Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 07, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Central Index Key | 0000886982 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | GOLDMAN SACHS GROUP INC | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 345,672,769 | ||
Entity File Number | 001-14965 | ||
Entity Tax Identification Number | 13-4019460 | ||
Entity Current Reporting Status | Yes | ||
Entity Address, Address Line One | 200 West Street | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10282 | ||
City Area Code | 212 | ||
Local Phone Number | 902-1000 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Public Float | $ 73.4 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common stock, par value $.01 per share | ||
Trading Symbol | GS | ||
Security Exchange Name | NYSE | ||
Series A Floating Rate Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | ||
Trading Symbol | GS PrA | ||
Security Exchange Name | NYSE | ||
Series C Floating Rate Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | ||
Trading Symbol | GS PrC | ||
Security Exchange Name | NYSE | ||
Series D Floating Rate Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | ||
Trading Symbol | GS PrD | ||
Security Exchange Name | NYSE | ||
Series J 5.50% Fixed-to-Floating Rate Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | ||
Trading Symbol | GS PrJ | ||
Security Exchange Name | NYSE | ||
Series K 6.375% Fixed-to-Floating Rate Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | ||
Trading Symbol | GS PrK | ||
Security Exchange Name | NYSE | ||
Series N 6.30% Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, Each Representing 1/1,000th Interest in a Share | ||
Trading Symbol | GS PrN | ||
Security Exchange Name | NYSE | ||
5.793% Fixed-to-Floating Rate Normal APEX [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II | ||
Trading Symbol | GS/43PE | ||
Security Exchange Name | NYSE | ||
Floating Rate Normal APEX [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III | ||
Trading Symbol | GS/43PF | ||
Security Exchange Name | NYSE | ||
Series A Medium Term Notes Index-Linked Notes due 2037 of GS Finance Corp. [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Medium-Term Notes | ||
Trading Symbol | GCE | ||
Security Exchange Name | NYSEArca | ||
Series B Medium Term Notes Index-Linked Notes due 2037 [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Medium-Term Notes | ||
Trading Symbol | GSC | ||
Security Exchange Name | NYSEArca | ||
Series E Medium Term Notes Index-Linked Notes due 2028 of GS Finance Corp. [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Medium-Term Notes | ||
Trading Symbol | FRLG | ||
Security Exchange Name | NYSEArca |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Investment banking | $ 6,798 | $ 7,430 | $ 7,076 |
Investment management | 6,189 | 6,590 | 5,867 |
Commissions and fees | 2,988 | 3,199 | 3,051 |
Market making | 10,157 | 9,724 | 7,853 |
Other principal transactions | 6,052 | 5,906 | 5,951 |
Total non-interest revenues | 32,184 | 32,849 | 29,798 |
Interest income | 21,738 | 19,679 | 13,113 |
Interest expense | 17,376 | 15,912 | 10,181 |
Net interest income | 4,362 | 3,767 | 2,932 |
Total net revenues | 36,546 | 36,616 | 32,730 |
Provision for credit losses | 1,065 | 674 | 657 |
Operating expenses | |||
Compensation and benefits | 12,353 | 12,328 | 11,653 |
Brokerage, clearing, exchange and distribution fees | 3,252 | 3,200 | 2,876 |
Market development | 739 | 740 | 588 |
Communications and technology | 1,167 | 1,023 | 897 |
Depreciation and amortization | 1,704 | 1,328 | 1,152 |
Occupancy | 1,029 | 809 | 733 |
Professional fees | 1,316 | 1,214 | 1,165 |
Other expenses | 3,338 | 2,819 | 1,877 |
Total operating expenses | 24,898 | 23,461 | 20,941 |
Pre-tax earnings | 10,583 | 12,481 | 11,132 |
Provision for taxes | 2,117 | 2,022 | 6,846 |
Net earnings | 8,466 | 10,459 | 4,286 |
Preferred stock dividends | 569 | 599 | 601 |
Net earnings applicable to common shareholders | $ 7,897 | $ 9,860 | $ 3,685 |
Earnings per common share | |||
Basic | $ 21.18 | $ 25.53 | $ 9.12 |
Diluted | $ 21.03 | $ 25.27 | $ 9.01 |
Average common shares | |||
Basic | 371.6 | 385.4 | 401.6 |
Diluted | 375.5 | 390.2 | 409.1 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 8,466 | $ 10,459 | $ 4,286 |
Other comprehensive income/(loss) adjustments, net of tax: | |||
Currency translation | 5 | 4 | 22 |
Debt valuation adjustment | (2,079) | 2,553 | (807) |
Pension and postretirement liabilities | (261) | 119 | 130 |
Available-for-sale securities | 158 | (103) | (9) |
Other comprehensive income/(loss) | (2,177) | 2,573 | (664) |
Comprehensive income | $ 6,289 | $ 13,032 | $ 3,622 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 133,546 | $ 130,547 |
Collateralized agreements: | ||
Securities purchased under agreements to resell (includes $85,691 and $139,220 at fair value) | 85,691 | 139,258 |
Securities borrowed (includes $26,279 and $23,142 at fair value) | 136,071 | 135,285 |
Customer and other receivables (includes $53 and $160 at fair value) | 74,605 | 72,455 |
Trading assets (at fair value and includes $66,605 and $47,371 pledged as collateral) | 355,332 | 280,195 |
Investments (includes $57,827 and $45,579 at fair value, and $10,968 and $7,710 pledged as collateral) | 63,937 | 47,224 |
Loans (includes $14,386 and $13,416 at fair value) | 108,904 | 97,837 |
Other assets | 34,882 | 28,995 |
Total assets | 992,968 | 931,796 |
Liabilities and shareholders' equity | ||
Deposits (includes $17,765 and $21,060 at fair value) | 190,019 | 158,257 |
Collateralized financings: | ||
Securities sold under agreements to repurchase (at fair value) | 117,756 | 78,723 |
Securities loaned (includes $714 and $3,241 at fair value) | 14,985 | 11,808 |
Other secured financings (includes $18,071 and $20,904 at fair value) | 19,277 | 21,433 |
Customer and other payables | 174,817 | 180,235 |
Trading liabilities (at fair value) | 108,835 | 108,897 |
Unsecured short-term borrowings (includes $26,007 and $16,963 at fair value) | 48,287 | 40,502 |
Unsecured long-term borrowings (includes $43,661 and $46,584 at fair value) | 207,076 | 224,149 |
Other liabilities (includes $150 and $132 at fair value) | 21,651 | 17,607 |
Total liabilities | 902,703 | 841,611 |
Commitments, contingencies and guarantees | ||
Shareholders' equity | ||
Preferred stock; aggregate liquidation preference of $11,203 and $11,203 | 11,203 | 11,203 |
Common stock; 896,782,650 and 891,356,284 shares issued, and 347,343,184 and 367,741,973 shares outstanding | 9 | 9 |
Share-based awards | 3,195 | 2,845 |
Nonvoting common stock; no shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 54,883 | 54,005 |
Retained earnings | 106,465 | 100,100 |
Accumulated other comprehensive income/(loss) | (1,484) | 693 |
Stock held in treasury, at cost; 549,439,468 and 523,614,313 shares | (84,006) | (78,670) |
Total shareholders' equity | 90,265 | 90,185 |
Total liabilities and shareholders' equity | $ 992,968 | $ 931,796 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Securities purchased under agreements to resell and federal funds sold at fair value | $ 85,691 | $ 139,220 |
Securities borrowed at fair value | 26,279 | 23,142 |
Customer and other receivables at fair value | 53 | 160 |
Trading assets, at fair value pledged as collateral | 66,605 | 47,371 |
Investment at fair value | 57,827 | 45,579 |
Investment at pledged collateral | 10,968 | 7,710 |
Loans receivable at fair value | 14,386 | 13,416 |
Deposits at fair value | 17,765 | 21,060 |
Securities loaned at fair value | 714 | 3,241 |
Other secured financings at fair value | 18,071 | 20,904 |
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, at fair value | 26,007 | 16,963 |
Unsecured long-term borrowings at fair value | 43,661 | 46,584 |
Other liabilities and accrued expenses at fair value | 150 | 132 |
Preferred stock, liquidation preference | $ 11,203 | $ 11,203 |
Common stock, shares issued | 896,782,650 | 891,356,284 |
Common stock, shares outstanding | 347,343,184 | 367,741,973 |
Treasury stock, shares | 549,439,468 | 523,614,313 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member] | Share-Based Awards [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Stock Held in Treasury, at Cost [Member] |
Beginning balance at Dec. 31, 2016 | $ 11,203 | $ 9 | $ 3,914 | $ 52,638 | $ 89,039 | $ (1,216) | $ (68,694) | |
Beginning balance (Accounting Standards Update 2016-09 [Member]) at Dec. 31, 2016 | 3,949 | 89,015 | ||||||
Repurchased | $ (6,721) | (6,721) | ||||||
Issued | 1,500 | 0 | ||||||
Redeemed | (850) | |||||||
Cumulative effect of change in accounting principle for forfeiture of share-based awards | Accounting Standards Update 2016-09 [Member] | 35 | |||||||
Cumulative effect of change in accounting principle for forfeiture of share-based awards, net of tax | Accounting Standards Update 2016-09 [Member] | (24) | |||||||
Issuance and amortization of share-based awards | 1,810 | |||||||
Delivery of common stock underlying share-based awards | (2,704) | 2,934 | ||||||
Forfeiture of share-based awards | (89) | |||||||
Exercise of share-based awards | (189) | |||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (2,220) | |||||||
Preferred stock issuance costs, net of reversals upon redemption | 8 | |||||||
Cash settlement of share-based awards | (3) | |||||||
Net earnings | 4,286 | 4,286 | ||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (1,181) | |||||||
Dividends declared on preferred stock | (587) | (587) | ||||||
Preferred stock redemption premium | (14) | |||||||
Other comprehensive income/(loss) | (664) | (664) | ||||||
Reissued | 34 | |||||||
Other | (11) | |||||||
Ending balance at Dec. 31, 2017 | 82,243 | 11,853 | 9 | 2,777 | 53,357 | 91,519 | (1,880) | (75,392) |
Ending balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2017 | 91,466 | |||||||
Ending balance (Accounting Standards Update 2016-09 [Member]) at Dec. 31, 2017 | 2,777 | |||||||
Repurchased | (3,294) | (3,294) | ||||||
Issued | 0 | |||||||
Redeemed | (650) | |||||||
Cumulative effect of change in accounting principle for revenue recognition from contracts with clients, net of tax | Accounting Standards Update 2014-09 [Member] | (53) | |||||||
Issuance and amortization of share-based awards | 1,355 | |||||||
Delivery of common stock underlying share-based awards | (1,175) | 1,751 | ||||||
Forfeiture of share-based awards | (80) | |||||||
Exercise of share-based awards | (32) | |||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (1,118) | |||||||
Preferred stock issuance costs, net of reversals upon redemption | 15 | |||||||
Net earnings | 10,459 | 10,459 | ||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (1,226) | |||||||
Dividends declared on preferred stock | (584) | (584) | ||||||
Preferred stock redemption premium | (15) | |||||||
Other comprehensive income/(loss) | 2,573 | 2,573 | ||||||
Reissued | 21 | |||||||
Other | (5) | |||||||
Ending balance at Dec. 31, 2018 | 90,185 | 11,203 | 9 | 2,845 | 54,005 | 100,100 | 693 | (78,670) |
Ending balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018 | 100,112 | |||||||
Ending balance (Accounting Standards Update 2016-09 [Member]) at Dec. 31, 2018 | 2,845 | |||||||
Repurchased | (5,335) | (5,335) | ||||||
Issued | 1,100 | 0 | ||||||
Redeemed | (1,100) | |||||||
Cumulative effect of change in accounting principle for forfeiture of share-based awards | Accounting Standards Update 2016-09 [Member] | 0 | |||||||
Cumulative effect of change in accounting principle for leases, net of tax | Accounting Standards Update 2016-09 [Member] | 12 | |||||||
Issuance and amortization of share-based awards | 2,073 | |||||||
Delivery of common stock underlying share-based awards | (1,623) | 1,617 | ||||||
Forfeiture of share-based awards | (100) | |||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (743) | |||||||
Preferred stock issuance costs, net of reversals upon redemption | 4 | |||||||
Net earnings | 8,466 | 8,466 | ||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (1,544) | |||||||
Dividends declared on preferred stock | (560) | (560) | ||||||
Preferred stock redemption premium | (9) | |||||||
Other comprehensive income/(loss) | (2,177) | (2,177) | ||||||
Reissued | 12 | |||||||
Other | (13) | |||||||
Ending balance at Dec. 31, 2019 | $ 90,265 | $ 11,203 | $ 9 | $ 3,195 | $ 54,883 | $ 106,465 | $ (1,484) | $ (84,006) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net earnings | $ 8,466 | $ 10,459 | $ 4,286 |
Adjustments to reconcile net earnings to net cash provided by/(used for) operating activities: | |||
Depreciation and amortization | 1,704 | 1,328 | 1,152 |
Deferred income taxes | (334) | (2,645) | 5,458 |
Share-based compensation | 2,018 | 1,831 | 1,769 |
Gain related to extinguishment of unsecured borrowings | (20) | (160) | (114) |
Provision for credit losses | 1,065 | 674 | 657 |
Changes in operating assets and liabilities: | |||
Customer and other receivables and payables, net | (7,693) | 6,416 | (26,981) |
Collateralized transactions (excluding other secured financings), net | 94,991 | 28,147 | 10,025 |
Trading assets | (68,682) | (23,652) | (9,586) |
Trading liabilities | (231) | (3,670) | (5,296) |
Loans held for sale, net | (1,458) | 442 | (2,385) |
Other, net | (5,958) | (2,606) | 526 |
Net cash provided by/(used for) operating activities | 23,868 | 16,564 | (20,489) |
Cash flows from investing activities | |||
Purchase of property, leasehold improvements and equipment | (8,443) | (7,982) | (3,184) |
Proceeds from sales of property, leasehold improvements and equipment | 6,632 | 3,711 | 574 |
Net cash used for business acquisitions | (803) | (162) | (2,383) |
Purchase of investments | (29,773) | (9,418) | (17,381) |
Proceeds from sales and paydowns of investments | 17,812 | 8,095 | 13,031 |
Loans, net (excluding loans held for sale) | (9,661) | (13,064) | (17,034) |
Net cash used for investing activities | (24,236) | (18,820) | (26,377) |
Cash flows from financing activities | |||
Unsecured short-term borrowings, net | 14 | 2,337 | (501) |
Other secured financings (short-term), net | (2,050) | 586 | (405) |
Proceeds from issuance of other secured financings (long-term) | 7,257 | 4,996 | 7,401 |
Repayment of other secured financings (long-term), including the current portion | (7,468) | (9,482) | (4,726) |
Purchase of Trust Preferred securities | (206) | (35) | (237) |
Proceeds from issuance of unsecured long-term borrowings | 22,381 | 45,927 | 58,347 |
Repayment of unsecured long-term borrowings, including the current portion | (43,936) | (37,243) | (30,748) |
Derivative contracts with a financing element, net | 3,952 | 2,294 | 1,684 |
Deposits, net | 31,214 | 20,206 | 14,506 |
Preferred stock redemption | (1,100) | (650) | (850) |
Common stock repurchased | (5,335) | (3,294) | (6,772) |
Settlement of share-based awards in satisfaction of withholding tax requirements | (745) | (1,118) | (2,223) |
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | (2,104) | (1,810) | (1,769) |
Proceeds from issuance of preferred stock, net of issuance costs | 1,098 | 1,495 | |
Proceeds from issuance of common stock, including exercise of share-based awards | 38 | 7 | |
Cash settlement of share-based awards | (3) | ||
Other financing, net | 395 | ||
Net cash provided by financing activities | 3,367 | 22,752 | 35,206 |
Net increase/(decrease) in cash and cash equivalents | 2,999 | 20,496 | (11,660) |
Cash and cash equivalents, beginning balance | 130,547 | 110,051 | 121,711 |
Cash and cash equivalents, ending balance | 133,546 | 130,547 | 110,051 |
Supplemental disclosures: | |||
Cash payments for interest, net of capitalized interest | 18,645 | 16,721 | 11,174 |
Cash payments for income taxes, net | $ 1,266 | $ 1,271 | $ 1,425 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Note 1. Description of Business The Goldman Sachs Group, Inc. (Group Inc. or parent company), a Delaware corporation, together with its consolidated subsidiaries (collectively, the firm), is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. Commencing with the fourth quarter of 2019, the firm began reporting its activities in the following four business segments consistent with how the firm’s activities are now managed: Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management. Prior periods are presented on a comparable basis. Investment Banking The firm provides a broad range of investment banking services to a diverse group of corporations, financial institutions, investment funds and governments. Services include strategic advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, restructurings and spin-offs, and equity and debt underwriting of public offerings and private placements. The firm also provides lending to corporate clients, including middle-market lending, relationship lending and acquisition financing. Global Markets The firm facilitates client transactions and makes markets in fixed income, equity, currency and commodity products with institutional clients, such as corporations, financial institutions, investment funds and governments. The firm also makes markets in and clears institutional client transactions on major stock, options and futures exchanges worldwide and provides prime brokerage and other equities financing activities, including securities lending, margin lending and swaps. The firm also provides financing to clients through repurchase agreements, as well as through structured credit, warehouse and asset-backed lending. Asset Management The firm manages assets and offers investment products (primarily through separately managed accounts and commingled vehicles, such as mutual funds and private investment funds) across all major asset classes to a diverse set of institutional clients and a network of third-party distributors around the world. The firm makes equity investments, which includes alternative investing activities related to public and private equity investments in corporate, real estate and infrastructure entities, as well as investments through consolidated investment entities, substantially all of which are engaged in real estate investment activities. The firm also provides financing related to its asset management businesses, including investments in debt securities and loans backed by real estate. Consumer & Wealth Management The firm provides investing and wealth advisory solutions, including financial planning and counseling, executing brokerage transactions and managing assets for individuals in its wealth management business. The firm also provides loans and accepts deposits through its consumer banking digital platform, Marcus by Goldman Sachs |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 2. Basis of Presentation These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the accounts of Group Inc. and all other entities in which the firm has a controlling financial interest. Intercompany transactions and balances have been eliminated. All references to 2019, 2018 and 2017 refer to the firm’s years ended, or the dates, as the context requires, December 31, 2019, December 31, 2018 and December 31, 2017, respectively. Any reference to a future year refers to a year ending on December 31 of that year. Beginning in the fourth quarter of 2019 and concurrent with the changes to business segments, the firm changed its balance sheet presentation to better reflect the nature of the firm’s activities. The primary changes include the elimination of the financial instruments owned and financial instruments sold, but not yet purchased line items, the introduction of new line items for trading assets, trading liabilities and investments , Reclassifications have been made to previously reported amounts to conform to the current presentation. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 3. Significant Accounting Policies The firm’s significant accounting policies include when and how to measure the fair value of assets and liabilities, measuring the allowance for credit losses on loans and lending commitments accounted for at amortized cost, and when to consolidate an entity. See Note 4 for policies on fair value measurements, Note 9 for policies on the allowance for credit losses, and below and Note 17 for policies on consolidation accounting. All other significant accounting policies are either described below or included in the following footnotes: Fair Value Measurements Note 4 Trading Assets and Liabilities Note 5 Trading Cash Instruments Note 6 Derivatives and Hedging Activities Note 7 Investments Note 8 Loans Note 9 Fair Value Option Note 10 Collateralized Agreements and Financings Note 11 Other Assets Note 12 Deposits Note 13 Unsecured Borrowings Note 14 Other Liabilities Note 15 Securitization Activities Note 16 Variable Interest Entities Note 17 Commitments, Contingencies and Guarantees Note 18 Shareholders’ Equity Note 19 Regulation and Capital Adequacy Note 20 Earnings Per Common Share Note 21 Transactions with Affiliated Funds Note 22 Interest Income and Interest Expense Note 23 Income Taxes Note 24 Business Segments Note 25 Credit Concentrations Note 26 Legal Proceedings Note 27 Employee Benefit Plans Note 28 Employee Incentive Plans Note 29 Parent Company Note 30 Consolidation The firm consolidates entities in which the firm has a controlling financial interest. The firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (VIE). Voting Interest Entities. Variable Interest Entities. Equity-Method Investments. in-substance In certain cases, the firm applies the equity method of accounting to new investments that are strategic in nature or closely related to the firm’s principal business activities, when the firm has a significant degree of involvement in the cash flows or operations of the investee or when cost-benefit considerations are less significant. See Note 8 for further information about equity-method investments. Investment Funds. Use of Estimates Preparation of these consolidated financial statements requires management to make certain estimates and assumptions, the most important of which relate to fair value measurements, the allowance for credit losses on loans and lending commitments accounted for at amortized cost, accounting for goodwill and identifiable intangible assets, provisions for losses that may arise from litigation and regulatory proceedings (including governmental investigations), and provisions for losses that may arise from tax audits. These estimates and assumptions are based on the best available information but actual results could be materially different. Revenue Recognition Financial Assets and Liabilities at Fair Value. gains or losses are generally included Revenue from Contracts with Clients. 2014-09, Revenues from contracts with clients subject to this ASU represent approximately 45% of total non-interest non-interest Investment Banking Advisory. Non-refundable Expenses associated with financial advisory assignments are recognized when incurred and are included in other expenses. Client reimbursements for such expenses are included in investment banking revenues. Underwriting. Expenses associated with underwriting assignments are generally deferred until the related revenue is recognized or the assignment is otherwise concluded. Such expenses are included in other expenses. Investment Management The firm earns management fees and incentive fees for investment management services, which are included in investment management revenues. The firm makes payments to brokers and advisors related to the placement of the firm’s investment funds (distribution fees), which are included in brokerage, clearing, exchange and distribution fees. Management Fees. month-end Distribution fees paid by the firm are calculated based on either a percentage of the management fee, the investment fund’s net asset value or the committed capital. Such fees are included in brokerage, clearing, exchange and distribution fees. Incentive Fees. Incentive fees earned from a fund or separately managed account are recognized when it is probable that a significant reversal of such fees will not occur, which is generally when such fees are no longer subject to fluctuations in the market value of investments held by the fund or separately managed account. Therefore, incentive fees recognized during the period may relate to performance obligations satisfied in previous periods. Commissions and Fees The firm earns commissions and fees from executing and clearing client transactions on stock, options and futures markets, as well as over-the-counter Remaining Performance Obligations Remaining performance obligations are services that the firm has committed to perform in the future in connection with its contracts with clients. The firm’s remaining performance obligations are generally related to its financial advisory assignments and certain investment management activities. Revenues associated with remaining performance obligations relating to financial advisory assignments cannot be determined until the outcome of the transaction. For the firm’s investment management activities, where fees are calculated based on the net asset value of the fund or separately managed account, future revenues associated with such remaining performance obligations cannot be determined as such fees are subject to fluctuations in the market value of investments held by the fund or separately managed account. The firm is able to determine the future revenues associated with management fees calculated based on committed capital. As of December 2019, substantially all future net revenues associated with such remaining performance obligations will be recognized through 2026. Annual revenues associated with such performance obligations average less than $250 million through 2026. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when the firm has relinquished control over the assets transferred. For transfers of financial assets accounted for as sales, any gains or losses are recognized in net revenues. Assets or liabilities that arise from the firm’s continuing involvement with transferred financial assets are initially recognized at fair value. For transfers of financial assets that are not accounted for as sales, the assets are generally included in trading assets and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. See Note 11 for further information about transfers of financial assets accounted for as collateralized financings and Note 16 for further information about transfers of financial assets accounted for as sales. Cash and Cash Equivalents The firm defines cash equivalents as highly liquid overnight deposits held in the ordinary course of business. Cash and cash equivalents included cash and due from banks of $12.57 billion as of December 2019 and $10.66 billion as of December 2018. Cash and cash equivalents also included interest-bearing deposits with banks of $120.98 billion as of December 2019 and $119.89 billion as of December 2018. The firm segregates cash for regulatory and other purposes related to client activity. Cash and cash equivalents segregated for regulatory and other purposes were $22.78 billion as of December 2019 and $23.14 billion as of December 2018. In addition, the firm segregates securities for regulatory and other purposes related to client activity. See Note 11 for further information about segregated securities. Customer and Other Receivables Customer and other receivables included receivables from customers and counterparties of $50.90 billion as of December 2019 and $46.95 billion as of December 2018, and receivables from brokers, dealers and clearing organizations of $23.71 billion as of December 2019 and $25.50 billion as of December 2018. Such receivables primarily consist of customer margin loans, receivables resulting from unsettled transactions and collateral posted in connection with certain derivative transactions. Substantially all of these receivables are accounted for at amortized cost net of estimated uncollectible amounts, which generally approximates fair value. As these receivables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these receivables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both December 2019 and December 2018. See Note 10 for further information about customer and other receivables accounted for at fair value under the fair value option. Interest on customer and other receivables is recognized over the life of the transaction and included in interest income. Customer and other receivables includes receivables from contracts with clients and contract assets. Contract assets represent the firm’s right to receive consideration for services provided in connection with its contracts with clients for which collection is conditional and not merely subject to the passage of time. The firm’s receivables from contracts with clients were $2.27 billion as of December 2019 and $1.94 billion as of December 2018. As of both December 2019 and December 2018 contract assets were not material. Customer and Other Payables Customer and other payables included payables to customers and counterparties of $170.21 billion as of December 2019 and $173.99 billion as of December 2018, and payables to brokers, dealers and clearing organizations of $4.61 billion as of December 2019 and $6.24 billion as of December 2018. Such payables primarily consist of customer credit balances related to the firm’s prime brokerage activities. Customer and other payables are accounted for at cost plus accrued interest, which generally approximates fair value. As these payables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these payables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both December 2019 and December 2018. Interest on customer and other payables is recognized over the life of the transaction and included in interest expense. Offsetting Assets and Liabilities To reduce credit exposures on derivatives and securities financing transactions, the firm may enter into master netting agreements or similar arrangements (collectively, netting agreements) with counterparties that permit it to offset receivables and payables with such counterparties. A netting agreement is a contract with a counterparty that permits net settlement of multiple transactions with that counterparty, including upon the exercise of termination rights by a non-defaulting non-defaulting Derivatives are reported on a net-by-counterparty net-by-counterparty In the consolidated balance sheets, derivatives are reported net of cash collateral received and posted under enforceable credit support agreements, when transacted under an enforceable netting agreement. In the consolidated balance sheets, resale and repurchase agreements, and securities borrowed and loaned, are not reported net of the related cash and securities received or posted as collateral. See Note 11 for further information about collateral received and pledged, including rights to deliver or repledge collateral. See Notes 7 and 11 for further information about offsetting assets and liabilities. Foreign Currency Translation Assets and liabilities denominated in non-U.S. non-U.S. Recent Accounting Developments Revenue from Contracts with Customers (ASC 606). 2014-09. The firm adopted this ASU in January 2018 under a modified retrospective approach. As a result of adopting this ASU, the firm, among other things, delays recognition of non-refundable The firm also prospectively changed the presentation of certain costs from a net presentation within revenues to a gross basis, and vice versa. Beginning in 2018, certain underwriting expenses, which were netted against investment banking revenues, and certain distribution fees, which were netted against investment management revenues, are presented gross as operating expenses. Costs incurred in connection with certain soft-dollar arrangements, which were presented gross as operating expenses, are presented net within commissions and fees. Leases (ASC 842). 2016-02, right-of-use right-of-use The firm adopted this ASU in January 2019 under a modified retrospective approach. Upon adoption, in accordance with the ASU, the firm elected to not reassess the lease classification or initial direct costs of existing leases, and to not reassess whether existing contracts contain a lease. In addition, the firm has elected to account for each contract’s lease and non-lease Measurement of Credit Losses on Financial Instruments (ASC 326). 2016-13, The firm adopted this ASU in January 2020 under a modified retrospective approach. As a result of adopting this ASU, the firm’s allowance for credit losses on financial assets and commitments that are measured at amortized cost will reflect management’s estimate of credit losses over the remaining expected life of such assets. Expected credit losses for newly recognized financial assets and commitments, as well as changes to expected credit losses during the period, will be recognized in earnings. These expected credit losses will be measured based on historical experience, current conditions and forecasts that affect the collectability of the reported amount. The cumulative effect of measuring the allowance under CECL as a result of adopting this ASU as of January 1, 2020 was an increase in the allowance for credit losses of $848 million. The increase in the allowance is driven by the fact that the allowance under CECL covers expected credit losses over the full expected life of the loan portfolios and also takes into account forecasts of expected future economic conditions. In addition, in accordance with the ASU, the firm elected the fair value option for loans that were previously accounted for as Purchased Credit Impaired (PCI), which resulted in a decrease to the allowance for PCI loans of $169 million. The cumulative effect of adopting this ASU was a decrease to retained earnings of approximately $640 million (net of tax). Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASC 220). 2018-02, The firm adopted this ASU in January 2019 and did not elect to reclassify the income tax effects of Tax Legislation from accumulated other comprehensive income to retained earnings. Therefore, the adoption of the ASU did not have an impact on the firm’s consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. The firm measures certain financial assets and liabilities as a portfolio (i.e., based on its net exposure to market and/or credit risks). The best evidence of fair value is a quoted price in an active market. If quoted prices in active markets are not available, fair value is determined by reference to prices for similar instruments, quoted prices or recent transactions in less active markets, or internally developed models that primarily use market-based or independently sourced inputs, including, but not limited to, interest rates, volatilities, equity or debt prices, foreign exchange rates, commodity prices, credit spreads and funding spreads (i.e., the spread or difference between the interest rate at which a borrower could finance a given financial instrument relative to a benchmark interest rate). U.S. GAAP has a three-level hierarchy for disclosure of fair value measurements. This hierarchy prioritizes inputs to the valuation techniques used to measure fair value, giving the highest priority to level 1 inputs and the lowest priority to level 3 inputs. A financial instrument’s level in this hierarchy is based on the lowest level of input that is significant to its fair value measurement. In evaluating the significance of a valuation input, the firm considers, among other factors, a portfolio’s net risk exposure to that input. The fair value hierarchy is as follows: Level 1. Level 2. Level 3. The fair values for substantially all of the firm’s financial assets and liabilities are based on observable prices and inputs and are classified in levels 1 and 2 of the fair value hierarchy. Certain level 2 and level 3 financial assets and liabilities may require valuation adjustments that a market participant would require to arrive at fair value for factors, such as counterparty and the firm’s credit quality, funding risk, transfer restrictions, liquidity and bid/offer spreads. Valuation adjustments are generally based on market evidence. The valuation techniques and nature of significant inputs used to determine the fair value of the firm’s financial instruments are described below. See Notes 5 through 10 for further information about significant unobservable inputs used to value level 3 financial instruments. Valuation Techniques and Significant Inputs for Trading Cash Instruments, Investments and Loans Level 1. non-U.S. Level 2. non-U.S. Valuations of level 2 instruments can be verified to quoted prices, recent trading activity for identical or similar instruments, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources. Valuation adjustments are typically made to level 2 instruments (i) if the instrument is subject to transfer restrictions and/or (ii) for other premiums and liquidity discounts that a market participant would require to arrive at fair value. Valuation adjustments are generally based on market evidence. Level 3. Valuation techniques of level 3 instruments vary by instrument, but are generally based on discounted cash flow techniques. The valuation techniques and the nature of significant inputs used to determine the fair values of each type of level 3 instrument are described below: Loans and Securities Backed by Commercial Real Estate Loans and securities backed by commercial real estate are directly or indirectly collateralized by a single property or a portfolio of properties, and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses and include: • Market yields implied by transactions of similar or related assets and/or current levels and changes in market indices, such as the CMBX (an index that tracks the performance of commercial mortgage bonds); • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • A measure of expected future cash flows in a default scenario (recovery rates) implied by the value of the underlying collateral, which is mainly driven by current performance of the underlying collateral and capitalization rates. Recovery rates are expressed as a percentage of notional or face value of the instrument and reflect the benefit of credit enhancements on certain instruments; and • Timing of expected future cash flows (duration) which, in certain cases, may incorporate the impact of other unobservable inputs (e.g., prepayment speeds). Loans and Securities Backed by Residential Real Estate Loans and securities backed by residential real estate are directly or indirectly collateralized by portfolios of residential real estate and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles. Significant inputs include: • Market yields implied by transactions of similar or related assets; • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • Cumulative loss expectations, driven by default rates, home price projections, residential property liquidation timelines, related costs and subsequent recoveries; and • Duration, driven by underlying loan prepayment speeds and residential property liquidation timelines. Corporate Debt Instruments Corporate debt instruments includes corporate loans, debt securities and convertible debentures. Significant inputs for corporate debt instruments are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same or similar issuer for which observable prices or broker quotations are available. Significant inputs include: • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices, such as the CDX (an index that tracks the performance of corporate credit); • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; • Duration; and • Market and transaction multiples for corporate debt instruments with convertibility or participation options. Equity Securities Equity securities consists of private equities. Recent third-party completed or pending transactions (e.g., merger proposals, debt restructurings, tender offers) are considered the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate: • Industry multiples (primarily EBITDA and revenue multiples) and public comparables; • Transactions in similar instruments; • Discounted cash flow techniques; and • Third-party appraisals. The firm also considers changes in the outlook for the relevant industry and financial performance of the issuer as compared to projected performance. Significant inputs include: • Market and transaction multiples; • Discount rates and capitalization rates; and • For equity securities with debt-like features, market yields implied by transactions of similar or related assets, current performance and recovery assumptions, and duration. Other Trading Cash Instruments, Investments and Loans The significant inputs to the valuation of other instruments, such as U.S. and non-U.S. • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices; • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; and • Duration. Valuation Techniques and Significant Inputs for Derivatives The firm’s level 2 and level 3 derivatives are valued using derivative pricing models (e.g., discounted cash flow models, correlation models, and models that incorporate option pricing methodologies, such as Monte Carlo simulations). Price transparency of derivatives can generally be characterized by product type, as described below. • Interest Rate. 10-year 2-year • Credit. • Currency. • Commodity. • Equity. Liquidity is essential to observability of all product types. If transaction volumes decline, previously transparent prices and other inputs may become unobservable. Conversely, even highly structured products may at times have trading volumes large enough to provide observability of prices and other inputs. Level 1. Level 2. The selection of a particular model to value a derivative depends on the contractual terms of and specific risks inherent in the instrument, as well as the availability of pricing information in the market. For derivatives that trade in liquid markets, model selection does not involve significant management judgment because outputs of models can be calibrated to market-clearing levels. Valuation models require a variety of inputs, such as contractual terms, market prices, yield curves, discount rates (including those derived from interest rates on collateral received and posted as specified in credit support agreements for collateralized derivatives), credit curves, measures of volatility, prepayment rates, loss severity rates and correlations of such inputs. Significant inputs to the valuations of level 2 derivatives can be verified to market transactions, broker or dealer quotations or other alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources. Level 3. • For level 3 interest rate and currency derivatives, significant unobservable inputs include correlations of certain currencies and interest rates (e.g., the correlation between Euro inflation and Euro interest rates). In addition, for level 3 interest rate derivatives, significant unobservable inputs include specific interest rate volatilities. • For level 3 credit derivatives, significant unobservable inputs include illiquid credit spreads and upfront credit points, which are unique to specific reference obligations and reference entities, recovery rates and certain correlations required to value credit derivatives (e.g., the likelihood of default of the underlying reference obligation relative to one another). • For level 3 commodity derivatives, significant unobservable inputs include volatilities for options with strike prices that differ significantly from current market prices and prices or spreads for certain products for which the product quality or physical location of the commodity is not aligned with benchmark indices. • For level 3 equity derivatives, significant unobservable inputs generally include equity volatility inputs for options that are long-dated and/or have strike prices that differ significantly from current market prices. In addition, the valuation of certain structured trades requires the use of level 3 correlation inputs, such as the correlation of the price performance of two or more individual stocks or the correlation of the price performance for a basket of stocks to another asset class, such as commodities. Subsequent to the initial valuation of a level 3 derivative, the firm updates the level 1 and level 2 inputs to reflect observable market changes and any resulting gains and losses are classified in level 3. Level 3 inputs are changed when corroborated by evidence, such as similar market transactions, third-party pricing services and/or broker or dealer quotations or other empirical market data. In circumstances where the firm cannot verify the model value by reference to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. See Note 7 for further information about significant unobservable inputs used in the valuation of level 3 derivatives. Valuation Adjustments. mid-market In addition, for derivatives that include significant unobservable inputs, the firm makes model or exit price adjustments to account for the valuation uncertainty present in the transaction. Valuation Techniques and Significant Inputs for Other Financial Instruments at Fair Value In addition to trading cash instruments, derivatives, and certain investments and loans, the firm accounts for certain of its other financial assets and liabilities at fair value under the fair value option. Such instruments include repurchase agreements and substantially all resale agreements; securities borrowed and loaned in Fixed Income, Currency and Commodities (FICC) financing; certain customer and other receivables, including certain margin loans; certain time deposits, including structured certificates of deposit, which are hybrid financial instruments; substantially all other secured financings, including transfers of assets accounted for as financings; certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments; and other liabilities. These instruments are generally valued based on discounted cash flow techniques, which incorporate inputs with reasonable levels of price transparency, and are generally classified in level 2 because the inputs are observable. Valuation adjustments may be made for liquidity and for counterparty and the firm’s credit quality. The significant inputs used to value the firm’s other financial instruments are described below. Resale and Repurchase Agreements and Securities Borrowed and Loaned. Customer and Other Receivables. Deposits. Other Secured Financings. Unsecured Short- and Long-Term Borrowings. Other Liabilities. Financial Assets and Liabilities at Fair Value The table below presents financial assets and liabilities accounted for at fair value. As of December $ in millions 2019 2018 Total level 1 financial assets $242,562 $170,463 Total level 2 financial assets 325,259 354,515 Total level 3 financial assets 23,068 22,181 Investments in funds at NAV 4,206 3,936 Counterparty and cash collateral netting (55,527 ) (49,383 ) Total financial assets at fair value $539,568 $501,712 Total assets $992,968 $931,796 Total level 3 financial assets divided by: Total assets 2.3% 2.4% Total financial assets at fair value 4.3% 4.4% Total level 1 financial liabilities $ 54,790 $ 54,151 Total level 2 financial liabilities 293,902 258,335 Total level 3 financial liabilities 25,938 23,804 Counterparty and cash collateral netting (41,671 ) (39,786 ) Total financial liabilities at fair value $332,959 $296,504 Total level 3 financial liabilities divided by 7.8% 8.0% In the table above: • Counterparty netting among positions classified in the same level is included in that level. • Counterparty and cash collateral netting represents the impact on derivatives of netting across levels of the fair value hierarchy. The table below presents a summary of level 3 financial assets. As of December $ in millions 2019 2018 Trading assets: Trading cash instruments $ 1,242 $ 1,689 Derivatives 4,654 4,948 Investments 15,282 13,548 Loans 1,890 1,990 Other financial assets – 6 Total $ 23,068 $ 22,181 Level 3 financial assets as of December 2019 increased compared with December 2018, primarily reflecting an increase in level 3 investments. See Notes 5 through 10 for further information about level 3 financial assets (including information about unrealized gains and losses related to level 3 financial assets and transfers in and out of level 3). |
Trading Assets and Liabilities
Trading Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Trading Assets and Liabilities [Abstract] | |
Trading Assets and Liabilities | Note 5. Trading Assets and Liabilities Trading assets and liabilities include trading cash instruments and derivatives held in connection with the firm’s market-making or risk management activities. These assets and liabilities are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are generally recognized in the consolidated statements of earnings. The table below presents a summary of trading assets and liabilities. $ in millions Trading Assets Trading Liabilities As of December 2019 Trading cash instruments $310,080 $ 65,033 Derivatives 45,252 43,802 Total $355,332 $108,835 As of December 2018 Trading cash instruments $235,349 $ 66,303 Derivatives 44,846 42,594 Total $280,195 $108,897 See Note 6 for further information about trading cash instruments and Note 7 for further information about derivatives. Gains and Losses from Market Making The table below presents market making revenues by major product type. Year Ended December $ in millions 2019 2018 2017 Interest rates $ 3,272 $(1,917 ) $ 6,587 Credit 682 1,268 696 Currencies 2,902 4,646 (3,240 ) Equities 2,946 5,264 3,170 Commodities 355 463 640 Total $10,157 $ 9,724 $ 7,853 In the table above: • Gains/(losses) include both realized and unrealized gains and losses. Gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense. • Gains and losses included in market making are primarily related to the firm’s trading assets and liabilities, including both derivative and non-derivative financial instruments. Gains/(losses) are not representative of the manner in which the firm manages its business activities because many of the firm’s market-making and client facilitation strategies utilize financial instruments across various product types. Accordingly, gains or losses in one product type frequently offset gains or losses in other product types. For example, most of the firm’s longer-term derivatives across product types are sensitive to changes in interest rates and may be economically hedged with interest rate swaps. Similarly, a significant portion of the firm’s trading cash instruments and derivatives across product types has exposure to foreign currencies and may be economically hedged with foreign currency contracts. |
Trading Cash Instruments
Trading Cash Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Trading Cash Instruments | Note 6. Trading Cash Instruments Trading cash instruments consists of instruments held in connection with the firm’s market-making or risk management activities. These instruments are accounted for at fair value and the related fair value gains and losses are recognized in the consolidated statements of earnings. Fair Value of Trading Cash Instruments by Level The table below presents trading cash instruments by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of December 2019 Assets Government and agency obligations: U.S. $108,200 $ 34,714 $ 21 $142,935 Non-U.S. 33,709 11,108 22 44,839 Loans and securities backed by: Commercial real estate – 2,031 191 2,222 Residential real estate – 5,794 231 6,025 Corporate debt instruments 1,313 26,768 692 28,773 State and municipal obligations – 680 – 680 Other debt obligations 409 1,074 10 1,493 Equity securities 78,782 489 75 79,346 Commodities – 3,767 – 3,767 Total $222,413 $ 86,425 $1,242 $310,080 Liabilities Government and agency obligations: U.S. $ ) $ ) $ $ ) Non-U.S. (21,213 ) (2,205 ) (6 ) (23,424 ) Loans and securities backed by: Commercial real estate – (31 ) (1 ) (32 ) Residential real estate – (2 ) – (2 ) Corporate debt instruments (115 ) (7,494 ) (253 ) (7,862 ) State and municipal obligations – (2 ) – (2 ) Equity securities (23,519 ) (212 ) (13 ) (23,744 ) Commodities – (6 ) – (6 ) Total $ ) $ ) $ ) $ ) As of December 2018 Assets Government and agency obligations: U.S. $ 70,220 $ 28,327 $ 25 $ 98,572 Non-U.S. 33,231 10,322 10 43,563 Loans and securities backed by: Commercial real estate – 1,260 332 1,592 Residential real estate – 4,545 348 4,893 Corporate debt instruments 445 22,431 912 23,788 State and municipal obligations – 1,210 – 1,210 Other debt obligations 770 1,180 39 1,989 Equity securities 52,531 3,459 23 56,013 Commodities – 3,729 – 3,729 Total $157,197 $ 76,463 $1,689 $235,349 Liabilities Government and agency obligations: U.S. $ ) $ (13 ) $ $ ) Non-U.S. (23,872 ) (1,475 ) – (25,347 ) Loans and securities backed by: Residential real estate – (1 ) – (1 ) Corporate debt instruments (4 ) (10,454 ) (31 ) (10,489 ) Other debt obligations – (1 ) – (1 ) Equity securities (25,147 ) (220 ) (18 ) (25,385 ) Total $ ) $(12,164 ) $ (49 ) $ ) See Note 4 for an overview of the firm’s fair value measurement policies and the valuation techniques and significant inputs used to determine the fair value of trading cash instruments. In the table above: • Trading cash instrument assets are shown as positive amounts and trading cash instrument liabilities are shown as negative amounts. • Corporate debt instruments includes corporate loans, debt securities, convertible debentures, prepaid commodity transactions and transfers of assets accounted for as secured loans rather than purchases. • Equity securities includes public equities and exchange-traded funds. • Other debt obligations includes other asset-backed securities and money market instruments. Significant Unobservable Inputs The table below presents the amount of level 3 assets, and ranges and weighted averages of significant unobservable inputs used to value level 3 trading cash instruments. Level 3 Assets and Range of Significant Unobservable $ in millions 2019 2018 Loans and securities backed by commercial real estate Level 3 assets $191 $332 Yield 2.7% to 21.7% ( 13.5 ) 6.9% to 22.5% ( 14.2 ) Recovery rate 11.4% to 81.1% ( 55.6 ) 17.0% to 78.4% ( 53.0 ) Duration (years) 0.3 to 6.6 ( 2.8 ) 0.4 to 7.1 ( 3.3 ) Loans and securities backed by residential real estate Level 3 assets $231 $348 Yield 1.2% to 12.0% ( 5.8 ) 2.8% to 11.8% ( 5.9 ) Cumulative loss rate 5.4% to 30.4% ( 16.3 ) 8.3% to 37.7% ( 15.3 ) Duration (years) 2.3 to 12.4 ( 5.7 ) 1.5 to 14.0 ( 8.6 ) Corporate debt instruments Level 3 assets $692 $912 Yield 0.1% to 20.4% ( 7.2 ) 0.7% to 17.3% ( 8.4 ) Recovery rate 0.0% to 69.7% ( 54.9 ) 0.0% to 75.0% ( 61.2 ) Duration (years) 1.7 to 16.6 ( 5.1 ) 0.4 to 13.5 ( 3.6 ) Level 3 government and agency obligations, other debt obligations and equity securities were not material as of both December 2019 and December 2018, and therefore , In the table above: • Ranges represent the significant unobservable inputs that were used in the valuation of each type of trading cash instrument. • Weighted averages are calculated by weighting each input by the relative fair value of the trading cash instruments. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one trading cash instrument. For example, the highest recovery rate for corporate debt instruments is appropriate for valuing a specific corporate debt instrument, but may not be appropriate for valuing any other corporate debt instrument. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 trading cash instruments. • Increases in yield, duration or cumulative loss rate used in the valuation of level 3 trading cash instruments would have resulted in a lower fair value measurement, while increases in recovery rate would have resulted in a higher fair value measurement as of both December 2019 and December 2018. Due to the distinctive nature of each level 3 trading cash instrument, the interrelationship of inputs is not necessarily uniform within each product type. • Trading cash instruments are valued using discounted cash flows. Level 3 Rollforward The table below presents a summary of the changes in fair value for level 3 trading cash instruments. Year Ended December $ in millions 2019 2018 Total trading cash instrument assets Beginning balance $1,689 $1,213 Net realized gains/(losses) 89 188 Net unrealized gains/(losses) (35 ) (89 ) Purchases 522 831 Sales (885 ) (607 ) Settlements (252 ) (423 ) Transfers into level 3 256 698 Transfers out of level 3 (142 ) (122 ) Ending balance $1,242 $1,689 Total trading cash instrument liabilities Beginning balance $ ) $ (68 ) Net realized gains/(losses) 10 6 Net unrealized gains/(losses) (236 ) (7 ) Purchases 56 41 Sales (35 ) (26 ) Settlements – 8 Transfers into level 3 (24 ) (7 ) Transfers out of level 3 5 4 Ending balance $ ) $ (49 ) In the table above: • Changes in fair value are presented for all trading cash instruments that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to trading cash instruments that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a trading cash instrument was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • For level 3 trading cash instrument assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 trading cash instrument liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts. • Level 3 trading cash instruments are frequently economically hedged with level 1 and level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. Accordingly, gains or losses that are classified in level 3 can be partially offset by gains or losses attributable to level 1 or level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. The table below presents information, by product type, for assets included in the summary table above. Year Ended December $ in millions 2019 2018 Loans and securities backed by commercial real estate Beginning balance $ 332 $ 260 Net realized gains/(losses) 5 28 Net unrealized gains/(losses) (17 ) (28 ) Purchases 49 119 Sales (153 ) (122 ) Settlements (48 ) (76 ) Transfers into level 3 37 156 Transfers out of level 3 (14 ) (5 ) Ending balance $ 191 $ 332 Loans and securities backed by residential real estate Beginning balance $ 348 $ 436 Net realized gains/(losses) 14 28 Net unrealized gains/(losses) 28 29 Purchases 111 109 Sales (223 ) (205 ) Settlements (37 ) (85 ) Transfers into level 3 19 99 Transfers out of level 3 (29 ) (63 ) Ending balance $ 231 $ 348 Corporate debt instruments Beginning balance $ 912 $ 450 Net realized gains/(losses) 58 126 Net unrealized gains/(losses) (27 ) (96 ) Purchases 291 559 Sales (458 ) (246 ) Settlements (134 ) (231 ) Transfers into level 3 142 395 Transfers out of level 3 (92 ) (45 ) Ending balance $ 692 $ 912 Other Beginning balance $ 97 $ 67 Net realized gains/(losses) 12 6 Net unrealized gains/(losses) (19 ) 6 Purchases 71 44 Sales (51 ) (34 ) Settlements (33 ) (31 ) Transfers into level 3 58 48 Transfers out of level 3 (7 ) (9 ) Ending balance $ 128 $ 97 In the table above, other includes U.S. and non-U.S. government and agency obligations, other debt obligations and equity securities. Level 3 Rollforward Commentary Year Ended December 2019. The drivers of net unrealized losses on level 3 trading cash instrument assets for 2019 were not material. Transfers into level 3 trading cash instrument assets during 2019 primarily reflected transfers of certain corporate debt instruments from level 2, principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments. The drivers of transfers out of level 3 trading cash instrument assets during 2019 were not material. Year Ended December 2018. The drivers of net unrealized losses on level 3 trading cash instrument assets for 2018 were not material. Transfers into level 3 trading cash instrument assets during 2018 primarily reflected transfers of certain corporate debt instruments and loans and securities backed by commercial real estate from level 2, principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments. The drivers of transfers out of level 3 trading cash instruments during 2018 were not material. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Note 7. Derivatives and Hedging Activities Derivative Activities Derivatives are instruments that derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. Derivatives may be traded on an exchange (exchange-traded) or they may be privately negotiated contracts, which are usually referred to as OTC derivatives. Certain of the firm’s OTC derivatives are cleared and settled through central clearing counterparties (OTC-cleared), Market Making. Risk Management. instrument-by-instrument non-U.S. The firm enters into various types of derivatives, including: • Futures and Forwards. • Swaps. • Options. Derivatives are reported on a net-by-counterparty The tables below present the gross fair value and the notional amounts of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the consolidated balance sheets, as well as cash and securities collateral posted and received under enforceable credit support agreements that do not meet the criteria for netting under U.S. GAAP. As of December 2019 As of December 2018 $ in millions Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Not accounted for as hedges Exchange-traded $ $ $ 760 $ 1,553 OTC-cleared 9,958 8,618 5,040 3,552 Bilateral OTC 266,387 242,046 227,274 211,091 Total interest rates 276,821 251,520 233,074 216,196 OTC-cleared 6,551 6,929 4,778 4,517 Bilateral OTC 14,178 13,860 14,658 13,784 Total credit 20,729 20,789 19,436 18,301 Exchange-traded 35 10 11 16 OTC-cleared 411 391 656 800 Bilateral OTC 79,887 81,613 85,772 87,953 Total currencies 80,333 82,014 86,439 88,769 Exchange-traded 2,390 2,272 4,445 4,093 OTC-cleared 180 243 433 439 Bilateral OTC 8,568 13,034 12,746 15,595 Total commodities 11,138 15,549 17,624 20,127 Exchange-traded 13,499 16,976 13,431 11,765 Bilateral OTC 36,162 39,531 34,687 40,668 Total equities 49,661 56,507 48,118 52,433 Subtotal 438,682 426,379 404,691 395,826 Accounted for as hedges OTC-cleared – – 2 – Bilateral OTC 3,182 1 3,024 7 Total interest rates 3,182 1 3,026 7 OTC-cleared 16 57 25 53 Bilateral OTC 16 153 54 61 Total currencies 32 210 79 114 Subtotal 3,214 211 3,105 121 Total gross fair value $ 441,896 $ 426,590 $ 407,796 $ 395,947 Offset in the consolidated balance sheets Exchange-traded $ (14,159 ) $ (14,159 ) $ (14,377 ) $ (14,377 ) OTC-cleared (15,565 ) (15,565 ) (8,888 ) (8,888 ) Bilateral OTC (310,920 ) (310,920 ) (290,961 ) (290,961 ) Counterparty netting (340,644 ) (340,644 ) (314,226 ) (314,226 ) OTC-cleared (1,302 ) (526 ) (1,389 ) (164 ) Bilateral OTC (54,698 ) (41,618 ) (47,335 ) (38,963 ) Cash collateral netting (56,000 ) (42,144 ) (48,724 ) (39,127 ) Total amounts offset $(396,644 ) $(382,788 ) $(362,950 ) $(353,353 ) Included in the consolidated balance sheets Exchange-traded $ 2,241 $ 5,955 $ 4,270 $ 3,050 OTC-cleared 249 147 657 309 Bilateral OTC 42,762 37,700 39,919 39,235 Total $ 45,252 $ 43,802 $ 44,846 $ 42,594 Not offset in the consolidated balance sheets Cash collateral $ ) $ (1,603 ) $ (614 ) $ (1,328 ) Securities collateral (14,196 ) (9,252 ) (12,740 ) (8,414 ) Total $ 30,452 $ 32,947 $ 31,492 $ 32,852 Notional Amounts as of December $ in millions 2019 2018 Not accounted for as hedges Exchange-traded $ 4,757,300 $ 5,139,159 OTC-cleared 13,440,376 14,290,327 Bilateral OTC 11,668,171 12,858,248 Total interest rates 29,865,847 32,287,734 OTC-cleared 396,342 394,494 Bilateral OTC 707,935 762,653 Total credit 1,104,277 1,157,147 Exchange-traded 4,566 5,599 OTC-cleared 134,060 113,360 Bilateral OTC 5,926,602 6,596,741 Total currencies 6,065,228 6,715,700 Exchange-traded 230,018 259,287 OTC-cleared 2,639 1,516 Bilateral OTC 243,228 244,958 Total commodities 475,885 505,761 Exchange-traded 910,099 635,988 Bilateral OTC 1,182,335 1,070,211 Total equities 2,092,434 1,706,199 Subtotal 39,603,671 42,372,541 Accounted for as hedges OTC-cleared 123,531 85,681 Bilateral OTC 9,714 12,022 Total interest rates 133,245 97,703 OTC-cleared 4,152 2,911 Bilateral OTC 9,247 8,089 Total currencies 13,399 11,000 Subtotal 146,644 108,703 Total notional amounts $39,750,315 $42,481,244 In the tables above: • Gross fair values exclude the effects of both counterparty netting • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. • Notional amounts, which represent the sum of gross long and short derivative contracts, provide an indication of the volume of the firm’s derivative activity and do not represent anticipated losses. • Total gross fair value of derivatives included derivative assets of $9.15 billion as of December 2019 and $10.68 billion as of December 2018, and derivative liabilities of $14.88 billion as of December 2019 and $14.58 billion as of December 2018, which are not subject to an enforceable netting agreement or are subject to a netting agreement that the firm has not yet determined to be enforceable. Fair Value of Derivatives by Level The table below presents derivatives on a gross basis by level and product type, as well as the impact of netting. $ in millions Level 1 Level 2 Level 3 Total As of December 2019 Assets Interest rates $ 3 $ 279,443 $ $ 280,003 Credit – 17,204 3,525 20,729 Currencies – 80,178 187 80,365 Commodities – 10,648 490 11,138 Equities 21 48,953 687 49,661 Gross fair value 24 436,426 5,446 441,896 Counterparty netting in levels – (340,325 ) (792 ) (341,117 ) Subtotal $ 24 $ 96,101 $ 4,654 $ 100,779 Cross-level counterparty netting 473 Cash collateral netting (56,000 ) Net fair value $ 45,252 Liabilities Interest rates $ (3 ) $(251,050 ) $ ) $(251,521 ) Credit – (19,141 ) (1,648 ) (20,789 ) Currencies – (81,826 ) (398 ) (82,224 ) Commodities – (15,306 ) (243 ) (15,549 ) Equities (26 ) (53,817 ) (2,664 ) (56,507 ) Gross fair value (29 ) (421,140 ) (5,421 ) (426,590 ) Counterparty netting in levels – 340,325 792 341,117 Subtotal $(29 ) $ (80,815 ) $(4,629 ) $ (85,473 ) Cross-level counterparty netting (473 ) Cash collateral netting 42,144 Net fair value $ (43,802 ) As of December 2018 Assets Interest rates $ $ $ $ Credit – 15,992 3,444 19,436 Currencies – 85,837 681 86,518 Commodities – 17,193 431 17,624 Equities 10 47,168 940 48,118 Gross fair value 22 401,870 5,904 407,796 Counterparty netting in levels – (312,611 ) (956 ) (313,567 ) Subtotal $ $ $ $ Cross-level counterparty netting (659 ) Cash collateral netting (48,724 ) Net fair value $ Liabilities Interest rates $ ) $ ) $ ) $ ) Credit – (16,529 ) (1,772 ) (18,301 ) Currencies – (88,663 ) (220 ) (88,883 ) Commodities – (19,808 ) (319 ) (20,127 ) Equities (37 ) (49,910 ) (2,486 ) (52,433 ) Gross fair value (61 ) (390,572 ) (5,314 ) (395,947 ) Counterparty netting in levels – 312,611 956 313,567 Subtotal $ ) $ ) $ ) $ ) Cross-level counterparty netting 659 Cash collateral netting 39,127 Net fair value $ ) See Note 4 for an overview of the firm’s fair value measurement policies and the valuation techniques and significant inputs used to determine the fair value of derivatives. In the table above: • Gross fair values exclude the effects of both counterparty netting and collateral netting, and therefore are not representative of the firm’s exposure. • Counterparty netting is reflected in each level to the extent that receivable and payable balances are netted within the same level and is included in counterparty netting in levels. Where the counterparty netting is across levels, the netting is included in cross-level counterparty netting. • Derivative assets are shown as positive amounts and derivative liabilities are shown as negative amounts. Significant Unobservable Inputs The table below presents the amount of level 3 derivative assets (liabilities), and ranges, averages and medians of significant unobservable inputs used to value level 3 derivatives. Level 3 Assets (Liabilities) and Range of Significant $ in millions, except inputs 2019 2018 Interest rates, net $89 $(109) Correlation (42)% to 81% (52%/60%) (10)% to 86% (66%/64%) Volatility (bps) 31 to 150 (70/61) 31 to 150 (74/65) Credit, net $1,877 $1,672 Credit spreads (bps) 1 to 559 (96/53) 1 to 810 (109/63) Upfront credit points 2 to 90 (38/32) 2 to 99 (44/40) Recovery rates 10% to 60% (31%/25%) 25% to 70% (40%/40%) Currencies, net $(211) $461 Correlation 20% to 70% (37%/36%) 10% to 70% (40%/36%) Commodities, net $247 $112 Volatility 9% to 57% (26%/25%) 10% to 75% (28%/27%) Natural gas spread $(1.93) to $1.69 ($(0.16)/$(0.17)) $(2.32) to $4.68 ($(0.26)/$(0.30)) Oil spread $(4.86) to $19.77 ($9.82/$11.15) $(3.44) to $16.62 ($4.53/$3.94) Equities, net $(1,977) $(1,546) Correlation (70)% to 99% (42%/45%) (68)% to 97% (48%/51%) Volatility 2% to 72% (14%/7%) 3% to 102% (20%/18%) In the table above: • Derivative assets are shown as positive amounts and derivative liabilities are shown as negative amounts. • Ranges represent the significant unobservable inputs that were used in the valuation of each type of derivative. • Averages represent the arithmetic average of the inputs and are not weighted by the relative fair value or notional of the respective financial instruments. An average greater than the median indicates that the majority of inputs are below the average. For example, the difference between the average and the median for credit spreads indicates that the majority of the inputs fall in the lower end of the range. • The ranges, averages and medians of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one derivative. For example, the highest correlation for interest rate derivatives is appropriate for valuing a specific interest rate derivative but may not be appropriate for valuing any other interest rate derivative. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 derivatives. • Interest rates, currencies and equities derivatives are valued using option pricing models, credit derivatives are valued using option pricing, correlation and discounted cash flow models, and commodities derivatives are valued using option pricing and discounted cash flow models. • The fair value of any one instrument may be determined using multiple valuation techniques. For example, option pricing models and discounted cash flows models are typically used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. • Correlation within currencies and equities includes cross-product type correlation. • Natural gas spread represents the spread per million British thermal units of natural gas. • Oil spread represents the spread per barrel of oil and refined products. Range of Significant Unobservable Inputs The following is information about the ranges of significant unobservable inputs used to value the firm’s level 3 derivative instruments: • Correlation. • Volatility. • Credit spreads, upfront credit points and recovery rates. • Commodity prices and spreads. Sensitivity of Fair Value Measurement to Changes in Significant Unobservable Inputs The following is a description of the directional sensitivity of the firm’s level 3 fair value measurements to changes in significant unobservable inputs, in isolation, as of each period-end: • Correlation. • Volatility. • Credit spreads, upfront credit points and recovery rates. • Commodity prices and spreads. Due to the distinctive nature of each of the firm’s level 3 derivatives, the interrelationship of inputs is not necessarily uniform within each product type. Level 3 Rollforward The table below presents a summary of the changes in fair value for level 3 derivatives. Year Ended December $ in millions 2019 2018 Total level 3 derivatives, net Beginning balance $ 590 $ (288 ) Net realized gains/(losses) 118 (113 ) Net unrealized gains/(losses) (454 ) 1,251 Purchases 444 612 Sales (668 ) (1,510 ) Settlements 236 573 Transfers into level 3 7 34 Transfers out of level 3 (248 ) 31 Ending balance $ 25 $ 590 In the table above: • Changes in fair value are presented for all derivative assets and liabilities that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to instruments that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a derivative was transferred into level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • Positive amounts for transfers into level 3 and negative amounts for transfers out of level 3 represent net transfers of derivative assets. Negative amounts for transfers into level 3 and positive amounts for transfers out of level 3 represent net transfers of derivative liabilities. • A derivative with level 1 and/or level 2 inputs is classified in level 3 in its entirety if it has at least one significant level 3 input. • If there is one significant level 3 input, the entire gain or loss from adjusting only observable inputs (i.e., level 1 and level 2 inputs) is classified in level 3. • Gains or losses that have been classified in level 3 resulting from changes in level 1 or level 2 inputs are frequently offset by gains or losses attributable to level 1 or level 2 derivatives and/or level 1, level 2 and level 3 trading cash instruments. As a result, gains/(losses) included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. The table below presents information, by product type, for derivatives included in the summary table above. Year Ended December $ in millions 2019 2018 Interest rates, net Beginning balance $ ) $ (410 ) Net realized gains/(losses) (24 ) (51 ) Net unrealized gains/(losses) 199 122 Purchases 8 8 Sales (13 ) (2 ) Settlements 40 171 Transfers into level 3 – (9 ) Transfers out of level 3 (12 ) 62 Ending balance $ $ (109 ) Credit, net Beginning balance $ 1,672 $ 1,505 Net realized gains/(losses) 42 (23 ) Net unrealized gains/(losses) 273 2 Purchases 146 53 Sales (114 ) (65 ) Settlements (251 ) 244 Transfers into level 3 108 (35 ) Transfers out of level 3 1 (9 ) Ending balance $ 1,877 $ 1,672 Currencies, net Beginning balance $ $ (181 ) Net realized gains/(losses) (32 ) (51 ) Net unrealized gains/(losses) (327 ) 372 Purchases 11 36 Sales (1 ) (25 ) Settlements (306 ) 212 Transfers into level 3 (14 ) 101 Transfers out of level 3 (3 ) (3 ) Ending balance $ ) $ 461 Commodities, net Beginning balance $ $ 47 Net realized gains/(losses) (34 ) 18 Net unrealized gains/(losses) 219 61 Purchases 25 42 Sales (81 ) (64 ) Settlements (6 ) 12 Transfers into level 3 8 21 Transfers out of level 3 4 (25 ) Ending balance $ $ 112 Equities, net Beginning balance $(1,546 ) $(1,249 ) Net realized gains/(losses) 166 (6 ) Net unrealized gains/(losses) (818 ) 694 Purchases 254 473 Sales (459 ) (1,354 ) Settlements 759 (66 ) Transfers into level 3 (95 ) (44 ) Transfers out of level 3 (238 ) 6 Ending balance $(1,977 ) $(1,546 ) Level 3 Rollforward Commentary Year Ended December 2019. The net unrealized losses on level 3 derivatives for 2019 were primarily attributable to losses on certain equity derivatives (primarily reflecting the impact of an increase in equity prices), losses on certain currency derivatives (primarily reflecting the impact of a decrease in interest rates and changes in foreign exchange rates), partially offset by gains on certain credit derivatives (primarily reflecting the impact of a decrease in interest rates), gains on certain commodity derivatives (primarily reflecting the impact of changes in commodity prices), and gains on certain interest rate derivatives (primarily reflecting the impact of a decrease in interest rates). The drivers of transfers into level 3 derivatives during 2019 were not material. Transfers out of level 3 derivatives during 2019 primarily reflected transfers of certain equity derivative assets to level 2, principally due to certain unobservable inputs no longer being significant to the valuation of these derivatives. Year Ended December 2018. The net unrealized gains on level 3 derivatives for 2018 were primarily attributable to gains on certain equity derivatives (reflecting the impact of a decrease in certain equity prices) and gains on certain currency derivatives (primarily reflecting the impact of changes in foreign exchange rates). Both transfers into level 3 derivatives and transfers out of level 3 derivatives during 2018 were not material. OTC Derivatives The table below presents OTC derivative assets and liabilities by tenor and major product type. $ in millions Less than 1 Year 1 - 5 Years Greater than 5 Years Total As of December 2019 Assets Interest rates $ 5,521 $15,183 $57,394 $ 78,098 Credit 678 3,259 3,183 7,120 Currencies 10,236 5,063 6,245 21,544 Commodities 2,507 1,212 302 4,021 Equities 7,332 4,509 1,294 13,135 Counterparty netting in tenors (3,263 ) (3,673 ) (2,332 ) (9,268 ) Subtotal $23,011 $25,553 $66,086 $114,650 Cross-tenor counterparty netting (15,639 ) Cash collateral netting (56,000 ) Total OTC derivative assets $ 43,011 Liabilities Interest rates $ 3,654 $ 9,113 $36,470 $ 49,237 Credit 1,368 4,052 1,760 7,180 Currencies 12,486 6,906 4,036 23,428 Commodities 2,796 1,950 3,804 8,550 Equities 5,755 7,381 3,367 16,503 Counterparty netting in tenors (3,263 ) (3,673 ) (2,332 ) (9,268 ) Subtotal $22,796 $25,729 $47,105 $ 95,630 Cross-tenor counterparty netting (15,639 ) Cash collateral netting (42,144 ) Total OTC derivative liabilities $ 37,847 As of December 2018 Assets Interest rates $ 2,810 $13,177 $47,426 $ 63,413 Credit 807 3,676 3,364 7,847 Currencies 10,976 5,076 6,486 22,538 Commodities 4,978 2,101 145 7,224 Equities 4,962 5,244 1,329 11,535 Counterparty netting in tenors (3,409 ) (3,883 ) (2,822 ) (10,114 ) Subtotal $21,124 $25,391 $55,928 $102,443 Cross-tenor counterparty netting (13,143 ) Cash collateral netting (48,724 ) Total OTC derivative assets $ 40,576 Liabilities Interest rates $ 4,193 $ 9,153 $29,377 $ 42,723 Credit 1,127 4,173 1,412 6,712 Currencies 13,553 6,871 4,474 24,898 Commodities 4,271 2,663 3,145 10,079 Equities 9,278 5,178 3,060 17,516 Counterparty netting in tenors (3,409 ) (3,883 ) (2,822 ) (10,114 ) Subtotal $29,013 $24,155 $38,646 $ 91,814 Cross-tenor counterparty netting (13,143 ) Cash collateral netting (39,127 ) Total OTC derivative liabilities $ 39,544 In the table above: • Tenor is based on remaining contractual maturity. • Counterparty netting within the same product type and tenor category is included within such product type and tenor category. • Counterparty netting across product types within the same tenor category is included in counterparty netting in tenors. Where the counterparty netting is across tenor categories, the netting is included in cross-tenor counterparty netting. Credit Derivatives The firm enters into a broad array of credit derivatives to facilitate client transactions and to manage the credit risk associated with market-making and investing and financing activities. Credit derivatives are actively managed based on the firm’s net risk position. Credit derivatives are generally individually negotiated contracts and can have various settlement and payment conventions. Credit events include failure to pay, bankruptcy, acceleration of indebtedness, restructuring, repudiation and dissolution of the reference entity. The firm enters into the following types of credit derivatives: • Credit Default Swaps. • Credit Options. • Credit Indices, Baskets and Tranches. pro-rata • Total Return Swaps. The firm economically hedges its exposure to written credit derivatives primarily by entering into offsetting purchased credit derivatives with identical underliers. Substantially all of the firm’s purchased credit derivative transactions are with financial institutions and are subject to stringent collateral thresholds. In addition, upon the occurrence of a specified trigger event, the firm may take possession of the reference obligations underlying a particular written credit derivative, and consequently may, upon liquidation of the reference obligations, recover amounts on the underlying reference obligations in the event of default. As of December 2019, written credit derivatives had a total gross notional amount of $522.57 billion and purchased credit derivatives had a total gross notional amount of $581.76 billion, for total net notional purchased protection of $59.19 billion. As of December 2018, written credit derivatives had a total gross notional amount of $554.17 billion and purchased credit derivatives had a total gross notional amount of $603.00 billion, for total net notional purchased protection of $48.83 billion. The firm’s written and purchased credit derivatives primarily consist of credit default swaps. The table below presents information about credit derivatives. Credit Spread on Underlier (basis points) $ in millions 0 - 250 251 - 500 501 - 1,000 Greater than 1,000 Total As of December 2019 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $143,566 $ 7,155 $ $ 2,953 $154,433 1 – 5 years 292,444 10,125 5,482 8,735 316,786 Greater than 5 years 48,109 2,260 427 554 51,350 Total $484,119 $19,540 $ 6,668 $12,242 $522,569 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $395,127 $14,492 $ 5,938 $10,543 $426,100 Other $149,092 $ 2,617 $ 1,599 $ 2,354 $155,662 Fair Value of Written Credit Derivatives Asset $ 13,103 $ $ $ $ 13,911 Liability 1,239 448 372 3,490 5,549 Net asset/(liability) $ 11,864 $ ) $ ) $ ) $ 8,362 As of December 2018 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $145,828 $ 9,763 $ 1,151 $ 3,848 $160,590 1 – 5 years 298,228 21,100 13,835 7,520 340,683 Greater than 5 years 45,690 5,966 1,121 122 52,899 Total $489,746 $36,829 $16,107 $11,490 $554,172 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $413,445 $25,373 $14,243 $ 8,841 $461,902 Other $115,754 $14,273 $ 7,555 $ 3,513 $141,095 Fair Value of Written Credit Derivatives Asset $ 8,656 $ 543 $ 95 $ 80 $ 9,374 Liability 1,990 1,415 1,199 3,368 7,972 Net asset/(liability) $ 6,666 $ (872 ) $ ) $ ) $ 1,402 In the table above: • Fair values exclude the effects of both netting of receivable balances with payable balances under enforceable netting agreements, and netting of cash received or posted under enforceable credit support agreements, and therefore are not representative of the firm’s credit exposure. • Tenor is based on remaining contractual maturity. • The credit spread on the underlier, together with the tenor of the contract, are indicators of payment/performance risk. The firm is less likely to pay or otherwise be required to perform where the credit spread and the tenor are lower. • Offsetting purchased credit derivatives represent the notional amount of purchased credit derivatives that economically hedge written credit derivatives with identical underliers. • Other purchased credit derivatives represent the notional amount of all other purchased credit derivatives not included in offsetting. Impact of Credit and Funding Spreads on Derivatives The firm realizes gains or losses on its derivative contracts. These gains or losses, include credit valuation adjustments (CVA) relating to uncollateralized derivative assets and liabilities, which represents the gains or losses (including hedges) attributable to the impact of changes in credit exposure, counterparty credit spreads, liability funding spreads (which includes the firm’s own credit), probability of default and assumed recovery. These gains or losses also include funding valuation adjustments (FVA) relating to uncollateralized derivative assets, which represents the gains or losses (including hedges) attributable to the impact of changes in expected funding exposures and funding spreads. The table below presents information about CVA and FVA. Year Ended December $ in millions 2019 2018 2017 CVA, net of hedges $(289 ) $ 371 $ 66 FVA, net of hedges 485 (194 ) 288 Total $ 196 $ 177 $354 Bifurcated Embedded Derivatives The table below presents the fair value and the notional amount of derivatives that have been bifurcated from their related borrowings. As of December $ in millions 2019 2018 Fair value of assets $ 1,148 $ 980 Fair value of liabilities 1,717 1,297 Net liability $ $ 317 Notional amount $11,003 $10,229 In the table above, derivatives that have been bifurcated from their related borrowings are recorded at fair value and primarily consist of interest rate, equity and commodity products. These derivatives are included in unsecured short- and long-term borrowings with the related borrowings. Derivatives with Credit-Related Contingent Features Certain of the firm’s derivatives have been transacted under bilateral agreements with counterparties who may require the firm to post collateral or terminate the transactions based on changes in the firm’s credit ratings. The firm assesses the impact of these bilateral agreements by determining the collateral or termination payments that would occur assuming a downgrade by all rating agencies. A downgrade by any one rating agency, depending on the agency’s relative ratings of the firm at the time of the downgrade, may have an impact which is comparable to the impact of a downgrade by all rating agencies. The table below presents information about net derivative liabilities under bilateral agreements (excluding collateral posted), the fair value of collateral posted and additional collateral or termination payments that could have been called by counterparties in the event of a one- two-notch As of December $ in millions 2019 2018 Net derivative liabilities under bilateral agreements $32,800 $29,583 Collateral posted $28,510 $24,393 Additional collateral or termination payments: One-notch $ $ 262 Two-notch $ 1,268 $ 959 Hedge Accounting The firm applies hedge accounting for (i) certain interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long-term and short-term borrowings and certain fixed-rate certificates of deposit and (ii) certain foreign currency forward contracts and foreign currency-denominated debt used to manage foreign currency exposures on the firm’s net investment in certain non-U.S. To qualify for hedge accounting, the hedging instrument must be highly effective at reducing the risk from the exposure being hedged. Additionally, the firm must formally document the hedging relationship at inception and assess the hedging relationship at least on a quarterly basis to ensure the hedging instrument continues to be highly effective over the life of the hedging relationship. Fair Value Hedges The firm designates certain interest rate swaps as fair value hedges of certain fixed-rate unsecured long-term and short-term debt and fixed-rate certificates of deposit. These interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate (e.g., London Interbank Offered Rate (LIBOR) or Overnight Index Swap Rate), effectively converting a substantial portion of fixed-rate obligations into floating-rate obligations. The firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of its fair value hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the risk being hedged (i.e., interest rate risk). An interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% or greater and a slope between 80% and 125%. For qualifying fair value hedges, gains or losses on derivatives are included in interest expense. The change in fair value of the hedged item attributable to the risk being hedged is reported as an adjustment to its carrying value (hedging adjustment) and is also included in interest expense. When a derivative is no longer designated as a hedge, any remaining difference between the carrying value and par value of the hedged item is amortized to interest expense over the remaining life of the hedged item using the effective interest method. See Note 23 for further information about interest income and interest expense. The table below presents the gains/(losses) from interest rate derivatives accounted for as hedges and the related hedged borrowings and deposits, and total interest expense. Year Ended December $ in millions 2019 2018 2017 Interest rate hedges $ 3,196 $ ) $ ) Hedged borrowings and deposits $ ) $ 1,295 $ 2,183 Interest expense $17,376 $15,912 $10,181 In the table above: • The difference between gains/(losses) from interest rate hedges and hedged borrowings and deposits was primarily due to the amortization of prepaid credit spreads resulting from the passage of time. • Hedge ineffectiveness was $(684) million for 2017. The table below presents the carrying value of the hedged items that are currently designated in a hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values. $ in millions Carrying Value Cumulative Hedging Adjustment As of December 2019 Deposits $19,634 $ Unsecured short-term borrowings $ 6,008 $ Unsecured long-term borrowings $87,874 $7,292 As of December 2018 Deposits $11,924 $ (156 ) Unsecured short-term borrowings $ 4,450 $ (12 ) Unsecured long-term borrowings $68,839 $2,759 In the table above, cumulative hedging adjustment included $3.48 billion as of December 2019 and $1.74 billion as of December 2018 of hedging adjustments from prior hedging relationships that were de-designated In addition, Net Investment Hedges The firm seeks to reduce the impact of fluctuations in foreign exchange rates on its net investments in certain non-U.S. The table below presents the gains/(losses) from net investment hedging. Year Ended December $ in millions 2019 2018 2017 Hedges: Foreign currency forward contract $ 6 $577 $(805 ) Foreign currency-denominated debt $(19 ) $ ) $ (67 ) Gains or losses on individual net investments in non-U.S. non-U.S. non-U.S. The firm had designated $3.05 billion as of December 2019 and $1.99 billion as of December 2018 of foreign currency-denominated debt, included in unsecured long-term and short-term borrowings, as hedges of net investments in non-U.S. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Fair Value Disclosure [Abstract] | |
