28 $ 15 $ 43 $ 19 $ 24 Change in net unrealized gains (losses) on AFS securities OCI activity $ 1,419 $ (333 ) $ 1,086 $ — $ 1,086 Reclassified to earnings (63 ) 15 (48 ) — (48 ) Net OCI $ 1,356 $ (318 ) $ 1,038 $ — $ 1,038 Pension, postretirement and other OCI activity $ — $ (1 ) $ (1 ) $ — $ (1 ) Reclassified to earnings 6 (1 ) 5 — 5 Net OCI $ 6 $ (2 ) $ 4 $ — $ 4 Change in net DVA OCI activity $ (1,154 ) $ 283 $ (871 ) $ (41 ) $ (830 ) Reclassified to earnings 7 (2 ) 5 — 5 Net OCI $ (1,147 ) $ 281 $ (866 ) $ (41 ) $ (825 ) Six Months Ended 1 $ in millions Pre-tax Income After-tax Non- Net Foreign currency translation adjustments OCI activity $ (8 ) $ (67 ) $ (75 ) $ 14 $ (89 ) Reclassified to earnings — — — — — Net OCI $ (8 ) $ (67 ) $ (75 ) $ 14 $ (89 ) Change in net unrealized gains (losses) on AFS securities OCI activity $ (697 ) $ 164 $ (533 ) $ — $ (533 ) Reclassified to earnings (3 ) — (3 ) — (3 ) Net OCI $ (700 ) $ 164 $ (536 ) $ — $ (536 ) Pension, postretirement and other OCI activity $ 2 $ — $ 2 $ — $ 2 Reclassified to earnings 12 (3 ) 9 — 9 Net OCI $ 14 $ (3 ) $ 11 $ — $ 11 Change in net DVA OCI activity $ 1,421 $ (345 ) $ 1,076 $ 49 $ 1,027 Reclassified to earnings 18 (4 ) 14 — 14 Net OCI $ 1,439 $ (349 ) $ 1,090 $ 49 $ 1,041 1. Exclusive of cumulative adjustments related to the adoption of certain accounting updates. Refer to the table below and Note 2 for further information. |
Schedule of Cumulative Adjustments to Retained Earnings Related to Adoption of Accounting Updates | Cumulative Adjustments to Retained Earnings Related to the Adoption of Accounting Updates 1 Six Months Ended $ in millions June 30, 2019 Leases $ 63 Six Months Ended $ in millions June 30, 2018 Revenues from contracts with customers 2 $ (32 ) Derivatives and hedging—targeted improvements to accounting for hedging activities 2 (99 ) Reclassification of certain tax effects from AOCI 2 443 Other 3 (6 ) Total $ 306 1. There were no cumulative adjustments to retained earnings related to the adoption of accounting updates for the three months ended June 30, 2019 and 2018 . 2. See Note 2 to the financial statements in the 2018 Form 10-K for further information. 3. Other includes the adoption of accounting updates related to Recognition and Measurement of Financial Assets and Financial Liabilities (other than the provision around presenting unrealized DVA in OCI, which the Firm early adopted in 2016) and Derecognition of Nonfinancial Assets . The impact of these adoptions on Retained earnings was not significant. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted EPS | Three Months Ended Six Months Ended in millions, except for per share data 2019 2018 2019 2018 Earnings applicable to Morgan $ 2,031 $ 2,267 $ 4,367 $ 4,842 Basic EPS Weighted average common shares outstanding 1,634 1,720 1,646 1,730 Earnings per basic common share $ 1.24 $ 1.32 $ 2.65 $ 2.80 Diluted EPS Weighted average common shares outstanding 1,634 1,720 1,646 1,730 Effect of dilutive RSUs and PSUs 21 28 20 30 Weighted average common shares outstanding and common stock equivalents 1,655 1,748 1,666 1,760 Earnings per diluted common share $ 1.23 $ 1.30 $ 2.62 $ 2.75 Weighted average antidilutive RSUs (excluded from the computation of diluted EPS) — 1 3 1 |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Interest Income (Expense), Net [Abstract] | |
Schedule of Details of Interest Income and Interest Expense | Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Interest income Investment securities $ 509 $ 417 $ 984 $ 841 Loans 1,196 1,074 2,391 2,012 Securities purchased under agreements to resell and Securities borrowed 1 1,047 366 1,994 581 Trading assets, net of Trading liabilities 747 576 1,460 1,116 Customer receivables and Other 2 1,007 861 1,967 1,604 Total interest income $ 4,506 $ 3,294 $ 8,796 $ 6,154 Interest expense Deposits $ 493 $ 273 $ 955 $ 432 Borrowings 1,342 1,258 2,722 2,396 Securities sold under agreements to repurchase and Securities loaned 3 735 446 1,335 848 Customer payables and Other 4 907 411 1,741 597 Total interest expense $ 3,477 $ 2,388 $ 6,753 $ 4,273 Net interest $ 1,029 $ 906 $ 2,043 $ 1,881 1. Includes fees paid on Securities borrowed. 2. Includes interest from Customer receivables and Cash and cash equivalents. 3. Includes fees received on Securities loaned. 4. Includes fees received from prime brokerage customers for stock loan transactions entered into to cover customers’ short positions. |
Segment, Geographic and Reven_2
Segment, Geographic and Revenue Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Selected Financial Information by Business Segment | Selected Financial Information by Business Segment Three Months Ended June 30, 2019 $ in millions IS WM IM I/E Total Investment banking 1, 2 $ 1,472 $ 138 $ (1 ) $ (19 ) $ 1,590 Trading 2,558 162 (1 ) 13 2,732 Investments 194 — 247 — 441 Commissions and fees 1 625 428 — (74 ) 979 Asset management 1 103 2,544 612 (39 ) 3,220 Other 143 120 (9 ) (1 ) 253 Total non-interest revenues 3, 4 5,095 3,392 848 (120 ) 9,215 Interest income 3,289 1,348 6 (137 ) 4,506 Interest expense 3,271 332 15 (141 ) 3,477 Net interest 18 1,016 (9 ) 4 1,029 Net revenues $ 5,113 $ 4,408 $ 839 $ (116 ) $ 10,244 Income from continuing operations before income taxes $ 1,463 $ 1,243 $ 199 $ (2 ) $ 2,903 Provision for income taxes 324 290 44 (1 ) 657 Income from continuing operations 1,139 953 155 (1 ) 2,246 Net income 1,139 953 155 (1 ) 2,246 Net income applicable to noncontrolling interests 18 — 27 — 45 Net income applicable to Morgan Stanley $ 1,121 $ 953 $ 128 $ (1 ) $ 2,201 Three Months Ended June 30, 2018 $ in millions IS WM IM I/E Total Investment banking 1, 2 $ 1,699 $ 114 $ — $ (20 ) $ 1,793 Trading 3,128 135 16 14 3,293 Investments 89 3 55 — 147 Commissions and fees 1 674 442 — (77 ) 1,039 Asset management 1 102 2,514 610 (37 ) 3,189 Other 168 74 3 (2 ) 243 Total non-interest revenues 3, 4 5,860 3,282 684 (122 ) 9,704 Interest income 2,195 1,320 17 (238 ) 3,294 Interest expense 2,341 277 10 (240 ) 2,388 Net interest (146 ) 1,043 7 2 906 Net revenues $ 5,714 $ 4,325 $ 691 $ (120 ) $ 10,610 Income from continuing operations before income taxes $ 1,812 $ 1,157 $ 140 $ — $ 3,109 Provision for income taxes 323 281 36 — 640 Income from continuing operations 1,489 876 104 — 2,469 Income (loss) from discontinued operations, net of income taxes (2 ) — — — (2 ) Net income 1,487 876 104 — 2,467 Net income applicable to noncontrolling interests 30 — — — 30 Net income applicable to Morgan Stanley $ 1,457 $ 876 $ 104 $ — $ 2,437 Six Months Ended June 30, 2019 $ in millions IS WM IM I/E Total Investment banking 1, 2 $ 2,623 $ 247 $ (1 ) $ (37 ) $ 2,832 Trading 5,688 464 (4 ) 25 6,173 Investments 275 1 438 — 714 Commissions and fees 1 1,246 834 — (135 ) 1,945 Asset management 1 210 4,905 1,229 (75 ) 6,269 Other 365 200 (6 ) (5 ) 554 Total non-interest revenues 3, 4 10,407 6,651 1,656 (227 ) 18,487 Interest income 6,345 2,761 10 (320 ) 8,796 Interest expense 6,443 615 23 (328 ) 6,753 Net interest (98 ) 2,146 (13 ) 8 2,043 Net revenues $ 10,309 $ 8,797 $ 1,643 $ (219 ) $ 20,530 Income from continuing operations before income taxes $ 3,058 $ 2,431 $ 373 $ (4 ) $ 5,858 Provision for income taxes 514 554 77 (1 ) 1,144 Income from continuing operations 2,544 1,877 296 (3 ) 4,714 Net income 2,544 1,877 296 (3 ) 4,714 Net income applicable to noncontrolling interests 52 — 32 — 84 Net income applicable to Morgan Stanley $ 2,492 $ 1,877 $ 264 $ (3 ) $ 4,630 Six Months Ended June 30, 2018 $ in millions IS WM IM I/E Total Investment banking 1, 2 $ 3,212 $ 254 $ — $ (39 ) $ 3,427 Trading 6,771 244 21 27 7,063 Investments 138 3 132 — 273 Commissions and fees 1 1,418 940 — (146 ) 2,212 Asset management 1 212 5,009 1,236 (76 ) 6,381 Other 304 137 13 (4 ) 450 Total non-interest revenues 3, 4 12,055 6,587 1,402 (238 ) 19,806 Interest income 3,999 2,600 18 (463 ) 6,154 Interest expense 4,240 488 11 (466 ) 4,273 Net interest (241 ) 2,112 7 3 1,881 Net revenues $ 11,814 $ 8,699 $ 1,409 $ (235 ) $ 21,687 Income from continuing operations before income taxes $ 3,924 $ 2,317 $ 288 $ — $ 6,529 Provision for income taxes 772 527 55 — 1,354 Income from continuing operations 3,152 1,790 233 — 5,175 Income (loss) from discontinued operations, net of income taxes (4 ) — — — (4 ) Net income 3,148 1,790 233 — 5,171 Net income applicable to noncontrolling interests 64 — 2 — 66 Net income applicable to Morgan Stanley $ 3,084 $ 1,790 $ 231 $ — $ 5,105 I/E–Intersegment Eliminations 1. Approximately 90% of Investment Banking revenues in the current quarter and current year period and approximately 85% of Investment banking revenues in the prior year quarter and prior year period were accounted for under the Revenues from Contracts with Customers accounting update. In all periods presented, substantially all of Commissions and fees and Asset management revenues were accounted for under this accounting update. 2. Current quarter Institutional Securities Investment banking revenues are composed of $506 million of Advisory and $966 million of Underwriting revenues. Prior year quarter Institutional Securities Investment banking revenues are composed of $618 million of Advisory and $1,081 million of Underwriting revenues. Current year period Institutional Securities Investment banking revenues are composed of $912 million of Advisory and $1,711 million of Underwriting revenues. Prior year period Institutional Securities Investment banking revenues are composed of $1,192 million of Advisory and $2,020 million of Underwriting revenues. 3. The Firm enters into certain contracts which contain a current obligation to perform services in the future. Excluding contracts where billing is commensurate with the value of the services performed at each stage of the contract, contracts with variable consideration that is subject to reversal, and contracts with less than one year duration, we expect to record the following approximate revenues in the future: $94 million in the remainder of 2019 and $119 million in 2020; between $40 million and $75 million per year in 2021 through 2025; and $10 million per year thereafter through 2035. These revenues are primarily related to certain commodities contracts with customers. 4. Includes $725 million and $862 million in revenue recognized in the current quarter and prior year quarter, respectively, and $1,344 million and $1,628 million in revenue recognized in the current year period and prior year period, respectively, where some or all services were performed in prior periods. This amount is primarily composed of investment banking advisory fees and distribution fees. |
Schedule of Total Assets by Business Segment | Total Assets by Business Segment $ in millions At At Institutional Securities $ 696,748 $ 646,427 Wealth Management 1 189,811 202,392 Investment Management 5,400 4,712 Total 2 $ 891,959 $ 853,531 1. The Firm acquired Solium Capital Inc. in the current quarter and as a result recorded Goodwill of approximately $469 million and Intangible assets of approximately $268 million . 2. Parent assets have been fully allocated to the business segments. |
Schedule of Net Unrealized Carried Interest and Fee Waivers | Reduction of Fees due to Fee Waivers Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Fee waivers $ 10 $ 16 $ 21 $ 34 Net Unrealized Carried Interest $ in millions At At Net cumulative unrealized carried interest at risk of reversing $ 540 $ 434 |
Schedule of Net Revenues by Region | Net Revenues by Region Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Americas $ 7,526 $ 7,614 $ 14,847 $ 15,632 EMEA 1,576 1,829 3,278 3,537 Asia 1,142 1,167 2,405 2,518 Total $ 10,244 $ 10,610 $ 20,530 $ 21,687 |
Schedule of Trading Revenues by Product Type | Trading Revenues by Product Type Three Months Ended Six Months Ended $ in millions 2019 2018 2019 2018 Interest rate $ 604 $ 781 $ 1,389 $ 1,652 Foreign exchange 73 138 314 399 Equity security and index 1 1,478 1,785 2,929 3,661 Commodity and other 264 358 686 794 Credit 313 231 855 557 Total $ 2,732 $ 3,293 $ 6,173 $ 7,063 1. Dividend income is included within equity security and index contracts. |
Schedule of Receivables from Contracts with Customers | Receivables related to Revenues from Contracts with Customers $ in millions At At Customer and other receivables $ 2,536 $ 2,308 |
Significant Accounting Polici_3
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | Apr. 01, 2019 | Jan. 01, 2019 | Apr. 01, 2018 | Jan. 01, 2018 | |
Retained Earnings | |||||
Accounting Standards Adopted | |||||
Cumulative catch-up adjustment to equity component | [1] | $ 0 | $ 63 | $ 0 | $ 306 |
Accounting Standards Update 2018-11 | Other Assets | |||||
Accounting Standards Adopted | |||||
Effect of adopting the new accounting standard on balance sheet | 4,000 | ||||
Accounting Standards Update 2018-11 | Other Liabilities and Accrued Expenses | |||||
Accounting Standards Adopted | |||||
Effect of adopting the new accounting standard on balance sheet | 4,000 | ||||
Accounting Standards Update 2018-11 | Retained Earnings | |||||
Accounting Standards Adopted | |||||
Cumulative catch-up adjustment to equity component | $ 63 | ||||
[1] | Cumulative adjustments for accounting changes relate to the adoption of certain accounting updates during the current and prior year periods. See Notes 2 and 14 for further information. |
Fair Values - Assets and Liabil
Fair Values - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Assets at fair value | ||
Total in Trading assets | $ 32,764 | $ 29,173 |
Investments | 103,557 | 91,026 |
Total trading assets | 286,965 | 266,299 |
Investment securities—AFS | 63,038 | 61,061 |
Securities purchased under agreements to resell | 4 | 0 |
Liabilities at fair value | ||
Deposits | 934 | 442 |
Derivative and other contracts | 32,020 | 27,258 |
Securities sold under agreements to repurchase | 658 | 812 |
Other secured financings | 8,476 | 5,245 |
Borrowings | 61,509 | 51,184 |
Recurring | ||
Assets at fair value | ||
Netting | (47,940) | (44,175) |
Liabilities at fair value | ||
Netting | (38,580) | (32,944) |
Recurring | Interest rate | ||
Liabilities at fair value | ||
Borrowings | 26,343 | 22,343 |
Recurring | Credit | ||
Liabilities at fair value | ||
Borrowings | 1,159 | 856 |
Recurring | Foreign exchange | ||
Liabilities at fair value | ||
Borrowings | 573 | 756 |
Recurring | Equity | ||
Liabilities at fair value | ||
Borrowings | 29,459 | 24,494 |
Recurring | Commodity and other | ||
Liabilities at fair value | ||
Borrowings | 3,975 | 2,735 |
Total | Recurring | ||
Assets at fair value | ||
Total in Trading assets | 32,764 | 29,173 |
Netting | (282,232) | (259,412) |
Investments | 1,576 | 1,462 |
Physical commodities | 908 | 536 |
Total trading assets | 283,872 | 263,717 |
Investment securities—AFS | 63,038 | 61,061 |
Securities purchased under agreements to resell | 4 | |
Intangible assets | 5 | |
Total assets at fair value | 346,914 | 324,783 |
Liabilities at fair value | ||
Deposits | 934 | 442 |
Trading liabilities | 139,405 | 126,747 |
Derivative and other contracts | 32,020 | 27,258 |
Netting | (272,872) | (248,181) |
Securities sold under agreements to repurchase | 658 | 812 |
Other secured financings | 8,476 | 5,245 |
Borrowings | 61,509 | 51,184 |
Total liabilities at fair value | 210,982 | 184,430 |
Total | Recurring | Interest rate | ||
Assets at fair value | ||
Total in Trading assets | 194,877 | 158,865 |
Liabilities at fair value | ||
Derivative and other contracts | 183,314 | 146,100 |
Total | Recurring | Credit | ||
Assets at fair value | ||
Total in Trading assets | 6,326 | 6,128 |
Liabilities at fair value | ||
Derivative and other contracts | 6,891 | 6,153 |
Total | Recurring | Foreign exchange | ||
Assets at fair value | ||
Total in Trading assets | 56,397 | 63,246 |
Liabilities at fair value | ||
Derivative and other contracts | 59,204 | 63,506 |
Total | Recurring | Equity | ||
Assets at fair value | ||
Total in Trading assets | 44,073 | 47,874 |
Liabilities at fair value | ||
Derivative and other contracts | 46,277 | 50,640 |
Total | Recurring | Commodity and other | ||
Assets at fair value | ||
Total in Trading assets | 13,323 | 12,472 |
Liabilities at fair value | ||
Derivative and other contracts | 9,206 | 9,040 |
Level 1 | Recurring | ||
Assets at fair value | ||
Total in Trading assets | 1,241 | 923 |
Netting | (4,645) | (4,151) |
Investments | 516 | 412 |
Physical commodities | 0 | 0 |
Total trading assets | 179,888 | 162,123 |
Investment securities—AFS | 33,692 | 36,399 |
Securities purchased under agreements to resell | 0 | |
Intangible assets | 0 | |
Total assets at fair value | 213,580 | 198,522 |
Liabilities at fair value | ||
Deposits | 0 | 0 |
Trading liabilities | 97,861 | 89,814 |
Derivative and other contracts | 846 | 1,087 |
Netting | (4,645) | (4,151) |
Securities sold under agreements to repurchase | 0 | 0 |
Other secured financings | 0 | 0 |
Borrowings | 0 | 0 |
Total liabilities at fair value | 97,861 | 89,814 |
Level 1 | Recurring | Interest rate | ||
Assets at fair value | ||
Total in Trading assets | 3,158 | 2,793 |
Liabilities at fair value | ||
Derivative and other contracts | 2,872 | 2,927 |
Level 1 | Recurring | Credit | ||
Assets at fair value | ||
Total in Trading assets | 0 | 0 |
Liabilities at fair value | ||
Derivative and other contracts | 0 | 0 |
Level 1 | Recurring | Foreign exchange | ||
Assets at fair value | ||
Total in Trading assets | 15 | 62 |
Liabilities at fair value | ||
Derivative and other contracts | 7 | 41 |
Level 1 | Recurring | Equity | ||
Assets at fair value | ||
Total in Trading assets | 1,632 | 1,256 |
Liabilities at fair value | ||
Derivative and other contracts | 1,366 | 1,042 |
Level 1 | Recurring | Commodity and other | ||
Assets at fair value | ||
Total in Trading assets | 1,081 | 963 |
Liabilities at fair value | ||
Derivative and other contracts | 1,246 | 1,228 |
Level 2 | Recurring | ||
Assets at fair value | ||
Total in Trading assets | 73,927 | 67,680 |
Netting | (228,574) | (210,190) |
Investments | 275 | 293 |
Physical commodities | 908 | 536 |
Total trading assets | 138,026 | 131,653 |
Investment securities—AFS | 29,346 | 24,662 |
Securities purchased under agreements to resell | 4 | |
Intangible assets | 5 | |
Total assets at fair value | 167,376 | 156,320 |
Liabilities at fair value | ||
Deposits | 796 | 415 |
Trading liabilities | 75,347 | 66,416 |
Derivative and other contracts | 65,013 | 55,670 |
Netting | (228,574) | (210,190) |
Securities sold under agreements to repurchase | 658 | 812 |
Other secured financings | 8,322 | 5,037 |
Borrowings | 57,570 | 47,378 |
Total liabilities at fair value | 142,693 | 120,058 |
Level 2 | Recurring | Interest rate | ||
Assets at fair value | ||
Total in Trading assets | 190,360 | 155,027 |
Liabilities at fair value | ||
Derivative and other contracts | 179,899 | 142,746 |
Level 2 | Recurring | Credit | ||
Assets at fair value | ||
Total in Trading assets | 5,540 | 5,707 |
Liabilities at fair value | ||
Derivative and other contracts | 5,967 | 5,772 |
Level 2 | Recurring | Foreign exchange | ||
Assets at fair value | ||
Total in Trading assets | 56,361 | 63,023 |
Liabilities at fair value | ||
Derivative and other contracts | 59,147 | 63,379 |
Level 2 | Recurring | Equity | ||
Assets at fair value | ||
Total in Trading assets | 41,040 | 45,596 |
Liabilities at fair value | ||
Derivative and other contracts | 41,795 | 47,091 |
Level 2 | Recurring | Commodity and other | ||
Assets at fair value | ||
Total in Trading assets | 9,200 | 8,517 |
Liabilities at fair value | ||
Derivative and other contracts | 6,779 | 6,872 |
Level 3 | Recurring | ||
Assets at fair value | ||
Equity securities | 98 | 95 |
Total in Trading assets | 5,536 | 4,745 |
Netting | (1,073) | (896) |
Investments | 785 | 757 |
Physical commodities | 0 | 0 |
Total trading assets | 13,898 | 14,116 |
Investment securities—AFS | 0 | 0 |
Securities purchased under agreements to resell | 0 | |
Intangible assets | 0 | |
Total assets at fair value | 13,898 | 14,116 |
Liabilities at fair value | ||
Deposits | 138 | 27 |
Trading liabilities | 4,777 | 3,461 |
Derivative and other contracts | 4,741 | 3,445 |
Netting | (1,073) | (896) |
Securities sold under agreements to repurchase | 0 | 0 |
Other secured financings | 154 | 208 |
Borrowings | 3,939 | 3,806 |
Total liabilities at fair value | 9,008 | 7,502 |
Level 3 | Recurring | Interest rate | ||
Assets at fair value | ||
Total in Trading assets | 1,359 | 1,045 |
Liabilities at fair value | ||
Derivative and other contracts | 543 | 427 |
Level 3 | Recurring | Credit | ||
Assets at fair value | ||
Total in Trading assets | 786 | 421 |
Liabilities at fair value | ||
Derivative and other contracts | 924 | 381 |
Level 3 | Recurring | Foreign exchange | ||
Assets at fair value | ||
Total in Trading assets | 21 | 161 |
Liabilities at fair value | ||
Derivative and other contracts | 50 | 86 |
Level 3 | Recurring | Equity | ||
Assets at fair value | ||
Total in Trading assets | 1,401 | 1,022 |
Liabilities at fair value | ||
Derivative and other contracts | 3,116 | 2,507 |
Level 3 | Recurring | Commodity and other | ||
Assets at fair value | ||
Total in Trading assets | 3,042 | 2,992 |
Liabilities at fair value | ||
Derivative and other contracts | 1,181 | 940 |
U.S. Treasury and agency securities | Total | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 12,732 | 11,815 |
U.S. Treasury and agency securities | Level 1 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 12,309 | 11,272 |