Investments | Note 8. Investments Investments includes debt instruments and equity securities that are accounted for at fair value and are generally held by the firm in connection with its long-term investing activities. In addition, investments includes debt securities classified as available-for-sale and held-to-maturity that are generally held in connection with the firm’s asset-liability management activities. Investments also consists of equity securities that are accounted for under the equity method. The table below presents information about investments. As of December $ in millions 2019 2018 Equity securities, at fair value $22,163 $21,430 Debt instruments, at fair value 16,570 12,117 Available-for-sale 19,094 12,032 Investments, at fair value 57,827 45,579 Held-to-maturity 5,825 1,288 Equity method investments 285 357 Total investments $63,937 $47,224 Equity Securities and Debt Instruments, at Fair Value Equity securities and debt instruments, at fair value are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are recognized in earnings. Equity Securities, at Fair Value. The table below presents information about equity securities, at fair value. As of December $ in millions 2019 2018 Equity securities, at fair value $22,163 $21,430 Equity Type Public equity 11% 7% Private equity 89% 93% Total 100% 100% Asset Class Corporate 79% 81% Real estate 21% 19% Total 100% 100% Region Americas 50% 53% EMEA 17% 16% Asia 33% 31% Total 100% 100% In the table above: • Equity securities, at fair value included investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $8.23 billion as of December 2019 and $7.91 billion as of December 2018. Gains recognized by the firm as a result of changes in the fair value of such securities was $1.29 billion for 2019 and $1.41 billion for 2018. These gains are included in other principal transactions in the consolidated statements of earnings. • Equity securities, at fair value included $3.22 billion as of December 2019 and $3.39 billion as of December 2018 of investments in funds that are measured at NAV. • EMEA represents Europe, Middle East and Africa. Debt Instruments, at Fair Value. The table below presents information about debt instruments, at fair value. As of December $ in millions 2019 2018 Corporate debt securities $11,821 $ 8,434 Securities backed by real estate 2,619 1,775 Other 2,130 1,908 Total $16,570 $12,117 In the table above: • Corporate debt securities includes convertible debentures. • Other primarily includes money market instruments and time deposits. • Total debt instruments included $983 million as of December 2019 and $548 million as of December 2018 of investments in credit funds that are measured at NAV. Investments in Funds at Net Asset Value Per Share. Substantially all of the firm’s investments in funds at NAV consist of investments in firm-sponsored private equity, credit, real estate and hedge funds where the firm co-invests Private equity funds primarily invest in a broad range of industries worldwide, including leveraged buyouts, recapitalizations, growth investments and distressed investments. Credit funds generally invest in loans and other fixed income instruments and are focused on providing private high-yield capital for leveraged and management buyout transactions, recapitalizations, financings, refinancings, acquisitions and restructurings for private equity firms, private family companies and corporate issuers. Real estate funds invest globally, primarily in real estate companies, loan portfolios, debt recapitalizations and property. Private equity, credit and real estate funds are closed-end The firm also invests in hedge funds, primarily multi-disciplinary hedge funds that employ a fundamental bottom-up Private equity, hedge and real estate funds described above are primarily “covered funds” as defined in the Volcker Rule of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Board of Governors of the Federal Reserve System (FRB) extended the conformance period to July 2022 for the firm’s investments in, and relationships with, certain legacy “illiquid funds” (as defined in the Volcker Rule) that were in place prior to December 2013. This extension is applicable to substantially all of the firm’s remaining investments in, and relationships with, such covered funds. Substantially all of the credit funds described above are not covered funds. The table below presents the fair value of investments in funds at NAV and the related unfunded commitments. $ in millions Fair Value of Investments Unfunded Commitments As of December 2019 Private equity funds $2,767 $ Credit funds 983 820 Hedge funds 125 – Real estate funds 331 196 Total $4,206 $1,781 As of December 2018 Private equity funds $2,683 $ 809 Credit funds 548 1,099 Hedge funds 161 – Real estate funds 544 203 Total $3,936 $2,111 Available-for-Sale Available-for-sale securities are accounted for at fair value, and the related unrealized fair value gains and losses are included in accumulated other comprehensive income/(loss). The table below presents information about available-for-sale $ in millions Amortized Cost Fair Value Weighted Average Yield As of December 2019 Less than 5 years $14,063 $14,041 1.53% Greater than 5 years 4,974 5,053 2.10% Total $19,037 $19,094 1.68% As of December 2018 Less than 5 years $ 5,954 $ 5,879 2.10% Greater than 5 years 6,231 6,153 2.44% Total $12,185 $12,032 2.28% In the table above: • Available-for-sale • The firm sold $9.58 billion of available-for-sale • The gross unrealized gains included in accumulated other comprehensive income/(loss) were $137 million and the gross unrealized losses included in accumulated other comprehensive income/(loss) were not material as of December 2019. The gross unrealized losses included in accumulated other comprehensive income/(loss) were $153 million as of December 2018 and were related to securities in a continuous unrealized loss position for greater than a year. • Available-for-sale Fair Value of Investments by Level The table below presents investments accounted for at fair value by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of December 2019 Government and agency obligations: U.S. $19,094 $ $ $19,094 Non-U.S. – 36 – 36 Corporate debt securities 48 7,325 3,465 10,838 Securities backed by real estate – 2,024 595 2,619 Other debt obligations 732 1,043 319 2,094 Equity securities 251 7,786 10,903 18,940 Subtotal $20,125 $18,214 $15,282 $53,621 Investments in funds at NAV 4,206 Total investments $57,827 As of December 2018 Government and agency obligations: U.S. $12,044 $ $ $12,044 Non-U.S. – 44 – 44 Corporate debt securities 23 5,323 2,540 7,886 Securities backed by real estate – 1,318 457 1,775 Other debt obligations 719 917 216 1,852 Equity securities 458 7,249 10,335 18,042 Subtotal $13,244 $14,851 $13,548 $41,643 Investments in funds at NAV 3,936 Total investments $45,579 See Note 4 for an overview of the firm’s fair value measurement policies and the valuation techniques and significant inputs used to determine the fair value of investments. Significant Unobservable Inputs The table below presents the amount of level 3 investments, and ranges and weighted averages of significant unobservable inputs used to value such investments. Level 3 Assets and Range of Significant Unobservable $ in millions 2019 2018 Corporate debt securities Level 3 assets $3,465 $2,540 Yield 5.5% to 29.8% ( 12.0 ) 6.5% to 32.3% ( 12.7 ) Recovery rate 25.0% to 100.0% ( 68.5 ) 50.5% to 78.0% ( 74.6 ) Duration (years) 2.9 to 5.9 (5.0 ) 2.0 to 4.7 (3.8 ) Multiples 0.6x to 24.4x ( 7.0 ) 1.3x to 20.3x ( 7.7 ) Securities backed by real estate Level 3 assets $595 $457 Yield 9.4% to 20.3% ( 16.0 ) 9.5% to 20.3% ( 15.5 ) Recovery rate 33.1% to 34.4% ( 33.5 ) 32.9% to 39.7% ( 37.9 ) Duration (years) 0.4 to 3.0 (0.9 ) 1.1 to 4.8 (2.2 ) Other debt obligations Level 3 assets $319 $216 Yield 3.4% to 5.2% ( 4.5 ) 4.1% to 6.1% ( 5.2 ) Duration (years) 4.0 to 8.0 (6.7 ) 4.0 to 9.0 (7.5 ) Equity securities Level 3 assets $10,903 $10,335 Multiples 0.8x to 36.0x (8.0x ) 1.0x to 23.6x (8.1x ) Discount rate/yield 2.1% to 20.3% ( 13.4 ) 7.2% to 22.1% ( 14.4 ) Capitalization rate 3.6% to 15.1% ( 6.1 ) 3.5% to 12.3% ( 6.1 ) In the table above: • Ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. • Weighted averages are calculated by weighting each input by the relative fair value of the investment. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one investment. For example, the highest multiple for private equity securities is appropriate for valuing a specific private equity security but may not be appropriate for valuing any other private equity security. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 investments. • Increases in yield, discount rate, capitalization rate or duration used in the valuation of level 3 investments would have resulted in a lower fair value measurement, while increases in recovery rate or multiples would have resulted in a higher fair value measurement as of both December 2019 and December 2018. Due to the distinctive nature of each level 3 investment, the interrelationship of inputs is not necessarily uniform within each product type. • Corporate debt securities, securities backed by real estate and other debt obligations are valued using discounted cash flows, and equity securities are valued using market comparables and discounted cash flows. • The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparables and discounted cash flows may be used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. • Recovery rate was not significant to the valuation of level 3 securities backed by real estate as of December 2018. Level 3 Rollforward The table below presents a summary of the changes in fair value for level 3 investments. Year Ended December $ in millions 2019 2018 Beginning balance $13,548 $12,208 Net realized gains/(losses) 252 237 Net unrealized gains/(losses) 1,295 834 Purchases 1,322 1,366 Sales (986 ) (1,512 ) Settlements (1,192 ) (1,451 ) Transfers into level 3 2,646 3,456 Transfers out of level 3 (1,603 ) (1,590 ) Ending balance $15,282 $13,548 In the table above: • Changes in fair value are presented for all investments that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to instruments that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If an investment was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • For level 3 investments, increases are shown as positive amounts, while decreases are shown as negative amounts. The table below presents information, by product type, for investments included in the summary table above. Year Ended December $ in millions 2019 2018 Corporate debt securities Beginning balance $ $ 1,722 Net realized gains/(losses) 64 62 Net unrealized gains/(losses) 198 66 Purchases 297 369 Sales (43 ) (231 ) Settlements (274 ) (358 ) Transfers into level 3 1,106 1,077 Transfers out of level 3 (423 ) (167 ) Ending balance $ $ 2,540 Securities backed by real estate Beginning balance $ 457 $ 662 Net realized gains/(losses) 27 20 Net unrealized gains/(losses) – (9 ) Purchases 238 109 Sales (82 ) (97 ) Settlements (98 ) (56 ) Transfers into level 3 63 76 Transfers out of level 3 (10 ) (248 ) Ending balance $ 595 $ 457 Equity securities Beginning balance $10,335 $ 9,626 Net realized gains/(losses) 160 155 Net unrealized gains/(losses) 1,096 775 Purchases 669 819 Sales (852 ) (1,161 ) Settlements (812 ) (1,007 ) Transfers into level 3 1,477 2,303 Transfers out of level 3 (1,170 ) (1,175 ) Ending balance $10,903 $10,335 Other debt obligations Beginning balance $ 216 $ 198 Net realized gains/(losses) 1 – Net unrealized gains/(losses) 1 2 Purchases 118 69 Sales (9 ) (23 ) Settlements (8 ) (30 ) Ending balance $ 319 $ 216 Level 3 Rollforward Commentary Year Ended December 2019. The net unrealized gains on level 3 investments for 2019 primarily reflected gains on private equity securities, principally driven by corporate performance and company-specific events. Transfers into level 3 during 2019 primarily reflected transfers of certain private equity securities and corporate debt securities from level 2, principally due to reduced price transparency as a result of a lack of market evidence, including fewer transactions in these instruments. Transfers out of level 3 investments during 2019 primarily reflected transfers of certain private equity securities and corporate debt securities to level 2, principally due to increased price transparency as a result of market evidence, including market transactions in these instruments. Year Ended December 2018. The net unrealized gains on level 3 investments for 2018 primarily reflected gains on private equity securities, principally driven by corporate performance. Transfers into level 3 during 2018 primarily reflected transfers of certain private equity securities and corporate debt instruments from level 2, principally due to reduced price transparency as a result of a lack of market evidence, including fewer transactions in these instruments. Transfers out of level 3 investments during 2018 primarily reflected transfers of certain private equity securities to level 2, principally due to increased price transparency as a result of market evidence, including market transactions in these instruments. Held-to-Maturity Held-to-maturity The table below presents information about held-to-maturity $ in millions Amortized Cost Fair Value Weighted Average Yield As of December 2019 Less than 5 years $3,534 $3,613 2.40% Greater than 5 years 1,534 1,576 2.25% Total U.S. government obligations 5,068 5,189 2.35% Less than 5 years 6 6 4.16% Greater than 5 years 751 769 1.67% Total securities backed by real estate 757 775 1.69% Total held-to-maturity $5,825 $5,964 2.27% As of December 2018 Less than 5 years $ 498 $ 511 3.08% Total U.S. government obligations 498 511 3.08% Less than 5 years 5 6 4.61% Greater than 5 years 785 800 1.78% Total securities backed by real estate 790 806 1.80% Total held-to-maturity $1,288 $1,317 2.29% In the table above: • Substantially all of the securities backed by real estate consist of securities backed by residential real estate. • As these securities are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these securities been included in the firm’s fair value hierarchy, U.S. government obligations would have been classified in level 1 and substantially all securities backed by real estate would have been classified in level 2 of the fair value hierarchy as of both December 2019 and December 2018. • The gross unrealized gains were $141 million and the gross unrealized losses were not material as of December 2019. Gross unrealized gains/(losses) were not material as of December 2018. • Held-to-maturity |
Loans
Loans | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans | Note 9. Loans Loans include (i) loans held for investment that are accounted for at amortized cost net of allowance for loan losses or at fair value under the fair value option and (ii) loans held for sale that are accounted for at the lower of cost or fair value. Interest on loans is recognized over the life of the loan and is recorded on an accrual basis. The table below presents information about loans. $ in millions Amortized Cost Fair Value Held For Sale Total As of December 2019 Loan Type Corporate $41,129 $ 3,224 $1,954 $ 46,307 Wealth management 20,116 7,824 – 27,940 Commercial real estate 13,258 1,876 2,609 17,743 Residential real estate 6,132 792 34 6,958 Consumer 4,747 – – 4,747 Credit cards 1,858 – – 1,858 Other 3,396 670 726 4,792 Total loans, gross 90,636 14,386 5,323 110,345 Allowance for loan losses (1,441 ) – – (1,441 ) Total loans $89,195 $14,386 $5,323 $108,904 As of December 2018 Loan Type Corporate $37,283 $ 2,819 $2,273 $ 42,375 Wealth management 17,518 7,250 – 24,768 Commercial real estate 11,441 1,718 1,019 14,178 Residential real estate 7,284 973 44 8,301 Consumer 4,536 – – 4,536 Other 3,594 656 495 4,745 Total loans, gross 81,656 13,416 3,831 98,903 Allowance for loan losses (1,066 ) – – (1,066 ) Total loans $80,590 $13,416 $3,831 $ 97,837 The following is a description of the loan types • Corporate. • Wealth Management. • Commercial Real Estate. • Residential Real Estate. • Consumer. • Credit Cards. • Other. PCI Loans Loans accounted for at amortized cost include PCI loans, which represent acquired loans or pools of loans with evidence of credit deterioration subsequent to their origination and where it is probable, at acquisition, that the firm will not be able to collect all contractually required payments. PCI loans are initially recorded at the acquisition price and the difference between the acquisition price and the expected cash flows (accretable yield) is recognized as interest income over the life of such loans on an effective yield method. The tables below present information about PCI loans. As of December $ in millions 2019 2018 Commercial real estate $ 455 $ 581 Residential real estate 1,167 2,457 Other – 4 Total gross carrying value $1,622 $3,042 Total outstanding principal balance $3,231 $5,576 Total accretable yield $ 220 $ 459 In January 2020, the firm elected the fair value option for these PCI loans in accordance with ASU No. 2016-13. Year Ended December $ in millions 2019 2018 2017 Acquired during the period Fair value $ – $ 839 $1,769 Expected cash flows $ – $ 937 $1,961 Contractually required cash flows $ – $1,881 $4,092 In the table above: • Fair value, expected cash flows and contractually required cash flows were as of the acquisition date. • Expected cash flows represents the cash flows expected to be received over the life of the loan or as a result of liquidation of the underlying collateral. • Contractually required cash flows represents cash flows required to be repaid by the borrower over the life of the loan. Credit Quality Risk Assessment. The table below presents gross loans by an internally determined public rating agency equivalent or other credit metrics and the concentration of secured and unsecured loans. $ in millions Investment- Grade Non-Investment- Other/ Unrated Total As of December 2019 Amortized cost $30,266 $51,222 $ $ 90,636 Fair value 2,844 5,174 6,368 14,386 Held for sale 323 4,368 632 5,323 Total $ $ $ $ Secured 25% 50% 8% 83% Unsecured 5% 5% 7% 17% Total 30% 55% 15% 100% As of December 2018 Amortized cost $28,290 $45,468 $ 7,898 $ 81,656 Fair value 2,371 4,999 6,046 13,416 Held for sale 1,231 2,088 512 3,831 Total $31,892 $52,555 $14,456 $ 98,903 Secured 25% 50% 9% 84% Unsecured 7% 3% 6% 16% Total 32% 53% 15% 100% In the table above, other/unrated includes $15.52 billion as of December 2019 and $11.72 billion as of December 2018 of loans evaluated using other credit metrics described below. Such loans primarily include originated and purchased consumer and credit card loans, PCI loans and certain wealth management loans backed by residential real estate. For purchased consumer and credit card loans, PCI loans and certain wealth management loans backed by residential real estate, the firm’s risk assessment process includes reviewing certain key metrics, such as loan-to-value ratio, delinquency status, collateral values, expected cash flows, the Fair Isaac Corporation (FICO) credit score and other risk factors. For originated consumer and credit card loans, an important credit-quality indicator is the The table below presents gross consumer and credit card loans and the concentration by refreshed FICO credit score. As of December $ in millions 2019 2018 Consumer, gross $4,747 $4,536 Credit cards, gross 1,858 – Total $6,605 $4,536 Refreshed FICO credit score Greater than or equal to 660 85% 88% Less than 660 15% 12% Total 100% 100% The firm also assigns a regulatory risk rating to its loans based on the definitions provided by the U.S. federal bank regulatory agencies. The table below presents gross loans by regulatory risk rating. $ in millions Non-criticized/ Pass Criticized Total As of December 2019 Amortized cost $ 82,952 $ $ 90,636 Fair value 12,153 2,233 14,386 Held for sale 5,216 107 5,323 Total $100,321 $10,024 $110,345 As of December 2018 Amortized cost $ 75,596 $ $ 81,656 Fair value 10,752 2,664 13,416 Held for sale 3,817 14 3,831 Total $ 90,165 $ $ 98,903 Credit Concentrations. As of December $ in millions 2019 2018 Loans, gross $110,345 $98,903 Region Americas 73% 77% EMEA 21% 18% Asia 6% 5% Total 100% 100% The table below presents the concentration of gross corporate loans by industry. As of December $ in millions 2019 2018 Corporate, gross $46,307 $42,375 Industry Consumer, Retail & Healthcare 15% 16% Diversified Industrials 17% 16% Financial Institutions 10% 11% Funds 9% 10% Natural Resources & Utilities 12% 11% Real Estate 7% 6% Technology, Media & Telecommunications 17% 18% Other (including Special Purpose Vehicles) 13% 12% Total 100% 100% Impaired Loans. In certain circumstances, the firm may also modify the original terms of a loan agreement by granting a concession to a borrower experiencing financial difficulty. Such modifications are considered troubled debt restructurings and typically include interest rate reductions, payment extensions, and modification of loan covenants. Loans modified in a troubled debt restructuring are considered impaired and are subject to specific loan-level reserves. The gross carrying value of impaired loans (excluding PCI loans) on nonaccrual status was $1.49 billion as of December 2019 and $838 million as of December 2018. Such loans included $251 million as of December 2019 and $27 million as of December 2018 of corporate loans that were modified in a troubled debt restructuring. The firm’s lending commitments related to these loans were not material as of both December 2019 and December 2018. The amount of loans 30 days or more past due was $627 million as of December 2019 and $208 million as of December 2018. When it is determined that the firm cannot reasonably estimate expected cash flows on PCI loans or pools of loans, such loans are placed on nonaccrual status. Allowance for Credit Losses The firm’s allowance for credit losses consists of the allowance for losses on loans and lending commitments accounted for at amortized cost. Loans and lending commitments accounted for at fair value or accounted for at the lower of cost or fair value are not subject to an allowance for credit losses. The firm’s allowance for loan losses consists of specific loan-level reserves, portfolio-level reserves and reserves on PCI loans, as described below: • Specific loan-level reserves are determined on loans (excluding PCI loans) that exhibit credit quality weakness and are therefore individually evaluated for impairment. • Portfolio-level reserves are determined on loans (excluding PCI loans) not evaluated for specific loan-level reserves by aggregating groups of loans with similar risk characteristics and estimating the probable loss inherent in the portfolio. • Reserves on PCI loans are recorded when it is determined that the expected cash flows, which are reassessed on a quarterly basis, will be lower than those used to establish the current effective yield for such loans or pools of loans. If the expected cash flows are determined to be significantly higher than those used to establish the current effective yield, such increases are initially recognized as a reduction to any previously recorded allowances for loan losses and any remaining increases are recognized as interest income prospectively over the life of the loan or pools of loans as an increase to the effective yield. The allowance for loan losses is determined using various risk factors, including industry default and loss data, current macroeconomic indicators, borrower’s capacity to meet its financial obligations, borrower’s country of risk, loan seniority and collateral type. In addition, for loans backed by real estate, risk factors include loan-to-value ratio, debt service ratio and home price index. Risk factors for consumer and credit card loans include FICO credit scores and delinquency status. Management’s estimate of loan losses entails judgment about loan collectability at the reporting dates, and there are uncertainties inherent in those judgments. While management uses the best information available to determine this estimate, future adjustments to the allowance may be necessary based on, among other things, changes in the economic environment or variances between actual results and the original assumptions used. Loans are charged off against the allowance for loan losses when deemed to be uncollectible. The firm also records an allowance for losses on lending commitments that are held for investment and accounted for at amortized cost. Such allowance is determined using the same methodology as the allowance for loan losses, while also taking into consideration the probability of drawdowns or funding, and is included in other liabilities. The table below presents gross loans and lending commitments accounted for at amortized cost by impairment methodology. $ in millions Specific Portfolio PCI Total As of December 2019 Loans Corporate $1,122 $ 40,007 $ – $ 41,129 Wealth management 52 20,064 – 20,116 Commercial real estate 175 12,628 455 13,258 Residential real estate 143 4,822 1,167 6,132 Consumer – 4,747 – 4,747 Credit cards – 1,858 – 1,858 Other – 3,396 – 3,396 Total $1,492 $ 87,522 $1,622 $ 90,636 Lending Commitments Corporate $ $ 127,098 $ – $ 127,226 Credit card – 13,669 – 13,669 Other 11 9,194 – 9,205 Total $ $149,961 $ – $150,100 As of December 2018 Loans Corporate $ 358 $ 36,925 $ $ 37,283 Wealth management 46 17,472 – 17,518 Commercial real estate 9 10,851 581 11,441 Residential real estate 425 4,402 2,457 7,284 Consumer – 4,536 – 4,536 Other – 3,590 4 3,594 Total $ 838 $ 77,776 $3,042 $ 81,656 Lending Commitments Corporate $ 31 $113,453 $ $113,484 Other – 7,513 – 7,513 Total $ 31 $120,966 $ $120,997 In the table above: • Gross loans and lending commitments, subject to specific loan-level reserves, included $832 million as of December 2019 and $484 million as of December 2018 of impaired loans and lending commitments, which did not require a reserve as the loan was deemed to be recoverable. • Gross loans deemed impaired and subject to specific loan-level reserves as a percentage of total gross loans was 1.6% as of December 2019 and 1.0% as of December 2018. • See Note 18 for further information about lending commitments. The table below presents information about the allowance for credit losses. Year Ended December 2019 2018 $ in millions Loans Lending Commitments Loans Lending Commitments Changes in the allowance for credit losses Beginning balance $1,066 $286 $ 803 $274 Net charge-offs (490 ) – (337 ) – Provision 990 75 654 20 Other (125 ) – (54 ) (8 ) Ending balance $1,441 $361 $1,066 $286 Allowance for losses by impairment methodology Specific $ 207 $ 21 $ 102 $ 3 Portfolio 1,065 340 848 283 PCI 169 – 116 – Total $1,441 $361 $1,066 $286 In the table above: • Net charge-offs were primarily related to consumer loans for 2019 and consumer loans and commercial real estate PCI loans for 2018. • The provision for credit losses was primarily related to consumer loans and corporate loans for both 2019 and 2018. • Other represents the reduction to the allowance related to loans and lending commitments transferred to held for sale. • Portfolio-level reserves were primarily related to consumer loans and corporate loans. Specific loan-level reserves were substantially all related to corporate loans. Reserves on PCI loans were related to real estate loans. • Substantially all of the allowance for losses on lending commitments was related to corporate lending commitments. • Allowance for loan losses as a percentage of total gross loans accounted for • Net charge-offs as a percentage of average total gross loans accounted for at amortized cost were 0.6% for 2019 and 0.5% for 2018. Fair Value of Loans by Level The table below presents loans held for investment accounted for at fair value under the fair value option by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of December 2019 Loan Type Corporate $ – $ 2,472 $ 752 $ 3,224 Wealth management – 7,764 60 7,824 Commercial real estate – 1,285 591 1,876 Residential real estate – 571 221 792 Other – 404 266 670 Total $ – $12,496 $1,890 $14,386 As of December 2018 Loan Type Corporate $ – $ 2,160 $ 659 $ 2,819 Wealth management – 7,192 58 7,250 Commercial real estate – 1,041 677 1,718 Residential real estate – 683 290 973 Other – 350 306 656 Total $ – $11,426 $1,990 $13,416 The gains as a result of changes in the fair value of loans included in the table above were $355 million for 2019 and $372 million for 2018. These gains were included in other principal transactions. Significant Unobservable Inputs The table below presents the amount of level 3 loans, and ranges and weighted averages of significant unobservable inputs used to value such loans. Level 3 Assets and Range of Significant Unobservable Inputs (Weighted Average) as of December $ in millions 2019 2018 Corporate Level 3 assets $752 $659 Yield 1.9% to 26.3% ( 9.5 ) 4.8% to 30.0% ( 12.5 ) Recovery rate 13.5% to 78.0% ( 44.4 ) 13.5% to 55.0% ( 28.4% ) Duration (years) 3.7 to 5.8 (3.9 ) 1.6 to 6.7 (3.0 ) Commercial real estate Level 3 assets $591 $677 Yield 7.0% to 16.0% ( 9.3 ) 8.3% to 22.0% ( 11.7 ) Recovery rate 5.9% to 85.2% ( 48.6 ) 9.7% to 64.9% ( 37.8 ) Duration (years) 0.2 to 5.3 (3.5 ) 0.7 to 5.9 (3.8 ) Residential real estate Level 3 assets $221 $290 Yield 1.1% to 14.0% ( 11.5 ) 2.6% to 19.3% ( 11.9 ) Duration (years) 1.1 to 4.8 (4.0 ) 1.4 to 5.4 (4.6 ) Wealth management and other Level 3 assets $326 $364 Yield 3.9% to 16.0% ( 9.9 ) 4.7% to 11.5% ( 9.0 ) Duration (years) 1.6 to 6.7 (3.7 ) 2.2 to 4.8 (2.8 ) In the table above: • Ranges represent the significant unobservable inputs that were used in the valuation of each type of loan. • Weighted averages are calculated by weighting each input by the relative fair value of the loan. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one loan. For example, the highest yield for residential real estate loans is appropriate for valuing a specific residential real estate loan but may not be appropriate for valuing any other residential real estate loan. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 loans. • Increases in yield or duration used in the valuation of level 3 loans would have resulted in a lower fair value measurement, while increases in recovery rate would have resulted in a higher fair value measurement as of both December 2019 and December 2018. Due to the distinctive nature of each level 3 loan, the interrelationship of inputs is not necessarily uniform within each product type. • Loans are valued using discounted cash flows. Level 3 Rollforward The table below presents a summary of the changes in fair value for level 3 loans. Year Ended December $ in millions 2019 2018 Beginning balance $1,990 $1,973 Net realized gains/(losses) 46 74 Net unrealized gains/(losses) 85 72 Purchases 249 88 Sales (14 ) (66 ) Settlements (795 ) (717 ) Transfers into level 3 444 995 Transfers out of level 3 (115 ) (429 ) Ending balance $1,890 $1,990 In the table above: • Changes in fair value are presented for loans that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to loans that were still held at period-end. • Purchases includes originations and secondary purchases. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a loan was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. The table below presents information, by loan type, for loans included in the summary table above. Year Ended December $ in millions 2019 2018 Corporate Beginning balance $ 659 $ 672 Net realized gains/(losses) 5 15 Net unrealized gains/(losses) (27 ) (11 ) Purchases 151 69 Sales – (58 ) Settlements (298 ) (225 ) Transfers into level 3 290 310 Transfers out of level 3 (28 ) (113 ) Ending balance $ 752 $ 659 Commercial real estate Beginning balance $ 677 $ 853 Net realized gains/(losses) 20 38 Net unrealized gains/(losses) 28 33 Purchases 11 14 Sales (9 ) (4 ) Settlements (229 ) (330 ) Transfers into level 3 94 382 Transfers out of level 3 (1 ) (309 ) Ending balance $ 591 $ 677 Residential real estate Beginning balance $ 290 $ 213 Net realized gains/(losses) 15 18 Net unrealized gains/(losses) 26 (13 ) Purchases 58 3 Sales (5 ) (4 ) Settlements (137 ) (70 ) Transfers into level 3 60 143 Transfers out of level 3 (86 ) – Ending balance $ 221 $ 290 Wealth management and other Beginning balance $ 364 $ 235 Net realized gains/(losses) 6 3 Net unrealized gains/(losses) 58 63 Purchases 29 2 Sales – – Settlements (131 ) (92 ) Transfers into level 3 – 160 Transfers out of level 3 – (7 ) Ending balance $ 326 $ 364 Level 3 Rollforward Commentary Year Ended December 2019. The drivers of the net unrealized gains on level 3 loans for 2019 were not material. Transfers into level 3 loans during 2019 primarily reflected transfers of certain corporate loans from level 2, principally due to reduced price transparency as a result of a lack of market evidence. The drivers of transfers out of level 3 loans during 2019 were not material. Year Ended December 2018. The drivers of the net unrealized gains on level 3 loans for 2018 were not material. Transfers into level 3 loans during 2018 primarily reflected transfers of certain commercial real estate and corporate loans from level 2, principally due to reduced price transparency as a result of a lack of market evidence. Transfers out of level 3 loans during 2018 primarily reflected transfers of certain commercial real estate loans to level 2, principally due to certain unobservable yield and duration inputs no longer being significant to the valuation of these instruments. Estimated Fair Value The table below presents the estimated fair value of loans that are not accounted for at fair value and in what level of the fair value hierarchy they would have been classified if they had been included in the firm’s fair value hierarchy. Carrying Estimated Fair Value $ in millions Value Level 2 Level 3 Total As of December 2019 Amortized cost $89,195 $52,091 $37,095 $89,186 Held for sale $ 5,323 $ 4,157 $ 1,252 $ 5,409 As of December 2018 Amortized cost $80,590 $40,640 $40,103 $80,743 Held for sale $ 3,831 $ 2,662 $ 1,180 $ 3,842 |
Fair Value Option
Fair Value Option | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option | Note 10. Fair Value Option Other Financial Assets and Liabilities at Fair Value In addition to trading assets and liabilities, and certain investments and loans, the firm accounts for certain of its other financial assets and liabilities at fair value, substantially all under the fair value option. The primary reasons for electing the fair value option are to: • Reflect economic events in earnings on a timely basis; • Mitigate volatility in earnings from using different measurement attributes (e.g., transfers of financial assets accounted for as financings are recorded at fair value, whereas the related secured financing would be recorded on an accrual basis absent electing the fair value option); and • Address simplification and cost-benefit considerations (e.g., accounting for hybrid financial instruments at fair value in their entirety versus bifurcation of embedded derivatives and hedge accounting for debt hosts). Hybrid financial instruments are instruments that contain bifurcatable embedded derivatives and do not require settlement by physical delivery of nonfinancial assets (e.g., physical commodities). If the firm elects to bifurcate the embedded derivative from the associated debt, the derivative is accounted for at fair value and the host contract is accounted for at amortized cost, adjusted for the effective portion of any fair value hedges. If the firm does not elect to bifurcate, the entire hybrid financial instrument is accounted for at fair value under the fair value option. Other financial assets and liabilities accounted for at fair value under the fair value option include: • Repurchase agreements and substantially all resale agreements; • Securities borrowed and loaned in FICC financing; • Substantially all other secured financings, including transfers of assets accounted for as financings; • Certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments; • Certain customer and other receivables, including certain margin loans; and • Certain time deposits (deposits with no stated maturity are not eligible for a fair value option election), including structured certificates of deposit, which are hybrid financial instruments. Fair Value of Other Financial Assets and Liabilities by Level The table below presents, by level within the fair value hierarchy, other financial assets and liabilities at fair value, substantially all of which are accounted for at fair value under the fair value option. $ in millions Level 1 Level 2 Level 3 Total As of December 2019 Assets Resale agreements $ – $ 85,691 $ – $ 85,691 Securities borrowed – 26,279 – 26,279 Customer and other receivables – 53 – 53 Total $ – $ 112,023 $ – $ 112,023 Liabilities Deposits $ – $ (13,742 ) $ (4,023 ) $ (17,765 ) Repurchase agreements – (117,726 ) (30 ) (117,756 ) Securities loaned – (714 ) – (714 ) Other secured financings – (17,685 ) (386 ) (18,071 ) Unsecured borrowings: Short-term – (20,300 ) (5,707 ) (26,007 ) Long-term – (32,920 ) (10,741 ) (43,661 ) Other liabilities – (1 ) (149 ) (150 ) Total $ – $(203,088 ) $(21,036 ) $(224,124 ) As of December 2018 Assets Resale agreements $ – $ $ $ Securities borrowed – 23,142 – 23,142 Customer and other receivables – 154 6 160 Total $ – $ $ $ Liabilities Deposits $ – $ ) $ ) $ ) Repurchase agreements – (78,694 ) (29 ) (78,723 ) Securities loaned – (3,241 ) – (3,241 ) Other secured financings – (20,734 ) (170 ) (20,904 ) Unsecured borrowings: Short-term – (12,887 ) (4,076 ) (16,963 ) Long-term – (34,761 ) (11,823 ) (46,584 ) Other liabilities – (1 ) (131 ) (132 ) Total $ – $ ) $ ) $ ) In the table above, other financial assets are shown as positive amounts and other financial liabilities are shown as negative amounts. See Note 4 for an overview of the firm’s fair value measurement policies and the valuation techniques and significant inputs used to determine the fair value of other financial assets and liabilities. Significant Inputs See below for information about the significant inputs (including the significant unobservable inputs) used to value other financial assets and liabilities at fair value. Resale and Repurchase Agreements and Securities Borrowed and Loaned. Customer and Other Receivables. Deposits. Other Secured Financings. • Yield: 3.3% to 4.2% (weighted average: 3.5%) • Duration: 0.6 to 2.1 years (weighted average: 1.0 year) Generally, increases in yield or duration, in isolation, would have resulted in a lower fair value measurement as of December 2019. Due to the distinctive nature of each of level 3 other secured financings, the interrelationship of inputs is not necessarily uniform across such financings. As of December 2018, level 3 other secured financings were not material. Unsecured Short- and Long-Term Borrowings. Other Liabilities. Level 3 Rollforward The table below presents a summary of the changes in fair value for level 3 other financial assets and liabilities accounted for at fair value. Year Ended December $ in millions 2019 2018 Total other financial assets Beginning balance $ $ 4 Net realized gains/(losses) 5 – Net unrealized gains/(losses) (6 ) 2 Settlements (5 ) – Ending balance $ $ 6 Total other financial liabilities Beginning balance $(19,397 ) $(15,462 ) Net realized gains/(losses) (337 ) (491 ) Net unrealized gains/(losses) (2,254 ) 2,013 Issuances (9,892 ) (11,935 ) Settlements 11,104 7,010 Transfers into level 3 (877 ) (1,416 ) Transfers out of level 3 617 884 Ending balance $(21,036 ) $(19,397 ) In the table above: • Changes in fair value are presented for all other financial assets and liabilities that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to instruments that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a financial asset or liability was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • For level 3 other financial assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 other financial liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts. • Level 3 other financial assets and liabilities are frequently economically hedged with trading assets and liabilities. Accordingly, gains or losses that are classified in level 3 can be partially offset by gains or losses attributable to level 1, 2 or 3 trading assets and liabilities. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. The table below presents information, by the consolidated balance sheet line items, for liabilities included in the summary table above. Year Ended December $ in millions 2019 2018 Deposits Beginning balance $ (3,168 ) $ (2,968 ) Net realized gains/(losses) (3 ) (25 ) Net unrealized gains/(losses) (473 ) 272 Issuances (932 ) (796 ) Settlements 452 298 Transfers into level 3 (28 ) (8 ) Transfers out of level 3 129 59 Ending balance $ (4,023 ) $ (3,168 ) Repurchase agreements Beginning balance $ ) $ (37 ) Net unrealized gains/(losses) (4 ) 2 Settlements 3 6 Ending balance $ ) $ (29 ) Other secured financings Beginning balance $ ) $ (389 ) Net realized gains/(losses) 36 (15 ) Net unrealized gains/(losses) (52 ) 11 Issuances (28 ) (8 ) Settlements 19 157 Transfers into level 3 (191 ) (10 ) Transfers out of level 3 – 84 Ending balance $ ) $ (170 ) Unsecured short-term borrowings Beginning balance $ (4,076 ) $ (4,594 ) Net realized gains/(losses) (120 ) (125 ) Net unrealized gains/(losses) (484 ) 558 Issuances (5,410 ) (4,564 ) Settlements 4,333 4,481 Transfers into level 3 (173 ) (72 ) Transfers out of level 3 223 240 Ending balance $ (5,707 ) $ (4,076 ) Unsecured long-term borrowings Beginning balance $(11,823 ) $ (7,434 ) Net realized gains/(losses) (278 ) (349 ) Net unrealized gains/(losses) (1,223 ) 1,262 Issuances (3,494 ) (6,545 ) Settlements 6,297 2,068 Transfers into level 3 (485 ) (1,326 ) Transfers out of level 3 265 501 Ending balance $(10,741 ) $(11,823 ) Other liabilities Beginning balance $ ) $ (40 ) Net realized gains/(losses) 28 23 Net unrealized gains/(losses) (18 ) (92 ) Issuances (28 ) (22 ) Ending balance $ ) $ (131 ) Level 3 Rollforward Commentary Year Ended December 2019. The unrealized losses on level 3 other financial liabilities for 2019 primarily reflected losses on certain hybrid financial instruments included in unsecured long- and short-term borrowings, principally due to an increase in global equity prices, and losses on certain hybrid financial instruments included in deposits, due to the impact of an increase in the market value of the underlying assets. Transfers into level 3 other financial liabilities during 2019 primarily reflected transfers of certain hybrid financial instruments included in unsecured long- and short-term borrowings and other secured financings from level 2, principally due to reduced price transparency of certain volatility and correlation inputs used to value these instruments. Transfers out of level 3 other financial liabilities during 2019 primarily reflected transfers of certain hybrid financial instruments included in unsecured long- and short-term borrowings to level 2, principally due to increased price transparency of certain volatility and correlation inputs used to value these instruments. Year Ended December 2018. The net unrealized gains on level 3 other financial liabilities for 2018 primarily reflected gains on certain hybrid financial instruments included in unsecured long-term borrowings, principally due to the impact of wider credit spreads and increases in interest rates, and gains on certain hybrid financial instruments included in unsecured short-term borrowings, principally due to a decrease in global equity prices. Transfers into level 3 other financial liabilities during 2018 primarily reflected transfers of certain hybrid financial instruments included in unsecured long-term borrowings from level 2, principally due to reduced transparency of certain inputs used to value these instruments as a result of a lack of market transactions in similar instruments. Transfers out of level 3 other financial liabilities during 2018 primarily reflected transfers of certain hybrid financial instruments included in unsecured long- and short-term borrowings to level 2, principally due to increased transparency of certain volatility and correlation inputs used to value these instruments. Gains and Losses on Other Financial Assets and Liabilities Accounted for at Fair Value Under the Fair Value Option The table below presents the gains and losses recognized in earnings as a result of the election to apply the fair value option to certain financial assets and liabilities. Year Ended December $ in millions 2019 2018 2017 Unsecured short-term borrowings $(3,365 ) $1,443 $(2,585 ) Unsecured long-term borrowings (5,251 ) 926 (1,357 ) Other (883 ) 308 (272 ) Total $(9,499 ) $2,677 $(4,214 ) In the table above: • Gains/(losses) were substantially all included in market making. • Gains/(losses) exclude contractual interest, which is included in interest income and interest expense, for all instruments other than hybrid financial instruments. See Note 23 for further information about interest income and interest expense. • Gains/(losses) included in unsecured short- and long-term borrowings were substantially all related to the embedded derivative component of hybrid financial instruments for 2019, 2018 and 2017. These gains and losses would have been recognized under other U.S. GAAP even if the firm had not elected to account for the entire hybrid financial instrument at fair value. • Other primarily consists of gains/(losses) on customer and other receivables, deposits, other secured financings and other liabilities. • Other financial assets and liabilities at fair value are frequently economically hedged with trading assets and liabilities. Accordingly, gains or losses on such other financial assets and liabilities can be partially offset by gains or losses on trading assets and liabilities. As a result, gains or losses on other financial assets and liabilities do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. See Note 8 for information about gains/(losses) on equity securities and Note 9 for information about gains/(losses) on loans which are accounted for at fair value under the fair value option. Gains/(losses) on trading assets and liabilities accounted for at fair value under the fair value option are included in market making. See Note 5 for further information about gains/(losses) from market making. Long-Term Debt Instruments The difference between the aggregate contractual principal amount and the related fair value of long-term other secured financings for which the fair value option was elected was not material as of both December 2019 and December 2018. The fair value of unsecured long-term borrowings exceeded the aggregate contractual principal amount by $199 million as of December 2019, and the aggregate contractual principal amount exceeded the related fair value by $3.47 billion as of December 2018. The amounts above include both principal-protected and non-principal-protected long-term borrowings. Debt Valuation Adjustment The firm calculates the fair value of financial liabilities for which the fair value option is elected by discounting future cash flows at a rate which incorporates the firm’s credit spreads. The table below presents information about the net debt valuation adjustment (DVA) gains/(losses) on financial liabilities for which the fair value option was elected. Year Ended December $ in millions 2019 2018 2017 DVA (pre-tax) $(2,763 ) $3,389 $(1,232 ) DVA (net of tax) $(2,079 ) $2,553 $ (807 ) In the table above: • DVA (net of tax) is included in debt valuation adjustment in the consolidated statements of comprehensive income. • The gains/(losses) reclassified to earnings from accumulated other comprehensive income/(loss) upon extinguishment of such financial liabilities were not material for 2019, 2018 or 2017. Loans and Lending Commitments The table below presents the difference between the aggregate fair value and the aggregate contractual principal amount for loans (included in trading assets and loans on the consolidated balance sheets) for which the fair value option was elected. As of December $ in millions 2019 2018 Performing loans Aggregate contractual principal in excess of fair value $ $1,830 Loans on nonaccrual status and/or more than 90 days past due Aggregate contractual principal in excess of fair value $6,703 $5,260 Aggregate fair value $2,776 $2,010 In the table above, the aggregate contractual principal amount of loans on nonaccrual status and/or more than 90 days past due (which excludes loans carried at zero fair value and considered uncollectible) exceeds the related fair value primarily because the firm regularly purchases loans, such as distressed loans, at values significantly below the contractual principal amounts. The fair value of unfunded lending commitments for which the fair value option was elected was a liability of $373 million as of December 2019 and $45 million as of December 2018, and the related total contractual amount of these lending commitments was $1.55 billion as of December 2019 and $1.89 billion as of December 2018. See Note 18 for further information about lending commitments. Impact of Credit Spreads on Loans and Lending Commitments The estimated net gain attributable to changes in instrument-specific credit spreads on loans and lending commitments for which the fair value option was elected was $134 million for 2019, $211 million for 2018 and $268 million for 2017. The firm generally calculates the fair value of loans and lending commitments for which the fair value option is elected by discounting future cash flows at a rate which incorporates the instrument-specific credit spreads. For floating-rate loans and lending commitments, substantially all changes in fair value are attributable to changes in instrument-specific credit spreads, whereas for fixed-rate loans and lending commitments, changes in fair value are also attributable to changes in interest rates. |
Collateralized Agreements and F
Collateralized Agreements and Financings | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Collateralized Agreements and Financings | Note 11. Collateralized Agreements and Financings Collateralized agreements are resale agreements and securities borrowed. Collateralized financings are repurchase agreements, securities loaned and other secured financings. The firm enters into these transactions in order to, among other things, facilitate client activities, invest excess cash, acquire securities to cover short positions and finance certain firm activities. Collateralized agreements and financings are presented on a net-by-counterparty The table below presents the carrying value of resale and repurchase agreements and securities borrowed and loaned transactions. As of December $ in millions 2019 2018 Resale agreements $ 85,691 $139,258 Securities borrowed $136,071 $135,285 Repurchase agreements $117,756 $ 78,723 Securities loaned $ 14,985 $ 11,808 In the table above: • Substantially all resale agreements and all repurchase agreements are carried at fair value under the fair value option. See Note 4 for further information about the valuation techniques and significant inputs used to determine fair value. • Securities borrowed of $26.28 billion as of December 2019 and $23.14 billion as of December 2018, and securities loaned of $714 million as of December 2019 and $3.24 billion as of December 2018 were at fair value. Resale and Repurchase Agreements A resale agreement is a transaction in which the firm purchases financial instruments from a seller, typically in exchange for cash, and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a stated price plus accrued interest at a future date. A repurchase agreement is a transaction in which the firm sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date. Even though repurchase and resale agreements (including “repos- and reverses-to-maturity”) involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold before or at the maturity of the agreement. The financial instruments purchased or sold in resale and repurchase agreements typically include U.S. government and agency, and investment-grade sovereign obligations. The firm receives financial instruments purchased under resale agreements and makes delivery of financial instruments sold under repurchase agreements. To mitigate credit exposure, the firm monitors the market value of these financial instruments on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the financial instruments, as appropriate. For resale agreements, the firm typically requires collateral with a fair value approximately equal to the carrying value of the relevant assets in the consolidated balance sheets. Securities Borrowed and Loaned Transactions In a securities borrowed transaction, the firm borrows securities from a counterparty in exchange for cash or securities. When the firm returns the securities, the counterparty returns the cash or securities. Interest is generally paid periodically over the life of the transaction. In a securities loaned transaction, the firm lends securities to a counterparty in exchange for cash or securities. When the counterparty returns the securities, the firm returns the cash or securities posted as collateral. Interest is generally paid periodically over the life of the transaction. The firm receives securities borrowed and makes delivery of securities loaned. To mitigate credit exposure, the firm monitors the market value of these securities on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the securities, as appropriate. For securities borrowed transactions, the firm typically requires collateral with a fair value approximately equal to the carrying value of the securities borrowed transaction. Securities borrowed and loaned within FICC financing are recorded at fair value under the fair value option. See Note 10 for further information about securities borrowed and loaned accounted for at fair value. Securities borrowed and loaned within Equit ies Offsetting Arrangements The table below presents resale and repurchase agreements and securities borrowed and loaned transactions included in the consolidated balance sheets, as well as the amounts not offset in the consolidated balance sheets. Assets Liabilities $ in millions Resale agreements Securities borrowed Repurchase agreements Securities loaned As of December 2019 Included in the consolidated balance sheets Gross carrying value $ $ $ $ Counterparty netting (67,291 ) (4,606 ) (67,291 ) (4,606 ) Total 85,691 136,071 117,756 14,985 Amounts not offset Counterparty netting (3,058 ) (2,211 ) (3,058 ) (2,211 ) Collateral (78,528 ) (127,901 ) (114,065 ) (12,614 ) Total $ $ $ $ As of December 2018 Included in the consolidated balance sheets Gross carrying value $ 246,284 $ 139,556 $ 185,749 $ 16,079 Counterparty netting (107,026 ) (4,271 ) (107,026 ) (4,271 ) Total 139,258 135,285 78,723 11,808 Amounts not offset Counterparty netting (5,870 ) (1,104 ) (5,870 ) (1,104 ) Collateral (130,707 ) (127,340 ) (70,691 ) (10,491 ) Total $ 2,681 $ 6,841 $ 2,162 $ 213 In the table above: • Substantially all of the gross carrying values of these arrangements are subject to enforceable netting agreements. • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. • Amounts not offset includes counterparty netting that does not meet the criteria for netting under U.S. GAAP and the fair value of collateral received or posted subject to enforceable credit support agreements. Gross Carrying Value of Repurchase Agreements and Securities Loaned The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged. $ in millions Repurchase agreements Securities loaned As of December 2019 Money market instruments $ $ U.S. government and agency obligations 112,903 – Non-U.S. 55,575 1,051 Securities backed by commercial real estate 210 – Securities backed by residential real estate 1,079 – Corporate debt securities 6,857 122 State and municipal obligations 242 – Other debt obligations 196 – Equity securities 7,827 18,418 Total $185,047 $19,591 As of December 2018 Money market instruments $ 100 $ U.S. government and agency obligations 88,060 – Non-U.S. 84,443 2,438 Securities backed by commercial real estate 3 – Securities backed by residential real estate 221 – Corporate debt securities 5,495 195 Other debt obligations 25 – Equity securities 7,402 13,446 Total $185,749 $16,079 The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity. As of December 2019 $ in millions Repurchase agreements Securities loaned No stated maturity and overnight $ 70,260 $14,467 2 - 30 days 81,440 3,117 31 - 90 days 12,874 841 91 days - 1 year 16,266 1,166 Greater than 1 year 4,207 – Total $185,047 $19,591 In the table above: • Repurchase agreements and securities loaned that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. • Repurchase agreements and securities loaned that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable. Other Secured Financings In addition to repurchase agreements and securities loaned transactions, the firm funds certain assets through the use of other secured financings and pledges financial instruments and other assets as collateral in these transactions. These other secured financings consist of: • Liabilities of consolidated VIEs; • Transfers of assets accounted for as financings rather than sales (e.g., collateralized central bank financings, pledged commodities, bank loans and mortgage whole loans); and • Other structured financing arrangements. Other secured financings included nonrecourse arrangements. Nonrecourse other secured financings were $10.91 billion as of December 2019 and $8.47 billion as of December 2018. The firm has elected to apply the fair value option to substantially all other secured financings because the use of fair value eliminates non-economic Other secured financings that are not recorded at fair value are recorded based on the amount of cash received plus accrued interest, which generally approximates fair value. As these financings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these financings been included in the firm’s fair value hierarchy, they would have been primarily classified in level 2 as of both December 2019 and December 2018. The table below presents information about other secured financings. $ in millions U.S. Dollar Non-U.S. Total As of December 2019 Other secured financings (short-term): At fair value $ 2,754 $4,441 $ 7,195 At amortized cost 129 – 129 Other secured financings (long-term): At fair value 7,402 3,474 10,876 At amortized cost 397 680 1,077 Total other secured financings $10,682 $8,595 $19,277 Other secured financings collateralized by: Financial instruments $ 5,506 $6,509 $12,015 Other assets $ 5,856 $1,406 $ 7,262 As of December 2018 Other secured financings (short-term): At fair value $ 3,528 $6,027 $ 9,555 At amortized cost – – – Other secured financings (long-term): At fair value 9,010 2,339 11,349 At amortized cost 529 – 529 Total other secured financings $13,067 $8,366 $21,433 Other secured financings collateralized by: Financial instruments $ 8,960 $7,550 $16,510 Other assets $ 4,107 $ 816 $ 4,923 In the table above: • Short-term other secured financings includes financings maturing within one year of the financial statement date and financings that are redeemable within one year of the financial statement date at the option of the holder. • U.S. dollar-denominated short-term other secured financings at amortized cost had a weighted average interest rate of 4.32% as of December 2019. These rates include the effect of hedging activities. • U.S. dollar-denominated long-term other secured financings at amortized cost had a weighted average interest rate of 1.28% as of December 2019 and 4.02% as of December 2018. These rates include the effect of hedging activities. • Total other secured financings included $2.16 billion as of December 2019 and $2.40 billion as of December 2018 related to transfers of financial assets accounted for as financings rather than sales. Such financings were collateralized by financial assets of $2.21 billion as of December 2019 and $2.41 billion as of December 2018, both primarily included in trading assets. • Other secured financings collateralized by financial instruments included $9.09 billion as of December 2019 and $12.41 billion as of December 2018 of other secured financings collateralized by trading assets and loa ns, The table below presents other secured financings by maturity. $ in millions As of December 2019 Other secured financings (short-term) $ 7,324 Other secured financings (long-term): 2021 3,683 2022 1,842 2023 1,399 2024 1,358 2025 - thereafter 3,671 Total other secured financings (long-term) 11,953 Total other secured financings $19,277 In the table above: • Long-term other secured financings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. • Long-term other secured financings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable. Collateral Received and Pledged The firm receives cash and securities (e.g., U.S. government and agency obligations, other sovereign and corporate obligations, as well as equity securities) as collateral, primarily in connection with resale agreements, securities borrowed, derivative transactions and customer margin loans. The firm obtains cash and securities as collateral on an upfront or contingent basis for derivative instruments and collateralized agreements to reduce its credit exposure to individual counterparties. In many cases, the firm is permitted to deliver or repledge financial instruments received as collateral when entering into repurchase agreements and securities loaned transactions, primarily in connection with secured client financing activities. The firm is also permitted to deliver or repledge these financial instruments in connection with other secured financings, collateralized derivative transactions and firm or customer settlement requirements. The firm also pledges certain trading assets in connection with repurchase agreements, securities loaned transactions and other secured financings, and other assets (substantially all real estate and cash) in connection with other secured financings to counterparties who may or may not have the right to deliver or repledge them. The table below presents financial instruments at fair value received as collateral that were available to be delivered or repledged and were delivered or repledged. As of December $ in millions 2019 2018 Collateral available to be delivered or repledged $661,490 $681,516 Collateral that was delivered or repledged $558,634 $565,625 In the table above, collateral available to be delivered or repledged excluded $6.15 billion as of December 2019 and $14.10 billion as of December 2018 of securities received under resale agreements and securities borrowed transactions that contractually had the right to be delivered or repledged, but were segregated for regulatory and other purposes. The table below presents information about assets pledged. As of December $ in millions 2019 2018 Pledged to counterparties that had the right to deliver or repledge Trading assets $ 66,605 $ 47,371 Investments $ 10,968 $ 7,710 Pledged Trading assets $101,578 $ 67,683 Investments $ $ 617 Loans $ 6,628 $ 5,240 Other assets $ 12,337 $ 8,037 The firm also segregated securities included in trading assets of $20.61 billion as of December 2019 and $23.03 billion as of December 2018 for regulatory and other purposes. See Note 3 for information about segregated cash. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Note 12. Other Assets The table below presents other assets by type. As of December $ in millions 2019 2018 Property, leasehold improvements and equipment $21,886 $18,317 Goodwill and identifiable intangible assets 4,837 4,082 Operating lease right-of-use 2,360 – Income tax-related 2,068 1,529 Miscellaneous receivables and other 3,731 5,067 Total $34,882 $28,995 Property, Leasehold Improvements and Equipment Property, leasehold improvements and equipment is net of accumulated depreciation and amortization of $9.95 billion as of December 2019 and $9.08 billion as of December 2018. Property, leasehold improvements and equipment included $6.16 billion as of December 2019 and $5.57 billion as of December 2018 that the firm uses in connection with its operations, and $521 million as of December 2019 and $896 million as of December 2018 of foreclosed real estate primarily related to PCI loans. The remainder is held by investment entities, including VIEs, consolidated by the firm. Substantially all property and equipment is depreciated on a straight-line basis over the useful life of the asset. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. Capitalized costs of software developed or obtained for internal use are amortized on a straight-line basis over three years. The firm tests property, leasehold improvements and equipment for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. There were no material impairments during 2019, 2018 or 2017. Goodwill and Identifiable Intangible Assets Goodwill. During the fourth quarter of 2019, in connection with the changes to the firm’s business segments, the firm reassigned the goodwill to its new reporting units. The table below presents the carrying value of goodwill by reporting unit. As of December $ in millions 2019 2018 Investment Banking $ 281 $ 281 Global Markets: FICC 269 269 Equities 2,508 2,508 Asset Management 390 244 Consumer & Wealth Management: Consumer banking 48 48 Wealth management 700 408 Total $4,196 $3,758 In the table above: • Goodwill in Investment Banking and FICC was not reassigned as no businesses were transferred in or out of these reporting units. The • Goodwill related to Consumer banking previously included in Investing & Lending was transferred in its entirety as the consumer banking business had not been integrated with other activities in Investing & Lending. The remaining goodwill previously in Investing & Lending was transferred in its entirety to Asset Management and Wealth management based on underlying business activities. • Goodwill previously in Investment Management was reassigned to Asset Management and Wealth management based on the relative fair value of the businesses. • The increase in total goodwill from December 2018 to December 2019 included $398 million related to the acquisition of United Capital Financial Partners, Inc. (United Capital) in the third quarter of 2019. Goodwill is assessed for impairment annually in the fourth quarter or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its estimated carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment. The quantitative goodwill test compares the estimated fair value of each reporting unit with its estimated net book value (including goodwill and identifiable intangible assets). If the reporting unit’s estimated fair value exceeds its estimated net book value, goodwill is not impaired. An impairment is recognized if the estimated fair value of a reporting unit is less than its estimated net book value. During the fourth quarter of 2019, goodwill was tested for impairment using a quantitative test (both prior to and following the firm’s changes to its business segments) and the qualitative assessment was not performed. For each test, the estimated fair value of each of the reporting units exceeded its respective net carrying value, and therefore, goodwill was not impaired. To estimate the fair value of each reporting unit, other than Consumer banking, a relative value technique was used because the firm believes market participants would use this technique to value these reporting units. The relative value technique applies observable price-to-earnings price-to-book Identifiable Intangible Assets. As of December $ in millions 2019 2018 By Reporting Unit Global Markets: FICC $ $ 10 Equities – 37 Asset Management 265 219 Consumer & Wealth Management: Consumer banking 7 10 Wealth management 366 48 Total $ $ 324 By Type Customer lists Gross carrying value $ 1,427 $ 1,117 Accumulated amortization (1,044 ) (970 ) Net carrying value 383 147 Acquired leases and other Gross carrying value 790 636 Accumulated amortization (532 ) (459 ) Net carrying value 258 177 Total gross carrying value 2,217 1,753 Total accumulated amortization (1,576 ) (1,429 ) Total net carrying value $ $ 324 The firm acquired $515 million of intangible assets during 2019, primarily related to customer lists, with a weighted average amortization period of 10 years. This amount included $354 million of intangible assets that were acquired in connection with the acquisition of United Capital. The firm acquired $137 million of intangible assets during 2018, primarily related to acquired leases, with a weighted average amortization period of 4 years. Substantially all of the firm’s identifiable intangible assets have finite useful lives and are amortized over their estimated useful lives generally using the straight-line method. The tables below present information about the amortization of identifiable intangible assets. Year Ended December $ in millions 2019 2018 2017 Amortization $173 $152 $150 $ in millions As of December 2019 Estimated future amortization 2020 $122 2021 $ 91 2022 $ 77 2023 $ 71 2024 $ 59 The firm tests intangible assets for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. There were no material impairments during 2019, 2018 or 2017. Operating Lease Right-of-Use The firm enters into operating leases for real estate, office equipment and other assets, substantially all of which are used in connection with its operations. The firm adopted ASU No. 2016-02 right-of-use An operating lease right-of-use right-of-use non-cash For leases where the firm will derive no economic benefit from leased space that it has vacated or where the firm has shortened the term of a lease when space is no longer needed, the firm will record an impairment or accelerated amortization of right-of-use or Miscellaneous Receivables and Other Miscellaneous receivables and other included: • Investments in qualified affordable housing projects of $606 million as of December 2019 and $653 million as of December 2018. • Assets classified as held for sale of $470 million as of December 2019 and $365 million as of December 2018 related to the firm’s consolidated investments within its Asset Management segment, substantially all of which consisted of property and equipment. In addition, assets classified as held for sale also included assets of $1.01 billion as of December 2018, related to the firm’s new European headquarters in London. This property was sold in January 2019 pursuant to a sale and leaseback agreement and the firm recognized a right-of-use |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | Note 13. Deposits The table below presents the types and sources of deposits. $ in millions Savings and Demand Time Total As of December 2019 Private bank deposits $ 53,726 $ 2,087 $ 55,813 Consumer deposits 44,973 15,023 59,996 Brokered certificates of deposit – 39,449 39,449 Deposit sweep programs 17,760 – 17,760 Institutional deposits 2,291 14,710 17,001 Total $118,750 $71,269 $190,019 As of December 2018 Private bank deposits $ 52,028 $ 2,311 $ 54,339 Consumer deposits 27,987 7,641 35,628 Brokered certificates of deposit – 35,876 35,876 Deposit sweep programs 15,903 – 15,903 Institutional deposits 1 16,510 16,511 Total $ 95,919 $62,338 $158,257 In the table above: • Substantially all deposits are interest-bearing. • Savings and demand accounts consist of money market deposit accounts, negotiable order of withdrawal accounts and demand deposit accounts that have no stated maturity or expiration date. • Time deposits included $17.77 billion as of December 2019 and $21.06 billion as of December 2018 of deposits accounted for at fair value under the fair value option. See Note 10 for further information about deposits accounted for at fair value. • Time deposits had a weighted average maturity of approximately 1.7 years as of December 2019 and 1.8 years as of December 2018. • Deposit sweep programs represent long-term contractual agreements with U.S. broker-dealers who sweep client cash to FDIC-insured deposits. As of December 2019, the firm had 12 such deposit sweep program agreements. • Deposits insured by the FDIC were $103.98 billion as of December 2019 and $86.27 billion as of December 2018. • Deposits insured by the U.K.’s Financial Services Compensation Scheme were $15.86 billion as of December 2019 and $6.05 billion as of December 2018. The table below presents the location of deposits. As of December $ in millions 2019 2018 U.S. offices $150,759 $126,444 Non-U.S. 39,260 31,813 Total $190,019 $158,257 In the table above, U.S. deposits were held at Goldman Sachs Bank USA (GS Bank USA) and substantially all non-U.S. The table below presents maturities of time deposits held in U.S. and non-U.S. As of December 2019 $ in millions U.S. Non-U.S. Total 2020 $28,260 $10,736 $38,996 2021 8,741 459 9,200 2022 8,059 81 8,140 2023 5,936 57 5,993 2024 4,233 125 4,358 2025 - 3,584 998 4,582 Total $58,813 $12,456 $71,269 As of December 2019, deposits in U.S. offices included $8.81 billion and non-U.S. The firm’s savings and demand deposits are recorded based on the amount of cash received plus accrued interest, which approximates fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a portion of its time deposits not accounted for at fair value from fixed-rate obligations into floating-rate obligations. The carrying value of time deposits not accounted for at fair value approximated fair value as of both December 2019 and December 2018. As these savings and demand deposits and time deposits are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these deposits been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both December 2019 and December 2018. |
Unsecured Borrowings
Unsecured Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Unsecured Borrowings | Note 14. Unsecured Borrowings The table below presents information about unsecured borrowings. As of December $ in millions 2019 2018 Unsecured short-term borrowings $ 48,287 $ 40,502 Unsecured long-term borrowings 207,076 224,149 Total $255,363 $264,651 Unsecured Short-Term Borrowings Unsecured short-term borrowings includes the portion of unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder. The firm accounts for certain hybrid financial instruments at fair value under the fair value option. See Note 10 for further information about unsecured short-term borrowings that are accounted for at fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a portion of its unsecured short-term borrowings not accounted for at fair value from fixed-rate obligations into floating-rate obligations. The carrying value of unsecured short-term borrowings that are not recorded at fair value generally approximates fair value due to the short-term nature of the obligations. As these unsecured short-term borrowings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both December 2019 and December 2018. The table below presents information about unsecured short-term borrowings. As of December $ in millions 2019 2018 Current portion of unsecured long-term borrowings $30,636 $27,476 Hybrid financial instruments 15,814 10,908 Other unsecured short-term borrowings 1,837 2,118 Total unsecured short-term borrowings $48,287 $40,502 Weighted average interest rate 2.71% 2.51% In the table above: • The current portion of unsecured long-term borrowings included $21.27 billion as of December 2019 and $20.91 billion as of December 2018 issued by Group Inc. • The weighted average interest rates for these borrowings include the effect of hedging activities and exclude unsecured short-term borrowings accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities. Unsecured Long-Term Borrowings The table below presents information about unsecured long-term borrowings. $ in millions U.S. Dollar Non-U.S. Dollar Total As of December 2019 Fixed-rate obligations: Group Inc. $ 91,256 $33,631 $124,887 Subsidiaries 1,590 2,554 4,144 Floating-rate obligations: Group Inc. 25,318 18,383 43,701 Subsidiaries 22,532 11,812 34,344 Total $140,696 $66,380 $207,076 As of December 2018 Fixed-rate obligations: Group Inc. $ 97,354 $34,030 $131,384 Subsidiaries 2,581 2,624 5,205 Floating-rate obligations: Group Inc. 30,565 21,157 51,722 Subsidiaries 23,756 12,082 35,838 Total $154,256 $69,893 $224,149 In the table above: • Unsecured long-term borrowings consists principally of senior borrowings, which have maturities extending through 2067 • Floating-rate obligations includes equity-linked and indexed instruments. Floating interest rates are generally based on LIBOR or Euro Interbank Offered Rate. • U.S. dollar-denominated debt had interest rates ranging from 2.00% to 10.04% (with a weighted average rate of 3.82%) as of December 2019 and 2.00% to 10.04% (with a weighted average rate of 4.22%) as of December 2018. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option. • Non-U.S. The table below presents unsecured long-term borrowings by maturity. As of December 2019 $ in millions Group Inc. Subsidiaries Total 2021 $ 20,334 $ 6,003 $ 26,337 2022 21,874 3,413 25,287 2023 21,644 5,048 26,692 2024 15,083 4,061 19,144 2025 - 89,653 19,963 109,616 Total $168,588 $38,488 $207,076 In the table above: • Unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder are excluded as they are included in unsecured short-term borrowings. • Unsecured long-term borrowings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. • Unsecured long-term borrowings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable. • Unsecured long-term borrowings included $7.69 billion of adjustments to the carrying value of certain unsecured long-term borrowings resulting from the application of hedge accounting by year of maturity as follows: $257 million in 2021, $(44) million in 2022, $83 million in 2023, $355 million in 2024, and $7.04 billion in 2025 and thereafter. The firm designates certain derivatives as fair value hedges to convert a portion of fixed-rate unsecured long-term borrowings not accounted for at fair value into floating-rate obligations. See Note 7 for further information about hedging activities. The table below presents unsecured long-term borrowings, after giving effect to such hedging activities. $ in millions Group Inc. Subsidiaries Total As of December 2019 Fixed-rate obligations: At fair value $ $ $ At amortized cost 44,631 2,946 47,577 Floating-rate obligations: At fair value 14,920 28,016 42,936 At amortized cost 108,359 7,479 115,838 Total $168,588 $38,488 $207,076 As of December 2018 Fixed-rate obligations: At fair value $ $ 28 $ 28 At amortized cost 71,221 3,331 74,552 Floating-rate obligations: At fair value 16,387 30,169 46,556 At amortized cost 95,498 7,515 103,013 Total $183,106 $41,043 $224,149 In the table above, the aggregate amounts of unsecured long-term borrowings had weighted average interest rates of 2.87% (3.77% related to fixed-rate obligations and 2.48% related to floating-rate obligations) as of December 2019 and 3.21% (3.79% related to fixed-rate obligations and 2.79% related to floating-rate obligations) as of December 2018. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option. As of both December 2019 and December 2018, the carrying value of unsecured long-term borrowings for which the firm did not elect the fair value option approximated fair value. As these borrowings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both December 2019 and December 2018. Subordinated Borrowings Unsecured long-term borrowings includes subordinated debt and junior subordinated debt. Junior subordinated debt is junior in right of payment to other subordinated borrowings, which are junior to senior borrowings. Subordinated debt had maturities ranging from 2021 2045 The table below presents information about subordinated borrowings. $ in millions Par Amount Carrying Value Rate As of December 2019 Subordinated debt $14,041 $16,980 3.46% Junior subordinated debt 976 1,328 2.85% Total $15,017 $18,308 3.42% As of December 2018 Subordinated debt $14,023 $15,703 4.09% Junior subordinated debt 1,140 1,425 3.19% Total $15,163 $17,128 4.02% In the table above: • The par amount of subordinated debt issued by Group Inc. was $14.04 billion as of December 2019 and $14.02 billion as of December 2018, and the carrying value of subordinated debt issued by Group Inc. was $16.98 billion as of December 2019 and $15.70 billion as of December 2018. • The rate is the weighted average interest rate for these borrowings (excluding borrowings accounted for at fair value under the fair value option), including the effect of fair value hedges used to convert fixed-rate obligations into floating-rate obligations. See Note 7 for further information about hedging activities. Junior Subordinated Debt In 2004, Group Inc. issued $2.84 billion of junior subordinated debt to Goldman Sachs Capital I (Trust), a Delaware statutory trust. The Trust issued $2.75 billion of guaranteed preferred beneficial interests (Trust Preferred securities) to third parties and $85 million of common beneficial interests to Group Inc. As of December 2019, the outstanding par amount of junior subordinated debt held by the Trust was $976 million and the outstanding par amount of Trust Preferred securities and common beneficial interests issued by the Trust was $947 million and $29 million, respectively. As of December 2018, the outstanding par amount of junior subordinated debt held by the Trust was $1.14 billion and the outstanding par amount of Trust Preferred securities and common beneficial interests issued by the Trust was $1.11 billion and $34.1 million, respectively. The firm purchased Trust Preferred securities with a par amount and a carrying value of $159 million and $206 million in 2019, $28 million and $35 million in 2018, and $186 million and $237 million in 2017, respectively. These securities were delivered to the Trust, along with common beneficial interests of $5 million in 2019, $1 million in 2018 and $6 million in 2017, in a non-cash The firm pays interest semi-annually on the junior subordinated debt at an annual rate of 6.345% and the debt matures on February 15, 2034. The coupon rate and the payment dates applicable to the beneficial interests are the same as the interest rate and payment dates for the junior subordinated debt. The firm has the right, from time to time, to defer payment of interest on the junior subordinated debt, and therefore cause payment on the Trust’s preferred beneficial interests to be deferred, in each case up to ten consecutive semi-annual periods. During any such deferral period, the firm will not be permitted to, among other things, pay dividends on or make certain repurchases of its common stock. The Trust is not permitted to pay any distributions on the common beneficial interests held by Group Inc. unless all dividends payable on the preferred beneficial interests have been paid in full. The firm has covenanted in favor of the holders of Group Inc.’s 6.345% junior subordinated debt due February 15, 2034, that, subject to certain exceptions, the firm will not redeem or purchase the capital securities issued by Goldman Sachs Capital II and Goldman Sachs Capital III (APEX Trusts) or shares of Group Inc.’s Perpetual Non-Cumulative Non-Cumulative Non-Cumulative The APEX Trusts hold Group Inc.’s Series E Preferred Stock and Series F Preferred Stock. These trusts are Delaware statutory trusts sponsored by the firm and wholly-owned finance subsidiaries of the firm for regulatory and legal purposes but are not consolidated for accounting purposes. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Note 15. Other Liabilities The table below presents other liabilities by type. As of December $ in millions 2019 2018 Compensation and benefits $ 6,889 $ 6,834 Income tax-related 2,947 2,864 Operating lease liabilities 2,385 – Noncontrolling interests 1,713 1,568 Employee interests in consolidated funds 81 122 Accrued expenses and other 7,636 6,219 Total $21,651 $17,607 In the table above, accrued expenses and other includes contract liabilities, which represent consideration received by the firm, in connection with its contracts with clients, prior to providing the service. As of both December 2019 and December 2018, the firm’s contract liabilities were not material. Operating Lease Liabilities The firm adopted ASU No. 2016-02 right-of-use right-of-use The table below presents information about operating lease liabilities. $ in millions As of December 2019 2020 $ 2021 308 2022 268 2023 235 2024 219 2025 - 2,566 Total undiscounted lease payments 3,980 Imputed interest (1,595 ) Total operating lease liabilities $ 2,385 Weighted average remaining lease term 18 years Weighted average discount rate 5.02% In the table above, the weighted average discount rate represents the firm’s incremental borrowing rate as of January 2019 for leases existing on the date of adoption of ASU No. 2016-02 Operating lease costs were $538 million for 2019, $409 million for 2018 and $390 million for 2017. Variable lease costs, which are included in operating lease costs, were not material for 2019, 2018 and 2017. Operating lease liabilities include obligations for office space held in excess of current requirements. Operating lease costs relating to space held for growth is included in occupancy expenses. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for both 2019 and 2018. Lease payments relating to operating lease arrangements that were signed, but had not yet commenced as of December 2019, were not material. |
Securitization Activities
Securitization Activities | 12 Months Ended |
Dec. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Securitization Activities | Note 16. Securitization Activities The firm securitizes residential and commercial mortgages, corporate bonds, loans and other types of financial assets by selling these assets to securitization vehicles (e.g., trusts, corporate entities and limited liability companies) or through a resecuritization. The firm acts as underwriter of the beneficial interests that are sold to investors. The firm’s residential mortgage securitizations are primarily in connection with government agency securitizations. The firm accounts for a securitization as a sale when it has relinquished control over the transferred financial assets. Prior to securitization, the firm generally accounts for assets pending transfer at fair value and therefore does not typically recognize significant gains or losses upon the transfer of assets. Net revenues from underwriting activities are recognized in connection with the sales of the underlying beneficial interests to investors. The firm generally receives cash in exchange for the transferred assets but may also have continuing involvement with the transferred financial assets, including ownership of beneficial interests in securitized financial assets, primarily in the form of debt instruments. The firm may also purchase senior or subordinated securities issued by securitization vehicles (which are typically VIEs) in connection with secondary market-making activities. The primary risks included in beneficial interests and other interests from the firm’s continuing involvement with securitization vehicles are the performance of the underlying collateral, the position of the firm’s investment in the capital structure of the securitization vehicle and the market yield for the security. These interests are primarily accounted for at fair value and classified in level 2 of the fair value hierarchy. Interests not accounted for at fair value are carried at amounts that approximate fair value. See Notes 4 through 10 for further information about fair value measurements. The table below presents the amount of financial assets securitized and the cash flows received on retained interests in securitization entities in which the firm had continuing involvement as of the end of the period. Year Ended December $ in millions 2019 2018 2017 Residential mortgages $15,124 $21,229 $18,142 Commercial mortgages 12,741 8,745 7,872 Other financial assets 1,252 1,914 481 Total financial assets securitized $29,117 $31,888 $26,495 Retained interests cash flows $ $ 296 $ 264 In the table above, financial assets securitized included assets of $601 million for 2019, $882 million for 2018 and $572 million for 2017, which were securitized in a non-cash held-to-maturity The table below presents information about nonconsolidated securitization entities to which the firm sold assets and had continuing involvement as of the end of the period. $ in millions Outstanding Principal Amount Retained Interests Purchased Interests As of December 2019 U.S. government agency-issued collateralized mortgage obligations $14,328 $1,530 $ 3 Other residential mortgage-backed 24,166 1,078 24 Other commercial mortgage-backed 25,588 615 6 Corporate debt and other asset-backed 3,612 149 – Total $67,694 $3,372 $33 As of December 2018 U.S. government agency-issued collateralized mortgage obligations $24,506 $1,758 $29 Other residential mortgage-backed 19,560 941 15 Other commercial mortgage-backed 15,088 448 10 Corporate debt and other asset-backed 3,311 133 3 Total $62,465 $3,280 $57 In the table above: • The outstanding principal amount is presented for the purpose of providing information about the size of the securitization entities and is not representative of the firm’s risk of loss. • The firm’s risk of loss from retained or purchased interests is limited to the carrying value of these interests. • Purchased interests represent senior and subordinated interests, purchased in connection with secondary market-making activities, in securitization entities in which the firm also holds retained interests. • Substantially all of the total outstanding principal amount and total retained interests relate to securitizations during 2014 and thereafter. • The fair value of retained interests was $3.35 billion as of December 2019 and $3.28 billion as of December 2018. In addition to the interests in the table above, the firm had other continuing involvement in the form of derivative transactions and commitments with certain nonconsolidated VIEs. The carrying value of these derivatives and commitments was a net asset of $57 million as of December 2019 and $75 million as of December 2018, and the notional amount of these derivatives and commitments was $1.20 billion as of December 2019 and $1.09 billion as of December 2018. The notional amounts of these derivatives and commitments are included in maximum exposure to loss in the nonconsolidated VIE table in Note 17. The table below presents information about the weighted average key economic assumptions used in measuring the fair value of mortgage-backed retained interests. As of December $ in millions 2019 2018 Fair value of retained interests $3,198 $ 3,151 Weighted average life (years) 6.0 7.2 Constant prepayment rate 12.9% 11.9% Impact of 10% adverse change $ (22 ) $ (27 ) Impact of 20% adverse change $ (42 ) $ (53 ) Discount rate 4.7% 4.7% Impact of 10% adverse change $ (59 ) $ (75 ) Impact of 20% adverse change $ (117 ) $ (147 ) In the table above: • Amounts do not reflect the benefit of other financial instruments that are held to mitigate risks inherent in these retained interests. • Changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is not usually linear. • The impact of a change in a particular assumption is calculated independently of changes in any other assumption. In practice, simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above. • The constant prepayment rate is included only for positions for which it is a key assumption in the determination of fair value. • The discount rate for retained interests that relate to U.S. government agency-issued collateralized mortgage obligations does not include any credit loss. Expected credit loss assumptions are reflected in the discount rate for the remainder of retained interests. The firm has other retained interests not reflected in the table above with a fair value of $149 million and a weighted average life of 3.3 years as of December 2019, and a fair value of $133 million and a weighted average life of 4.2 years as of December 2018. Due to the nature and fair value of certain of these retained interests, the weighted average assumptions for constant prepayment and discount rates and the related sensitivity to adverse changes are not meaningful as of both December 2019 and December 2018. The firm’s maximum exposure to adverse changes in the value of these interests is the carrying value of $149 million as of December 2019 and $133 million as of December 2018. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note 17. Variable Interest Entities A variable interest in a VIE is an investment (e.g., debt or equity) or other interest (e.g., derivatives or loans and lending commitments) that will absorb portions of the VIE’s expected losses and/or receive portions of the VIE’s expected residual returns. The firm’s variable interests in VIEs include senior and subordinated debt; loans and lending commitments; limited and general partnership interests; preferred and common equity; derivatives that may include foreign currency, equity and/or credit risk; guarantees; and certain of the fees the firm receives from investment funds. Certain interest rate, foreign currency and credit derivatives the firm enters into with VIEs are not variable interests because they create, rather than absorb, risk. VIEs generally finance the purchase of assets by issuing debt and equity securities that are either collateralized by or indexed to the assets held by the VIE. The debt and equity securities issued by a VIE may include tranches of varying levels of subordination. The firm’s involvement with VIEs includes securitization of financial assets, as described in Note 16, and investments in and loans to other types of VIEs, as described below. See Note 3 for the firm’s consolidation policies, including the definition of a VIE. VIE Consolidation Analysis The enterprise with a controlling financial interest in a VIE is known as the primary beneficiary and consolidates the VIE. The firm determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: • Which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; • Which variable interest holder has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; • The VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; • The VIE’s capital structure; • The terms between the VIE and its variable interest holders and other parties involved with the VIE; and • Related-party relationships. The firm reassesses its evaluation of whether an entity is a VIE when certain reconsideration events occur. The firm reassesses its determination of whether it is the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. VIE Activities The firm is principally involved with VIEs through the following business activities: Mortgage-Backed VIEs. Real Estate, Credit- and Power-Related and Other Investing VIEs. Corporate Debt and Other Asset-Backed VIEs. Principal-Protected Note VIEs. Investments in Funds. Nonconsolidated VIEs The table below presents a summary of the nonconsolidated VIEs in which the firm holds variable interests. As of December $ in millions 2019 2018 Total nonconsolidated VIEs Assets in VIEs $128,069 $118,186 Carrying value of variable interests — assets $ 9,526 $ 9,543 Carrying value of variable interests — liabilities $ $ 478 Maximum exposure to loss: Retained interests $ 3,372 $ 3,280 Purchased interests 901 983 Commitments and guarantees 2,697 2,745 Derivatives 9,010 8,975 Debt and equity 4,806 4,728 Total maximum exposure to loss $ 20,786 $ 20,711 In the table above: • The nature of the firm’s variable interests is described in the rows under maximum exposure to loss. • The firm’s exposure to the obligations of VIEs is generally limited to its interests in these entities. In certain instances, the firm provides guarantees, including derivative guarantees, to VIEs or holders of variable interests in VIEs. • The maximum exposure to loss excludes the benefit of offsetting financial instruments that are held to mitigate the risks associated with these variable interests. • The maximum exposure to loss from retained interests, purchased interests, and debt and equity is the carrying value of these interests. • The maximum exposure to loss from commitments and guarantees, and derivatives is the notional amount, which does not represent anticipated losses and has not been reduced by unrealized losses. As a result, the maximum exposure to loss exceeds liabilities recorded for commitments and guarantees, and derivatives. The table below presents information, by principal business activity, for nonconsolidated VIEs included in the summary table above. As of December $ in millions 2019 2018 Mortgage-backed Assets in VIEs $75,354 $73,262 Carrying value of variable interests — assets $ 3,830 $ 4,090 Maximum exposure to loss: Retained interests $ 3,223 $ 3,147 Purchased interests 607 941 Commitments and guarantees 50 35 Derivatives 66 77 Total maximum exposure to loss $ 3,946 $ 4,200 Real estate, credit- and power-related and other investing Assets in VIEs $19,602 $18,851 Carrying value of variable interests — assets $ 3,243 $ 3,601 Carrying value of variable interests — liabilities $ $ 20 Maximum exposure to loss: Commitments and guarantees $ 1,213 $ 1,543 Derivatives 92 113 Debt and equity 3,238 3,572 Total maximum exposure to loss $ 4,543 $ 5,228 Corporate debt and other asset-backed Assets in VIEs $16,248 $15,842 Carrying value of variable interests — assets $ 2,040 $ 1,563 Carrying value of variable interests — liabilities $ $ 458 Maximum exposure to loss: Retained interests $ $ 133 Purchased interests 294 42 Commitments and guarantees 1,374 1,113 Derivatives 8,849 8,782 Debt and equity 1,155 867 Total maximum exposure to loss $11,821 $10,937 Investments in funds Assets in VIEs $16,865 $10,231 Carrying value of variable interests — assets $ $ 289 Maximum exposure to loss: Commitments and guarantees $ $ 54 Derivatives 3 3 Debt and equity 413 289 Total maximum exposure to loss $ $ 346 As of both December 2019 and December 2018, the carrying values of the firm’s variable interests in nonconsolidated VIEs are included in the consolidated balance sheets as follows: • Mortgage-backed: Assets were primarily included in trading assets and loans. • Real estate, credit- and power-related and other investing: Assets were primarily included in loans and investments and liabilities were included in trading liabilities and other liabilities. • Corporate debt and other asset-backed: Assets were primarily included in loans and liabilities were included in trading liabilities. • Investments in funds: Assets were included in investments. Consolidated VIEs The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in consolidated VIEs. As of December $ in millions 2019 2018 Total consolidated VIEs Assets Cash and cash equivalents $ $ 84 Trading assets 27 264 Investments 835 943 Loans 2,392 1,148 Other assets 1,084 1,261 Total $4,450 $3,700 Liabilities Other secured financings $1,163 $1,204 Customer and other payables 9 – Trading liabilities 10 20 Unsecured short-term borrowings 48 45 Unsecured long-term borrowings 214 207 Other liabilities 959 1,100 Total $2,403 $2,576 In the table above: • Assets and liabilities are presented net of intercompany eliminations and exclude the benefit of offsetting financial instruments that are held to mitigate the risks associated with the firm’s variable interests. • VIEs in which the firm holds a majority voting interest are excluded if (i) the VIE meets the definition of a business and (ii) the VIE’s assets can be used for purposes other than the settlement of its obligations. • Substantially all assets can only be used to settle obligations of the VIE. The table below presents information, by principal business activity, for consolidated VIEs included in the summary table above. As of December $ in millions 2019 2018 Real estate, credit-related and other investing Assets Cash and cash equivalents $ $ 84 Trading assets 26 45 Investments 835 943 Loans 2,392 1,096 Other assets 1,084 1,258 Total $4,449 $3,426 Liabilities Other secured financings $ $ 596 Customer and other payables 9 – Trading liabilities 10 20 Other liabilities 959 1,100 Total $1,662 $1,716 Mortgage-backed and other asset-backed Assets Trading assets $ – $ 210 Loans – 52 Other assets – 3 Total $ – $ 265 Liabilities Other secured financings $ – $ 140 Total $ – $ 140 Principal-protected notes Assets Trading assets $ $ 9 Total $ $ 9 Liabilities Other secured financings $ $ 468 Unsecured short-term borrowings 48 45 Unsecured long-term borrowings 214 207 Total $ $ 720 In the table above: • The majority of the assets in principal-protected notes VIEs are intercompany and are eliminated in consolidation. • Creditors and beneficial interest holders of real estate, credit-related and other investing VIEs, and mortgage-backed and other asset-backed VIEs do not have recourse to the general credit of the firm. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Note 18. Commitments, Contingencies and Guarantees Commitments The table below presents commitments by type. As of December $ in millions 2019 2018 Commitment Type Commercial lending: Investment-grade $ 89,276 $ 81,729 Non-investment-grade 58,718 51,793 Warehouse financing 5,581 4,060 Credit card 13,669 – Total lending 167,244 137,582 Collateralized agreement 62,093 54,480 Collateralized financing 10,193 15,429 Letters of credit 456 445 Investment 7,879 7,595 Other 6,135 4,892 Total commitments $254,000 $220,423 The table below presents commitments by expiration. As of December 2019 $ in millions 2020 2021 - 2022 2023 - 2024 2025 - Thereafter Commitment Type Commercial lending: Investment-grade $ 13,921 $31,099 $43,303 $ Non-investment-grade 6,130 15,810 26,379 10,399 Warehouse financing 1,644 2,320 1,596 21 Credit card 13,669 – – – Total lending 35,364 49,229 71,278 11,373 Collateralized agreement 61,588 505 – – Collateralized financing 10,193 – – – Letters of credit 409 7 – 40 Investment 3,623 1,434 1,002 1,820 Other 6,051 84 – – Total commitments $117,228 $51,259 $72,280 $13,233 Lending Commitments The firm’s commercial and warehouse financing lending commitments are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing. These commitments are presented net of amounts syndicated to third parties. The total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate all or substantial portions of these commitments. In addition, commitments can expire unused or be reduced or cancelled at the counterparty’s request. The firm also provides credit to consumers by issuing credit card lines. The table below presents information about lending commitments. As of December $ in millions 2019 2018 Held for investment $150,100 $120,997 Held for sale 15,245 14,912 At fair value 1,899 1,673 Total $167,244 $137,582 In the table above: • Held for investment lending commitments are accounted for on an accrual basis. The carrying value of lending commitments was a liability of $527 million (including allowance for losses of $361 million) as of December 2019 and $443 million (including allowance for losses of $286 million) as of December 2018. The estimated fair value of such lending commitments was a liability of $3.05 billion as of December 2019 and $3.78 billion as of December 2018. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $1.78 billion as of December 2019 and $1.12 billion as of December 2018 would have been classified in level 2, and $1.27 billion as of December 2019 and $2.66 billion as of December 2018 would have been classified in level 3. • Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $60 million as of December 2019 and $155 million as of December 2018. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 2 as of both December 2019 and December • Gains or losses related to lending commitments at fair value, if any, are generally recorded net of any fees in other principal transactions. Commercial Lending. Sumitomo Mitsui Financial Group, Inc. (SMFG) provides the firm with credit loss protection on certain approved loan commitments (primarily investment-grade commercial lending commitments). The notional amount of such loan commitments was $5.74 billion as of December 2019 and $15.52 billion as of December 2018. The credit loss protection on loan commitments provided by SMFG is generally limited to 95% of the first loss the firm realizes on such commitments, up to a maximum of approximately $950 million. In addition, subject to the satisfaction of certain conditions, upon the firm’s request, SMFG will provide protection for 70% of additional losses on such commitments, up to a maximum of $750 million, of which no protection had been provided as of December 2019 and $550 million was provided as of December 2018. The firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by SMFG. These instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity, or credit default swaps that reference a credit index. Warehouse Financing. Credit Card. Collateralized Agreement Commitments/ Collateralized Financing Commitments Collateralized agreement commitments includes forward starting resale and securities borrowing agreements, and collateralized financing commitments includes forward starting repurchase and secured lending agreements that settle at a future date, generally within three business days. Collateralized agreement commitments also includes transactions where the firm has entered into commitments to provide contingent financing to its clients and counterparties through resale agreements. The firm’s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused. Letters of Credit The firm has commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements. Investment Commitments Investment commitments includes commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages. Investment commitments included $2.06 billion as of December 2019 and $2.42 billion as of December 2018, related to commitments to invest in funds managed by the firm. If these commitments are called, they would be funded at market value on the date of investment. Contingencies Legal Proceedings. Certain Mortgage-Related Contingencies. Based on the large number of defaults in residential mortgages, including those sold or securitized by the firm, there is a potential for repurchase claims. However, the firm is not in a position to make a meaningful estimate of that exposure at this time. The firm’s exposure to claims for repurchase of residential mortgage loans based on alleged breaches of representations will depend on a number of factors, such as the extent to which these claims are made within the statute of limitations, taking into consideration the agreements to toll the statute of limitations the firm entered into with trustees representing certain trusts. Other Contingencies. In connection with the settlement agreement with the Residential Mortgage-Backed Securities Working Group of the U.S. Financial Fraud Enforcement Task Force, the firm agreed to provide $1.80 billion in consumer relief by January 2021. As of December 2019, approximately $1.55 billion of such relief was provided. This relief was provided in the form of principal forgiveness for underwater homeowners and distressed borrowers; financing for construction, rehabilitation and preservation of affordable housing; and support for debt restructuring, foreclosure prevention and housing quality improvement programs, as well as land banks. Guarantees The table below presents derivatives that meet the definition of a guarantee, securities lending indemnifications and certain other financial guarantees. $ in millions Derivatives Securities lending indemnifications Other financial guarantees As of December 2019 Carrying Value of Net Liability $ 3,817 $ – $ Maximum Payout/Notional Amount by Period of Expiration 2020 $ 91,814 $17,891 $2,044 2021 - 2022 76,693 – 1,714 2023 - 2024 19,377 – 2,219 2025 - 36,317 – 149 Total $224,201 $17,891 $6,126 As of December 2018 Carrying Value of Net Liability $ 4,105 $ $ 38 Maximum Payout/Notional Amount by Period of Expiration 2019 $101,169 $27,869 $1,379 2020 - 2021 77,955 – 2,252 2022 - 2023 17,813 – 2,021 2024 - 67,613 – 241 Total $264,550 $27,869 $5,893 In the table above: • The maximum payout is based on the notional amount of the contract and does not represent anticipated losses. • Amounts exclude certain commitments to issue standby letters of credit that are included in lending commitments. See the tables in “Commitments” above for a summary of the firm’s commitments. • The carrying value for derivatives included derivative assets of $1.56 billion as of December 2019 and $1.48 billion as of December 2018, and derivative liabilities of $5.38 billion as of December 2019 and $5.59 billion as of December 2018. Derivative Guarantees. Derivatives are accounted for at fair value and therefore the carrying value is considered the best indication of payment/performance risk for individual contracts. However, the carrying values in the table above exclude the effect of counterparty and cash collateral netting. Securities Lending Indemnifications. Other Financial Guarantees. Guarantees of Securities Issued by Trusts. The firm effectively provides for the full and unconditional guarantee of the securities issued by these entities. Timely payment by the firm of amounts due to these entities under the guarantee, borrowing, preferred stock and related contractual arrangements will be sufficient to cover payments due on the securities issued by these entities. Management believes that it is unlikely that any circumstances will occur, such as nonperformance on the part of paying agents or other service providers, that would make it necessary for the firm to make payments related to these entities other than those required under the terms of the guarantee, borrowing, preferred stock and related contractual arrangements and in connection with certain expenses incurred by these entities. Indemnities and Guarantees of Service Providers. The firm may also be liable to some clients or other parties for losses arising from its custodial role or caused by acts or omissions of third-party service providers, including sub-custodians In connection with the firm’s prime brokerage and clearing businesses, the firm agrees to clear and settle on behalf of its clients the transactions entered into by them with other brokerage firms. The firm’s obligations in respect of such transactions are secured by the assets in the client’s account, as well as any proceeds received from the transactions cleared and settled by the firm on behalf of the client. In connection with joint venture investments, the firm may issue loan guarantees under which it may be liable in the event of fraud, misappropriation, environmental liabilities and certain other matters involving the borrower. The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these guarantees and indemnifications have been recognized in the consolidated balance sheets as of both December 2019 and December 2018. Other Representations, Warranties and Indemnifications. In addition, the firm may provide indemnifications to some counterparties to protect them in the event additional taxes are owed or payments are withheld, due either to a change in or an adverse application of certain non-U.S. These indemnifications generally are standard contractual terms and are entered into in the ordinary course of business. Generally, there are no stated or notional amounts included in these indemnifications, and the contingencies triggering the obligation to indemnify are not expected to occur. The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these arrangements have been recognized in the consolidated balance sheets as of both December 2019 and December 2018. Guarantees of Subsidiaries. Group Inc. guarantees many of the obligations of its other consolidated subsidiaries on a transaction-by-transaction |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Shareholders' Equity | Note 19. Shareholders’ Equity Common Equity As of both December 2019 and December 2018, the firm had 4.00 billion authorized shares of common stock and 200 million authorized shares of nonvoting common stock, each with a par value of $0.01 per share. The firm’s share repurchase program is intended to help maintain the appropriate level of common equity. The share repurchase program is effected primarily through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b5-1), The table below presents information about common stock repurchases. Year Ended December in millions, except per share amounts 2019 2018 2017 Common share repurchases 25.8 13.9 29.0 Average cost per share $206.56 $236.22 $231.87 Total cost of common share repurchases $ 5,335 $ 3,294 $ 6,721 Pursuant to the terms of certain share-based compensation plans, employees may remit shares to the firm or the firm may cancel share-based awards to satisfy statutory employee tax withholding requirements and the exercise price of stock options. Under these plans, 7,490 shares in 2019, 1,120 shares in 2018 and 12,165 shares in 2017 were remitted with a total value of $2 million in 2019, $0.3 million in 2018 and $3 million in 2017, and the firm cancelled 3.8 million share-based awards in 2019, 5.0 million in 2018 and 12.7 million in 2017 with a total value of $743 million in 2019, $1.24 billion in 2018 and $3.03 billion in 2017. The table below presents common stock dividends declared. Year Ended December 2019 2018 2017 Dividends declared per common share $4.15 $3.15 $2.90 On January 14, 2020, the Board of Directors of Group Inc. declared a dividend of $1.25 per common share. The dividend will be paid on March 30, 2020 to common shareholders of record on March 2, 2020. Preferred Equity The tables below present information about the perpetual preferred stock issued and outstanding as of December 2019. Series Shares Authorized Shares Issued Shares Outstanding Depositary Shares Per Share A 50,000 30,000 29,999 1,000 C 25,000 8,000 8,000 1,000 D 60,000 54,000 53,999 1,000 E 17,500 7,667 7,667 N/A F 5,000 1,615 1,615 N/A J 46,000 40,000 40,000 1,000 K 32,200 28,000 28,000 1,000 L 52,000 14,000 14,000 25 M 80,000 80,000 80,000 25 N 31,050 27,000 27,000 1,000 O 26,000 26,000 26,000 25 P 66,000 60,000 60,000 25 Q 20,000 20,000 20,000 25 R 24,000 24,000 24,000 25 Total 534,750 420,282 420,280 Series Earliest Redemption Date Liquidation Preference Redemption Value ($ in millions) A Currently redeemable $ 25,000 $ C Currently redeemable $ 25,000 200 D Currently redeemable $ 25,000 1,350 E Currently redeemable $100,000 767 F Currently redeemable $100,000 161 J May 10, 2023 $ 25,000 1,000 K May 10, 2024 $ 25,000 700 L Currently redeemable $ 25,000 350 M May 10, 2020 $ 25,000 2,000 N May 10, 2021 $ 25,000 675 O November 10, 2026 $ 25,000 650 P November 10, 2022 $ 25,000 1,500 Q August 10, 2024 $ 25,000 500 R February 10, 2025 $ 25,000 600 Total $11,203 In the tables above: • All shares have a par value of $0.01 per share and, where applicable, each share is represented by the specified number of depositary shares. • The earliest redemption date represents the date on which each share of non-cumulative • Prior to redeeming preferred stock, the firm must receive confirmation that the FRB does not object to such action. • In June 2019, the firm issued 20,000 shares of Series Q 5.50% Fixed-Rate Reset Non-Cumulative • In November 2019, the firm issued 24,000 shares of Series R 4.95% Fixed-Rate Reset Non-Cumulative • The redemption price per share for Series A through F and Series Q and R Preferred Stock is the liquidation preference plus declared and unpaid dividends. The redemption price per share for Series J through P Preferred Stock is the liquidation preference plus accrued and unpaid dividends. Each share of Series E and Series F Preferred Stock is redeemable at the firm’s option, subject to certain covenant restrictions governing the firm’s ability to redeem the preferred stock without issuing common stock or other instruments with equity-like characteristics. See Note 14 for information about the replacement capital covenants applicable to the Series E and Series F Preferred Stock. • All series of preferred stock are pari passu and have a preference over the firm’s common stock on liquidation. • The firm’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, its common stock is subject to certain restrictions in the event that the firm fails to pay or set aside full dividends on the preferred stock for the latest completed dividend period. In January 2020, the firm issued 14,000 shares of Series S perpetual 4.40% Fixed-Rate Reset Non-Cumulative Non-Cumulative of In 2019, the firm redeemed 38,000 shares of its outstanding Series L Preferred Stock with a redemption value of $950 million ($25,000 per share), plus accrued and unpaid dividends. In addition, in 2019, the firm redeemed the remaining 6,000 outstanding shares of its Series B 6.20% Non-Cumulative In 2018, the firm redeemed 26,000 shares of Series B Preferred Stock with a redemption value of $650 million ($25,000 per share). The difference between the redemption value of the Series B Preferred Stock and the net carrying value at the time of redemption was $15 million, which was recorded as an addition to preferred stock dividends in 2018. In 2017, the firm redeemed the 34,000 shares of Series I 5.95% Non-Cumulative The table below presents the dividend rates of perpetual preferred stock as of December 2019. Series Per Annum Dividend Rate A 3 month LIBOR + 0.75%, with floor of 3.75%, payable quarterly C 3 month LIBOR + 0.75%, with floor of 4.00%, payable quarterly D 3 month LIBOR + 0.67%, with floor of 4.00%, payable quarterly E 3 month LIBOR + 0.7675%, with floor of 4.00%, payable quarterly F 3 month LIBOR + 0.77%, with floor of 4.00%, payable quarterly J 5.50% to, but excluding, May 10, 2023; K 6.375% to, but excluding, May 10, 2024; L 5.70%, payable semi-annually, from issuance date to, but excluding, May 10, 2019; 3 month LIBOR + 3.884%, payable quarterly, thereafter M 5.375%, payable semi-annually, N 6.30%, payable quarterly O 5.30%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 3 month LIBOR + 3.834%, payable quarterly, thereafter P 5.00%, payable semi-annually, from issuance date to, but excluding, November 10, 2022; 3 month LIBOR + 2.874%, payable quarterly, thereafter Q 5.50%, payable semi-annually, from issuance date to, but excluding, August 10, 2024; 5 year treasury rate + 3.623%, payable semi-annually, thereafter R 4.95%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 3.224%, payable semi-annually, thereafter In the table above, dividends on each series of preferred stock are payable in arrears for the periods specified. The table below presents preferred stock dividends declared. Year Ended December 2019 2018 2017 Series per share $ in millions per share $ in millions per share $ in millions A $ $ 28 $ 958.33 $ 29 $ 950.51 $ 29 B $ 5 $1,550.00 19 $1,550.00 50 C $1,011.11 8 $1,022.23 8 $1,013.90 8 D $1,011.11 54 $1,022.23 55 $1,013.90 55 E $4,044.44 31 $4,077.78 31 $4,055.55 31 F $4,044.44 7 $4,077.78 7 $4,055.55 6 I $ – $ – $1,487.52 51 J $1,375.00 55 $1,375.00 55 $1,375.00 55 K $1,593.76 45 $1,593.76 45 $1,593.76 45 L $1,519.67 68 $1,425.00 74 $1,425.00 74 M $1,343.76 107 $1,343.76 107 $1,343.76 107 N $1,575.00 43 $1,575.00 43 $1,575.00 42 O $1,325.00 34 $1,325.00 34 $1,325.00 34 P $1,250.00 75 $1,281.25 77 $ – Total $560 $584 $587 On January 10, 2020, Group Inc. declared dividends of $234.38 per share of Series A Preferred Stock, $250.00 per share of Series C Preferred Stock, $250.00 per share of Series D Preferred Stock, $343.75 per share of Series J Preferred Stock, $398.44 per share of Series K Preferred Stock, $361.54 per share of Series L Preferred Stock, $393.75 per share of Series N Preferred Stock, and $889.93 per share of Series Q Preferred Stock to be paid on February 10, 2020 to preferred shareholders of record on January 26, 2020. In addition, the firm declared dividends of $1,011.11 per share of Series E Preferred Stock and Series F Preferred Stock to be paid on March 2, 2020 to preferred shareholders of record on February 16, 2020. Accumulated Other Comprehensive Income/(Loss) The table below presents changes in the accumulated other comprehensive income/(loss), net of tax, by type. $ in millions Beginning balance Other comprehensive income/(loss) adjustments, net of tax Ending balance Year Ended December 2019 Currency translation $ ) $ $ ) Debt valuation adjustment 1,507 (2,079 ) (572 ) Pension and postretirement liabilities (81 ) (261 ) (342 ) Available-for-sale (112 ) 158 46 Total $ $(2,177 ) $(1,484 ) Year Ended December 2018 Currency translation $ ) $ $ ) Debt valuation adjustment (1,046 ) 2,553 1,507 Pension and postretirement liabilities (200 ) 119 (81 ) Available-for-sale (9 ) (103 ) (112 ) Total $(1,880 ) $ $ Year Ended December 2017 Currency translation $ ) $ $ ) Debt valuation adjustment (239 ) (807 ) (1,046 ) Pension and postretirement liabilities (330 ) 130 (200 ) Available-for-sale – (9 ) (9 ) Total $(1,216 ) $ ) $ ) |
Regulation and Capital Adequacy
Regulation and Capital Adequacy | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Regulation and Capital Adequacy | Note 20. Regulation and Capital Adequacy The FRB is the primary regulator of Group Inc., a bank holding company (BHC) under the U.S. Bank Holding Company Act of 1956 and a financial holding company under amendments to this Act. The firm is subject to consolidated regulatory capital requirements which are calculated in accordance with the regulations of the FRB (Capital Framework). The capital requirements are expressed as risk-based capital and leverage ratios that compare measures of regulatory capital to risk-weighted assets (RWAs), average assets and off-balance-sheet Capital Framework The regulations under the Capital Framework are largely based on the Basel Committee on Banking Supervision’s (Basel Committee) capital framework for strengthening international capital standards (Basel III) and also implement certain provisions of the Dodd-Frank Act. Under the Capital Framework, the firm is an “Advanced approach” banking organization and has been designated as a global systemically important bank (G-SIB). The capital requirements calculated in accordance with the Capital Framework include the minimum risk-based capital and leverage ratios. In addition, the risk-based capital requirements include the capital conservation buffer, countercyclical capital buffer and the G-SIB The firm calculates its CET1 capital, Tier 1 capital and Total capital ratios in accordance with (i) the Standardized approach and market risk rules set out in the Capital Framework (together, the Standardized Capital Rules) and (ii) the Advanced approach and market risk rules set out in the Capital Framework (together, the Advanced Capital Rules). The lower of each risk-based capital ratio calculated in (i) and (ii) is the ratio against which the firm’s compliance with its risk-based capital requirements is assessed. Under the Capital Framework, the firm is also subject to leverage requirements which consist of a minimum Tier 1 leverage ratio and a minimum supplementary leverage ratio (SLR), as well as the SLR buffer. Consolidated Regulatory Risk-Based Capital and Leverage Ratios The table below presents the risk-based capital and leverage requirements. As of December 2019 2018 Risk-based capital requirements CET1 capital ratio 9.5% 8.3% Tier 1 capital ratio 11.0% 9.8% Total capital ratio 13.0% 11.8% Leverage requirements Tier 1 leverage ratio 4.0% 4.0% SLR 5.0% 5.0% In the table above: • As of December 2019, the CET1 capital ratio requirement included a minimum of 4.5%, the Tier 1 capital ratio requirement included a minimum of 6.0%, and the Total capital ratio requirement included a minimum of 8.0%. The requirements also included the capital conservation buffer of 2.5%, the G-SIB • As of December 2018, the CET1 capital ratio requirement included a minimum of 4.5%, the Tier 1 capital ratio requirement included a minimum of 6.0%, and the Total capital ratio requirement included a minimum of 8.0%. The requirements also included the 75% phase-in phase-in G-SIB • The capital conservation buffer, countercyclical capital buffer and G-SIB • The G-SIB G-SIB G-SIB. • The Tier 1 leverage ratio requirement is a minimum of 4%. The SLR requirement of 5% as of both December 2019 and December 2018 includes a minimum of 3% and a 2% buffer applicable to G-SIBs. The table below presents information about risk-based capital ratios. $ in millions Standardized Advanced As of December 2019 CET1 capital $ 74,850 $ 74,850 Tier 1 capital $ 85,440 $ 85,440 Tier 2 capital $ 14,925 $ 13,473 Total capital $100,365 $ 98,913 RWAs $563,575 $544,653 CET1 capital ratio 13.3% 13.7% Tier 1 capital ratio 15.2% 15.7% Total capital ratio 17.8% 18.2% As of December 2018 CET1 capital $ 73,116 $ 73,116 Tier 1 capital $ 83,702 $ 83,702 Tier 2 capital $ 14,926 $ 13,743 Total capital $ 98,628 $ 97,445 RWAs $547,910 $558,111 CET1 capital ratio 13.3% 13.1% Tier 1 capital ratio 15.3% 15.0% Total capital ratio 18.0% 17.5% In the table above: • In accordance with the risk-based Capital Rules, the lower of the Standardized or Advanced ratio is the ratio against which the firm’s compliance with the capital requirements is assessed, and therefore, the Standardized ratios applied to the firm as of December 2019 and the Advanced ratios applied to the firm as of December 2018. • Beginning in the fourth quarter of 2019, the firm made changes to the calculation of the loss given default for certain wholesale exposures. At the date of adoption, the estimated impact of these changes was an increase in the firm’s Advanced CET1 capital ratio of approximately 1 percentage point. The table below presents information about leverage ratios. For the Three Months Ended or as of December $ in millions 2019 2018 Tier 1 capital $ $ 83,702 Average total assets 983,909 945,961 Deductions from Tier 1 capital (5,275 ) (4,754 ) Average adjusted total assets 978,634 941,207 Average off-balance-sheet 396,833 401,699 Total leverage exposure $1,375,467 $1,342,906 Tier 1 leverage ratio 8.7% 8.9% SLR 6.2% 6.2% In the table above: • Average total assets represents the average daily assets for the quarter. • Average off-balance-sheet • Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets. • SLR is calculated as Tier 1 capital divided by total leverage exposure. Risk-Based Capital. As of December $ in millions 2019 2018 Common shareholders’ equity $ 79,062 $78,982 Deduction for goodwill (3,529 ) (3,097 ) Deduction for identifiable intangible assets (604 ) (297 ) Other adjustments (79 ) (2,472 ) CET1 capital 74,850 73,116 Preferred stock 11,203 11,203 Deduction for investments in covered funds (610 ) (615 ) Other adjustments (3 ) (2 ) Tier 1 capital $ 85,440 $83,702 Standardized Tier 2 and Total capital Tier 1 capital $ 85,440 $83,702 Qualifying subordinated debt 12,847 13,147 Junior subordinated debt 284 442 Allowance for credit losses 1,802 1,353 Other adjustments (8 ) (16 ) Standardized Tier 2 capital 14,925 14,926 Standardized Total capital $100,365 $98,628 Advanced Tier 2 and Total capital Tier 1 capital $ 85,440 $83,702 Standardized Tier 2 capital 14,925 14,926 Allowance for credit losses (1,802 ) (1,353 ) Other adjustments 350 170 Advanced Tier 2 capital 13,473 13,743 Advanced Total capital $ 98,913 $97,445 In the table above: • Deduction for goodwill was net of deferred tax liabilities of $667 million as of December 2019 and $661 million as of December 2018. • Deduction for identifiable intangible assets was net of deferred tax liabilities of $37 million as of December 2019 and $27 million as of December 2018. • Deduction for investments in covered funds represents the firm’s aggregate investments in applicable covered funds, excluding investments that are subject to an extended conformance period. See Note 8 for further information about the Volcker Rule. • Other adjustments within CET1 capital and Tier 1 capital primarily include credit valuation adjustments on derivative liabilities, the overfunded portion of the firm’s defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, debt valuation adjustments and other required credit risk-based deductions. Other adjustments within Advanced Tier 2 capital include eligible credit reserves. • Qualifying subordinated debt is subordinated debt issued by Group Inc. with an original maturity of five years or greater. The outstanding amount of subordinated debt qualifying for Tier 2 capital is reduced upon reaching a remaining maturity of five years. See Note 14 for further information about the firm’s subordinated debt. • Junior subordinated debt is debt issued to a Trust. As of December 2019, 30% of this debt was included in Tier 2 capital and 70% was phased out of regulatory capital. As of December 2018, 40% of this debt was included in Tier 2 capital and 60% was phased out of regulatory capital. Junior subordinated debt is reduced by the amount of Trust Preferred securities purchased by the firm and will be fully phased out of Tier 2 capital by 2022 at a rate of 10% per year. See Note 14 for further information about the firm’s junior subordinated debt and Trust Preferred securities. The table below presents changes in CET1 capital, Tier 1 capital and Tier 2 capital. $ in millions Standardized Advanced Year Ended December 2019 CET1 capital Beginning balance $ 73,116 $73,116 Change in: Common shareholders’ equity 80 80 Deduction for goodwill (432 ) (432 ) Deduction for identifiable intangible assets (307 ) (307 ) Other adjustments 2,393 2,393 Ending balance $ 74,850 $74,850 Tier 1 capital Beginning balance $ 83,702 $83,702 Change in: CET1 capital 1,734 1,734 Deduction for investments in covered funds 5 5 Other adjustments (1 ) (1 ) Ending balance 85,440 85,440 Tier 2 capital Beginning balance 14,926 13,743 Change in: Qualifying subordinated debt (300 ) (300 ) Junior subordinated debt (158 ) (158 ) Allowance for credit losses 449 – Other adjustments 8 188 Ending balance 14,925 13,473 Total capital $100,365 $98,913 Year Ended December 2018 CET1 capital Beginning balance $ 67,110 $67,110 Change in: Common shareholders’ equity 8,592 8,592 Transitional provisions (117 ) (117 ) Deduction for goodwill (86 ) (86 ) Deduction for identifiable intangible assets 26 26 Other adjustments (2,409 ) (2,409 ) Ending balance $ 73,116 $73,116 Tier 1 capital Beginning balance $ 78,331 $78,331 Change in: CET1 capital 6,006 6,006 Transitional provisions 13 13 Deduction for investments in covered funds (25 ) (25 ) Preferred stock (650 ) (650 ) Other adjustments 27 27 Ending balance 83,702 83,702 Tier 2 capital Beginning balance 14,977 13,899 Change in: Qualifying subordinated debt (213 ) (213 ) Junior subordinated debt (125 ) (125 ) Allowance for credit losses 275 – Other adjustments 12 182 Ending balance 14,926 13,743 Total capital $ 98,628 $97,445 RWAs. Credit Risk Credit RWAs are calculated based on measures of exposure, which are then risk weighted under the Standardized and Advanced Capital Rules: • The Standardized Capital Rules apply prescribed risk-weights, which depend largely on the type of counterparty. The exposure measure for derivatives and securities financing transactions are based on specific formulas which take certain factors into consideration. • Under the Advanced Capital Rules, the firm computes risk-weights for wholesale and retail credit exposures in accordance with the Advanced Internal Ratings-Based approach. The exposure measures for derivatives and securities financing transactions are computed utilizing internal models. • For both Standardized and Advanced credit RWAs, the risk-weights for securitizations and equities are based on specific required formulaic approaches. Market Risk RWAs for market risk in accordance with the Standardized and Advanced Capital Rules are generally consistent. Market RWAs are calculated based on measures of exposure which include the following: • Value-at-Risk For both risk management purposes and regulatory capital calculations the firm uses a single VaR model which captures risks including those related to interest rates, equity prices, currency rates and commodity prices. However, VaR used for regulatory capital requirements (regulatory VaR) differs from risk management VaR due to different time horizons and confidence levels (10-day one The firm’s positional losses observed on a single day exceeded its 99% one-day one-day • Stressed VaR is the potential loss in value of trading assets and liabilities, as well as certain investments, loans, and other financial assets and liabilities accounted for at fair value, during a period of significant market stress; • Incremental risk is the potential loss in value of non-securitized one-year • Comprehensive risk is the potential loss in value, due to price risk and defaults, within the firm’s credit correlation positions; and • Specific risk is the risk of loss on a position that could result from factors other than broad market movements, including event risk, default risk and idiosyncratic risk. The standardized measurement method is used to determine specific risk RWAs, by applying supervisory defined risk-weighting factors after applicable netting is performed. Operational Risk Operational RWAs are only required to be included under the Advanced Capital Rules. The firm utilizes an internal risk-based model to quantify Operational RWAs. The table below presents information about RWAs. $ in millions Standardized Advanced As of December 2019 Credit RWAs Derivatives $120,906 $ 72,631 Commitments, guarantees and loans 179,740 134,456 Securities financing transactions 65,867 13,834 Equity investments 56,814 61,892 Other 75,660 78,266 Total Credit RWAs 498,987 361,079 Market RWAs Regulatory VaR 8,933 8,933 Stressed VaR 30,911 30,911 Incremental risk 4,308 4,308 Comprehensive risk 1,393 1,191 Specific risk 19,043 19,043 Total Market RWAs 64,588 64,386 Total Operational RWAs – 119,188 Total RWAs $563,575 $544,653 As of December 2018 Credit RWAs Derivatives $122,511 $ 82,301 Commitments, guarantees and loans 160,305 143,356 Securities financing transactions 66,363 18,259 Equity investments 53,563 55,154 Other 70,596 69,681 Total Credit RWAs 473,338 368,751 Market RWAs Regulatory VaR 7,782 7,782 Stressed VaR 27,952 27,952 Incremental risk 10,469 10,469 Comprehensive risk 2,770 2,770 Specific risk 25,599 25,599 Total Market RWAs 74,572 74,572 Total Operational RWAs – 114,788 Total RWAs $547,910 $558,111 In the table above: • Securities financing transactions represents resale and repurchase agreements and securities borrowed and loaned transactions. • Other includes receivables, certain debt securities, cash and cash equivalents and other assets. The table below presents changes in RWAs. $ in millions Standardized Advanced Year Ended December 2019 RWAs Beginning balance $547,910 $558,111 Credit RWAs Change in: Derivatives (1,605 ) (9,670 ) Commitments, guarantees and loans 19,435 (8,900 ) Securities financing transactions (496 ) (4,425 ) Equity investments 3,251 6,738 Other 5,064 8,585 Change in Credit RWAs 25,649 (7,672 ) Market RWAs Change in: Regulatory VaR 1,151 1,151 Stressed VaR 2,959 2,959 Incremental risk (6,161 ) (6,161 ) Comprehensive risk (1,377 ) (1,579 ) Specific risk (6,556 ) (6,556 ) Change in Market RWAs (9,984 ) (10,186 ) Change in Operational RWAs – 4,400 Ending balance $563,575 $544,653 Year Ended December 2018 RWAs Beginning balance $555,611 $617,646 Credit RWAs Change in: Transitional provisions 7,766 8,232 Derivatives (3,565 ) (20,685 ) Commitments, guarantees and loans 15,201 (20,019 ) Securities financing transactions (11,599 ) (1,103 ) Equity investments (2,241 ) (4,580 ) Other (454 ) (6,411 ) Change in Credit RWAs 5,108 (44,566 ) Market RWAs Change in: Regulatory VaR 250 250 Stressed VaR (4,801 ) (4,801 ) Incremental risk 2,028 2,028 Comprehensive risk 373 900 Specific risk (10,659 ) (10,659 ) Change in Market RWAs (12,809 ) (12,282 ) Change in Operational RWAs – (2,687 ) Ending balance $547,910 $558,111 RWAs Rollforward Commentary Year Ended December 2019. Advanced Credit RWAs as of December 2019 decreased by $7.67 billion compared with December 2018. Beginning in the fourth quarter of 2019, the firm made changes to the calculation of the loss given default for certain wholesale exposures which resulted in a decrease in credit RWAs, primarily in commitments, guarantees and loans and derivatives. This decrease was partially offset by an increase in other credit RWAs, principally due to the recognition of operating lease right-of-use assets upon adoption of ASU No. 2016-02 and an increase in corporate debt exposures. Advanced Market RWAs as of December 2019 decreased by $10.19 billion compared with December 2018, primarily reflecting a decrease in specific risk, principally due to reduced exposures, and a decrease in incremental risk, principally due to reduced exposures and changes in risk measurements. Advanced Operational RWAs as of December 2019 increased by $4.40 billion compared with December 2018, associated with litigation and regulatory proceedings. Year Ended December 2018. Advanced Credit RWAs as of December 2018 decreased by $44.57 billion compared with December 2017. Beginning in the fourth quarter of 2018, the firm’s default experience was incorporated into the determination of probability of default, which resulted in a decrease in credit RWAs, primarily in commitments, guarantees and loans and derivatives. Advanced Market RWAs as of December 2018 decreased by $12.28 billion compared with December 2017, primarily reflecting a decrease in specific risk on positions for which the firm obtained increased transparency into the underliers and as a result utilized Bank Subsidiaries Regulatory Capital Ratios. Bureau Under the regulatory framework for prompt corrective action applicable to GS Bank USA, in order to meet the quantitative requirements for being a “well-capitalized” depository institution, GS Bank USA must also meet the “well-capitalized” requirements in the table below. GS Bank USA’s capital levels and prompt corrective action classification are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. Failure to comply with these capital requirements, including a breach of the buffers described above, could result in restrictions being imposed by GS Bank USA’s regulators. Similar to the firm, GS Bank USA is required to calculate each of the CET1 capital, Tier 1 capital and Total capital ratios in accordance with both the Standardized and Advanced Capital Rules. The lower of each risk-based capital ratio calculated in accordance with the Standardized and Advanced Capital Rules is the ratio against which GS Bank USA’s compliance with its risk-based capital requirements is assessed. The table below presents GS Bank USA’s risk-based capital, leverage and “well-capitalized” requirements. As of December “Well-capitalized” 2019 2018 Risk-based capital requirements CET1 capital ratio 7.0% 6.4% 6.5% Tier 1 capital ratio 8.5% 7.9% 8.0% Total capital ratio 10.5% 9.9% 10.0% Leverage requirements Tier 1 leverage ratio 4.0% 4.0% 5.0% SLR 3.0% 3.0% 6.0% In the table above: • As of December 2019, the CET1 capital ratio requirement included a minimum of 4.5%, the Tier 1 capital ratio requirement included a minimum of 6.0%, and the Total capital ratio requirement included a minimum of 8.0%. The requirements also included the capital conservation buffer of 2.5% and the countercyclical capital buffer, which the FRB has set to zero percent. • As of December 2018, the CET1 capital ratio requirement included a minimum of 4.5%, the Tier 1 capital ratio requirement included a minimum of 6.0%, and the Total capital ratio requirement included a minimum of 8.0%. The requirements also included the 75% phase-in • The “well-capitalized” requirements were the binding requirements for risk-based capital ratios as of December 2018 and were the binding requirements for leverage ratios as of both December 2019 and December 2018. The table below presents information about GS Bank USA’s risk-based capital ratios. $ in millions Standardized Advanced As of December 2019 CET1 capital $ 29,176 $ 29,176 Tier 1 capital $ 29,176 $ 29,176 Tier 2 capital $ 5,293 $ 4,486 Total capital $ 34,469 $ 33,662 RWAs $258,541 $135,596 CET1 capital ratio 11.3% 21.5% Tier 1 capital ratio 11.3% 21.5% Total capital ratio 13.3% 24.8% As of December 2018 CET1 capital $ 27,467 $ 27,467 Tier 1 capital $ 27,467 $ 27,467 Tier 2 capital $ 5,069 $ 4,446 Total capital $ 32,536 $ 31,913 RWAs $248,356 $149,019 CET1 capital ratio 11.1% 18.4% Tier 1 capital ratio 11.1% 18.4% Total capital ratio 13.1% 21.4% In the table above: • In accordance with the Capital Rules, the lower of the Standardized or Advanced ratio is the ratio against which GS Bank USA’s compliance with the capital requirements is assessed, and therefore, the Standardized ratios applied to GS Bank USA as of both December 2019 and December 2018. • Beginning in the fourth quarter of 2019, GS Bank USA made changes to the calculation of the loss given default for certain wholesale exposures. At the date of adoption, the estimated impact of these changes was an increase in GS Bank USA’s Advanced CET1 capital ratio of approximately 2.2 percentage points. • The Standardized risk-based capital ratios increased from December 2018 to December 2019, reflecting an increase in capital, principally due to net earnings, partially offset by an increase in credit RWAs. The Advanced risk-based capital ratios increased from December 2018 to December 2019, reflecting a decrease in credit RWAs, principally due to updates to the loss given default calculation for certain wholesale exposures. The table below presents information about GS Bank USA’s leverage ratios. For the Three Months $ in millions 2019 2018 Tier 1 capital $ 29,176 $ 27,467 Average adjusted total assets $220,974 $188,606 Total leverage exposure $413,852 $368,062 Tier 1 leverage ratio 13.2% 14.6% SLR 7.0% 7.5% In the table above: • Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets. • SLR is calculated as Tier 1 capital divided by total leverage exposure. The firm’s principal non-U.S. Other. Restrictions on Payments Group Inc. may be limited in its ability to access capital held at certain subsidiaries as a result of regulatory, tax or other constraints. These limitations include provisions of applicable law and regulations and other regulatory restrictions that limit the ability of those subsidiaries to declare and pay dividends without prior regulatory approval (e.g., dividends that may be paid by GS Bank USA are limited to the lesser of the amounts calculated under a recent earnings test and an undivided profits test) even if the relevant subsidiary would satisfy the equity capital requirements applicable to it after giving effect to the dividend. For example, the FRB, the FDIC and the New York State Department of Financial Services have authority to prohibit or to limit the payment of dividends by the banking organizations they supervise (including GS Bank USA) if, in the regulator’s opinion, payment of a dividend would constitute an unsafe or unsound practice in the light of the financial condition of the banking organization. In addition, Group Inc.’s equity investment in subsidiaries was $95.68 billion as of December 2019 and $90.22 billion as of December 2018, of which Group Inc. was required to maintain $57.58 billion as of December 2019 and $52.92 billion as of December 2018, of minimum equity capital in its regulated subsidiaries in order to satisfy the regulatory requirements of such subsidiaries. Group Inc.’s capital invested in certain non-U.S. non-U.S. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 21. Earnings Per Common Share Basic earnings per common share (EPS) is calculated by dividing net earnings to common by the weighted average number of common shares outstanding and restricted stock units (RSUs) for which the delivery of the underlying common stock is not subject to satisfaction of future service or performance conditions (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for stock options and for RSUs for which the delivery of the underlying common stock is subject to satisfaction of future service or performance conditions. The table below presents information about basic and diluted EPS. Year Ended December in millions, except per share amounts 2019 2018 2017 Net earnings to common $7,897 $9,860 $3,685 Weighted average basic shares 371.6 385.4 401.6 Effect of dilutive securities: RSUs 3.9 3.9 5.3 Stock options – 0.9 2.2 Dilutive securities 3.9 4.8 7.5 Weighted average diluted shares 375.5 390.2 409.1 Basic EPS $21.18 $25.53 $ 9.12 Diluted EPS $21.03 $25.27 $ 9.01 In the table above: • Net earnings to common represents net earnings applicable to common shareholders, which is calculated as net earnings less preferred stock dividends. • Unvested share-based awards that have non-forfeitable • Diluted EPS does not include antidilutive RSUs of 0.1 million for 2019, of less than 0.1 million for 2018 and 0.1 million for 2017. |