U.S. Treasury and agency securities | Level 2 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 423 | 543 |
U.S. Treasury and agency securities | Level 3 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 0 | 0 |
Other sovereign government obligations | Total | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 24,730 | 22,845 |
Other sovereign government obligations | Level 1 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 22,769 | 21,391 |
Other sovereign government obligations | Level 2 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 1,960 | 1,454 |
Other sovereign government obligations | Level 3 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 1 | 0 |
Corporate and other debt | Total | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 7,755 | 8,551 |
Corporate and other debt | Level 1 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 0 | 0 |
Corporate and other debt | Level 2 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 7,753 | 8,550 |
Corporate and other debt | Level 3 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 2 | 1 |
Corporate equities | Total | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 62,168 | 56,278 |
Corporate equities | Level 1 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 61,937 | 56,064 |
Corporate equities | Level 2 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 198 | 199 |
Corporate equities | Level 3 | Recurring | ||
Liabilities at fair value | ||
Trading liabilities | 33 | 15 |
U.S. Treasury and agency securities | ||
Assets at fair value | ||
Investment securities—AFS | 56,024 | 55,905 |
U.S. Treasury and agency securities | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 82,465 | 68,415 |
U.S. Treasury and agency securities | Level 1 | Recurring | ||
Assets at fair value | ||
Trading assets | 55,358 | 38,767 |
U.S. Treasury and agency securities | Level 2 | Recurring | ||
Assets at fair value | ||
Trading assets | 27,102 | 29,594 |
U.S. Treasury and agency securities | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 5 | 54 |
Other sovereign government obligations | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 37,263 | 33,941 |
Other sovereign government obligations | Level 1 | Recurring | ||
Assets at fair value | ||
Trading assets | 32,032 | 28,395 |
Other sovereign government obligations | Level 2 | Recurring | ||
Assets at fair value | ||
Trading assets | 5,221 | 5,529 |
Other sovereign government obligations | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 10 | 17 |
State and municipal securities | ||
Assets at fair value | ||
Investment securities—AFS | 343 | 202 |
State and municipal securities | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 3,351 | 3,309 |
State and municipal securities | Level 1 | Recurring | ||
Assets at fair value | ||
Trading assets | 0 | 0 |
State and municipal securities | Level 2 | Recurring | ||
Assets at fair value | ||
Trading assets | 3,335 | 3,161 |
State and municipal securities | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 16 | 148 |
MABS | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 1,951 | 2,508 |
MABS | Level 1 | Recurring | ||
Assets at fair value | ||
Trading assets | 0 | 0 |
MABS | Level 2 | Recurring | ||
Assets at fair value | ||
Trading assets | 1,471 | 2,154 |
MABS | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 480 | 354 |
Loans and lending commitments | Recurring | ||
Assets at fair value | ||
Trading assets | 11,056 | 10,925 |
Loans and lending commitments | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 11,056 | 10,925 |
Loans and lending commitments | Level 1 | Recurring | ||
Assets at fair value | ||
Trading assets | 0 | 0 |
Loans and lending commitments | Level 2 | Recurring | ||
Assets at fair value | ||
Trading assets | 5,452 | 4,055 |
Loans and lending commitments | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 5,604 | 6,870 |
Corporate and other debt | ||
Assets at fair value | ||
Investment securities—AFS | 7,014 | 5,156 |
Corporate and other debt | Total | Recurring | ||
Assets at fair value | ||
Trading assets | 21,236 | 19,205 |
Corporate and other debt | Level 1 | Recurring | ||
Assets at fair value | ||
Trading assets | 0 | 0 |
Corporate and other debt | Level 2 | Recurring | ||
Assets at fair value | ||
Trading assets | 19,872 | 18,129 |
Corporate and other debt | Level 3 | Recurring | ||
Assets at fair value | ||
Trading assets | 1,364 | 1,076 |
Corporate equities | Total | Recurring | ||
Assets at fair value | ||
Equity securities | 91,302 | 94,243 |
Corporate equities | Level 1 | Recurring | ||
Assets at fair value | ||
Equity securities | 90,741 | 93,626 |
Corporate equities | Level 2 | Recurring | ||
Assets at fair value | ||
Equity securities | 463 | 522 |
Corporate equities | Level 3 | Recurring | ||
Assets at fair value | ||
Equity securities | $ 98 | $ 95 |
Fair Values - Breakdown of Loan
Fair Values - Breakdown of Loans and Lending Commitments at Fair Value and Unsettled Fair Value of Futures Contracts (Details) - Recurring - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Loans and lending commitments | ||
Fair Value Measurements | ||
Trading assets | $ 11,056 | $ 10,925 |
Futures Contracts | Accounts Receivable and Other Receivables, Net | ||
Fair Value Measurements | ||
Derivative assets, unsettled fair value | 507 | 615 |
Corporate | Loans and lending commitments | ||
Fair Value Measurements | ||
Trading assets | 8,241 | 9,171 |
Residential real estate | Loans and lending commitments | ||
Fair Value Measurements | ||
Trading assets | 1,274 | 1,153 |
Commercial real estate | Loans and lending commitments | ||
Fair Value Measurements | ||
Trading assets | $ 1,541 | $ 601 |
Fair Values - Activity of Level
Fair Values - Activity of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring - Level 3 - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Liabilities at Fair Value | ||||
Portion of Unrealized losses (gains) recorded in OCI—Change in net DVA | $ 35 | $ (16) | $ 91 | $ (119) |
Deposits | ||||
Liabilities at Fair Value | ||||
Beginning balance | 99 | 44 | 27 | 47 |
Realized and unrealized losses (gains) | 6 | (1) | 12 | (1) |
Issuances | 24 | 5 | 51 | 10 |
Settlements | (4) | 0 | (4) | (1) |
Net transfers | 13 | (11) | 52 | (18) |
Ending balance | 138 | 37 | 138 | 37 |
Unrealized losses (gains) | 6 | (1) | 12 | (1) |
Nonderivative trading liabilities | ||||
Liabilities at Fair Value | ||||
Beginning balance | 43 | 39 | 16 | 25 |
Realized and unrealized losses (gains) | (9) | (3) | (10) | (6) |
Purchases | (24) | (17) | (30) | (19) |
Sales | 11 | 7 | 28 | 22 |
Net transfers | 15 | (1) | 32 | 3 |
Ending balance | 36 | 25 | 36 | 25 |
Unrealized losses (gains) | (9) | (2) | (10) | (4) |
Securities sold under agreements to repurchase | ||||
Liabilities at Fair Value | ||||
Beginning balance | 0 | 0 | 0 | 150 |
Net transfers | 0 | 0 | 0 | (150) |
Ending balance | 0 | 0 | 0 | 0 |
Unrealized losses (gains) | 0 | 0 | 0 | 0 |
Other secured financings | ||||
Liabilities at Fair Value | ||||
Beginning balance | 153 | 220 | 208 | 239 |
Realized and unrealized losses (gains) | 2 | (5) | 6 | (17) |
Issuances | 0 | 4 | 0 | 7 |
Settlements | (1) | (8) | (8) | (18) |
Net transfers | 0 | (41) | (52) | (41) |
Ending balance | 154 | 170 | 154 | 170 |
Unrealized losses (gains) | 2 | (5) | 6 | (17) |
Borrowings | ||||
Liabilities at Fair Value | ||||
Beginning balance | 3,775 | 3,626 | 3,806 | 2,984 |
Realized and unrealized losses (gains) | 172 | (130) | 444 | (201) |
Issuances | 354 | 306 | 598 | 825 |
Settlements | (99) | (141) | (243) | (195) |
Net transfers | (263) | (366) | (666) | (118) |
Ending balance | 3,939 | 3,295 | 3,939 | 3,295 |
Unrealized losses (gains) | 173 | (133) | 419 | (199) |
Interest rate | ||||
Assets at Fair value | ||||
Beginning balance | 551 | 670 | 618 | 1,218 |
Realized and unrealized gains (losses) | 238 | (75) | 183 | (1) |
Purchases | 53 | 61 | 59 | 69 |
Issuances | (19) | (24) | (30) | (51) |
Settlements | (1) | (45) | (15) | (131) |
Net transfers | (6) | (20) | 1 | (537) |
Ending balance | 816 | 567 | 816 | 567 |
Unrealized gains (losses) | 230 | (99) | 234 | (13) |
Credit | ||||
Assets at Fair value | ||||
Beginning balance | (261) | (30) | 40 | 41 |
Realized and unrealized gains (losses) | 30 | 111 | 217 | (22) |
Purchases | 28 | 15 | 93 | 4 |
Issuances | (19) | (41) | (470) | (40) |
Settlements | 39 | (57) | (8) | 17 |
Net transfers | 45 | 0 | (10) | (2) |
Ending balance | (138) | (2) | (138) | (2) |
Unrealized gains (losses) | 30 | 115 | 224 | (28) |
Foreign exchange | ||||
Assets at Fair value | ||||
Beginning balance | 5 | (33) | 75 | (112) |
Realized and unrealized gains (losses) | (33) | 37 | (154) | 96 |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | (19) | 0 | (46) |
Settlements | (22) | (3) | (12) | 46 |
Net transfers | 21 | (8) | 62 | (10) |
Ending balance | (29) | (26) | (29) | (26) |
Unrealized gains (losses) | (37) | 43 | (45) | 28 |
Equity | ||||
Assets at Fair value | ||||
Beginning balance | (1,760) | 1,015 | (1,485) | 1,208 |
Realized and unrealized gains (losses) | 86 | 51 | (92) | 163 |
Purchases | 60 | 29 | 96 | 94 |
Issuances | (158) | (191) | (359) | (930) |
Settlements | 43 | 185 | 185 | 294 |
Net transfers | 14 | (2,624) | (60) | (2,364) |
Ending balance | (1,715) | (1,535) | (1,715) | (1,535) |
Unrealized gains (losses) | 70 | (14) | (106) | 135 |
Commodity and other | ||||
Assets at Fair value | ||||
Beginning balance | 2,106 | 1,660 | 2,052 | 1,446 |
Realized and unrealized gains (losses) | (145) | 170 | (113) | 392 |
Purchases | 8 | 1 | 16 | 35 |
Issuances | (2) | (3) | (17) | (6) |
Settlements | (106) | 122 | (183) | 7 |
Net transfers | 0 | 82 | 106 | 158 |
Ending balance | 1,861 | 2,032 | 1,861 | 2,032 |
Unrealized gains (losses) | (272) | 107 | (306) | 230 |
U.S. Treasury and agency securities | ||||
Assets at Fair value | ||||
Beginning balance | 7 | 0 | 54 | 0 |
Purchases | 5 | 0 | 5 | 0 |
Sales | (4) | 0 | (54) | 0 |
Net transfers | (3) | 0 | 0 | 0 |
Ending balance | 5 | 0 | 5 | 0 |
Unrealized gains (losses) | 0 | 0 | 0 | 0 |
Other sovereign government obligations | ||||
Assets at Fair value | ||||
Beginning balance | 5 | 7 | 17 | 1 |
Realized and unrealized gains (losses) | 0 | (3) | 0 | 0 |
Purchases | 8 | 2 | 8 | 4 |
Sales | (3) | (1) | (4) | 0 |
Net transfers | 0 | 0 | (11) | 0 |
Ending balance | 10 | 5 | 10 | 5 |
Unrealized gains (losses) | 0 | 0 | 0 | 0 |
State and municipal securities | ||||
Assets at Fair value | ||||
Beginning balance | 12 | 2 | 148 | 8 |
Realized and unrealized gains (losses) | 0 | 0 | 0 | 0 |
Purchases | 15 | 1 | 15 | 1 |
Sales | (11) | (1) | (43) | (7) |
Net transfers | 0 | 0 | (104) | 0 |
Ending balance | 16 | 2 | 16 | 2 |
Unrealized gains (losses) | 0 | 0 | 0 | 0 |
MABS | ||||
Assets at Fair value | ||||
Beginning balance | 301 | 342 | 354 | 423 |
Realized and unrealized gains (losses) | (5) | 0 | 3 | 76 |
Purchases | 52 | 35 | 63 | 74 |
Sales | (43) | (88) | (133) | (282) |
Settlements | (19) | (7) | (22) | (12) |
Net transfers | 194 | 45 | 215 | 48 |
Ending balance | 480 | 327 | 480 | 327 |
Unrealized gains (losses) | (12) | (6) | (24) | 0 |
Loans and lending commitments | ||||
Assets at Fair value | ||||
Beginning balance | 6,343 | 8,128 | 6,870 | 5,945 |
Realized and unrealized gains (losses) | 73 | (62) | 44 | (6) |
Purchases | 957 | 1,726 | 1,548 | 3,841 |
Sales | (1,021) | (615) | (588) | (913) |
Settlements | (733) | (1,781) | (1,487) | (1,531) |
Net transfers | (15) | (473) | (783) | (413) |
Ending balance | 5,604 | 6,923 | 5,604 | 6,923 |
Unrealized gains (losses) | 66 | (78) | 44 | (61) |
Corporate and other debt | ||||
Assets at Fair value | ||||
Beginning balance | 1,061 | 814 | 1,076 | 701 |
Realized and unrealized gains (losses) | 86 | 37 | 161 | 43 |
Purchases | 407 | 166 | 428 | 366 |
Sales | (101) | (194) | (267) | (165) |
Settlements | (3) | (3) | (5) | (1) |
Net transfers | (86) | (119) | (29) | (243) |
Ending balance | 1,364 | 701 | 1,364 | 701 |
Unrealized gains (losses) | 85 | 5 | 152 | 6 |
Corporate equities | ||||
Assets at Fair value | ||||
Beginning balance | 152 | 233 | 95 | 166 |
Realized and unrealized gains (losses) | (12) | (4) | (10) | 2 |
Purchases | 21 | 21 | 28 | 43 |
Sales | (13) | (25) | (31) | (49) |
Net transfers | (50) | (54) | 16 | 9 |
Ending balance | 98 | 171 | 98 | 171 |
Unrealized gains (losses) | (10) | (3) | (7) | (7) |
Investments | ||||
Assets at Fair value | ||||
Beginning balance | 974 | 1,012 | 757 | 1,020 |
Realized and unrealized gains (losses) | 26 | (8) | 38 | 23 |
Purchases | 9 | 17 | 14 | 64 |
Sales | (32) | (28) | (36) | (133) |
Net transfers | (192) | (52) | 12 | (33) |
Ending balance | 785 | 941 | 785 | 941 |
Unrealized gains (losses) | $ 29 | $ 2 | $ 38 | $ 7 |
Fair Values - Valuation Techniq
Fair Values - Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements (Details) $ in Millions | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ 32,764 | $ 29,173 |
Deposits | 934 | 442 |
Other secured financings | 11,981 | 9,466 |
Borrowings | 61,509 | 51,184 |
Recurring | Loans and lending commitments | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 11,056 | 10,925 |
Recurring | Level 3 | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Corporate equities | 98 | 95 |
Investments | 785 | 757 |
Derivative assets | 5,536 | 4,745 |
Deposits | 138 | 27 |
Other secured financings | 154 | 208 |
Borrowings | $ 3,939 | $ 3,806 |
Recurring | Level 3 | Comparable Pricing | Equity Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Corporate equities, measurement input value | 1 | 1 |
Recurring | Level 3 | Option Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Other secured financings, measurement input value | (0.01) | |
Recurring | Level 3 | MABS | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | $ 480 | $ 354 |
Recurring | Level 3 | Loans and lending commitments | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 5,604 | 6,870 |
Recurring | Level 3 | U.S. Treasury and agency securities | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 5 | 54 |
Recurring | Level 3 | State and municipal securities | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | 16 | 148 |
Recurring | Level 3 | Corporate and other debt | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets | $ 1,364 | $ 1,076 |
Recurring | Level 3 | Corporate and other debt | Discounted Cash Flow | Recovery Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.27 | 0.20 |
Recurring | Level 3 | Interest rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ 816 | $ 618 |
Recurring | Level 3 | Interest rate | Option Model | IR Curve | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.01 | 0.01 |
Recurring | Level 3 | Credit | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | $ (138) | $ 40 |
Recurring | Level 3 | Foreign exchange | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | (29) | 75 |
Recurring | Level 3 | Equity | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | (1,715) | (1,485) |
Recurring | Level 3 | Commodity and other | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets | 1,861 | 2,052 |
Nonrecurring | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans | 3,363 | 3,687 |
Nonrecurring | Level 3 | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans | $ 1,298 | $ 1,380 |
Weighted Average | Recurring | Level 3 | Comparable Pricing | Equity Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 0.99 | 0.96 |
Weighted Average | Recurring | Level 3 | Discounted Cash Flow | Exit Multiple | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 11 | 10 |
Weighted Average | Recurring | Level 3 | Discounted Cash Flow | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Other secured financings, measurement input value | 0.0133 | 0.0148 |
Weighted Average | Recurring | Level 3 | Discounted Cash Flow | WACC | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 0.15 | 0.10 |
Weighted Average | Recurring | Level 3 | Market Approach | EBITDA Multiple | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 11 | 12 |
Weighted Average | Recurring | Level 3 | Option Model | At the Money Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Deposits, measurement input value | 0.22 | |
Other secured financings, measurement input value | 0.30 | 0.25 |
Borrowings, measurement input value | 0.21 | 0.22 |
Weighted Average | Recurring | Level 3 | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.75 | 0.85 |
Weighted Average | Recurring | Level 3 | Option Model | Equity - FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | (0.28) | (0.27) |
Weighted Average | Recurring | Level 3 | Option Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0 | 0 |
Weighted Average | Recurring | Level 3 | MABS | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.50 | 0.38 |
Weighted Average | Recurring | Level 3 | Loans and lending commitments | Comparable Pricing | Loan Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.94 | 0.95 |
Weighted Average | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.0028 | 0.0036 |
Weighted Average | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Discount Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.02 | 0.02 |
Weighted Average | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.21 | 0.28 |
Weighted Average | Recurring | Level 3 | Corporate and other debt | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.75 | 0.72 |
Weighted Average | Recurring | Level 3 | Corporate and other debt | Discounted Cash Flow | Discount Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.16 | |
Weighted Average | Recurring | Level 3 | Corporate and other debt | Option Model | At the Money Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.20 | 0.50 |
Weighted Average | Recurring | Level 3 | Credit | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.39 | 0.26 |
Weighted Average | Recurring | Level 3 | Credit | Comparable Pricing | Cash-Synthetic Basis | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.12 | 0.09 |
Weighted Average | Recurring | Level 3 | Credit | Comparable Pricing | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0100 | 0.0380 |
Weighted Average | Recurring | Level 3 | Credit | Comparable Pricing | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0095 | 0.0093 |
Weighted Average | Recurring | Level 3 | Credit | Correlation Model | Credit Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.38 | 0.44 |
Weighted Average | Recurring | Level 3 | Equity | Option Model | At the Money Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.36 | 0.38 |
Weighted Average | Recurring | Level 3 | Equity | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.71 | 0.71 |
Weighted Average | Recurring | Level 3 | Equity | Option Model | FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | (0.17) | (0.26) |
Weighted Average | Recurring | Level 3 | Equity | Option Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | (0.01) | (0.01) |
Weighted Average | Recurring | Level 3 | Commodity and other | Option Model | Commodity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.16 | 0.17 |
Weighted Average | Recurring | Level 3 | Commodity and other | Option Model | Cross-Commodity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.93 | 0.93 |
Weighted Average | Recurring | Level 3 | Commodity and other | Option Model | Forward Power Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 28 | 31 |
Weighted Average | Nonrecurring | Level 3 | Corporate Loan Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0202 | 0.0181 |
Weighted Average | Nonrecurring | Level 3 | Warehouse Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0266 | 0.0247 |
Average | Recurring | Level 3 | Option Model | IR Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.85 | |
Average | Recurring | Level 3 | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.38 | 0.44 |
Average | Recurring | Level 3 | Interest rate | Option Model | Contingency Probability | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.93 | |
Average | Recurring | Level 3 | Interest rate | Option Model | Inflation Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.43 | 0.44 |
Average | Recurring | Level 3 | Interest rate | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.74 | 0.48 |
Average | Recurring | Level 3 | Foreign exchange | Option Model | Contingency Probability | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.82 | 0.93 |
Average | Recurring | Level 3 | Foreign exchange | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.46 | 0.55 |
Average | Recurring | Level 3 | Foreign exchange | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.74 | 0.48 |
Average | Recurring | Level 3 | Equity | Option Model | IR Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.16 | 0.15 |
Median | Recurring | Level 3 | Option Model | IR Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.91 | |
Median | Recurring | Level 3 | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.34 | 0.44 |
Median | Recurring | Level 3 | Interest rate | Option Model | Contingency Probability | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.93 | |
Median | Recurring | Level 3 | Interest rate | Option Model | Inflation Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.40 | 0.40 |
Median | Recurring | Level 3 | Interest rate | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.63 | 0.51 |
Median | Recurring | Level 3 | Foreign exchange | Option Model | Contingency Probability | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.82 | 0.95 |