Transactions with Affiliated Fu
Transactions with Affiliated Funds | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Transactions with Affiliated Funds | Note 22. Transactions with Affiliated Funds The firm has formed nonconsolidated investment funds with third-party investors. As the firm generally acts as the investment manager for these funds, it is entitled to receive management fees and, in certain cases, advisory fees or incentive fees from these funds. Additionally, the firm invests alongside the third-party investors in certain funds. The tables below present information about affiliated funds. Year Ended December $ in millions 2019 2018 2017 Fees earned from funds $2,967 $3,571 $2,932 As of December $ in millions 2019 2018 Fees receivable from funds $ $ 610 Aggregate carrying value of interests in funds $5,490 $4,994 The firm may periodically determine to waive certain management fees on selected money market funds. Management fees waived were $44 million for 2019 and $51 million for 2018 and $98 million for 2017. The Volcker Rule restricts the firm from providing financial support to covered funds (as defined in the rule) after the expiration of the conformance period. As a general matter, in the ordinary course of business, the firm does not expect to provide additional voluntary financial support to any covered funds, but may choose to do so with respect to funds that are not subject to the Volcker Rule. However, in the event that such support is provided, the amount is not expected to be material. The firm had an outstanding guarantee, as permitted under the Volcker Rule, on behalf of its funds of $87 million as of December 2019 and $154 million as of December 2018. The firm has voluntarily provided this guarantee in connection with a financing agreement with a third-party lender executed by one of the firm’s real estate funds that is not covered by the Volcker Rule. As of both December 2019 and December 2018, except as noted above, the firm has not provided any additional financial support to its affiliated funds. In addition, in the ordinary course of business, the firm may also engage in other activities with its affiliated funds including, among others, securities lending, trade execution, market-making, custody, and acquisition and bridge financing. See Note 18 for the firm’s investment commitments related to these funds. |
Interest Income and Interest Ex
Interest Income and Interest Expense | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift, Interest [Abstract] | |
Interest Income and Interest Expense | Note 23. Interest Income and Interest Expense Interest is recorded over the life of the instrument on an accrual basis based on contractual interest rates. The table below presents sources of interest income and interest expense. Year Ended December $ in millions 2019 2018 2017 Deposits with banks $ 1,211 $ 1,418 $ 819 Collateralized agreements 4,397 3,852 1,661 Trading assets 5,899 5,157 4,667 Investments 1,457 1,215 704 Loans 5,411 4,689 3,222 Other interest 3,363 3,348 2,040 Total interest income 21,738 19,679 13,113 Deposits 3,568 2,606 1,380 Collateralized financings 2,658 2,051 863 Trading liabilities 1,213 1,554 1,388 Short-term borrowings 668 695 698 Long-term borrowings 5,359 5,555 4,599 Other interest 3,910 3,451 1,253 Total interest expense 17,376 15,912 10,181 Net interest income $ 4,362 $ 3,767 $ 2,932 In the table above: • Collateralized agreements includes rebates paid and interest income on securities borrowed. • Loans excludes interest on loans held for sale that are accounted for at the lower of cost or fair value. Such interest is included within other interest. • Other interest income includes interest income on customer debit balances, other interest-earning assets and loans held for sale that are accounted for at the lower of cost or fair value. • Collateralized financings consists of repurchase agreements and securities loaned. • Short- and long-term borrowings include both secured and unsecured borrowings. • Other interest expense includes rebates received on other interest-bearing liabilities and interest expense on customer credit balances. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 24. Income Taxes Provision for Income Taxes Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities. The firm reports interest expense related to income tax matters in provision for taxes and income tax penalties in other expenses. The table below presents information about the provision for taxes. Year Ended December $ in millions 2019 2018 2017 Current taxes U.S. federal $1,113 $ 2,986 $ 320 State and local 388 379 64 Non-U.S. 950 1,302 1,004 Total current tax expense 2,451 4,667 1,388 Deferred taxes U.S. federal (383 ) (2,711 ) 5,083 State and local (20 ) 58 157 Non-U.S. 69 8 218 Total deferred tax (benefit)/expense (334 ) (2,645 ) 5,458 Provision for taxes $2,117 $ 2,022 $6,846 In the table above: • State and local current taxes in 2017 includes the impact of settlements of state and local examinations. • U.S. federal current tax expense and U.S. federal deferred tax expense in 2018 and 2017 includes the impact of Tax Legislation. The table below presents a reconciliation of the U.S. federal statutory income tax rate to the effective income tax rate. Year Ended December 2019 2018 2017 U.S. federal statutory income tax rate 21.0% 21.0% 35.0% State and local taxes, net of U.S. federal benefit 2.9 2.0 1.5 Settlement of employee share-based awards (0.6) (2.2) (6.4) Non-U.S. (3.6) (0.7) (6.3) Tax credits (1.8) (1.4) (2.1) Tax-exempt (1.0) (0.6) (0.2) Tax Legislation – (3.9) 39.5 Non-deductible 2.1 1.2 0.5 Other 1.0 0.8 – Effective income tax rate 20.0% 16.2% 61.5% In the table above: • Non-U.S. • Non-U.S. • State and local taxes in 2017, net of U.S. federal income tax effects, includes the impact of settlements of state and local examinations. Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized and primarily relate to the ability to utilize losses in various tax jurisdictions. Tax assets are included in other assets and tax liabilities are included in other liabilities. The table below presents information about deferred tax assets and liabilities, excluding the impact of netting within tax jurisdictions. As of December $ in millions 2019 2018 Deferred tax assets Compensation and benefits $1,351 $1,296 ASC 740 asset related to unrecognized tax benefits 279 152 Non-U.S. 472 264 Net operating losses 411 688 Occupancy-related 178 71 Other comprehensive income-related 407 – Tax credits carryforward 59 62 Operating lease liabilities 559 – Allowance for credit losses 433 326 Other, net 160 42 Subtotal 4,309 2,901 Valuation allowance (467 ) (245 ) Total deferred tax assets $3,842 $2,656 Deferred tax liabilities Depreciation and amortization $1,022 $ 930 Unrealized gains 1,196 1,290 Operating lease right-of-use assets 560 – Other comprehensive income-related – 84 Total deferred tax liabilities $2,778 $2,304 The firm has recorded deferred tax assets of $411 million as of December 2019 and $688 million as of December 2018, in connection with U.S. federal, state and local and foreign net operating loss carryforwards. The firm also recorded a valuation allowance of $79 million as of December 2019 and $81 million as of December 2018, related to these net operating loss carryforwards. As of December 2019, the U.S. federal net operating loss carryforward was $327 million, the state and local net operating loss carryforward was $1.46 billion, and the foreign net operating loss carryforward was $1.24 billion. If not utilized, the U.S. federal net operating loss carryforward will begin to expire in 2025 and the state and local, and foreign net operating loss carryforwards will begin to expire in 2020. If these carryforwards expire, they will not have a material impact on the firm’s results of operations. As of December 2019, the firm has recorded deferred tax assets of $5 million in connection with general business credit carryforwards and $29 million in connection with state and local tax credit carryforwards. If not utilized, the general business credit carryforward will begin to expire in 2021 and the state and local tax credit carryforward will begin to expire in 2020. As of December 2019, the firm did not have any foreign tax credit carryforwards. As of both December 2019 and December 2018, the firm had no U.S. capital loss carryforwards and no related net deferred income tax assets. As of December 2019, the firm had deferred tax assets of $181 million in connection with foreign capital loss carryforwards and a valuation allowance of $181 million related to these capital loss carryforwards. The valuation allowance increased by $222 million during 2019 and increased by $89 million during 2018. The increases in both 2019 and 2018 were primarily due to an increase in deferred tax assets from which the firm does not expect to realize any benefit. The firm permanently reinvested eligible earnings of certain foreign subsidiaries. As of both December 2019 and December 2018, all U.S. taxes were accrued on these subsidiaries’ distributable earnings, substantially all of which resulted from the Tax Legislation repatriation tax and GILTI. Unrecognized Tax Benefits The firm recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements. The accrued liability for interest expense related to income tax matters and income tax penalties was $198 million as of December 2019 and $107 million as of December 2018. The firm recognized interest expense and income tax penalties of $60 million for 2019, $18 million for 2018 and $63 million for 2017. It is reasonably possible that unrecognized tax benefits could change significantly during the twelve months subsequent to December 2019 due to potential audit settlements. However, at this time it is not possible to estimate any potential change. The table below presents the changes in the liability for unrecognized tax benefits, which is included in other liabilities. Year Ended or as of December $ in millions 2019 2018 2017 Beginning balance $1,051 $ 665 $ 852 Increases based on current year tax positions 131 197 94 Increases based on prior years’ tax positions 441 232 101 Decreases based on prior years’ tax positions (54 ) (39 ) (128 ) Decreases related to settlements (125 ) (3 ) (255 ) Exchange rate fluctuations 1 (1 ) 1 Ending balance $1,445 $1,051 $ 665 Related deferred income tax asset 279 152 75 Net unrecognized tax benefit $1,166 $ 899 $ 590 Regulatory Tax Examinations The firm is subject to examination by the U.S. Internal Revenue Service (IRS) and other taxing authorities in jurisdictions where the firm has significant business operations, such as the United Kingdom, Japan, Hong Kong and various states, such as New York. The tax years under examination vary by jurisdiction. The firm does not expect completion of these audits to have a material impact on the firm’s financial condition, but it may be material to operating results for a particular period, depending, in part, on the operating results for that period. The table below presents the earliest tax years that remain subject to examination by major jurisdiction. Jurisdiction As of December 2019 U.S. Federal 2011 New York State and City 2011 United Kingdom 2017 Japan 2014 Hong Kong 2013 U.S. Federal examinations of 2011 and 2012 began in 2013. The firm has been accepted into the Compliance Assurance Process program by the IRS for each of the tax years from 2013 through 2019 and submitted an application for 2020. This program allows the firm to work with the IRS to identify and resolve potential U.S. Federal tax issues before the filing of tax returns. The 2013 through 2018 tax years remain subject to post-filing review. New York State and City examinations (excluding GS Bank USA) of 2011 through 2014 began in 2017. New York State and City examinations for GS Bank USA have been completed through 2014. All years including and subsequent to the years in the table above remain open to examination by the taxing authorities. The firm believes that the liability for unrecognized tax benefits it has established is adequate in relation to the potential for additional assessments. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | Note 25. Business Segments The firm reports its activities in the following four business segments: Investment Banking, Global Markets, Asset Management and Consumer & Wealth Management. See Note 1 for information about the firm’s business segments. Compensation and benefits expenses in the firm’s segments reflect, among other factors, the overall performance of the firm, as well as the performance of individual businesses. Consequently, pre-tax The firm allocates assets (including allocations of global core liquid assets and cash, secured client financing and other assets), revenues and expenses among the four business segments. Due to the integrated nature of these segments, estimates and judgments are made in allocating certain assets, revenues and expenses. The allocation process is based on the manner in which management currently views the performance of the segments. The allocation of common shareholders’ equity and preferred stock dividends to each segment is based on the estimated amount of equity required to support the activities of the segment under relevant regulatory capital requirements. Net earnings for each segment is calculated by applying the firmwide tax rate to each segment’s pre-tax earnings. Management believes that this allocation provides a reasonable representation of each segment’s contribution to consolidated net earnings to common, return on average common equity and total assets. Transactions between segments are based on specific criteria or approximate third-party rates. Segment Results The table below presents a summary of the firm’s segment results. Year Ended December $ in millions 2019 2018 2017 Investment Banking Non-interest revenues $ 7,079 $ 7,856 $ 7,158 Net interest income 520 322 301 Total net revenues 7,599 8,178 7,459 Provision for credit losses 333 124 34 Operating expenses 4,685 4,473 3,613 Pre-tax earnings $ 2,581 $ 3,581 $ 3,812 Net earnings $ 2,065 $ 3,001 $ 1,468 Net earnings to common $ 1,996 $ 2,924 $ 1,394 Average common equity $11,167 $ 8,737 $ 8,753 Return on average common equity 17.9% 33.5% 15.9% Global Markets Non-interest revenues $13,109 $12,831 $10,853 Net interest income 1,670 1,607 1,442 Total net revenues 14,779 14,438 12,295 Provision for credit losses 35 52 178 Operating expenses 10,851 10,585 9,981 Pre-tax earnings $ 3,893 $ 3,801 $ 2,136 Net earnings $ 3,114 $ 3,185 $ 823 Net earnings to common $ 2,729 $ 2,796 $ 397 Average common equity $40,060 $41,237 $44,448 Return on average common equity 6.8% 6.8% 0.9% Asset Management Non-interest revenues $ 8,454 $ 8,353 $ 8,491 Net interest income 511 482 39 Total net revenues 8,965 8,835 8,530 Provision for credit losses 274 160 322 Operating expenses 4,817 4,179 3,773 Pre-tax earnings $ 3,874 $ 4,496 $ 4,435 Net earnings $ 3,099 $ 3,767 $ 1,707 Net earnings to common $ 3,013 $ 3,668 $ 1,639 Average common equity $21,575 $19,061 $16,904 Return on average common equity 14.0% 19.2% 9.7% Consumer & Wealth Management Non-interest revenues $ 3,542 $ 3,809 $ 3,296 Net interest income 1,661 1,356 1,150 Total net revenues 5,203 5,165 4,446 Provision for credit losses 423 338 123 Operating expenses 4,545 4,224 3,574 Pre-tax earnings $ $ 603 $ 749 Net earnings $ $ 506 $ 288 Net earnings to common $ $ 472 $ 255 Average common equity $ 6,292 $ 4,950 $ 4,616 Return on average common equity 2.5% 9.5% 5.5% Total Non-interest revenues $32,184 $32,849 $29,798 Net interest income 4,362 3,767 2,932 Total net revenues 36,546 36,616 32,730 Provision for credit losses 1,065 674 657 Operating expenses 24,898 23,461 20,941 Pre-tax earnings $10,583 $12,481 $11,132 Net earnings $ 8,466 $10,459 $ 4,286 Net earnings to common $ 7,897 $ 9,860 $ 3,685 Average common equity $79,094 $73,985 $74,721 Return on average common equity 10.0% 13.3% 4.9% In the table above: • Revenues and expenses directly associated with each segment are included in determining pre-tax • Net revenues in the firm’s segments include allocations of interest income and expense to specific positions in relation to the cash generated by, or funding requirements of, such positions. Net interest is included in segment net revenues as it is consistent with how management assesses segment performance. • Overhead expenses not directly allocable to specific segments are allocated ratably based on direct segment expenses. • Operating expenses related to corporate charitable contributions, previously not allocated to the segments, have now been allocated. This allocation reflects a change in the manner in which management measures the performance of the firm’s segments. As a result of this change, all operating expenses are now allocated to segments. Reclassifications have been made to previously reported segment amounts to conform to the current presentation. • Total operating expenses included net provisions for litigation and regulatory proceedings of $1.24 billion for 2019, $844 million for 2018 and $188 million for 2017. The net provisions for 2019 and 2018 were primarily reflected in Investment Banking and Global Markets. • Net earnings included an income tax benefit of $487 million in 2018 and estimated income tax expense of $4.40 billion in 2017 related to Tax Legislation. The table below presents depreciation and amortization expense by segment. Year Ended December $ in millions 2019 2018 2017 Investment Banking $ $ 114 $ 123 Global Markets 646 563 514 Asset Management 618 450 365 Consumer & Wealth Management 301 201 150 Total $1,704 $1,328 $1,152 Segment Assets The table below presents assets by segment. As of December $ in millions 2019 2018 Investment Banking $ 92,009 $ 89,451 Global Markets 725,060 683,702 Asset Management 92,102 85,003 Consumer & Wealth Management 83,797 73,640 Total $992,968 $931,796 The table below presents gross loans by segment and loan type. As of December $ in millions 2019 2018 Corporate $ 27,035 $ Investment Banking 27,035 26,375 Corporate 11,852 11,147 Real estate 15,671 14,231 Other 3,756 3,636 Global Markets 31,279 29,014 Corporate 7,420 4,853 Real estate 9,030 8,248 Other 1,036 1,109 Asset Management 17,486 14,210 Wealth Management 27,940 24,768 Consumer 4,747 4,536 Credit cards 1,858 – Consumer & Wealth Management 34,545 29,304 Total $110,345 $98,903 The table below presents the allowance for loan losses by segment. As of December $ in millions 2019 2018 Investment Banking $ 470 $ 355 Global Markets 168 138 Asset Management 385 254 Consumer & Wealth Management 418 319 Total $1,441 $1,066 See Note 9 for further information about loans. Geographic Information Due to the highly integrated nature of international financial markets, the firm manages its businesses based on the profitability of the enterprise as a whole. The methodology for allocating profitability to geographic regions is dependent on estimates and management judgment because a significant portion of the firm’s activities require cross-border coordination in order to facilitate the needs of the firm’s clients. Geographic results are generally allocated as follows: • Investment Banking: location of the client and investment banking team. • Global Markets: FICC and Equities intermediation: location of the market-making desk; FICC and Equities financing (excluding prime brokerage financing): location of the desk; prime brokerage financing: location of the primary market for the underlying security. • Asset Management (excluding Equity investments and lending): location of the sales team; Equity investments: location of the investment; Lending: location of the client. • Consumer & Wealth Management: Wealth management: location of the sales team; Consumer banking: location of the client. The table below presents total net revenues, pre-tax $ in millions 2019 2018 2017 Year Ended December Americas $22,148 60% $22,339 61% $19,737 60% EMEA 9,745 27% 9,244 25% 8,168 25% Asia 4,653 13% 5,033 14% 4,825 15% Total net revenues $36,546 100% $36,616 100% $32,730 100% Americas $ 6,623 62% $ 8,125 65% $ 7,014 63% EMEA 3,349 32% 3,244 26% 2,561 23% Asia 611 6% 1,112 9% 1,557 14% Total pre-tax earnings $10,583 100% $12,481 100% $11,132 100% Americas $ 5,514 65% $ 7,092 68% $ 1,059 25% EMEA 2,600 31% 2,522 24% 2,048 48% Asia 352 4% 845 8% 1,179 27% Total net earnings $ 8,466 100% $10,459 100% $ 4,286 100% In the table above: • Americas net earnings included an income tax benefit of $487 million in 2018 and estimated income tax expense of $4.40 billion in 2017 related to Tax Legislation. • Asia pre-tax earnings and net earnings for 2019 were impacted by net provisions for litigation and regulatory proceedings. • Charitable contributions, previously not allocated across geographic regions for pre-tax earnings and net earnings, have now been allocated. Reclassifications have been made to previously reported amounts to conform to the current presentation. • Substantially all of the amounts in Americas were attributable to the U.S. • Asia includes Australia and New Zealand. |
Credit Concentrations
Credit Concentrations | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Credit Concentrations | Note 26. Credit Concentrations The firm’s concentrations of credit risk arise from its market making, client facilitation, investing, underwriting, lending and collateralized transactions, and cash management activities, and may be impacted by changes in economic, industry or political factors. These activities expose the firm to many different industries and counterparties, and may also subject the firm to a concentration of credit risk to a particular central bank, counterparty, borrower or issuer, including sovereign issuers, or to a particular clearing house or exchange. The firm seeks to mitigate credit risk by actively monitoring exposures and obtaining collateral from counterparties as deemed appropriate. The firm measures and monitors its credit exposure based on amounts owed to the firm after taking into account risk mitigants that management considers when determining credit risk. Such risk mitigants include netting and collateral arrangements and economic hedges, such as credit derivatives, futures and forward contracts. Netting and collateral agreements permit the firm to offset receivables and payables with such counterparties and/or enable the firm to obtain collateral on an upfront or contingent basis. The table below presents the credit concentrations included in trading cash instruments and investments. As of December $ in millions 2019 2018 U.S. government and agency obligations $167,097 $111,114 Percentage of total assets 16.8% 11.9% Non-U.S. $ 44,875 $ 43,607 Percentage of total assets 4.5% 4.7% In addition, the firm had $96.97 billion as of December 2019 and $90.47 billion as of December 2018 of cash deposits held at central banks (included in cash and cash equivalents), of which $50.55 billion as of December 2019 and $29.20 billion as of December 2018 was held at the Federal Reserve Bank of New York. As of both December 2019 and December 2018, the firm did not have credit exposure to any other counterparty that exceeded 2% of total assets. Collateral obtained by the firm related to derivative assets is principally cash and is held by the firm or a third-party custodian. Collateral obtained by the firm related to resale agreements and securities borrowed transactions is primarily U.S. government and agency obligations and non-U.S. The table below presents U.S. government and agency obligations and non-U.S. As of December $ in millions 2019 2018 U.S. government and agency obligations $49,396 $78,828 Non-U.S. $55,889 $76,745 In the table above: • Non-U.S. • Given that the firm’s primary credit exposure on such transactions is to the counterparty to the transaction, the firm would be exposed to the collateral issuer only in the event of counterparty default. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Note 27. Legal Proceedings The firm is involved in a number of judicial, regulatory and arbitration proceedings (including those described below) concerning matters arising in connection with the conduct of the firm’s businesses. Many of these proceedings are in early stages, and many of these cases seek an indeterminate amount of damages. Under ASC 450, an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely” and an event is “remote” if “the chance of the future event or events occurring is slight.” Thus, references to the upper end of the range of reasonably possible loss for cases in which the firm is able to estimate a range of reasonably possible loss mean the upper end of the range of loss for cases for which the firm believes the risk of loss is more than slight. With respect to matters described below for which management has been able to estimate a range of reasonably possible loss where (i) actual or potential plaintiffs have claimed an amount of money damages, (ii) the firm is being, or threatened to be, sued by purchasers in a securities offering and is not being indemnified by a party that the firm believes will pay the full amount of any judgment, or (iii) the purchasers are demanding that the firm repurchase securities, management has estimated the upper end of the range of reasonably possible loss as being equal to (a) in the case of (i), the amount of money damages claimed, (b) in the case of (ii), the difference between the initial sales price of the securities that the firm sold in such offering and the estimated lowest subsequent price of such securities prior to the action being commenced and (c) in the case of (iii), the price that purchasers paid for the securities less the estimated value, if any, as of December 2019 of the relevant securities, in each of cases (i), (ii) and (iii), taking into account any other factors believed to be relevant to the particular matter or matters of that type. As of the date hereof, the firm has estimated the upper end of the range of reasonably possible aggregate loss for such matters and for any other matters described below where management has been able to estimate a range of reasonably possible aggregate loss to be approximately $3.3 billion in excess of the aggregate reserves for such matters. Management is generally unable to estimate a range of reasonably possible loss for matters other than those included in the estimate above, including where (i) actual or potential plaintiffs have not claimed an amount of money damages, except in those instances where management can otherwise determine an appropriate amount, (ii) matters are in early stages, (iii) matters relate to regulatory investigations or reviews, except in those instances where management can otherwise determine an appropriate amount, (iv) there is uncertainty as to the likelihood of a class being certified or the ultimate size of the class, (v) there is uncertainty as to the outcome of pending appeals or motions, (vi) there are significant factual issues to be resolved, and/or (vii) there are novel legal issues presented. For example, the firm’s potential liabilities with respect to the investigations and reviews described below in “Regulatory Investigations and Reviews and Related Litigation” generally are not included in management’s estimate of reasonably possible loss. However, management does not believe, based on currently available information, that the outcomes of such other matters will have a material adverse effect on the firm’s financial condition, though the outcomes could be material to the firm’s operating results for any particular period, depending, in part, upon the operating results for such period. See Note 18 for further information about mortgage-related contingencies. 1Malaysia Development Berhad (1MDB)-Related Matters The firm has received subpoenas and requests for documents and information from various governmental and regulatory bodies and self-regulatory organizations as part of investigations and reviews relating to financing transactions and other matters involving 1MDB, a sovereign wealth fund in Malaysia. Subsidiaries of the firm acted as arrangers or purchasers of approximately $6.5 billion of debt securities of 1MDB. On November 1, 2018, the U.S. Department of Justice (DOJ) unsealed a criminal information and guilty plea by Tim Leissner, a former participating managing director of the firm, and an indictment against Ng Chong Hwa, a former managing director of the firm, and Low Taek Jho. Leissner pleaded guilty to a two-count co-conspirator, On December 17, 2018, the Attorney General of Malaysia filed criminal charges in Malaysia against Goldman Sachs International (GSI), as the arranger of three offerings of debt securities of 1MDB, aggregating approximately $6.5 billion in principal amount, for alleged disclosure deficiencies in the offering documents relating to, among other things, the use of proceeds for the debt securities, as well as against Goldman Sachs (Asia) LLC (GS Asia) and Goldman Sachs (Singapore) PTE (GS Singapore). Criminal charges have also been filed against Leissner, Low, Ng and Jasmine Loo Ai Swan. In a related press release, the Attorney General of Malaysia indicated that prosecutors in Malaysia will seek criminal fines against the accused in excess of $2.7 billion plus the $600 million of fees received in connection with the debt offerings. On August 9, 2019, the Attorney General of Malaysia announced that criminal charges had also been filed against seventeen current and former directors of GSI, GS Asia and GS Singapore. The Malaysia Securities Commission issued notices to show cause against Goldman Sachs (Malaysia) Sdn Bhd (GS Malaysia) in December 2018 and March 2019 that (i) allege possible violations of Malaysian securities laws and (ii) indicate that the Malaysia Securities Commission is considering whether to revoke GS Malaysia’s license to conduct corporate finance and fund management activities in Malaysia. The firm has received multiple demands, beginning in November 2018, from alleged shareholders under Section 220 of the Delaware General Corporation Law for books and records relating to, among other things, the firm’s involvement with 1MDB and the firm’s compliance procedures. On December 13, 2019, an alleged shareholder filed a lawsuit in the Court of Chancery of the State of Delaware seeking books and records relating to, among other things, the firm’s involvement with 1MDB and the firm’s compliance procedures. On February 19, 2019, a purported shareholder derivative action relating to 1MDB was filed in the U.S. District Court for the Southern District of New York against Group Inc. and the directors at the time and a former chairman and chief executive officer of the firm. The amended complaint filed on July 12, 2019, which seeks unspecified damages, disgorgement and injunctive relief, alleges breaches of fiduciary duties, including in connection with alleged insider trading by certain current and former directors, unjust enrichment and violations of the anti-fraud provisions of the Exchange Act, including in connection with Group Inc.’s common stock repurchases and solicitation of proxies. Defendants moved to dismiss this action on September 12, 2019. Beginning in March 2019, the firm has also received demands from alleged shareholders to investigate and pursue claims against certain current and former directors and executive officers based on their oversight and public disclosures regarding 1MDB and related internal controls. On November 21, 2018, a summons with notice was filed in New York Supreme Court, County of New York, by International Petroleum Investment Company, which guaranteed certain debt securities issued by 1MDB, and its subsidiary Aabar Investments PJS. The summons with notice makes unspecified claims relating to 1MDB and seeks unspecified compensatory and punitive damages and other relief against Group Inc., GSI, GS Asia, GS Singapore, GS Malaysia, Leissner, Ng, and Vella, as well as individuals (who are not current or former employees of the firm) previously associated with the plaintiffs. On December 20, 2018, a putative securities class action lawsuit was filed in the U.S. District Court for the Southern District of New York against Group Inc. and certain former officers of the firm alleging violations of the anti-fraud provisions of the Exchange Act with respect to Group Inc.’s disclosures concerning 1MDB and seeking unspecified damages. The plaintiffs filed the second amended complaint on October 28, 2019, which the defendants moved to dismiss on January 9, 2020. The firm is cooperating with the DOJ and all other governmental and regulatory investigations relating to 1MDB. The firm is also engaged in discussions with certain governmental and regulatory authorities with respect to potential resolution of their investigations and proceedings. There can be no assurance that the discussions will lead to resolution of any of those matters. Any such resolution, as well as proceedings by the DOJ or other governmental or regulatory authorities, could result in the imposition of significant fines, penalties and other sanctions against the firm, including restrictions on the firm’s activities. Mortgage-Related Matters Beginning in April 2010, a number of purported securities law class actions were filed in the U.S. District Court for the Southern District of New York challenging the adequacy of Group Inc.’s public disclosure of, among other things, the firm’s activities in the collateralized debt obligation market, and the firm’s conflict of interest management. The consolidated amended complaint filed on July 25, 2011, which names as defendants Group Inc. and certain current and former officers and employees of Group Inc. and its affiliates, generally alleges violations of Sections 10(b) and 20(a) of the Exchange Act and seeks unspecified damages. The defendants have moved for summary judgment. On December 11, 2018, the Second Circuit Court of Appeals granted the defendants’ petition for interlocutory review of the district court’s August 14, 2018 grant of class certification. On January 23, 2019, the district court stayed proceedings pending the appellate court’s decision. Beginning on February 15, 2019, a summons with notice and a complaint were filed against Goldman Sachs Mortgage Company and GS Mortgage Securities Corp. by U.S. Bank National Association, as trustee for two residential mortgage-backed securitization trusts that issued $1.7 billion of securities, and the cases are pending in the U.S. District Court for the Southern District of New York. The summons with notice and complaint generally allege that mortgage loans in the trusts failed to conform to applicable representations and warranties and seek specific performance or, alternatively, compensatory damages and other relief. Defendants moved to dismiss the complaint on September 23, 2019. The firm continues to receive requests for information, including from certain regulators, relating to mortgage-related activities. Director Compensation-Related Litigation On May 9, 2017, Group Inc. and certain of its current and former directors were named as defendants in a purported direct and derivative shareholder action in the Court of Chancery of the State of Delaware (a similar purported derivative action, filed in June 2015, alleging excessive director compensation over the period 2012 to 2014 was voluntarily dismissed without prejudice in December 2016). The complaint alleges that excessive compensation has been paid to the non-employee non-employee Currencies-Related Litigation GS&Co. and Group Inc. are among the defendants named in putative class actions filed in the U.S. District Court for the Southern District of New York beginning in September 2016 on behalf of putative indirect purchasers of foreign exchange instruments. On August 5, 2019, the plaintiffs filed a third consolidated amended complaint generally alleging a conspiracy to manipulate the foreign currency exchange markets, asserting claims under various state antitrust laws and state consumer protection laws and seeking treble damages in an unspecified amount. GS&Co. and Group Inc. are among the defendants named in an action filed in the U.S. District Court for the Southern District of New York on November 7, 2018 by certain direct purchasers of foreign exchange instruments that opted out of a class settlement reached with, among others, GS&Co. and Group Inc. The second amended complaint, filed on June 11, 2019, generally alleges that the defendants violated federal antitrust law and state common law in connection with an alleged conspiracy to manipulate the foreign currency exchange markets and seeks declaratory and injunctive relief, as well as unspecified amounts of compensatory, punitive, treble and other damages. Defendants moved to dismiss on July 25, 2019. Financial Advisory Services Group Inc. and certain of its affiliates are from time to time parties to various civil litigation and arbitration proceedings and other disputes with clients and third parties relating to the firm’s financial advisory activities. These claims generally seek, among other things, compensatory damages and, in some cases, punitive damages, and in certain cases allege that the firm did not appropriately disclose or deal with conflicts of interest. Underwriting Litigation Firm affiliates are among the defendants in a number of proceedings in connection with securities offerings. In these proceedings, including those described below, the plaintiffs assert class action or individual claims under federal and state securities laws and in some cases other applicable laws, allege that the offering documents for the securities that they purchased contained material misstatements and omissions, and generally seek compensatory and rescissory damages in unspecified amounts. Certain of these proceedings involve additional allegations. Adeptus Health Inc. SunEdison, Inc. Valeant Pharmaceuticals International, Inc. non-U.S. GS&Co. and GS Canada, as sole underwriters, sold 5,334,897 shares of common stock in the June 2013 offering to non-U.S. non-U.S. Snap Inc. Sea Limited. Altice USA, Inc. Camping World Holdings, Inc. Alnylam Pharmaceuticals, Inc. Uber Technologies, Inc. Venator Materials PLC. Investment Management Services Group Inc. and certain of its affiliates are parties to various civil litigation and arbitration proceedings and other disputes with clients relating to losses allegedly sustained as a result of the firm’s investment management services. These claims generally seek, among other things, restitution or other compensatory damages and, in some cases, punitive damages. Securities Lending Antitrust Litigation Group Inc. and GS&Co. are among the defendants named in a putative antitrust class action and three individual actions relating to securities lending practices filed in the U.S. District Court for the Southern District of New York beginning in August 2017. The complaints generally assert claims under federal and state antitrust law and state common law in connection with an alleged conspiracy among the defendants to preclude the development of electronic platforms for securities lending transactions. The individual complaints also assert claims for tortious interference with business relations and under state trade practices law and, in the second and third individual actions, unjust enrichment under state common law. The complaints seek declaratory and injunctive relief, as well as unspecified amounts of compensatory, treble, punitive and other damages. Group Inc. was voluntarily dismissed from the putative class action on January 26, 2018. Defendants’ motion to dismiss the class action complaint was denied on September 27, 2018. Defendants moved to dismiss the second individual action on December 21, 2018. Defendants’ motion to dismiss the first individual action was granted on August 7, 2019. Interest Rate Swap Antitrust Litigation Group Inc., GS&Co., GSI, GS Bank USA and Goldman Sachs Financial Markets, L.P. (GSFM) are among the defendants named in a putative antitrust class action relating to the trading of interest rate swaps, filed in November 2015 and consolidated in the U.S. District Court for the Southern District of New York. The same Goldman Sachs entities also are among the defendants named in two antitrust actions relating to the trading of interest rate swaps, commenced in April 2016 and June 2018, respectively, in the U.S. District Court for the Southern District of New York by three operators of swap execution facilities and certain of their affiliates. These actions have been consolidated for pretrial proceedings. The complaints generally assert claims under federal antitrust law and state common law in connection with an alleged conspiracy among the defendants to preclude exchange trading of interest rate swaps. The complaints in the individual actions also assert claims under state antitrust law. The complaints seek declaratory and injunctive relief, as well as treble damages in an unspecified amount. Defendants moved to dismiss the class and the first individual action and the district court dismissed the state common law claims asserted by the plaintiffs in the first individual action and otherwise limited the state common law claim in the putative class action and the antitrust claims in both actions to the period from 2013 to 2016. On November 20, 2018, the court granted in part and denied in part the defendants’ motion to dismiss the second individual action, dismissing the state common law claims for unjust enrichment and tortious interference, but denying dismissal of the federal and state antitrust claims. On March 13, 2019, the court denied the plaintiffs’ motion in the putative class action to amend their complaint to add allegations related to 2008-2012 conduct, but granted the motion to add limited allegations from 2013-2016, which the plaintiffs added in a fourth consolidated amended complaint filed on March 22, 2019. The plaintiffs in the putative class action moved for class certification on March 7, 2019. GSE Bonds Antitrust Litigation GS&Co. is among the dealers named as defendants in numerous putative antitrust class actions relating to debt securities issued by Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Farm Credit Banks Funding Corporation and Federal Home Loan Banks (collectively, the GSEs), filed beginning in February 2019 and consolidated in the U.S. District Court for the Southern District of New York. The third consolidated amended complaint, filed on September 10, 2019, asserts claims under federal antitrust law in connection with an alleged conspiracy among the defendants to manipulate the secondary market for debt securities issued by the GSEs. The complaint seeks declaratory and injunctive relief, as well as treble damages in unspecified amounts. On December 12, 2019, the court preliminarily approved a settlement between the firm and class plaintiffs. The firm has reserved the full amount of its contribution to the settlement. Beginning in September 2019, the State of Louisiana and the City of Baton Rouge filed complaints in the U.S. District Court for the Middle District of Louisiana against the class defendants and a number of dealers alleging the same claims as in the class action. In January 2020, the State of Louisiana and City of Baton Rouge voluntarily dismissed their actions with prejudice against GS&Co. in favor of participating in the class settlement. Variable Rate Demand Obligations Antitrust Litigation GS&Co. is among the defendants named in a putative class action relating to variable rate demand obligations (VRDOs), filed beginning in February 2019 under separate complaints and consolidated in the U.S. District Court for the Southern District of New York. The consolidated amended complaint, filed on May 31, 2019, generally asserts claims under federal antitrust law and state common law in connection with an alleged conspiracy among the defendants to manipulate the market for VRDOs. The complaint seeks declaratory and injunctive relief, as well as unspecified amounts of compensatory, treble and other damages. Defendants moved to dismiss on July 30, 2019. Commodities-Related Litigation GSI is among the defendants named in putative class actions relating to trading in platinum and palladium, filed beginning on November 25, 2014 and most recently amended on May 15, 2017, in the U.S. District Court for the Southern District of New York. The amended complaint generally alleges that the defendants violated federal antitrust laws and the Commodity Exchange Act in connection with an alleged conspiracy to manipulate a benchmark for physical platinum and palladium prices and seek declaratory and injunctive relief, as well as treble damages in an unspecified amount. Defendants moved to dismiss the third consolidated amended complaint on July 21, 2017. GS&Co., GSI, J. Aron & Company and Metro, a previously consolidated subsidiary of Group Inc. that was sold in the fourth quarter of 2014, are among the defendants in a number of putative class and individual actions filed beginning on August 1, 2013 and consolidated in the U.S. District Court for the Southern District of New York. The complaints generally allege violations of federal antitrust laws and state laws in connection with the storage of aluminum and aluminum trading. The complaints seek declaratory, injunctive and other equitable relief, as well as unspecified monetary damages, including treble damages. In December 2016, the district court granted defendants’ motions to dismiss as to all remaining claims. Certain plaintiffs subsequently appealed in December 2016. On August 27, 2019, the Second Circuit vacated the district court’s dismissals and remanded the case to district court for further proceedings. U.S. Treasury Securities Litigation GS&Co. is among the primary dealers named as defendants in several putative class actions relating to the market for U.S. Treasury securities, filed beginning in July 2015 and consolidated in the U.S. District Court for the Southern District of New York. GS&Co. is also among the primary dealers named as defendants in a similar individual action filed in the U.S. District Court for the Southern District of New York on August 25, 2017. The consolidated class action complaint, filed on December 29, 2017, generally alleges that the defendants violated antitrust laws in connection with an alleged conspiracy to manipulate the when-issued market and auctions for U.S. Treasury securities and that certain defendants, including GS&Co., colluded to preclude trading of U.S. Treasury securities on electronic trading platforms in order to impede competition in the bidding process. The individual action alleges a similar conspiracy regarding manipulation of the when-issued market and auctions, as well as related futures and options in violation of the Commodity Exchange Act. The complaints seek declaratory and injunctive relief, treble damages in an unspecified amount and restitution. Defendants moved to dismiss on February 23, 2018. Employment-Related Matters On September 15, 2010, a putative class action was filed in the U.S. District Court for the Southern District of New York by three female former employees. The complaint, as subsequently amended, alleges that Group Inc. and GS&Co. have systematically discriminated against female employees in respect of compensation, promotion and performance evaluations. The complaint alleges a class consisting of all female employees employed at specified levels in specified areas by Group Inc. and GS&Co. since July 2002, and asserts claims under federal and New York City discrimination laws. The complaint seeks class action status, injunctive relief and unspecified amounts of compensatory, punitive and other damages. On March 30, 2018, the district court certified a damages class as to the plaintiffs’ disparate impact and treatment claims. On September 4, 2018, the Second Circuit Court of Appeals denied defendants’ petition for interlocutory review of the district court’s class certification decision and subsequently denied defendants’ petition for rehearing. On September 27, 2018, plaintiffs advised the district court that they would not seek to certify a class for injunctive and declaratory relief. On April 12, 2019, Group Inc. and GS&Co. filed a motion to compel arbitration as to certain class members who are parties to agreements with Group Inc. and/or GS&Co. in which they agreed to arbitrate employment-related disputes, and plaintiffs filed a motion challenging the enforceability of arbitration agreements executed after the filing of the class action. Regulatory Investigations and Reviews and Related Litigation Group Inc. and certain of its affiliates are subject to a number of other investigations and reviews by, and in some cases have received subpoenas and requests for documents and information from, various governmental and regulatory bodies and self-regulatory organizations and litigation and shareholder requests relating to various matters relating to the firm’s businesses and operations, including: • The public offering process; • The firm’s investment management and financial advisory services; • Conflicts of interest; • Research practices, including research independence and interactions between research analysts and other firm personnel, including investment banking personnel, as well as third parties; • Transactions involving government-related financings and other matters, municipal securities, including wall-cross procedures and conflict of interest disclosure with respect to state and municipal clients, the trading and structuring of municipal derivative instruments in connection with municipal offerings, political contribution rules, municipal advisory services and the possible impact of credit default swap transactions on municipal issuers; • The offering, auction, sales, trading and clearance of corporate and government securities, currencies, commodities and other financial products and related sales and other communications and activities, as well as the firm’s supervision and controls relating to such activities, including compliance with applicable short sale rules, algorithmic, high-frequency and quantitative trading, the firm’s U.S. alternative trading system (dark pool), futures trading, options trading, when-issued trading, transaction reporting, technology systems and controls, securities lending practices, trading and clearance of credit derivative instruments and interest rate swaps, commodities activities and metals storage, private placement practices, allocations of and trading in securities, and trading activities and communications in connection with the establishment of benchmark rates, such as currency rates; • Compliance with the FCPA; • The firm’s hiring and compensation practices; • The firm’s system of risk management and controls; and • Insider trading, the potential misuse and dissemination of material nonpublic information regarding corporate and governmental developments and the effectiveness of the firm’s insider trading controls and information barriers. The firm is cooperating with all such governmental and regulatory investigations and reviews. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 28. Employee Benefit Plans The firm sponsors various pension plans and certain other postretirement benefit plans, primarily healthcare and life insurance. The firm also provides certain benefits to former or inactive employees prior to retirement. Defined Benefit Pension Plans and Postretirement Plans Employees of certain non-U.S. non-U.S. The firm also maintains a defined benefit pension plan for substantially all U.S. employees hired prior to November 1, 2003. As of November 2004, this plan was closed to new participants and frozen for existing participants. In addition, the firm maintains unfunded postretirement benefit plans that provide medical and life insurance for eligible retirees and their dependents covered under these programs. These plans do not have a material impact on the firm’s consolidated results of operations. The firm recognizes the funded status of its defined benefit pension and postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation, in the consolidated balance sheets. As of December 2019, other assets included $257 million (related to overfunded pension plans) and other liabilities included $415 million, related to these plans. As of December 2018, other assets included $462 million (related to overfunded pension plans) and other liabilities included $344 million, related to these plans. Defined Contribution Plans The firm contributes to employer-sponsored U.S. and non-U.S. |
Employee Incentive Plans
Employee Incentive Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Employee Incentive Plans | Note 29. Employee Incentive Plans The cost of employee services received in exchange for a share-based award is generally measured based on the grant-date fair value of the award. Share-based awards that do not require future service (i.e., vested awards, including awards granted to retirement-eligible employees) are expensed immediately. Share-based awards that require future service are amortized over the relevant service period. Forfeitures are recorded when they occur. Cash dividend equivalents paid on RSUs are charged to retained earnings. If RSUs that require future service are forfeited, the related dividend equivalents originally charged to retained earnings are reclassified to compensation expense in the period in which forfeiture occurs. The firm generally issues new shares of common stock upon delivery of share-based awards. In certain cases, primarily related to conflicted employment (as outlined in the applicable award agreements), the firm may cash settle share-based compensation awards accounted for as equity instruments. For these awards, whose terms allow for cash settlement, additional paid-in Stock Incentive Plan The firm sponsors a stock incentive plan, The Goldman Sachs Amended and Restated Stock Incentive Plan (2018) (2018 SIP), which provides for grants of RSUs, restricted stock, dividend equivalent rights, incentive stock options, nonqualified stock options, stock appreciation rights, and other share-based awards, each of which may be subject to performance conditions. On May 2, 2018, shareholders approved the 2018 SIP. The 2018 SIP replaced The Goldman Sachs Amended and Restated Stock Incentive Plan (2015) (2015 SIP) previously in effect, and applies to awards granted on or after the date of approval. The 2015 SIP had previously replaced The Goldman Sachs Amended and Restated Stock Incentive Plan (2013) (2013 SIP). As of December 2019, 60.6 million shares were available for grant under the 2018 SIP. If any shares of common stock underlying awards granted under the 2018 SIP, 2015 SIP or 2013 SIP are not delivered due to forfeiture, termination or cancellation or are surrendered or withheld, those shares will become available to be delivered under the 2018 SIP. Shares available for grant are also subject to adjustment for certain changes in corporate structure as permitted under the 2018 SIP. The 2018 SIP is scheduled to terminate on the date of the annual meeting of shareholders that occurs in 2022. Restricted Stock Units The firm grants RSUs (including RSUs subject to performance conditions) to employees, which are generally valued based on the closing price of the underlying shares on the date of grant after taking into account a liquidity discount for any applicable post-vesting and delivery transfer restrictions. RSUs generally vest and underlying shares of common stock deliver (net of required withholding tax) as outlined in the applicable award agreements. Award agreements generally provide that vesting is accelerated in certain circumstances, such as on retirement, death, disability and conflicted employment. Delivery of the underlying shares of common stock, which generally occurs over a three-year period, is conditioned on the grantees satisfying certain vesting and other requirements outlined in the award agreements. The table below presents the 2019 activity related to RSUs. Restricted Stock Units Outstanding Weighted Average Grant-Date Units Outstanding Future Service Required No Future Service Required Future Service Required No Future Service Required Beginning balance 3,761,839 13,328,995 $217.85 $187.27 Granted 4,770,662 7,307,148 $178.76 $176.54 Forfeited (468,754 ) (265,510 ) $196.13 $184.36 Delivered – (9,222,049 ) $ – $175.54 Vested (3,550,271 ) 3,550,271 $195.09 $195.09 Ending balance 4,513,476 14,698,855 $196.69 $191.25 In the table above: • The weighted average grant-date fair value of RSUs granted was $177.42 during 2019, $218.06 during 2018 and $206.88 during 2017. The fair value of the RSUs granted included a liquidity discount of 10.5% during 2019, 11.9% during 2018 and 10.7% during 2017, to reflect post-vesting and delivery transfer restrictions, generally of up to 4 years. • The aggregate fair value of awards that vested was $2.00 billion during 2019, $1.79 billion during 2018 and $2.14 billion during 2017. • The ending balance included restricted stock subject to future service requirements of 23,068 shares as of December 2019 and 1,649 shares as of December 2018. • The ending balance included RSUs subject to performance conditions and future service requirements of 224,898 RSUs as of December 2019, and represents the maximum amount of such RSUs that may be earned as of December 2019. • The ending balance also included RSUs subject to performance conditions but not subject to future service requirements of 268,433 RSUs as of December 2019 and 174,579 RSUs as of December 2018, and the maximum amount of such RSUs that may be earned was 402,650 RSUs as of December 2019 and 261,869 RSUs as of December 2018. In relation to 2019 year-end, As of December 2019, there was $467 million of total unrecognized compensation cost related to non-vested Stock Options Stock options generally vested as outlined in the applicable stock option agreement. In general, options expired on the tenth anniversary of the grant date, although they may have been subject to earlier termination or cancellation under certain circumstances in accordance with the terms of the applicable stock option agreement and the SIP in effect at the time of grant. There were no options outstanding as of both December 2019 and December 2018. During 2019, no options were exercised. During 2018, 2.10 million options were exercised with a weighted average exercise price of $78.78. The total intrinsic value of options exercised was $288 million during 2018 and $589 million during 2017. The table below presents the share-based compensation and the related excess tax benefit. Year Ended December $ in millions 2019 2018 2017 Share-based compensation $2,120 $1,850 $1,812 Excess net tax benefit for options exercised $ – $ 64 $ 139 Excess net tax benefit for share-based $ $ 269 $ 719 In the table above, excess net tax benefit for share-based awards includes the net tax benefit on dividend equivalents paid on RSUs and the delivery of common stock underlying share-based awards, as well as the excess net tax benefit for options exercised. |
Parent Company
Parent Company | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company | Note 30. Parent Company Group Inc. – Condensed Statements of Earnings Year Ended December $ in millions 2019 2018 2017 Revenues Dividends from subsidiaries and other affiliates: Bank $ $ 102 $ 550 Nonbank 4,199 16,368 11,016 Other revenues 335 (1,376 ) (384 ) Total non-interest 4,597 15,094 11,182 Interest income 7,575 6,617 4,638 Interest expense 8,545 8,114 5,978 Net interest loss (970 ) (1,497 ) (1,340 ) Total net revenues 3,627 13,597 9,842 Operating expenses Compensation and benefits 331 299 330 Other expenses 1,365 1,192 428 Total operating expenses 1,696 1,491 758 Pre-tax 1,931 12,106 9,084 Provision/(benefit) for taxes (538 ) (1,173 ) 3,404 Undistributed earnings/(loss) of subsidiaries 5,997 (2,820 ) (1,394 ) Net earnings 8,466 10,459 4,286 Preferred stock dividends 569 599 601 Net earnings applicable to common $7,897 $ 9,860 $ 3,685 Supplemental Disclosures: In the condensed statements of earnings above, revenues and expenses included the following with subsidiaries and other affiliates: • Dividends from bank subsidiaries included cash dividends of $60 million for 2019, $76 million for 2018 and $525 million for 2017. • Dividends from nonbank subsidiaries and other affiliates included cash dividends of $4.18 • Other revenues included $1.29 • Interest income included $7.26 billion for 2019, $6.33 billion for 2018 and $4.65 billion for 2017. • Interest expense included $3.15 billion for 2019, $2.39 billion for 2018 and $1.05 billion for 2017. • Other expenses included $138 million for 2019, $159 million for 2018 and $45 million for 2017. Group Inc.’s other comprehensive income/(loss) was $(2.18) billion for 2019, $2.57 billion for 2018 and $(664) million for 2017. In February 2020, GS&Co. made a cash Group Inc. – Condensed Balance Sheets As of December $ in millions 2019 2018 Assets Cash and cash equivalents: With third-party banks $ $ 103 With subsidiary bank 7 – Loans to and receivables from subsidiaries: Bank 2,398 1,019 Nonbank (includes $6,460 239,241 225,471 Investments in subsidiaries and other affiliates: Bank 30,376 28,737 Nonbank 65,301 61,481 Trading assets (at fair value) 691 717 Investments (includes $16,930 20,499 12,824 Other assets 4,262 3,653 Total assets $362,808 $334,005 Liabilities and shareholders’ equity Payables to subsidiaries $ $ 702 Trading liabilities (at fair value) 417 281 Secured borrowings with subsidiary 42,083 6,899 Unsecured short-term borrowings: With third parties (includes $4,751 25,635 25,060 With subsidiaries 917 659 Unsecured long-term borrowings: With third parties (includes $15,611 168,602 183,121 With subsidiaries 28,576 23,343 Other liabilities 5,673 3,755 Total liabilities 272,543 243,820 Commitments, contingencies and guarantees Shareholders’ equity Preferred stock 11,203 11,203 Common stock 9 9 Share-based awards 3,195 2,845 Additional paid-in 54,883 54,005 Retained earnings 106,465 100,100 Accumulated other comprehensive income/(loss) (1,484 ) 693 Stock held in treasury, at cost (84,006 ) (78,670 ) Total shareholders’ equity 90,265 90,185 Total liabilities and shareholders’ equity $362,808 $334,005 Supplemental Disclosures: Goldman Sachs Funding LLC (Funding IHC), a wholly-owned, direct subsidiary of Group Inc., has provided Group Inc. with a committed line of credit that allows Group Inc. to draw sufficient funds to meet its cash needs in the ordinary course of business. Trading assets included derivative contracts with subsidiaries of $584 million for December 2019 and $683 million as of December 2018. Trading liabilities included derivative contracts with subsidiaries of $365 million as of December 2019 and $280 million as of December 2018. As of December 2019, unsecured long-term borrowings with subsidiaries by maturity date are $26.87 billion in 2021, $311 million in 2022, $107 million in 2023, $154 million in 2024 and $1.13 billion in 2025-thereafter. Group Inc. – Condensed Statements of Cash Flows Year Ended December $ in millions 2019 2018 2017 Cash flows from operating activities Net earnings $ $ 10,459 $ 4,286 Adjustments to reconcile net earnings to net cash provided by operating activities: Undistributed (earnings)/loss of subsidiaries and other affiliates (5,997 ) 2,820 1,394 Depreciation and amortization 26 51 56 Deferred income taxes (210 ) (2,817 ) 4,358 Share-based compensation 118 105 152 Gain related to extinguishment of unsecured borrowings (20 ) (160 ) (114 ) Changes in operating assets and liabilities: Trading assets 5,145 (1,431 ) (508 ) Trading liabilities 136 27 (521 ) Other, net (1,131 ) 1,639 (1,154 ) Net cash provided by operating activities 6,533 10,693 7,949 Cash flows from investing activities Purchase of property, leasehold improvements and equipment (34 ) (63 ) (66 ) Repayments/(issuances) of short-term loans to subsidiaries, net 2,079 10,829 (14,415 ) Issuance of term loans to subsidiaries (7,374 ) (30,336 ) (42,234 ) Repayments of term loans by subsidiaries 1,894 25,956 22,039 Purchase of investments (16,776 ) (3,141 ) (6,491 ) Proceeds from sales and paydowns of 9,768 – 596 Capital distributions from/(contributions to) subsidiaries, net (415 ) 1,807 388 Net cash provided by/(used for) investing (10,858 ) 5,052 (40,183 ) Cash flows from financing activities Secured borrowings with subsidiary (short-term), 26,398 (12,853 ) 16,035 Unsecured short-term borrowings, net: With third parties (22 ) (1,541 ) (424 ) With subsidiaries 4,649 11,855 7,043 Proceeds from issuance of unsecured long-term 8,804 26,157 43,917 Repayment of unsecured long-term borrowings, including the current portion (27,172 ) (32,429 ) (27,028 ) Purchase of Trust Preferred securities (206 ) (35 ) (237 ) Preferred stock redemption (1,100 ) (650 ) (850 ) Common stock repurchased (5,335 ) (3,294 ) (6,772 ) Settlement of share-based (745 ) (1,118 ) (2,223 ) Dividends and dividend equivalents paid on common stock, preferred stock and share-based (2,104 ) (1,810 ) (1,769 ) Proceeds from issuance of preferred stock, net of issuance costs 1,098 – 1,495 Proceeds from issuance of common stock, including exercise of share-based awards – 38 7 Cash settlement of share-based awards – – (3 ) Other financing, net (3 ) – – Net cash provided by/(used for) financing 4,262 (15,680 ) 29,191 Net increase/(decrease) in cash and cash (63 ) 65 (3,043 ) Cash and cash equivalents, beginning balance 103 38 3,081 Cash and cash equivalents, ending balance $ 40 $ 103 $ 38 Supplemental Disclosures: Cash payments for interest, net of capitalized interest, were $9.53 billion for 2019, $9.83 billion for 2018 and $6.31 billion for 2017, and included $3.01 billion for 2019, $3.05 billion for 2018 and $160 million for 2017 of payments to subsidiaries. Cash payments/(refunds) for income taxes, net, were $272 million for 2019, $(98) million for 2018 and $297 million for 2017. Cash flows related to common stock repurchased includes common stock repurchased in the prior period for which settlement occurred during the current period and excludes common stock repurchased during the current period for which settlement occurred in the following period. Non-cash • Group Inc. acquired $8.50 billion of deposits with GS Bank USA from Funding IHC in exchange for borrowings. • Group Inc. exchanged $211 Non-cash • Group Inc. restructured funding for Goldman Sachs Group UK Limited • Group Inc. exchanged $150 • Group Inc. exchanged $36 Non-cash • Group Inc. exchanged $84.00 • Group Inc. exchanged $750 • Group Inc. exchanged $243 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the accounts of Group Inc. and all other entities in which the firm has a controlling financial interest. Intercompany transactions and balances have been eliminated. |
Consolidation, Policy | Consolidation The firm consolidates entities in which the firm has a controlling financial interest. The firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (VIE). Voting Interest Entities. Variable Interest Entities. Equity-Method Investments. in-substance In certain cases, the firm applies the equity method of accounting to new investments that are strategic in nature or closely related to the firm’s principal business activities, when the firm has a significant degree of involvement in the cash flows or operations of the investee or when cost-benefit considerations are less significant. See Note 8 for further information about equity-method investments. Investment Funds. |
Use of Estimates | Use of Estimates Preparation of these consolidated financial statements requires management to make certain estimates and assumptions, the most important of which relate to fair value measurements, the allowance for credit losses on loans and lending commitments accounted for at amortized cost, accounting for goodwill and identifiable intangible assets, provisions for losses that may arise from litigation and regulatory proceedings (including governmental investigations), and provisions for losses that may arise from tax audits. These estimates and assumptions are based on the best available information but actual results could be materially different. |
Revenue Recognition, Policy | Revenue Recognition Financial Assets and Liabilities at Fair Value. gains or losses are generally included Revenue from Contracts with Clients. 2014-09, Revenues from contracts with clients subject to this ASU represent approximately 45% of total non-interest non-interest Investment Banking Advisory. Non-refundable Expenses associated with financial advisory assignments are recognized when incurred and are included in other expenses. Client reimbursements for such expenses are included in investment banking revenues. Underwriting. Expenses associated with underwriting assignments are generally deferred until the related revenue is recognized or the assignment is otherwise concluded. Such expenses are included in other expenses. Investment Management The firm earns management fees and incentive fees for investment management services, which are included in investment management revenues. The firm makes payments to brokers and advisors related to the placement of the firm’s investment funds (distribution fees), which are included in brokerage, clearing, exchange and distribution fees. Management Fees. month-end Distribution fees paid by the firm are calculated based on either a percentage of the management fee, the investment fund’s net asset value or the committed capital. Such fees are included in brokerage, clearing, exchange and distribution fees. Incentive Fees. Incentive fees earned from a fund or separately managed account are recognized when it is probable that a significant reversal of such fees will not occur, which is generally when such fees are no longer subject to fluctuations in the market value of investments held by the fund or separately managed account. Therefore, incentive fees recognized during the period may relate to performance obligations satisfied in previous periods. Commissions and Fees The firm earns commissions and fees from executing and clearing client transactions on stock, options and futures markets, as well as over-the-counter Remaining Performance Obligations Remaining performance obligations are services that the firm has committed to perform in the future in connection with its contracts with clients. The firm’s remaining performance obligations are generally related to its financial advisory assignments and certain investment management activities. Revenues associated with remaining performance obligations relating to financial advisory assignments cannot be determined until the outcome of the transaction. For the firm’s investment management activities, where fees are calculated based on the net asset value of the fund or separately managed account, future revenues associated with such remaining performance obligations cannot be determined as such fees are subject to fluctuations in the market value of investments held by the fund or separately managed account. The firm is able to determine the future revenues associated with management fees calculated based on committed capital. As of December 2019, substantially all future net revenues associated with such remaining performance obligations will be recognized through 2026. Annual revenues associated with such performance obligations average less than $250 million through 2026. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when the firm has relinquished control over the assets transferred. For transfers of financial assets accounted for as sales, any gains or losses are recognized in net revenues. Assets or liabilities that arise from the firm’s continuing involvement with transferred financial assets are initially recognized at fair value. For transfers of financial assets that are not accounted for as sales, the assets are generally included in trading assets and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. See Note 11 for further information about transfers of financial assets accounted for as collateralized financings and Note 16 for further information about transfers of financial assets accounted for as sales. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents The firm defines cash equivalents as highly liquid overnight deposits held in the ordinary course of business. Cash and cash equivalents included cash and due from banks of $12.57 billion as of December 2019 and $10.66 billion as of December 2018. Cash and cash equivalents also included interest-bearing deposits with banks of $120.98 billion as of December 2019 and $119.89 billion as of December 2018. The firm segregates cash for regulatory and other purposes related to client activity. Cash and cash equivalents segregated for regulatory and other purposes were $22.78 billion as of December 2019 and $23.14 billion as of December 2018. In addition, the firm segregates securities for regulatory and other purposes related to client activity. See Note 11 for further information about segregated securities. |
Customer and Other Receivables, Policy | Customer and Other Receivables Customer and other receivables included receivables from customers and counterparties of $50.90 billion as of December 2019 and $46.95 billion as of December 2018, and receivables from brokers, dealers and clearing organizations of $23.71 billion as of December 2019 and $25.50 billion as of December 2018. Such receivables primarily consist of customer margin loans, receivables resulting from unsettled transactions and collateral posted in connection with certain derivative transactions. Substantially all of these receivables are accounted for at amortized cost net of estimated uncollectible amounts, which generally approximates fair value. As these receivables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these receivables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both December 2019 and December 2018. See Note 10 for further information about customer and other receivables accounted for at fair value under the fair value option. Interest on customer and other receivables is recognized over the life of the transaction and included in interest income. Customer and other receivables includes receivables from contracts with clients and contract assets. Contract assets represent the firm’s right to receive consideration for services provided in connection with its contracts with clients for which collection is conditional and not merely subject to the passage of time. The firm’s receivables from contracts with clients were $2.27 billion as of December 2019 and $1.94 billion as of December 2018. As of both December 2019 and December 2018 contract assets were not material. |
Customer and Other Payables, Policy | Customer and Other Payables Customer and other payables included payables to customers and counterparties of $170.21 billion as of December 2019 and $173.99 billion as of December 2018, and payables to brokers, dealers and clearing organizations of $4.61 billion as of December 2019 and $6.24 billion as of December 2018. Such payables primarily consist of customer credit balances related to the firm’s prime brokerage activities. Customer and other payables are accounted for at cost plus accrued interest, which generally approximates fair value. As these payables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these payables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both December 2019 and December 2018. Interest on customer and other payables is recognized over the life of the transaction and included in interest expense. |
Offsetting Assets and Liabilities, Policy | Offsetting Assets and Liabilities To reduce credit exposures on derivatives and securities financing transactions, the firm may enter into master netting agreements or similar arrangements (collectively, netting agreements) with counterparties that permit it to offset receivables and payables with such counterparties. A netting agreement is a contract with a counterparty that permits net settlement of multiple transactions with that counterparty, including upon the exercise of termination rights by a non-defaulting non-defaulting Derivatives are reported on a net-by-counterparty net-by-counterparty In the consolidated balance sheets, derivatives are reported net of cash collateral received and posted under enforceable credit support agreements, when transacted under an enforceable netting agreement. In the consolidated balance sheets, resale and repurchase agreements, and securities borrowed and loaned, are not reported net of the related cash and securities received or posted as collateral. See Note 11 for further information about collateral received and pledged, including rights to deliver or repledge collateral. See Notes 7 and 11 for further information about offsetting assets and liabilities. |
Foreign Currency Translation, Policy | Foreign Currency Translation Assets and liabilities denominated in non-U.S. non-U.S. |