Median | Recurring | Level 3 | Foreign exchange | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.46 | 0.55 |
Median | Recurring | Level 3 | Foreign exchange | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.63 | 0.51 |
Median | Recurring | Level 3 | Equity | Option Model | IR Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.13 | 0.12 |
Minimum | Recurring | Level 3 | Comparable Pricing | Equity Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 0.75 | 0.75 |
Minimum | Recurring | Level 3 | Discounted Cash Flow | Exit Multiple | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 7 | 7 |
Minimum | Recurring | Level 3 | Discounted Cash Flow | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Other secured financings, measurement input value | 0.0111 | 0.0103 |
Minimum | Recurring | Level 3 | Discounted Cash Flow | WACC | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 0.14 | 0.09 |
Minimum | Recurring | Level 3 | Market Approach | EBITDA Multiple | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 6 | 6 |
Minimum | Recurring | Level 3 | Option Model | At the Money Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Deposits, measurement input value | 0.20 | |
Other secured financings, measurement input value | 0.10 | 0.10 |
Borrowings, measurement input value | 0.06 | 0.05 |
Minimum | Recurring | Level 3 | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.38 | 0.45 |
Minimum | Recurring | Level 3 | Option Model | Equity - FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | (0.72) | (0.75) |
Minimum | Recurring | Level 3 | Option Model | IR Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.58 | |
Minimum | Recurring | Level 3 | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.25 | 0.28 |
Minimum | Recurring | Level 3 | Option Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | (0.01) | (0.02) |
Minimum | Recurring | Level 3 | MABS | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.01 | 0 |
Minimum | Recurring | Level 3 | Loans and lending commitments | Comparable Pricing | Loan Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.76 | 0.60 |
Minimum | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.0010 | 0.0014 |
Minimum | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Discount Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.01 | 0.01 |
Minimum | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.14 | 0.19 |
Minimum | Recurring | Level 3 | Corporate and other debt | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.12 | 0.12 |
Minimum | Recurring | Level 3 | Corporate and other debt | Discounted Cash Flow | Discount Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.15 | |
Minimum | Recurring | Level 3 | Corporate and other debt | Option Model | At the Money Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.20 | 0.24 |
Minimum | Recurring | Level 3 | Interest rate | Option Model | Contingency Probability | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.90 | |
Minimum | Recurring | Level 3 | Interest rate | Option Model | Inflation Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.23 | 0.23 |
Minimum | Recurring | Level 3 | Interest rate | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.25 | 0.22 |
Minimum | Recurring | Level 3 | Credit | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0 | 0 |
Minimum | Recurring | Level 3 | Credit | Comparable Pricing | Cash-Synthetic Basis | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.12 | 0.08 |
Minimum | Recurring | Level 3 | Credit | Comparable Pricing | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0012 | 0.0246 |
Minimum | Recurring | Level 3 | Credit | Comparable Pricing | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0063 | 0.0047 |
Minimum | Recurring | Level 3 | Credit | Correlation Model | Credit Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.31 | 0.36 |
Minimum | Recurring | Level 3 | Foreign exchange | Option Model | Contingency Probability | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.67 | 0.90 |
Minimum | Recurring | Level 3 | Foreign exchange | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.29 | 0.53 |
Minimum | Recurring | Level 3 | Foreign exchange | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.25 | 0.22 |
Minimum | Recurring | Level 3 | Equity | Option Model | At the Money Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.06 | 0.17 |
Minimum | Recurring | Level 3 | Equity | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.05 | 0.05 |
Minimum | Recurring | Level 3 | Equity | Option Model | FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | (0.60) | (0.60) |
Minimum | Recurring | Level 3 | Equity | Option Model | IR Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | (0.07) | (0.07) |
Minimum | Recurring | Level 3 | Equity | Option Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | (0.02) | (0.02) |
Minimum | Recurring | Level 3 | Commodity and other | Option Model | Commodity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.07 | 0.07 |
Minimum | Recurring | Level 3 | Commodity and other | Option Model | Cross-Commodity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.05 | 0.05 |
Minimum | Recurring | Level 3 | Commodity and other | Option Model | Forward Power Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 4 | 3 |
Minimum | Nonrecurring | Level 3 | Corporate Loan Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0058 | 0.0097 |
Minimum | Nonrecurring | Level 3 | Warehouse Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0264 | 0.0223 |
Maximum | Corporate Loan Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0448 | 0.0434 |
Maximum | Warehouse Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Loans, measurement input value | 0.0271 | 0.0313 |
Maximum | Recurring | Level 3 | Comparable Pricing | Equity Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 1 | 1 |
Maximum | Recurring | Level 3 | Discounted Cash Flow | Exit Multiple | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 15 | 10 |
Maximum | Recurring | Level 3 | Discounted Cash Flow | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Other secured financings, measurement input value | 0.0155 | 0.0193 |
Maximum | Recurring | Level 3 | Discounted Cash Flow | WACC | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 0.17 | 0.15 |
Maximum | Recurring | Level 3 | Market Approach | EBITDA Multiple | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Investments, measurement input value | 25 | 24 |
Maximum | Recurring | Level 3 | Option Model | At the Money Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Deposits, measurement input value | 0.30 | |
Other secured financings, measurement input value | 0.40 | 0.40 |
Borrowings, measurement input value | 0.35 | 0.35 |
Maximum | Recurring | Level 3 | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.94 | 0.98 |
Maximum | Recurring | Level 3 | Option Model | Equity - FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.30 | 0.50 |
Maximum | Recurring | Level 3 | Option Model | IR Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.97 | |
Maximum | Recurring | Level 3 | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0.58 | 0.58 |
Maximum | Recurring | Level 3 | Option Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Borrowings, measurement input value | 0 | 0 |
Maximum | Recurring | Level 3 | MABS | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.97 | 0.97 |
Maximum | Recurring | Level 3 | Loans and lending commitments | Comparable Pricing | Loan Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 1.03 | 1.01 |
Maximum | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.0063 | 0.0090 |
Maximum | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Discount Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.06 | 0.07 |
Maximum | Recurring | Level 3 | Loans and lending commitments | Margin Loan Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.63 | 0.56 |
Maximum | Recurring | Level 3 | Corporate and other debt | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 1 | 1 |
Maximum | Recurring | Level 3 | Corporate and other debt | Discounted Cash Flow | Discount Rate | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.21 | |
Maximum | Recurring | Level 3 | Corporate and other debt | Option Model | At the Money Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Debt securities, trading assets, measurement input value | 0.20 | 0.78 |
Maximum | Recurring | Level 3 | Interest rate | Option Model | Contingency Probability | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.95 | |
Maximum | Recurring | Level 3 | Interest rate | Option Model | Inflation Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.62 | 0.65 |
Maximum | Recurring | Level 3 | Interest rate | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 1.27 | 0.95 |
Maximum | Recurring | Level 3 | Credit | Comparable Pricing | Bond Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.83 | 0.75 |
Maximum | Recurring | Level 3 | Credit | Comparable Pricing | Cash-Synthetic Basis | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.12 | 0.09 |
Maximum | Recurring | Level 3 | Credit | Comparable Pricing | Credit Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0499 | 0.0499 |
Maximum | Recurring | Level 3 | Credit | Comparable Pricing | Funding Spread | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.0105 | 0.0098 |
Maximum | Recurring | Level 3 | Credit | Correlation Model | Credit Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.64 | 0.69 |
Maximum | Recurring | Level 3 | Foreign exchange | Option Model | Contingency Probability | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.97 | 0.95 |
Maximum | Recurring | Level 3 | Foreign exchange | Option Model | IR FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.57 | 0.56 |
Maximum | Recurring | Level 3 | Foreign exchange | Option Model | IR Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 1.27 | 0.95 |
Maximum | Recurring | Level 3 | Equity | Option Model | At the Money Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.72 | 0.63 |
Maximum | Recurring | Level 3 | Equity | Option Model | Equity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.96 | 0.96 |
Maximum | Recurring | Level 3 | Equity | Option Model | FX Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.55 | 0.55 |
Maximum | Recurring | Level 3 | Equity | Option Model | IR Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.44 | 0.45 |
Maximum | Recurring | Level 3 | Equity | Option Model | Volatility Skew | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0 | 0 |
Maximum | Recurring | Level 3 | Commodity and other | Option Model | Commodity Volatility | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 2.13 | 1.87 |
Maximum | Recurring | Level 3 | Commodity and other | Option Model | Cross-Commodity Correlation | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 0.99 | 0.99 |
Maximum | Recurring | Level 3 | Commodity and other | Option Model | Forward Power Price | ||
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements | ||
Derivative assets, measurement input value | 118 | 185 |
Fair Values - Fund Interests Me
Fair Values - Fund Interests Measured Based on Net Asset Value (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Measured Based on Net Asset Value | ||
Carrying Value | $ 3,093 | $ 2,582 |
Commitment | 527 | 481 |
Private equity | ||
Measured Based on Net Asset Value | ||
Carrying Value | 1,545 | 1,374 |
Commitment | 368 | 316 |
Carrying Value of Nonredeemable Funds by Contractual Maturity | ||
Less than 5 years | 802 | |
5-10 years | 720 | |
Over 10 years | 23 | |
Total | 1,545 | |
Real estate | ||
Measured Based on Net Asset Value | ||
Carrying Value | 1,452 | 1,105 |
Commitment | 155 | 161 |
Carrying Value of Nonredeemable Funds by Contractual Maturity | ||
Less than 5 years | 634 | |
5-10 years | 740 | |
Over 10 years | 78 | |
Total | 1,452 | |
Hedge | ||
Measured Based on Net Asset Value | ||
Carrying Value | 96 | 103 |
Commitment | $ 4 | $ 4 |
Fair Values - Borrowings Measur
Fair Values - Borrowings Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Measurements | ||
Borrowings at fair value | $ 61,509 | $ 51,184 |
Recurring | Equity | ||
Fair Value Measurements | ||
Borrowings at fair value | 29,459 | 24,494 |
Recurring | Interest Rates | ||
Fair Value Measurements | ||
Borrowings at fair value | 26,343 | 22,343 |
Recurring | Commodity and other | ||
Fair Value Measurements | ||
Borrowings at fair value | 3,975 | 2,735 |
Recurring | Credit | ||
Fair Value Measurements | ||
Borrowings at fair value | 1,159 | 856 |
Recurring | Foreign exchange | ||
Fair Value Measurements | ||
Borrowings at fair value | $ 573 | $ 756 |
Fair Values - Gains (Losses) on
Fair Values - Gains (Losses) on Borrowings under the Fair Value Option (Details) - Borrowings - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value Option Quantitative Disclosures | ||||
Earnings impact | $ (2,284) | $ 786 | $ (5,280) | $ 710 |
Trading revenues | ||||
Fair Value Option Quantitative Disclosures | ||||
Earnings impact | (2,190) | 859 | (5,093) | 885 |
Interest expense | ||||
Fair Value Option Quantitative Disclosures | ||||
Earnings impact | $ (94) | $ (73) | $ (187) | $ (175) |
Fair Values - Gains (Losses) Du
Fair Values - Gains (Losses) Due to Changes in Instrument-Specific Credit Risk (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Fair Value disclosure | |||||
Cumulative pre-tax DVA gain (loss) recognized in AOCI | $ (975) | $ (975) | $ 172 | ||
Borrowings | Trading revenues | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | (3) | $ (3) | (7) | $ (18) | |
Borrowings | OCI | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | (328) | 842 | (1,144) | 1,435 | |
Loans and other debt | Trading revenues | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | 58 | 63 | 151 | 144 | |
Loans and other debt | OCI | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | 0 | 0 | 0 | 0 | |
Lending commitments | Trading revenues | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | (1) | 1 | (2) | 3 | |
Lending commitments | OCI | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | 0 | 0 | 0 | 0 | |
Other | Trading revenues | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | 0 | 0 | 0 | 0 | |
Other | OCI | |||||
Fair Value disclosure | |||||
Gains (losses) due to changes in instrument-specific credit risk | $ 1 | $ 0 | $ (3) | $ 2 |
Fair Values - Difference Betwee
Fair Values - Difference Between Contractual Principal and Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Loans and other debt | $ 13,064 | $ 13,094 |
Nonaccrual loans | 10,950 | 10,831 |
Borrowings | $ (503) | $ 2,657 |
Fair Values - Fair Value Loans
Fair Values - Fair Value Loans on Nonaccrual Status (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Nonaccrual loans | $ 971 | $ 1,497 |
Nonaccrual loans 90 or more days past due | $ 526 | $ 812 |
Fair Values - Assets and Liab_2
Fair Values - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Assets at fair value | |||||
Loans | $ 3,363 | $ 3,363 | $ 3,687 | ||
Other assets—Other investments | 30 | 30 | 114 | ||
Other assets—Premises, equipment and software | 0 | 0 | 0 | ||
Total | 3,393 | 3,393 | 3,801 | ||
Liabilities at fair value | |||||
Other liabilities and accrued expenses—Lending commitments | 223 | 223 | 357 | ||
Total | 223 | 223 | 357 | ||
Assets | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | (12) | $ (10) | 8 | $ (9) | |
Loans | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | (10) | (1) | 17 | 8 | |
Other assets—Other investments | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | 0 | (7) | (5) | (7) | |
Other assets—Premises, equipment and software | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | (2) | (2) | (4) | (10) | |
Liabilities | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | 7 | (30) | 74 | (12) | |
Other liabilities and accrued expenses—Lending commitments2 | |||||
Fair Value Adjustment Disclosure | |||||
Gains (losses) from fair value remeasurements | 7 | $ (30) | 74 | $ (12) | |
Level 2 | |||||
Assets at fair value | |||||
Loans | 2,065 | 2,065 | 2,307 | ||
Other assets—Other investments | 0 | 0 | 14 | ||
Other assets—Premises, equipment and software | 0 | 0 | 0 | ||
Total | 2,065 | 2,065 | 2,321 | ||
Liabilities at fair value | |||||
Other liabilities and accrued expenses—Lending commitments | 168 | 168 | 292 | ||
Total | 168 | 168 | 292 | ||
Level 3 | |||||
Assets at fair value | |||||
Loans | 1,298 | 1,298 | 1,380 | ||
Other assets—Other investments | 30 | 30 | 100 | ||
Other assets—Premises, equipment and software | 0 | 0 | 0 | ||
Total | 1,328 | 1,328 | 1,480 | ||
Liabilities at fair value | |||||
Other liabilities and accrued expenses—Lending commitments | 55 | 55 | 65 | ||
Total | $ 55 | $ 55 | $ 65 |
Fair Values - Financial Instrum
Fair Values - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Financial Assets | |||
Cash and due from banks | $ 38,257 | $ 30,541 | $ 30,176 |
Interest bearing deposits with banks | 10,888 | 21,299 | 18,707 |
Restricted cash | 30,435 | 35,356 | $ 32,706 |
Securities borrowed | 133,580 | 116,313 | |
Customer and other receivables | 53,381 | 53,298 | |
Loans | 105,145 | 99,815 | |
Financial Liabilities | |||
Deposits | 176,593 | 187,820 | |
Securities sold under agreements to repurchase | 62,294 | 49,759 | |
Securities loaned | 10,325 | 11,908 | |
Other secured financings | 11,981 | 9,466 | |
Customer and other payables | 192,098 | 179,559 | |
Borrowings | 197,848 | 189,662 | |
Carrying Value | |||
Financial Assets | |||
Cash and due from banks | 38,257 | 30,541 | |
Interest bearing deposits with banks | 10,888 | 21,299 | |
Restricted cash | 30,435 | 35,356 | |
Investment securities - HTM | 40,028 | 30,771 | |
Securities purchased under agreements to resell | 85,394 | 98,522 | |
Securities borrowed | 133,580 | 116,313 | |
Customer and other receivables | 48,423 | 47,972 | |
Loans | 120,901 | 115,579 | |
Other assets | 461 | 461 | |
Financial Liabilities | |||
Deposits | 175,659 | 187,378 | |
Securities sold under agreements to repurchase | 61,636 | 48,947 | |
Securities loaned | 10,325 | 11,908 | |
Other secured financings | 3,505 | 4,221 | |
Customer and other payables | 188,622 | 176,561 | |
Borrowings | 136,339 | 138,478 | |
Additional Disclosures | |||
Lending commitments | 125,417 | 104,844 | |
Fair Value | |||
Financial Assets | |||
Cash and due from banks | 38,257 | 30,541 | |
Interest bearing deposits with banks | 10,888 | 21,299 | |
Restricted cash | 30,435 | 35,356 | |
Investment securities - HTM | 40,519 | 29,965 | |
Securities purchased under agreements to resell | 85,461 | 98,477 | |
Securities borrowed | 133,581 | 116,312 | |
Customer and other receivables | 48,356 | 47,839 | |
Loans | 121,224 | 115,725 | |
Other assets | 461 | 461 | |
Financial Liabilities | |||
Deposits | 175,954 | 187,372 | |
Securities sold under agreements to repurchase | 61,608 | 48,910 | |
Securities loaned | 10,324 | 11,906 | |
Other secured financings | 3,508 | 4,227 | |
Customer and other payables | 188,622 | 176,561 | |
Borrowings | 140,523 | 140,115 | |
Additional Disclosures | |||
Lending commitments | 1,244 | 1,570 | |
Fair Value | Level 1 | |||
Financial Assets | |||
Cash and due from banks | 38,257 | 30,541 | |
Interest bearing deposits with banks | 10,888 | 21,299 | |
Restricted cash | 30,435 | 35,356 | |
Investment securities - HTM | 25,672 | 17,473 | |
Securities purchased under agreements to resell | 0 | 0 | |
Securities borrowed | 0 | 0 | |
Customer and other receivables | 0 | 0 | |
Loans | 0 | 0 | |
Other assets | 0 | 0 | |
Financial Liabilities | |||
Deposits | 0 | 0 | |
Securities sold under agreements to repurchase | 0 | 0 | |
Securities loaned | 0 | 0 | |
Other secured financings | 0 | 0 | |
Customer and other payables | 0 | 0 | |
Borrowings | 0 | 0 | |
Additional Disclosures | |||
Lending commitments | 0 | 0 | |
Fair Value | Level 2 | |||
Financial Assets | |||
Cash and due from banks | 0 | 0 | |
Interest bearing deposits with banks | 0 | 0 | |
Restricted cash | 0 | 0 | |
Investment securities - HTM | 14,243 | 12,018 | |
Securities purchased under agreements to resell | 84,026 | 97,611 | |
Securities borrowed | 133,581 | 116,312 | |
Customer and other receivables | 45,511 | 44,620 | |
Loans | 22,661 | 25,604 | |
Other assets | 461 | 461 | |
Financial Liabilities | |||
Deposits | 175,954 | 187,372 | |
Securities sold under agreements to repurchase | 61,083 | 48,385 | |
Securities loaned | 10,324 | 11,906 | |
Other secured financings | 3,508 | 3,233 | |
Customer and other payables | 188,622 | 176,561 | |
Borrowings | 140,512 | 140,085 | |
Additional Disclosures | |||
Lending commitments | 919 | 1,249 | |
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 | 604 | 474 | |
Securities purchased under agreements to resell | 1,435 | 866 | |
Securities borrowed | 0 | 0 | |
Customer and other receivables | 2,845 | 3,219 | |
Loans | 98,563 | 90,121 | |
Other assets | 0 | 0 | |
Financial Liabilities | |||
Deposits | 0 | 0 | |
Securities sold under agreements to repurchase | 525 | 525 | |
Securities loaned | 0 | 0 | |
Other secured financings | 0 | 994 | |
Customer and other payables | 0 | 0 | |
Borrowings | 11 | 30 | |
Additional Disclosures | |||
Lending commitments | $ 325 | $ 321 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Values of Derivative Contracts (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative Assets | ||
Total gross derivatives | $ 314,996 | $ 288,585 |
Amounts offset against counterparty netting | (238,816) | (220,028) |
Amounts offset against cash collateral netting | (43,416) | (39,384) |
Total in Trading assets | 32,764 | 29,173 |
Amounts not offset against financial instruments collateral | (13,536) | (12,467) |
Amounts not offset against other cash collateral | (41) | (31) |
Net amounts | 19,187 | 16,675 |
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | 2,083 | 2,206 |
Derivative Liabilities | ||
Total gross derivatives | 304,892 | 275,439 |
Amounts offset against counterparty netting | (238,816) | (220,028) |
Amounts offset against cash collateral netting | (34,056) | (28,153) |
Total in Trading liabilities | 32,020 | 27,258 |
Amounts not offset against financial instruments collateral | (11,779) | (5,475) |
Amounts not offset against other cash collateral | (49) | (54) |
Net amounts | 20,192 | 21,729 |
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable | 3,247 | 4,773 |
Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 281,498 | 255,911 |
Amounts offset against counterparty netting | (208,559) | (190,220) |
Amounts offset against cash collateral netting | (42,075) | (38,204) |
Total in Trading assets | 30,864 | 27,487 |
Amounts not offset against financial instruments collateral | (13,536) | (12,467) |
Amounts not offset against other cash collateral | (41) | (31) |
Net amounts | 17,287 | 14,989 |
Derivative Liabilities | ||
Total gross derivatives | 272,681 | 243,576 |
Amounts offset against counterparty netting | (208,559) | (190,220) |
Amounts offset against cash collateral netting | (33,408) | (27,860) |
Total in Trading liabilities | 30,714 | 25,496 |
Amounts not offset against financial instruments collateral | (11,291) | (4,709) |
Amounts not offset against other cash collateral | (39) | (53) |
Net amounts | 19,384 | 20,734 |
Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 8,681 | 6,704 |
Amounts offset against counterparty netting | (6,936) | (5,260) |
Amounts offset against cash collateral netting | (1,341) | (1,180) |
Total in Trading assets | 404 | 264 |
Amounts not offset against financial instruments collateral | 0 | 0 |
Amounts not offset against other cash collateral | 0 | 0 |
Net amounts | 404 | 264 |
Derivative Liabilities | ||
Total gross derivatives | 7,657 | 5,603 |
Amounts offset against counterparty netting | (6,936) | (5,260) |
Amounts offset against cash collateral netting | (648) | (293) |
Total in Trading liabilities | 73 | 50 |
Amounts not offset against financial instruments collateral | 0 | 0 |
Amounts not offset against other cash collateral | (10) | (1) |
Net amounts | 63 | 49 |
Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 24,817 | 25,970 |
Amounts offset against counterparty netting | (23,321) | (24,548) |
Amounts offset against cash collateral netting | 0 | 0 |
Total in Trading assets | 1,496 | 1,422 |
Amounts not offset against financial instruments collateral | 0 | 0 |
Amounts not offset against other cash collateral | 0 | 0 |
Net amounts | 1,496 | 1,422 |
Derivative Liabilities | ||
Total gross derivatives | 24,554 | 26,260 |
Amounts offset against counterparty netting | (23,321) | (24,548) |
Amounts offset against cash collateral netting | 0 | 0 |
Total in Trading liabilities | 1,233 | 1,712 |
Amounts not offset against financial instruments collateral | (488) | (766) |
Amounts not offset against other cash collateral | 0 | 0 |
Net amounts | 745 | 946 |
Designated as accounting hedges | ||
Derivative Assets | ||
Total gross derivatives | 612 | 548 |
Derivative Liabilities | ||
Total gross derivatives | 173 | 262 |
Designated as accounting hedges | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 605 | 539 |
Derivative Liabilities | ||
Total gross derivatives | 130 | 238 |
Designated as accounting hedges | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 7 | 9 |
Derivative Liabilities | ||
Total gross derivatives | 43 | 24 |
Designated as accounting hedges | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Designated as accounting hedges | Interest rate | ||
Derivative Assets | ||
Total gross derivatives | 606 | 513 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 176 |
Designated as accounting hedges | Interest rate | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 604 | 512 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 176 |
Designated as accounting hedges | Interest rate | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 2 | 1 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Designated as accounting hedges | Interest rate | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Designated as accounting hedges | Foreign exchange | ||
Derivative Assets | ||
Total gross derivatives | 6 | 35 |
Derivative Liabilities | ||
Total gross derivatives | 173 | 86 |
Designated as accounting hedges | Foreign exchange | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 1 | 27 |
Derivative Liabilities | ||
Total gross derivatives | 130 | 62 |
Designated as accounting hedges | Foreign exchange | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 5 | 8 |
Derivative Liabilities | ||
Total gross derivatives | 43 | 24 |
Designated as accounting hedges | Foreign exchange | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Not designated as accounting hedges | ||
Derivative Assets | ||
Total gross derivatives | 314,384 | 288,037 |
Derivative Liabilities | ||
Total gross derivatives | 304,719 | 275,177 |
Not designated as accounting hedges | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 280,893 | 255,372 |
Derivative Liabilities | ||
Total gross derivatives | 272,551 | 243,338 |
Not designated as accounting hedges | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 8,674 | 6,695 |
Derivative Liabilities | ||
Total gross derivatives | 7,614 | 5,579 |
Not designated as accounting hedges | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 24,817 | 25,970 |
Derivative Liabilities | ||
Total gross derivatives | 24,554 | 26,260 |
Not designated as accounting hedges | Interest rate | ||
Derivative Assets | ||
Total gross derivatives | 194,271 | 158,352 |
Derivative Liabilities | ||
Total gross derivatives | 183,314 | 145,924 |
Not designated as accounting hedges | Interest rate | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 187,449 | 153,768 |
Derivative Liabilities | ||
Total gross derivatives | 178,461 | 142,592 |
Not designated as accounting hedges | Interest rate | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 5,417 | 3,887 |
Derivative Liabilities | ||
Total gross derivatives | 3,724 | 2,669 |
Not designated as accounting hedges | Interest rate | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 1,405 | 697 |
Derivative Liabilities | ||
Total gross derivatives | 1,129 | 663 |
Not designated as accounting hedges | Credit | ||
Derivative Assets | ||
Total gross derivatives | 6,326 | 6,128 |
Derivative Liabilities | ||
Total gross derivatives | 6,891 | 6,153 |
Not designated as accounting hedges | Credit | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 4,438 | 4,630 |
Derivative Liabilities | ||
Total gross derivatives | 4,491 | 4,545 |
Not designated as accounting hedges | Credit | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 1,888 | 1,498 |
Derivative Liabilities | ||
Total gross derivatives | 2,400 | 1,608 |
Not designated as accounting hedges | Credit | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Not designated as accounting hedges | Foreign exchange | ||
Derivative Assets | ||
Total gross derivatives | 56,391 | 63,211 |
Derivative Liabilities | ||
Total gross derivatives | 59,031 | 63,420 |
Not designated as accounting hedges | Foreign exchange | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 54,977 | 61,846 |
Derivative Liabilities | ||
Total gross derivatives | 57,499 | 62,099 |
Not designated as accounting hedges | Foreign exchange | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 1,369 | 1,310 |
Derivative Liabilities | ||
Total gross derivatives | 1,490 | 1,302 |
Not designated as accounting hedges | Foreign exchange | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 45 | 55 |
Derivative Liabilities | ||
Total gross derivatives | 42 | 19 |
Not designated as accounting hedges | Equity | ||
Derivative Assets | ||
Total gross derivatives | 44,073 | 47,874 |
Derivative Liabilities | ||
Total gross derivatives | 46,277 | 50,640 |
Not designated as accounting hedges | Equity | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 23,127 | 24,590 |
Derivative Liabilities | ||
Total gross derivatives | 25,358 | 27,119 |
Not designated as accounting hedges | Equity | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Not designated as accounting hedges | Equity | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 20,946 | 23,284 |
Derivative Liabilities | ||
Total gross derivatives | 20,919 | 23,521 |
Not designated as accounting hedges | Commodity and other | ||
Derivative Assets | ||
Total gross derivatives | 13,323 | 12,472 |
Derivative Liabilities | ||
Total gross derivatives | 9,206 | 9,040 |
Not designated as accounting hedges | Commodity and other | Bilateral OTC | ||
Derivative Assets | ||
Total gross derivatives | 10,902 | 10,538 |
Derivative Liabilities | ||
Total gross derivatives | 6,742 | 6,983 |
Not designated as accounting hedges | Commodity and other | Cleared OTC | ||
Derivative Assets | ||
Total gross derivatives | 0 | 0 |
Derivative Liabilities | ||
Total gross derivatives | 0 | 0 |
Not designated as accounting hedges | Commodity and other | Exchange- Traded | ||
Derivative Assets | ||
Total gross derivatives | 2,421 | 1,934 |
Derivative Liabilities | ||
Total gross derivatives | $ 2,464 | $ 2,057 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Notionals of Derivative Contracts (Details) - USD ($) $ in Billions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives, Notional Amount | ||
Derivative assets | $ 18,794 | $ 16,457 |
Derivative liabilities | 18,704 | 15,522 |
Bilateral OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 8,317 | 7,895 |
Derivative liabilities | 8,407 | 8,027 |
Cleared OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 8,932 | 6,953 |
Derivative liabilities | 8,801 | 6,030 |
Exchange- Traded | ||
Derivatives, Notional Amount | ||
Derivative assets | 1,545 | 1,609 |
Derivative liabilities | 1,496 | 1,465 |
Designated as accounting hedges | ||
Derivatives, Notional Amount | ||
Derivative assets | 147 | 73 |
Derivative liabilities | 40 | 115 |
Designated as accounting hedges | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 146 | 67 |
Derivative liabilities | 29 | 109 |
Designated as accounting hedges | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 1 | 6 |
Derivative liabilities | 11 | 6 |
Designated as accounting hedges | Bilateral OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 14 | 20 |
Derivative liabilities | 10 | 7 |
Designated as accounting hedges | Bilateral OTC | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 14 | 15 |
Derivative liabilities | 0 | 2 |
Designated as accounting hedges | Bilateral OTC | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 5 |
Derivative liabilities | 10 | 5 |
Designated as accounting hedges | Cleared OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 133 | 53 |
Derivative liabilities | 30 | 108 |
Designated as accounting hedges | Cleared OTC | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 132 | 52 |
Derivative liabilities | 29 | 107 |
Designated as accounting hedges | Cleared OTC | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 1 | 1 |
Derivative liabilities | 1 | 1 |
Designated as accounting hedges | Exchange- Traded | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Designated as accounting hedges | Exchange- Traded | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Designated as accounting hedges | Exchange- Traded | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Not designated as accounting hedges | ||
Derivatives, Notional Amount | ||
Derivative assets | 18,647 | 16,384 |
Derivative liabilities | 18,664 | 15,407 |
Not designated as accounting hedges | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 14,580 | 12,672 |
Derivative liabilities | 14,416 | 11,462 |
Not designated as accounting hedges | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 192 | 236 |
Derivative liabilities | 218 | 235 |
Not designated as accounting hedges | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 2,899 | 2,568 |
Derivative liabilities | 3,007 | 2,582 |
Not designated as accounting hedges | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 806 | 744 |
Derivative liabilities | 867 | 991 |
Not designated as accounting hedges | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 170 | 164 |
Derivative liabilities | 156 | 137 |
Not designated as accounting hedges | Bilateral OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 8,303 | 7,875 |
Derivative liabilities | 8,397 | 8,020 |
Not designated as accounting hedges | Bilateral OTC | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 4,899 | 4,807 |
Derivative liabilities | 4,876 | 4,946 |
Not designated as accounting hedges | Bilateral OTC | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 121 | 162 |
Derivative liabilities | 139 | 162 |
Not designated as accounting hedges | Bilateral OTC | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 2,781 | 2,436 |
Derivative liabilities | 2,885 | 2,451 |
Not designated as accounting hedges | Bilateral OTC | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 402 | 373 |
Derivative liabilities | 407 | 389 |
Not designated as accounting hedges | Bilateral OTC | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 100 | 97 |
Derivative liabilities | 90 | 72 |
Not designated as accounting hedges | Cleared OTC | ||
Derivatives, Notional Amount | ||
Derivative assets | 8,799 | 6,900 |
Derivative liabilities | 8,771 | 5,922 |
Not designated as accounting hedges | Cleared OTC | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 8,622 | 6,708 |
Derivative liabilities | 8,583 | 5,735 |
Not designated as accounting hedges | Cleared OTC | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 71 | 74 |
Derivative liabilities | 79 | 73 |
Not designated as accounting hedges | Cleared OTC | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 106 | 118 |
Derivative liabilities | 109 | 114 |
Not designated as accounting hedges | Cleared OTC | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Not designated as accounting hedges | Cleared OTC | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Not designated as accounting hedges | Exchange- Traded | ||
Derivatives, Notional Amount | ||
Derivative assets | 1,545 | 1,609 |
Derivative liabilities | 1,496 | 1,465 |
Not designated as accounting hedges | Exchange- Traded | Interest rate | ||
Derivatives, Notional Amount | ||
Derivative assets | 1,059 | 1,157 |
Derivative liabilities | 957 | 781 |
Not designated as accounting hedges | Exchange- Traded | Credit | ||
Derivatives, Notional Amount | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Not designated as accounting hedges | Exchange- Traded | Foreign exchange | ||
Derivatives, Notional Amount | ||
Derivative assets | 12 | 14 |
Derivative liabilities | 13 | 17 |
Not designated as accounting hedges | Exchange- Traded | Equity | ||
Derivatives, Notional Amount | ||
Derivative assets | 404 | 371 |
Derivative liabilities | 460 | 602 |
Not designated as accounting hedges | Exchange- Traded | Commodity and other | ||
Derivatives, Notional Amount | ||
Derivative assets | 70 | 67 |
Derivative liabilities | $ 66 | $ 65 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Gains (Losses) on Accounting Hedges and Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Investment Securities - AFS | |||||
Investment Securities—AFS | |||||
Carrying amount of currently or previously hedged asset | $ 532 | $ 532 | $ 201 | ||
Basis adjustments included in carrying amount | 23 | 23 | 4 | ||
Borrowings | |||||
Borrowings | |||||
Carrying amount of currently or previously hedged liability | 104,752 | 104,752 | 102,899 | ||
Basis adjustments included in carrying amount | 2,428 | 2,428 | $ (1,689) | ||
Fair Value Hedges | Interest Income | Interest rate | |||||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||||
Gains (losses) recognized in Interest Expense | (14) | $ 0 | (19) | $ 0 | |
Fair Value Hedges | Interest Income | Investment Securities - AFS | |||||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||||
Gains (losses) recognized in Interest Expense | 14 | 0 | 19 | 0 | |
Fair Value Hedges | Interest expense | Interest rate | |||||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||||
Gains (losses) recognized in Interest Expense | 2,470 | (619) | 4,047 | (2,460) | |
Fair Value Hedges | Interest expense | Borrowings | |||||
Gain (Loss) on Fair Value Hedges Recognized in Interest Expense | |||||
Gains (losses) recognized in Interest Expense | (2,494) | 587 | (4,115) | 2,439 | |
Net Investment Hedges | Foreign exchange | |||||
Net Investment Hedges | |||||
Gains (losses) recognized in OCI, net of tax | (114) | 395 | (50) | 247 | |
Forward points excluded from hedge effectiveness testing - Recognized in Interest income | $ 24 | $ 31 | |||
Forward points excluded from hedge effectiveness testing—Recognized in Interest income | $ 42 | $ 77 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Credit Risk-Related Contingencies (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives | ||
Net derivative liabilities with credit risk-related contingent features | $ 22,589 | $ 16,403 |
Collateral posted | 17,556 | $ 11,981 |
Bilateral Downgrade Agreement | ||
Derivatives | ||
Incremental collateral or termination payments upon potential future ratings downgrade | 755 | |
One-notch downgrade | ||
Derivatives | ||
Incremental collateral or termination payments upon potential future ratings downgrade | 492 | |
Two-notch downgrade | ||
Derivatives | ||
Incremental collateral or termination payments upon potential future ratings downgrade | $ 339 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Maximum Potential Payout/Notional of Credit Protection Sold (Details) - Credit Protection Sold - USD ($) $ in Billions | Jun. 30, 2019 | Dec. 31, 2018 |
Credit Derivatives | ||
Maximum potential payout/notional | $ 193 | $ 224 |
Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 36 | 42 |
1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 44 | 51 |
3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 81 | 102 |
Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 32 | 29 |
CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 193 | 224 |
CDS protection sold with identical protection purchased | 181 | 210 |
CDS | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 36 | 42 |
CDS | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 44 | 51 |
CDS | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 81 | 102 |
CDS | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 32 | 29 |
Single-name CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 102 | 104 |
Single-name CDS | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 26 | 32 |
Single-name CDS | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 31 | 35 |
Single-name CDS | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 34 | 28 |
Single-name CDS | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 11 | 9 |
Single-name CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 70 | 73 |
Single-name CDS | Investment grade | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 17 | 22 |
Single-name CDS | Investment grade | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 20 | 24 |
Single-name CDS | Investment grade | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 24 | 19 |
Single-name CDS | Investment grade | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 9 | 8 |
Single-name CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 32 | 31 |
Single-name CDS | Non-investment grade | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 9 | 10 |
Single-name CDS | Non-investment grade | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 11 | 11 |
Single-name CDS | Non-investment grade | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 10 | 9 |
Single-name CDS | Non-investment grade | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 2 | 1 |
Index and basket CDS | ||
Credit Derivatives | ||
Maximum potential payout/notional | 91 | 120 |
Index and basket CDS | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 10 | 10 |
Index and basket CDS | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 13 | 16 |
Index and basket CDS | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 47 | 74 |
Index and basket CDS | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 21 | 20 |
Index and basket CDS | Investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 54 | 83 |
Index and basket CDS | Investment grade | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 3 | 5 |
Index and basket CDS | Investment grade | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 7 | 10 |
Index and basket CDS | Investment grade | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 34 | 61 |
Index and basket CDS | Investment grade | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 10 | 7 |
Index and basket CDS | Non-investment grade | ||
Credit Derivatives | ||
Maximum potential payout/notional | 37 | 37 |
Index and basket CDS | Non-investment grade | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 7 | 5 |