Recent Accounting Developments | Recent Accounting Developments Revenue from Contracts with Customers (ASC 606). 2014-09. The firm adopted this ASU in January 2018 under a modified retrospective approach. As a result of adopting this ASU, the firm, among other things, delays recognition of non-refundable The firm also prospectively changed the presentation of certain costs from a net presentation within revenues to a gross basis, and vice versa. Beginning in 2018, certain underwriting expenses, which were netted against investment banking revenues, and certain distribution fees, which were netted against investment management revenues, are presented gross as operating expenses. Costs incurred in connection with certain soft-dollar arrangements, which were presented gross as operating expenses, are presented net within commissions and fees. Leases (ASC 842). 2016-02, right-of-use right-of-use The firm adopted this ASU in January 2019 under a modified retrospective approach. Upon adoption, in accordance with the ASU, the firm elected to not reassess the lease classification or initial direct costs of existing leases, and to not reassess whether existing contracts contain a lease. In addition, the firm has elected to account for each contract’s lease and non-lease Measurement of Credit Losses on Financial Instruments (ASC 326). 2016-13, The firm adopted this ASU in January 2020 under a modified retrospective approach. As a result of adopting this ASU, the firm’s allowance for credit losses on financial assets and commitments that are measured at amortized cost will reflect management’s estimate of credit losses over the remaining expected life of such assets. Expected credit losses for newly recognized financial assets and commitments, as well as changes to expected credit losses during the period, will be recognized in earnings. These expected credit losses will be measured based on historical experience, current conditions and forecasts that affect the collectability of the reported amount. The cumulative effect of measuring the allowance under CECL as a result of adopting this ASU as of January 1, 2020 was an increase in the allowance for credit losses of $848 million. The increase in the allowance is driven by the fact that the allowance under CECL covers expected credit losses over the full expected life of the loan portfolios and also takes into account forecasts of expected future economic conditions. In addition, in accordance with the ASU, the firm elected the fair value option for loans that were previously accounted for as Purchased Credit Impaired (PCI), which resulted in a decrease to the allowance for PCI loans of $169 million. The cumulative effect of adopting this ASU was a decrease to retained earnings of approximately $640 million (net of tax). Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASC 220). 2018-02, The firm adopted this ASU in January 2019 and did not elect to reclassify the income tax effects of Tax Legislation from accumulated other comprehensive income to retained earnings. Therefore, the adoption of the ASU did not have an impact on the firm’s consolidated financial statements. |
Share-based Compensation, Policies | The cost of employee services received in exchange for a share-based award is generally measured based on the grant-date fair value of the award. Share-based awards that do not require future service (i.e., vested awards, including awards granted to retirement-eligible employees) are expensed immediately. Share-based awards that require future service are amortized over the relevant service period. Forfeitures are recorded when they occur. Cash dividend equivalents paid on RSUs are charged to retained earnings. If RSUs that require future service are forfeited, the related dividend equivalents originally charged to retained earnings are reclassified to compensation expense in the period in which forfeiture occurs. The firm generally issues new shares of common stock upon delivery of share-based awards. In certain cases, primarily related to conflicted employment (as outlined in the applicable award agreements), the firm may cash settle share-based compensation awards accounted for as equity instruments. For these awards, whose terms allow for cash settlement, additional paid-in |
Fair Value Measurements, Policy | Fair Value Measurements The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. The firm measures certain financial assets and liabilities as a portfolio (i.e., based on its net exposure to market and/or credit risks). The best evidence of fair value is a quoted price in an active market. If quoted prices in active markets are not available, fair value is determined by reference to prices for similar instruments, quoted prices or recent transactions in less active markets, or internally developed models that primarily use market-based or independently sourced inputs, including, but not limited to, interest rates, volatilities, equity or debt prices, foreign exchange rates, commodity prices, credit spreads and funding spreads (i.e., the spread or difference between the interest rate at which a borrower could finance a given financial instrument relative to a benchmark interest rate). U.S. GAAP has a three-level hierarchy for disclosure of fair value measurements. This hierarchy prioritizes inputs to the valuation techniques used to measure fair value, giving the highest priority to level 1 inputs and the lowest priority to level 3 inputs. A financial instrument’s level in this hierarchy is based on the lowest level of input that is significant to its fair value measurement. In evaluating the significance of a valuation input, the firm considers, among other factors, a portfolio’s net risk exposure to that input. The fair value hierarchy is as follows: Level 1. Level 2. Level 3. The fair values for substantially all of the firm’s financial assets and liabilities are based on observable prices and inputs and are classified in levels 1 and 2 of the fair value hierarchy. Certain level 2 and level 3 financial assets and liabilities may require valuation adjustments that a market participant would require to arrive at fair value for factors, such as counterparty and the firm’s credit quality, funding risk, transfer restrictions, liquidity and bid/offer spreads. Valuation adjustments are generally based on market evidence. The valuation techniques and nature of significant inputs used to determine the fair value of the firm’s financial instruments are described below. See Notes 5 through 10 for further information about significant unobservable inputs used to value level 3 financial instruments. Valuation Techniques and Significant Inputs for Trading Cash Instruments, Investments and Loans Level 1. non-U.S. Level 2. non-U.S. Valuations of level 2 instruments can be verified to quoted prices, recent trading activity for identical or similar instruments, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources. Valuation adjustments are typically made to level 2 instruments (i) if the instrument is subject to transfer restrictions and/or (ii) for other premiums and liquidity discounts that a market participant would require to arrive at fair value. Valuation adjustments are generally based on market evidence. Level 3. Valuation techniques of level 3 instruments vary by instrument, but are generally based on discounted cash flow techniques. The valuation techniques and the nature of significant inputs used to determine the fair values of each type of level 3 instrument are described below: Loans and Securities Backed by Commercial Real Estate Loans and securities backed by commercial real estate are directly or indirectly collateralized by a single property or a portfolio of properties, and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses and include: • Market yields implied by transactions of similar or related assets and/or current levels and changes in market indices, such as the CMBX (an index that tracks the performance of commercial mortgage bonds); • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • A measure of expected future cash flows in a default scenario (recovery rates) implied by the value of the underlying collateral, which is mainly driven by current performance of the underlying collateral and capitalization rates. Recovery rates are expressed as a percentage of notional or face value of the instrument and reflect the benefit of credit enhancements on certain instruments; and • Timing of expected future cash flows (duration) which, in certain cases, may incorporate the impact of other unobservable inputs (e.g., prepayment speeds). Loans and Securities Backed by Residential Real Estate Loans and securities backed by residential real estate are directly or indirectly collateralized by portfolios of residential real estate and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles. Significant inputs include: • Market yields implied by transactions of similar or related assets; • Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; • Cumulative loss expectations, driven by default rates, home price projections, residential property liquidation timelines, related costs and subsequent recoveries; and • Duration, driven by underlying loan prepayment speeds and residential property liquidation timelines. Corporate Debt Instruments Corporate debt instruments includes corporate loans, debt securities and convertible debentures. Significant inputs for corporate debt instruments are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same or similar issuer for which observable prices or broker quotations are available. Significant inputs include: • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices, such as the CDX (an index that tracks the performance of corporate credit); • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; • Duration; and • Market and transaction multiples for corporate debt instruments with convertibility or participation options. Equity Securities Equity securities consists of private equities. Recent third-party completed or pending transactions (e.g., merger proposals, debt restructurings, tender offers) are considered the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate: • Industry multiples (primarily EBITDA and revenue multiples) and public comparables; • Transactions in similar instruments; • Discounted cash flow techniques; and • Third-party appraisals. The firm also considers changes in the outlook for the relevant industry and financial performance of the issuer as compared to projected performance. Significant inputs include: • Market and transaction multiples; • Discount rates and capitalization rates; and • For equity securities with debt-like features, market yields implied by transactions of similar or related assets, current performance and recovery assumptions, and duration. Other Trading Cash Instruments, Investments and Loans The significant inputs to the valuation of other instruments, such as U.S. and non-U.S. • Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices; • Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; and • Duration. Valuation Techniques and Significant Inputs for Derivatives The firm’s level 2 and level 3 derivatives are valued using derivative pricing models (e.g., discounted cash flow models, correlation models, and models that incorporate option pricing methodologies, such as Monte Carlo simulations). Price transparency of derivatives can generally be characterized by product type, as described below. • Interest Rate. 10-year 2-year • Credit. • Currency. • Commodity. • Equity. Liquidity is essential to observability of all product types. If transaction volumes decline, previously transparent prices and other inputs may become unobservable. Conversely, even highly structured products may at times have trading volumes large enough to provide observability of prices and other inputs. Level 1. Level 2. The selection of a particular model to value a derivative depends on the contractual terms of and specific risks inherent in the instrument, as well as the availability of pricing information in the market. For derivatives that trade in liquid markets, model selection does not involve significant management judgment because outputs of models can be calibrated to market-clearing levels. Valuation models require a variety of inputs, such as contractual terms, market prices, yield curves, discount rates (including those derived from interest rates on collateral received and posted as specified in credit support agreements for collateralized derivatives), credit curves, measures of volatility, prepayment rates, loss severity rates and correlations of such inputs. Significant inputs to the valuations of level 2 derivatives can be verified to market transactions, broker or dealer quotations or other alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources. Level 3. • For level 3 interest rate and currency derivatives, significant unobservable inputs include correlations of certain currencies and interest rates (e.g., the correlation between Euro inflation and Euro interest rates). In addition, for level 3 interest rate derivatives, significant unobservable inputs include specific interest rate volatilities. • For level 3 credit derivatives, significant unobservable inputs include illiquid credit spreads and upfront credit points, which are unique to specific reference obligations and reference entities, recovery rates and certain correlations required to value credit derivatives (e.g., the likelihood of default of the underlying reference obligation relative to one another). • For level 3 commodity derivatives, significant unobservable inputs include volatilities for options with strike prices that differ significantly from current market prices and prices or spreads for certain products for which the product quality or physical location of the commodity is not aligned with benchmark indices. • For level 3 equity derivatives, significant unobservable inputs generally include equity volatility inputs for options that are long-dated and/or have strike prices that differ significantly from current market prices. In addition, the valuation of certain structured trades requires the use of level 3 correlation inputs, such as the correlation of the price performance of two or more individual stocks or the correlation of the price performance for a basket of stocks to another asset class, such as commodities. Subsequent to the initial valuation of a level 3 derivative, the firm updates the level 1 and level 2 inputs to reflect observable market changes and any resulting gains and losses are classified in level 3. Level 3 inputs are changed when corroborated by evidence, such as similar market transactions, third-party pricing services and/or broker or dealer quotations or other empirical market data. In circumstances where the firm cannot verify the model value by reference to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. See Note 7 for further information about significant unobservable inputs used in the valuation of level 3 derivatives. Valuation Adjustments. mid-market In addition, for derivatives that include significant unobservable inputs, the firm makes model or exit price adjustments to account for the valuation uncertainty present in the transaction. Valuation Techniques and Significant Inputs for Other Financial Instruments at Fair Value In addition to trading cash instruments, derivatives, and certain investments and loans, the firm accounts for certain of its other financial assets and liabilities at fair value under the fair value option. Such instruments include repurchase agreements and substantially all resale agreements; securities borrowed and loaned in Fixed Income, Currency and Commodities (FICC) financing; certain customer and other receivables, including certain margin loans; certain time deposits, including structured certificates of deposit, which are hybrid financial instruments; substantially all other secured financings, including transfers of assets accounted for as financings; certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments; and other liabilities. These instruments are generally valued based on discounted cash flow techniques, which incorporate inputs with reasonable levels of price transparency, and are generally classified in level 2 because the inputs are observable. Valuation adjustments may be made for liquidity and for counterparty and the firm’s credit quality. The significant inputs used to value the firm’s other financial instruments are described below. Resale and Repurchase Agreements and Securities Borrowed and Loaned. Customer and Other Receivables. Deposits. Other Secured Financings. Unsecured Short- and Long-Term Borrowings. Other Liabilities. |
Hedge Accounting, Policy | Hedge Accounting The firm applies hedge accounting for (i) certain interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long-term and short-term borrowings and certain fixed-rate certificates of deposit and (ii) certain foreign currency forward contracts and foreign currency-denominated debt used to manage foreign currency exposures on the firm’s net investment in certain non-U.S. To qualify for hedge accounting, the hedging instrument must be highly effective at reducing the risk from the exposure being hedged. Additionally, the firm must formally document the hedging relationship at inception and assess the hedging relationship at least on a quarterly basis to ensure the hedging instrument continues to be highly effective over the life of the hedging relationship. Fair Value Hedges The firm designates certain interest rate swaps as fair value hedges of certain fixed-rate unsecured long-term and short-term debt and fixed-rate certificates of deposit. These interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate (e.g., London Interbank Offered Rate (LIBOR) or Overnight Index Swap Rate), effectively converting a substantial portion of fixed-rate obligations into floating-rate obligations. The firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of its fair value hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the risk being hedged (i.e., interest rate risk). An interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% or greater and a slope between 80% and 125%. For qualifying fair value hedges, gains or losses on derivatives are included in interest expense. The change in fair value of the hedged item attributable to the risk being hedged is reported as an adjustment to its carrying value (hedging adjustment) and is also included in interest expense. When a derivative is no longer designated as a hedge, any remaining difference between the carrying value and par value of the hedged item is amortized to interest expense over the remaining life of the hedged item using the effective interest method. See Note 23 for further information about interest income and interest expense. Net Investment Hedges The firm seeks to reduce the impact of fluctuations in foreign exchange rates on its net investments in certain non-U.S. |
Fair Value Option, Policy | Other Financial Assets and Liabilities at Fair Value In addition to trading assets and liabilities, and certain investments and loans, the firm accounts for certain of its other financial assets and liabilities at fair value, substantially all under the fair value option. The primary reasons for electing the fair value option are to: • Reflect economic events in earnings on a timely basis; • Mitigate volatility in earnings from using different measurement attributes (e.g., transfers of financial assets accounted for as financings are recorded at fair value, whereas the related secured financing would be recorded on an accrual basis absent electing the fair value option); and • Address simplification and cost-benefit considerations (e.g., accounting for hybrid financial instruments at fair value in their entirety versus bifurcation of embedded derivatives and hedge accounting for debt hosts). Hybrid financial instruments are instruments that contain bifurcatable embedded derivatives and do not require settlement by physical delivery of nonfinancial assets (e.g., physical commodities). If the firm elects to bifurcate the embedded derivative from the associated debt, the derivative is accounted for at fair value and the host contract is accounted for at amortized cost, adjusted for the effective portion of any fair value hedges. If the firm does not elect to bifurcate, the entire hybrid financial instrument is accounted for at fair value under the fair value option. Other financial assets and liabilities accounted for at fair value under the fair value option include: • Repurchase agreements and substantially all resale agreements; • Securities borrowed and loaned in FICC financing; • Substantially all other secured financings, including transfers of assets accounted for as financings; • Certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments; • Certain customer and other receivables, including certain margin loans; and • Certain time deposits (deposits with no stated maturity are not eligible for a fair value option election), including structured certificates of deposit, which are hybrid financial instruments. |
Loans, Policy | Loans include (i) loans held for investment that are accounted for at amortized cost net of allowance for loan losses or at fair value under the fair value option and (ii) loans held for sale that are accounted for at the lower of cost or fair value. Interest on loans is recognized over the life of the loan and is recorded on an accrual basis. PCI Loans Loans accounted for at amortized cost include PCI loans, which represent acquired loans or pools of loans with evidence of credit deterioration subsequent to their origination and where it is probable, at acquisition, that the firm will not be able to collect all contractually required payments. PCI loans are initially recorded at the acquisition price and the difference between the acquisition price and the expected cash flows (accretable yield) is recognized as interest income over the life of such loans on an effective yield method. Impaired Loans. In certain circumstances, the firm may also modify the original terms of a loan agreement by granting a concession to a borrower experiencing financial difficulty. Such modifications are considered troubled debt restructurings and typically include interest rate reductions, payment extensions, and modification of loan covenants. Loans modified in a troubled debt restructuring are considered impaired and are subject to specific loan-level reserves. Allowance for Credit Losses The firm’s allowance for credit losses consists of the allowance for losses on loans and lending commitments accounted for at amortized cost. Loans and lending commitments accounted for at fair value or accounted for at the lower of cost or fair value are not subject to an allowance for credit losses. The firm’s allowance for loan losses consists of specific loan-level reserves, portfolio-level reserves and reserves on PCI loans, as described below: • Specific loan-level reserves are determined on loans (excluding PCI loans) that exhibit credit quality weakness and are therefore individually evaluated for impairment. • Portfolio-level reserves are determined on loans (excluding PCI loans) not evaluated for specific loan-level reserves by aggregating groups of loans with similar risk characteristics and estimating the probable loss inherent in the portfolio. • Reserves on PCI loans are recorded when it is determined that the expected cash flows, which are reassessed on a quarterly basis, will be lower than those used to establish the current effective yield for such loans or pools of loans. If the expected cash flows are determined to be significantly higher than those used to establish the current effective yield, such increases are initially recognized as a reduction to any previously recorded allowances for loan losses and any remaining increases are recognized as interest income prospectively over the life of the loan or pools of loans as an increase to the effective yield. The allowance for loan losses is determined using various risk factors, including industry default and loss data, current macroeconomic indicators, borrower’s capacity to meet its financial obligations, borrower’s country of risk, loan seniority and collateral type. In addition, for loans backed by real estate, risk factors include loan-to-value ratio, debt service ratio and home price index. Risk factors for consumer and credit card loans include FICO credit scores and delinquency status. Management’s estimate of loan losses entails judgment about loan collectability at the reporting dates, and there are uncertainties inherent in those judgments. While management uses the best information available to determine this estimate, future adjustments to the allowance may be necessary based on, among other things, changes in the economic environment or variances between actual results and the original assumptions used. Loans are charged off against the allowance for loan losses when deemed to be uncollectible. The firm also records an allowance for losses on lending commitments that are held for investment and accounted for at amortized cost. Such allowance is determined using the same methodology as the allowance for loan losses, while also taking into consideration the probability of drawdowns or funding, and is included in other liabilities. |
Collateralized Agreements and Financings, Policy | Collateralized agreements and financings are presented on a net-by-counterparty Even though repurchase and resale agreements (including “repos- and reverses-to-maturity”) involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold before or at the maturity of the agreement. The financial instruments purchased or sold in resale and repurchase agreements typically include U.S. government and agency, and investment-grade sovereign obligations. The firm has elected to apply the fair value option to substantially all other secured financings because the use of fair value eliminates non-economic • Short-term other secured financings includes financings maturing within one year of the financial statement date and financings that are redeemable within one year of the financial statement date at the option of the holder. • U.S. dollar-denominated short-term other secured financings at amortized cost had a weighted average interest rate of 4.32% as of December 2019. These rates include the effect of hedging activities. • U.S. dollar-denominated long-term other secured financings at amortized cost had a weighted average interest rate of 1.28% as of December 2019 and 4.02% as of December 2018. These rates include the effect of hedging activities. • Total other secured financings included $2.16 billion as of December 2019 and $2.40 billion as of December 2018 related to transfers of financial assets accounted for as financings rather than sales. Such financings were collateralized by financial assets of $2.21 billion as of December 2019 and $2.41 billion as of December 2018, both primarily included in trading assets. • Other secured financings collateralized by financial instruments included $9.09 billion as of December 2019 and $12.41 billion as of December 2018 of other secured financings collateralized by trading assets and loa ns, |
Securitization Activities, Policy | The firm accounts for a securitization as a sale when it has relinquished control over the transferred financial assets. Prior to securitization, the firm generally accounts for assets pending transfer at fair value and therefore does not typically recognize significant gains or losses upon the transfer of assets. Net revenues from underwriting activities are recognized in connection with the sales of the underlying beneficial interests to investors. |
Consolidation, Variable Interest Entity, Policy | VIE Consolidation Analysis The enterprise with a controlling financial interest in a VIE is known as the primary beneficiary and consolidates the VIE. The firm determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: • Which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; • Which variable interest holder has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; • The VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; • The VIE’s capital structure; • The terms between the VIE and its variable interest holders and other parties involved with the VIE; and • Related-party relationships. The firm reassesses its evaluation of whether an entity is a VIE when certain reconsideration events occur. The firm reassesses its determination of whether it is the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. |
Property, Plant and Equipment, Policy | Substantially all property and equipment is depreciated on a straight-line basis over the useful life of the asset. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. Capitalized costs of software developed or obtained for internal use are amortized on a straight-line basis over three years. • Held-to-maturity |
Goodwill and Intangible Assets, Policy | Goodwill is assessed for impairment annually in the fourth quarter or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its estimated carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment. |
Impairments, Policy | The firm tests property, leasehold improvements and equipment for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. |
Property, Plant and Equipment, Operating Lease Policy | Operating lease liabilities include obligations for office space held in excess of current requirements. Operating lease costs relating to space held for growth is included in occupancy expenses. |
Deposits, Policy | The firm’s savings and demand deposits are recorded based on the amount of cash received plus accrued interest |
Debt, Policy | Unsecured short-term borrowings includes the portion of unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder. |
Commitments to Extend Credit, Policy | • Held for investment lending commitments are accounted for on an accrual basis. The carrying value of lending commitments was a liability of $527 million (including allowance for losses of $361 million) as of December 2019 and $443 million (including allowance for losses of $286 million) as of December 2018. The estimated fair value of such lending commitments was a liability of $3.05 billion as of December 2019 and $3.78 billion as of December 2018. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $1.78 billion as of December 2019 and $1.12 billion as of December 2018 would have been classified in level 2, and $1.27 billion as of December 2019 and $2.66 billion as of December 2018 would have been classified in level 3. • Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $60 million as of December 2019 and $155 million as of December 2018. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 2 as of both December 2019 and December • Gains or losses related to lending commitments at fair value, if any, are generally recorded net of any fees in other principal transactions. |
Derivative Guarantees, Policy | Derivative Guarantees. |
Earnings Per Share Policy | Basic earnings per common share (EPS) is calculated by dividing net earnings to common by the weighted average number of common shares outstanding and restricted stock units (RSUs) for which the delivery of the underlying common stock is not subject to satisfaction of future service or performance conditions (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for stock options and for RSUs for which the delivery of the underlying common stock is subject to satisfaction of future service or performance conditions. |
Interest Income and Interest Expense, Policy | Interest is recorded over the life of the instrument on an accrual basis based on contractual interest rates. |
Income Tax, Policy | Provision for Income Taxes Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities. The firm reports interest expense related to income tax matters in provision for taxes and income tax penalties in other expenses. Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized and primarily relate to the ability to utilize losses in various tax jurisdictions. Tax assets are included in other assets and tax liabilities are included in other liabilities. Unrecognized Tax Benefits The firm recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements. |
Business Segments, Policy | The firm allocates assets (including allocations of global core liquid assets and cash, secured client financing and other assets), revenues and expenses among the four business segments. Due to the integrated nature of these segments, estimates and judgments are made in allocating certain assets, revenues and expenses. The allocation process is based on the manner in which management currently views the performance of the segments. Management believes that this allocation provides a reasonable representation of each segment’s contribution to consolidated net earnings to common, return on average common equity and total assets. Transactions between segments are based on specific criteria or approximate third-party rates. |
Trading Assets and Liabilities, Policy | Trading assets and liabilities include trading cash instruments and derivatives held in connection with the firm’s market-making or risk management activities. These assets and liabilities are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are generally recognized in the consolidated statements of earnings. |
Trading Cash Instruments, Policy | Trading cash instruments consists of instruments held in connection with the firm’s market-making or risk management activities. These instruments are accounted for at fair value and the related fair value gains and losses are recognized in the consolidated statements of earnings. |
Investments, Policy | Investments includes debt instruments and equity securities that are accounted for at fair value and are generally held by the firm in connection with its long-term investing activities. In addition, investments includes debt securities classified as available-for-sale and held-to-maturity that are generally held in connection with the firm’s asset-liability management activities. Investments also consists of equity securities that are accounted for under the equity method. Equity Securities and Debt Instruments, at Fair Value Equity securities and debt instruments, at fair value are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are recognized in earnings. Equity Securities, at Fair Value. Held-to-Maturity Held-to-maturity |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Liabilities Summary | The table below presents financial assets and liabilities accounted for at fair value. As of December $ in millions 2019 2018 Total level 1 financial assets $242,562 $170,463 Total level 2 financial assets 325,259 354,515 Total level 3 financial assets 23,068 22,181 Investments in funds at NAV 4,206 3,936 Counterparty and cash collateral netting (55,527 ) (49,383 ) Total financial assets at fair value $539,568 $501,712 Total assets $992,968 $931,796 Total level 3 financial assets divided by: Total assets 2.3% 2.4% Total financial assets at fair value 4.3% 4.4% Total level 1 financial liabilities $ 54,790 $ 54,151 Total level 2 financial liabilities 293,902 258,335 Total level 3 financial liabilities 25,938 23,804 Counterparty and cash collateral netting (41,671 ) (39,786 ) Total financial liabilities at fair value $332,959 $296,504 Total level 3 financial liabilities divided by 7.8% 8.0% In the table above: • Counterparty netting among positions classified in the same level is included in that level. • Counterparty and cash collateral netting represents the impact on derivatives of netting across levels of the fair value hierarchy. |
Total Level 3 Financial Assets | The table below presents a summary of level 3 financial assets. As of December $ in millions 2019 2018 Trading assets: Trading cash instruments $ 1,242 $ 1,689 Derivatives 4,654 4,948 Investments 15,282 13,548 Loans 1,890 1,990 Other financial assets – 6 Total $ 23,068 $ 22,181 |
Trading Assets and Liabilities
Trading Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trading Assets and Liabilities [Abstract] | |
Summary of Trading Assets and Liabilities | The table below presents a summary of trading assets and liabilities. $ in millions Trading Assets Trading Liabilities As of December 2019 Trading cash instruments $310,080 $ 65,033 Derivatives 45,252 43,802 Total $355,332 $108,835 As of December 2018 Trading cash instruments $235,349 $ 66,303 Derivatives 44,846 42,594 Total $280,195 $108,897 |
Gains and Losses from Market Making | The table below presents market making revenues by major product type. Year Ended December $ in millions 2019 2018 2017 Interest rates $ 3,272 $(1,917 ) $ 6,587 Credit 682 1,268 696 Currencies 2,902 4,646 (3,240 ) Equities 2,946 5,264 3,170 Commodities 355 463 640 Total $10,157 $ 9,724 $ 7,853 |
Trading Cash Instruments (Table
Trading Cash Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Cash Instruments by Level | The table below presents trading cash instruments by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of December 2019 Assets Government and agency obligations: U.S. $108,200 $ 34,714 $ 21 $142,935 Non-U.S. 33,709 11,108 22 44,839 Loans and securities backed by: Commercial real estate – 2,031 191 2,222 Residential real estate – 5,794 231 6,025 Corporate debt instruments 1,313 26,768 692 28,773 State and municipal obligations – 680 – 680 Other debt obligations 409 1,074 10 1,493 Equity securities 78,782 489 75 79,346 Commodities – 3,767 – 3,767 Total $222,413 $ 86,425 $1,242 $310,080 Liabilities Government and agency obligations: U.S. $ ) $ ) $ $ ) Non-U.S. (21,213 ) (2,205 ) (6 ) (23,424 ) Loans and securities backed by: Commercial real estate – (31 ) (1 ) (32 ) Residential real estate – (2 ) – (2 ) Corporate debt instruments (115 ) (7,494 ) (253 ) (7,862 ) State and municipal obligations – (2 ) – (2 ) Equity securities (23,519 ) (212 ) (13 ) (23,744 ) Commodities – (6 ) – (6 ) Total $ ) $ ) $ ) $ ) As of December 2018 Assets Government and agency obligations: U.S. $ 70,220 $ 28,327 $ 25 $ 98,572 Non-U.S. 33,231 10,322 10 43,563 Loans and securities backed by: Commercial real estate – 1,260 332 1,592 Residential real estate – 4,545 348 4,893 Corporate debt instruments 445 22,431 912 23,788 State and municipal obligations – 1,210 – 1,210 Other debt obligations 770 1,180 39 1,989 Equity securities 52,531 3,459 23 56,013 Commodities – 3,729 – 3,729 Total $157,197 $ 76,463 $1,689 $235,349 Liabilities Government and agency obligations: U.S. $ ) $ (13 ) $ $ ) Non-U.S. (23,872 ) (1,475 ) – (25,347 ) Loans and securities backed by: Residential real estate – (1 ) – (1 ) Corporate debt instruments (4 ) (10,454 ) (31 ) (10,489 ) Other debt obligations – (1 ) – (1 ) Equity securities (25,147 ) (220 ) (18 ) (25,385 ) Total $ ) $(12,164 ) $ (49 ) $ ) In the table above: • Trading cash instrument assets are shown as positive amounts and trading cash instrument liabilities are shown as negative amounts. • Corporate debt instruments includes corporate loans, debt securities, convertible debentures, prepaid commodity transactions and transfers of assets accounted for as secured loans rather than purchases. • Equity securities includes public equities and exchange-traded funds. • Other debt obligations includes other asset-backed securities and money market instruments. |
Fair Value, Cash Instruments, Measurement Inputs, Disclosure | The table below presents the amount of level 3 assets, and ranges and weighted averages of significant unobservable inputs used to value level 3 trading cash instruments. Level 3 Assets and Range of Significant Unobservable $ in millions 2019 2018 Loans and securities backed by commercial real estate Level 3 assets $191 $332 Yield 2.7% to 21.7% ( 13.5 ) 6.9% to 22.5% ( 14.2 ) Recovery rate 11.4% to 81.1% ( 55.6 ) 17.0% to 78.4% ( 53.0 ) Duration (years) 0.3 to 6.6 ( 2.8 ) 0.4 to 7.1 ( 3.3 ) Loans and securities backed by residential real estate Level 3 assets $231 $348 Yield 1.2% to 12.0% ( 5.8 ) 2.8% to 11.8% ( 5.9 ) Cumulative loss rate 5.4% to 30.4% ( 16.3 ) 8.3% to 37.7% ( 15.3 ) Duration (years) 2.3 to 12.4 ( 5.7 ) 1.5 to 14.0 ( 8.6 ) Corporate debt instruments Level 3 assets $692 $912 Yield 0.1% to 20.4% ( 7.2 ) 0.7% to 17.3% ( 8.4 ) Recovery rate 0.0% to 69.7% ( 54.9 ) 0.0% to 75.0% ( 61.2 ) Duration (years) 1.7 to 16.6 ( 5.1 ) 0.4 to 13.5 ( 3.6 ) In the table above: • Ranges represent the significant unobservable inputs that were used in the valuation of each type of trading cash instrument. • Weighted averages are calculated by weighting each input by the relative fair value of the trading cash instruments. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one trading cash instrument. For example, the highest recovery rate for corporate debt instruments is appropriate for valuing a specific corporate debt instrument, but may not be appropriate for valuing any other corporate debt instrument. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 trading cash instruments. • Increases in yield, duration or cumulative loss rate used in the valuation of level 3 trading cash instruments would have resulted in a lower fair value measurement, while increases in recovery rate would have resulted in a higher fair value measurement as of both December 2019 and December 2018. Due to the distinctive nature of each level 3 trading cash instrument, the interrelationship of inputs is not necessarily uniform within each product type. • Trading cash instruments are valued using discounted cash flows. |
Cash Instruments, Level 3 Rollforward | The table below presents a summary of the changes in fair value for level 3 trading cash instruments. Year Ended December $ in millions 2019 2018 Total trading cash instrument assets Beginning balance $1,689 $1,213 Net realized gains/(losses) 89 188 Net unrealized gains/(losses) (35 ) (89 ) Purchases 522 831 Sales (885 ) (607 ) Settlements (252 ) (423 ) Transfers into level 3 256 698 Transfers out of level 3 (142 ) (122 ) Ending balance $1,242 $1,689 Total trading cash instrument liabilities Beginning balance $ ) $ (68 ) Net realized gains/(losses) 10 6 Net unrealized gains/(losses) (236 ) (7 ) Purchases 56 41 Sales (35 ) (26 ) Settlements – 8 Transfers into level 3 (24 ) (7 ) Transfers out of level 3 5 4 Ending balance $ ) $ (49 ) In the table above: • Changes in fair value are presented for all trading cash instruments that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to trading cash instruments that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a trading cash instrument was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • For level 3 trading cash instrument assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 trading cash instrument liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts. • Level 3 trading cash instruments are frequently economically hedged with level 1 and level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. Accordingly, gains or losses that are classified in level 3 can be partially offset by gains or losses attributable to level 1 or level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources. The table below presents information, by product type, for assets included in the summary table above. Year Ended December $ in millions 2019 2018 Loans and securities backed by commercial real estate Beginning balance $ 332 $ 260 Net realized gains/(losses) 5 28 Net unrealized gains/(losses) (17 ) (28 ) Purchases 49 119 Sales (153 ) (122 ) Settlements (48 ) (76 ) Transfers into level 3 37 156 Transfers out of level 3 (14 ) (5 ) Ending balance $ 191 $ 332 Loans and securities backed by residential real estate Beginning balance $ 348 $ 436 Net realized gains/(losses) 14 28 Net unrealized gains/(losses) 28 29 Purchases 111 109 Sales (223 ) (205 ) Settlements (37 ) (85 ) Transfers into level 3 19 99 Transfers out of level 3 (29 ) (63 ) Ending balance $ 231 $ 348 Corporate debt instruments Beginning balance $ 912 $ 450 Net realized gains/(losses) 58 126 Net unrealized gains/(losses) (27 ) (96 ) Purchases 291 559 Sales (458 ) (246 ) Settlements (134 ) (231 ) Transfers into level 3 142 395 Transfers out of level 3 (92 ) (45 ) Ending balance $ 692 $ 912 Other Beginning balance $ 97 $ 67 Net realized gains/(losses) 12 6 Net unrealized gains/(losses) (19 ) 6 Purchases 71 44 Sales (51 ) (34 ) Settlements (33 ) (31 ) Transfers into level 3 58 48 Transfers out of level 3 (7 ) (9 ) Ending balance $ 128 $ 97 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivatives on a Gross Basis | The tables below present the gross fair value and the notional amounts of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the consolidated balance sheets, as well as cash and securities collateral posted and received under enforceable credit support agreements that do not meet the criteria for netting under U.S. GAAP. As of December 2019 As of December 2018 $ in millions Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Not accounted for as hedges Exchange-traded $ $ $ 760 $ 1,553 OTC-cleared 9,958 8,618 5,040 3,552 Bilateral OTC 266,387 242,046 227,274 211,091 Total interest rates 276,821 251,520 233,074 216,196 OTC-cleared 6,551 6,929 4,778 4,517 Bilateral OTC 14,178 13,860 14,658 13,784 Total credit 20,729 20,789 19,436 18,301 Exchange-traded 35 10 11 16 OTC-cleared 411 391 656 800 Bilateral OTC 79,887 81,613 85,772 87,953 Total currencies 80,333 82,014 86,439 88,769 Exchange-traded 2,390 2,272 4,445 4,093 OTC-cleared 180 243 433 439 Bilateral OTC 8,568 13,034 12,746 15,595 Total commodities 11,138 15,549 17,624 20,127 Exchange-traded 13,499 16,976 13,431 11,765 Bilateral OTC 36,162 39,531 34,687 40,668 Total equities 49,661 56,507 48,118 52,433 Subtotal 438,682 426,379 404,691 395,826 Accounted for as hedges OTC-cleared – – 2 – Bilateral OTC 3,182 1 3,024 7 Total interest rates 3,182 1 3,026 7 OTC-cleared 16 57 25 53 Bilateral OTC 16 153 54 61 Total currencies 32 210 79 114 Subtotal 3,214 211 3,105 121 Total gross fair value $ 441,896 $ 426,590 $ 407,796 $ 395,947 Offset in the consolidated balance sheets Exchange-traded $ (14,159 ) $ (14,159 ) $ (14,377 ) $ (14,377 ) OTC-cleared (15,565 ) (15,565 ) (8,888 ) (8,888 ) Bilateral OTC (310,920 ) (310,920 ) (290,961 ) (290,961 ) Counterparty netting (340,644 ) (340,644 ) (314,226 ) (314,226 ) OTC-cleared (1,302 ) (526 ) (1,389 ) (164 ) Bilateral OTC (54,698 ) (41,618 ) (47,335 ) (38,963 ) Cash collateral netting (56,000 ) (42,144 ) (48,724 ) (39,127 ) Total amounts offset $(396,644 ) $(382,788 ) $(362,950 ) $(353,353 ) Included in the consolidated balance sheets Exchange-traded $ 2,241 $ 5,955 $ 4,270 $ 3,050 OTC-cleared 249 147 657 309 Bilateral OTC 42,762 37,700 39,919 39,235 Total $ 45,252 $ 43,802 $ 44,846 $ 42,594 Not offset in the consolidated balance sheets Cash collateral $ ) $ (1,603 ) $ (614 ) $ (1,328 ) Securities collateral (14,196 ) (9,252 ) (12,740 ) (8,414 ) Total $ 30,452 $ 32,947 $ 31,492 $ 32,852 Notional Amounts as of December $ in millions 2019 2018 Not accounted for as hedges Exchange-traded $ 4,757,300 $ 5,139,159 OTC-cleared 13,440,376 14,290,327 Bilateral OTC 11,668,171 12,858,248 Total interest rates 29,865,847 32,287,734 OTC-cleared 396,342 394,494 Bilateral OTC 707,935 762,653 Total credit 1,104,277 1,157,147 Exchange-traded 4,566 5,599 OTC-cleared 134,060 113,360 Bilateral OTC 5,926,602 6,596,741 Total currencies 6,065,228 6,715,700 Exchange-traded 230,018 259,287 OTC-cleared 2,639 1,516 Bilateral OTC 243,228 244,958 Total commodities 475,885 505,761 Exchange-traded 910,099 635,988 Bilateral OTC 1,182,335 1,070,211 Total equities 2,092,434 1,706,199 Subtotal 39,603,671 42,372,541 Accounted for as hedges OTC-cleared 123,531 85,681 Bilateral OTC 9,714 12,022 Total interest rates 133,245 97,703 OTC-cleared 4,152 2,911 Bilateral OTC 9,247 8,089 Total currencies 13,399 11,000 Subtotal 146,644 108,703 Total notional amounts $39,750,315 $42,481,244 In the tables above: • Gross fair values exclude the effects of both counterparty netting • Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted. • Notional amounts, which represent the sum of gross long and short derivative contracts, provide an indication of the volume of the firm’s derivative activity and do not represent anticipated losses. • Total gross fair value of derivatives included derivative assets of $9.15 billion as of December 2019 and $10.68 billion as of December 2018, and derivative liabilities of $14.88 billion as of December 2019 and $14.58 billion as of December 2018, which are not subject to an enforceable netting agreement or are subject to a netting agreement that the firm has not yet determined to be enforceable. |
Fair Value of Derivatives by Level | The table below presents derivatives on a gross basis by level and product type, as well as the impact of netting. $ in millions Level 1 Level 2 Level 3 Total As of December 2019 Assets Interest rates $ 3 $ 279,443 $ $ 280,003 Credit – 17,204 3,525 20,729 Currencies – 80,178 187 80,365 Commodities – 10,648 490 11,138 Equities 21 48,953 687 49,661 Gross fair value 24 436,426 5,446 441,896 Counterparty netting in levels – (340,325 ) (792 ) (341,117 ) Subtotal $ 24 $ 96,101 $ 4,654 $ 100,779 Cross-level counterparty netting 473 Cash collateral netting (56,000 ) Net fair value $ 45,252 Liabilities Interest rates $ (3 ) $(251,050 ) $ ) $(251,521 ) Credit – (19,141 ) (1,648 ) (20,789 ) Currencies – (81,826 ) (398 ) (82,224 ) Commodities – (15,306 ) (243 ) (15,549 ) Equities (26 ) (53,817 ) (2,664 ) (56,507 ) Gross fair value (29 ) (421,140 ) (5,421 ) (426,590 ) Counterparty netting in levels – 340,325 792 341,117 Subtotal $(29 ) $ (80,815 ) $(4,629 ) $ (85,473 ) Cross-level counterparty netting (473 ) Cash collateral netting 42,144 Net fair value $ (43,802 ) As of December 2018 Assets Interest rates $ $ $ $ Credit – 15,992 3,444 19,436 Currencies – 85,837 681 86,518 Commodities – 17,193 431 17,624 Equities 10 47,168 940 48,118 Gross fair value 22 401,870 5,904 407,796 Counterparty netting in levels – (312,611 ) (956 ) (313,567 ) Subtotal $ $ $ $ Cross-level counterparty netting (659 ) Cash collateral netting (48,724 ) Net fair value $ Liabilities Interest rates $ ) $ ) $ ) $ ) Credit – (16,529 ) (1,772 ) (18,301 ) Currencies – (88,663 ) (220 ) (88,883 ) Commodities – (19,808 ) (319 ) (20,127 ) Equities (37 ) (49,910 ) (2,486 ) (52,433 ) Gross fair value (61 ) (390,572 ) (5,314 ) (395,947 ) Counterparty netting in levels – 312,611 956 313,567 Subtotal $ ) $ ) $ ) $ ) Cross-level counterparty netting 659 Cash collateral netting 39,127 Net fair value $ ) |
Fair Value, Derivatives, Measurement Inputs, Disclosure | The table below presents the amount of level 3 derivative assets (liabilities), and ranges, averages and medians of significant unobservable inputs used to value level 3 derivatives. Level 3 Assets (Liabilities) and Range of Significant $ in millions, except inputs 2019 2018 Interest rates, net $89 $(109) Correlation (42)% to 81% (52%/60%) (10)% to 86% (66%/64%) Volatility (bps) 31 to 150 (70/61) 31 to 150 (74/65) Credit, net $1,877 $1,672 Credit spreads (bps) 1 to 559 (96/53) 1 to 810 (109/63) Upfront credit points 2 to 90 (38/32) 2 to 99 (44/40) Recovery rates 10% to 60% (31%/25%) 25% to 70% (40%/40%) Currencies, net $(211) $461 Correlation 20% to 70% (37%/36%) 10% to 70% (40%/36%) Commodities, net $247 $112 Volatility 9% to 57% (26%/25%) 10% to 75% (28%/27%) Natural gas spread $(1.93) to $1.69 ($(0.16)/$(0.17)) $(2.32) to $4.68 ($(0.26)/$(0.30)) Oil spread $(4.86) to $19.77 ($9.82/$11.15) $(3.44) to $16.62 ($4.53/$3.94) Equities, net $(1,977) $(1,546) Correlation (70)% to 99% (42%/45%) (68)% to 97% (48%/51%) Volatility 2% to 72% (14%/7%) 3% to 102% (20%/18%) |
Fair Value of Derivatives, Level 3 Rollforward | The table below presents a summary of the changes in fair value for level 3 derivatives. Year Ended December $ in millions 2019 2018 Total level 3 derivatives, net Beginning balance $ 590 $ (288 ) Net realized gains/(losses) 118 (113 ) Net unrealized gains/(losses) (454 ) 1,251 Purchases 444 612 Sales (668 ) (1,510 ) Settlements 236 573 Transfers into level 3 7 34 Transfers out of level 3 (248 ) 31 Ending balance $ 25 $ 590 The table below presents information, by product type, for derivatives included in the summary table above. Year Ended December $ in millions 2019 2018 Interest rates, net Beginning balance $ ) $ (410 ) Net realized gains/(losses) (24 ) (51 ) Net unrealized gains/(losses) 199 122 Purchases 8 8 Sales (13 ) (2 ) Settlements 40 171 Transfers into level 3 – (9 ) Transfers out of level 3 (12 ) 62 Ending balance $ $ (109 ) Credit, net Beginning balance $ 1,672 $ 1,505 Net realized gains/(losses) 42 (23 ) Net unrealized gains/(losses) 273 2 Purchases 146 53 Sales (114 ) (65 ) Settlements (251 ) 244 Transfers into level 3 108 (35 ) Transfers out of level 3 1 (9 ) Ending balance $ 1,877 $ 1,672 Currencies, net Beginning balance $ $ (181 ) Net realized gains/(losses) (32 ) (51 ) Net unrealized gains/(losses) (327 ) 372 Purchases 11 36 Sales (1 ) (25 ) Settlements (306 ) 212 Transfers into level 3 (14 ) 101 Transfers out of level 3 (3 ) (3 ) Ending balance $ ) $ 461 Commodities, net Beginning balance $ $ 47 Net realized gains/(losses) (34 ) 18 Net unrealized gains/(losses) 219 61 Purchases 25 42 Sales (81 ) (64 ) Settlements (6 ) 12 Transfers into level 3 8 21 Transfers out of level 3 4 (25 ) Ending balance $ $ 112 Equities, net Beginning balance $(1,546 ) $(1,249 ) Net realized gains/(losses) 166 (6 ) Net unrealized gains/(losses) (818 ) 694 Purchases 254 473 Sales (459 ) (1,354 ) Settlements 759 (66 ) Transfers into level 3 (95 ) (44 ) Transfers out of level 3 (238 ) 6 Ending balance $(1,977 ) $(1,546 ) |
OTC Derivatives by Product Type and Tenor | The table below presents OTC derivative assets and liabilities by tenor and major product type. $ in millions Less than 1 Year 1 - 5 Years Greater than 5 Years Total As of December 2019 Assets Interest rates $ 5,521 $15,183 $57,394 $ 78,098 Credit 678 3,259 3,183 7,120 Currencies 10,236 5,063 6,245 21,544 Commodities 2,507 1,212 302 4,021 Equities 7,332 4,509 1,294 13,135 Counterparty netting in tenors (3,263 ) (3,673 ) (2,332 ) (9,268 ) Subtotal $23,011 $25,553 $66,086 $114,650 Cross-tenor counterparty netting (15,639 ) Cash collateral netting (56,000 ) Total OTC derivative assets $ 43,011 Liabilities Interest rates $ 3,654 $ 9,113 $36,470 $ 49,237 Credit 1,368 4,052 1,760 7,180 Currencies 12,486 6,906 4,036 23,428 Commodities 2,796 1,950 3,804 8,550 Equities 5,755 7,381 3,367 16,503 Counterparty netting in tenors (3,263 ) (3,673 ) (2,332 ) (9,268 ) Subtotal $22,796 $25,729 $47,105 $ 95,630 Cross-tenor counterparty netting (15,639 ) Cash collateral netting (42,144 ) Total OTC derivative liabilities $ 37,847 As of December 2018 Assets Interest rates $ 2,810 $13,177 $47,426 $ 63,413 Credit 807 3,676 3,364 7,847 Currencies 10,976 5,076 6,486 22,538 Commodities 4,978 2,101 145 7,224 Equities 4,962 5,244 1,329 11,535 Counterparty netting in tenors (3,409 ) (3,883 ) (2,822 ) (10,114 ) Subtotal $21,124 $25,391 $55,928 $102,443 Cross-tenor counterparty netting (13,143 ) Cash collateral netting (48,724 ) Total OTC derivative assets $ 40,576 Liabilities Interest rates $ 4,193 $ 9,153 $29,377 $ 42,723 Credit 1,127 4,173 1,412 6,712 Currencies 13,553 6,871 4,474 24,898 Commodities 4,271 2,663 3,145 10,079 Equities 9,278 5,178 3,060 17,516 Counterparty netting in tenors (3,409 ) (3,883 ) (2,822 ) (10,114 ) Subtotal $29,013 $24,155 $38,646 $ 91,814 Cross-tenor counterparty netting (13,143 ) Cash collateral netting (39,127 ) Total OTC derivative liabilities $ 39,544 |
Credit Derivatives | The table below presents information about credit derivatives. Credit Spread on Underlier (basis points) $ in millions 0 - 250 251 - 500 501 - 1,000 Greater than 1,000 Total As of December 2019 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $143,566 $ 7,155 $ $ 2,953 $154,433 1 – 5 years 292,444 10,125 5,482 8,735 316,786 Greater than 5 years 48,109 2,260 427 554 51,350 Total $484,119 $19,540 $ 6,668 $12,242 $522,569 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $395,127 $14,492 $ 5,938 $10,543 $426,100 Other $149,092 $ 2,617 $ 1,599 $ 2,354 $155,662 Fair Value of Written Credit Derivatives Asset $ 13,103 $ $ $ $ 13,911 Liability 1,239 448 372 3,490 5,549 Net asset/(liability) $ 11,864 $ ) $ ) $ ) $ 8,362 As of December 2018 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $145,828 $ 9,763 $ 1,151 $ 3,848 $160,590 1 – 5 years 298,228 21,100 13,835 7,520 340,683 Greater than 5 years 45,690 5,966 1,121 122 52,899 Total $489,746 $36,829 $16,107 $11,490 $554,172 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $413,445 $25,373 $14,243 $ 8,841 $461,902 Other $115,754 $14,273 $ 7,555 $ 3,513 $141,095 Fair Value of Written Credit Derivatives Asset $ 8,656 $ 543 $ 95 $ 80 $ 9,374 Liability 1,990 1,415 1,199 3,368 7,972 Net asset/(liability) $ 6,666 $ (872 ) $ ) $ ) $ 1,402 |
Summary of information about CVA and FVA | The table below presents information about CVA and FVA. Year Ended December $ in millions 2019 2018 2017 CVA, net of hedges $(289 ) $ 371 $ 66 FVA, net of hedges 485 (194 ) 288 Total $ 196 $ 177 $354 |
Bifurcated Embedded Derivatives | The table below presents the fair value and the notional amount of derivatives that have been bifurcated from their related borrowings. As of December $ in millions 2019 2018 Fair value of assets $ 1,148 $ 980 Fair value of liabilities 1,717 1,297 Net liability $ $ 317 Notional amount $11,003 $10,229 |
Derivatives with Credit-Related Contingent Features | The table below presents information about net derivative liabilities under bilateral agreements (excluding collateral posted), the fair value of collateral posted and additional collateral or termination payments that could have been called by counterparties in the event of a one- two-notch As of December $ in millions 2019 2018 Net derivative liabilities under bilateral agreements $32,800 $29,583 Collateral posted $28,510 $24,393 Additional collateral or termination payments: One-notch $ $ 262 Two-notch $ 1,268 $ 959 |
Gain (Loss) from Interest Rate Hedges and Related Hedged Borrowings and Deposits | The table below presents the gains/(losses) from interest rate derivatives accounted for as hedges and the related hedged borrowings and deposits, and total interest expense. Year Ended December $ in millions 2019 2018 2017 Interest rate hedges $ 3,196 $ ) $ ) Hedged borrowings and deposits $ ) $ 1,295 $ 2,183 Interest expense $17,376 $15,912 $10,181 |
Summary of Carrying Amount of Hedged Items | The table below presents the carrying value of the hedged items that are currently designated in a hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values. $ in millions Carrying Value Cumulative Hedging Adjustment As of December 2019 Deposits $19,634 $ Unsecured short-term borrowings $ 6,008 $ Unsecured long-term borrowings $87,874 $7,292 As of December 2018 Deposits $11,924 $ (156 ) Unsecured short-term borrowings $ 4,450 $ (12 ) Unsecured long-term borrowings $68,839 $2,759 The table below presents the gains/(losses) from net investment hedging. Year Ended December $ in millions 2019 2018 2017 Hedges: Foreign currency forward contract $ 6 $577 $(805 ) Foreign currency-denominated debt $(19 ) $ ) $ (67 ) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value of Investments by Accounting Type | The table below presents information about investments. As of December $ in millions 2019 2018 Equity securities, at fair value $22,163 $21,430 Debt instruments, at fair value 16,570 12,117 Available-for-sale 19,094 12,032 Investments, at fair value 57,827 45,579 Held-to-maturity 5,825 1,288 Equity method investments 285 357 Total investments $63,937 $47,224 |
Disclosure Of Equity Securities At Fair Value | The table below presents information about equity securities, at fair value. As of December $ in millions 2019 2018 Equity securities, at fair value $22,163 $21,430 Equity Type Public equity 11% 7% Private equity 89% 93% Total 100% 100% Asset Class Corporate 79% 81% Real estate 21% 19% Total 100% 100% Region Americas 50% 53% EMEA 17% 16% Asia 33% 31% Total 100% 100% |
Disclosure Of Debt Securities At Fair Value | The table below presents information about debt instruments, at fair value. As of December $ in millions 2019 2018 Corporate debt securities $11,821 $ 8,434 Securities backed by real estate 2,619 1,775 Other 2,130 1,908 Total $16,570 $12,117 |
Investments in Funds that are Calculated Using Net Asset Value Per Share | The table below presents the fair value of investments in funds at NAV and the related unfunded commitments. $ in millions Fair Value of Investments Unfunded Commitments As of December 2019 Private equity funds $2,767 $ Credit funds 983 820 Hedge funds 125 – Real estate funds 331 196 Total $4,206 $1,781 As of December 2018 Private equity funds $2,683 $ 809 Credit funds 548 1,099 Hedge funds 161 – Real estate funds 544 203 Total $3,936 $2,111 |
Summary of Securities Accounted for Available-for-Sale | The table below presents information about available-for-sale $ in millions Amortized Cost Fair Value Weighted Average Yield As of December 2019 Less than 5 years $14,063 $14,041 1.53% Greater than 5 years 4,974 5,053 2.10% Total $19,037 $19,094 1.68% As of December 2018 Less than 5 years $ 5,954 $ 5,879 2.10% Greater than 5 years 6,231 6,153 2.44% Total $12,185 $12,032 2.28% In the table above: • Available-for-sale • The firm sold $9.58 billion of available-for-sale • The gross unrealized gains included in accumulated other comprehensive income/(loss) were $137 million and the gross unrealized losses included in accumulated other comprehensive income/(loss) were not material as of December 2019. The gross unrealized losses included in accumulated other comprehensive income/(loss) were $153 million as of December 2018 and were related to securities in a continuous unrealized loss position for greater than a year. • Available-for-sale |
Debt Securities, Held-to-maturity | The table below presents information about held-to-maturity $ in millions Amortized Cost Fair Value Weighted Average Yield As of December 2019 Less than 5 years $3,534 $3,613 2.40% Greater than 5 years 1,534 1,576 2.25% Total U.S. government obligations 5,068 5,189 2.35% Less than 5 years 6 6 4.16% Greater than 5 years 751 769 1.67% Total securities backed by real estate 757 775 1.69% Total held-to-maturity $5,825 $5,964 2.27% As of December 2018 Less than 5 years $ 498 $ 511 3.08% Total U.S. government obligations 498 511 3.08% Less than 5 years 5 6 4.61% Greater than 5 years 785 800 1.78% Total securities backed by real estate 790 806 1.80% Total held-to-maturity $1,288 $1,317 2.29% |
Fair Value, Investments, Measurement Inputs, Disclosure | The table below presents a summary of level 3 financial assets. As of December $ in millions 2019 2018 Trading assets: Trading cash instruments $ 1,242 $ 1,689 Derivatives 4,654 4,948 Investments 15,282 13,548 Loans 1,890 1,990 Other financial assets – 6 Total $ 23,068 $ 22,181 |
Investments, Level 3 Rollforward | The table below presents a summary of the changes in fair value for level 3 loans. Year Ended December $ in millions 2019 2018 Beginning balance $1,990 $1,973 Net realized gains/(losses) 46 74 Net unrealized gains/(losses) 85 72 Purchases 249 88 Sales (14 ) (66 ) Settlements (795 ) (717 ) Transfers into level 3 444 995 Transfers out of level 3 (115 ) (429 ) Ending balance $1,890 $1,990 The table below presents information, by loan type, for loans included in the summary table above. Year Ended December $ in millions 2019 2018 Corporate Beginning balance $ 659 $ 672 Net realized gains/(losses) 5 15 Net unrealized gains/(losses) (27 ) (11 ) Purchases 151 69 Sales – (58 ) Settlements (298 ) (225 ) Transfers into level 3 290 310 Transfers out of level 3 (28 ) (113 ) Ending balance $ 752 $ 659 Commercial real estate Beginning balance $ 677 $ 853 Net realized gains/(losses) 20 38 Net unrealized gains/(losses) 28 33 Purchases 11 14 Sales (9 ) (4 ) Settlements (229 ) (330 ) Transfers into level 3 94 382 Transfers out of level 3 (1 ) (309 ) Ending balance $ 591 $ 677 Residential real estate Beginning balance $ 290 $ 213 Net realized gains/(losses) 15 18 Net unrealized gains/(losses) 26 (13 ) Purchases 58 3 Sales (5 ) (4 ) Settlements (137 ) (70 ) Transfers into level 3 60 143 Transfers out of level 3 (86 ) – Ending balance $ 221 $ 290 Wealth management and other Beginning balance $ 364 $ 235 Net realized gains/(losses) 6 3 Net unrealized gains/(losses) 58 63 Purchases 29 2 Sales – – Settlements (131 ) (92 ) Transfers into level 3 – 160 Transfers out of level 3 – (7 ) Ending balance $ 326 $ 364 |
Investments [Member] | |
Investments accounted for at fair value | The table below presents investments accounted for at fair value by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of December 2019 Government and agency obligations: U.S. $19,094 $ $ $19,094 Non-U.S. – 36 – 36 Corporate debt securities 48 7,325 3,465 10,838 Securities backed by real estate – 2,024 595 2,619 Other debt obligations 732 1,043 319 2,094 Equity securities 251 7,786 10,903 18,940 Subtotal $20,125 $18,214 $15,282 $53,621 Investments in funds at NAV 4,206 Total investments $57,827 As of December 2018 Government and agency obligations: U.S. $12,044 $ $ $12,044 Non-U.S. – 44 – 44 Corporate debt securities 23 5,323 2,540 7,886 Securities backed by real estate – 1,318 457 1,775 Other debt obligations 719 917 216 1,852 Equity securities 458 7,249 10,335 18,042 Subtotal $13,244 $14,851 $13,548 $41,643 Investments in funds at NAV 3,936 Total investments $45,579 |
Fair Value, Investments, Measurement Inputs, Disclosure | The table below presents the amount of level 3 investments, and ranges and weighted averages of significant unobservable inputs used to value such investments. Level 3 Assets and Range of Significant Unobservable $ in millions 2019 2018 Corporate debt securities Level 3 assets $3,465 $2,540 Yield 5.5% to 29.8% ( 12.0 ) 6.5% to 32.3% ( 12.7 ) Recovery rate 25.0% to 100.0% ( 68.5 ) 50.5% to 78.0% ( 74.6 ) Duration (years) 2.9 to 5.9 (5.0 ) 2.0 to 4.7 (3.8 ) Multiples 0.6x to 24.4x ( 7.0 ) 1.3x to 20.3x ( 7.7 ) Securities backed by real estate Level 3 assets $595 $457 Yield 9.4% to 20.3% ( 16.0 ) 9.5% to 20.3% ( 15.5 ) Recovery rate 33.1% to 34.4% ( 33.5 ) 32.9% to 39.7% ( 37.9 ) Duration (years) 0.4 to 3.0 (0.9 ) 1.1 to 4.8 (2.2 ) Other debt obligations Level 3 assets $319 $216 Yield 3.4% to 5.2% ( 4.5 ) 4.1% to 6.1% ( 5.2 ) Duration (years) 4.0 to 8.0 (6.7 ) 4.0 to 9.0 (7.5 ) Equity securities Level 3 assets $10,903 $10,335 Multiples 0.8x to 36.0x (8.0x ) 1.0x to 23.6x (8.1x ) Discount rate/yield 2.1% to 20.3% ( 13.4 ) 7.2% to 22.1% ( 14.4 ) Capitalization rate 3.6% to 15.1% ( 6.1 ) 3.5% to 12.3% ( 6.1 ) In the table above: • Ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. • Weighted averages are calculated by weighting each input by the relative fair value of the investment. • The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one investment. For example, the highest multiple for private equity securities is appropriate for valuing a specific private equity security but may not be appropriate for valuing any other private equity security. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 investments. • Increases in yield, discount rate, capitalization rate or duration used in the valuation of level 3 investments would have resulted in a lower fair value measurement, while increases in recovery rate or multiples would have resulted in a higher fair value measurement as of both December 2019 and December 2018. Due to the distinctive nature of each level 3 investment, the interrelationship of inputs is not necessarily uniform within each product type. • Corporate debt securities, securities backed by real estate and other debt obligations are valued using discounted cash flows, and equity securities are valued using market comparables and discounted cash flows. • The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparables and discounted cash flows may be used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. • Recovery rate was not significant to the valuation of level 3 securities backed by real estate as of December 2018. |
Investments, Level 3 Rollforward | The table below presents a summary of the changes in fair value for level 3 investments. Year Ended December $ in millions 2019 2018 Beginning balance $13,548 $12,208 Net realized gains/(losses) 252 237 Net unrealized gains/(losses) 1,295 834 Purchases 1,322 1,366 Sales (986 ) (1,512 ) Settlements (1,192 ) (1,451 ) Transfers into level 3 2,646 3,456 Transfers out of level 3 (1,603 ) (1,590 ) Ending balance $15,282 $13,548 In the table above: • Changes in fair value are presented for all investments that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to instruments that were still held at period-end. • Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If an investment was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3. • For level 3 investments, increases are shown as positive amounts, while decreases are shown as negative amounts. The table below presents information, by product type, for investments included in the summary table above. Year Ended December $ in millions 2019 2018 Corporate debt securities Beginning balance $ $ 1,722 Net realized gains/(losses) 64 62 Net unrealized gains/(losses) 198 66 Purchases 297 369 Sales (43 ) (231 ) Settlements (274 ) (358 ) Transfers into level 3 1,106 1,077 Transfers out of level 3 (423 ) (167 ) Ending balance $ $ 2,540 Securities backed by real estate Beginning balance $ 457 $ 662 Net realized gains/(losses) 27 20 Net unrealized gains/(losses) – (9 ) Purchases 238 109 Sales (82 ) (97 ) Settlements (98 ) (56 ) Transfers into level 3 63 76 Transfers out of level 3 (10 ) (248 ) Ending balance $ 595 $ 457 Equity securities Beginning balance $10,335 $ 9,626 Net realized gains/(losses) 160 155 Net unrealized gains/(losses) 1,096 775 Purchases 669 819 Sales (852 ) (1,161 ) Settlements (812 ) (1,007 ) Transfers into level 3 1,477 2,303 Transfers out of level 3 (1,170 ) (1,175 ) Ending balance $10,903 $10,335 Other debt obligations Beginning balance $ 216 $ 198 Net realized gains/(losses) 1 – Net unrealized gains/(losses) 1 2 Purchases 118 69 Sales (9 ) (23 ) Settlements (8 ) (30 ) Ending balance $ 319 $ 216 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Loans | The table below presents information about loans. $ in millions Amortized Cost Fair Value Held For Sale Total As of December 2019 Loan Type Corporate $41,129 $ 3,224 $1,954 $ 46,307 Wealth management 20,116 7,824 – 27,940 Commercial real estate 13,258 1,876 2,609 17,743 Residential real estate 6,132 792 34 6,958 Consumer 4,747 – – 4,747 Credit cards 1,858 – – 1,858 Other 3,396 670 726 4,792 Total loans, gross 90,636 14,386 5,323 110,345 Allowance for loan losses (1,441 ) – – (1,441 ) Total loans $89,195 $14,386 $5,323 $108,904 As of December 2018 Loan Type Corporate $37,283 $ 2,819 $2,273 $ 42,375 Wealth management 17,518 7,250 – 24,768 Commercial real estate 11,441 1,718 1,019 14,178 Residential real estate 7,284 973 44 8,301 Consumer 4,536 – – 4,536 Other 3,594 656 495 4,745 Total loans, gross 81,656 13,416 3,831 98,903 Allowance for loan losses (1,066 ) – – (1,066 ) Total loans $80,590 $13,416 $3,831 $ 97,837 |
Summary of Purchased Credit Impaired (PCI) Loans | The tables below present information about PCI loans. As of December $ in millions 2019 2018 Commercial real estate $ 455 $ 581 Residential real estate 1,167 2,457 Other – 4 Total gross carrying value $1,622 $3,042 Total outstanding principal balance $3,231 $5,576 Total accretable yield $ 220 $ 459 Year Ended December $ in millions 2019 2018 2017 Acquired during the period Fair value $ – $ 839 $1,769 Expected cash flows $ – $ 937 $1,961 Contractually required cash flows $ – $1,881 $4,092 |
Summary of Other Loans Receivable | The table below presents gross loans by an internally determined public rating agency equivalent or other credit metrics and the concentration of secured and unsecured loans. $ in millions Investment- Grade Non-Investment- Other/ Unrated Total As of December 2019 Amortized cost $30,266 $51,222 $ $ 90,636 Fair value 2,844 5,174 6,368 14,386 Held for sale 323 4,368 632 5,323 Total $ $ $ $ Secured 25% 50% 8% 83% Unsecured 5% 5% 7% 17% Total 30% 55% 15% 100% As of December 2018 Amortized cost $28,290 $45,468 $ 7,898 $ 81,656 Fair value 2,371 4,999 6,046 13,416 Held for sale 1,231 2,088 512 3,831 Total $31,892 $52,555 $14,456 $ 98,903 Secured 25% 50% 9% 84% Unsecured 7% 3% 6% 16% Total 32% 53% 15% 100% |
Summary of Consumer Loans by Refreshed FICO Credit Score | The table below presents gross consumer and credit card loans and the concentration by refreshed FICO credit score. As of December $ in millions 2019 2018 Consumer, gross $4,747 $4,536 Credit cards, gross 1,858 – Total $6,605 $4,536 Refreshed FICO credit score Greater than or equal to 660 85% 88% Less than 660 15% 12% Total 100% 100% |
Summary of Gross Loans Receivable and Lending Commitment by Impairment Methodology | The table below presents gross loans and lending commitments accounted for at amortized cost by impairment methodology. $ in millions Specific Portfolio PCI Total As of December 2019 Loans Corporate $1,122 $ 40,007 $ – $ 41,129 Wealth management 52 20,064 – 20,116 Commercial real estate 175 12,628 455 13,258 Residential real estate 143 4,822 1,167 6,132 Consumer – 4,747 – 4,747 Credit cards – 1,858 – 1,858 Other – 3,396 – 3,396 Total $1,492 $ 87,522 $1,622 $ 90,636 Lending Commitments Corporate $ $ 127,098 $ – $ 127,226 Credit card – 13,669 – 13,669 Other 11 9,194 – 9,205 Total $ $149,961 $ – $150,100 As of December 2018 Loans Corporate $ 358 $ 36,925 $ $ 37,283 Wealth management 46 17,472 – 17,518 Commercial real estate 9 10,851 581 11,441 Residential real estate 425 4,402 2,457 7,284 Consumer – 4,536 – 4,536 Other – 3,590 4 3,594 Total $ 838 $ 77,776 $3,042 $ 81,656 Lending Commitments Corporate $ 31 $113,453 $ $113,484 Other – 7,513 – 7,513 Total $ 31 $120,966 $ $120,997 |
Summary of Changes in Allowance for Loan Losses and Allowance for Losses on Lending Commitments | The table below presents information about the allowance for credit losses. Year Ended December 2019 2018 $ in millions Loans Lending Commitments Loans Lending Commitments Changes in the allowance for credit losses Beginning balance $1,066 $286 $ 803 $274 Net charge-offs (490 ) – (337 ) – Provision 990 75 654 20 Other (125 ) – (54 ) (8 ) Ending balance $1,441 $361 $1,066 $286 Allowance for losses by impairment methodology Specific $ 207 $ 21 $ 102 $ 3 Portfolio 1,065 340 848 283 PCI 169 – 116 – Total $1,441 $361 $1,066 $286 |
Schedule Of Gross Loans By Regulatory Risk Rating | The firm also assigns a regulatory risk rating to its loans based on the definitions provided by the U.S. federal bank regulatory agencies. The table below presents gross loans by regulatory risk rating. $ in millions Non-criticized/ Pass Criticized Total As of December 2019 Amortized cost $ 82,952 $ $ 90,636 Fair value 12,153 2,233 14,386 Held for sale 5,216 107 5,323 Total $100,321 $10,024 $110,345 As of December 2018 Amortized cost $ 75,596 $ $ 81,656 Fair value 10,752 2,664 13,416 Held for sale 3,817 14 3,831 Total $ 90,165 $ $ 98,903 |
Fair value of loans held for investment by level | The table below presents loans held for investment accounted for at fair value under the fair value option by level within the fair value hierarchy. $ in millions Level 1 Level 2 Level 3 Total As of December 2019 Loan Type Corporate $ – $ 2,472 $ 752 $ 3,224 Wealth management – 7,764 60 7,824 Commercial real estate – 1,285 591 1,876 Residential real estate – 571 221 792 Other – 404 266 670 Total $ – $12,496 $1,890 $14,386 As of December 2018 Loan Type Corporate $ – $ 2,160 $ 659 $ 2,819 Wealth management – 7,192 58 7,250 Commercial real estate – 1,041 677 1,718 Residential real estate – 683 290 973 Other – 350 306 656 Total $ – $11,426 $1,990 $13,416 |
Fair value, loans receivable, measurement inputs, disclosure | The table below presents the amount of level 3 loans, and ranges and weighted averages of significant unobservable inputs used to value such loans. Level 3 Assets and Range of Significant Unobservable Inputs (Weighted Average) as of December $ in millions 2019 2018 Corporate Level 3 assets $752 $659 Yield 1.9% to 26.3% ( 9.5 ) 4.8% to 30.0% ( 12.5 ) Recovery rate 13.5% to 78.0% ( 44.4 ) 13.5% to 55.0% ( 28.4% ) Duration (years) 3.7 to 5.8 (3.9 ) 1.6 to 6.7 (3.0 ) Commercial real estate Level 3 assets $591 $677 Yield 7.0% to 16.0% ( 9.3 ) 8.3% to 22.0% ( 11.7 ) Recovery rate 5.9% to 85.2% ( 48.6 ) 9.7% to 64.9% ( 37.8 ) Duration (years) 0.2 to 5.3 (3.5 ) 0.7 to 5.9 (3.8 ) Residential real estate Level 3 assets $221 $290 Yield 1.1% to 14.0% ( 11.5 ) 2.6% to 19.3% ( 11.9 ) Duration (years) 1.1 to 4.8 (4.0 ) 1.4 to 5.4 (4.6 ) Wealth management and other Level 3 assets $326 $364 Yield 3.9% to 16.0% ( 9.9 ) 4.7% to 11.5% ( 9.0 ) Duration (years) 1.6 to 6.7 (3.7 ) 2.2 to 4.8 (2.8 ) |
Reconciliation of changes in fair value for level 3 loans. | The table below presents a summary of the changes in fair value for level 3 loans. Year Ended December $ in millions 2019 2018 Beginning balance $1,990 $1,973 Net realized gains/(losses) 46 74 Net unrealized gains/(losses) 85 72 Purchases 249 88 Sales (14 ) (66 ) Settlements (795 ) (717 ) Transfers into level 3 444 995 Transfers out of level 3 (115 ) (429 ) Ending balance $1,890 $1,990 The table below presents information, by loan type, for loans included in the summary table above. Year Ended December $ in millions 2019 2018 Corporate Beginning balance $ 659 $ 672 Net realized gains/(losses) 5 15 Net unrealized gains/(losses) (27 ) (11 ) Purchases 151 69 Sales – (58 ) Settlements (298 ) (225 ) Transfers into level 3 290 310 Transfers out of level 3 (28 ) (113 ) Ending balance $ 752 $ 659 Commercial real estate Beginning balance $ 677 $ 853 Net realized gains/(losses) 20 38 Net unrealized gains/(losses) 28 33 Purchases 11 14 Sales (9 ) (4 ) Settlements (229 ) (330 ) Transfers into level 3 94 382 Transfers out of level 3 (1 ) (309 ) Ending balance $ 591 $ 677 Residential real estate Beginning balance $ 290 $ 213 Net realized gains/(losses) 15 18 Net unrealized gains/(losses) 26 (13 ) Purchases 58 3 Sales (5 ) (4 ) Settlements (137 ) (70 ) Transfers into level 3 60 143 Transfers out of level 3 (86 ) – Ending balance $ 221 $ 290 Wealth management and other Beginning balance $ 364 $ 235 Net realized gains/(losses) 6 3 Net unrealized gains/(losses) 58 63 Purchases 29 2 Sales – – Settlements (131 ) (92 ) Transfers into level 3 – 160 Transfers out of level 3 – (7 ) Ending balance $ 326 $ 364 |