Index and basket CDS | Non-investment grade | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 6 | 6 |
Index and basket CDS | Non-investment grade | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 13 | 13 |
Index and basket CDS | Non-investment grade | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 11 | 13 |
Other credit contracts | ||
Credit Derivatives | ||
Maximum potential payout/notional | 0 | 0 |
Other credit contracts | Less Than 1 (Year) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 0 | 0 |
Other credit contracts | 1 - 3 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 0 | 0 |
Other credit contracts | 3 - 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | 0 | 0 |
Other credit contracts | Over 5 (Years) | ||
Credit Derivatives | ||
Maximum potential payout/notional | $ 0 | $ 0 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Fair Value Asset/(Liability) of Credit Protection Sold (Details) - Credit Protection Sold - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Credit Derivatives | ||
Fair Value Asset (Liability) | $ 473 | $ (1,398) |
CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 484 | (1,384) |
Single-name CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (41) | (285) |
Single-name CDS | Investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 446 | 118 |
Single-name CDS | Non-investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (487) | (403) |
Index and basket CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 525 | (1,099) |
Index and basket CDS | Investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | 906 | 314 |
Index and basket CDS | Non-investment grade | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (381) | (1,413) |
Other credit contracts | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | $ (11) | $ (14) |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities - Protection Purchased with CDS (Details) - Protection Purchased - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
CDS | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | $ (1,049) | $ 1,359 |
Notional | 217,000 | 247,000 |
Single name | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (226) | 277 |
Notional | 111,000 | 116,000 |
Index and basket | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (396) | 1,333 |
Notional | 89,000 | 117,000 |
Tranched index and basket | ||
Credit Derivatives | ||
Fair Value Asset (Liability) | (427) | (251) |
Notional | $ 17,000 | $ 14,000 |
Investment Securities - AFS and
Investment Securities - AFS and HTM Securities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
AFS securities | ||
Amortized Cost | $ 62,896 | $ 62,275 |
Gross Unrealized Gains | 488 | 62 |
Gross Unrealized Losses | 346 | 1,276 |
Fair Value | 63,038 | 61,061 |
HTM securities | ||
Amortized Cost | 40,028 | 30,771 |
Gross Unrealized Gains | 646 | 52 |
Gross Unrealized Losses | 155 | 858 |
Fair Value | 40,519 | 29,965 |
Amortized Cost | 102,924 | 93,046 |
Gross Unrealized Gains | 1,134 | 114 |
Gross Unrealized Losses | 501 | 2,134 |
Fair Value | 103,557 | 91,026 |
U.S. Treasury and agency securities | ||
AFS securities | ||
Amortized Cost | 55,903 | 57,008 |
Gross Unrealized Gains | 406 | 50 |
Gross Unrealized Losses | 285 | 1,153 |
Fair Value | 56,024 | 55,905 |
HTM securities | ||
Amortized Cost | 39,444 | 30,288 |
Gross Unrealized Gains | 626 | 52 |
Gross Unrealized Losses | 155 | 849 |
Fair Value | 39,915 | 29,491 |
U.S. Treasury securities | ||
AFS securities | ||
Amortized Cost | 32,931 | 36,268 |
Gross Unrealized Gains | 218 | 40 |
Gross Unrealized Losses | 159 | 656 |
Fair Value | 32,990 | 35,652 |
HTM securities | ||
Amortized Cost | 25,232 | 17,832 |
Gross Unrealized Gains | 509 | 44 |
Gross Unrealized Losses | 69 | 403 |
Fair Value | 25,672 | 17,473 |
U.S. agency securities | ||
AFS securities | ||
Amortized Cost | 22,972 | 20,740 |
Gross Unrealized Gains | 188 | 10 |
Gross Unrealized Losses | 126 | 497 |
Fair Value | 23,034 | 20,253 |
HTM securities | ||
Amortized Cost | 14,212 | 12,456 |
Gross Unrealized Gains | 117 | 8 |
Gross Unrealized Losses | 86 | 446 |
Fair Value | 14,243 | 12,018 |
Corporate and other debt | ||
AFS securities | ||
Amortized Cost | 6,993 | 5,267 |
Gross Unrealized Gains | 82 | 12 |
Gross Unrealized Losses | 61 | 123 |
Fair Value | 7,014 | 5,156 |
HTM securities | ||
Amortized Cost | 584 | |
Fair Value | 604 | |
Agency CMBS | ||
AFS securities | ||
Amortized Cost | 2,888 | 1,054 |
Gross Unrealized Gains | 57 | 0 |
Gross Unrealized Losses | 37 | 62 |
Fair Value | 2,908 | 992 |
Non-agency CMBS | ||
AFS securities | ||
Amortized Cost | 220 | 461 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2 | 14 |
Fair Value | 218 | 447 |
HTM securities | ||
Amortized Cost | 584 | 483 |
Gross Unrealized Gains | 20 | 0 |
Gross Unrealized Losses | 0 | 9 |
Fair Value | 604 | 474 |
Auto loan ABS | ||
AFS securities | ||
Amortized Cost | 4 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 4 | |
Corporate bonds | ||
AFS securities | ||
Amortized Cost | 1,842 | 1,585 |
Gross Unrealized Gains | 10 | 0 |
Gross Unrealized Losses | 5 | 32 |
Fair Value | 1,847 | 1,553 |
State and municipal securities | ||
AFS securities | ||
Amortized Cost | 333 | 200 |
Gross Unrealized Gains | 10 | 2 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 343 | 202 |
FFELP Student Loan ABS | ||
AFS securities | ||
Amortized Cost | 1,706 | 1,967 |
Gross Unrealized Gains | 5 | 10 |
Gross Unrealized Losses | 17 | 15 |
Fair Value | $ 1,694 | $ 1,962 |
HTM securities | ||
Third party guarantees (as a percent) | 95.00% |
Investment Securities - Investm
Investment Securities - Investment Securities in an Unrealized Loss Position (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
AFS securities | ||
AFS: Fair Value, Less than 12 Months | $ 2,810 | $ 35,485 |
AFS: Fair Value, 12 Months or Longer | 27,516 | 11,592 |
AFS: Fair Value, Total | 30,326 | 47,077 |
AFS: Gross Unrealized Losses, Less than 12 Months | 19 | 1,008 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 327 | 268 |
AFS: Gross Unrealized Losses, Total | 346 | 1,276 |
HTM securities | ||
HTM: Fair Value, Less than 12 Months | 616 | |
HTM: Fair Value, 12 Months or Longer | 21,381 | |
HTM: Fair Value, Total | 21,997 | |
HTM: Gross Unrealized Losses, Less than 12 Months | 2 | |
HTM: Gross Unrealized Losses, 12 Months or Longer | 856 | |
HTM: Gross Unrealized Losses, Total | 858 | |
Investment securities | ||
Investment securities: Fair Value, Less than 12 Months | 2,904 | 36,101 |
Investment securities: Fair Value, 12 Months or Longer | 39,257 | 32,973 |
Investment securities: Fair Value | 42,161 | 69,074 |
Investment securities: Gross Unrealized Loss, Less than 12 Months | 19 | 1,010 |
Investment securities: Gross Unrealized Loss, 12 Months or Longer | 482 | 1,124 |
Investment securities: Gross Unrealized Loss | 501 | 2,134 |
U.S. Treasury and agency securities | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 1,621 | 32,841 |
AFS: Fair Value, 12 Months or Longer | 25,383 | 10,136 |
AFS: Fair Value, Total | 27,004 | 42,977 |
AFS: Gross Unrealized Losses, Less than 12 Months | 11 | 924 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 274 | 229 |
AFS: Gross Unrealized Losses, Total | 285 | 1,153 |
HTM securities | ||
HTM: Fair Value, Less than 12 Months | 94 | 410 |
HTM: Fair Value, 12 Months or Longer | 11,741 | 21,165 |
HTM: Fair Value, Total | 11,835 | 21,575 |
HTM: Gross Unrealized Losses, Less than 12 Months | 0 | 1 |
HTM: Gross Unrealized Losses, 12 Months or Longer | 155 | 848 |
HTM: Gross Unrealized Losses, Total | 155 | 849 |
U.S. Treasury securities | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 0 | 19,937 |
AFS: Fair Value, 12 Months or Longer | 14,432 | 5,994 |
AFS: Fair Value, Total | 14,432 | 25,931 |
AFS: Gross Unrealized Losses, Less than 12 Months | 0 | 541 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 159 | 115 |
AFS: Gross Unrealized Losses, Total | 159 | 656 |
HTM securities | ||
HTM: Fair Value, Less than 12 Months | 0 | 0 |
HTM: Fair Value, 12 Months or Longer | 4,804 | 11,161 |
HTM: Fair Value, Total | 4,804 | 11,161 |
HTM: Gross Unrealized Losses, Less than 12 Months | 0 | 0 |
HTM: Gross Unrealized Losses, 12 Months or Longer | 69 | 403 |
HTM: Gross Unrealized Losses, Total | 69 | 403 |
U.S. agency securities | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 1,621 | 12,904 |
AFS: Fair Value, 12 Months or Longer | 10,951 | 4,142 |
AFS: Fair Value, Total | 12,572 | 17,046 |
AFS: Gross Unrealized Losses, Less than 12 Months | 11 | 383 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 115 | 114 |
AFS: Gross Unrealized Losses, Total | 126 | 497 |
HTM securities | ||
HTM: Fair Value, Less than 12 Months | 94 | 410 |
HTM: Fair Value, 12 Months or Longer | 6,937 | 10,004 |
HTM: Fair Value, Total | 7,031 | 10,414 |
HTM: Gross Unrealized Losses, Less than 12 Months | 0 | 1 |
HTM: Gross Unrealized Losses, 12 Months or Longer | 86 | 445 |
HTM: Gross Unrealized Losses, Total | 86 | 446 |
Corporate and other debt | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 1,189 | 2,644 |
AFS: Fair Value, 12 Months or Longer | 2,133 | 1,456 |
AFS: Fair Value, Total | 3,322 | 4,100 |
AFS: Gross Unrealized Losses, Less than 12 Months | 8 | 84 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 53 | 39 |
AFS: Gross Unrealized Losses, Total | 61 | 123 |
Agency CMBS | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 320 | 808 |
AFS: Fair Value, 12 Months or Longer | 750 | 0 |
AFS: Fair Value, Total | 1,070 | 808 |
AFS: Gross Unrealized Losses, Less than 12 Months | 1 | 62 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 36 | 0 |
AFS: Gross Unrealized Losses, Total | 37 | 62 |
Non-agency CMBS | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 0 | 0 |
AFS: Fair Value, 12 Months or Longer | 218 | 446 |
AFS: Fair Value, Total | 218 | 446 |
AFS: Gross Unrealized Losses, Less than 12 Months | 0 | 0 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 2 | 14 |
AFS: Gross Unrealized Losses, Total | 2 | 14 |
HTM securities | ||
HTM: Fair Value, Less than 12 Months | 206 | |
HTM: Fair Value, 12 Months or Longer | 216 | |
HTM: Fair Value, Total | 422 | |
HTM: Gross Unrealized Losses, Less than 12 Months | 1 | |
HTM: Gross Unrealized Losses, 12 Months or Longer | 8 | |
HTM: Gross Unrealized Losses, Total | 9 | |
Corporate bonds | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 349 | 470 |
AFS: Fair Value, 12 Months or Longer | 403 | 1,010 |
AFS: Fair Value, Total | 752 | 1,480 |
AFS: Gross Unrealized Losses, Less than 12 Months | 2 | 7 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 3 | 25 |
AFS: Gross Unrealized Losses, Total | 5 | 32 |
FFELP Student Loan ABS | ||
AFS securities | ||
AFS: Fair Value, Less than 12 Months | 520 | 1,366 |
AFS: Fair Value, 12 Months or Longer | 762 | 0 |
AFS: Fair Value, Total | 1,282 | 1,366 |
AFS: Gross Unrealized Losses, Less than 12 Months | 5 | 15 |
AFS: Gross Unrealized Losses, 12 Months or Longer | 12 | 0 |
AFS: Gross Unrealized Losses, Total | $ 17 | $ 15 |
Investment Securities - Inves_2
Investment Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Amortized Cost | ||
AFS securities: Amortized cost, total | $ 62,896 | $ 62,275 |
HTM securities: Amortized cost, total | 40,028 | 30,771 |
Investment securities: Amortized cost, total | 102,924 | 93,046 |
Fair Value | ||
AFS securities: Fair value, total | 63,038 | 61,061 |
HTM securities: Fair value, total | 40,519 | 29,965 |
Investment securities: Fair value, total | $ 103,557 | 91,026 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, total (as a percent) | 2.10% | |
HTM securities: Annualized average yield, total (as a percent) | 2.50% | |
Investment securities: Annualized average yield, total (as a percent) | 2.20% | |
U.S. Treasury and agency securities | ||
Amortized Cost | ||
AFS securities: Amortized cost, total | $ 55,903 | 57,008 |
HTM securities: Amortized cost, total | 39,444 | 30,288 |
Fair Value | ||
AFS securities: Fair value, total | 56,024 | 55,905 |
HTM securities: Fair value, total | $ 39,915 | 29,491 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, total (as a percent) | 2.00% | |
HTM securities: Annualized average yield, total (as a percent) | 2.40% | |
U.S. Treasury securities | ||
Amortized Cost | ||
AFS securities: Amortized cost, due within 1 year | $ 6,652 | |
AFS securities: Amortized cost, after 1 year through 5 years | 22,678 | |
AFS securities: Amortized cost, after 5 years through 10 years | 3,601 | |
AFS securities: Amortized cost, total | 32,931 | 36,268 |
HTM securities: Amortized cost, due within 1 year | 849 | |
HTM securities: Amortized cost, after 1 year through 5 years | 13,834 | |
HTM securities: Amortized cost, after 5 year through 10 years | 9,466 | |
HTM securities: Amortized cost, after 10 years | 1,083 | |
HTM securities: Amortized cost, total | 25,232 | 17,832 |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 6,656 | |
AFS securities: Fair value, after 1 year through 5 years | 22,741 | |
AFS securities: Fair value, after 5 years through 10 years | 3,593 | |
AFS securities: Fair value, total | 32,990 | 35,652 |
HTM securities: Fair value, due within 1 year | 847 | |
HTM securities: Fair value, after 1 year through 5 years | 14,037 | |
HTM securities: Fair value, after 5 years through 10 years | 9,707 | |
HTM securities: Fair value, after 10 years | 1,081 | |
HTM securities: Fair value, total | $ 25,672 | 17,473 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 2.00% | |
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 1.90% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 1.80% | |
HTM securities: Annualized average yield, due within 1 year (as a percent) | 1.60% | |
HTM securities: Annualized average yield, after 1 years through 5 years (as a percent) | 2.30% | |
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent) | 2.20% | |
HTM securities: Annualized average yield, after 10 year (as a percent) | 2.50% | |
U.S. agency securities | ||
Amortized Cost | ||
AFS securities: Amortized cost, due within 1 year | $ 444 | |
AFS securities: Amortized cost, after 1 year through 5 years | 671 | |
AFS securities: Amortized cost, after 5 years through 10 years | 1,495 | |
AFS securities: Amortized cost, after 10 years | 20,362 | |
AFS securities: Amortized cost, total | 22,972 | 20,740 |
HTM securities: Amortized cost, after 5 year through 10 years | 27 | |
HTM securities: Amortized cost, after 10 years | 14,185 | |
HTM securities: Amortized cost, total | 14,212 | 12,456 |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 443 | |
AFS securities: Fair value, after 1 year through 5 years | 668 | |
AFS securities: Fair value, after 5 years through 10 years | 1,483 | |
AFS securities: Fair value, after 10 years | 20,440 | |
AFS securities: Fair value, total | 23,034 | 20,253 |
HTM securities: Fair value, after 5 years through 10 years | 27 | |
HTM securities: Fair value, after 10 years | 14,216 | |
HTM securities: Fair value, total | $ 14,243 | 12,018 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 1.10% | |
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 1.10% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 1.80% | |
AFS securities: Annualized average yield, after 10 years (as a percent) | 2.40% | |
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent) | 1.90% | |
HTM securities: Annualized average yield, after 10 year (as a percent) | 2.60% | |
Corporate and other debt | ||
Amortized Cost | ||
AFS securities: Amortized cost, total | $ 6,993 | 5,267 |
HTM securities: Amortized cost, total | 584 | |
Fair Value | ||
AFS securities: Fair value, total | 7,014 | 5,156 |
HTM securities: Fair value, total | $ 604 | |
Annualized Average Yield | ||
AFS securities: Annualized average yield, total (as a percent) | 2.40% | |
HTM securities: Annualized average yield, total (as a percent) | 4.30% | |
Agency CMBS | ||
Amortized Cost | ||
AFS securities: Amortized cost, after 1 year through 5 years | $ 144 | |
AFS securities: Amortized cost, after 5 years through 10 years | 1,813 | |
AFS securities: Amortized cost, after 10 years | 931 | |
AFS securities: Amortized cost, total | 2,888 | 1,054 |
Fair Value | ||
AFS securities: Fair value, after 1 year through 5 years | 143 | |
AFS securities: Fair value, after 5 years through 10 years | 1,862 | |
AFS securities: Fair value, after 10 years | 903 | |
AFS securities: Fair value, total | $ 2,908 | 992 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 1.60% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 2.80% | |
AFS securities: Annualized average yield, after 10 years (as a percent) | 1.90% | |
Non-agency CMBS | ||
Amortized Cost | ||
AFS securities: Amortized cost, after 1 year through 5 years | $ 35 | |
AFS securities: Amortized cost, after 10 years | 185 | |
AFS securities: Amortized cost, total | 220 | 461 |
HTM securities: Amortized cost, due within 1 year | 99 | |
HTM securities: Amortized cost, after 1 year through 5 years | 71 | |
HTM securities: Amortized cost, after 5 year through 10 years | 376 | |
HTM securities: Amortized cost, after 10 years | 38 | |
HTM securities: Amortized cost, total | 584 | 483 |
Fair Value | ||
AFS securities: Fair value, after 1 year through 5 years | 35 | |
AFS securities: Fair value, after 10 years | 183 | |
AFS securities: Fair value, total | 218 | 447 |
HTM securities: Fair value, due within 1 year | 99 | |
HTM securities: Fair value, after 1 year through 5 years | 71 | |
HTM securities: Fair value, after 5 years through 10 years | 393 | |
HTM securities: Fair value, after 10 years | 41 | |
HTM securities: Fair value, total | $ 604 | 474 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 2.50% | |
AFS securities: Annualized average yield, after 10 years (as a percent) | 2.00% | |
HTM securities: Annualized average yield, due within 1 year (as a percent) | 4.80% | |
HTM securities: Annualized average yield, after 1 years through 5 years (as a percent) | 4.20% | |
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent) | 4.10% | |
HTM securities: Annualized average yield, after 10 year (as a percent) | 4.40% | |
Auto loan ABS | ||
Amortized Cost | ||
AFS securities: Amortized cost, after 1 year through 5 years | $ 4 | |
AFS securities: Amortized cost, total | 4 | |
Fair Value | ||
AFS securities: Fair value, after 1 year through 5 years | 4 | |
AFS securities: Fair value, total | $ 4 | |
Annualized Average Yield | ||
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 2.50% | |
Corporate bonds | ||
Amortized Cost | ||
AFS securities: Amortized cost, due within 1 year | $ 51 | |
AFS securities: Amortized cost, after 1 year through 5 years | 1,473 | |
AFS securities: Amortized cost, after 5 years through 10 years | 318 | |
AFS securities: Amortized cost, total | 1,842 | 1,585 |
Fair Value | ||
AFS securities: Fair value, due within 1 year | 51 | |
AFS securities: Fair value, after 1 year through 5 years | 1,478 | |
AFS securities: Fair value, after 5 years through 10 years | 318 | |
AFS securities: Fair value, total | $ 1,847 | 1,553 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, due within 1 year (as a percent) | 1.40% | |
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 2.60% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 3.30% | |
State and municipal securities | ||
Amortized Cost | ||
AFS securities: Amortized cost, after 1 year through 5 years | $ 2 | |
AFS securities: Amortized cost, after 5 years through 10 years | 211 | |
AFS securities: Amortized cost, after 10 years | 120 | |
AFS securities: Amortized cost, total | 333 | 200 |
Fair Value | ||
AFS securities: Fair value, after 1 year through 5 years | 2 | |
AFS securities: Fair value, after 5 years through 10 years | 212 | |
AFS securities: Fair value, after 10 years | 129 | |
AFS securities: Fair value, total | $ 343 | 202 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 3.40% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 3.50% | |
AFS securities: Annualized average yield, after 10 years (as a percent) | 5.40% | |
FFELP Student Loan ABS | ||
Amortized Cost | ||
AFS securities: Amortized cost, after 1 year through 5 years | $ 75 | |
AFS securities: Amortized cost, after 5 years through 10 years | 403 | |
AFS securities: Amortized cost, after 10 years | 1,228 | |
AFS securities: Amortized cost, total | 1,706 | 1,967 |
Fair Value | ||
AFS securities: Fair value, after 1 year through 5 years | 74 | |
AFS securities: Fair value, after 5 years through 10 years | 396 | |
AFS securities: Fair value, after 10 years | 1,224 | |
AFS securities: Fair value, total | $ 1,694 | $ 1,962 |
Annualized Average Yield | ||
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent) | 0.80% | |
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent) | 0.80% | |
AFS securities: Annualized average yield, after 10 years (as a percent) | 1.20% |
Investment Securities - Gross R
Investment Securities - Gross Realized Gains and Losses on Sales of AFS Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
AFS securities | ||||
Gross realized gains | $ 53 | $ 6 | $ 72 | $ 7 |
Gross realized (losses) | 0 | (3) | (9) | (4) |
Total | $ 53 | $ 3 | $ 63 | $ 3 |
Collateralized Transactions - O
Collateralized Transactions - Offsetting of Certain Collateralized Transactions (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Securities purchased under agreements to resell | ||
Gross amounts | $ 250,004 | $ 262,976 |
Amounts offset | (164,606) | (164,454) |