Summary of estimated fair value of loans and lending commitments that are not accounted for at fair value | The table below presents the estimated fair value of loans that are not accounted for at fair value and in what level of the fair value hierarchy they would have been classified if they had been included in the firm’s fair value hierarchy. Carrying Estimated Fair Value $ in millions Value Level 2 Level 3 Total As of December 2019 Amortized cost $89,195 $52,091 $37,095 $89,186 Held for sale $ 5,323 $ 4,157 $ 1,252 $ 5,409 As of December 2018 Amortized cost $80,590 $40,640 $40,103 $80,743 Held for sale $ 3,831 $ 2,662 $ 1,180 $ 3,842 |
Geographic Concentration Risk [Member] | |
Summary of detailed information about concentration of our loans by region of borrowers | The table below presents the concentration of gross loans by region. As of December $ in millions 2019 2018 Loans, gross $110,345 $98,903 Region Americas 73% 77% EMEA 21% 18% Asia 6% 5% Total 100% 100% |
Industry Concentration Risk [Member] | |
Summary of detailed information about concentration of our loans by region of borrowers | The table below presents the concentration of gross corporate loans by industry. As of December $ in millions 2019 2018 Corporate, gross $46,307 $42,375 Industry Consumer, Retail & Healthcare 15% 16% Diversified Industrials 17% 16% Financial Institutions 10% 11% Funds 9% 10% Natural Resources & Utilities 12% 11% Real Estate 7% 6% Technology, Media & Telecommunications 17% 18% Other (including Special Purpose Vehicles) 13% 12% Total 100% 100% |
Fair Value Option (Tables)
Fair Value Option (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Financial Liabilities by Level | The table below presents, by level within the fair value hierarchy, other financial assets and liabilities at fair value, substantially all of which are accounted for at fair value under the fair value option. $ in millions Level 1 Level 2 Level 3 Total As of December 2019 Assets Resale agreements $ – $ 85,691 $ – $ 85,691 Securities borrowed – 26,279 – 26,279 Customer and other receivables – 53 – 53 Total $ – $ 112,023 $ – $ 112,023 Liabilities Deposits $ – $ (13,742 ) $ (4,023 ) $ (17,765 ) Repurchase agreements – (117,726 ) (30 ) (117,756 ) Securities loaned – (714 ) – (714 ) Other secured financings – (17,685 ) (386 ) (18,071 ) Unsecured borrowings: Short-term – (20,300 ) (5,707 ) (26,007 ) Long-term – (32,920 ) (10,741 ) (43,661 ) Other liabilities – (1 ) (149 ) (150 ) Total $ – $(203,088 ) $(21,036 ) $(224,124 ) As of December 2018 Assets Resale agreements $ – $ $ $ Securities borrowed – 23,142 – 23,142 Customer and other receivables – 154 6 160 Total $ – $ $ $ Liabilities Deposits $ – $ ) $ ) $ ) Repurchase agreements – (78,694 ) (29 ) (78,723 ) Securities loaned – (3,241 ) – (3,241 ) Other secured financings – (20,734 ) (170 ) (20,904 ) Unsecured borrowings: Short-term – (12,887 ) (4,076 ) (16,963 ) Long-term – (34,761 ) (11,823 ) (46,584 ) Other liabilities – (1 ) (131 ) (132 ) Total $ – $ ) $ ) $ ) |
Level 3 Rollforward | The table below presents a summary of the changes in fair value for level 3 other financial assets and liabilities accounted for at fair value. Year Ended December $ in millions 2019 2018 Total other financial assets Beginning balance $ $ 4 Net realized gains/(losses) 5 – Net unrealized gains/(losses) (6 ) 2 Settlements (5 ) – Ending balance $ $ 6 Total other financial liabilities Beginning balance $(19,397 ) $(15,462 ) Net realized gains/(losses) (337 ) (491 ) Net unrealized gains/(losses) (2,254 ) 2,013 Issuances (9,892 ) (11,935 ) Settlements 11,104 7,010 Transfers into level 3 (877 ) (1,416 ) Transfers out of level 3 617 884 Ending balance $(21,036 ) $(19,397 ) The table below presents information, by the consolidated balance sheet line items, for liabilities included in the summary table above. Year Ended December $ in millions 2019 2018 Deposits Beginning balance $ (3,168 ) $ (2,968 ) Net realized gains/(losses) (3 ) (25 ) Net unrealized gains/(losses) (473 ) 272 Issuances (932 ) (796 ) Settlements 452 298 Transfers into level 3 (28 ) (8 ) Transfers out of level 3 129 59 Ending balance $ (4,023 ) $ (3,168 ) Repurchase agreements Beginning balance $ ) $ (37 ) Net unrealized gains/(losses) (4 ) 2 Settlements 3 6 Ending balance $ ) $ (29 ) Other secured financings Beginning balance $ ) $ (389 ) Net realized gains/(losses) 36 (15 ) Net unrealized gains/(losses) (52 ) 11 Issuances (28 ) (8 ) Settlements 19 157 Transfers into level 3 (191 ) (10 ) Transfers out of level 3 – 84 Ending balance $ ) $ (170 ) Unsecured short-term borrowings Beginning balance $ (4,076 ) $ (4,594 ) Net realized gains/(losses) (120 ) (125 ) Net unrealized gains/(losses) (484 ) 558 Issuances (5,410 ) (4,564 ) Settlements 4,333 4,481 Transfers into level 3 (173 ) (72 ) Transfers out of level 3 223 240 Ending balance $ (5,707 ) $ (4,076 ) Unsecured long-term borrowings Beginning balance $(11,823 ) $ (7,434 ) Net realized gains/(losses) (278 ) (349 ) Net unrealized gains/(losses) (1,223 ) 1,262 Issuances (3,494 ) (6,545 ) Settlements 6,297 2,068 Transfers into level 3 (485 ) (1,326 ) Transfers out of level 3 265 501 Ending balance $(10,741 ) $(11,823 ) Other liabilities Beginning balance $ ) $ (40 ) Net realized gains/(losses) 28 23 Net unrealized gains/(losses) (18 ) (92 ) Issuances (28 ) (22 ) Ending balance $ ) $ (131 ) |
Gains and Losses on Other Financial Assets and Financial Liabilities at Fair Value | The table below presents the gains and losses recognized in earnings as a result of the election to apply the fair value option to certain financial assets and liabilities. Year Ended December $ in millions 2019 2018 2017 Unsecured short-term borrowings $(3,365 ) $1,443 $(2,585 ) Unsecured long-term borrowings (5,251 ) 926 (1,357 ) Other (883 ) 308 (272 ) Total $(9,499 ) $2,677 $(4,214 ) |
Summary of DVA Losses on Financial Liabilities | The table below presents information about the net debt valuation adjustment (DVA) gains/(losses) on financial liabilities for which the fair value option was elected. Year Ended December $ in millions 2019 2018 2017 DVA (pre-tax) $(2,763 ) $3,389 $(1,232 ) DVA (net of tax) $(2,079 ) $2,553 $ (807 ) In the table above: • DVA (net of tax) is included in debt valuation adjustment in the consolidated statements of comprehensive income. • The gains/(losses) reclassified to earnings from accumulated other comprehensive income/(loss) upon extinguishment of such financial liabilities were not material for 2019, 2018 or 2017. |
Loans and Lending Commitments | The table below presents the difference between the aggregate fair value and the aggregate contractual principal amount for loans (included in trading assets and loans on the consolidated balance sheets) for which the fair value option was elected. As of December $ in millions 2019 2018 Performing loans Aggregate contractual principal in excess of fair value $ $1,830 Loans on nonaccrual status and/or more than 90 days past due Aggregate contractual principal in excess of fair value $6,703 $5,260 Aggregate fair value $2,776 $2,010 |
Collateralized Agreements and_2
Collateralized Agreements and Financings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Resale and Repurchase Agreements and Securities Borrowed and Loaned Transactions | The table below presents the carrying value of resale and repurchase agreements and securities borrowed and loaned transactions. As of December $ in millions 2019 2018 Resale agreements $ 85,691 $139,258 Securities borrowed $136,071 $135,285 Repurchase agreements $117,756 $ 78,723 Securities loaned $ 14,985 $ 11,808 |
Offsetting Arrangements | The table below presents resale and repurchase agreements and securities borrowed and loaned transactions included in the consolidated balance sheets, as well as the amounts not offset in the consolidated balance sheets. Assets Liabilities $ in millions Resale agreements Securities borrowed Repurchase agreements Securities loaned As of December 2019 Included in the consolidated balance sheets Gross carrying value $ $ $ $ Counterparty netting (67,291 ) (4,606 ) (67,291 ) (4,606 ) Total 85,691 136,071 117,756 14,985 Amounts not offset Counterparty netting (3,058 ) (2,211 ) (3,058 ) (2,211 ) Collateral (78,528 ) (127,901 ) (114,065 ) (12,614 ) Total $ $ $ $ As of December 2018 Included in the consolidated balance sheets Gross carrying value $ 246,284 $ 139,556 $ 185,749 $ 16,079 Counterparty netting (107,026 ) (4,271 ) (107,026 ) (4,271 ) Total 139,258 135,285 78,723 11,808 Amounts not offset Counterparty netting (5,870 ) (1,104 ) (5,870 ) (1,104 ) Collateral (130,707 ) (127,340 ) (70,691 ) (10,491 ) Total $ 2,681 $ 6,841 $ 2,162 $ 213 |
Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Class of Collateral Pledged | The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged. $ in millions Repurchase agreements Securities loaned As of December 2019 Money market instruments $ $ U.S. government and agency obligations 112,903 – Non-U.S. 55,575 1,051 Securities backed by commercial real estate 210 – Securities backed by residential real estate 1,079 – Corporate debt securities 6,857 122 State and municipal obligations 242 – Other debt obligations 196 – Equity securities 7,827 18,418 Total $185,047 $19,591 As of December 2018 Money market instruments $ 100 $ U.S. government and agency obligations 88,060 – Non-U.S. 84,443 2,438 Securities backed by commercial real estate 3 – Securities backed by residential real estate 221 – Corporate debt securities 5,495 195 Other debt obligations 25 – Equity securities 7,402 13,446 Total $185,749 $16,079 |
Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Maturity Date | The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity. As of December 2019 $ in millions Repurchase agreements Securities loaned No stated maturity and overnight $ 70,260 $14,467 2 - 30 days 81,440 3,117 31 - 90 days 12,874 841 91 days - 1 year 16,266 1,166 Greater than 1 year 4,207 – Total $185,047 $19,591 |
Other Secured Financings | The table below presents information about other secured financings. $ in millions U.S. Dollar Non-U.S. Total As of December 2019 Other secured financings (short-term): At fair value $ 2,754 $4,441 $ 7,195 At amortized cost 129 – 129 Other secured financings (long-term): At fair value 7,402 3,474 10,876 At amortized cost 397 680 1,077 Total other secured financings $10,682 $8,595 $19,277 Other secured financings collateralized by: Financial instruments $ 5,506 $6,509 $12,015 Other assets $ 5,856 $1,406 $ 7,262 As of December 2018 Other secured financings (short-term): At fair value $ 3,528 $6,027 $ 9,555 At amortized cost – – – Other secured financings (long-term): At fair value 9,010 2,339 11,349 At amortized cost 529 – 529 Total other secured financings $13,067 $8,366 $21,433 Other secured financings collateralized by: Financial instruments $ 8,960 $7,550 $16,510 Other assets $ 4,107 $ 816 $ 4,923 |
Other Secured Financings by Maturity Date | The table below presents other secured financings by maturity. $ in millions As of December 2019 Other secured financings (short-term) $ 7,324 Other secured financings (long-term): 2021 3,683 2022 1,842 2023 1,399 2024 1,358 2025 - thereafter 3,671 Total other secured financings (long-term) 11,953 Total other secured financings $19,277 |
Financial Instruments Received as Collateral and Repledged | The table below presents financial instruments at fair value received as collateral that were available to be delivered or repledged and were delivered or repledged. As of December $ in millions 2019 2018 Collateral available to be delivered or repledged $661,490 $681,516 Collateral that was delivered or repledged $558,634 $565,625 |
Financial Instruments Owned, at Fair Value and Other Assets Pledged as Collateral | The table below presents information about assets pledged. As of December $ in millions 2019 2018 Pledged to counterparties that had the right to deliver or repledge Trading assets $ 66,605 $ 47,371 Investments $ 10,968 $ 7,710 Pledged Trading assets $101,578 $ 67,683 Investments $ $ 617 Loans $ 6,628 $ 5,240 Other assets $ 12,337 $ 8,037 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | The table below presents other assets by type. As of December $ in millions 2019 2018 Property, leasehold improvements and equipment $21,886 $18,317 Goodwill and identifiable intangible assets 4,837 4,082 Operating lease right-of-use 2,360 – Income tax-related 2,068 1,529 Miscellaneous receivables and other 3,731 5,067 Total $34,882 $28,995 |
Carrying Value of Goodwill | The table below presents the carrying value of goodwill by reporting unit. As of December $ in millions 2019 2018 Investment Banking $ 281 $ 281 Global Markets: FICC 269 269 Equities 2,508 2,508 Asset Management 390 244 Consumer & Wealth Management: Consumer banking 48 48 Wealth management 700 408 Total $4,196 $3,758 |
Identifiable Intangible Assets by Segment and Type | The table below presents identifiable intangible assets by reporting unit and type. As of December $ in millions 2019 2018 By Reporting Unit Global Markets: FICC $ $ 10 Equities – 37 Asset Management 265 219 Consumer & Wealth Management: Consumer banking 7 10 Wealth management 366 48 Total $ $ 324 By Type Customer lists Gross carrying value $ 1,427 $ 1,117 Accumulated amortization (1,044 ) (970 ) Net carrying value 383 147 Acquired leases and other Gross carrying value 790 636 Accumulated amortization (532 ) (459 ) Net carrying value 258 177 Total gross carrying value 2,217 1,753 Total accumulated amortization (1,576 ) (1,429 ) Total net carrying value $ $ 324 |
Amortization Expense | The tables below present information about the amortization of identifiable intangible assets. Year Ended December $ in millions 2019 2018 2017 Amortization $173 $152 $150 |
Estimated Future Amortization | $ in millions As of December 2019 Estimated future amortization 2020 $122 2021 $ 91 2022 $ 77 2023 $ 71 2024 $ 59 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Schedule of Types and Sources of Deposits | The table below presents the types and sources of deposits. $ in millions Savings and Demand Time Total As of December 2019 Private bank deposits $ 53,726 $ 2,087 $ 55,813 Consumer deposits 44,973 15,023 59,996 Brokered certificates of deposit – 39,449 39,449 Deposit sweep programs 17,760 – 17,760 Institutional deposits 2,291 14,710 17,001 Total $118,750 $71,269 $190,019 As of December 2018 Private bank deposits $ 52,028 $ 2,311 $ 54,339 Consumer deposits 27,987 7,641 35,628 Brokered certificates of deposit – 35,876 35,876 Deposit sweep programs 15,903 – 15,903 Institutional deposits 1 16,510 16,511 Total $ 95,919 $62,338 $158,257 |
Deposits | The table below presents the location of deposits. As of December $ in millions 2019 2018 U.S. offices $150,759 $126,444 Non-U.S. 39,260 31,813 Total $190,019 $158,257 |
Maturities of Time Deposits | The table below presents maturities of time deposits held in U.S. and non-U.S. As of December 2019 $ in millions U.S. Non-U.S. Total 2020 $28,260 $10,736 $38,996 2021 8,741 459 9,200 2022 8,059 81 8,140 2023 5,936 57 5,993 2024 4,233 125 4,358 2025 - 3,584 998 4,582 Total $58,813 $12,456 $71,269 |
Unsecured Borrowings (Tables)
Unsecured Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Unsecured Borrowings | The table below presents information about unsecured borrowings. As of December $ in millions 2019 2018 Unsecured short-term borrowings $ 48,287 $ 40,502 Unsecured long-term borrowings 207,076 224,149 Total $255,363 $264,651 |
Unsecured Short-Term Borrowings | The table below presents information about unsecured short-term borrowings. As of December $ in millions 2019 2018 Current portion of unsecured long-term borrowings $30,636 $27,476 Hybrid financial instruments 15,814 10,908 Other unsecured short-term borrowings 1,837 2,118 Total unsecured short-term borrowings $48,287 $40,502 Weighted average interest rate 2.71% 2.51% |
Unsecured Long-Term Borrowings | The table below presents information about unsecured long-term borrowings. $ in millions U.S. Dollar Non-U.S. Dollar Total As of December 2019 Fixed-rate obligations: Group Inc. $ 91,256 $33,631 $124,887 Subsidiaries 1,590 2,554 4,144 Floating-rate obligations: Group Inc. 25,318 18,383 43,701 Subsidiaries 22,532 11,812 34,344 Total $140,696 $66,380 $207,076 As of December 2018 Fixed-rate obligations: Group Inc. $ 97,354 $34,030 $131,384 Subsidiaries 2,581 2,624 5,205 Floating-rate obligations: Group Inc. 30,565 21,157 51,722 Subsidiaries 23,756 12,082 35,838 Total $154,256 $69,893 $224,149 |
Unsecured Long-Term Borrowings by Maturity Date | The table below presents unsecured long-term borrowings by maturity. As of December 2019 $ in millions Group Inc. Subsidiaries Total 2021 $ 20,334 $ 6,003 $ 26,337 2022 21,874 3,413 25,287 2023 21,644 5,048 26,692 2024 15,083 4,061 19,144 2025 - 89,653 19,963 109,616 Total $168,588 $38,488 $207,076 |
Unsecured Long-Term Borrowings after Hedging | The table below presents unsecured long-term borrowings, after giving effect to such hedging activities. $ in millions Group Inc. Subsidiaries Total As of December 2019 Fixed-rate obligations: At fair value $ $ $ At amortized cost 44,631 2,946 47,577 Floating-rate obligations: At fair value 14,920 28,016 42,936 At amortized cost 108,359 7,479 115,838 Total $168,588 $38,488 $207,076 As of December 2018 Fixed-rate obligations: At fair value $ $ 28 $ 28 At amortized cost 71,221 3,331 74,552 Floating-rate obligations: At fair value 16,387 30,169 46,556 At amortized cost 95,498 7,515 103,013 Total $183,106 $41,043 $224,149 |
Subordinated Long-Term Borrowings | The table below presents information about subordinated borrowings. $ in millions Par Amount Carrying Value Rate As of December 2019 Subordinated debt $14,041 $16,980 3.46% Junior subordinated debt 976 1,328 2.85% Total $15,017 $18,308 3.42% As of December 2018 Subordinated debt $14,023 $15,703 4.09% Junior subordinated debt 1,140 1,425 3.19% Total $15,163 $17,128 4.02% |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | The table below presents other liabilities by type. As of December $ in millions 2019 2018 Compensation and benefits $ 6,889 $ 6,834 Income tax-related 2,947 2,864 Operating lease liabilities 2,385 – Noncontrolling interests 1,713 1,568 Employee interests in consolidated funds 81 122 Accrued expenses and other 7,636 6,219 Total $21,651 $17,607 |
Information About Operating Lease Liabilities | The table below presents information about operating lease liabilities. $ in millions As of December 2019 2020 $ 2021 308 2022 268 2023 235 2024 219 2025 - 2,566 Total undiscounted lease payments 3,980 Imputed interest (1,595 ) Total operating lease liabilities $ 2,385 Weighted average remaining lease term 18 years Weighted average discount rate 5.02% |
Securitization Activities (Tabl
Securitization Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Amount of Financial Assets Securitized and Cash Flows Received on Retained Interests | The table below presents the amount of financial assets securitized and the cash flows received on retained interests in securitization entities in which the firm had continuing involvement as of the end of the period. Year Ended December $ in millions 2019 2018 2017 Residential mortgages $15,124 $21,229 $18,142 Commercial mortgages 12,741 8,745 7,872 Other financial assets 1,252 1,914 481 Total financial assets securitized $29,117 $31,888 $26,495 Retained interests cash flows $ $ 296 $ 264 |
Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets | The table below presents information about nonconsolidated securitization entities to which the firm sold assets and had continuing involvement as of the end of the period. $ in millions Outstanding Principal Amount Retained Interests Purchased Interests As of December 2019 U.S. government agency-issued collateralized mortgage obligations $14,328 $1,530 $ 3 Other residential mortgage-backed 24,166 1,078 24 Other commercial mortgage-backed 25,588 615 6 Corporate debt and other asset-backed 3,612 149 – Total $67,694 $3,372 $33 As of December 2018 U.S. government agency-issued collateralized mortgage obligations $24,506 $1,758 $29 Other residential mortgage-backed 19,560 941 15 Other commercial mortgage-backed 15,088 448 10 Corporate debt and other asset-backed 3,311 133 3 Total $62,465 $3,280 $57 In the table above: • The outstanding principal amount is presented for the purpose of providing information about the size of the securitization entities and is not representative of the firm’s risk of loss. • The firm’s risk of loss from retained or purchased interests is limited to the carrying value of these interests. • Purchased interests represent senior and subordinated interests, purchased in connection with secondary market-making activities, in securitization entities in which the firm also holds retained interests. • Substantially all of the total outstanding principal amount and total retained interests relate to securitizations during 2014 and thereafter. • The fair value of retained interests was $3.35 billion as of December 2019 and $3.28 billion as of December 2018. |
Weighted Average Key Economic Assumptions Used in Measuring Fair Value of Firm's Retained Interests and Sensitivity of This Fair Value to Immediate Adverse Changes | The table below presents information about the weighted average key economic assumptions used in measuring the fair value of mortgage-backed retained interests. As of December $ in millions 2019 2018 Fair value of retained interests $3,198 $ 3,151 Weighted average life (years) 6.0 7.2 Constant prepayment rate 12.9% 11.9% Impact of 10% adverse change $ (22 ) $ (27 ) Impact of 20% adverse change $ (42 ) $ (53 ) Discount rate 4.7% 4.7% Impact of 10% adverse change $ (59 ) $ (75 ) Impact of 20% adverse change $ (117 ) $ (147 ) In the table above: • Amounts do not reflect the benefit of other financial instruments that are held to mitigate risks inherent in these retained interests. • Changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is not usually linear. • The impact of a change in a particular assumption is calculated independently of changes in any other assumption. In practice, simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above. • The constant prepayment rate is included only for positions for which it is a key assumption in the determination of fair value. • The discount rate for retained interests that relate to U.S. government agency-issued collateralized mortgage obligations does not include any credit loss. Expected credit loss assumptions are reflected in the discount rate for the remainder of retained interests. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nonconsolidated Variable Interest Entities | The table below presents a summary of the nonconsolidated VIEs in which the firm holds variable interests. As of December $ in millions 2019 2018 Total nonconsolidated VIEs Assets in VIEs $128,069 $118,186 Carrying value of variable interests — assets $ 9,526 $ 9,543 Carrying value of variable interests — liabilities $ $ 478 Maximum exposure to loss: Retained interests $ 3,372 $ 3,280 Purchased interests 901 983 Commitments and guarantees 2,697 2,745 Derivatives 9,010 8,975 Debt and equity 4,806 4,728 Total maximum exposure to loss $ 20,786 $ 20,711 The table below presents information, by principal business activity, for nonconsolidated VIEs included in the summary table above. As of December $ in millions 2019 2018 Mortgage-backed Assets in VIEs $75,354 $73,262 Carrying value of variable interests — assets $ 3,830 $ 4,090 Maximum exposure to loss: Retained interests $ 3,223 $ 3,147 Purchased interests 607 941 Commitments and guarantees 50 35 Derivatives 66 77 Total maximum exposure to loss $ 3,946 $ 4,200 Real estate, credit- and power-related and other investing Assets in VIEs $19,602 $18,851 Carrying value of variable interests — assets $ 3,243 $ 3,601 Carrying value of variable interests — liabilities $ $ 20 Maximum exposure to loss: Commitments and guarantees $ 1,213 $ 1,543 Derivatives 92 113 Debt and equity 3,238 3,572 Total maximum exposure to loss $ 4,543 $ 5,228 Corporate debt and other asset-backed Assets in VIEs $16,248 $15,842 Carrying value of variable interests — assets $ 2,040 $ 1,563 Carrying value of variable interests — liabilities $ $ 458 Maximum exposure to loss: Retained interests $ $ 133 Purchased interests 294 42 Commitments and guarantees 1,374 1,113 Derivatives 8,849 8,782 Debt and equity 1,155 867 Total maximum exposure to loss $11,821 $10,937 Investments in funds Assets in VIEs $16,865 $10,231 Carrying value of variable interests — assets $ $ 289 Maximum exposure to loss: Commitments and guarantees $ $ 54 Derivatives 3 3 Debt and equity 413 289 Total maximum exposure to loss $ $ 346 |
Consolidated Variable Interest Entities | The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in consolidated VIEs. As of December $ in millions 2019 2018 Total consolidated VIEs Assets Cash and cash equivalents $ $ 84 Trading assets 27 264 Investments 835 943 Loans 2,392 1,148 Other assets 1,084 1,261 Total $4,450 $3,700 Liabilities Other secured financings $1,163 $1,204 Customer and other payables 9 – Trading liabilities 10 20 Unsecured short-term borrowings 48 45 Unsecured long-term borrowings 214 207 Other liabilities 959 1,100 Total $2,403 $2,576 The table below presents information, by principal business activity, for consolidated VIEs included in the summary table above. As of December $ in millions 2019 2018 Real estate, credit-related and other investing Assets Cash and cash equivalents $ $ 84 Trading assets 26 45 Investments 835 943 Loans 2,392 1,096 Other assets 1,084 1,258 Total $4,449 $3,426 Liabilities Other secured financings $ $ 596 Customer and other payables 9 – Trading liabilities 10 20 Other liabilities 959 1,100 Total $1,662 $1,716 Mortgage-backed and other asset-backed Assets Trading assets $ – $ 210 Loans – 52 Other assets – 3 Total $ – $ 265 Liabilities Other secured financings $ – $ 140 Total $ – $ 140 Principal-protected notes Assets Trading assets $ $ 9 Total $ $ 9 Liabilities Other secured financings $ $ 468 Unsecured short-term borrowings 48 45 Unsecured long-term borrowings 214 207 Total $ $ 720 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | The table below presents commitments by type. As of December $ in millions 2019 2018 Commitment Type Commercial lending: Investment-grade $ 89,276 $ 81,729 Non-investment-grade 58,718 51,793 Warehouse financing 5,581 4,060 Credit card 13,669 – Total lending 167,244 137,582 Collateralized agreement 62,093 54,480 Collateralized financing 10,193 15,429 Letters of credit 456 445 Investment 7,879 7,595 Other 6,135 4,892 Total commitments $254,000 $220,423 The table below presents commitments by expiration. As of December 2019 $ in millions 2020 2021 - 2022 2023 - 2024 2025 - Thereafter Commitment Type Commercial lending: Investment-grade $ 13,921 $31,099 $43,303 $ Non-investment-grade 6,130 15,810 26,379 10,399 Warehouse financing 1,644 2,320 1,596 21 Credit card 13,669 – – – Total lending 35,364 49,229 71,278 11,373 Collateralized agreement 61,588 505 – – Collateralized financing 10,193 – – – Letters of credit 409 7 – 40 Investment 3,623 1,434 1,002 1,820 Other 6,051 84 – – Total commitments $117,228 $51,259 $72,280 $13,233 |
Lending Commitments | The table below presents information about lending commitments. As of December $ in millions 2019 2018 Held for investment $150,100 $120,997 Held for sale 15,245 14,912 At fair value 1,899 1,673 Total $167,244 $137,582 In the table above: • Held for investment lending commitments are accounted for on an accrual basis. The carrying value of lending commitments was a liability of $527 million (including allowance for losses of $361 million) as of December 2019 and $443 million (including allowance for losses of $286 million) as of December 2018. The estimated fair value of such lending commitments was a liability of $3.05 billion as of December 2019 and $3.78 billion as of December 2018. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $1.78 billion as of December 2019 and $1.12 billion as of December 2018 would have been classified in level 2, and $1.27 billion as of December 2019 and $2.66 billion as of December 2018 would have been classified in level 3. • Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $60 million as of December 2019 and $155 million as of December 2018. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 2 as of both December 2019 and December • Gains or losses related to lending commitments at fair value, if any, are generally recorded net of any fees in other principal transactions. |
Guarantees | The table below presents derivatives that meet the definition of a guarantee, securities lending indemnifications and certain other financial guarantees. $ in millions Derivatives Securities lending indemnifications Other financial guarantees As of December 2019 Carrying Value of Net Liability $ 3,817 $ – $ Maximum Payout/Notional Amount by Period of Expiration 2020 $ 91,814 $17,891 $2,044 2021 - 2022 76,693 – 1,714 2023 - 2024 19,377 – 2,219 2025 - 36,317 – 149 Total $224,201 $17,891 $6,126 As of December 2018 Carrying Value of Net Liability $ 4,105 $ $ 38 Maximum Payout/Notional Amount by Period of Expiration 2019 $101,169 $27,869 $1,379 2020 - 2021 77,955 – 2,252 2022 - 2023 17,813 – 2,021 2024 - 67,613 – 241 Total $264,550 $27,869 $5,893 In the table above: • The maximum payout is based on the notional amount of the contract and does not represent anticipated losses. • Amounts exclude certain commitments to issue standby letters of credit that are included in lending commitments. See the tables in “Commitments” above for a summary of the firm’s commitments. • The carrying value for derivatives included derivative assets of $1.56 billion as of December 2019 and $1.48 billion as of December 2018, and derivative liabilities of $5.38 billion as of December 2019 and $5.59 billion as of December 2018. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Amount of Common Stock Repurchased by the Firm | The table below presents information about common stock repurchases. Year Ended December in millions, except per share amounts 2019 2018 2017 Common share repurchases 25.8 13.9 29.0 Average cost per share $206.56 $236.22 $231.87 Total cost of common share repurchases $ 5,335 $ 3,294 $ 6,721 |
Summary of Dividends Declared on Common Stock | The table below presents common stock dividends declared. Year Ended December 2019 2018 2017 Dividends declared per common share $4.15 $3.15 $2.90 |
Summary of Perpetual Preferred Stock Issued and Outstanding | The tables below present information about the perpetual preferred stock issued and outstanding as of December 2019. Series Shares Authorized Shares Issued Shares Outstanding Depositary Shares Per Share A 50,000 30,000 29,999 1,000 C 25,000 8,000 8,000 1,000 D 60,000 54,000 53,999 1,000 E 17,500 7,667 7,667 N/A F 5,000 1,615 1,615 N/A J 46,000 40,000 40,000 1,000 K 32,200 28,000 28,000 1,000 L 52,000 14,000 14,000 25 M 80,000 80,000 80,000 25 N 31,050 27,000 27,000 1,000 O 26,000 26,000 26,000 25 P 66,000 60,000 60,000 25 Q 20,000 20,000 20,000 25 R 24,000 24,000 24,000 25 Total 534,750 420,282 420,280 Series Earliest Redemption Date Liquidation Preference Redemption Value ($ in millions) A Currently redeemable $ 25,000 $ C Currently redeemable $ 25,000 200 D Currently redeemable $ 25,000 1,350 E Currently redeemable $100,000 767 F Currently redeemable $100,000 161 J May 10, 2023 $ 25,000 1,000 K May 10, 2024 $ 25,000 700 L Currently redeemable $ 25,000 350 M May 10, 2020 $ 25,000 2,000 N May 10, 2021 $ 25,000 675 O November 10, 2026 $ 25,000 650 P November 10, 2022 $ 25,000 1,500 Q August 10, 2024 $ 25,000 500 R February 10, 2025 $ 25,000 600 Total $11,203 In the tables above: • All shares have a par value of $0.01 per share and, where applicable, each share is represented by the specified number of depositary shares. • The earliest redemption date represents the date on which each share of non-cumulative • Prior to redeeming preferred stock, the firm must receive confirmation that the FRB does not object to such action. • In June 2019, the firm issued 20,000 shares of Series Q 5.50% Fixed-Rate Reset Non-Cumulative • In November 2019, the firm issued 24,000 shares of Series R 4.95% Fixed-Rate Reset Non-Cumulative • The redemption price per share for Series A through F and Series Q and R Preferred Stock is the liquidation preference plus declared and unpaid dividends. The redemption price per share for Series J through P Preferred Stock is the liquidation preference plus accrued and unpaid dividends. Each share of Series E and Series F Preferred Stock is redeemable at the firm’s option, subject to certain covenant restrictions governing the firm’s ability to redeem the preferred stock without issuing common stock or other instruments with equity-like characteristics. See Note 14 for information about the replacement capital covenants applicable to the Series E and Series F Preferred Stock. • All series of preferred stock are pari passu and have a preference over the firm’s common stock on liquidation. • The firm’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, its common stock is subject to certain restrictions in the event that the firm fails to pay or set aside full dividends on the preferred stock for the latest completed dividend period. |
Summary of Dividend Rates of Perpetual Preferred Stock Issued and Outstanding | The table below presents the dividend rates of perpetual preferred stock as of December 2019. Series Per Annum Dividend Rate A 3 month LIBOR + 0.75%, with floor of 3.75%, payable quarterly C 3 month LIBOR + 0.75%, with floor of 4.00%, payable quarterly D 3 month LIBOR + 0.67%, with floor of 4.00%, payable quarterly E 3 month LIBOR + 0.7675%, with floor of 4.00%, payable quarterly F 3 month LIBOR + 0.77%, with floor of 4.00%, payable quarterly J 5.50% to, but excluding, May 10, 2023; K 6.375% to, but excluding, May 10, 2024; L 5.70%, payable semi-annually, from issuance date to, but excluding, May 10, 2019; 3 month LIBOR + 3.884%, payable quarterly, thereafter M 5.375%, payable semi-annually, N 6.30%, payable quarterly O 5.30%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 3 month LIBOR + 3.834%, payable quarterly, thereafter P 5.00%, payable semi-annually, from issuance date to, but excluding, November 10, 2022; 3 month LIBOR + 2.874%, payable quarterly, thereafter Q 5.50%, payable semi-annually, from issuance date to, but excluding, August 10, 2024; 5 year treasury rate + 3.623%, payable semi-annually, thereafter R 4.95%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 3.224%, payable semi-annually, thereafter |
Summary of Preferred Dividends Declared on Preferred Stock Issued | The table below presents preferred stock dividends declared. Year Ended December 2019 2018 2017 Series per share $ in millions per share $ in millions per share $ in millions A $ $ 28 $ 958.33 $ 29 $ 950.51 $ 29 B $ 5 $1,550.00 19 $1,550.00 50 C $1,011.11 8 $1,022.23 8 $1,013.90 8 D $1,011.11 54 $1,022.23 55 $1,013.90 55 E $4,044.44 31 $4,077.78 31 $4,055.55 31 F $4,044.44 7 $4,077.78 7 $4,055.55 6 I $ – $ – $1,487.52 51 J $1,375.00 55 $1,375.00 55 $1,375.00 55 K $1,593.76 45 $1,593.76 45 $1,593.76 45 L $1,519.67 68 $1,425.00 74 $1,425.00 74 M $1,343.76 107 $1,343.76 107 $1,343.76 107 N $1,575.00 43 $1,575.00 43 $1,575.00 42 O $1,325.00 34 $1,325.00 34 $1,325.00 34 P $1,250.00 75 $1,281.25 77 $ – Total $560 $584 $587 |
Accumulated Other Comprehensive Income/(Loss), Net of Tax | The table below presents changes in the accumulated other comprehensive income/(loss), net of tax, by type. $ in millions Beginning balance Other comprehensive income/(loss) adjustments, net of tax Ending balance Year Ended December 2019 Currency translation $ ) $ $ ) Debt valuation adjustment 1,507 (2,079 ) (572 ) Pension and postretirement liabilities (81 ) (261 ) (342 ) Available-for-sale (112 ) 158 46 Total $ $(2,177 ) $(1,484 ) Year Ended December 2018 Currency translation $ ) $ $ ) Debt valuation adjustment (1,046 ) 2,553 1,507 Pension and postretirement liabilities (200 ) 119 (81 ) Available-for-sale (9 ) (103 ) (112 ) Total $(1,880 ) $ $ Year Ended December 2017 Currency translation $ ) $ $ ) Debt valuation adjustment (239 ) (807 ) (1,046 ) Pension and postretirement liabilities (330 ) 130 (200 ) Available-for-sale – (9 ) (9 ) Total $(1,216 ) $ ) $ ) |
Regulation and Capital Adequa_2
Regulation and Capital Adequacy (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Risk-based Capital and Leverage Ratios | The table below presents the risk-based capital and leverage requirements. As of December 2019 2018 Risk-based capital requirements CET1 capital ratio 9.5% 8.3% Tier 1 capital ratio 11.0% 9.8% Total capital ratio 13.0% 11.8% Leverage requirements Tier 1 leverage ratio 4.0% 4.0% SLR 5.0% 5.0% In the table above: • As of December 2019, the CET1 capital ratio requirement included a minimum of 4.5%, the Tier 1 capital ratio requirement included a minimum of 6.0%, and the Total capital ratio requirement included a minimum of 8.0%. The requirements also included the capital conservation buffer of 2.5%, the G-SIB • As of December 2018, the CET1 capital ratio requirement included a minimum of 4.5%, the Tier 1 capital ratio requirement included a minimum of 6.0%, and the Total capital ratio requirement included a minimum of 8.0%. The requirements also included the 75% phase-in phase-in G-SIB • The capital conservation buffer, countercyclical capital buffer and G-SIB • The G-SIB G-SIB G-SIB. • The Tier 1 leverage ratio requirement is a minimum of 4%. The SLR requirement of 5% as of both December 2019 and December 2018 includes a minimum of 3% and a 2% buffer applicable to G-SIBs. |
Risk-based Capital Ratios | The table below presents information about risk-based capital ratios. $ in millions Standardized Advanced As of December 2019 CET1 capital $ 74,850 $ 74,850 Tier 1 capital $ 85,440 $ 85,440 Tier 2 capital $ 14,925 $ 13,473 Total capital $100,365 $ 98,913 RWAs $563,575 $544,653 CET1 capital ratio 13.3% 13.7% Tier 1 capital ratio 15.2% 15.7% Total capital ratio 17.8% 18.2% As of December 2018 CET1 capital $ 73,116 $ 73,116 Tier 1 capital $ 83,702 $ 83,702 Tier 2 capital $ 14,926 $ 13,743 Total capital $ 98,628 $ 97,445 RWAs $547,910 $558,111 CET1 capital ratio 13.3% 13.1% Tier 1 capital ratio 15.3% 15.0% Total capital ratio 18.0% 17.5% In the table above: • In accordance with the risk-based Capital Rules, the lower of the Standardized or Advanced ratio is the ratio against which the firm’s compliance with the capital requirements is assessed, and therefore, the Standardized ratios applied to the firm as of December 2019 and the Advanced ratios applied to the firm as of December 2018. • Beginning in the fourth quarter of 2019, the firm made changes to the calculation of the loss given default for certain wholesale exposures. At the date of adoption, the estimated impact of these changes was an increase in the firm’s Advanced CET1 capital ratio of approximately 1 percentage point. |
Leverage Ratio | The table below presents information about leverage ratios. For the Three Months Ended or as of December $ in millions 2019 2018 Tier 1 capital $ $ 83,702 Average total assets 983,909 945,961 Deductions from Tier 1 capital (5,275 ) (4,754 ) Average adjusted total assets 978,634 941,207 Average off-balance-sheet 396,833 401,699 Total leverage exposure $1,375,467 $1,342,906 Tier 1 leverage ratio 8.7% 8.9% SLR 6.2% 6.2% In the table above: • Average total assets represents the average daily assets for the quarter. • Average off-balance-sheet • Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets. • SLR is calculated as Tier 1 capital divided by total leverage exposure. |
Changes in CET1, Tier 1 Capital and Tier 2 Capital | The table below presents changes in CET1 capital, Tier 1 capital and Tier 2 capital. $ in millions Standardized Advanced Year Ended December 2019 CET1 capital Beginning balance $ 73,116 $73,116 Change in: Common shareholders’ equity 80 80 Deduction for goodwill (432 ) (432 ) Deduction for identifiable intangible assets (307 ) (307 ) Other adjustments 2,393 2,393 Ending balance $ 74,850 $74,850 Tier 1 capital Beginning balance $ 83,702 $83,702 Change in: CET1 capital 1,734 1,734 Deduction for investments in covered funds 5 5 Other adjustments (1 ) (1 ) Ending balance 85,440 85,440 Tier 2 capital Beginning balance 14,926 13,743 Change in: Qualifying subordinated debt (300 ) (300 ) Junior subordinated debt (158 ) (158 ) Allowance for credit losses 449 – Other adjustments 8 188 Ending balance 14,925 13,473 Total capital $100,365 $98,913 Year Ended December 2018 CET1 capital Beginning balance $ 67,110 $67,110 Change in: Common shareholders’ equity 8,592 8,592 Transitional provisions (117 ) (117 ) Deduction for goodwill (86 ) (86 ) Deduction for identifiable intangible assets 26 26 Other adjustments (2,409 ) (2,409 ) Ending balance $ 73,116 $73,116 Tier 1 capital Beginning balance $ 78,331 $78,331 Change in: CET1 capital 6,006 6,006 Transitional provisions 13 13 Deduction for investments in covered funds (25 ) (25 ) Preferred stock (650 ) (650 ) Other adjustments 27 27 Ending balance 83,702 83,702 Tier 2 capital Beginning balance 14,977 13,899 Change in: Qualifying subordinated debt (213 ) (213 ) Junior subordinated debt (125 ) (125 ) Allowance for credit losses 275 – Other adjustments 12 182 Ending balance 14,926 13,743 Total capital $ 98,628 $97,445 |
Minimum Risk-based Capital and Leverage Ratios and "well-capitalized" Minimum Ratios | The table below presents GS Bank USA’s risk-based capital, leverage and “well-capitalized” requirements. As of December “Well-capitalized” 2019 2018 Risk-based capital requirements CET1 capital ratio 7.0% 6.4% 6.5% Tier 1 capital ratio 8.5% 7.9% 8.0% Total capital ratio 10.5% 9.9% 10.0% Leverage requirements Tier 1 leverage ratio 4.0% 4.0% 5.0% SLR 3.0% 3.0% 6.0% In the table above: • As of December 2019, the CET1 capital ratio requirement included a minimum of 4.5%, the Tier 1 capital ratio requirement included a minimum of 6.0%, and the Total capital ratio requirement included a minimum of 8.0%. The requirements also included the capital conservation buffer of 2.5% and the countercyclical capital buffer, which the FRB has set to zero percent. • As of December 2018, the CET1 capital ratio requirement included a minimum of 4.5%, the Tier 1 capital ratio requirement included a minimum of 6.0%, and the Total capital ratio requirement included a minimum of 8.0%. The requirements also included the 75% phase-in • The “well-capitalized” requirements were the binding requirements for risk-based capital ratios as of December 2018 and were the binding requirements for leverage ratios as of both December 2019 and December 2018. |
Basel III Advanced Rules [Member] | |
Risk-based Capital | The table below presents information about risk-based capital. As of December $ in millions 2019 2018 Common shareholders’ equity $ 79,062 $78,982 Deduction for goodwill (3,529 ) (3,097 ) Deduction for identifiable intangible assets (604 ) (297 ) Other adjustments (79 ) (2,472 ) CET1 capital 74,850 73,116 Preferred stock 11,203 11,203 Deduction for investments in covered funds (610 ) (615 ) Other adjustments (3 ) (2 ) Tier 1 capital $ 85,440 $83,702 Standardized Tier 2 and Total capital Tier 1 capital $ 85,440 $83,702 Qualifying subordinated debt 12,847 13,147 Junior subordinated debt 284 442 Allowance for credit losses 1,802 1,353 Other adjustments (8 ) (16 ) Standardized Tier 2 capital 14,925 14,926 Standardized Total capital $100,365 $98,628 Advanced Tier 2 and Total capital Tier 1 capital $ 85,440 $83,702 Standardized Tier 2 capital 14,925 14,926 Allowance for credit losses (1,802 ) (1,353 ) Other adjustments 350 170 Advanced Tier 2 capital 13,473 13,743 Advanced Total capital $ 98,913 $97,445 In the table above: • Deduction for goodwill was net of deferred tax liabilities of $667 million as of December 2019 and $661 million as of December 2018. • Deduction for identifiable intangible assets was net of deferred tax liabilities of $37 million as of December 2019 and $27 million as of December 2018. • Deduction for investments in covered funds represents the firm’s aggregate investments in applicable covered funds, excluding investments that are subject to an extended conformance period. See Note 8 for further information about the Volcker Rule. • Other adjustments within CET1 capital and Tier 1 capital primarily include credit valuation adjustments on derivative liabilities, the overfunded portion of the firm’s defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, debt valuation adjustments and other required credit risk-based deductions. Other adjustments within Advanced Tier 2 capital include eligible credit reserves. • Qualifying subordinated debt is subordinated debt issued by Group Inc. with an original maturity of five years or greater. The outstanding amount of subordinated debt qualifying for Tier 2 capital is reduced upon reaching a remaining maturity of five years. See Note 14 for further information about the firm’s subordinated debt. • Junior subordinated debt is debt issued to a Trust. As of December 2019, 30% of this debt was included in Tier 2 capital and 70% was phased out of regulatory capital. As of December 2018, 40% of this debt was included in Tier 2 capital and 60% was phased out of regulatory capital. Junior subordinated debt is reduced by the amount of Trust Preferred securities purchased by the firm and will be fully phased out of Tier 2 capital by 2022 at a rate of 10% per year. See Note 14 for further information about the firm’s junior subordinated debt and Trust Preferred securities. |
Risk-weighted Assets | The table below presents information about RWAs. $ in millions Standardized Advanced As of December 2019 Credit RWAs Derivatives $120,906 $ 72,631 Commitments, guarantees and loans 179,740 134,456 Securities financing transactions 65,867 13,834 Equity investments 56,814 61,892 Other 75,660 78,266 Total Credit RWAs 498,987 361,079 Market RWAs Regulatory VaR 8,933 8,933 Stressed VaR 30,911 30,911 Incremental risk 4,308 4,308 Comprehensive risk 1,393 1,191 Specific risk 19,043 19,043 Total Market RWAs 64,588 64,386 Total Operational RWAs – 119,188 Total RWAs $563,575 $544,653 As of December 2018 Credit RWAs Derivatives $122,511 $ 82,301 Commitments, guarantees and loans 160,305 143,356 Securities financing transactions 66,363 18,259 Equity investments 53,563 55,154 Other 70,596 69,681 Total Credit RWAs 473,338 368,751 Market RWAs Regulatory VaR 7,782 7,782 Stressed VaR 27,952 27,952 Incremental risk 10,469 10,469 Comprehensive risk 2,770 2,770 Specific risk 25,599 25,599 Total Market RWAs 74,572 74,572 Total Operational RWAs – 114,788 Total RWAs $547,910 $558,111 |
Changes in Risk-weighted Assets | The table below presents changes in RWAs. $ in millions Standardized Advanced Year Ended December 2019 RWAs Beginning balance $547,910 $558,111 Credit RWAs Change in: Derivatives (1,605 ) (9,670 ) Commitments, guarantees and loans 19,435 (8,900 ) Securities financing transactions (496 ) (4,425 ) Equity investments 3,251 6,738 Other 5,064 8,585 Change in Credit RWAs 25,649 (7,672 ) Market RWAs Change in: Regulatory VaR 1,151 1,151 Stressed VaR 2,959 2,959 Incremental risk (6,161 ) (6,161 ) Comprehensive risk (1,377 ) (1,579 ) Specific risk (6,556 ) (6,556 ) Change in Market RWAs (9,984 ) (10,186 ) Change in Operational RWAs – 4,400 Ending balance $563,575 $544,653 Year Ended December 2018 RWAs Beginning balance $555,611 $617,646 Credit RWAs Change in: Transitional provisions 7,766 8,232 Derivatives (3,565 ) (20,685 ) Commitments, guarantees and loans 15,201 (20,019 ) Securities financing transactions (11,599 ) (1,103 ) Equity investments (2,241 ) (4,580 ) Other (454 ) (6,411 ) Change in Credit RWAs 5,108 (44,566 ) Market RWAs Change in: Regulatory VaR 250 250 Stressed VaR (4,801 ) (4,801 ) Incremental risk 2,028 2,028 Comprehensive risk 373 900 Specific risk (10,659 ) (10,659 ) Change in Market RWAs (12,809 ) (12,282 ) Change in Operational RWAs – (2,687 ) Ending balance $547,910 $558,111 |
Hybrid Capital Rules [Member] | |
Risk-based Capital | The table below presents information about GS Bank USA’s risk-based capital ratios. $ in millions Standardized Advanced As of December 2019 CET1 capital $ 29,176 $ 29,176 Tier 1 capital $ 29,176 $ 29,176 Tier 2 capital $ 5,293 $ 4,486 Total capital $ 34,469 $ 33,662 RWAs $258,541 $135,596 CET1 capital ratio 11.3% 21.5% Tier 1 capital ratio 11.3% 21.5% Total capital ratio 13.3% 24.8% As of December 2018 CET1 capital $ 27,467 $ 27,467 Tier 1 capital $ 27,467 $ 27,467 Tier 2 capital $ 5,069 $ 4,446 Total capital $ 32,536 $ 31,913 RWAs $248,356 $149,019 CET1 capital ratio 11.1% 18.4% Tier 1 capital ratio 11.1% 18.4% Total capital ratio 13.1% 21.4% |
GS Bank USA [Member] | |
Leverage Ratio | The table below presents information about GS Bank USA’s leverage ratios. For the Three Months $ in millions 2019 2018 Tier 1 capital $ 29,176 $ 27,467 Average adjusted total assets $220,974 $188,606 Total leverage exposure $413,852 $368,062 Tier 1 leverage ratio 13.2% 14.6% SLR 7.0% 7.5% In the table above: • Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets. • SLR is calculated as Tier 1 capital divided by total leverage exposure. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | The table below presents information about basic and diluted EPS. Year Ended December in millions, except per share amounts 2019 2018 2017 Net earnings to common $7,897 $9,860 $3,685 Weighted average basic shares 371.6 385.4 401.6 Effect of dilutive securities: RSUs 3.9 3.9 5.3 Stock options – 0.9 2.2 Dilutive securities 3.9 4.8 7.5 Weighted average diluted shares 375.5 390.2 409.1 Basic EPS $21.18 $25.53 $ 9.12 Diluted EPS $21.03 $25.27 $ 9.01 |
Transactions with Affiliated _2
Transactions with Affiliated Funds (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Fees Earned from Affiliated Funds | The tables below present information about affiliated funds. Year Ended December $ in millions 2019 2018 2017 Fees earned from funds $2,967 $3,571 $2,932 |
Fees Receivable from Affiliated Funds and the Aggregate Carrying Value of the Firm's Interests in these Funds | As of December $ in millions 2019 2018 Fees receivable from funds $ $ 610 Aggregate carrying value of interests in funds $5,490 $4,994 |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift, Interest [Abstract] | |
Interest Income and Interest Expense | The table below presents sources of interest income and interest expense. Year Ended December $ in millions 2019 2018 2017 Deposits with banks $ 1,211 $ 1,418 $ 819 Collateralized agreements 4,397 3,852 1,661 Trading assets 5,899 5,157 4,667 Investments 1,457 1,215 704 Loans 5,411 4,689 3,222 Other interest 3,363 3,348 2,040 Total interest income 21,738 19,679 13,113 Deposits 3,568 2,606 1,380 Collateralized financings 2,658 2,051 863 Trading liabilities 1,213 1,554 1,388 Short-term borrowings 668 695 698 Long-term borrowings 5,359 5,555 4,599 Other interest 3,910 3,451 1,253 Total interest expense 17,376 15,912 10,181 Net interest income $ 4,362 $ 3,767 $ 2,932 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Provision for Taxes | The table below presents information about the provision for taxes. Year Ended December $ in millions 2019 2018 2017 Current taxes U.S. federal $1,113 $ 2,986 $ 320 State and local 388 379 64 Non-U.S. 950 1,302 1,004 Total current tax expense 2,451 4,667 1,388 Deferred taxes U.S. federal (383 ) (2,711 ) 5,083 State and local (20 ) 58 157 Non-U.S. 69 8 218 Total deferred tax (benefit)/expense (334 ) (2,645 ) 5,458 Provision for taxes $2,117 $ 2,022 $6,846 In the table above: • State and local current taxes in 2017 includes the impact of settlements of state and local examinations. • U.S. federal current tax expense and U.S. federal deferred tax expense in 2018 and 2017 includes the impact of Tax Legislation. |
Effective Income Tax Rate Reconciliation | The table below presents a reconciliation of the U.S. federal statutory income tax rate to the effective income tax rate. Year Ended December 2019 2018 2017 U.S. federal statutory income tax rate 21.0% 21.0% 35.0% State and local taxes, net of U.S. federal benefit 2.9 2.0 1.5 Settlement of employee share-based awards (0.6) (2.2) (6.4) Non-U.S. (3.6) (0.7) (6.3) Tax credits (1.8) (1.4) (2.1) Tax-exempt (1.0) (0.6) (0.2) Tax Legislation – (3.9) 39.5 Non-deductible 2.1 1.2 0.5 Other 1.0 0.8 – Effective income tax rate 20.0% 16.2% 61.5% In the table above: • Non-U.S. • Non-U.S. • State and local taxes in 2017, net of U.S. federal income tax effects, includes the impact of settlements of state and local examinations. |
Components of Deferred Tax Assets and Liabilities | The table below presents information about deferred tax assets and liabilities, excluding the impact of netting within tax jurisdictions. As of December $ in millions 2019 2018 Deferred tax assets Compensation and benefits $1,351 $1,296 ASC 740 asset related to unrecognized tax benefits 279 152 Non-U.S. 472 264 Net operating losses 411 688 Occupancy-related 178 71 Other comprehensive income-related 407 – Tax credits carryforward 59 62 Operating lease liabilities 559 – Allowance for credit losses 433 326 Other, net 160 42 Subtotal 4,309 2,901 Valuation allowance (467 ) (245 ) Total deferred tax assets $3,842 $2,656 Deferred tax liabilities Depreciation and amortization $1,022 $ 930 Unrealized gains 1,196 1,290 Operating lease right-of-use assets 560 – Other comprehensive income-related – 84 Total deferred tax liabilities $2,778 $2,304 |
Rollforward of Unrecognized Tax Benefits | The table below presents the changes in the liability for unrecognized tax benefits, which is included in other liabilities. Year Ended or as of December $ in millions 2019 2018 2017 Beginning balance $1,051 $ 665 $ 852 Increases based on current year tax positions 131 197 94 Increases based on prior years’ tax positions 441 232 101 Decreases based on prior years’ tax positions (54 ) (39 ) (128 ) Decreases related to settlements (125 ) (3 ) (255 ) Exchange rate fluctuations 1 (1 ) 1 Ending balance $1,445 $1,051 $ 665 Related deferred income tax asset 279 152 75 Net unrecognized tax benefit $1,166 $ 899 $ 590 |
Earliest Tax Years Subject to Examination by Major Jurisdiction | The table below presents the earliest tax years that remain subject to examination by major jurisdiction. Jurisdiction As of December 2019 U.S. Federal 2011 New York State and City 2011 United Kingdom 2017 Japan 2014 Hong Kong 2013 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Operating Results and Assets By Segment | The table below presents a summary of the firm’s segment results. Year Ended December $ in millions 2019 2018 2017 Investment Banking Non-interest revenues $ 7,079 $ 7,856 $ 7,158 Net interest income 520 322 301 Total net revenues 7,599 8,178 7,459 Provision for credit losses 333 124 34 Operating expenses 4,685 4,473 3,613 Pre-tax earnings $ 2,581 $ 3,581 $ 3,812 Net earnings $ 2,065 $ 3,001 $ 1,468 Net earnings to common $ 1,996 $ 2,924 $ 1,394 Average common equity $11,167 $ 8,737 $ 8,753 Return on average common equity 17.9% 33.5% 15.9% Global Markets Non-interest revenues $13,109 $12,831 $10,853 Net interest income 1,670 1,607 1,442 Total net revenues 14,779 14,438 12,295 Provision for credit losses 35 52 178 Operating expenses 10,851 10,585 9,981 Pre-tax earnings $ 3,893 $ 3,801 $ 2,136 Net earnings $ 3,114 $ 3,185 $ 823 Net earnings to common $ 2,729 $ 2,796 $ 397 Average common equity $40,060 $41,237 $44,448 Return on average common equity 6.8% 6.8% 0.9% Asset Management Non-interest revenues $ 8,454 $ 8,353 $ 8,491 Net interest income 511 482 39 Total net revenues 8,965 8,835 8,530 Provision for credit losses 274 160 322 Operating expenses 4,817 4,179 3,773 Pre-tax earnings $ 3,874 $ 4,496 $ 4,435 Net earnings $ 3,099 $ 3,767 $ 1,707 Net earnings to common $ 3,013 $ 3,668 $ 1,639 Average common equity $21,575 $19,061 $16,904 Return on average common equity 14.0% 19.2% 9.7% Consumer & Wealth Management Non-interest revenues $ 3,542 $ 3,809 $ 3,296 Net interest income 1,661 1,356 1,150 Total net revenues 5,203 5,165 4,446 Provision for credit losses 423 338 123 Operating expenses 4,545 4,224 3,574 Pre-tax earnings $ $ 603 $ 749 Net earnings $ $ 506 $ 288 Net earnings to common $ $ 472 $ 255 Average common equity $ 6,292 $ 4,950 $ 4,616 Return on average common equity 2.5% 9.5% 5.5% Total Non-interest revenues $32,184 $32,849 $29,798 Net interest income 4,362 3,767 2,932 Total net revenues 36,546 36,616 32,730 Provision for credit losses 1,065 674 657 Operating expenses 24,898 23,461 20,941 Pre-tax earnings $10,583 $12,481 $11,132 Net earnings $ 8,466 $10,459 $ 4,286 Net earnings to common $ 7,897 $ 9,860 $ 3,685 Average common equity $79,094 $73,985 $74,721 Return on average common equity 10.0% 13.3% 4.9% The table below presents assets by segment. As of December $ in millions 2019 2018 Investment Banking $ 92,009 $ 89,451 Global Markets 725,060 683,702 Asset Management 92,102 85,003 Consumer & Wealth Management 83,797 73,640 Total $992,968 $931,796 |
Depreciation and Amortization | The table below presents depreciation and amortization expense by segment. Year Ended December $ in millions 2019 2018 2017 Investment Banking $ $ 114 $ 123 Global Markets 646 563 514 Asset Management 618 450 365 Consumer & Wealth Management 301 201 150 Total $1,704 $1,328 $1,152 |
Summary of Gross Loans by Segment and Loan | The table below presents gross loans by segment and loan type. As of December $ in millions 2019 2018 Corporate $ 27,035 $ Investment Banking 27,035 26,375 Corporate 11,852 11,147 Real estate 15,671 14,231 Other 3,756 3,636 Global Markets 31,279 29,014 Corporate 7,420 4,853 Real estate 9,030 8,248 Other 1,036 1,109 Asset Management 17,486 14,210 Wealth Management 27,940 24,768 Consumer 4,747 4,536 Credit cards 1,858 – Consumer & Wealth Management 34,545 29,304 Total $110,345 $98,903 |
Summary of Allowance for Loan Losses | The table below presents the allowance for loan losses by segment. As of December $ in millions 2019 2018 Investment Banking $ 470 $ 355 Global Markets 168 138 Asset Management 385 254 Consumer & Wealth Management 418 319 Total $1,441 $1,066 |
Total Net Revenues, Pre-tax Earnings and Net Earnings (Excluding Corporate) for Each Geographic Region | The table below presents total net revenues, pre-tax $ in millions 2019 2018 2017 Year Ended December Americas $22,148 60% $22,339 61% $19,737 60% EMEA 9,745 27% 9,244 25% 8,168 25% Asia 4,653 13% 5,033 14% 4,825 15% Total net revenues $36,546 100% $36,616 100% $32,730 100% Americas $ 6,623 62% $ 8,125 65% $ 7,014 63% EMEA 3,349 32% 3,244 26% 2,561 23% Asia 611 6% 1,112 9% 1,557 14% Total pre-tax earnings $10,583 100% $12,481 100% $11,132 100% Americas $ 5,514 65% $ 7,092 68% $ 1,059 25% EMEA 2,600 31% 2,522 24% 2,048 48% Asia 352 4% 845 8% 1,179 27% Total net earnings $ 8,466 100% $10,459 100% $ 4,286 100% |
Credit Concentrations (Tables)
Credit Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Credit Concentration, Government and Federal Agency Obligations | The table below presents the credit concentrations included in trading cash instruments and investments. As of December $ in millions 2019 2018 U.S. government and agency obligations $167,097 $111,114 Percentage of total assets 16.8% 11.9% Non-U.S. $ 44,875 $ 43,607 Percentage of total assets 4.5% 4.7% |
Credit Concentration, Resale Agreements and Securities Borrowed | The table below presents U.S. government and agency obligations and non-U.S. As of December $ in millions 2019 2018 U.S. government and agency obligations $49,396 $78,828 Non-U.S. $55,889 $76,745 In the table above: • Non-U.S. • Given that the firm’s primary credit exposure on such transactions is to the counterparty to the transaction, the firm would be exposed to the collateral issuer only in the event of counterparty default. |
Employee Incentive Plans (Table
Employee Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Units, Vested and Expected to Vest | The table below presents the 2019 activity related to RSUs. Restricted Stock Units Outstanding Weighted Average Grant-Date Units Outstanding Future Service Required No Future Service Required Future Service Required No Future Service Required Beginning balance 3,761,839 13,328,995 $217.85 $187.27 Granted 4,770,662 7,307,148 $178.76 $176.54 Forfeited (468,754 ) (265,510 ) $196.13 $184.36 Delivered – (9,222,049 ) $ – $175.54 Vested (3,550,271 ) 3,550,271 $195.09 $195.09 Ending balance 4,513,476 14,698,855 $196.69 $191.25 In the table above: • The weighted average grant-date fair value of RSUs granted was $177.42 during 2019, $218.06 during 2018 and $206.88 during 2017. The fair value of the RSUs granted included a liquidity discount of 10.5% during 2019, 11.9% during 2018 and 10.7% during 2017, to reflect post-vesting and delivery transfer restrictions, generally of up to 4 years. • The aggregate fair value of awards that vested was $2.00 billion during 2019, $1.79 billion during 2018 and $2.14 billion during 2017. • The ending balance included restricted stock subject to future service requirements of 23,068 shares as of December 2019 and 1,649 shares as of December 2018. • The ending balance included RSUs subject to performance conditions and future service requirements of 224,898 RSUs as of December 2019, and represents the maximum amount of such RSUs that may be earned as of December 2019. • The ending balance also included RSUs subject to performance conditions but not subject to future service requirements of 268,433 RSUs as of December 2019 and 174,579 RSUs as of December 2018, and the maximum amount of such RSUs that may be earned was 402,650 RSUs as of December 2019 and 261,869 RSUs as of December 2018. |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | The table below presents the share-based compensation and the related excess tax benefit. Year Ended December $ in millions 2019 2018 2017 Share-based compensation $2,120 $1,850 $1,812 Excess net tax benefit for options exercised $ – $ 64 $ 139 Excess net tax benefit for share-based $ $ 269 $ 719 |
Parent Company (Tables)
Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Group Condensed Statement of Earnings | Group Inc. – Condensed Statements of Earnings Year Ended December $ in millions 2019 2018 2017 Revenues Dividends from subsidiaries and other affiliates: Bank $ $ 102 $ 550 Nonbank 4,199 16,368 11,016 Other revenues 335 (1,376 ) (384 ) Total non-interest 4,597 15,094 11,182 Interest income 7,575 6,617 4,638 Interest expense 8,545 8,114 5,978 Net interest loss (970 ) (1,497 ) (1,340 ) Total net revenues 3,627 13,597 9,842 Operating expenses Compensation and benefits 331 299 330 Other expenses 1,365 1,192 428 Total operating expenses 1,696 1,491 758 Pre-tax 1,931 12,106 9,084 Provision/(benefit) for taxes (538 ) (1,173 ) 3,404 Undistributed earnings/(loss) of subsidiaries 5,997 (2,820 ) (1,394 ) Net earnings 8,466 10,459 4,286 Preferred stock dividends 569 599 601 Net earnings applicable to common $7,897 $ 9,860 $ 3,685 |
Group Condensed Balance Sheets | Group Inc. – Condensed Balance Sheets As of December $ in millions 2019 2018 Assets Cash and cash equivalents: With third-party banks $ $ 103 With subsidiary bank 7 – Loans to and receivables from subsidiaries: Bank 2,398 1,019 Nonbank (includes $6,460 239,241 225,471 Investments in subsidiaries and other affiliates: Bank 30,376 28,737 Nonbank 65,301 61,481 Trading assets (at fair value) 691 717 Investments (includes $16,930 20,499 12,824 Other assets 4,262 3,653 Total assets $362,808 $334,005 Liabilities and shareholders’ equity Payables to subsidiaries $ $ 702 Trading liabilities (at fair value) 417 281 Secured borrowings with subsidiary 42,083 6,899 Unsecured short-term borrowings: With third parties (includes $4,751 25,635 25,060 With subsidiaries 917 659 Unsecured long-term borrowings: With third parties (includes $15,611 168,602 183,121 With subsidiaries 28,576 23,343 Other liabilities 5,673 3,755 Total liabilities 272,543 243,820 Commitments, contingencies and guarantees Shareholders’ equity Preferred stock 11,203 11,203 Common stock 9 9 Share-based awards 3,195 2,845 Additional paid-in 54,883 54,005 Retained earnings 106,465 100,100 Accumulated other comprehensive income/(loss) (1,484 ) 693 Stock held in treasury, at cost (84,006 ) (78,670 ) Total shareholders’ equity 90,265 90,185 Total liabilities and shareholders’ equity $362,808 $334,005 |
Condensed Consolidated Statements of Cash Flows | Group Inc. – Condensed Statements of Cash Flows Year Ended December $ in millions 2019 2018 2017 Cash flows from operating activities Net earnings $ $ 10,459 $ 4,286 Adjustments to reconcile net earnings to net cash provided by operating activities: Undistributed (earnings)/loss of subsidiaries and other affiliates (5,997 ) 2,820 1,394 Depreciation and amortization 26 51 56 Deferred income taxes (210 ) (2,817 ) 4,358 Share-based compensation 118 105 152 Gain related to extinguishment of unsecured borrowings (20 ) (160 ) (114 ) Changes in operating assets and liabilities: Trading assets 5,145 (1,431 ) (508 ) Trading liabilities 136 27 (521 ) Other, net (1,131 ) 1,639 (1,154 ) Net cash provided by operating activities 6,533 10,693 7,949 Cash flows from investing activities Purchase of property, leasehold improvements and equipment (34 ) (63 ) (66 ) Repayments/(issuances) of short-term loans to subsidiaries, net 2,079 10,829 (14,415 ) Issuance of term loans to subsidiaries (7,374 ) (30,336 ) (42,234 ) Repayments of term loans by subsidiaries 1,894 25,956 22,039 Purchase of investments (16,776 ) (3,141 ) (6,491 ) Proceeds from sales and paydowns of 9,768 – 596 Capital distributions from/(contributions to) subsidiaries, net (415 ) 1,807 388 Net cash provided by/(used for) investing (10,858 ) 5,052 (40,183 ) Cash flows from financing activities Secured borrowings with subsidiary (short-term), 26,398 (12,853 ) 16,035 Unsecured short-term borrowings, net: With third parties (22 ) (1,541 ) (424 ) With subsidiaries 4,649 11,855 7,043 Proceeds from issuance of unsecured long-term 8,804 26,157 43,917 Repayment of unsecured long-term borrowings, including the current portion (27,172 ) (32,429 ) (27,028 ) Purchase of Trust Preferred securities (206 ) (35 ) (237 ) Preferred stock redemption (1,100 ) (650 ) (850 ) Common stock repurchased (5,335 ) (3,294 ) (6,772 ) Settlement of share-based (745 ) (1,118 ) (2,223 ) Dividends and dividend equivalents paid on common stock, preferred stock and share-based (2,104 ) (1,810 ) (1,769 ) Proceeds from issuance of preferred stock, net of issuance costs 1,098 – 1,495 Proceeds from issuance of common stock, including exercise of share-based awards – 38 7 Cash settlement of share-based awards – – (3 ) Other financing, net (3 ) – – Net cash provided by/(used for) financing 4,262 (15,680 ) 29,191 Net increase/(decrease) in cash and cash (63 ) 65 (3,043 ) Cash and cash equivalents, beginning balance 103 38 3,081 Cash and cash equivalents, ending balance $ 40 $ 103 $ 38 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business segments | 4 |
Significant Accounting Polici_2
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2020 | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Summary of Accounting and Financial Policies [Line Items] | |||||
Firm's revenues from contracts with clients subject to ASU 2014-09 as a percentage of firm's total non-interest revenues | 45.00% | 50.00% | |||
Investment Banking revenues from contracts with clients subject to ASU 2014-09 as a percentage of firm's investment banking revenues | 85.00% | 85.00% | |||
Investment management revenues from contracts with clients subject to ASU 2014-09 as a percentage of firm's investment management revenue | 95.00% | 95.00% | |||
Cash and due from banks | $ 12,570 | $ 10,660 | |||
Interest-bearing deposits with banks | 120,980 | 119,890 | |||
Cash segregated for regulatory and other purposes | 22,780 | 23,140 | |||
Receivable from customers and counterparties | 50,900 | 46,950 | |||
Receivables from brokers, dealers and clearing organizations | 23,710 | 25,500 | |||
Firm's receivables from contracts with clients | 2,270 | 1,940 | |||
Payables to customers and counterparties | 170,210 | 173,990 | |||
Payables to brokers, dealers and clearing organizations | 4,610 | $ 6,240 | |||
Lease liabilities | 2,385 | ||||
Maximum [Member] | |||||
Summary of Accounting and Financial Policies [Line Items] | |||||
Annual average revenues associated with known remaining performance obligations | $ 250 | ||||
Accounting Standards Update 2014-09 [Member] | |||||
Summary of Accounting and Financial Policies [Line Items] | |||||
Decrease in retained earnings | $ (53) | ||||
Accounting Standards Update 2016-02 [Member] | |||||
Summary of Accounting and Financial Policies [Line Items] | |||||
Lease liabilities | $ 1,770 | ||||
New accounting standards impact on retained earnings | $ 12 | ||||
Accounting Standards Update 2016-13 [Member] | |||||
Summary of Accounting and Financial Policies [Line Items] | |||||
New accounting standards impact on retained earnings | $ (640) | ||||
Allowance for credit losses | (169) | ||||
Accounting Standards Update 2016-13 [Member] | Subsequent Event [Member] | |||||
Summary of Accounting and Financial Policies [Line Items] | |||||
Allowance for credit losses | $ 848 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Liabilities Summary (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | $ 539,568 | $ 501,712 |
Total assets | $ 992,968 | $ 931,796 |
Total level 3 financial assets divided by total assets | 2.30% | 2.40% |
Total level 3 financial assets divided by total financial assets at fair value | 4.30% | 4.40% |
Total financial liabilities at fair value | $ 332,959 | $ 296,504 |
Total level 3 financial liabilities divided by total financial liabilities at fair value | 7.80% | 8.00% |
Counterparty and Cash Collateral Netting [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | $ (55,527) | $ (49,383) |
Total financial liabilities at fair value | (41,671) | (39,786) |
Investments in funds at NAV [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 4,206 | 3,936 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 242,562 | 170,463 |
Total financial liabilities at fair value | 54,790 | 54,151 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 325,259 | 354,515 |
Total financial liabilities at fair value | 293,902 | 258,335 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 23,068 | 22,181 |
Total financial liabilities at fair value | $ 25,938 | $ 23,804 |
Fair Value Measurements - Total
Fair Value Measurements - Total Level 3 Financial Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | $ 539,568 | $ 501,712 |
Investment at fair value | 57,827 | 45,579 |
Loans receivable at fair value | 14,386 | 13,416 |
Financial assets fair value disclosure | 112,023 | 162,522 |
Derivatives [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 100,779 | 94,229 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 23,068 | 22,181 |
Loans receivable at fair value | 1,890 | 1,990 |
Financial assets fair value disclosure | 6 | |
Level 3 [Member] | Trading cash instruments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading cash instrument at fair value | 1,242 | 1,689 |
Level 3 [Member] | Derivatives [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 4,654 | 4,948 |
Level 3 [Member] | Investments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment at fair value | 15,282 | 13,548 |
Level 3 [Member] | Loans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable at fair value | $ 1,890 | 1,990 |
Level 3 [Member] | Other Assets at Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets fair value disclosure | $ 6 |
Trading Assets and Liabilitie_2
Trading Assets and Liabilities - Summary of Trading Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trading Assets | $ 355,332 | $ 280,195 |
Trading Liabilities | 108,835 | 108,897 |
Trading Cash Instruments [Member] | ||
Trading Cash Instruments | 310,080 | 235,349 |
Trading Liabilities | 65,033 | 66,303 |
Derivatives [Member] | ||
Trading Assets at Fair Value | 45,252 | 44,846 |
Trading Liabilities | $ 43,802 | $ 42,594 |
Trading Assets and Liabilitie_3
Trading Assets and Liabilities - Gains and Losses from Market Making (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Trading activity, gains and losses, net [Line Items] | |||
Market making | $ 10,157 | $ 9,724 | $ 7,853 |
Interest Rates [Member] | |||
Trading activity, gains and losses, net [Line Items] | |||
Market making | 3,272 | (1,917) | 6,587 |
Credit [Member] | |||
Trading activity, gains and losses, net [Line Items] | |||
Market making | 682 | 1,268 | 696 |
Currencies [Member] | |||
Trading activity, gains and losses, net [Line Items] | |||
Market making | 2,902 | 4,646 | (3,240) |
Equities [Member] | |||
Trading activity, gains and losses, net [Line Items] | |||
Market making | 2,946 | 5,264 | 3,170 |
Commodities [Member] | |||
Trading activity, gains and losses, net [Line Items] | |||
Market making | $ 355 | $ 463 | $ 640 |
Trading Cash Instruments - Cash
Trading Cash Instruments - Cash Instruments by Level (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trading Cash Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Trading Assets | $ 310,080 | $ 235,349 |
Trading cash instruments assets | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 222,413 | 157,197 |
Trading cash instruments assets | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 86,425 | 76,463 |
Trading cash instruments assets | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 1,242 | 1,689 |
Trading cash instruments assets | U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 142,935 | 98,572 |
Trading cash instruments assets | U.S. Government and Agency Obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 108,200 | 70,220 |
Trading cash instruments assets | U.S. Government and Agency Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 34,714 | 28,327 |
Trading cash instruments assets | U.S. Government and Agency Obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 21 | 25 |
Trading cash instruments assets | Non-U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 44,839 | 43,563 |
Trading cash instruments assets | Non-U.S. Government and Agency Obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 33,709 | 33,231 |
Trading cash instruments assets | Non-U.S. Government and Agency Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 11,108 | 10,322 |
Trading cash instruments assets | Non-U.S. Government and Agency Obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 22 | 10 |
Trading cash instruments assets | Loans and Securities Backed by Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 2,222 | 1,592 |
Trading cash instruments assets | Loans and Securities Backed by Commercial Real Estate [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 2,031 | 1,260 |
Trading cash instruments assets | Loans and Securities Backed by Commercial Real Estate [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 191 | 332 |
Trading cash instruments assets | Loans and Securities Backed by Residential Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 6,025 | 4,893 |
Trading cash instruments assets | Loans and Securities Backed by Residential Real Estate [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 5,794 | 4,545 |
Trading cash instruments assets | Loans and Securities Backed by Residential Real Estate [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 231 | 348 |
Trading cash instruments assets | Corporate debt instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 28,773 | 23,788 |
Trading cash instruments assets | Corporate debt instruments [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 1,313 | 445 |
Trading cash instruments assets | Corporate debt instruments [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 26,768 | 22,431 |
Trading cash instruments assets | Corporate debt instruments [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 692 | 912 |
Trading cash instruments assets | State and Municipal Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 680 | 1,210 |
Trading cash instruments assets | State and Municipal Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 680 | 1,210 |
Trading cash instruments assets | Other debt obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 1,493 | 1,989 |
Trading cash instruments assets | Other debt obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 409 | 770 |
Trading cash instruments assets | Other debt obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 1,074 | 1,180 |
Trading cash instruments assets | Other debt obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 10 | 39 |
Trading cash instruments assets | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 79,346 | 56,013 |
Trading cash instruments assets | Equity Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 78,782 | 52,531 |
Trading cash instruments assets | Equity Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 489 | 3,459 |
Trading cash instruments assets | Equity Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 75 | 23 |
Trading cash instruments assets | Commodities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 3,767 | 3,729 |
Trading cash instruments assets | Commodities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Assets at Fair Value | 3,767 | 3,729 |
Cash Instruments Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (65,033) | (66,303) |
Cash Instruments Liabilities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (54,761) | (54,090) |
Cash Instruments Liabilities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (9,999) | (12,164) |
Cash Instruments Liabilities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (273) | (49) |
Cash Instruments Liabilities [Member] | U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (9,961) | (5,080) |
Cash Instruments Liabilities [Member] | U.S. Government and Agency Obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (9,914) | (5,067) |
Cash Instruments Liabilities [Member] | U.S. Government and Agency Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (47) | (13) |
Cash Instruments Liabilities [Member] | Non-U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (23,424) | (25,347) |
Cash Instruments Liabilities [Member] | Non-U.S. Government and Agency Obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (21,213) | (23,872) |
Cash Instruments Liabilities [Member] | Non-U.S. Government and Agency Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (2,205) | (1,475) |
Cash Instruments Liabilities [Member] | Non-U.S. Government and Agency Obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (6) | |
Cash Instruments Liabilities [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (32) | |
Cash Instruments Liabilities [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (31) | |
Cash Instruments Liabilities [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (1) | |
Cash Instruments Liabilities [Member] | Loans and Securities Backed by Residential Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (2) | (1) |
Cash Instruments Liabilities [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (2) | (1) |
Cash Instruments Liabilities [Member] | Corporate debt instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (7,862) | (10,489) |
Cash Instruments Liabilities [Member] | Corporate debt instruments [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (115) | (4) |
Cash Instruments Liabilities [Member] | Corporate debt instruments [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (7,494) | (10,454) |
Cash Instruments Liabilities [Member] | Corporate debt instruments [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (253) | (31) |
Cash Instruments Liabilities [Member] | State and Municipal Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (2) | |
Cash Instruments Liabilities [Member] | State and Municipal Obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (2) | |
Cash Instruments Liabilities [Member] | Other debt obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (1) | |
Cash Instruments Liabilities [Member] | Other debt obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (1) | |
Cash Instruments Liabilities [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (23,744) | (25,385) |
Cash Instruments Liabilities [Member] | Equity Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (23,519) | (25,147) |
Cash Instruments Liabilities [Member] | Equity Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (212) | (220) |
Cash Instruments Liabilities [Member] | Equity Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (13) | $ (18) |
Cash Instruments Liabilities [Member] | Commodities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (6) | |
Cash Instruments Liabilities [Member] | Commodities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | $ (6) |
Trading Cash Instruments - Fair
Trading Cash Instruments - Fair Value, Cash Instruments, Measurement Inputs, Disclosure (Detail) $ in Millions | Dec. 31, 2019USD ($)yr | Dec. 31, 2018USD ($)yr |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | $ 539,568 | $ 501,712 |
Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | 23,068 | 22,181 |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | $ 191 | $ 332 |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.027 | 0.069 |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.114 | 0.170 |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.3 | 0.4 |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.217 | 0.225 |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.811 | 0.784 |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 6.6 | 7.1 |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.135 | 0.142 |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.556 | 0.53 |
Level 3 [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.028 | 0.033 |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | $ 231 | $ 348 |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.012 | 0.028 |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Cumulative Loss Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.054 | 0.083 |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 2.3 | 1.5 |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.120 | 0.118 |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Cumulative Loss Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.304 | 0.377 |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 12.4 | 14 |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.058 | 0.059 |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Cumulative Loss Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.163 | 0.153 |
Level 3 [Member] | Loans and Securities Backed by Residential Real Estate [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.057 | 0.086 |
Level 3 [Member] | Corporate debt instruments [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | $ 692 | $ 912 |
Level 3 [Member] | Corporate debt instruments [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.001 | 0.007 |
Level 3 [Member] | Corporate debt instruments [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0 | 0 |
Level 3 [Member] | Corporate debt instruments [Member] | Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 1.7 | 0.4 |
Level 3 [Member] | Corporate debt instruments [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.204 | 0.173 |
Level 3 [Member] | Corporate debt instruments [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.697 | 0.750 |
Level 3 [Member] | Corporate debt instruments [Member] | Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 16.6 | 13.5 |
Level 3 [Member] | Corporate debt instruments [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.072 | 0.084 |
Level 3 [Member] | Corporate debt instruments [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.549 | 0.612 |
Level 3 [Member] | Corporate debt instruments [Member] | Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Unobservable Inputs, Asset | 0.051 | 0.036 |
Trading Cash Instruments - Ca_2
Trading Cash Instruments - Cash Instruments, Level 3 Rollforward (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Trading Cash Instruments Assets [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | $ 1,689 | $ 1,213 |
Net realized gains / (losses) | 89 | 188 |
Net unrealized gains / (losses) | (35) | (89) |
Purchases | 522 | 831 |
Sales | (885) | (607) |
Settlements | (252) | (423) |
Transfers into level 3 | 256 | 698 |
Transfers out of level 3 | (142) | (122) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 1,242 | 1,689 |
Trading Cash Instruments Assets [Member] | Loans and Securities Backed by Commercial Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 332 | 260 |
Net realized gains / (losses) | 5 | 28 |
Net unrealized gains / (losses) | (17) | (28) |
Purchases | 49 | 119 |
Sales | (153) | (122) |
Settlements | (48) | (76) |
Transfers into level 3 | 37 | 156 |
Transfers out of level 3 | (14) | (5) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 191 | 332 |
Trading Cash Instruments Assets [Member] | Loans and Securities Backed by Residential Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 348 | 436 |
Net realized gains / (losses) | 14 | 28 |
Net unrealized gains / (losses) | 28 | 29 |
Purchases | 111 | 109 |
Sales | (223) | (205) |
Settlements | (37) | (85) |
Transfers into level 3 | 19 | 99 |
Transfers out of level 3 | (29) | (63) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 231 | 348 |
Trading Cash Instruments Assets [Member] | Corporate debt instruments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 912 | 450 |
Net realized gains / (losses) | 58 | 126 |
Net unrealized gains / (losses) | (27) | (96) |
Purchases | 291 | 559 |
Sales | (458) | (246) |
Settlements | (134) | (231) |
Transfers into level 3 | 142 | 395 |
Transfers out of level 3 | (92) | (45) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 692 | 912 |
Trading Cash Instruments Assets [Member] | Other Cash Instruments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 97 | 67 |
Net realized gains / (losses) | 12 | 6 |
Net unrealized gains / (losses) | (19) | 6 |
Purchases | 71 | 44 |
Sales | (51) | (34) |
Settlements | (33) | (31) |
Transfers into level 3 | 58 | 48 |
Transfers out of level 3 | (7) | (9) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 128 | 97 |
Trading Cash Instruments Liabilities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | (49) | (68) |
Net realized gains / (losses) | 10 | 6 |
Net unrealized gains / (losses) | (236) | (7) |
Purchases | 56 | 41 |
Sales | (35) | (26) |
Settlements | 8 | |
Transfers into level 3 | (24) | (7) |
Transfers out of level 3 | 5 | 4 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ (273) | $ (49) |
Trading Cash Instruments - Addi
Trading Cash Instruments - Additional Information (Detail) - Trading Cash Instruments Assets Fair Value Disclosure [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net gains / (losses) on assets | $ 54 | $ 99 |
Net realized gains / (losses) on assets | 89 | 188 |
Net unrealized gains / (losses) on assets relating to instruments still held at the reporting date | (35) | (89) |
Market making [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net gains / (losses) on assets | (56) | (87) |
Interest Income [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net gains / (losses) on assets | $ 110 | $ 186 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Fair Value of Derivatives on a Gross Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | $ 441,896 | $ 407,796 |
Total Gross Fair Value of Derivative Liability Contracts | 426,590 | 395,947 |
Derivative Assets | 45,252 | 44,846 |
Derivative Liabilities | 43,802 | 42,594 |
Cash collateral received | (604) | (614) |
Cash collateral posted | (1,603) | (1,328) |
Securities collateral received | (14,196) | (12,740) |
Securities collateral posted | (9,252) | (8,414) |
Total | 30,452 | 31,492 |
Total | 32,947 | 32,852 |
Notional amount | 39,750,315 | 42,481,244 |
Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (340,644) | (314,226) |
Offset amounts | (340,644) | (314,226) |
Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (56,000) | (48,724) |
Offset amounts | (42,144) | (39,127) |
Counterparty and Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (396,644) | (362,950) |
Offset amounts | (382,788) | (353,353) |
Derivative Contract not Designated as Hedges [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 438,682 | 404,691 |
Total Gross Fair Value of Derivative Liability Contracts | 426,379 | 395,826 |
Notional amount | 39,603,671 | 42,372,541 |
Derivative Contract not Designated as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 276,821 | 233,074 |
Total Gross Fair Value of Derivative Liability Contracts | 251,520 | 216,196 |
Notional amount | 29,865,847 | 32,287,734 |
Derivative Contract not Designated as Hedges [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 20,729 | 19,436 |
Total Gross Fair Value of Derivative Liability Contracts | 20,789 | 18,301 |
Notional amount | 1,104,277 | 1,157,147 |
Derivative Contract not Designated as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 80,333 | 86,439 |
Total Gross Fair Value of Derivative Liability Contracts | 82,014 | 88,769 |
Notional amount | 6,065,228 | 6,715,700 |
Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 11,138 | 17,624 |
Total Gross Fair Value of Derivative Liability Contracts | 15,549 | 20,127 |
Notional amount | 475,885 | 505,761 |
Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 49,661 | 48,118 |
Total Gross Fair Value of Derivative Liability Contracts | 56,507 | 52,433 |
Notional amount | 2,092,434 | 1,706,199 |
Derivative Contracts Accounted for as Hedges [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 3,214 | 3,105 |
Total Gross Fair Value of Derivative Liability Contracts | 211 | 121 |
Notional amount | 146,644 | 108,703 |
Derivative Contracts Accounted for as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 3,182 | 3,026 |
Total Gross Fair Value of Derivative Liability Contracts | 1 | 7 |
Notional amount | 133,245 | 97,703 |
Derivative Contracts Accounted for as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 32 | 79 |
Total Gross Fair Value of Derivative Liability Contracts | 210 | 114 |
Notional amount | 13,399 | 11,000 |
Exchange-Traded [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 2,241 | 4,270 |
Derivative Liabilities | 5,955 | 3,050 |
Exchange-Traded [Member] | Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (14,159) | (14,377) |
Offset amounts | (14,159) | (14,377) |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 476 | 760 |
Total Gross Fair Value of Derivative Liability Contracts | 856 | 1,553 |
Notional amount | 4,757,300 | 5,139,159 |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 35 | 11 |
Total Gross Fair Value of Derivative Liability Contracts | 10 | 16 |
Notional amount | 4,566 | 5,599 |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 2,390 | 4,445 |
Total Gross Fair Value of Derivative Liability Contracts | 2,272 | 4,093 |
Notional amount | 230,018 | 259,287 |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 13,499 | 13,431 |
Total Gross Fair Value of Derivative Liability Contracts | 16,976 | 11,765 |
Notional amount | 910,099 | 635,988 |
OTC-Cleared [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 249 | 657 |
Derivative Liabilities | 147 | 309 |
OTC-Cleared [Member] | Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (15,565) | (8,888) |
Offset amounts | (15,565) | (8,888) |
OTC-Cleared [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (1,302) | (1,389) |
Offset amounts | (526) | (164) |
OTC-Cleared [Member] | Derivative Contract not Designated as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 9,958 | 5,040 |
Total Gross Fair Value of Derivative Liability Contracts | 8,618 | 3,552 |
Notional amount | 13,440,376 | 14,290,327 |
OTC-Cleared [Member] | Derivative Contract not Designated as Hedges [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 6,551 | 4,778 |
Total Gross Fair Value of Derivative Liability Contracts | 6,929 | 4,517 |
Notional amount | 396,342 | 394,494 |
OTC-Cleared [Member] | Derivative Contract not Designated as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 411 | 656 |
Total Gross Fair Value of Derivative Liability Contracts | 391 | 800 |
Notional amount | 134,060 | 113,360 |
OTC-Cleared [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 180 | 433 |
Total Gross Fair Value of Derivative Liability Contracts | 243 | 439 |
Notional amount | 2,639 | 1,516 |
OTC-Cleared [Member] | Derivative Contracts Accounted for as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 2 | |
Notional amount | 123,531 | 85,681 |
OTC-Cleared [Member] | Derivative Contracts Accounted for as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 16 | 25 |
Total Gross Fair Value of Derivative Liability Contracts | 57 | 53 |
Notional amount | 4,152 | 2,911 |
Bilateral OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 42,762 | 39,919 |
Derivative Liabilities | 37,700 | 39,235 |
Bilateral OTC [Member] | Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (310,920) | (290,961) |
Offset amounts | (310,920) | (290,961) |
Bilateral OTC [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (54,698) | (47,335) |
Offset amounts | (41,618) | (38,963) |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 266,387 | 227,274 |
Total Gross Fair Value of Derivative Liability Contracts | 242,046 | 211,091 |
Notional amount | 11,668,171 | 12,858,248 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 14,178 | 14,658 |
Total Gross Fair Value of Derivative Liability Contracts | 13,860 | 13,784 |
Notional amount | 707,935 | 762,653 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 79,887 | 85,772 |
Total Gross Fair Value of Derivative Liability Contracts | 81,613 | 87,953 |
Notional amount | 5,926,602 | 6,596,741 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 8,568 | 12,746 |
Total Gross Fair Value of Derivative Liability Contracts | 13,034 | 15,595 |
Notional amount | 243,228 | 244,958 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 36,162 | 34,687 |
Total Gross Fair Value of Derivative Liability Contracts | 39,531 | 40,668 |
Notional amount | 1,182,335 | 1,070,211 |
Bilateral OTC [Member] | Derivative Contracts Accounted for as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 3,182 | 3,024 |
Total Gross Fair Value of Derivative Liability Contracts | 1 | 7 |
Notional amount | 9,714 | 12,022 |
Bilateral OTC [Member] | Derivative Contracts Accounted for as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 16 | 54 |
Total Gross Fair Value of Derivative Liability Contracts | 153 | 61 |
Notional amount | $ 9,247 | $ 8,089 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Gross Fair Value of Derivative Asset Contracts Not Enforceable | $ 9,150 | $ 10,680 | |
Gross Fair Value of Derivative Liability Contracts Not Enforceable | 14,880 | 14,580 | |
Net Gains / (Losses) on Derivative assets and liabilities | (336) | 1,140 | |
Net Realized Gains / (Losses) on Derivative assets and liabilities | 118 | (113) | |
Net Unrealized Gains / (Losses) on Derivative assets and liabilities | (454) | 1,251 | |
Maximum Payout/Notional Amount of Written Credit Derivative | 522,569 | 554,172 | |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 581,760 | 603,000 | |
Net purchased protection notional value of credit derivatives | 59,190 | 48,830 | |
Foreign Currency Denominated Debt Designated As Foreign Currency Hedge | 3,050 | 1,990 | |
Net gain reclassified to earnings from accumulated other comprehensive income | $ 41 | ||
Net Investment Hedging [Member] | |||
Derivative [Line Items] | |||
Net gain reclassified to earnings from accumulated other comprehensive income | 205 | ||
Net Investment Hedging [Member] | Non-US [Member] | |||
Derivative [Line Items] | |||
Net gain reclassified to earnings from accumulated other comprehensive income | $ (164) | ||
Market making [Member] | |||
Derivative [Line Items] | |||
Net Gains / (Losses) on Derivative assets and liabilities | (305) | 1,110 | |
Other Principal Transactions [Member] | |||
Derivative [Line Items] | |||
Net Gains / (Losses) on Derivative assets and liabilities | $ 31 | $ 28 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Fair Value of Derivatives by Level (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Total financial assets at fair value | $ 539,568 | $ 501,712 |
Total financial liabilities at fair value | (332,959) | (296,504) |
Fair value included in financial instruments | (108,835) | (108,897) |
Level 1 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 242,562 | 170,463 |
Total financial liabilities at fair value | (54,790) | (54,151) |
Level 2 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 325,259 | 354,515 |
Total financial liabilities at fair value | (293,902) | (258,335) |
Level 3 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 23,068 | 22,181 |
Total financial liabilities at fair value | (25,938) | (23,804) |
Derivatives [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 100,779 | 94,229 |
Total financial liabilities at fair value | (85,473) | (82,380) |
Fair value included in financial instruments | 45,252 | 44,846 |
Fair value included in financial instruments | (43,802) | (42,594) |
Derivatives [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 280,003 | 236,100 |
Total financial liabilities at fair value | (251,521) | (216,203) |
Derivatives [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 20,729 | 19,436 |
Total financial liabilities at fair value | (20,789) | (18,301) |
Derivatives [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 80,365 | 86,518 |
Total financial liabilities at fair value | (82,224) | (88,883) |
Derivatives [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 11,138 | 17,624 |
Total financial liabilities at fair value | (15,549) | (20,127) |
Derivatives [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 49,661 | 48,118 |
Total financial liabilities at fair value | (56,507) | (52,433) |
Derivatives [Member] | Gross Fair Value Of Derivative [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 441,896 | 407,796 |
Total financial liabilities at fair value | (426,590) | (395,947) |
Derivatives [Member] | Counterparty Netting in Levels [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (341,117) | (313,567) |
Total financial liabilities at fair value | 341,117 | 313,567 |
Derivatives [Member] | Cross Level Counterparty Netting Adjustment [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 473 | (659) |
Total financial liabilities at fair value | (473) | 659 |
Derivatives [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Cash collateral netting | (56,000) | (48,724) |
Cash collateral netting | 42,144 | 39,127 |
Derivatives [Member] | Level 1 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 24 | 22 |
Total financial liabilities at fair value | (29) | (61) |
Derivatives [Member] | Level 1 [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 3 | 12 |
Total financial liabilities at fair value | (3) | (24) |
Derivatives [Member] | Level 1 [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 21 | 10 |
Total financial liabilities at fair value | (26) | (37) |
Derivatives [Member] | Level 1 [Member] | Gross Fair Value Of Derivative [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 24 | 22 |
Total financial liabilities at fair value | (29) | (61) |
Derivatives [Member] | Level 2 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 96,101 | 89,259 |
Total financial liabilities at fair value | (80,815) | (77,961) |
Derivatives [Member] | Level 2 [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 279,443 | 235,680 |
Total financial liabilities at fair value | (251,050) | (215,662) |
Derivatives [Member] | Level 2 [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 17,204 | 15,992 |
Total financial liabilities at fair value | (19,141) | (16,529) |
Derivatives [Member] | Level 2 [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 80,178 | 85,837 |
Total financial liabilities at fair value | (81,826) | (88,663) |
Derivatives [Member] | Level 2 [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 10,648 | 17,193 |
Total financial liabilities at fair value | (15,306) | (19,808) |
Derivatives [Member] | Level 2 [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 48,953 | 47,168 |
Total financial liabilities at fair value | (53,817) | (49,910) |
Derivatives [Member] | Level 2 [Member] | Gross Fair Value Of Derivative [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 436,426 | 401,870 |
Total financial liabilities at fair value | (421,140) | (390,572) |
Derivatives [Member] | Level 2 [Member] | Counterparty Netting in Levels [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (340,325) | (312,611) |
Total financial liabilities at fair value | 340,325 | 312,611 |
Derivatives [Member] | Level 3 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 4,654 | 4,948 |
Total financial liabilities at fair value | (4,629) | (4,358) |
Derivatives [Member] | Level 3 [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 557 | 408 |
Total financial liabilities at fair value | (468) | (517) |
Derivatives [Member] | Level 3 [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 3,525 | 3,444 |
Total financial liabilities at fair value | (1,648) | (1,772) |
Derivatives [Member] | Level 3 [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 187 | 681 |
Total financial liabilities at fair value | (398) | (220) |
Derivatives [Member] | Level 3 [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 490 | 431 |
Total financial liabilities at fair value | (243) | (319) |
Derivatives [Member] | Level 3 [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 687 | 940 |
Total financial liabilities at fair value | (2,664) | (2,486) |
Derivatives [Member] | Level 3 [Member] | Gross Fair Value Of Derivative [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 5,446 | 5,904 |
Total financial liabilities at fair value | (5,421) | (5,314) |
Derivatives [Member] | Level 3 [Member] | Counterparty Netting in Levels [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (792) | (956) |
Total financial liabilities at fair value | $ 792 | $ 956 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Fair Value, Derivatives, Measurement Inputs, Disclosure (Detail) $ in Millions | Dec. 31, 2019USD ($)$ / bblMMBTU | Dec. 31, 2018USD ($)MMBTU$ / bbl | Dec. 31, 2017USD ($) |
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ | $ 25 | $ 590 | $ (288) |
Interest Rate Contract [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ | $ 89 | $ (109) | (410) |
Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Average Correlation [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.52 | 0.66 | |
Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Median Correlation [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.60 | 0.64 | |
Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.70 | 0.74 | |
Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Median Volatility [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.61 | 0.65 | |
Credit Risk Contract [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ | $ 1,877 | $ 1,672 | 1,505 |
Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Average Credit Spread [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.96 | 1.09 | |
Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Median Credit Spread [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.53 | 0.63 | |
Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, , Average Upfront Credit Points [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.38 | 0.44 | |
Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, , Median Upfront Credit Points [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.32 | 0.40 | |
Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Average Recovery Rate [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.31 | 0.40 | |
Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Median Recovery Rate [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.25 | 0.40 | |
Foreign Exchange Contract [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ | $ (211) | $ 461 | (181) |
Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Average Correlation [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.37 | 0.40 | |
Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Median Correlation [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.36 | 0.36 | |
Commodity Contract [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ | $ 247 | $ 112 | 47 |
Commodity Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.26 | 0.28 | |
Commodity Contract [Member] | Level 3 [Member] | Measurement Input, Median Volatility [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.25 | 0.27 | |
Commodity Contract [Member] | Natural Gas [Member] | Level 3 [Member] | Measurement Input, Average Spread [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | MMBTU | 0.16 | 0.26 | |
Commodity Contract [Member] | Natural Gas [Member] | Level 3 [Member] | Measurement Input, Median Spread [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | MMBTU | 0.17 | 0.30 | |
Commodity Contract [Member] | Oil [Member] | Level 3 [Member] | Measurement Input, Average Spread [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | $ / bbl | 9.82 | 4.53 | |
Commodity Contract [Member] | Oil [Member] | Level 3 [Member] | Measurement Input, Median Spread [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | $ / bbl | 11.15 | 3.94 | |
Equity Contract [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ | $ (1,977) | $ (1,546) | $ (1,249) |
Equity Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.14 | 0.20 | |
Equity Contract [Member] | Level 3 [Member] | Measurement Input, Median Volatility [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.07 | 0.18 | |
Minimum [Member] | Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Correlation [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | (0.42) | (0.10) | |
Minimum [Member] | Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Price Volatility [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.31 | 0.31 | |
Minimum [Member] | Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Credit Spread [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.01 | 0.01 | |
Minimum [Member] | Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Upfront Credit Points [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.02 | 0.02 | |
Minimum [Member] | Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Recovery Rate [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.10 | 0.25 | |
Minimum [Member] | Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Correlation [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.20 | 0.10 | |
Minimum [Member] | Commodity Contract [Member] | Level 3 [Member] | Measurement Input, Price Volatility [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.09 | 0.10 | |
Minimum [Member] | Commodity Contract [Member] | Natural Gas [Member] | Level 3 [Member] | Measurement Input, Spread [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | MMBTU | 1.93 | 2.32 | |
Minimum [Member] | Commodity Contract [Member] | Oil [Member] | Level 3 [Member] | Measurement Input, Spread [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | $ / bbl | 4.86 | 3.44 | |
Minimum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Correlation [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | (0.70) | (0.68) | |
Minimum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Average Correlation [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.42 | 0.48 | |
Minimum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Price Volatility [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.02 | 0.03 | |
Maximum [Member] | Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Correlation [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.81 | 0.86 | |
Maximum [Member] | Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Price Volatility [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 1.50 | 1.50 | |
Maximum [Member] | Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Credit Spread [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 5.59 | 8.10 | |
Maximum [Member] | Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Upfront Credit Points [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.90 | 0.99 | |
Maximum [Member] | Credit Risk Contract [Member] | Level 3 [Member] | Measurement Input, Recovery Rate [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.60 | 0.70 | |
Maximum [Member] | Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Correlation [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.70 | 0.70 | |
Maximum [Member] | Commodity Contract [Member] | Level 3 [Member] | Measurement Input, Price Volatility [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.57 | 0.75 | |
Maximum [Member] | Commodity Contract [Member] | Natural Gas [Member] | Level 3 [Member] | Measurement Input, Spread [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | MMBTU | 1.69 | 4.68 | |
Maximum [Member] | Commodity Contract [Member] | Oil [Member] | Level 3 [Member] | Measurement Input, Spread [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | $ / bbl | 19.77 | 16.62 | |
Maximum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Correlation [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.99 | 0.97 | |
Maximum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Average Correlation [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.45 | 0.51 | |
Maximum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Price Volatility [Member] | |||
Fair Value Measurement Inputs Disclosure [Line Items] | |||
Assets (Liabilities) significant unobservable Inputs | 0.72 | 1.02 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Fair Value of Derivatives, Level 3 Rollforward (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | $ 590 | $ (288) |
Net Realized Gains / (Losses) | 118 | (113) |
Net Unrealized Gains / (Losses) | (454) | 1,251 |
Purchases | 444 | 612 |
Sales | (668) | (1,510) |
Settlements | 236 | 573 |
Transfers Into Level 3 | 7 | 34 |
Transfers Out Of Level 3 | (248) | 31 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 25 | 590 |
Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | (109) | (410) |
Net Realized Gains / (Losses) | (24) | (51) |
Net Unrealized Gains / (Losses) | 199 | 122 |
Purchases | 8 | 8 |
Sales | (13) | (2) |
Settlements | 40 | 171 |
Transfers Into Level 3 | (9) | |
Transfers Out Of Level 3 | (12) | 62 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 89 | (109) |
Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 1,672 | 1,505 |
Net Realized Gains / (Losses) | 42 | (23) |
Net Unrealized Gains / (Losses) | 273 | 2 |
Purchases | 146 | 53 |
Sales | (114) | (65) |
Settlements | (251) | 244 |
Transfers Into Level 3 | 108 | (35) |
Transfers Out Of Level 3 | 1 | (9) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 1,877 | 1,672 |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 461 | (181) |
Net Realized Gains / (Losses) | (32) | (51) |
Net Unrealized Gains / (Losses) | (327) | 372 |
Purchases | 11 | 36 |
Sales | (1) | (25) |
Settlements | (306) | 212 |
Transfers Into Level 3 | (14) | 101 |
Transfers Out Of Level 3 | (3) | (3) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | (211) | 461 |
Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 112 | 47 |
Net Realized Gains / (Losses) | (34) | 18 |
Net Unrealized Gains / (Losses) | 219 | 61 |
Purchases | 25 | 42 |
Sales | (81) | (64) |
Settlements | (6) | 12 |
Transfers Into Level 3 | 8 | 21 |
Transfers Out Of Level 3 | 4 | (25) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 247 | 112 |
Equity Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | (1,546) | (1,249) |
Net Realized Gains / (Losses) | 166 | (6) |
Net Unrealized Gains / (Losses) | (818) | 694 |
Purchases | 254 | 473 |
Sales | (459) | (1,354) |
Settlements | 759 | (66) |
Transfers Into Level 3 | (95) | (44) |
Transfers Out Of Level 3 | (238) | 6 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ (1,977) | $ (1,546) |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities - OTC Derivatives by Product Type and Tenor (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative Assets | $ 45,252 | $ 44,846 |
Derivative Liabilities | 43,802 | 42,594 |
OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 114,650 | 102,443 |
Derivative Liabilities | 95,630 | 91,814 |
OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 78,098 | 63,413 |
Derivative Liabilities | 49,237 | 42,723 |
OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 7,120 | 7,847 |
Derivative Liabilities | 7,180 | 6,712 |
OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 21,544 | 22,538 |
Derivative Liabilities | 23,428 | 24,898 |
OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 4,021 | 7,224 |
Derivative Liabilities | 8,550 | 10,079 |
OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 13,135 | 11,535 |
Derivative Liabilities | 16,503 | 17,516 |
OTC [Member] | Counterparty Netting in Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (9,268) | (10,114) |
Derivative Liabilities | (9,268) | (10,114) |
OTC [Member] | Cross Tenor Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (15,639) | (13,143) |
Derivative Liabilities | (15,639) | (13,143) |
OTC [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Cash collateral netting | (56,000) | (48,724) |
Cash collateral netting | (42,144) | (39,127) |
OTC [Member] | Counterparty and Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 43,011 | 40,576 |
Derivative Liabilities | 37,847 | 39,544 |
Less than 1 Year [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 23,011 | 21,124 |
Derivative Liabilities | 22,796 | 29,013 |
Less than 1 Year [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 5,521 | 2,810 |
Derivative Liabilities | 3,654 | 4,193 |
Less than 1 Year [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 678 | 807 |
Derivative Liabilities | 1,368 | 1,127 |
Less than 1 Year [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 10,236 | 10,976 |
Derivative Liabilities | 12,486 | 13,553 |
Less than 1 Year [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 2,507 | 4,978 |
Derivative Liabilities | 2,796 | 4,271 |
Less than 1 Year [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 7,332 | 4,962 |
Derivative Liabilities | 5,755 | 9,278 |
Less than 1 Year [Member] | OTC [Member] | Counterparty Netting in Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (3,263) | (3,409) |
Derivative Liabilities | (3,263) | (3,409) |
1 - 5 Years [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 25,553 | 25,391 |
Derivative Liabilities | 25,729 | 24,155 |
1 - 5 Years [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 15,183 | 13,177 |
Derivative Liabilities | 9,113 | 9,153 |
1 - 5 Years [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 3,259 | 3,676 |
Derivative Liabilities | 4,052 | 4,173 |
1 - 5 Years [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 5,063 | 5,076 |
Derivative Liabilities | 6,906 | 6,871 |
1 - 5 Years [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 1,212 | 2,101 |
Derivative Liabilities | 1,950 | 2,663 |
1 - 5 Years [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 4,509 | 5,244 |
Derivative Liabilities | 7,381 | 5,178 |
1 - 5 Years [Member] | OTC [Member] | Counterparty Netting in Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (3,673) | (3,883) |
Derivative Liabilities | (3,673) | (3,883) |
Greater than 5 Years [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 66,086 | 55,928 |
Derivative Liabilities | 47,105 | 38,646 |
Greater than 5 Years [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 57,394 | 47,426 |
Derivative Liabilities | 36,470 | 29,377 |
Greater than 5 Years [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 3,183 | 3,364 |
Derivative Liabilities | 1,760 | 1,412 |
Greater than 5 Years [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 6,245 | 6,486 |
Derivative Liabilities | 4,036 | 4,474 |
Greater than 5 Years [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 302 | 145 |
Derivative Liabilities | 3,804 | 3,145 |
Greater than 5 Years [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 1,294 | 1,329 |
Derivative Liabilities | 3,367 | 3,060 |
Greater than 5 Years [Member] | OTC [Member] | Counterparty Netting in Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (2,332) | (2,822) |
Derivative Liabilities | $ (2,332) | $ (2,822) |
Derivatives and Hedging Activ_9
Derivatives and Hedging Activities - Credit Derivatives (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | $ 522,569 | $ 554,172 |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 581,760 | 603,000 |
Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 426,100 | 461,902 |
Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 155,662 | 141,095 |
Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 154,433 | 160,590 |
1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 316,786 | 340,683 |
Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 51,350 | 52,899 |
Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 13,911 | 9,374 |
Fair Value Liability of Written Credit Derivatives | 5,549 | 7,972 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | 8,362 | 1,402 |
0 - 250 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 484,119 | 489,746 |
0 - 250 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 395,127 | 413,445 |
0 - 250 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 149,092 | 115,754 |
0 - 250 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 143,566 | 145,828 |
0 - 250 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 292,444 | 298,228 |
0 - 250 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 48,109 | 45,690 |
0 - 250 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 13,103 | 8,656 |
Fair Value Liability of Written Credit Derivatives | 1,239 | 1,990 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | 11,864 | 6,666 |
251 - 500 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 19,540 | 36,829 |
251 - 500 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 14,492 | 25,373 |
251 - 500 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 2,617 | 14,273 |
251 - 500 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 7,155 | 9,763 |
251 - 500 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 10,125 | 21,100 |
251 - 500 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 2,260 | 5,966 |
251 - 500 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 446 | 543 |
Fair Value Liability of Written Credit Derivatives | 448 | 1,415 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | (2) | (872) |
501 - 1000 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 6,668 | 16,107 |
501 - 1000 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 5,938 | 14,243 |
501 - 1000 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 1,599 | 7,555 |
501 - 1000 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 759 | 1,151 |
501 - 1000 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 5,482 | 13,835 |
501 - 1000 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 427 | 1,121 |
501 - 1000 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 160 | 95 |
Fair Value Liability of Written Credit Derivatives | 372 | 1,199 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | (212) | (1,104) |
Greater than 1000 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 12,242 | 11,490 |
Greater than 1000 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 10,543 | 8,841 |
Greater than 1000 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 2,354 | 3,513 |
Greater than 1000 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 2,953 | 3,848 |
Greater than 1000 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 8,735 | 7,520 |
Greater than 1000 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 554 | 122 |
Greater than 1000 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 202 | 80 |
Fair Value Liability of Written Credit Derivatives | 3,490 | 3,368 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | $ (3,288) | $ (3,288) |
Derivatives and Hedging Acti_10
Derivatives and Hedging Activities - Summary of Information About CVA and FVA (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
CVA, net of hedges | $ (289) | $ 371 | $ 66 |
FVA, net of hedges | 485 | (194) | 288 |
Total | $ 196 | $ 177 | $ 354 |
Derivatives and Hedging Acti_11
Derivatives and Hedging Activities - Bifurcated Embedded Derivatives (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset | $ 1,148 | $ 980 |
Embedded Derivative, Fair Value of Embedded Derivative Liability | 1,717 | 1,297 |
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability | 569 | 317 |
Notional amount | 39,750,315 | 42,481,244 |
Embedded Derivatives Classified In Debt [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 11,003 | $ 10,229 |
Derivatives and Hedging Acti_12
Derivatives and Hedging Activities - Derivatives with Credit-Related Contingent Features (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Aggregate fair value of derivative contracts which are in net liability position | $ 32,800 | $ 29,583 |
Aggregate fair value of assets as a collateral for derivative contracts | 28,510 | 24,393 |
One-Notch Reduction [Member] | ||
Derivative [Line Items] | ||
Additional collateral or termination payments pursuant to bilateral agreements with certain counterparties which could have been called by counterparties in the event of a reduction in the firm's long-term credit ratings | 358 | 262 |
Two-Notch Reduction [Member] | ||
Derivative [Line Items] | ||
Additional collateral or termination payments pursuant to bilateral agreements with certain counterparties which could have been called by counterparties in the event of a reduction in the firm's long-term credit ratings | $ 1,268 | $ 959 |
Derivatives and Hedging Acti_13
Derivatives and Hedging Activities - Gain (Loss) from Interest Rate Hedges and Related Hedged Borrowings and Deposits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Interest expense | $ 17,376 | $ 15,912 | $ 10,181 |
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Derivative Contracts Accounted for as Hedges [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 3,196 | (1,854) | (2,867) |
Gain (Loss) Recognized On Hedged Borrowings and Deposits | $ (3,657) | $ 1,295 | $ 2,183 |
Derivatives and Hedging Acti_14
Derivatives and Hedging Activities - Gain (Loss) from Interest Rate Hedges and Related Hedged Borrowings and Deposits (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Derivative Contracts Accounted for as Hedges [Member] | |
Derivative [Line Items] | |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ (684) |
Derivatives and Hedging Acti_15
Derivatives and Hedging Activities - Carrying Amount of Hedged Items Currently Designated in a Hedging Relationship and Related Cumulative Hedging Adjustment (Detail) - Derivative Contracts Accounted for as Hedges [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits at Fair Value [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount | $ 19,634 | $ 11,924 |
Cumulative Hedging Adjustment | 200 | (156) |
Unsecured short-term borrowings [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount | 6,008 | 4,450 |
Cumulative Hedging Adjustment | 28 | (12) |
Unsecured long-term borrowings [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount | 87,874 | 68,839 |
Cumulative Hedging Adjustment | $ 7,292 | $ 2,759 |
Derivatives and Hedging Acti_16
Derivatives and Hedging Activities - Carrying Amount of Hedged Items Currently Designated in a Hedging Relationship and Related Cumulative Hedging Adjustment (Parenthetical) (Detail) - Unsecured long-term borrowings [Member] - Derivative Contracts Accounted for as Hedges [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cumulative hedging adjustment | $ 3,480 | $ 1,740 |
Addition Cumulative Hedging adjustments | $ 425 | $ 1,510 |
Derivatives and Hedging Acti_17
Derivatives and Hedging Activities - Gains and Losses on Net Investment Hedges (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Gain (Loss) Recognized On Foreign Currency Denominated Debt Designated As Foreign Currency Hedge | $ (19) | $ (50) | $ (67) |
Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ 6 | $ 577 | $ (805) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Investment at fair value | $ 57,827 | $ 45,579 |
Level 3 [Member] | ||
Net gains / (losses) on assets | 131 | 146 |
Level 3 [Member] | Interest Income [Member] | ||
Net gains / (losses) on assets | 33 | 94 |
Investments [Member] | ||
Investments in funds at NAV | 4,206 | 3,936 |
Investment at fair value | 53,621 | 41,643 |
Net realized gains / (losses) | 252 | 237 |
Net unrealized gains / (losses) on assets relating to instruments still held at the reporting date | 1,295 | 834 |
Investments [Member] | Operating income (loss) [Member] | ||
Net gains / (losses) on assets | 1,440 | 848 |
Investments [Member] | Interest Income [Member] | ||
Net gains / (losses) on assets | 108 | 223 |
Investments [Member] | Level 3 [Member] | ||
Investment at fair value | 15,282 | 13,548 |
Net gains / (losses) on assets | 1,550 | 1,070 |
Equity Securities [Member] | ||
Equity method investment | 8,230 | 7,910 |
Equity Securities [Member] | Investments [Member] | ||
Investment at fair value | 18,940 | 18,042 |
Net realized gains / (losses) | 160 | 155 |
Net unrealized gains / (losses) on assets relating to instruments still held at the reporting date | 1,096 | 775 |
Equity Securities [Member] | Investments [Member] | Level 3 [Member] | ||
Investment at fair value | 10,903 | 10,335 |
Fair Value Option [Member] | ||
Gains/(losses) recognized on equity securities | 1,290 | 1,410 |
Investments in funds at NAV [Member] | ||
Investments in funds at NAV | 3,220 | 3,390 |
Investment at fair value | $ 983 | $ 548 |
Investments - Fair Value of Inv
Investments - Fair Value of Investments by Accounting Type (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Fair Value Disclosure [Abstract] | ||
Equity securities, at fair value | $ 22,163 | $ 21,430 |
Debt instruments, at fair value | 16,570 | 12,117 |
Available-for-sale securities, at fair value | 19,094 | 12,032 |
Investments, at fair value | 57,827 | 45,579 |
Held-to-maturity securities | 5,825 | 1,288 |
Equity method investments | 285 | 357 |
Total investments | $ 63,937 | $ 47,224 |
Investments - Equity Securities
Investments - Equity Securities At Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Equity securities, at fair value | $ 22,163 | $ 21,430 |
Public Equity [Member] | ||
Percentage of investment in equity securities | 11.00% | 7.00% |
Private Equity [Member] | ||
Percentage of investment in equity securities | 89.00% | 93.00% |
Public And Private Equity [Member] | ||
Percentage of investment in equity securities | 100.00% | 100.00% |
Corporate [Member] | ||
Percentage of investment in equity securities | 79.00% | 81.00% |
Real Estate [Member] | ||
Percentage of investment in equity securities | 21.00% | 19.00% |
Corporate And Real Estate [Member] | ||
Percentage of investment in equity securities | 100.00% | 100.00% |
Americas [Member] | ||
Percentage of investment in equity securities | 50.00% | 53.00% |
Europe Middle East And Africa [Member] | ||
Percentage of investment in equity securities | 17.00% | 16.00% |
Asia [Member] | ||
Percentage of investment in equity securities | 33.00% | 31.00% |
Americas Europe And Asia [Member] | ||
Percentage of investment in equity securities | 100.00% | 100.00% |
Investments - Debt Securities A
Investments - Debt Securities At Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt securities, at fair value | $ 16,570 | $ 12,117 |
Corporate debt securities [Member] | ||
Debt securities, at fair value | 11,821 | 8,434 |
Securities backed by real estate [Member] | ||
Debt securities, at fair value | 2,619 | 1,775 |
Other [Member] | ||
Debt securities, at fair value | $ 2,130 | $ 1,908 |
Investments - Investments in Fu
Investments - Investments in Funds that are Calculated Using Net Asset Value Per Share (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Cash Instruments Assets [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | $ 4,206 | $ 3,936 |
Cash Instruments Liabilities [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 1,781 | 2,111 |
Private Equity Funds [Member] | Cash Instruments Assets [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 2,767 | 2,683 |
Private Equity Funds [Member] | Cash Instruments Liabilities [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 765 | 809 |
Credit Funds [Member] | Cash Instruments Assets [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 983 | 548 |
Credit Funds [Member] | Cash Instruments Liabilities [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 820 | 1,099 |
Hedge Funds [Member] | Cash Instruments Assets [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 125 | 161 |
Real Estate Funds [Member] | Cash Instruments Assets [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | 331 | 544 |
Real Estate Funds [Member] | Cash Instruments Liabilities [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 196 | $ 203 |
Investments - Securities Accoun
Investments - Securities Accounted for As Available-for-Sale Included in Investments (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 19,037 | $ 12,185 |
Fair Value | $ 19,094 | $ 12,032 |
Weighted Average Yield | 1.68% | 2.28% |
Less than 5 years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 14,063 | $ 5,954 |
Fair Value | $ 14,041 | $ 5,879 |
Weighted Average Yield | 1.53% | 2.10% |
Greater than 5 years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 4,974 | $ 6,231 |
Fair Value | $ 5,053 | $ 6,153 |
Weighted Average Yield | 2.10% | 2.44% |
Investments - Securities Acco_2
Investments - Securities Accounted for As Available-for-Sale Included in Investments (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Gross unrealized losses included in accumulated other comprehensive loss which were in a continuous unrealized loss position for greater than a year | $ 153 | |
Gross unrealized gain included in accumulated other comprehensive gain/(loss) | $ 137 | |
Available-for-sale securities sold | 9,580 | |
Realized gains on sales of available-for-sale securities | $ 181 |
Investments - Cash Instruments
Investments - Cash Instruments by Level (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | $ 57,827 | $ 45,579 |
Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in funds at NAV | 4,206 | 3,936 |
Investment at fair value | 53,621 | 41,643 |
Level 1 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 20,125 | 13,244 |
Level 2 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 18,214 | 14,851 |
Level 3 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 15,282 | 13,548 |
U.S. [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 19,094 | 12,044 |
U.S. [Member] | Level 1 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 19,094 | 12,044 |
Non-U.S. [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 36 | 44 |
Non-U.S. [Member] | Level 2 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 36 | 44 |
Corporate debt securities [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 10,838 | 7,886 |
Corporate debt securities [Member] | Level 1 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 48 | 23 |
Corporate debt securities [Member] | Level 2 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 7,325 | 5,323 |
Corporate debt securities [Member] | Level 3 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 3,465 | 2,540 |
Securities backed by real estate [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 2,619 | 1,775 |
Securities backed by real estate [Member] | Level 2 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 2,024 | 1,318 |
Securities backed by real estate [Member] | Level 3 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 595 | 457 |
Other debt obligations [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 2,094 | 1,852 |
Other debt obligations [Member] | Level 1 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 732 | 719 |
Other debt obligations [Member] | Level 2 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 1,043 | 917 |
Other debt obligations [Member] | Level 3 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 319 | 216 |
Equity Securities [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 18,940 | 18,042 |
Equity Securities [Member] | Level 1 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 251 | 458 |
Equity Securities [Member] | Level 2 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 7,786 | 7,249 |
Equity Securities [Member] | Level 3 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | $ 10,903 | $ 10,335 |
Investments - Fair Value Measur
Investments - Fair Value Measurement Inputs (Detail) $ in Millions | Dec. 31, 2019USD ($)yr | Dec. 31, 2018USD ($)yr |
Level 3 assets | $ | $ 539,568 | $ 501,712 |
Level 3 assets [Member] | ||
Level 3 assets | $ | 23,068 | 22,181 |
Corporate debt securities [Member] | Level 3 assets [Member] | Investments [Member] | ||
Level 3 assets | $ | $ 3,465 | $ 2,540 |
Corporate debt securities [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 0.298 | 0.323 |
Corporate debt securities [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 0.055 | 0.065 |
Corporate debt securities [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 0.12 | 0.127 |
Corporate debt securities [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 1 | 0.780 |
Corporate debt securities [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 0.250 | 0.505 |
Corporate debt securities [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 0.685 | 0.746 |
Corporate debt securities [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 5.9 | 4.7 |
Corporate debt securities [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 2.9 | 2 |
Corporate debt securities [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 5 | 3.8 |
Corporate debt securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 24.4 | 20.3 |
Corporate debt securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 0.6 | 1.3 |
Corporate debt securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 7 | 7.7 |
Securities backed by real estate [Member] | Level 3 assets [Member] | Investments [Member] | ||
Level 3 assets | $ | $ 595 | $ 457 |
Securities backed by real estate [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 0.203 | 0.203 |
Securities backed by real estate [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 0.094 | 0.095 |
Securities backed by real estate [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 0.16 | 0.155 |
Securities backed by real estate [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 0.344 | 0.397 |
Securities backed by real estate [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 0.331 | 0.329 |
Securities backed by real estate [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 0.335 | 0.379 |
Securities backed by real estate [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 3 | 4.8 |
Securities backed by real estate [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 0.4 | 1.1 |
Securities backed by real estate [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 0.9 | (2.2) |
Equity Securities [Member] | Level 3 assets [Member] | Investments [Member] | ||
Level 3 assets | $ | $ 10,903 | $ 10,335 |
Equity Securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 36 | 23.6 |
Equity Securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 0.8 | 1 |
Equity Securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 8 | 8.1 |
Equity Securities [Member] | Level 3 assets [Member] | Discount rate/yield [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 0.203 | 0.221 |
Equity Securities [Member] | Level 3 assets [Member] | Discount rate/yield [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 0.021 | 0.072 |
Equity Securities [Member] | Level 3 assets [Member] | Discount rate/yield [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 0.134 | 0.144 |
Equity Securities [Member] | Level 3 assets [Member] | Capitalization rate [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 0.151 | 0.123 |
Equity Securities [Member] | Level 3 assets [Member] | Capitalization rate [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 0.036 | 0.035 |
Equity Securities [Member] | Level 3 assets [Member] | Capitalization rate [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 0.061 | 0.061 |
Other debt obligations [Member] | Level 3 assets [Member] | Investments [Member] | ||
Level 3 assets | $ | $ 319 | $ 216 |
Other debt obligations [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 0.052 | 0.061 |
Other debt obligations [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 0.034 | 0.041 |
Other debt obligations [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 0.045 | 0.052 |
Other debt obligations [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 8 | 9 |
Other debt obligations [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 4 | 4 |
Other debt obligations [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 6.7 | 7.5 |
Investments - Investments, Leve
Investments - Investments, Level 3 Rollforward (Detail) - Investments [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | $ 13,548 | $ 12,208 |
Net realized gains/(losses) | 252 | 237 |
Net unrealized gains/(losses) | 1,295 | 834 |
Purchases | 1,322 | 1,366 |
Sales | (986) | (1,512) |
Settlements | (1,192) | (1,451) |
Transfers into level 3 | 2,646 | 3,456 |
Transfers out of level 3 | (1,603) | (1,590) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 15,282 | 13,548 |
Corporate debt securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 2,540 | 1,722 |
Net realized gains/(losses) | 64 | 62 |
Net unrealized gains/(losses) | 198 | 66 |
Purchases | 297 | 369 |
Sales | (43) | (231) |
Settlements | (274) | (358) |
Transfers into level 3 | 1,106 | 1,077 |
Transfers out of level 3 | (423) | (167) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 3,465 | 2,540 |
Securities backed by real estate [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 457 | 662 |
Net realized gains/(losses) | 27 | 20 |
Net unrealized gains/(losses) | (9) | |
Purchases | 238 | 109 |
Sales | (82) | (97) |
Settlements | (98) | (56) |
Transfers into level 3 | 63 | 76 |
Transfers out of level 3 | (10) | (248) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 595 | 457 |
Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 10,335 | 9,626 |
Net realized gains/(losses) | 160 | 155 |
Net unrealized gains/(losses) | 1,096 | 775 |
Purchases | 669 | 819 |
Sales | (852) | (1,161) |
Settlements | (812) | (1,007) |
Transfers into level 3 | 1,477 | 2,303 |
Transfers out of level 3 | (1,170) | (1,175) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 10,903 | 10,335 |
Other debt obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 216 | 198 |
Net realized gains/(losses) | 1 | |
Net unrealized gains/(losses) | 1 | 2 |
Purchases | 118 | 69 |
Sales | (9) | (23) |
Settlements | (8) | (30) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 319 | $ 216 |
Investments - Held-to-Maturity
Investments - Held-to-Maturity Securities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,825 | $ 1,288 |
Fair Value | $ 5,964 | $ 1,317 |
Weighted Average Yield | 2.27% | 2.29% |
U.S. government obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,068 | $ 498 |
Fair Value | $ 5,189 | $ 511 |
Weighted Average Yield | 2.35% | 3.08% |
U.S. government obligations [Member] | Less than 5 years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 3,534 | $ 498 |
Fair Value | $ 3,613 | $ 511 |
Weighted Average Yield | 2.40% | 3.08% |
U.S. government obligations [Member] | Greater than 5 years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 1,534 | |
Fair Value | $ 1,576 | |
Weighted Average Yield | 2.25% | |
Securities backed by real estate [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 757 | $ 790 |
Fair Value | $ 775 | $ 806 |
Weighted Average Yield | 1.69% | 1.80% |
Securities backed by real estate [Member] | Less than 5 years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 6 | $ 5 |
Fair Value | $ 6 | $ 6 |
Weighted Average Yield | 4.16% | 4.61% |
Securities backed by real estate [Member] | Greater than 5 years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 751 | $ 785 |
Fair Value | $ 769 | $ 800 |
Weighted Average Yield | 1.67% | 1.78% |
Investments - Held-to-Maturit_2
Investments - Held-to-Maturity Securities (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Held-to-maturity, Maturity [Abstract] | ||
Held-to-maturity securities, gross unrealized gains | $ 141 | $ 0 |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans Receivable [Line Items] | |||
Subtotal | $ 110,345 | $ 98,903 | |
Allowance for loan losses | (1,441) | (1,066) | $ (803) |
Total loans receivable | 108,904 | 97,837 | |
Subtotal | 14,386 | 13,416 | |
Subtotal | 5,323 | 3,831 | |
Amortized cost [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 90,636 | 81,656 | |
Allowance for loan losses | (1,441) | (1,066) | |
Total loans receivable | 89,195 | 80,590 | |
Subtotal | 89,186 | 80,743 | |
Fair Value [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 14,386 | 13,416 | |
Held for sale [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 5,409 | 3,842 | |
Subtotal | 5,323 | 3,831 | |
Corporate [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 46,307 | 42,375 | |
Subtotal | 3,224 | 2,819 | |
Corporate [Member] | Amortized cost [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 41,129 | 37,283 | |
Corporate [Member] | Fair Value [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 3,224 | 2,819 | |
Corporate [Member] | Held for sale [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 1,954 | 2,273 | |
Wealth management [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 27,940 | 24,768 | |
Subtotal | 7,824 | 7,250 | |
Wealth management [Member] | Amortized cost [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 20,116 | 17,518 | |
Wealth management [Member] | Fair Value [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 7,824 | 7,250 | |
Commercial real estate [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 17,743 | 14,178 | |
Subtotal | 1,876 | 1,718 | |
Commercial real estate [Member] | Amortized cost [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 13,258 | 11,441 | |
Commercial real estate [Member] | Fair Value [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 1,876 | 1,718 | |
Commercial real estate [Member] | Held for sale [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 2,609 | 1,019 | |
Residential real estate [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 6,958 | 8,301 | |
Subtotal | 792 | 973 | |
Residential real estate [Member] | Amortized cost [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 6,132 | 7,284 | |
Residential real estate [Member] | Fair Value [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 792 | 973 | |
Residential real estate [Member] | Held for sale [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 34 | 44 | |
Consumer loans [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 4,747 | 4,536 | |
Consumer loans [Member] | Amortized cost [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 4,747 | 4,536 | |
Other Loans [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 4,792 | 4,745 | |
Subtotal | 670 | 656 | |
Other Loans [Member] | Amortized cost [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 3,396 | 3,594 | |
Other Loans [Member] | Fair Value [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 670 | 656 | |
Other Loans [Member] | Held for sale [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 726 | $ 495 | |
Credit card [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | 1,858 | ||
Credit card [Member] | Amortized cost [Member] | |||
Loans Receivable [Line Items] | |||
Subtotal | $ 1,858 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans Receivable [Line Items] | |||
Gains/(Losses) as a result of changes in the fair value | $ (9,499) | $ 2,677 | $ (4,214) |
Impaired loans receivable (excluding PCI loans) on non-accrual status | 1,490 | 838 | |
Corporate loans modified in a troubled debt restructuring | 251 | 27 | |
Amount of loans 30 days or more past due | 627 | 208 | |
Impaired loans and lending commitments | $ 832 | $ 484 | |
Gross loans receivable deemed impaired and subject to specific loan-level reserves as a percentage of total gross loans receivable | 1.60% | 1.00% | |
Allowance for loan losses as a percentage of total gross loans receivable | 1.60% | 1.30% | |
Annualized net charge-offs as a percentage of average total gross loans receivable | 0.60% | 0.50% | |
Loans | $ 110,345 | $ 98,903 | |
Other Credit Metrics [Member] | |||
Loans Receivable [Line Items] | |||
Loans | 15,520 | 11,720 | |
Other Principal Transactions [Member] | |||
Loans Receivable [Line Items] | |||
Gains/(Losses) as a result of changes in the fair value | 355 | 372 | |
Level 3 [Member] | |||
Loans Receivable [Line Items] | |||
Net gains / (losses) on assets | 131 | 146 | |
Level 3 [Member] | Interest Income [Member] | |||
Loans Receivable [Line Items] | |||
Net gains / (losses) on assets | 33 | 94 | |
Level 3 [Member] | Loans Non Trading [Member] | |||
Loans Receivable [Line Items] | |||
Net unrealized gains / (losses) on assets | 85 | 72 | |
Net realized gains / (losses) on assets | 46 | 74 | |
Level 3 [Member] | Other Principal Transactions [Member] | |||
Loans Receivable [Line Items] | |||
Net gains / (losses) on assets | $ 98 | $ 52 |
Loans - Summary of Purchased Cr
Loans - Summary of Purchased Credit Impaired (PCI) Loans (Detail) - PCI Loans [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans Receivable [Line Items] | |||
Total gross carrying value of PCI loans | $ 1,622 | $ 3,042 | |
Total outstanding principal balance of PCI loans | 3,231 | 5,576 | |
Total accretable yield of PCI loans | 220 | 459 | |
Fair value of PCI loans at the time of acquisition | 0 | 839 | $ 1,769 |
Expected cash flows of PCI loans at the time of acquisition | 0 | 937 | 1,961 |
Contractually required cash flows of PCI loans at the time of acquisition | 0 | 1,881 | $ 4,092 |
Commercial real estate [Member] | |||
Loans Receivable [Line Items] | |||
Total gross carrying value of PCI loans | 455 | 581 | |
Residential real estate [Member] | |||
Loans Receivable [Line Items] | |||
Total gross carrying value of PCI loans | $ 1,167 | 2,457 | |
Other [Member] | |||
Loans Receivable [Line Items] | |||
Total gross carrying value of PCI loans | $ 4 |
Loans - Summary of Concentratio
Loans - Summary of Concentration of Secured and Unsecured Loans (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 110,345 | $ 98,903 |
Loans Receivable Held-for-sale, Amount | $ 5,323 | $ 3,831 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Loans receivable at fair value | $ 14,386 | $ 13,416 |
Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 110,345 | $ 98,903 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Secured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 83.00% | 84.00% |
Unsecured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 17.00% | 16.00% |
Amortized cost [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 90,636 | $ 81,656 |
Loans receivable at fair value | 89,186 | 80,743 |
Amortized cost [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 90,636 | 81,656 |
Fair Value [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 14,386 | 13,416 |
Fair Value [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 14,386 | 13,416 |
Held for sale [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 5,323 | 3,831 |
Loans receivable at fair value | 5,409 | 3,842 |
Held for sale [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 5,323 | 3,831 |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 33,433 | $ 31,892 |
Concentration Risk,Percentage | 30.00% | 32.00% |
Loans Receivable [Member] | Investment-Grade [Member] | Secured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 25.00% | 25.00% |
Loans Receivable [Member] | Investment-Grade [Member] | Unsecured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 5.00% | 7.00% |
Loans Receivable [Member] | Investment-Grade [Member] | Amortized cost [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 30,266 | $ 28,290 |
Loans Receivable [Member] | Investment-Grade [Member] | Fair Value [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 2,844 | 2,371 |
Loans Receivable [Member] | Investment-Grade [Member] | Held for sale [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 323 | 1,231 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 60,764 | $ 52,555 |
Concentration Risk,Percentage | 55.00% | 53.00% |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Secured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 50.00% | 50.00% |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Unsecured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 5.00% | 3.00% |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Amortized cost [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 51,222 | $ 45,468 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Fair Value [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 5,174 | 4,999 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Held for sale [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 4,368 | 2,088 |
Loans Receivable [Member] | Unrated/Other [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 16,148 | $ 14,456 |
Concentration Risk,Percentage | 15.00% | 15.00% |
Loans Receivable [Member] | Unrated/Other [Member] | Secured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 8.00% | 9.00% |
Loans Receivable [Member] | Unrated/Other [Member] | Unsecured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 7.00% | 6.00% |
Loans Receivable [Member] | Unrated/Other [Member] | Amortized cost [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 9,148 | $ 7,898 |
Loans Receivable [Member] | Unrated/Other [Member] | Fair Value [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 6,368 | 6,046 |
Loans Receivable [Member] | Unrated/Other [Member] | Held for sale [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | $ 632 | $ 512 |
Loans - Summary of Consumer Loa
Loans - Summary of Consumer Loans by Refreshed FICO Credit Score (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Consumer and credit card loans | $ 110,345 | $ 98,903 |
Percentage concentration of gross consumer and credit card loans by refreshed FICO credit score | 100.00% | 100.00% |
FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Consumer and credit card loans | $ 6,605 | $ 4,536 |
Percentage concentration of gross consumer and credit card loans by refreshed FICO credit score | 100.00% | 100.00% |
Consumer loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Consumer and credit card loans | $ 4,747 | $ 4,536 |
Consumer loans [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Consumer and credit card loans | 4,747 | $ 4,536 |
Credit card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Consumer and credit card loans | 1,858 | |
Credit card [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Consumer and credit card loans | $ 1,858 | |
Greater than or equal to 660 [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage concentration of gross consumer and credit card loans by refreshed FICO credit score | 85.00% | 88.00% |
Less than 660 [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage concentration of gross consumer and credit card loans by refreshed FICO credit score | 15.00% | 12.00% |
Loans - Summary of Credit Conce
Loans - Summary of Credit Concentration by Region (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 110,345 | $ 98,903 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 73.00% | 77.00% |
Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 21.00% | 18.00% |
Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 6.00% | 5.00% |
Loans - Summary of Concentrat_2
Loans - Summary of Concentration of Corporate Loans (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 110,345 | $ 98,903 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Corporate Loans [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 46,307 | $ 42,375 |
Consumer, Retail & Healthcare [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 15.00% | 16.00% |
Diversified Industrials [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 17.00% | 16.00% |
Financial Institutions [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 10.00% | 11.00% |
Funds [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 9.00% | 10.00% |
Natural Resources & Utilities [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 12.00% | 11.00% |
Real Estate [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 7.00% | 6.00% |
Technology, Media & Telecommunications [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 17.00% | 18.00% |
Other [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 13.00% | 12.00% |
Loans - Gross Loans Receivable
Loans - Gross Loans Receivable and Lending Commitments by Impairment Methodology (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Loans Receivable | ||
Total | $ 110,345 | $ 98,903 |
Lending Commitments | ||
Total | 150,100 | 120,997 |
Corporate [Member] | ||
Loans Receivable | ||
Total | 46,307 | 42,375 |
Wealth management [Member] | ||
Loans Receivable | ||
Total | 27,940 | 24,768 |
Commercial real estate [Member] | ||
Loans Receivable | ||
Total | 17,743 | 14,178 |
Residential real estate [Member] | ||
Loans Receivable | ||
Total | 6,958 | 8,301 |
Consumer loans [Member] | ||
Loans Receivable | ||
Total | 4,747 | 4,536 |
Credit card [Member] | ||
Loans Receivable | ||
Total | 1,858 | |
Other Loans [Member] | ||
Loans Receivable | ||
Total | 4,792 | 4,745 |
PCI Loans [Member] | ||
Loans Receivable | ||
PCI | 1,622 | 3,042 |
PCI Loans [Member] | Commercial real estate [Member] | ||
Loans Receivable | ||
PCI | 455 | 581 |
PCI Loans [Member] | Residential real estate [Member] | ||
Loans Receivable | ||
PCI | 1,167 | 2,457 |
PCI Loans [Member] | Other Loans [Member] | ||
Loans Receivable | ||
PCI | 4 | |
Amortized cost [Member] | ||
Loans Receivable | ||
Specific | 1,492 | 838 |
Portfolio | 87,522 | 77,776 |
Total | 90,636 | 81,656 |
Lending Commitments | ||
Specific | 139 | 31 |
Portfolio | 149,961 | 120,966 |
Total | 150,100 | 120,997 |
Amortized cost [Member] | Corporate [Member] | ||
Loans Receivable | ||
Specific | 1,122 | 358 |
Portfolio | 40,007 | 36,925 |
Total | 41,129 | 37,283 |
Lending Commitments | ||
Specific | 128 | 31 |
Portfolio | 127,098 | 113,453 |
Total | 127,226 | 113,484 |
Amortized cost [Member] | Wealth management [Member] | ||
Loans Receivable | ||
Specific | 52 | 46 |
Portfolio | 20,064 | 17,472 |
Total | 20,116 | 17,518 |
Amortized cost [Member] | Commercial real estate [Member] | ||
Loans Receivable | ||
Specific | 175 | 9 |
Portfolio | 12,628 | 10,851 |
Total | 13,258 | 11,441 |
Amortized cost [Member] | Residential real estate [Member] | ||
Loans Receivable | ||
Specific | 143 | 425 |
Portfolio | 4,822 | 4,402 |
Total | 6,132 | 7,284 |
Amortized cost [Member] | Consumer loans [Member] | ||
Loans Receivable | ||
Portfolio | 4,747 | 4,536 |
Total | 4,747 | 4,536 |
Amortized cost [Member] | Credit card [Member] | ||
Loans Receivable | ||
Portfolio | 1,858 | |
Total | 1,858 | |
Lending Commitments | ||
Portfolio | 13,669 | |
Total | 13,669 | |
Amortized cost [Member] | Other Loans [Member] | ||
Loans Receivable | ||
Portfolio | 3,396 | 3,590 |
Total | 3,396 | 3,594 |
Lending Commitments | ||
Specific | 11 | |
Portfolio | 9,194 | 7,513 |
Total | 9,205 | 7,513 |
Amortized cost [Member] | PCI Loans [Member] | ||
Loans Receivable | ||
PCI | 1,622 | 3,042 |
Amortized cost [Member] | PCI Loans [Member] | Commercial real estate [Member] | ||
Loans Receivable | ||
PCI | 455 | 581 |
Amortized cost [Member] | PCI Loans [Member] | Residential real estate [Member] | ||