Net amounts presented | 85,398 | 98,522 |
Amounts not offset | (83,492) | (95,610) |
Net amounts | 1,906 | 2,912 |
Securities borrowed | ||
Gross amounts | 143,046 | 134,711 |
Amounts offset | (9,466) | (18,398) |
Net amounts presented | 133,580 | 116,313 |
Amounts not offset | (129,614) | (112,551) |
Net amounts | 3,966 | 3,762 |
Securities sold under agreements to repurchase | ||
Gross amounts | 226,900 | 214,213 |
Amounts offset | (164,606) | (164,454) |
Net amounts presented | 62,294 | 49,759 |
Amounts not offset | (53,942) | (41,095) |
Net amounts | 8,352 | 8,664 |
Securities loaned | ||
Gross amounts | 19,791 | 30,306 |
Amounts offset | (9,466) | (18,398) |
Net amounts presented | 10,325 | 11,908 |
Amounts not offset | (10,298) | (11,677) |
Net amounts | 27 | 231 |
Net amounts for which master netting agreements are not in place or may not be legally enforceable | ||
Securities purchased under agreements to resell | 1,425 | 2,579 |
Securities borrowed | 828 | 724 |
Securities sold under agreements to repurchase | 6,603 | 6,762 |
Securities loaned | $ 17 | $ 191 |
Collateralized Transactions - G
Collateralized Transactions - Gross Secured Financing Balances (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | $ 226,900 | $ 214,213 |
Securities loaned | 19,791 | 30,306 |
Total included in the offsetting disclosure | 246,691 | 244,519 |
Trading liabilities— Obligation to return securities received as collateral | 20,001 | 17,594 |
Total | 266,692 | 262,113 |
U.S. Treasury and agency securities | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 78,757 | 68,487 |
State and municipal securities | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 1,417 | 925 |
Other sovereign government obligations | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 120,426 | 120,432 |
Securities loaned | 9,904 | 19,021 |
ABS | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 1,634 | 3,017 |
Corporate and other debt | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 7,265 | 8,719 |
Corporate equities | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 16,562 | 12,079 |
Securities loaned | 9,800 | 10,800 |
Trading liabilities— Obligation to return securities received as collateral | 20,001 | 17,594 |
Other | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 839 | 554 |
Securities loaned | 87 | 485 |
Overnight and Open | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 86,201 | 56,503 |
Securities loaned | 12,314 | 18,397 |
Total included in the offsetting disclosure | 98,515 | 74,900 |
Trading liabilities— Obligation to return securities received as collateral | 20,001 | 17,594 |
Total | 118,516 | 92,494 |
Less than 30 Days | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 68,956 | 93,427 |
Securities loaned | 1,595 | 3,609 |
Total included in the offsetting disclosure | 70,551 | 97,036 |
Trading liabilities— Obligation to return securities received as collateral | 0 | 0 |
Total | 70,551 | 97,036 |
30-90 Days | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 29,202 | 35,692 |
Securities loaned | 1,196 | 1,985 |
Total included in the offsetting disclosure | 30,398 | 37,677 |
Trading liabilities— Obligation to return securities received as collateral | 0 | 0 |
Total | 30,398 | 37,677 |
Over 90 Days | ||
Gross Secured Financing Balances | ||
Securities sold under agreements to repurchase | 42,541 | 28,591 |
Securities loaned | 4,686 | 6,315 |
Total included in the offsetting disclosure | 47,227 | 34,906 |
Trading liabilities— Obligation to return securities received as collateral | 0 | 0 |
Total | $ 47,227 | $ 34,906 |
Collateralized Transactions - A
Collateralized Transactions - Assets Loaned or Pledged (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Collateralized Agreements [Abstract] | ||
Trading assets | $ 39,625 | $ 39,430 |
Collateralized Transactions - C
Collateralized Transactions - Collateral Received (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Collateralized Agreements [Abstract] | ||
Collateral received with right to sell or repledge | $ 699,097 | $ 639,610 |
Collateral that was sold or repledged | $ 559,790 | $ 487,983 |
Collateralized Transactions - R
Collateralized Transactions - Restricted Cash and Segregated Securities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Collateralized Agreements [Abstract] | |||
Restricted cash | $ 30,435 | $ 35,356 | $ 32,706 |
Segregated securities | 22,140 | 26,877 | |
Total | $ 52,575 | $ 62,233 |
Collateralized Transactions -_2
Collateralized Transactions - Customer Margin Lending (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Collateralized Agreements [Abstract] | ||
Customer receivables representing margin loans | $ 26,888 | $ 26,225 |
Loans, Lending Commitments an_3
Loans, Lending Commitments and Allowance for Credit Losses - Loans by Type (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Loans Held for Investment | ||||
Loans held for investment, gross | $ 105,410 | $ 100,053 | ||
Allowance for loan losses | (265) | (238) | $ (241) | $ (224) |
Loans held for investment, net | 105,145 | 99,815 | ||
Loans Held for Sale | ||||
Loans held for sale, gross | 15,756 | 15,764 | ||
Allowance for loan losses | 0 | 0 | ||
Loans held for sale, net | 15,756 | 15,764 | ||
Total Loans | ||||
Total loans, gross | 121,166 | 115,817 | ||
Allowance for loan losses | (265) | (238) | ||
Total loans, net | 120,901 | 115,579 | ||
Fixed rate loans, net | 18,201 | 15,632 | ||
Floating or adjustable rate loans, net | 102,700 | 99,947 | ||
Loans to non-U.S. borrowers, net | 20,028 | 17,568 | ||
Corporate | ||||
Loans Held for Investment | ||||
Loans held for investment, gross | 40,283 | 36,909 | ||
Allowance for loan losses | (171) | (144) | (127) | (126) |
Loans Held for Sale | ||||
Loans held for sale, gross | 14,132 | 13,886 | ||
Total Loans | ||||
Total loans, gross | 54,415 | 50,795 | ||
Consumer | ||||
Loans Held for Investment | ||||
Loans held for investment, gross | 29,196 | 27,868 | ||
Allowance for loan losses | (7) | (7) | (5) | (4) |
Loans Held for Sale | ||||
Loans held for sale, gross | 0 | 0 | ||
Total Loans | ||||
Total loans, gross | 29,196 | 27,868 | ||
Residential real estate | ||||
Loans Held for Investment | ||||
Loans held for investment, gross | 28,595 | 27,466 | ||
Allowance for loan losses | (23) | (20) | (18) | (24) |
Loans Held for Sale | ||||
Loans held for sale, gross | 21 | 22 | ||
Total Loans | ||||
Total loans, gross | 28,616 | 27,488 | ||
Commercial real estate | ||||
Loans Held for Investment | ||||
Loans held for investment, gross | 7,336 | 7,810 | ||
Allowance for loan losses | (64) | (67) | $ (91) | $ (70) |
Loans Held for Sale | ||||
Loans held for sale, gross | 1,603 | 1,856 | ||
Total Loans | ||||
Total loans, gross | $ 8,939 | $ 9,666 |
Loans, Lending Commitments an_4
Loans, Lending Commitments and Allowance for Credit Losses - Loans Held for Investment before Allowance by Credit Quality (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | $ 105,410 | $ 100,053 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 40,283 | 36,909 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 29,196 | 27,868 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 28,595 | 27,466 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 7,336 | 7,810 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 104,388 | 98,845 |
Pass | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 39,775 | 36,217 |
Pass | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 29,191 | 27,863 |
Pass | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 28,490 | 27,387 |
Pass | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 6,932 | 7,378 |
Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 388 | 809 |
Special mention | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 94 | 492 |
Special mention | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | 5 |
Special mention | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 10 | 0 |
Special mention | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 284 | 312 |
Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 634 | 399 |
Substandard | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 414 | 200 |
Substandard | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 5 | 0 |
Substandard | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 95 | 79 |
Substandard | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 120 | 120 |
Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | 0 |
Doubtful | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | 0 |
Doubtful | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | 0 |
Doubtful | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | 0 |
Doubtful | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | 0 |
Loss | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | 0 |
Loss | Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | 0 |
Loss | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | 0 |
Loss | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | 0 | 0 |
Loss | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment, gross | $ 0 | $ 0 |
Loans, Lending Commitments an_5
Loans, Lending Commitments and Allowance for Credit Losses - Impaired Loans and Lending Commitments before Allowance (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Loans | ||
With allowance | $ 229 | $ 24 |
Without allowance | 108 | 101 |
Total impaired loans | 337 | 125 |
UPB | 351 | 133 |
Lending commitments | ||
With allowance | 7 | 19 |
Without allowance | 40 | 34 |
Total impaired lending commitments | 47 | 53 |
Corporate | ||
Loans | ||
With allowance | 229 | 24 |
Without allowance | 26 | 32 |
Total impaired loans | 255 | 56 |
UPB | 262 | 63 |
Lending commitments | ||
With allowance | 7 | 19 |
Without allowance | 40 | 34 |
Total impaired lending commitments | 47 | 53 |
Consumer | ||
Loans | ||
With allowance | 0 | 0 |
Without allowance | 5 | 0 |
Total impaired loans | 5 | 0 |
UPB | 5 | 0 |
Lending commitments | ||
With allowance | 0 | 0 |
Without allowance | 0 | 0 |
Total impaired lending commitments | 0 | 0 |
Residential real estate | ||
Loans | ||
With allowance | 0 | 0 |
Without allowance | 77 | 69 |
Total impaired loans | 77 | 69 |
UPB | 84 | 70 |
Lending commitments | ||
With allowance | 0 | 0 |
Without allowance | 0 | 0 |
Total impaired lending commitments | $ 0 | $ 0 |
Loans, Lending Commitments an_6
Loans, Lending Commitments and Allowance for Credit Losses - Impaired Loans and Total Allowance by Region (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Impaired Loans | ||
Impaired loans | $ 337 | $ 125 |
Total Allowance for loan losses | 265 | 238 |
Americas | ||
Impaired Loans | ||
Impaired loans | 337 | 125 |
Total Allowance for loan losses | 210 | 193 |
EMEA | ||
Impaired Loans | ||
Impaired loans | 0 | 0 |
Total Allowance for loan losses | 52 | 42 |
Asia | ||
Impaired Loans | ||
Impaired loans | 0 | 0 |
Total Allowance for loan losses | $ 3 | $ 3 |
Loans, Lending Commitments an_7
Loans, Lending Commitments and Allowance for Credit Losses - Troubled Debt Restructurings (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Troubled Debt Restructurings | ||
Loans | $ 43 | $ 38 |
Lending commitments | 62 | 45 |
Allowance for loan losses and lending commitments | $ 4 | $ 4 |
Loans, Lending Commitments an_8
Loans, Lending Commitments and Allowance for Credit Losses - Activity of Allowance for Loan Losses and Lending Commitments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Allowance for loan losses rollforward | ||||
Beginning balance | $ 238 | $ 224 | ||
Gross charge-offs | (1) | (1) | ||
Recoveries | 54 | |||
Net recoveries (charge-offs) | 53 | |||
Provision (release) | $ 7 | $ (53) | 34 | (34) |
Other | (6) | (2) | ||
Ending balance | 265 | 241 | 265 | 241 |
Inherent | 248 | 237 | 248 | 237 |
Specific | 17 | 4 | 17 | 4 |
Allowance for lending commitments rollforward | ||||
Beginning balance | 203 | 198 | ||
Provision (release) | 20 | 5 | ||
Other | (2) | (1) | ||
Ending balance | 221 | 202 | 221 | 202 |
Inherent | 219 | 198 | 219 | 198 |
Specific | 2 | 4 | 2 | 4 |
Corporate | ||||
Allowance for loan losses rollforward | ||||
Beginning balance | 144 | 126 | ||
Gross charge-offs | 0 | (1) | ||
Recoveries | 54 | |||
Net recoveries (charge-offs) | 53 | |||
Provision (release) | 33 | (51) | ||
Other | (6) | (1) | ||
Ending balance | 171 | 127 | 171 | 127 |
Inherent | 154 | 123 | 154 | 123 |
Specific | 17 | 4 | 17 | 4 |
Allowance for lending commitments rollforward | ||||
Beginning balance | 198 | 194 | ||
Provision (release) | 18 | 5 | ||
Other | (1) | 0 | ||
Ending balance | 215 | 199 | 215 | 199 |
Inherent | 213 | 195 | 213 | 195 |
Specific | 2 | 4 | 2 | 4 |
Consumer | ||||
Allowance for loan losses rollforward | ||||
Beginning balance | 7 | 4 | ||
Gross charge-offs | 0 | 0 | ||
Recoveries | 0 | |||
Net recoveries (charge-offs) | 0 | |||
Provision (release) | 0 | 1 | ||
Other | 0 | 0 | ||
Ending balance | 7 | 5 | 7 | 5 |
Inherent | 7 | 5 | 7 | 5 |
Specific | 0 | 0 | 0 | 0 |
Allowance for lending commitments rollforward | ||||
Beginning balance | 2 | 1 | ||
Provision (release) | 0 | 0 | ||
Other | (1) | 0 | ||
Ending balance | 1 | 1 | 1 | 1 |
Inherent | 1 | 1 | 1 | 1 |
Specific | 0 | 0 | 0 | 0 |
Residential real estate | ||||
Allowance for loan losses rollforward | ||||
Beginning balance | 20 | 24 | ||
Gross charge-offs | (1) | 0 | ||
Recoveries | 0 | |||
Net recoveries (charge-offs) | 0 | |||
Provision (release) | 4 | (5) | ||
Other | 0 | (1) | ||
Ending balance | 23 | 18 | 23 | 18 |
Inherent | 23 | 18 | 23 | 18 |
Specific | 0 | 0 | 0 | 0 |
Allowance for lending commitments rollforward | ||||
Beginning balance | 0 | 0 | ||
Provision (release) | 0 | 0 | ||
Other | 0 | 0 | ||
Ending balance | 0 | 0 | 0 | 0 |
Inherent | 0 | 0 | 0 | 0 |
Specific | 0 | 0 | 0 | 0 |
Commercial real estate | ||||
Allowance for loan losses rollforward | ||||
Beginning balance | 67 | 70 | ||
Gross charge-offs | 0 | 0 | ||
Recoveries | 0 | |||
Net recoveries (charge-offs) | 0 | |||
Provision (release) | (3) | 21 | ||
Other | 0 | 0 | ||
Ending balance | 64 | 91 | 64 | 91 |
Inherent | 64 | 91 | 64 | 91 |
Specific | 0 | 0 | 0 | 0 |
Allowance for lending commitments rollforward | ||||
Beginning balance | 3 | 3 | ||
Provision (release) | 2 | 0 | ||
Other | 0 | (1) | ||
Ending balance | 5 | 2 | 5 | 2 |
Inherent | 5 | 2 | 5 | 2 |
Specific | $ 0 | $ 0 | $ 0 | $ 0 |
Loans, Lending Commitments an_9
Loans, Lending Commitments and Allowance for Credit Losses - Employee Loans (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Employee Loans | ||
Balance | $ 2,975 | $ 3,415 |
Allowance for loan losses | (63) | (63) |
Balance, net | $ 2,912 | $ 3,352 |
Repayment term range, in years | 4 years 8 months 12 days | 4 years 3 months 18 days |
Equity Method Investments - Bal
Equity Method Investments - Balances (Details) - Investment Management - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Equity Method Investments | |||||
Investments | $ 2,404 | $ 2,404 | $ 2,432 | ||
Income (loss) | $ (16) | $ 4 | $ (26) | $ 54 |
Equity Method Investments - Joi
Equity Method Investments - Joint Ventures (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
MSMS | ||||
Equity Method Investments | ||||
Voting interest (as a percent) | 40.00% | 40.00% | ||
MSMS | MUFG | ||||
Equity Method Investments | ||||
Voting interest (as a percent) | 60.00% | 60.00% | ||
MUMSS | ||||
Equity Method Investments | ||||
Voting interest (as a percent) | 40.00% | 40.00% | ||
Income from equity method investments | $ 6 | $ 26 | $ 9 | $ 82 |
Institutional Securities | MSMS | ||||
Equity Method Investments | ||||
Voting interest (as a percent) | 51.00% | 51.00% |
Deposits - Summary (Details)
Deposits - Summary (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Savings and demand deposits | $ 138,014 | $ 154,897 |
Time deposits | 38,579 | 32,923 |
Total | 176,593 | 187,820 |
Deposits subject to FDIC insurance | 140,873 | 144,515 |
Time deposits that equal or exceed the FDIC insurance limit | $ 26 | $ 11 |
Deposits - Time Deposit Maturit
Deposits - Time Deposit Maturities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Time Deposit Maturities | ||
2019 | $ 9,767 | |
2020 | 16,363 | |
2021 | 6,014 | |
2022 | 2,480 | |
2023 | 2,369 | |
Thereafter | 1,586 | |
Total | $ 38,579 | $ 32,923 |
Borrowings and Other Secured _3
Borrowings and Other Secured Financings - Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Borrowings | ||
Original maturities of one year or less | $ 1,776 | $ 1,545 |
Original maturities greater than one year | ||
Senior | 185,516 | 178,027 |
Subordinated | 10,556 | 10,090 |
Total | 196,072 | 188,117 |
Total borrowings | $ 197,848 | $ 189,662 |
Weighted average stated maturity, in years | 6 years 9 months 18 days | 6 years 6 months |
Borrowings and Other Secured _4
Borrowings and Other Secured Financings - Other Secured Financings (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Original maturities: | ||
Greater than one year | $ 5,048 | $ 6,772 |
One year or less | 4,353 | 2,036 |
Failed sales | 2,580 | 658 |
Total | $ 11,981 | $ 9,466 |
Commitments, Leases, Guarante_3
Commitments, Leases, Guarantees and Contingencies - Commitments (Details) $ in Millions | Jun. 30, 2019USD ($) |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | $ 149,128 |
1-3 (years) | 33,851 |
3-5 (years) | 47,651 |
Over 5 (years) | 16,393 |
Total | 247,023 |
Corporate Lending | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 29,788 |
1-3 (years) | 33,262 |
3-5 (years) | 47,590 |
Over 5 (years) | 7,109 |
Total | 117,749 |
Corporate lending commitments participated to third parties | 7,998 |
Consumer Lending | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 7,522 |
1-3 (years) | 1 |
3-5 (years) | 11 |
Over 5 (years) | 0 |
Total | 7,534 |
Residential and Commercial Real Estate Lending | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 85 |
1-3 (years) | 466 |
3-5 (years) | 11 |
Over 5 (years) | 477 |
Total | 1,039 |
Forward-starting secured financing receivables | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 109,906 |
1-3 (years) | 0 |
3-5 (years) | 0 |
Over 5 (years) | 8,556 |
Total | 118,462 |
Forward-starting secured financing receivables settled within three business days | 97,767 |
Underwriting | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 1,104 |
1-3 (years) | 0 |
3-5 (years) | 0 |
Over 5 (years) | 0 |
Total | 1,104 |
Investment activities | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 537 |
1-3 (years) | 121 |
3-5 (years) | 39 |
Over 5 (years) | 249 |
Total | 946 |
Letters of credit and other financial guarantees | |
Commitment, Fiscal Year Maturity | |
Less than 1 (year) | 186 |
1-3 (years) | 1 |
3-5 (years) | 0 |
Over 5 (years) | 2 |
Total | $ 189 |
Commitments, Leases, Guarante_4
Commitments, Leases, Guarantees and Contingencies - Balance Sheet Amounts Related to Leases (Details) $ in Millions | Jun. 30, 2019USD ($) |
Commitments, Leases, Guarantees and Contingencies [Abstract] | |
Other assets—ROU assets | $ 3,859 |
Lease liabilities | $ 4,595 |
Weighted average: | |
Remaining lease term, in years | 9 years 9 months 18 days |
Discount rate (as a percent) | 3.70% |
Commitments, Leases, Guarante_5
Commitments, Leases, Guarantees and Contingencies - Lease Liabilities (Details) $ in Millions | Jun. 30, 2019USD ($) |
Commitments, Leases, Guarantees and Contingencies [Abstract] | |
Remainder of 2019 | $ 366 |
2020 | 716 |
2021 | 653 |
2022 | 599 |
2023 | 548 |
Thereafter | 2,816 |
Total undiscounted cash flows | 5,698 |
Imputed interest | (1,103) |
Amount on balance sheet | $ 4,595 |
Commitments, Leases, Guarante_6
Commitments, Leases, Guarantees and Contingencies - Lease Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Commitments, Leases, Guarantees and Contingencies [Abstract] | ||
Fixed costs | $ 156 | $ 326 |
Variable costs | 48 | 82 |
Less: Sublease income | (1) | (2) |
Total lease cost, net | $ 203 | $ 406 |
Commitments, Leases, Guarante_7
Commitments, Leases, Guarantees and Contingencies - Cash Flows Statement Supplemental Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Commitments, Leases, Guarantees and Contingencies [Abstract] | ||
Cash outflows—Lease liabilities | $ 167 | $ 332 |
Non-cash—ROU assets recorded for new and modified leases | $ 71 | $ 111 |
Commitments, Leases, Guarante_8
Commitments, Leases, Guarantees and Contingencies - Minimum Future Lease Commitments (Details) - Premises and Equipment $ in Millions | Dec. 31, 2018USD ($) |
Minimum Future Lease Commitments | |
2019 | $ 677 |
2020 | 657 |
2021 | 602 |
2022 | 555 |
2023 | 507 |
Thereafter | 2,639 |
Total undiscounted cash flows | 5,637 |
Minimum rental income to be received in the future under non-cancelable operating subleases | $ 7 |
Commitments, Leases, Guarante_9
Commitments, Leases, Guarantees and Contingencies - Obligations under Guarantee Arrangements (Details) $ in Millions | Jun. 30, 2019USD ($) |
Credit derivatives | |
Guarantees | |
Maximum potential payout/notional | $ 193,004 |
Carrying amount: asset | 484 |
Collateral/recourse | 0 |
Credit derivatives | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 36,335 |
Credit derivatives | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 44,060 |
Credit derivatives | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 80,905 |
Credit derivatives | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 31,704 |
Other credit contracts | |
Guarantees | |
Maximum potential payout/notional | 123 |
Carrying amount: liability | (11) |
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 | 0 |
Other credit contracts | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 7 |
Other credit contracts | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 116 |
Non-credit derivatives | |
Guarantees | |
Maximum potential payout/notional | 4,341,776 |
Carrying amount: liability | (56,357) |
Collateral/recourse | 0 |
Non-credit derivatives | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 1,715,336 |
Non-credit derivatives | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 1,504,933 |
Non-credit derivatives | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 452,278 |
Non-credit derivatives | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 669,229 |
Standby letters of credit and other financial guarantees issued1 | |
Guarantees | |
Maximum potential payout/notional | 7,694 |
Carrying amount: asset | 231 |
Collateral/recourse | 6,163 |
Standby letters of credit | 600 |
Standby letters of credit and other financial guarantees issued1 | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 1,255 |
Standby letters of credit and other financial guarantees issued1 | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 889 |
Standby letters of credit and other financial guarantees issued1 | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 1,357 |
Standby letters of credit and other financial guarantees issued1 | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 4,193 |
Market value guarantees | |
Guarantees | |
Maximum potential payout/notional | 194 |
Carrying amount: asset | 0 |
Collateral/recourse | 90 |
Market value guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 95 |
Market value guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 96 |
Market value guarantees | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 3 |
Market value guarantees | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Liquidity facilities | |
Guarantees | |
Maximum potential payout/notional | 4,501 |
Carrying amount: asset | 6 |
Collateral/recourse | 7,793 |
Liquidity facilities | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 4,501 |
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 | 23,193 |
Carrying amount: liability | (4) |
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 | 0 |
Whole loan sales guarantees | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 23,192 |
Securitization representations and warranties | |
Guarantees | |
Maximum potential payout/notional | 68,120 |
Carrying amount: liability | (42) |
Collateral/recourse | 0 |
Securitization representations and warranties | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Securitization representations and warranties | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Securitization representations and warranties | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Securitization representations and warranties | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 68,120 |
General partner guarantees | |
Guarantees | |
Maximum potential payout/notional | 242 |
Carrying amount: liability | (53) |
Collateral/recourse | 0 |
General partner guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 63 |
General partner guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 129 |
General partner guarantees | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 6 |
General partner guarantees | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 44 |
Client clearing guarantees | |
Guarantees | |
Maximum potential payout/notional | 1,947 |
Carrying amount: liability | 0 |
Collateral/recourse | 1,946 |
Client clearing guarantees | Less Than 1 (Year) | |
Guarantees | |
Maximum potential payout/notional | 1,947 |
Client clearing guarantees | 1 - 3 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Client clearing guarantees | 3 - 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | 0 |
Client clearing guarantees | Over 5 (Years) | |
Guarantees | |
Maximum potential payout/notional | $ 0 |
Commitments, Leases, Guarant_10
Commitments, Leases, Guarantees and Contingencies - Contingencies (Details) € in Millions, $ in Millions | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2019EUR (€) | Dec. 31, 2018USD ($) | |
Loss Contingencies | |||
Derivative asset | $ 18,794,000 | $ 16,457,000 | |
China Development Industrial Bank v. Morgan Stanley & Co. Incorporated et al. | Pending Litigation | |||
Loss Contingencies | |||
Lawsuit filing date | Jul. 15, 2010 | ||
Derivative asset | $ 275 | ||
Damages sought | 228 | ||
Damages sought for obligations to pay | 12 | ||
China Development Industrial Bank v. Morgan Stanley & Co. Incorporated et al. | Pending Litigation | Maximum | |||
Loss Contingencies | |||
Estimate of possible loss | $ 240 | ||
US Bank National Association, solely in its capacity as Trustee of the Morgan Stanley Mortgage Loan Trust 2007-2AX (MSM 2007-2AX) v. Morgan Stanley Mortgage Capital Holdings LLC, as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc. and GreenPoint Mortgage Funding, Inc. | Pending Litigation | |||
Loss Contingencies | |||
Lawsuit filing date | Jul. 8, 2013 | ||
Original principal amount of debt instrument | $ 650 | ||
US Bank National Association, solely in its capacity as Trustee of the Morgan Stanley Mortgage Loan Trust 2007-2AX (MSM 2007-2AX) v. Morgan Stanley Mortgage Capital Holdings LLC, as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc. and GreenPoint Mortgage Funding, Inc. | Pending Litigation | Maximum | |||
Loss Contingencies | |||
Estimate of possible loss | $ 240 | ||
Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. (NIMS 2007-1) | Pending Litigation | |||
Loss Contingencies | |||
Lawsuit filing date | Sep. 19, 2014 | ||
Original principal amount of debt instrument | $ 475 | ||
Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. (NIMS 2007-1) | Pending Litigation | Maximum | |||
Loss Contingencies | |||
Estimate of possible loss | $ 126 | ||
Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. (Trust 2007-NC4) | Pending Litigation | |||
Loss Contingencies | |||
Lawsuit filing date | Sep. 23, 2014 | ||
Original principal amount of debt instrument | $ 876 | ||
Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. (Trust 2007-NC4) | Pending Litigation | 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. | Pending Litigation | |||
Loss Contingencies | |||
Lawsuit filing date | Jan. 23, 2015 | ||
Original principal amount of debt instrument | $ 1,050 | ||
Deutsche Bank National Trust Company solely in its capacity as Trustee of the Morgan Stanley ABS Capital I Inc. Trust 2007-NC4 v. Morgan Stanley Mortgage Capital Holdings LLC as Successor-by-Merger to Morgan Stanley Mortgage Capital Inc., and Morgan Stanley ABS Capital I Inc. | Pending Litigation | Maximum | |||
Loss Contingencies | |||
Estimate of possible loss | 277 | ||
Case Number 15/3637 and Case Number 15/4353 | Pending Litigation | |||
Loss Contingencies | |||
Withholding tax credit set-off | € | € 124 | ||
Case Number 15/3637 and Case Number 15/4353 | Pending Litigation | Maximum | |||
Loss Contingencies | |||
Estimate of possible loss | $ 141 | € 124 |
Variable Interest Entities an_3
Variable Interest Entities and Securitization Activities - Assets and Liabilities by Type of Activity (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity | ||
VIE Assets | $ 1,461 | $ 1,135 |
VIE Liabilities | 76 | 86 |
OSF | ||
Variable Interest Entity | ||
VIE Assets | 248 | 267 |
VIE Liabilities | 0 | 0 |
MABS | ||
Variable Interest Entity | ||
VIE Assets | 343 | 59 |
VIE Liabilities | 15 | 38 |
Other | ||
Variable Interest Entity | ||
VIE Assets | 870 | 809 |
VIE Liabilities | $ 61 | $ 48 |
Variable Interest Entities an_4
Variable Interest Entities and Securitization Activities - Assets and Liabilities by Balance Sheet Caption (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Assets | |||
Cash and due from banks | $ 38,257 | $ 30,541 | $ 30,176 |
Restricted cash | 30,435 | 35,356 | $ 32,706 |
Trading assets at fair value | 286,965 | 266,299 | |
Customer and other receivables | 53,381 | 53,298 | |
Goodwill | 7,158 | 6,688 | |
Intangible assets | 2,276 | 2,163 | |
Other assets | 19,654 | 15,641 | |
Total assets | 891,959 | 853,531 | |
Liabilities | |||
Other secured financings | 8,476 | 5,245 | |
Other liabilities and accrued expenses | 18,570 | 17,204 | |
Total liabilities | 809,114 | 772,125 | |
Noncontrolling interests | 1,121 | 1,160 | |
Consolidated VIEs | |||
Assets | |||
Cash and due from banks | 103 | 77 | |
Restricted cash | 172 | 171 | |
Trading assets at fair value | 643 | 314 | |
Customer and other receivables | 11 | 25 | |
Goodwill | 18 | 18 | |
Intangible assets | 99 | 128 | |
Other assets | 415 | 402 | |
Total assets | 1,461 | 1,135 | |
Liabilities | |||
Other secured financings | 44 | 64 | |
Other liabilities and accrued expenses | 32 | 22 | |
Total liabilities | 76 | 86 | |
Noncontrolling interests | $ 131 | $ 106 |
Variable Interest Entities an_5
Variable Interest Entities and Securitization Activities - Non-Consolidated VIEs (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity | ||
Additional VIE assets owned | $ 10,921 | $ 11,969 |
MABS | ||
Variable Interest Entity | ||
VIE assets (UPB) | 77,872 | 71,287 |
Maximum exposure to loss | 8,585 | 8,631 |
CDO | ||
Variable Interest Entity | ||
VIE assets (UPB) | 3,384 | 10,848 |
Maximum exposure to loss | 241 | 1,172 |
MTOB | ||
Variable Interest Entity | ||
VIE assets (UPB) | 6,862 | 7,014 |
Maximum exposure to loss | 4,501 | 4,449 |
OSF | ||
Variable Interest Entity | ||
VIE assets (UPB) | 2,332 | 3,314 |
Maximum exposure to loss | 982 | 1,857 |
Other | ||
Variable Interest Entity | ||
VIE assets (UPB) | 22,065 | 19,682 |
Maximum exposure to loss | 9,280 | 6,740 |
Residential mortgages | ||
Variable Interest Entity | ||
VIE assets (UPB) | 12,843 | 6,954 |
CML | ||
Variable Interest Entity | ||
VIE assets (UPB) | 37,960 | 42,974 |
U.S. Agency CMO | ||
Variable Interest Entity | ||
VIE assets (UPB) | 20,232 | 14,969 |
Other consumer or commercial loans | ||
Variable Interest Entity | ||
VIE assets (UPB) | 6,837 | 6,390 |
Assets | MABS | ||
Variable Interest Entity | ||
Carrying value of exposure to loss | 8,221 | 8,234 |
Assets | CDO | ||
Variable Interest Entity | ||
Carrying value of exposure to loss | 241 | 1,169 |
Assets | MTOB | ||
Variable Interest Entity | ||
Carrying value of exposure to loss | 6 | 6 |
Assets | OSF | ||
Variable Interest Entity | ||
Carrying value of exposure to loss | 981 | 1,205 |
Assets | Other | ||
Variable Interest Entity | ||
Carrying value of exposure to loss | 6,434 | 4,732 |
Debt and equity interests | ||
Variable Interest Entity | ||
Maximum exposure to loss | 8,221 | 8,234 |
Debt and equity interests | MABS | ||
Variable Interest Entity | ||
Maximum exposure to loss | 8,221 | 8,234 |
Carrying value of exposure to loss | 8,221 | 8,234 |
Debt and equity interests | CDO | ||
Variable Interest Entity | ||
Maximum exposure to loss | 241 | 1,169 |
Carrying value of exposure to loss | 241 | 1,169 |
Debt and equity interests | MTOB | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Carrying value of exposure to loss | 0 | 0 |
Debt and equity interests | OSF | ||
Variable Interest Entity | ||
Maximum exposure to loss | 982 | 1,622 |
Carrying value of exposure to loss | 981 | 1,205 |
Debt and equity interests | Other | ||
Variable Interest Entity | ||
Maximum exposure to loss | 6,281 | 4,645 |
Carrying value of exposure to loss | 6,281 | 4,645 |
Debt and equity interests | Residential mortgages | ||
Variable Interest Entity | ||
Maximum exposure to loss | 503 | 745 |
Debt and equity interests | CML | ||
Variable Interest Entity | ||
Maximum exposure to loss | 1,346 | 1,237 |
Debt and equity interests | U.S. Agency CMO | ||
Variable Interest Entity | ||
Maximum exposure to loss | 3,924 | 3,443 |
Debt and equity interests | Other consumer or commercial loans | ||
Variable Interest Entity | ||
Maximum exposure to loss | 2,448 | 2,809 |
Derivative and other contracts | MABS | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Carrying value of exposure to loss | 0 | 0 |
Derivative and other contracts | CDO | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Carrying value of exposure to loss | 0 | 0 |
Derivative and other contracts | MTOB | ||
Variable Interest Entity | ||
Maximum exposure to loss | 4,501 | 4,449 |
Carrying value of exposure to loss | 6 | 6 |
Derivative and other contracts | OSF | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Carrying value of exposure to loss | 0 | 0 |
Derivative and other contracts | Other | ||
Variable Interest Entity | ||
Maximum exposure to loss | 2,569 | 1,768 |
Carrying value of exposure to loss | 153 | 87 |
Derivative and other contracts | MABS | ||
Variable Interest Entity | ||
Carrying value of exposure to loss | 0 | 0 |
Derivative and other contracts | CDO | ||
Variable Interest Entity | ||
Carrying value of exposure to loss | 0 | 0 |
Derivative and other contracts | MTOB | ||
Variable Interest Entity | ||
Carrying value of exposure to loss | 0 | 0 |
Derivative and other contracts | OSF | ||
Variable Interest Entity | ||
Carrying value of exposure to loss | 0 | 0 |
Derivative and other contracts | Other | ||
Variable Interest Entity | ||
Carrying value of exposure to loss | 161 | 185 |
Commitments, guarantees and other | MABS | ||
Variable Interest Entity | ||
Maximum exposure to loss | 364 | 397 |
Commitments, guarantees and other | CDO | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 3 |
Commitments, guarantees and other | MTOB | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 0 |
Commitments, guarantees and other | OSF | ||
Variable Interest Entity | ||
Maximum exposure to loss | 0 | 235 |
Commitments, guarantees and other | Other | ||
Variable Interest Entity | ||
Maximum exposure to loss | $ 430 | $ 327 |
Variable Interest Entities an_6
Variable Interest Entities and Securitization Activities - Transfers of Assets with Continuing Involvement (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity | ||
Derivative assets | $ 32,764 | $ 29,173 |
Derivative liabilities | 32,020 | 27,258 |
SPE | ||
Variable Interest Entity | ||
Interests purchased in the secondary market | 1,173 | 299 |
Derivative assets | 85 | 216 |
Derivative liabilities | 63 | 178 |
SPE | Investment grade | ||
Variable Interest Entity | ||
Interests purchased in the secondary market | 1,102 | 200 |
SPE | Non-investment grade | ||
Variable Interest Entity | ||
Interests purchased in the secondary market | 71 | 99 |
SPE | RML | ||
Variable Interest Entity | ||
SPE assets (UPB) | 14,334 | 14,376 |
Retained interest | 37 | 21 |
Interests purchased in the secondary market | 59 | 35 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
SPE | RML | Investment grade | ||
Variable Interest Entity | ||
Retained interest | 32 | 17 |
Interests purchased in the secondary market | 22 | 7 |
SPE | RML | Non-investment grade | ||
Variable Interest Entity | ||
Retained interest | 5 | 4 |
Interests purchased in the secondary market | 37 | 28 |
SPE | CML | ||
Variable Interest Entity | ||
SPE assets (UPB) | 74,243 | 68,593 |
Retained interest | 743 | 695 |
Interests purchased in the secondary market | 252 | 162 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
SPE | CML | Investment grade | ||
Variable Interest Entity | ||
Retained interest | 557 | 483 |
Interests purchased in the secondary market | 218 | 91 |
SPE | CML | Non-investment grade | ||
Variable Interest Entity | ||
Retained interest | 186 | 212 |
Interests purchased in the secondary market | 34 | 71 |
SPE | U.S. Agency CMO | ||
Variable Interest Entity | ||
SPE assets (UPB) | 18,449 | 16,594 |
Retained interest | 455 | 1,573 |
Interests purchased in the secondary market | 862 | 102 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
SPE | U.S. Agency CMO | Investment grade | ||
Variable Interest Entity | ||
Retained interest | 455 | 1,573 |
Interests purchased in the secondary market | 862 | 102 |
SPE | U.S. Agency CMO | Non-investment grade | ||
Variable Interest Entity | ||
Retained interest | 0 | 0 |
Interests purchased in the secondary market | 0 | 0 |
SPE | CLN and Other | ||
Variable Interest Entity | ||
SPE assets (UPB) | 4,157 | 14,608 |
Retained interest | 89 | 213 |
Interests purchased in the secondary market | 0 | 0 |
Derivative assets | 85 | 216 |
Derivative liabilities | 63 | 178 |
SPE | CLN and Other | Investment grade | ||
Variable Interest Entity | ||
Retained interest | 2 | 3 |
Interests purchased in the secondary market | 0 | 0 |
SPE | CLN and Other | Non-investment grade | ||
Variable Interest Entity | ||
Retained interest | 87 | 210 |
Interests purchased in the secondary market | $ 0 | $ 0 |
Variable Interest Entities an_7
Variable Interest Entities and Securitization Activities - Fair Value of Transfers of Assets with Continuing Involvement (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity | ||
Derivative assets | $ 32,764 | $ 29,173 |
Derivative liabilities | 32,020 | 27,258 |
Derivative Liabilities | ||
Variable Interest Entity | ||
Derivative liability, balance only reported in assets sold with retained exposure table | 119 | |
UPB | ||
Variable Interest Entity | ||
Continuing involvement with transferred financial assets, principal amount outstanding, balance only reported in assets sold with retained exposure table | 8,000 | |
Derivative Assets | ||
Variable Interest Entity | ||
Derivative asset, balance only reported in assets sold with retained exposure table | 20 | |
SPE | ||
Variable Interest Entity | ||
Retained interests | 600 | 2,019 |
Interests purchased in the secondary market | 1,173 | 299 |
Derivative assets | 85 | 216 |
Derivative liabilities | 63 | 178 |
SPE | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 480 | 1,593 |
Interests purchased in the secondary market | 1,102 | 200 |
SPE | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 120 | 426 |
Interests purchased in the secondary market | 71 | 99 |
SPE | Level 2 | ||
Variable Interest Entity | ||
Retained interests | 490 | 1,754 |
Interests purchased in the secondary market | 1,148 | 276 |
Derivative assets | 11 | 121 |
Derivative liabilities | 61 | 175 |
SPE | Level 2 | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 469 | 1,580 |
Interests purchased in the secondary market | 1,095 | 193 |
SPE | Level 2 | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 21 | 174 |
Interests purchased in the secondary market | 53 | 83 |
SPE | Level 3 | ||
Variable Interest Entity | ||
Retained interests | 110 | 265 |
Interests purchased in the secondary market | 25 | 23 |
Derivative assets | 74 | 95 |
Derivative liabilities | 2 | 3 |
SPE | Level 3 | Investment grade | ||
Variable Interest Entity | ||
Retained interests | 11 | 13 |
Interests purchased in the secondary market | 7 | 7 |
SPE | Level 3 | Non-investment grade | ||
Variable Interest Entity | ||
Retained interests | 99 | 252 |
Interests purchased in the secondary market | $ 18 | $ 16 |
Variable Interest Entities an_8
Variable Interest Entities and Securitization Activities - Proceeds from New Securitization Transactions and Sales of Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Transfer of Financial Assets Accounted for as Sales | ||||
New transactions | $ 7,513 | $ 5,624 | $ 12,246 | $ 11,758 |
Retained interests | 635 | 1,156 | 3,522 | 1,637 |
CLO SPEs | Corporate Loans | ||||
Transfer of Financial Assets Accounted for as Sales | ||||
Sales of corporate loans to CLO SPEs | $ 0 | $ 142 | $ 0 | $ 236 |
Variable Interest Entities an_9
Variable Interest Entities and Securitization Activities - Assets Sold with Retained Exposure (Details) - Bilateral OTC - Equity Derivatives - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Transfer of Financial Assets Accounted for as Sales | ||
Gross cash proceeds from sale of assets | $ 34,628 | $ 27,121 |
Fair value | ||
Assets sold | 35,084 | 26,524 |
Derivative assets recognized in the balance sheets | 587 | 164 |
Derivative liabilities recognized in the balance sheets | $ 67 | $ 763 |
Regulatory Requirements - Narra
Regulatory Requirements - Narrative (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Brokers and Dealers [Abstract] | |
Common Equity Tier 1 capital conservation buffer requirement (as a percent) | 2.50% |
Common Equity Tier 1 G-SIB capital surcharge requirement (as a percent) | 3.00% |
Common Equity Tier 1 CCyB requirement (as a percent) | 2.50% |
Proportion of phased-in Common Equity Tier 1 capital requirements (as a percent) | 75.00% |
Regulatory Requirements - The F
Regulatory Requirements - The Firm's Regulatory Capital and Capital Ratios (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Required Ratio | ||
Common Equity Tier 1 capital (as a percent) | 10.00% | 8.60% |
Tier 1 capital (as a percent) | 11.50% | 10.10% |
Total capital (as a percent) | 13.50% | 12.10% |
Tier 1 leverage (as a percent) | 4.00% | 4.00% |
SLR (as a percent) | 5.00% | 5.00% |
Amount | ||
Common Equity Tier 1 capital | $ 64,011 | $ 62,086 |
Tier 1 capital | 72,742 | 70,619 |
Total capital | 82,322 | 80,052 |
Total RWA | 391,509 | 367,309 |
Tier 1 leverage | 72,742 | 70,619 |
Adjusted average assets | 868,494 | 843,074 |
SLR | 72,742 | 70,619 |
Supplementary leverage exposure | $ 1,124,645 | $ 1,092,672 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 16.30% | 16.90% |
Tier 1 capital (as a percent) | 18.60% | 19.20% |
Total capital (as a percent) | 21.00% | 21.80% |
Tier 1 leverage (as a percent) | 8.40% | 8.40% |
SLR (as a percent) | 6.50% | 6.50% |
Regulatory Requirements - U.S.
Regulatory Requirements - U.S. Bank Subsidiaries' Regulatory Capital and Capital Ratios (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Required Ratio | ||
Common Equity Tier 1 capital (as a percent) | 10.00% | 8.60% |
Tier 1 capital (as a percent) | 11.50% | 10.10% |
Total capital (as a percent) | 13.50% | 12.10% |
Tier 1 leverage (as a percent) | 4.00% | 4.00% |
SLR (as a percent) | 5.00% | 5.00% |
Amount | ||
Common Equity Tier 1 capital | $ 64,011 | $ 62,086 |
Tier 1 capital | 72,742 | 70,619 |
Total capital | 82,322 | 80,052 |
Tier 1 leverage | 72,742 | 70,619 |
SLR | $ 72,742 | $ 70,619 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 16.30% | 16.90% |
Tier 1 capital (as a percent) | 18.60% | 19.20% |
Total capital (as a percent) | 21.00% | 21.80% |
Tier 1 leverage (as a percent) | 8.40% | 8.40% |
SLR (as a percent) | 6.50% | 6.50% |
MSBNA | ||
Required Ratio | ||
Common Equity Tier 1 capital (as a percent) | 6.50% | 6.50% |
Tier 1 capital (as a percent) | 8.00% | 8.00% |
Total capital (as a percent) | 10.00% | 10.00% |
Tier 1 leverage (as a percent) | 5.00% | 5.00% |
SLR (as a percent) | 6.00% | 6.00% |
Amount | ||
Common Equity Tier 1 capital | $ 15,862 | $ 15,221 |
Tier 1 capital | 15,862 | 15,221 |
Total capital | 16,148 | 15,484 |
Tier 1 leverage | 15,862 | 15,221 |
SLR | $ 15,862 | $ 15,221 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 19.60% | 19.50% |
Tier 1 capital (as a percent) | 19.60% | 19.50% |
Total capital (as a percent) | 20.00% | 19.80% |
Tier 1 leverage (as a percent) | 11.30% | 10.50% |
SLR (as a percent) | 8.70% | 8.20% |
MSPBNA | ||
Required Ratio | ||
Common Equity Tier 1 capital (as a percent) | 6.50% | 6.50% |
Tier 1 capital (as a percent) | 8.00% | 8.00% |
Total capital (as a percent) | 10.00% | 10.00% |
Tier 1 leverage (as a percent) | 5.00% | 5.00% |
SLR (as a percent) | 6.00% | 6.00% |
Amount | ||
Common Equity Tier 1 capital | $ 7,945 | $ 7,183 |
Tier 1 capital | 7,945 | 7,183 |
Total capital | 7,992 | 7,229 |
Tier 1 leverage | 7,945 | 7,183 |
SLR | $ 7,945 | $ 7,183 |
Ratio | ||
Common Equity Tier 1 capital (as a percent) | 27.40% | 25.20% |
Tier 1 capital (as a percent) | 27.40% | 25.20% |
Total capital (as a percent) | 27.60% | 25.40% |
Tier 1 leverage (as a percent) | 10.70% | 10.00% |
SLR (as a percent) | 10.20% | 9.60% |
Regulatory Requirements - U.S_2
Regulatory Requirements - U.S. Broker-Dealer Regulatory Capital Requirements (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
MS&Co. | ||
Regulatory Requirements | ||
Net capital | $ 12,581 | $ 13,797 |
Excess net capital | 9,996 | 11,333 |
MSSB LLC | ||
Regulatory Requirements | ||
Net capital | 3,361 | 3,455 |
Excess net capital | $ 3,219 | $ 3,313 |
Total Equity - Common Stock Rep
Total Equity - Common Stock Repurchases (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Capital Plans | ||||
Repurchases of common stock under our Share Repurchase Program | $ 1,180,000,000 | $ 1,250,000,000 | $ 2,360,000,000 | $ 2,500,000,000 |
2019 Capital Plan | ||||
Capital Plans | ||||
Authorized repurchase amount of outstanding common stock | $ 6,000,000,000 | $ 6,000,000,000 | ||
Stock repurchase program start date | Jul. 1, 2019 | |||
Stock repurchase program expiration date | Jun. 30, 2020 | |||
Maximum quarterly common stock dividends per share (USD per share) | $ 0.35 | |||
MUFG | ||||
Capital Plans | ||||
Share Repurchase Program, Ownership Proportion Maximum, Percent | 24.90% |
Total Equity - Common Stock Div
Total Equity - Common Stock Dividends Per Share (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Equity [Abstract] | ||||
Dividends declared per common share (USD per share) | $ 0.30 | $ 0.25 | $ 0.60 | $ 0.50 |
Total Equity - Preferred Stock
Total Equity - Preferred Stock Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Class of Stock | ||
Preferred stock carrying value | $ 8,520 | $ 8,520 |
Preferred stock shares authorized (shares) | 30,000,000 | |
Series A | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 44,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 1,100 | 1,100 |
Series C | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 519,882 | |
Liquidation preference per share (USD per share) | $ 1,000 | |
Preferred stock carrying value | $ 408 | 408 |
Series C | MUFG | ||
Class of Stock | ||
Preferred stock shares issued (shares) | 1,160,791 | |
Preferred stock aggregate purchase price | $ 911 | |
Preferred stock redemption (shares) | 640,909 | |
Preferred stock redemption amount | $ 503 | |
Preferred stock converted to common shares | $ 705 | |
Series E | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 34,500 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 862 | 862 |
Series F | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 34,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 850 | 850 |
Series G | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 20,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 500 | 500 |
Series H | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 52,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 1,300 | 1,300 |
Series I | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 40,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 1,000 | 1,000 |
Series J | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 60,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 1,500 | 1,500 |
Series K | ||
Class of Stock | ||
Preferred stock shares outstanding (shares) | 40,000 | |
Liquidation preference per share (USD per share) | $ 25,000 | |
Preferred stock carrying value | $ 1,000 | $ 1,000 |
Total Equity - Preferred Stoc_2
Total Equity - Preferred Stock Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Preferred Stock Dividends | ||||
Preferred stock dividends declared | $ 170 | $ 170 | $ 263 | $ 263 |
Series A | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 253 | $ 253 | $ 503 | $ 503 |
Preferred stock dividends declared | $ 11 | $ 11 | $ 22 | $ 22 |
Series C | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 25 | $ 25 | $ 50 | $ 50 |
Preferred stock dividends declared | $ 13 | $ 13 | $ 26 | $ 26 |
Series E | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 445 | $ 445 | $ 891 | $ 891 |
Preferred stock dividends declared | $ 15 | $ 15 | $ 30 | $ 30 |
Series F | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 430 | $ 430 | $ 859 | $ 859 |
Preferred stock dividends declared | $ 15 | $ 15 | $ 30 | $ 30 |
Series G | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 414 | $ 414 | $ 828 | $ 828 |
Preferred stock dividends declared | $ 8 | $ 8 | $ 16 | $ 16 |
Series H | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 681 | $ 681 | $ 681 | $ 681 |
Preferred stock dividends declared | $ 35 | $ 35 | $ 35 | $ 35 |
Series I | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 398 | $ 398 | $ 797 | $ 797 |
Preferred stock dividends declared | $ 16 | $ 16 | $ 32 | $ 32 |
Series J | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 694 | $ 694 | $ 694 | $ 694 |
Preferred stock dividends declared | $ 42 | $ 42 | $ 42 | $ 42 |
Series K | ||||
Preferred Stock Dividends | ||||
Preferred stock dividend declared (USD per share) | $ 366 | $ 366 | $ 731 | $ 731 |
Preferred stock dividends declared | $ 15 | $ 15 | $ 30 | $ 30 |
Total Equity - Accumulated Othe
Total Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Apr. 01, 2019 | Jan. 01, 2019 | Apr. 01, 2018 | Jan. 01, 2018 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | $ 81,406 | ||||||||
Balance at end of period | $ 82,845 | $ 80,506 | 82,845 | $ 80,506 | |||||
Foreign Currency Translation Adjustments | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | (901) | (715) | (889) | (767) | |||||
Cumulative adjustments for accounting changes | $ (8) | ||||||||
OCI during the period | 36 | (149) | 24 | (89) | |||||
Balance at end of period | (865) | (864) | (865) | (864) | |||||
AFS Securities | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | (501) | (1,068) | (930) | (547) | |||||
Cumulative adjustments for accounting changes | (111) | ||||||||
OCI during the period | 609 | (126) | 1,038 | (536) | |||||
Balance at end of period | 108 | (1,194) | 108 | (1,194) | |||||
Pension, Postretirement and Other | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | (577) | (710) | (578) | (591) | |||||
Cumulative adjustments for accounting changes | (124) | ||||||||
OCI during the period | 3 | 6 | 4 | 11 | |||||
Balance at end of period | (574) | (704) | (574) | (704) | |||||
DVA | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | (494) | (913) | 105 | (1,155) | |||||
Cumulative adjustments for accounting changes | (194) | ||||||||
OCI during the period | (226) | 605 | (825) | 1,041 | |||||
Balance at end of period | (720) | (308) | (720) | (308) | |||||
Total | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | (2,473) | (3,406) | (2,292) | (3,060) | |||||
Cumulative adjustments for accounting changes | [1] | $ 0 | $ 0 | $ 0 | $ (437) | ||||
OCI during the period | 422 | 336 | 241 | 427 | |||||
Balance at end of period | $ (2,051) | $ (3,070) | $ (2,051) | $ (3,070) | |||||
[1] | Cumulative adjustments for accounting changes relate to the adoption of certain accounting updates during the current and prior year periods. See Notes 2 and 14 for further information. |
Total Equity - Components of Pe
Total Equity - Components of Period Changes in OCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
After-tax Gain (Loss) | ||||
Net OCI | $ 431 | $ 327 | $ 219 | $ 490 |
Foreign Currency Translation Adjustment Including Noncontrolling Interest | ||||
Pre-tax Gain (Loss) | ||||
OCI activity | 32 | (86) | 28 | (8) |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | 32 | (86) | 28 | (8) |
Income Tax Benefit (Provision) | ||||
OCI activity | 33 | (106) | 15 | (67) |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | 33 | (106) | 15 | (67) |
After-tax Gain (Loss) | ||||
OCI activity | 65 | (192) | 43 | (75) |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | 65 | (192) | 43 | (75) |
Foreign Currency Translation Adjustment Attributable to Noncontrolling Interest | ||||
After-tax Gain (Loss) | ||||
OCI activity | 29 | (43) | 19 | 14 |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | 29 | (43) | 19 | 14 |
Foreign Currency Translation Adjustment Attributable to Parent | ||||
After-tax Gain (Loss) | ||||
OCI activity | 36 | (149) | 24 | (89) |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | 36 | (149) | 24 | (89) |
Change in Net Unrealized Gains (Losses) on AFS Securities Including Noncontrolling Interest | ||||
Pre-tax Gain (Loss) | ||||
OCI activity | 849 | (162) | 1,419 | (697) |
Reclassified to earnings | (53) | (3) | (63) | (3) |
Net OCI | 796 | (165) | 1,356 | (700) |
Income Tax Benefit (Provision) | ||||
OCI activity | (200) | 39 | (333) | 164 |
Reclassified to earnings | 13 | 0 | 15 | 0 |
Net OCI | (187) | 39 | (318) | 164 |
After-tax Gain (Loss) | ||||
OCI activity | 649 | (123) | 1,086 | (533) |
Reclassified to earnings | (40) | (3) | (48) | (3) |
Net OCI | 609 | (126) | 1,038 | (536) |
Change in Net Unrealized Gains (Losses) on AFS Securities Attributable to Noncontrolling Interest | ||||
After-tax Gain (Loss) | ||||
OCI activity | 0 | 0 | 0 | 0 |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | 0 | 0 | 0 | 0 |
Change in Net Unrealized Gains (Losses) on AFS Securities Attributable to Parent | ||||
After-tax Gain (Loss) | ||||
OCI activity | 649 | (123) | 1,086 | (533) |
Reclassified to earnings | (40) | (3) | (48) | (3) |
Net OCI | 609 | (126) | 1,038 | (536) |
Pension, Postretirement and Other Including Noncontrolling Interest | ||||
Pre-tax Gain (Loss) | ||||
OCI activity | 0 | 2 | 0 | 2 |
Reclassified to earnings | 3 | 6 | 6 | 12 |
Net OCI | 3 | 8 | 6 | 14 |
Income Tax Benefit (Provision) | ||||
OCI activity | 0 | 0 | (1) | 0 |
Reclassified to earnings | 0 | (2) | (1) | (3) |
Net OCI | 0 | (2) | (2) | (3) |
After-tax Gain (Loss) | ||||
OCI activity | 0 | 2 | (1) | 2 |
Reclassified to earnings | 3 | 4 | 5 | 9 |
Net OCI | 3 | 6 | 4 | 11 |
Pension, Postretirement and Other Attributable to Noncontrolling Interest | ||||
After-tax Gain (Loss) | ||||
OCI activity | 0 | 0 | 0 | 0 |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | 0 | 0 | 0 | 0 |
Pension, Postretirement and Other Attributable to Parent | ||||
After-tax Gain (Loss) | ||||
OCI activity | 0 | 2 | (1) | 2 |
Reclassified to earnings | 3 | 4 | 5 | 9 |
Net OCI | 3 | 6 | 4 | 11 |
Change in Net DVA Including Noncontrolling Interest | ||||
Pre-tax Gain (Loss) | ||||
OCI activity | (330) | 841 | (1,154) | 1,421 |
Reclassified to earnings | 3 | 3 | 7 | 18 |
Net OCI | (327) | 844 | (1,147) | 1,439 |
Income Tax Benefit (Provision) | ||||
OCI activity | 82 | (205) | 283 | (345) |
Reclassified to earnings | (1) | 0 | (2) | (4) |
Net OCI | 81 | (205) | 281 | (349) |
After-tax Gain (Loss) | ||||
OCI activity | (248) | 636 | (871) | 1,076 |
Reclassified to earnings | 2 | 3 | 5 | 14 |
Net OCI | (246) | 639 | (866) | 1,090 |
Change in Net DVA Attributable to Noncontrolling Interest | ||||
After-tax Gain (Loss) | ||||
OCI activity | (20) | 34 | (41) | 49 |
Reclassified to earnings | 0 | 0 | 0 | 0 |
Net OCI | (20) | 34 | (41) | 49 |
Change in Net DVA Attributable to Parent | ||||
After-tax Gain (Loss) | ||||
OCI activity | (228) | 602 | (830) | 1,027 |
Reclassified to earnings | 2 | 3 | 5 | 14 |
Net OCI | $ (226) | $ 605 | $ (825) | $ 1,041 |
Total Equity - Cumulative Adjus
Total Equity - Cumulative Adjustments to Retained Earnings (Details) - Retained Earnings - USD ($) $ in Millions | Apr. 01, 2019 | Jan. 01, 2019 | Apr. 01, 2018 | Jan. 01, 2018 | |
Retained Earnings Adjustments [Line Items] | |||||
Cumulative adjustments for accounting changes | [1] | $ 0 | $ 63 | $ 0 | $ 306 |
Accounting Standards Update 2018-11 | |||||
Retained Earnings Adjustments [Line Items] | |||||
Cumulative adjustments for accounting changes | $ 63 | ||||
Accounting Standards Update 2014-09 | |||||
Retained Earnings Adjustments [Line Items] | |||||
Cumulative adjustments for accounting changes | (32) | ||||
Accounting Standards Update 2017-12 | |||||
Retained Earnings Adjustments [Line Items] | |||||
Cumulative adjustments for accounting changes | (99) | ||||
Accounting Standards Update 2018-02 | |||||
Retained Earnings Adjustments [Line Items] | |||||
Cumulative adjustments for accounting changes | 443 | ||||
Accounting Standards Update, Others | |||||
Retained Earnings Adjustments [Line Items] | |||||
Cumulative adjustments for accounting changes | $ (6) | ||||
[1] | Cumulative adjustments for accounting changes relate to the adoption of certain accounting updates during the current and prior year periods. See Notes 2 and 14 for further information. |
Earnings per Common Share - Sum
Earnings per Common Share - Summary (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Earnings applicable to Morgan Stanley common shareholders | $ 2,031 | $ 2,267 | $ 4,367 | $ 4,842 |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||||
Weighted average common shares outstanding (shares) | 1,634 | 1,720 | 1,646 | 1,730 |
Earnings per basic common share (USD per share) | $ 1.24 | $ 1.32 | $ 2.65 | $ 2.80 |
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | ||||
Weighted average common shares outstanding (shares) | 1,634 | 1,720 | 1,646 | 1,730 |
Effect of dilutive RSUs and PSUs (shares) | 21 | 28 | 20 | 30 |
Weighted average common shares outstanding and common stock equivalents (shares) | 1,655 | 1,748 | 1,666 | 1,760 |
Earnings per diluted common share (USD per share) | $ 1.23 | $ 1.30 | $ 2.62 | $ 2.75 |
Weighted average antidilutive RSUs (excluded from the computation of diluted EPS) (shares) | 0 | 1 | 3 | 1 |
Interest Income and Interest _3
Interest Income and Interest Expense - Summary (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income | ||||
Investment securities | $ 509 | $ 417 | $ 984 | $ 841 |
Loans | 1,196 | 1,074 | 2,391 | 2,012 |
Securities purchased under agreements to resell and Securities borrowed | 1,047 | 366 | 1,994 | 581 |
Trading assets, net of Trading liabilities | 747 | 576 | 1,460 | 1,116 |
Customer receivables and Other | 1,007 | 861 | 1,967 | 1,604 |
Total interest income | 4,506 | 3,294 | 8,796 | 6,154 |
Interest expense | ||||
Deposits | 493 | 273 | 955 | 432 |
Borrowings | 1,342 | 1,258 | 2,722 | 2,396 |
Securities sold under agreements to repurchase and Securities loaned | 735 | 446 | 1,335 | 848 |
Customer payables and Other | 907 | 411 | 1,741 | 597 |
Total interest expense | 3,477 | 2,388 | 6,753 | 4,273 |
Net interest | $ 1,029 | $ 906 | $ 2,043 | $ 1,881 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Recurring-type discrete tax benefit associated with employee share-based payments | $ 20 | $ 127 |
Net discrete tax benefits primarily associated with the remeasurement of reserves and related interest | $ 101 |
Segment, Geographic and Reven_3
Segment, Geographic and Revenue Information - Selected Financial Information by Business Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information | ||||
Investment banking | $ 1,590 | $ 1,793 | $ 2,832 | $ 3,427 |
Trading | 2,732 | 3,293 | 6,173 | 7,063 |
Investments | 441 | 147 | 714 | 273 |
Commissions and fees | 979 | 1,039 | 1,945 | 2,212 |
Asset management | 3,220 | 3,189 | 6,269 | 6,381 |
Other | 253 | 243 | 554 | 450 |
Total non-interest revenues | 9,215 | 9,704 | 18,487 | 19,806 |
Interest income | 4,506 | 3,294 | 8,796 | 6,154 |
Interest expense | 3,477 | 2,388 | 6,753 | 4,273 |
Net interest | 1,029 | 906 | 2,043 | 1,881 |
Net revenues | 10,244 | 10,610 | 20,530 | 21,687 |
Income from continuing operations before income taxes | 2,903 | 3,109 | 5,858 | 6,529 |
Provision for income taxes | 657 | 640 | 1,144 | 1,354 |
Income from continuing operations | 2,246 | 2,469 | 4,714 | 5,175 |
Income (loss) from discontinued operations, net of income taxes | 0 | (2) | 0 | (4) |
Net income | 2,246 | 2,467 | 4,714 | 5,171 |
Net income (loss) applicable to noncontrolling interests | 45 | 30 | 84 | 66 |
Net income applicable to Morgan Stanley | 2,201 | 2,437 | 4,630 | 5,105 |
Segment Reporting Information, Additional Information [Abstract] | ||||
Revenues to be recorded in the remainder of 2019 | 94 | 94 | ||
Revenues to be recorded in 2020 | 119 | 119 | ||
Annual revenues to be recorded thereafter through 2035 | 10 | 10 | ||
Revenue recognized in the current period, where some or all services were performed in prior periods | 725 | $ 862 | 1,344 | $ 1,628 |
Minimum | ||||
Segment Reporting Information, Additional Information [Abstract] | ||||
Annual revenues to be recorded in 2021 through 2025 | 40 | 40 | ||
Maximum | ||||
Segment Reporting Information, Additional Information [Abstract] | ||||
Annual revenues to be recorded in 2021 through 2025 | $ 75 | $ 75 | ||
Accounting Standards Update 2014-09 | ||||
Segment Reporting Information, Additional Information [Abstract] | ||||
Proportion of Investment banking revenue determined under the Revenue from Contracts with Customers accounting update | 90.00% | 85.00% | 90.00% | 85.00% |
I/E | ||||
Segment Reporting Information | ||||
Investment banking | $ (19) | $ (20) | $ (37) | $ (39) |
Trading | 13 | 14 | 25 | 27 |
Investments | 0 | 0 | 0 | 0 |
Commissions and fees | (74) | (77) | (135) | (146) |
Asset management | (39) | (37) | (75) | (76) |
Other | (1) | (2) | (5) | (4) |
Total non-interest revenues | (120) | (122) | (227) | (238) |
Interest income | (137) | (238) | (320) | (463) |
Interest expense | (141) | (240) | (328) | (466) |
Net interest | 4 | 2 | 8 | 3 |
Net revenues | (116) | (120) | (219) | (235) |
Income from continuing operations before income taxes | (2) | 0 | (4) | 0 |
Provision for income taxes | (1) | 0 | (1) | 0 |
Income from continuing operations | (1) | 0 | (3) | 0 |
Income (loss) from discontinued operations, net of income taxes | 0 | 0 | ||
Net income | (1) | 0 | (3) | 0 |
Net income (loss) applicable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income applicable to Morgan Stanley | (1) | 0 | (3) | 0 |
IS | Operating Segments | ||||
Segment Reporting Information | ||||
Investment banking | 1,472 | 1,699 | 2,623 | 3,212 |
Trading | 2,558 | 3,128 | 5,688 | 6,771 |
Investments | 194 | 89 | 275 | 138 |
Commissions and fees | 625 | 674 | 1,246 | 1,418 |
Asset management | 103 | 102 | 210 | 212 |
Other | 143 | 168 | 365 | 304 |
Total non-interest revenues | 5,095 | 5,860 | 10,407 | 12,055 |
Interest income | 3,289 | 2,195 | 6,345 | 3,999 |
Interest expense | 3,271 | 2,341 | 6,443 | 4,240 |
Net interest | 18 | (146) | (98) | (241) |
Net revenues | 5,113 | 5,714 | 10,309 | 11,814 |
Income from continuing operations before income taxes | 1,463 | 1,812 | 3,058 | 3,924 |
Provision for income taxes | 324 | 323 | 514 | 772 |
Income from continuing operations | 1,139 | 1,489 | 2,544 | 3,152 |
Income (loss) from discontinued operations, net of income taxes | (2) | (4) | ||
Net income | 1,139 | 1,487 | 2,544 | 3,148 |
Net income (loss) applicable to noncontrolling interests | 18 | 30 | 52 | 64 |
Net income applicable to Morgan Stanley | 1,121 | 1,457 | 2,492 | 3,084 |
IS | Operating Segments | Advisory | ||||
Segment Reporting Information | ||||
Investment banking | 506 | 618 | 912 | 1,192 |
IS | Operating Segments | Underwriting | ||||
Segment Reporting Information | ||||
Investment banking | 966 | 1,081 | 1,711 | 2,020 |
WM | Operating Segments | ||||
Segment Reporting Information | ||||
Investment banking | 138 | 114 | 247 | 254 |
Trading | 162 | 135 | 464 | 244 |
Investments | 0 | 3 | 1 | 3 |
Commissions and fees | 428 | 442 | 834 | 940 |
Asset management | 2,544 | 2,514 | 4,905 | 5,009 |
Other | 120 | 74 | 200 | 137 |
Total non-interest revenues | 3,392 | 3,282 | 6,651 | 6,587 |
Interest income | 1,348 | 1,320 | 2,761 | 2,600 |
Interest expense | 332 | 277 | 615 | 488 |
Net interest | 1,016 | 1,043 | 2,146 | 2,112 |
Net revenues | 4,408 | 4,325 | 8,797 | 8,699 |
Income from continuing operations before income taxes | 1,243 | 1,157 | 2,431 | 2,317 |
Provision for income taxes | 290 | 281 | 554 | 527 |
Income from continuing operations | 953 | 876 | 1,877 | 1,790 |
Income (loss) from discontinued operations, net of income taxes | 0 | 0 | ||
Net income | 953 | 876 | 1,877 | 1,790 |
Net income (loss) applicable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income applicable to Morgan Stanley | 953 | 876 | 1,877 | 1,790 |
IM | Operating Segments | ||||
Segment Reporting Information | ||||
Investment banking | (1) | 0 | (1) | 0 |
Trading | (1) | 16 | (4) | 21 |
Investments | 247 | 55 | 438 | 132 |
Commissions and fees | 0 | 0 | 0 | 0 |
Asset management | 612 | 610 | 1,229 | 1,236 |
Other | (9) | 3 | (6) | 13 |
Total non-interest revenues | 848 | 684 | 1,656 | 1,402 |
Interest income | 6 | 17 | 10 | 18 |
Interest expense | 15 | 10 | 23 | 11 |
Net interest | (9) | 7 | (13) | 7 |
Net revenues | 839 | 691 | 1,643 | 1,409 |
Income from continuing operations before income taxes | 199 | 140 | 373 | 288 |
Provision for income taxes | 44 | 36 | 77 | 55 |
Income from continuing operations | 155 | 104 | 296 | 233 |
Income (loss) from discontinued operations, net of income taxes | 0 | 0 | ||
Net income | 155 | 104 | 296 | 233 |
Net income (loss) applicable to noncontrolling interests | 27 | 0 | 32 | 2 |
Net income applicable to Morgan Stanley | $ 128 | $ 104 | $ 264 | $ 231 |
Segment, Geographic and Reven_4
Segment, Geographic and Revenue Information - Assets by Business Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Segment Reporting Information | ||
Assets | $ 891,959 | $ 853,531 |
Solium Capital, Inc. | ||
Segment Reporting Information | ||
Goodwill acquired during period | 469 | |
Intangible assets acquired during period | 268 | |
Institutional Securities | ||
Segment Reporting Information | ||
Assets | 696,748 | 646,427 |
Wealth Management | ||
Segment Reporting Information | ||
Assets | 189,811 | 202,392 |
Investment Management | ||
Segment Reporting Information | ||
Assets | $ 5,400 | $ 4,712 |
Segment, Geographic and Reven_5
Segment, Geographic and Revenue Information - Additional Information - Investment Management (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | |||||
Net cumulative unrealized carried interest at risk of reversing | $ 540 | $ 540 | $ 434 | ||
Fee waivers | $ 10 | $ 16 | $ 21 | $ 34 |
Segment, Geographic and Reven_6
Segment, Geographic and Revenue Information - Net Revenues by Region (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information | ||||
Net revenues | $ 10,244 | $ 10,610 | $ 20,530 | $ 21,687 |
Americas | ||||
Segment Reporting Information | ||||
Net revenues | 7,526 | 7,614 | 14,847 | 15,632 |
EMEA | ||||
Segment Reporting Information | ||||
Net revenues | 1,576 | 1,829 | 3,278 | 3,537 |
Asia | ||||
Segment Reporting Information | ||||
Net revenues | $ 1,142 | $ 1,167 | $ 2,405 | $ 2,518 |
Segment, Geographic and Reven_7
Segment, Geographic and Revenue Information - Trading Revenues by Product Type (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue | ||||
Trading revenues | $ 2,732 | $ 3,293 | $ 6,173 | $ 7,063 |
Interest rate | ||||
Disaggregation of Revenue | ||||
Trading revenues | 604 | 781 | 1,389 | 1,652 |
Foreign exchange | ||||
Disaggregation of Revenue | ||||
Trading revenues | 73 | 138 | 314 | 399 |
Equity security and index | ||||
Disaggregation of Revenue | ||||
Trading revenues | 1,478 | 1,785 | 2,929 | 3,661 |
Commodity and other | ||||
Disaggregation of Revenue | ||||
Trading revenues | 264 | 358 | 686 | 794 |
Credit | ||||
Disaggregation of Revenue | ||||
Trading revenues | $ 313 | $ 231 | $ 855 | $ 557 |
Segment, Geographic and Reven_8
Segment, Geographic and Revenue Information - Receivables from Contracts with Customers (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Segment Reporting [Abstract] | ||
Customer and other receivables | $ 2,536 | $ 2,308 |