Loans Receivable | ||
PCI | $ 1,167 | 2,457 |
Amortized cost [Member] | PCI Loans [Member] | Other Loans [Member] | ||
Loans Receivable | ||
PCI | $ 4 |
Loans - Schedule Of Gross Loans
Loans - Schedule Of Gross Loans By Regulatory Risk Rating (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized cost | $ 90,636 | $ 81,656 |
Fair value | 14,386 | 13,416 |
Held for sale | 5,323 | 3,831 |
Total | 110,345 | 98,903 |
Non-Criticized/Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized cost | 82,952 | 75,596 |
Fair value | 12,153 | 10,752 |
Held for sale | 5,216 | 3,817 |
Total | 100,321 | 90,165 |
Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized cost | 7,684 | 6,060 |
Fair value | 2,233 | 2,664 |
Held for sale | 107 | 14 |
Total | $ 10,024 | $ 8,738 |
Loans - Summary of Changes in A
Loans - Summary of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in allowance for loan losses | ||
Balance, beginning of period | $ 1,066 | $ 803 |
Net charge-offs | (490) | (337) |
Provision | 990 | 654 |
Other | (125) | (54) |
Balance, end of period | 1,441 | 1,066 |
Specific | 207 | 102 |
Portfolio | 1,065 | 848 |
PCI | 169 | 116 |
Balance, end of period | 1,441 | 1,066 |
Changes in the allowance for losses on lending commitments | ||
Balance, beginning of period | 286 | 274 |
Provision | 75 | 20 |
Other | (8) | |
Balance, end of period | 361 | 286 |
Specific | 21 | 3 |
Portfolio | 340 | 283 |
Balance, end of period | $ 361 | $ 286 |
Loans - Fair value of loans hel
Loans - Fair value of loans held for investment by level (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | $ 14,386 | $ 13,416 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 12,496 | 11,426 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,890 | 1,990 |
Corporate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 3,224 | 2,819 |
Corporate [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 2,472 | 2,160 |
Corporate [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 752 | 659 |
Wealth management [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 7,824 | 7,250 |
Wealth management [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 7,764 | 7,192 |
Wealth management [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 60 | 58 |
Commercial real estate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,876 | 1,718 |
Commercial real estate [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,285 | 1,041 |
Commercial real estate [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 591 | 677 |
Residential real estate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 792 | 973 |
Residential real estate [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 571 | 683 |
Residential real estate [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 221 | 290 |
Other Loans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 670 | 656 |
Other Loans [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 404 | 350 |
Other Loans [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | $ 266 | $ 306 |
Loans - Summary of Weighted Ave
Loans - Summary of Weighted Average of Significant Unobservable Inputs (Detail) $ in Millions | Dec. 31, 2019USD ($)yr | Dec. 31, 2018USD ($)yr |
Loans receivable at fair value | $ | $ 14,386 | $ 13,416 |
Level 3 [Member] | ||
Loans receivable at fair value | $ | 1,890 | 1,990 |
Corporate [Member] | ||
Loans receivable at fair value | $ | 3,224 | 2,819 |
Corporate [Member] | Level 3 [Member] | ||
Loans receivable at fair value | $ | 752 | 659 |
Commercial real estate [Member] | ||
Loans receivable at fair value | $ | 1,876 | 1,718 |
Commercial real estate [Member] | Level 3 [Member] | ||
Loans receivable at fair value | $ | 591 | 677 |
Residential real estate [Member] | ||
Loans receivable at fair value | $ | 792 | 973 |
Residential real estate [Member] | Level 3 [Member] | ||
Loans receivable at fair value | $ | 221 | 290 |
Wealth management and other [Member] | Level 3 [Member] | ||
Loans receivable at fair value | $ | $ 326 | $ 364 |
Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.019 | 0.048 |
Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.070 | 0.083 |
Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.011 | 0.026 |
Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.039 | 0.047 |
Minimum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.135 | 0.135 |
Minimum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.059 | 0.097 |
Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 3.7 | 1.6 |
Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.2 | 0.7 |
Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 1.1 | 1.4 |
Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 1.6 | 2.2 |
Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.263 | 0.300 |
Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.160 | 0.220 |
Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.140 | 0.193 |
Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.160 | 0.115 |
Maximum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.780 | 0.550 |
Maximum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.852 | 0.649 |
Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 5.8 | 6.7 |
Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 5.3 | 5.9 |
Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 4.8 | 5.4 |
Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 6.7 | 4.8 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.095 | 0.125 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.093 | 0.117 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.115 | 0.119 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.099 | 0.09 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.444 | 0.284 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.486 | 0.378 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 3.9 | 3 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 3.5 | 3.8 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 4 | 4.6 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 3.7 | 2.8 |
Loans - Loans, Level 3 Rollforw
Loans - Loans, Level 3 Rollforward (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loans Receivable [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | $ 1,990 | $ 1,973 |
Net realized gains / (losses) | 46 | 74 |
Net unrealized gains/(losses) | 85 | 72 |
Purchases | 249 | 88 |
Sales | (14) | (66) |
Settlements | (795) | (717) |
Transfers into level 3 | 444 | 995 |
Transfers out of level 3 | (115) | (429) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 1,890 | 1,990 |
Corporate [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 659 | 672 |
Net realized gains / (losses) | 5 | 15 |
Net unrealized gains/(losses) | (27) | (11) |
Purchases | 151 | 69 |
Sales | (58) | |
Settlements | (298) | (225) |
Transfers into level 3 | 290 | 310 |
Transfers out of level 3 | (28) | (113) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 752 | 659 |
Commercial real estate [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 677 | 853 |
Net realized gains / (losses) | 20 | 38 |
Net unrealized gains/(losses) | 28 | 33 |
Purchases | 11 | 14 |
Sales | (9) | (4) |
Settlements | (229) | (330) |
Transfers into level 3 | 94 | 382 |
Transfers out of level 3 | (1) | (309) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 591 | 677 |
Residential real estate [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 290 | 213 |
Net realized gains / (losses) | 15 | 18 |
Net unrealized gains/(losses) | 26 | (13) |
Purchases | 58 | 3 |
Sales | (5) | (4) |
Settlements | (137) | (70) |
Transfers into level 3 | 60 | 143 |
Transfers out of level 3 | (86) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 221 | 290 |
Wealth management and other [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | 364 | 235 |
Net realized gains / (losses) | 6 | 3 |
Net unrealized gains/(losses) | 58 | 63 |
Purchases | 29 | 2 |
Settlements | (131) | (92) |
Transfers into level 3 | 160 | |
Transfers out of level 3 | (7) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 326 | $ 364 |
Loans - Summary of estimated fa
Loans - Summary of estimated fair value of loans and lending commitments (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Carrying Value | $ 108,904 | $ 97,837 |
Loans Receivable Held-for-sale, Amount | 5,323 | 3,831 |
Loans, Estimated Fair Value | 14,386 | 13,416 |
Level 2 [Member] | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Estimated Fair Value | 12,496 | 11,426 |
Level 3 [Member] | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Estimated Fair Value | 1,890 | 1,990 |
Amortized cost [Member] | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Carrying Value | 89,195 | 80,590 |
Loans, Estimated Fair Value | 89,186 | 80,743 |
Amortized cost [Member] | Level 2 [Member] | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Estimated Fair Value | 52,091 | 40,640 |
Amortized cost [Member] | Level 3 [Member] | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Estimated Fair Value | 37,095 | 40,103 |
Held for sale [Member] | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 5,323 | 3,831 |
Loans, Estimated Fair Value | 5,409 | 3,842 |
Held for sale [Member] | Level 2 [Member] | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Estimated Fair Value | 4,157 | 2,662 |
Held for sale [Member] | Level 3 [Member] | ||
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Estimated Fair Value | $ 1,252 | $ 1,180 |
Fair Value Option - Financial A
Fair Value Option - Financial Assets and Financial Liabilities by Level (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Resale agreements | $ 85,691 | $ 139,220 |
Securities borrowed | 26,279 | 23,142 |
Customer and other receivables | 53 | 160 |
Total financial assets at fair value | 112,023 | 162,522 |
Deposits | (17,765) | (21,060) |
Repurchase agreements | (117,756) | (78,723) |
Securities loaned | (714) | (3,241) |
Other secured financings | (18,071) | (20,904) |
Unsecured borrowings Short-term | (26,007) | (16,963) |
Unsecured borrowings Long-term | (43,661) | (46,584) |
Other liabilities | (150) | (132) |
Total financial liabilities at fair value | (224,124) | (187,607) |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Resale agreements | 85,691 | 139,220 |
Securities borrowed | 26,279 | 23,142 |
Customer and other receivables | 53 | 154 |
Total financial assets at fair value | 112,023 | 162,516 |
Deposits | (13,742) | (17,892) |
Repurchase agreements | (117,726) | (78,694) |
Securities loaned | (714) | (3,241) |
Other secured financings | (17,685) | (20,734) |
Unsecured borrowings Short-term | (20,300) | (12,887) |
Unsecured borrowings Long-term | (32,920) | (34,761) |
Other liabilities | (1) | (1) |
Total financial liabilities at fair value | (203,088) | (168,210) |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Customer and other receivables | 6 | |
Total financial assets at fair value | 6 | |
Deposits | (4,023) | (3,168) |
Repurchase agreements | (30) | (29) |
Other secured financings | (386) | (170) |
Unsecured borrowings Short-term | (5,707) | (4,076) |
Unsecured borrowings Long-term | (10,741) | (11,823) |
Other liabilities | (149) | (131) |
Total financial liabilities at fair value | $ (21,036) | $ (19,397) |
Fair Value Option - Level 3 Rol
Fair Value Option - Level 3 Rollforward (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Financial Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | $ 6 | $ 4 |
Net realized gains/(losses) | 5 | |
Net unrealized gains/(losses) | (6) | 2 |
Settlements | (5) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 6 | |
Other Financial Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | (19,397) | (15,462) |
Net realized gains / (losses) | (337) | (491) |
Net unrealized gains/(losses) | (2,254) | 2,013 |
Issuances | (9,892) | (11,935) |
Settlements | 11,104 | 7,010 |
Transfers into level 3 | (877) | (1,416) |
Transfers out of level 3 | 617 | 884 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (21,036) | (19,397) |
Other Financial Liabilities [Member] | Deposits at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | (3,168) | (2,968) |
Net realized gains / (losses) | (3) | (25) |
Net unrealized gains/(losses) | (473) | 272 |
Issuances | (932) | (796) |
Settlements | 452 | 298 |
Transfers into level 3 | (28) | (8) |
Transfers out of level 3 | 129 | 59 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (4,023) | (3,168) |
Other Financial Liabilities [Member] | Repurchase Agreements at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | (29) | (37) |
Net unrealized gains/(losses) | (4) | 2 |
Settlements | 3 | 6 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (30) | (29) |
Other Financial Liabilities [Member] | Other Secured Financings at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | (170) | (389) |
Net realized gains / (losses) | 36 | (15) |
Net unrealized gains/(losses) | (52) | 11 |
Issuances | (28) | (8) |
Settlements | 19 | 157 |
Transfers into level 3 | (191) | (10) |
Transfers out of level 3 | 0 | 84 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (386) | (170) |
Other Financial Liabilities [Member] | Unsecured Short-Term Borrowings Including Current Portion of Unsecured Long-Term Borrowings at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | (4,076) | (4,594) |
Net realized gains / (losses) | (120) | (125) |
Net unrealized gains/(losses) | (484) | 558 |
Issuances | (5,410) | (4,564) |
Settlements | 4,333 | 4,481 |
Transfers into level 3 | (173) | (72) |
Transfers out of level 3 | 223 | 240 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (5,707) | (4,076) |
Other Financial Liabilities [Member] | Unsecured Long-Term Borrowings at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | (11,823) | (7,434) |
Net realized gains / (losses) | (278) | (349) |
Net unrealized gains/(losses) | (1,223) | 1,262 |
Issuances | (3,494) | (6,545) |
Settlements | 6,297 | 2,068 |
Transfers into level 3 | (485) | (1,326) |
Transfers out of level 3 | 265 | 501 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (10,741) | (11,823) |
Other Financial Liabilities [Member] | Other Liabilities at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | (131) | (40) |
Net realized gains / (losses) | 28 | 23 |
Net unrealized gains/(losses) | (18) | (92) |
Issuances | (28) | (22) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ (149) | $ (131) |
Fair Value Option - Additional
Fair Value Option - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Fair Value [Line Items] | |||
Fair value of unfunded commitments for which the fair value option was elected | $ 373 | $ 45 | |
Total contractual amount of unfunded commitments for which the fair value option was elected | 1,550 | 1,890 | |
Net Gains (Losses) Attributable to the Impact of Changes in Instrument-Specific Credit Spreads on Loans and Lending Commitments For Which the Fair Value Option Was Elected | 134 | 211 | $ 268 |
Unsecured Long-Term Borrowings at Fair Value [Member] | |||
Fair Value [Line Items] | |||
Difference between aggregate contractual principal amount of long-term debt instruments for which the fair value option was elected and related fair value | $ 199 | 3,470 | |
Minimum [Member] | Other Secured Financings at Fair Value [Member] | Level 3 [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value [Line Items] | |||
Other secured financing measurement input | 3.3 | ||
Minimum [Member] | Other Secured Financings at Fair Value [Member] | Level 3 [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value [Line Items] | |||
Other secured financing measurement input | 0.6 | ||
Maximum [Member] | Other Secured Financings at Fair Value [Member] | Level 3 [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value [Line Items] | |||
Other secured financing measurement input | 4.2 | ||
Maximum [Member] | Other Secured Financings at Fair Value [Member] | Level 3 [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value [Line Items] | |||
Other secured financing measurement input | 2.1 | ||
Weighted Average [Member] | Other Secured Financings at Fair Value [Member] | Level 3 [Member] | Fair Value Unobservable Inputs, Yield [Member] | |||
Fair Value [Line Items] | |||
Other secured financing measurement input | 3.5 | ||
Weighted Average [Member] | Other Secured Financings at Fair Value [Member] | Level 3 [Member] | Fair Value Unobservable Inputs, Duration [Member] | |||
Fair Value [Line Items] | |||
Other secured financing measurement input | 1 | ||
Other Financial Liabilities [Member] | |||
Fair Value [Line Items] | |||
Gains/(Losses) on liabilities | $ (2,590) | 1,520 | |
Realized Gains/(Losses) on liabilities | (337) | (491) | |
Net Unrealized Gains / (Losses) | (2,254) | 2,013 | |
Other Financial Liabilities [Member] | Unsecured Long-Term Borrowings at Fair Value [Member] | |||
Fair Value [Line Items] | |||
Realized Gains/(Losses) on liabilities | (278) | (349) | |
Other Financial Liabilities [Member] | Other Secured Financings at Fair Value [Member] | |||
Fair Value [Line Items] | |||
Realized Gains/(Losses) on liabilities | 36 | (15) | |
Other Financial Liabilities [Member] | Debt Valuation Adjustment [Member] | |||
Fair Value [Line Items] | |||
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of comprehensive income | 595 | 641 | |
Other Financial Liabilities [Member] | Market making [Member] | |||
Fair Value [Line Items] | |||
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of earnings | 1,980 | 883 | |
Other Financial Liabilities [Member] | Other Principal Transactions [Member] | |||
Fair Value [Line Items] | |||
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of earnings | 10 | (1) | |
Other Financial Liabilities [Member] | Interest Expense [Member] | |||
Fair Value [Line Items] | |||
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of earnings | $ 9 | $ (1) |
Fair Value Option - Gains and L
Fair Value Option - Gains and Losses on Other Financial Assets and Financial Liabilities at Fair Value (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value Option Gains/(Losses) | $ (9,499) | $ 2,677 | $ (4,214) |
Unsecured Short-Term Borrowings Including Current Portion of Unsecured Long-Term Borrowings at Fair Value [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value Option Gains/(Losses) | (3,365) | 1,443 | (2,585) |
Unsecured Long-Term Borrowings at Fair Value [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value Option Gains/(Losses) | (5,251) | 926 | (1,357) |
Fair Value Option Other [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value Option Gains/(Losses) | $ (883) | $ 308 | $ (272) |
Fair Value Option - Loans and L
Fair Value Option - Loans and Lending Commitments (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Aggregate contractual principal amount of performing loans and long-term receivables in excess of fair value | $ 809 | $ 1,830 |
Loans on nonaccrual status and/or more than 90 days past due Aggregate contractual principal in excess of fair value | 6,703 | 5,260 |
Aggregate fair value | $ 2,776 | $ 2,010 |
Fair Value Option - Summary of
Fair Value Option - Summary of DVA Losses on Financial Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
DVA (net of tax) | $ (2,079) | $ 2,553 | $ (807) |
Other Financial Liabilities [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
DVA (pre-tax) | (2,763) | 3,389 | (1,232) |
DVA (net of tax) | $ (2,079) | $ 2,553 | $ (807) |
Collateralized Agreements and_3
Collateralized Agreements and Financings - Resale and Repurchase Agreements and Securities Borrowed and Loaned Transactions (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Collateralized Agreements And Financings [Abstract] | ||
Resale agreements | $ 85,691 | $ 139,258 |
Securities borrowed | 136,071 | 135,285 |
Repurchase agreements | 117,756 | 78,723 |
Securities loaned | $ 14,985 | $ 11,808 |
Collateralized Agreements and_4
Collateralized Agreements and Financings - Resale and Repurchase Agreements and Securities Borrowed and Loaned Transactions (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Collateralized Agreements And Financings [Abstract] | ||
Securities borrowed at fair value | $ 26,279 | $ 23,142 |
Securities loaned at fair value | $ 714 | $ 3,241 |
Collateralized Agreements and_5
Collateralized Agreements and Financings - Offsetting Arrangements (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Collateralized Agreements And Financings [Abstract] | ||
Resale agreements, Gross carrying value | $ 152,982 | $ 246,284 |
Resale agreements, Counterparty Netting | (67,291) | (107,026) |
Resale agreements | 85,691 | 139,258 |
Resale agreements, Counterparty Netting | (3,058) | (5,870) |
Resale agreements, Collateral | (78,528) | (130,707) |
Resale agreements | 4,105 | 2,681 |
Securities borrowed, Gross carrying value | 140,677 | 139,556 |
Securities borrowed, Counterparty Netting | (4,606) | (4,271) |
Securities borrowed | 136,071 | 135,285 |
Securities borrowed, Counterparty Netting | (2,211) | (1,104) |
Securities borrowed, Collateral | (127,901) | (127,340) |
Securities borrowed | 5,959 | 6,841 |
Repurchase agreements, Gross carrying value | 185,047 | 185,749 |
Repurchase agreements, Counterparty Netting | (67,291) | (107,026) |
Repurchase agreements | 117,756 | 78,723 |
Repurchase agreements, Counterparty Netting | (3,058) | (5,870) |
Repurchase agreements, Collateral | (114,065) | (70,691) |
Repurchase agreements | 633 | 2,162 |
Securities loaned, Gross carrying value | 19,591 | 16,079 |
Securities loaned, Counterparty Netting | (4,606) | (4,271) |
Securities loaned | 14,985 | 11,808 |
Securities loaned, Counterparty Netting | (2,211) | (1,104) |
Securities loaned, Collateral | (12,614) | (10,491) |
Securities loaned | $ 160 | $ 213 |
Collateralized Agreements and_6
Collateralized Agreements and Financings - Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 185,047 | $ 185,749 |
Securities loaned | 19,591 | 16,079 |
Money Market Instruments [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 158 | 100 |
U.S. Government and Agency Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 112,903 | 88,060 |
Non-U.S. Government and Agency Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 55,575 | 84,443 |
Securities loaned | 1,051 | 2,438 |
Securities Backed By Commercial Real Estate [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 210 | 3 |
Securities Backed By Residential Real Estate [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 1,079 | 221 |
Corporate debt securities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 6,857 | 5,495 |
Securities loaned | 122 | 195 |
State and Municipal Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 242 | |
Other debt obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 196 | 25 |
Equity Securities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 7,827 | 7,402 |
Securities loaned | $ 18,418 | $ 13,446 |
Collateralized Agreements and_7
Collateralized Agreements and Financings - Schedule of Repurchase Agreements and Securities Loaned (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 185,047 | $ 185,749 |
Securities loaned | 19,591 | $ 16,079 |
No Stated Maturity and Overnight [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 70,260 | |
Securities loaned | 14,467 | |
2 - 30 Days [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 81,440 | |
Securities loaned | 3,117 | |
31 - 90 Days [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 12,874 | |
Securities loaned | 841 | |
91 Days - 1 Year [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 16,266 | |
Securities loaned | 1,166 | |
Greater than 1 Year [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 4,207 |
Collateralized Agreements and_8
Collateralized Agreements and Financings - Other Secured Financings (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | $ 7,195 | $ 9,555 |
Other Secured Financings Short Term At Amortized Cost | 129 | |
Other Secured Financings Long Term At Fair Value | 10,876 | 11,349 |
Other Secured Financings Long Term At Amortized Cost | 1,077 | 529 |
Total other secured financings | 19,277 | 21,433 |
Other secured financings collateralized by financial instruments | 12,015 | 16,510 |
Other secured financings collateralized by other assets | 7,262 | 4,923 |
U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | 2,754 | 3,528 |
Other Secured Financings Short Term At Amortized Cost | 129 | |
Other Secured Financings Long Term At Fair Value | 7,402 | 9,010 |
Other Secured Financings Long Term At Amortized Cost | 397 | 529 |
Total other secured financings | 10,682 | 13,067 |
Other secured financings collateralized by financial instruments | 5,506 | 8,960 |
Other secured financings collateralized by other assets | 5,856 | 4,107 |
Non-U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | 4,441 | 6,027 |
Other Secured Financings Long Term At Fair Value | 3,474 | 2,339 |
Other Secured Financings Long Term At Amortized Cost | 680 | |
Total other secured financings | 8,595 | 8,366 |
Other secured financings collateralized by financial instruments | 6,509 | 7,550 |
Other secured financings collateralized by other assets | $ 1,406 | $ 816 |
Collateralized Agreements and_9
Collateralized Agreements and Financings - Other Secured Financings (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Secured Financings [Line Items] | ||
Nonrecourse obligations included in other secured financings | $ 10,910 | $ 8,470 |
Transfers of financial assets accounted for as financings included in other secured financings | 2,160 | 2,400 |
Financial assets collateralizing other secured financings related to failed sales | 2,210 | 2,410 |
Other secured financings collateralized by financial instruments owned | 9,090 | 12,410 |
Other secured financings collateralized by financial instruments received as collateral and repledged | $ 2,930 | $ 4,100 |
U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Weighted average interest rates | 1.28% | 4.02% |
Weighted average interest rates | 4.32% |
Collateralized Agreements an_10
Collateralized Agreements and Financings - Other Secured Financings by Maturity Date (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Secured Financings By Maturity Period [Line Items] | ||
Other secured financings (short-term) | $ 7,324 | |
Total other secured financings (long-term) | 11,953 | |
Total other secured financings | 19,277 | $ 21,433 |
Other secured financings (long-term) [Member] | ||
Other Secured Financings By Maturity Period [Line Items] | ||
2021 | 3,683 | |
2022 | 1,842 | |
2023 | 1,399 | |
2024 | 1,358 | |
2025 - thereafter | $ 3,671 |
Collateralized Agreements an_11
Collateralized Agreements and Financings - Financial Instruments Received as Collateral and Repledged (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Collateralized Agreements And Financings [Abstract] | ||
Financial instruments at fair value received as collateral by the firm that it was permitted to deliver or repledge | $ 661,490 | $ 681,516 |
Financial instruments at fair value received as collateral which the firm delivered or repledged | $ 558,634 | $ 565,625 |
Collateralized Agreements an_12
Collateralized Agreements and Financings - Financial Instruments Received as Collateral and Repledged (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Collateralized Agreements And Financings [Abstract] | ||
Securities received under resale agreements and securities borrowed transactions segregated to satisfy certain regulatory requirements | $ 6,150 | $ 14,100 |
Securities segregated for regulatory and other purposes | $ 20,610 | $ 23,030 |
Collateralized Agreements an_13
Collateralized Agreements and Financings - Assets pledged as collateral (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Collateralized Agreements And Financings [Abstract] | ||
Trading assets owned pledged in connection with repurchase agreements, securities lending agreements and other secured financings to counterparties that had the right to deliver or repledge | $ 66,605 | $ 47,371 |
Investments pledged to counterparties that Had the right to deliver or repledge | 10,968 | 7,710 |
Trading assets owned pledged in connection with repurchase agreements, securities lending agreements and other secured financings to counterparties that did not have right to deliver or repledge | 101,578 | 67,683 |
Investments pledged to counterparties that did not have the right to deliver or repledge | 849 | 617 |
Loans pledged to counterparties that do not have the right to deliver or repledge | 6,628 | 5,240 |
Other assets (substantially all real estate and cash) owned and pledged in connection with other secured financings to counterparties that did not have the right to deliver or repledge | $ 12,337 | $ 8,037 |
Other Assets - Other Assets (De
Other Assets - Other Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets [Abstract] | ||
Property, leasehold improvements and equipment | $ 21,886 | $ 18,317 |
Goodwill and identifiable intangible assets | 4,837 | 4,082 |
Operating lease right-of-use assets | 2,360 | |
Income tax-related assets | 2,068 | 1,529 |
Miscellaneous receivables and other | 3,731 | 5,067 |
Total | $ 34,882 | $ 28,995 |
Other Assets - Other Assets (Pa
Other Assets - Other Assets (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Other Assets [Line Items] | ||
Accumulated depreciation and amortization | $ 9,950 | $ 9,080 |
Property, leasehold improvements and equipment used for operation | 6,160 | 5,570 |
Foreclosed real estate included in property, leasehold improvements and equipment | $ 521 | $ 896 |
Amortization period - Capitalized costs of software developed or obtained for internal use | 3 years | 3 years |
Operating lease right-of-use assets | $ 2,360 | |
Investments in qualified affordable housing projects | 606 | $ 653 |
Asset Management [Member] | ||
Schedule Of Other Assets [Line Items] | ||
Assets classified as held for sale | 470 | 365 |
European headquarters in London [Member] | ||
Schedule Of Other Assets [Line Items] | ||
Operating lease right-of-use assets | $ 963 | |
Assets classified as held for sale | $ 1,010 |
Other Assets - Goodwill and Int
Other Assets - Goodwill and Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | $ 4,196 | $ 3,758 |
Identifiable Intangible Assets | 641 | 324 |
Investment Banking [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 281 | 281 |
Global Markets - Fixed Income, Currency and Commodities [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 269 | 269 |
Identifiable Intangible Assets | 3 | 10 |
Global Markets - Equities [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 2,508 | 2,508 |
Identifiable Intangible Assets | 37 | |
Asset Management [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 390 | 244 |
Identifiable Intangible Assets | 265 | 219 |
Consumer banking [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 48 | 48 |
Identifiable Intangible Assets | 7 | 10 |
Wealth management [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 700 | 408 |
Identifiable Intangible Assets | $ 366 | $ 48 |
Other Assets - Goodwill and I_2
Other Assets - Goodwill and Intangible Assets (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Investment Management [Member] | United Capital Financial Partners Inc [Member] | |
Schedule Of Intangible Assets And Goodwill [Line Items] | |
Increase in goodwill | $ 398 |
Other Assets - Intangible Asset
Other Assets - Intangible Assets Disclosure (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 2,217 | $ 1,753 |
Accumulated amortization | (1,576) | (1,429) |
Net carrying value | 641 | 324 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 1,427 | 1,117 |
Accumulated amortization | (1,044) | (970) |
Net carrying value | 383 | 147 |
Acquired leases and other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 790 | 636 |
Accumulated amortization | (532) | (459) |
Net carrying value | $ 258 | $ 177 |
Other Assets - Intangible Ass_2
Other Assets - Intangible Assets Disclosure - Additional Information (Detail) - Other [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Identifiable intangible assets | $ 515 | $ 137 |
Identifiable intangible assets approximate weighted average remaining life in years | 10 years | 4 years |
United Capital Financial Partners Inc [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Identifiable intangible assets | $ 354 |
Other Assets - Amortization Exp
Other Assets - Amortization Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization related to identifiable intangible assets | $ 173 | $ 152 | $ 150 |
Other Assets - Estimated Future
Other Assets - Estimated Future Amortization for Existing Identifiable Intangible Assets Through 2024 (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2020 | $ 122 |
2021 | 91 |
2022 | 77 |
2023 | 71 |
2024 | $ 59 |
Deposits - Types and Sources of
Deposits - Types and Sources of the Firm's Deposits (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits [Line Items] | ||
Savings and demand | $ 118,750 | $ 95,919 |
Time | 71,269 | 62,338 |
Total | 190,019 | 158,257 |
Private Bank Deposits [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 53,726 | 52,028 |
Time | 2,087 | 2,311 |
Total | 55,813 | 54,339 |
Consumer Deposits [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 44,973 | 27,987 |
Time | 15,023 | 7,641 |
Total | 59,996 | 35,628 |
Brokered Certificates Of Deposit [Member] | ||
Deposits [Line Items] | ||
Time | 39,449 | 35,876 |
Total | 39,449 | 35,876 |
Deposit Sweep Programs [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 17,760 | 15,903 |
Total | 17,760 | 15,903 |
Institutional [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 2,291 | 1 |
Time | 14,710 | 16,510 |
Total | $ 17,001 | $ 16,511 |
Deposits - Types and Sources _2
Deposits - Types and Sources of the Firm's Deposits (Parenthetical) (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)Arrangements | Dec. 31, 2018USD ($) | |
Deposits [Abstract] | ||
Deposits at fair value | $ 17,765 | $ 21,060 |
Weighted average maturity of time deposits | 1 year 8 months 12 days | 1 year 9 months 18 days |
Number of deposit sweep program contractual arrangements | Arrangements | 12 | |
Deposits insured by the FDIC | $ 103,980 | $ 86,270 |
Deposits insured by the U.K.'s Financial Services Compensation Scheme | $ 15,860 | $ 6,050 |
Deposits - Deposits (Detail)
Deposits - Deposits (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
U.S. offices | $ 150,759 | $ 126,444 |
Non-U.S. offices | 39,260 | 31,813 |
Total | $ 190,019 | $ 158,257 |
Deposits - Maturities of Time D
Deposits - Maturities of Time Deposits (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Time Deposits By Maturity [Line Items] | ||
2020 | $ 38,996 | |
2021 | 9,200 | |
2022 | 8,140 | |
2023 | 5,993 | |
2024 | 4,358 | |
2025 - thereafter | 4,582 | |
Total | 71,269 | $ 62,338 |
U.S. [Member] | ||
Time Deposits By Maturity [Line Items] | ||
2020 | 28,260 | |
2021 | 8,741 | |
2022 | 8,059 | |
2023 | 5,936 | |
2024 | 4,233 | |
2025 - thereafter | 3,584 | |
Total | 58,813 | |
Non-U.S. [Member] | ||
Time Deposits By Maturity [Line Items] | ||
2020 | 10,736 | |
2021 | 459 | |
2022 | 81 | |
2023 | 57 | |
2024 | 125 | |
2025 - thereafter | 998 | |
Total | $ 12,456 |
Deposits - Maturities of Time_2
Deposits - Maturities of Time Deposits (Parenthetical) (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Deposits [Abstract] | |
Total domestic time deposits in denominations that met or exceeded the applicable insurance limits, or were otherwise not covered by insurance | $ 8,810 |
Total foreign time deposits in denominations that met or exceeded the applicable insurance limits, or were otherwise not covered by insurance | $ 12,450 |
Unsecured Borrowings - Schedule
Unsecured Borrowings - Schedule of Short Term and Long Term Unsecured Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Short-term | ||
Unsecured short-term borrowings | $ 48,287 | $ 40,502 |
Long-term | ||
Unsecured borrowings | 207,076 | 224,149 |
Total | $ 255,363 | $ 264,651 |
Unsecured Borrowings - Unsecure
Unsecured Borrowings - Unsecured Short-Term Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Current portion of unsecured long-term borrowings | $ 30,636 | $ 27,476 |
Hybrid financial instruments | 15,814 | 10,908 |
Other unsecured short-term borrowings | 1,837 | 2,118 |
Total unsecured short-term borrowings | $ 48,287 | $ 40,502 |
Unsecured short-term debt, weighted average interest rate, after giving effect to hedging activities | 2.71% | 2.51% |
Unsecured Borrowings - Unsecu_2
Unsecured Borrowings - Unsecured Short-Term Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current portion of unsecured long-term borrowings | $ 30,636 | $ 27,476 |
Group Inc. [Member] | ||
Current portion of unsecured long-term borrowings | $ 21,270 | $ 20,910 |
Unsecured Borrowings - Unsecu_3
Unsecured Borrowings - Unsecured Long-Term Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total | $ 207,076 | $ 224,149 |
Group Inc. [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 124,887 | 131,384 |
Floating-rate obligations | 43,701 | 51,722 |
Total | 168,588 | 183,106 |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 4,144 | 5,205 |
Floating-rate obligations | 34,344 | 35,838 |
Total | 38,488 | 41,043 |
U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Total | 140,696 | 154,256 |
U.S. Dollar [Member] | Group Inc. [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 91,256 | 97,354 |
Floating-rate obligations | 25,318 | 30,565 |
U.S. Dollar [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 1,590 | 2,581 |
Floating-rate obligations | 22,532 | 23,756 |
Non-U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Total | 66,380 | 69,893 |
Non-U.S. Dollar [Member] | Group Inc. [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 33,631 | 34,030 |
Floating-rate obligations | 18,383 | 21,157 |
Non-U.S. Dollar [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 2,554 | 2,624 |
Floating-rate obligations | $ 11,812 | $ 12,082 |
Unsecured Borrowings - Unsecu_4
Unsecured Borrowings - Unsecured Long-Term Borrowings (Parenthetical) (Detail) - Unsecured Debt [Member] | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. Dollar [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 2.00% | 2.00% |
U.S. Dollar [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 10.04% | 10.04% |
U.S. Dollar [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 3.82% | 4.22% |
Non-U.S. Dollar [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 0.13% | 0.31% |
Non-U.S. Dollar [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 13.00% | 13.00% |
Non-U.S. Dollar [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 2.33% | 2.43% |
Unsecured Borrowings - Unsecu_5
Unsecured Borrowings - Unsecured Long-Term Borrowings by Maturity Date (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total | $ 207,076 | $ 224,149 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 26,337 | |
2022 | 25,287 | |
2023 | 26,692 | |
2024 | 19,144 | |
2025 - thereafter | 109,616 | |
Total | 207,076 | |
Group Inc. [Member] | ||
Debt Instrument [Line Items] | ||
Total | 168,588 | 183,106 |
Group Inc. [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 20,334 | |
2022 | 21,874 | |
2023 | 21,644 | |
2024 | 15,083 | |
2025 - thereafter | 89,653 | |
Total | 168,588 | |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Total | 38,488 | $ 41,043 |
Subsidiaries [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 6,003 | |
2022 | 3,413 | |
2023 | 5,048 | |
2024 | 4,061 | |
2025 - thereafter | 19,963 | |
Total | $ 38,488 |
Unsecured Borrowings - Unsecu_6
Unsecured Borrowings - Unsecured Long-Term Borrowings by Maturity Date (Parenthetical) (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 257 |
2022 | (44) |
2023 | 83 |
2024 | 355 |
2025 and thereafter | 7,040 |
Amount related to interest rate hedges on certain unsecured long-term borrowings | $ 7,690 |
Unsecured Borrowings - Addition
Unsecured Borrowings - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Subordinated debt maturities, range, end | Dec. 31, 2067 | ||
Minimum redemption or purchase price required | $ 253 | ||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2067 | ||
Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Subordinated debt maturities, range, start | Dec. 31, 2021 | Dec. 31, 2021 | |
Subordinated debt maturities, range, end | Dec. 31, 2045 | Dec. 31, 2045 | |
Trust Preferred Securities purchased, par amount | $ 164 | $ 29 | $ 192 |
Trust Preferred Securities purchased, carrying value | $ 231 | $ 36 | 254 |
Debt Instrument, Maturity Date Range, End | Dec. 31, 2045 | Dec. 31, 2045 | |
Goldman Sachs Capital I [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures issued to Goldman Sachs Capital I (Trust) | $ 2,840 | ||
Guaranteed preferred beneficial interests issued to third parties | 2,750 | ||
Common beneficial interests issued to Group Inc. | 85 | ||
Junior subordinated debt, outstanding par amount | 976 | $ 1,140 | |
Trust Preferred Securities, outstanding par amount | 947 | 1,110 | |
Common beneficial interests, outstanding par amount | 29 | 34.1 | |
Trust Preferred Securities purchased, par amount | 159 | 28 | 186 |
Trust Preferred Securities purchased, carrying value | 206 | 35 | 237 |
Common beneficial interests delivered to the Trust | $ 5 | $ 1 | $ 6 |
Interest Rate of Junior Subordinated Debentures held by certain third parties | 6.345% | ||
Maturity date of Junior Subordinated Debentures held by certain third parties | Feb. 15, 2034 | ||
Interest Rate of Junior Subordinated Debentures issued to Trust, Fixed | 6.345% | ||
Maturity date of Junior Subordinated Debentures issued to Trust | Feb. 15, 2034 |
Unsecured Borrowings - Unsecu_7
Unsecured Borrowings - Unsecured Long-Term Borrowings after Hedging (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Fixed-rate obligations: At fair value | $ 725 | $ 28 |
Fixed rate obligations at amortized cost | 47,577 | 74,552 |
Floating-rate obligations: At fair value | 42,936 | 46,556 |
Floating rate obligations at amortized cost | 115,838 | 103,013 |
Total | 207,076 | 224,149 |
Group Inc. [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations: At fair value | 678 | |
Fixed rate obligations at amortized cost | 44,631 | 71,221 |
Floating-rate obligations: At fair value | 14,920 | 16,387 |
Floating rate obligations at amortized cost | 108,359 | 95,498 |
Total | 168,588 | 183,106 |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations: At fair value | 47 | 28 |
Fixed rate obligations at amortized cost | 2,946 | 3,331 |
Floating-rate obligations: At fair value | 28,016 | 30,169 |
Floating rate obligations at amortized cost | 7,479 | 7,515 |
Total | $ 38,488 | $ 41,043 |
Unsecured Borrowings - Unsecu_8
Unsecured Borrowings - Unsecured Long-Term Borrowings after Hedging (Parenthetical) (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - total | 2.87% | 3.21% |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging fixed rate obligations | 3.77% | 3.79% |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - floating rate obligations | 2.48% | 2.79% |
Unsecured Borrowings - Subordin
Unsecured Borrowings - Subordinated Long-Term Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total subordinated Long-term Borrowings, par amount | $ 15,017 | $ 15,163 |
Total subordinated Long-term Borrowings | $ 18,308 | $ 17,128 |
Effective weighted average interest rate on long-term subordinated borrowings, after hedging | 3.42% | 4.02% |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, par amount | $ 14,041 | $ 14,023 |
Long-term subordinated debt outstanding | $ 16,980 | $ 15,703 |
Effective weighted average interest rate of long-term subordinated debt, after hedging | 3.46% | 4.09% |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, par amount | $ 976 | $ 1,140 |
Long-term junior subordinated debt | $ 1,328 | $ 1,425 |
Effective weighted average interest rate of long-term junior subordinated debt, after hedging | 2.85% | 3.19% |
Unsecured Borrowings - Subord_2
Unsecured Borrowings - Subordinated Long-Term Borrowings (Parenthetical) (Detail) - Subordinated Debt [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt, par amount | $ 14,041 | $ 14,023 |
Long-term subordinated debt outstanding | 16,980 | 15,703 |
Group Inc. [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, par amount | $ 14,040 | $ 14,020 |
Other Liabilities - Other Liabi
Other Liabilities - Other Liabilities by Type (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Compensation and benefits | $ 6,889 | $ 6,834 |
Income tax-related liabilities | 2,947 | 2,864 |
Operating lease liabilities | 2,385 | |
Noncontrolling interests | 1,713 | 1,568 |
Employee interests in consolidated funds | 81 | 122 |
Accrued expenses and other | 7,636 | 6,219 |
Total | $ 21,651 | $ 17,607 |
Other Liabilities - Information
Other Liabilities - Information About Operating Lease Liabilities (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Other Liabilities Disclosure [Abstract] | |
2020 | $ 384 |
2021 | 308 |
2022 | 268 |
2023 | 235 |
2024 | 219 |
2025 - thereafter | 2,566 |
Total undiscounted lease payments | 3,980 |
Imputed interest | (1,595) |
Total operating lease liabilities | $ 2,385 |
Weighted average remaining lease term | 18 years |
Weighted average discount rate | 5.02% |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |||
Operating lease costs | $ 538 | $ 409 | $ 390 |
Securitization Activities - Amo
Securitization Activities - Amount of Financial Assets Securitized and Cash Flows Received on Retained Interests (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Transfers and Servicing of Financial Assets [Abstract] | |||
Securitization of residential mortgages | $ 15,124 | $ 21,229 | $ 18,142 |
Securitization of commercial mortgages | 12,741 | 8,745 | 7,872 |
Securitization of other financial assets | 1,252 | 1,914 | 481 |
Securitization of Financial Assets | 29,117 | 31,888 | 26,495 |
Retained interests cash flows | $ 286 | $ 296 | $ 264 |
Securitization Activities - Add
Securitization Activities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets securitized in a non-cash exchange for loans receivable and held-to-maturity securities | $ 601 | $ 882 | $ 572 |
Net Asset related to Other Continuing Involvement | 57 | 75 | |
Notional amount related to Other Continuing Involvement | 1,200 | 1,090 | |
Fair Value of Retained Interests | 3,350 | 3,280 | |
Other Retained Interests [Member] | |||
Fair Value of Retained Interests | $ 149 | $ 133 | |
Weighted average life (years) | 3 years 3 months 18 days | 4 years 2 months 12 days | |
Maximum Exposure to Adverse Changes in the value of Other retained interests | $ 149 | $ 133 |
Securitization Activities - Fir
Securitization Activities - Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | $ 67,694 | $ 62,465 |
Retained interests | 3,372 | 3,280 |
Purchased interests | 33 | 57 |
U.S. Government Agency-Issued Collateralized Mortgage Obligations [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 14,328 | 24,506 |
Retained interests | 1,530 | 1,758 |
Purchased interests | 3 | 29 |
Other Residential Mortgage-backed [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 24,166 | 19,560 |
Retained interests | 1,078 | 941 |
Purchased interests | 24 | 15 |
Other Commercial Mortgage-backed [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 25,588 | 15,088 |
Retained interests | 615 | 448 |
Purchased interests | 6 | 10 |
Corporate debt and other asset-backed [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 3,612 | 3,311 |
Retained interests | $ 149 | 133 |
Purchased interests | $ 3 |
Securitization Activities - F_2
Securitization Activities - Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Transfers and Servicing of Financial Assets [Abstract] | ||
Fair Value of Retained Interests | $ 3,350 | $ 3,280 |
Securitization Activities - Wei
Securitization Activities - Weighted Average Key Economic Assumptions Used in Measuring Fair Value of Firm's Retained Interests and Sensitivity of This Fair Value to Immediate Adverse Changes (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Fair Value of Retained Interests | $ 3,350 | $ 3,280 |
Mortgage-Backed [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Fair Value of Retained Interests | $ 3,198 | $ 3,151 |
Weighted average life (years) | 6 years | 7 years 2 months 12 days |
Constant prepayment rate | 12.90% | 11.90% |
Impact of 10% adverse change | $ (22) | $ (27) |
Impact of 20% adverse change | $ (42) | $ (53) |
Discount rate | 4.70% | 4.70% |
Impact of 10% adverse change | $ (59) | $ (75) |
Impact of 20% adverse change | $ (117) | $ (147) |
Variable Interest Entities - No
Variable Interest Entities - Nonconsolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Assets in VIE | $ 128,069 | $ 118,186 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 9,526 | 9,543 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 619 | 478 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 20,786 | 20,711 |
Retained Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,372 | 3,280 |
Purchased Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 901 | 983 |
Commitments and Guarantees, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 2,697 | 2,745 |
Derivatives, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 9,010 | 8,975 |
Debt and equity, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 4,806 | 4,728 |
Mortgage-Backed [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 75,354 | 73,262 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 3,830 | 4,090 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,946 | 4,200 |
Mortgage-Backed [Member] | Retained Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,223 | 3,147 |
Mortgage-Backed [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 607 | 941 |
Mortgage-Backed [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 50 | 35 |
Mortgage-Backed [Member] | Derivatives, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 66 | 77 |
Corporate debt and other asset-backed [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 16,248 | 15,842 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 2,040 | 1,563 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 612 | 458 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 11,821 | 10,937 |
Corporate debt and other asset-backed [Member] | Retained Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 149 | 133 |
Corporate debt and other asset-backed [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 294 | 42 |
Corporate debt and other asset-backed [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,374 | 1,113 |
Corporate debt and other asset-backed [Member] | Derivatives, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 8,849 | 8,782 |
Corporate debt and other asset-backed [Member] | Debt and equity, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,155 | 867 |
Real estate, credit- and power-related and other investing [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 19,602 | 18,851 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 3,243 | 3,601 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 7 | 20 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 4,543 | 5,228 |
Real estate, credit- and power-related and other investing [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,213 | 1,543 |
Real estate, credit- and power-related and other investing [Member] | Derivatives, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 92 | 113 |
Real estate, credit- and power-related and other investing [Member] | Debt and equity, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,238 | 3,572 |
Investment In Funds [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 16,865 | 10,231 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 413 | 289 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 476 | 346 |
Investment In Funds [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 60 | 54 |
Investment In Funds [Member] | Derivatives, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 3 | 3 |
Investment In Funds [Member] | Debt and equity, Maximum Exposure to Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | $ 413 | $ 289 |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Cash and cash equivalents | $ 133,546 | $ 130,547 | $ 110,051 | $ 121,711 |
Trading assets | 355,332 | 280,195 | ||
Investments | 63,937 | 47,224 | ||
Loans | 108,904 | 97,837 | ||
Other assets | 34,882 | 28,995 | ||
Total assets | 992,968 | 931,796 | ||
Liabilities | ||||
Other secured financings | 19,277 | 21,433 | ||
Customer and other payables | 174,817 | 180,235 | ||
Trading liabilities | 108,835 | 108,897 | ||
Unsecured short-term borrowings | 48,287 | 40,502 | ||
Unsecured long-term borrowings | 207,076 | 224,149 | ||
Other liabilities | 21,651 | 17,607 | ||
Total liabilities | 902,703 | 841,611 | ||
Real Estate, Credit-Related and Other Investing [Member] | ||||
Assets | ||||
Cash and cash equivalents | 112 | 84 | ||
Trading assets | 26 | 45 | ||
Investments | 835 | 943 | ||
Loans | 2,392 | 1,096 | ||
Other assets | 1,084 | 1,258 | ||
Liabilities | ||||
Other secured financings | 684 | 596 | ||
Customer and other payables | 9 | |||
Trading liabilities | 10 | 20 | ||
Other liabilities | 959 | 1,100 | ||
Mortgage-Backed and Other Asset-Backed [Member] | ||||
Assets | ||||
Trading assets | 210 | |||
Loans | 52 | |||
Other assets | 3 | |||
Liabilities | ||||
Other secured financings | 140 | |||
Principal-Protected Notes [Member] | ||||
Assets | ||||
Trading assets | 1 | 9 | ||
Liabilities | ||||
Other secured financings | 479 | 468 | ||
Unsecured short-term borrowings | 48 | 45 | ||
Unsecured long-term borrowings | 214 | 207 | ||
Consolidated Variable Interest Entity, Total Carrying Amount [Member] | ||||
Assets | ||||
Cash and cash equivalents | 112 | 84 | ||
Trading assets | 27 | 264 | ||
Investments | 835 | 943 | ||
Loans | 2,392 | 1,148 | ||
Other assets | 1,084 | 1,261 | ||
Liabilities | ||||
Other secured financings | 1,163 | 1,204 | ||
Customer and other payables | 9 | |||
Trading liabilities | 10 | 20 | ||
Unsecured short-term borrowings | 48 | 45 | ||
Unsecured long-term borrowings | 214 | 207 | ||
Other liabilities | 959 | 1,100 | ||
Real Estate, Credit-Related and Other Investing [Member] | ||||
Assets | ||||
Total assets | 4,449 | 3,426 | ||
Liabilities | ||||
Total liabilities | 1,662 | 1,716 | ||
Mortgage-Backed and Other Asset-Backed [Member] | ||||
Assets | ||||
Total assets | 265 | |||
Liabilities | ||||
Total liabilities | 140 | |||
Principal-Protected Notes [Member] | ||||
Assets | ||||
Total assets | 1 | 9 | ||
Liabilities | ||||
Total liabilities | 741 | 720 | ||
Consolidated Variable Interest Entity, Total Carrying Amount [Member] | ||||
Assets | ||||
Total assets | 4,450 | 3,700 | ||
Liabilities | ||||
Total liabilities | $ 2,403 | $ 2,576 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees - Commitments (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Commitment Liabilities [Line Items] | ||
Total lending | $ 167,244 | $ 137,582 |
Collateralized agreement | 62,093 | 54,480 |
Collateralized financing | 10,193 | 15,429 |
Letters of credit | 456 | 445 |
Investment | 7,879 | 7,595 |
Other | 6,135 | 4,892 |
Total commitments | 254,000 | 220,423 |
Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 35,364 | |
Collateralized agreement | 61,588 | |
Collateralized financing | 10,193 | |
Letters of credit | 409 | |
Investment | 3,623 | |
Other | 6,051 | |
Total commitments | 117,228 | |
Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 49,229 | |
Collateralized agreement | 505 | |
Letters of credit | 7 | |
Investment | 1,434 | |
Other | 84 | |
Total commitments | 51,259 | |
Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 71,278 | |
Investment | 1,002 | |
Total commitments | 72,280 | |
Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 11,373 | |
Letters of credit | 40 | |
Investment | 1,820 | |
Total commitments | 13,233 | |
Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 89,276 | 81,729 |
Investment Grade Commercial Lending [Member] | Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 13,921 | |
Investment Grade Commercial Lending [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 31,099 | |
Investment Grade Commercial Lending [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 43,303 | |
Investment Grade Commercial Lending [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 953 | |
Non Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 58,718 | 51,793 |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 6,130 | |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 15,810 | |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 26,379 | |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 10,399 | |
Warehouse Financing [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 5,581 | $ 4,060 |
Warehouse Financing [Member] | Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 1,644 | |
Warehouse Financing [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 2,320 | |
Warehouse Financing [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 1,596 | |
Warehouse Financing [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 21 | |
Credit card [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 13,669 | |
Credit card [Member] | Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | $ 13,669 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees - Lending Commitments (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Held for investment | $ 150,100 | $ 120,997 |
Held for sale | 15,245 | 14,912 |
At fair value | 1,899 | 1,673 |
Total | $ 167,244 | $ 137,582 |
Commitments, Contingencies an_5
Commitments, Contingencies and Guarantees - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Lending commitments | $ 167,244,000,000 | $ 137,582,000,000 | |
Notional amount of loan commitments which are protected by SMFG against credit loss | $ 5,740,000,000 | $ 15,520,000,000 | |
Credit loss protection percentage of first loss on loan commitments provided by SMFG | 95.00% | 95.00% | |
Approximate amount of maximum protection of first loss on loan commitments provided by SMFG | $ 950,000,000 | $ 950,000,000 | |
SMFG credit loss protection for additional losses percentage | 70.00% | 70.00% | |
Maximum protection on additional losses on loan commitments provided by SMFG | $ 750,000,000 | $ 750,000,000 | |
Protection provided by SMFG for additional losses | 0 | 550,000,000 | |
Commitments to invest in funds managed by the firm | 2,060,000,000 | 2,420,000,000 | |
Collateral held by lenders in connection with securities lending indemnifications | 19,140,000,000 | 28,750,000,000 | |
Lending Commitments Allowance | 361,000,000 | 286,000,000 | $ 274,000,000 |
Amortized cost [Member] | |||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Carrying value of lending commitments liabilities | 527,000,000 | 443,000,000 | |
Lending Commitments Allowance | 361,000,000 | 286,000,000 | |
Estimated fair value of lending commitments liabilities | 3,780,000,000 | 3,050,000,000 | |
Amortized cost [Member] | Level 2 [Member] | |||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Estimated fair value of lending commitments liabilities | 1,780,000,000 | 1,120,000,000 | |
Amortized cost [Member] | Level 3 [Member] | |||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Estimated fair value of lending commitments liabilities | 1,270,000,000 | 2,660,000,000 | |
Held for sale [Member] | |||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Carrying value of lending commitments liabilities | 60,000,000 | 155,000,000 | |
Investment Grade Commercial Lending, Relationship Lending Activities [Member] | |||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Lending commitments | 102,500,000,000 | 93,990,000,000 | |
Investment Grade Commercial Lending, Other Investment Banking Activities Member] | |||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Lending commitments | 33,470,000,000 | $ 27,920,000,000 | |
Residential Mortgage Backed Securities Working Group [Member] | |||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||
Settlement agreement amount | 1,800,000,000 | ||
Litigation settlement liability | $ 1,550,000,000 |
Commitments, Contingencies an_6
Commitments, Contingencies and Guarantees - Guarantees (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Value of Net Liability | $ 3,817 | $ 4,105 |
Maximum Payout/Notional Amount by Period of Expiration | 224,201 | 264,550 |
Derivative Guarantee [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 91,814 | 101,169 |
Derivative Guarantee [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 76,693 | 77,955 |
Derivative Guarantee [Member] | Maturities, Year 4 and Year 5 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 19,377 | 17,813 |
Derivative Guarantee [Member] | Maturities, Year 6 and Thereafter [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 36,317 | 67,613 |
Securities Lending Indemnification [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 17,891 | 27,869 |
Securities Lending Indemnification [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 17,891 | 27,869 |
Financial Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Value of Net Liability | 27 | 38 |
Maximum Payout/Notional Amount by Period of Expiration | 6,126 | 5,893 |
Financial Guarantee [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 2,044 | 1,379 |
Financial Guarantee [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 1,714 | 2,252 |
Financial Guarantee [Member] | Maturities, Year 4 and Year 5 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 2,219 | 2,021 |
Financial Guarantee [Member] | Maturities, Year 6 and Thereafter [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | $ 149 | $ 241 |
Commitments, Contingencies an_7
Commitments, Contingencies and Guarantees - Guarantees (Parenthetical) (Detail) - Derivative Guarantee [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Guarantor Obligations [Line Items] | ||
Carrying value of derivatives included derivative assets | $ 1,560 | $ 1,480 |
Carrying value of derivatives included derivative liabilities | $ 5,380 | $ 5,590 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Feb. 24, 2020 | Feb. 16, 2020 | Jan. 14, 2020 | Jan. 10, 2020 | Jan. 01, 2020 | Jun. 30, 2019 | Nov. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Equity [Line Items] | ||||||||||
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 | ||||||||
Nonvoting common stock, shares authorized | 200,000,000 | 200,000,000 | ||||||||
Nonvoting common stock, par value | $ 0.01 | $ 0.01 | ||||||||
Shares remitted by employees to satisfy minimum statutory employee tax withholding | 7,490 | 1,120 | 12,165 | |||||||
Remitted Shares, Total | $ 2 | $ 0.3 | $ 3 | |||||||
Amount of share-based awards cancelled to satisfy minimum statutory employee tax withholding requirements | 3,800,000 | 5,000,000 | 12,700,000 | |||||||
Value of share-based awards cancelled to satisfy minimum statutory employee tax withholding requirements | $ 743 | $ 1,240 | $ 3,030 | |||||||
Dividends declared per common share | $ 4.15 | $ 3.15 | $ 2.90 | |||||||
Preferred stock, liquidation preference | $ 11,203 | $ 11,203 | ||||||||
Redemption Value | $ 11,203 | |||||||||
Subsequent Event [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Dividends declared per common share | $ 1.25 | |||||||||
Dividends payable date declared | Jan. 14, 2020 | |||||||||
Dividends payable date to be paid | Mar. 30, 2020 | |||||||||
Dividends payable date of record | Mar. 2, 2020 | |||||||||
Series B Preferred Stock [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Number of shares redeemed | 6,000 | 26,000 | ||||||||
Dividend rate | 6.20% | |||||||||
Amount of redeemed | $ 150 | $ 650 | ||||||||
Preferred Stock, Redemption Price Per Share | $ 25,000 | $ 25,000 | ||||||||
Difference between the redemption value of Preferred Stock and the net carrying value at the time of redemption | $ 9 | $ 15 | ||||||||
Preferred stock dividends declared | $ 775 | $ 1,550 | 1,550 | |||||||
Series A Preferred Stock [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividends declared | $ 947.92 | 958.33 | 950.51 | |||||||
Depositary Shares Per Share | 1,000 | |||||||||
Redemption Value | $ 750 | |||||||||
Series A Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividends declared | $ 234.38 | |||||||||
Series C Preferred Stock [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividends declared | $ 1,011.11 | 1,022.23 | 1,013.90 | |||||||
Depositary Shares Per Share | 1,000 | |||||||||
Redemption Value | $ 200 | |||||||||
Series C Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividends declared | 250 | |||||||||
Series D Preferred Stock [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividends declared | $ 1,011.11 | 1,022.23 | 1,013.90 | |||||||
Depositary Shares Per Share | 1,000 | |||||||||
Redemption Value | $ 1,350 | |||||||||
Series D Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividends declared | 250 | |||||||||
Series J Preferred Stock [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividends declared | $ 1,375 | 1,375 | 1,375 | |||||||
Depositary Shares Per Share | 1,000 | |||||||||
Redemption Value | $ 1,000 | |||||||||
Series J Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividends declared | 343.75 | |||||||||
Series K Preferred Stock [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividends declared | $ 1,593.76 | 1,593.76 | 1,593.76 | |||||||
Depositary Shares Per Share | 1,000 | |||||||||
Redemption Value | $ 700 | |||||||||
Series K Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividends declared | 398.44 | |||||||||
Series L Preferred Stock [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Number of shares redeemed | 38,000 | |||||||||
Amount of redeemed | $ 950 | |||||||||
Preferred Stock, Redemption Price Per Share | $ 25,000 | |||||||||
Preferred stock dividends declared | $ 1,519.67 | 1,425 | 1,425 | |||||||
Depositary Shares Per Share | 25 | |||||||||
Redemption Value | $ 350 | |||||||||
Series L Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividends declared | 361.54 | |||||||||
Series N Preferred Stock [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividends declared | $ 1,575 | 1,575 | 1,575 | |||||||
Depositary Shares Per Share | 1,000 | |||||||||
Redemption Value | $ 675 | |||||||||
Series N Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividends declared | 393.75 | |||||||||
Series E Preferred Stock [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividends declared | $ 4,044.44 | 4,077.78 | $ 4,055.55 | |||||||
Redemption Value | $ 767 | |||||||||
Series E Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividends declared | $ 1,011.11 | |||||||||
Series Q Preferred Stock [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Dividend rate | 5.50% | |||||||||
Preferred stock shares issued | 20,000 | |||||||||
Depositary Shares Per Share | 25 | |||||||||
Redemption Value | $ 500 | |||||||||
Series Q Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Preferred stock dividends declared | $ 889.93 | |||||||||
Series I Preferred Stock [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Number of shares redeemed | 34,000 | |||||||||
Dividend rate | 5.95% | |||||||||
Amount of redeemed | $ 850 | |||||||||
Preferred Stock, Redemption Price Per Share | $ 25,000 | |||||||||
Difference between the redemption value of Preferred Stock and the net carrying value at the time of redemption | $ 14 | |||||||||
Preferred stock dividends declared | $ 0 | $ 0 | $ 1,487.52 | |||||||
Series R Preferred Stock [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Dividend rate | 4.95% | |||||||||
Preferred stock shares issued | 24,000 | |||||||||
Depositary Shares Per Share | 25 | |||||||||
Redemption Value | $ 600 | |||||||||
Series S Preferred Stock [Member] | Subsequent Event [Member] | ||||||||||
Equity [Line Items] | ||||||||||
Number of shares redeemed | 14,000 | |||||||||
Dividend rate | 5.70% | 4.40% | ||||||||
Amount of redeemed | $ 350 | |||||||||
Difference between the redemption value of Preferred Stock and the net carrying value at the time of redemption | $ 1 | |||||||||
Preferred stock shares issued | 14,000 | |||||||||
Preferred stock, liquidation preference | $ 25,000 | |||||||||
Depositary Shares Per Share | 25 | |||||||||
Redemption Value | $ 25,000 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Amount of Common Stock Repurchased by the Firm (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Common share repurchases | 25.8 | 13.9 | 29 |
Average cost per share | $ 206.56 | $ 236.22 | $ 231.87 |
Total cost of common share repurchases | $ 5,335 | $ 3,294 | $ 6,721 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividends Declared on Common Stock (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Dividends declared per common share | $ 4.15 | $ 3.15 | $ 2.90 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Perpetual Preferred Stock Issued and Outstanding (Detail) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Class of Stock [Line Items] | |
Shares Authorized | 534,750 |
Shares Issued | 420,282 |
Shares Outstanding | 420,280 |
Redemption Value | $ | $ 11,203 |
Series A Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 50,000 |
Shares Issued | 30,000 |
Shares Outstanding | 29,999 |
Depositary Shares Per Share | 1,000 |
Earliest Redemption Date | Currently redeemable |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 750 |
Dividend rate | 3 month LIBOR + 0.75%, with floor of 3.75%, payable quarterly |
Series C Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 25,000 |
Shares Issued | 8,000 |
Shares Outstanding | 8,000 |
Depositary Shares Per Share | 1,000 |
Earliest Redemption Date | Currently redeemable |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 200 |
Dividend rate | 3 month LIBOR + 0.75%, with floor of 4.00%, payable quarterly |
Series D Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 60,000 |
Shares Issued | 54,000 |
Shares Outstanding | 53,999 |
Depositary Shares Per Share | 1,000 |
Earliest Redemption Date | Currently redeemable |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 1,350 |
Dividend rate | 3 month LIBOR + 0.67%, with floor of 4.00%, payable quarterly |
Series E Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 17,500 |
Shares Issued | 7,667 |
Shares Outstanding | 7,667 |
Earliest Redemption Date | Currently redeemable |
Liquidation Preference | $ / shares | $ 100,000 |
Redemption Value | $ | $ 767 |
Dividend rate | 3 month LIBOR + 0.7675%, with floor of 4.00%, payable quarterly |
Series F Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 5,000 |
Shares Issued | 1,615 |
Shares Outstanding | 1,615 |
Earliest Redemption Date | Currently redeemable |
Liquidation Preference | $ / shares | $ 100,000 |
Redemption Value | $ | $ 161 |
Dividend rate | 3 month LIBOR + 0.77%, with floor of 4.00%, payable quarterly |
Series J Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 46,000 |
Shares Issued | 40,000 |
Shares Outstanding | 40,000 |
Depositary Shares Per Share | 1,000 |
Earliest Redemption Date | May 10, 2023 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 1,000 |
Dividend rate | 5.50% to, but excluding, May 10, 2023; 3 month LIBOR + 3.64% thereafter, payable quarterly |
Series K Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 32,200 |
Shares Issued | 28,000 |
Shares Outstanding | 28,000 |
Depositary Shares Per Share | 1,000 |
Earliest Redemption Date | May 10, 2024 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 700 |
Dividend rate | 6.375% to, but excluding, May 10, 2024; 3 month LIBOR + 3.55% thereafter, payable quarterly |
Series L Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 52,000 |
Shares Issued | 14,000 |
Shares Outstanding | 14,000 |
Depositary Shares Per Share | 25 |
Earliest Redemption Date | Currently redeemable |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 350 |
Dividend rate | 5.70%, payable semi-annually, from issuance date to, but excluding, May 10, 2019; 3 month LIBOR + 3.884%, payable quarterly, thereafter |
Series M Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 80,000 |
Shares Issued | 80,000 |
Shares Outstanding | 80,000 |
Depositary Shares Per Share | 25 |
Earliest Redemption Date | May 10, 2020 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 2,000 |
Dividend rate | 5.375%, payable semi-annually, from issuance date to, but excluding, May 10, 2020; 3 month LIBOR + 3.922%, payable quarterly, thereafter |
Series N Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 31,050 |
Shares Issued | 27,000 |
Shares Outstanding | 27,000 |
Depositary Shares Per Share | 1,000 |
Earliest Redemption Date | May 10, 2021 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 675 |
Dividend rate | 6.30%, payable quarterly |
Series O Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 26,000 |
Shares Issued | 26,000 |
Shares Outstanding | 26,000 |
Depositary Shares Per Share | 25 |
Earliest Redemption Date | Nov. 10, 2026 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 650 |
Dividend rate | 5.30%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 3 month LIBOR + 3.834%, payable quarterly, thereafter |
Series P Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 66,000 |
Shares Issued | 60,000 |
Shares Outstanding | 60,000 |
Depositary Shares Per Share | 25 |
Earliest Redemption Date | Nov. 10, 2022 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 1,500 |
Dividend rate | 5.00%, payable semi-annually, from issuance date to, but excluding, November 10, 2022; 3 month LIBOR + 2.874%, payable quarterly, thereafter |
Series Q Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 20,000 |
Shares Issued | 20,000 |
Shares Outstanding | 20,000 |
Depositary Shares Per Share | 25 |
Earliest Redemption Date | Aug. 10, 2024 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 500 |
Dividend rate | 5.50%, payable semi-annually, from issuance date to, but excluding, August 10, 2024; 5 year treasury rate + 3.623%, payable semi-annually, thereafter |
Series R Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 24,000 |
Shares Issued | 24,000 |
Shares Outstanding | 24,000 |
Depositary Shares Per Share | 25 |
Earliest Redemption Date | Feb. 10, 2025 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 600 |
Dividend rate | 4.95%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 3.224%, payable semi-annually, thereafter |
Shareholders' Equity - Summar_3
Shareholders' Equity - Summary of Perpetual Preferred Stock Issued and Outstanding (Parenthetical) (Detail) | Dec. 31, 2019$ / shares |
Series A Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | $ 0.01 |
Series C Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series D Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series E Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series F Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series J Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series K Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series L Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series M Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series N Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series O Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series P Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series Q Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | 0.01 |
Series R Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred Stock | $ 0.01 |
Shareholders' Equity - Summar_4
Shareholders' Equity - Summary of Preferred Dividends Declared on Preferred Stock Issued (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||
Total preferred stock dividends declared | $ 560 | $ 584 | $ 587 |
Series A Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 947.92 | $ 958.33 | $ 950.51 |
Total preferred stock dividends declared | $ 28 | $ 29 | $ 29 |
Series B Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 775 | $ 1,550 | $ 1,550 |
Total preferred stock dividends declared | $ 5 | $ 19 | $ 50 |
Series C Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,011.11 | $ 1,022.23 | $ 1,013.90 |
Total preferred stock dividends declared | $ 8 | $ 8 | $ 8 |
Series D Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,011.11 | $ 1,022.23 | $ 1,013.90 |
Total preferred stock dividends declared | $ 54 | $ 55 | $ 55 |
Series E Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 4,044.44 | $ 4,077.78 | $ 4,055.55 |
Total preferred stock dividends declared | $ 31 | $ 31 | $ 31 |
Series F Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 4,044.44 | $ 4,077.78 | $ 4,055.55 |
Total preferred stock dividends declared | $ 7 | $ 7 | $ 6 |
Series I Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 0 | $ 0 | $ 1,487.52 |
Total preferred stock dividends declared | $ 0 | $ 0 | $ 51 |
Series J Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,375 | $ 1,375 | $ 1,375 |
Total preferred stock dividends declared | $ 55 | $ 55 | $ 55 |
Series K Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,593.76 | $ 1,593.76 | $ 1,593.76 |
Total preferred stock dividends declared | $ 45 | $ 45 | $ 45 |
Series L Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,519.67 | $ 1,425 | $ 1,425 |
Total preferred stock dividends declared | $ 68 | $ 74 | $ 74 |
Series M Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,343.76 | $ 1,343.76 | $ 1,343.76 |
Total preferred stock dividends declared | $ 107 | $ 107 | $ 107 |
Series N Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,575 | $ 1,575 | $ 1,575 |
Total preferred stock dividends declared | $ 43 | $ 43 | $ 42 |
Series O Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,325 | $ 1,325 | $ 1,325 |
Total preferred stock dividends declared | $ 34 | $ 34 | $ 34 |
Series P Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 1,250 | $ 1,281.25 | $ 0 |
Total preferred stock dividends declared | $ 75 | $ 77 | $ 0 |
Shareholders' Equity - Accumula
Shareholders' Equity - Accumulated Other Comprehensive Income/(Loss), Net of Tax (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 90,185 | $ 82,243 | |
Other comprehensive income/(loss) adjustments, net of tax | (2,177) | 2,573 | $ (664) |
Ending balance | 90,265 | 90,185 | 82,243 |
Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (621) | (625) | (647) |
Other comprehensive income/(loss) adjustments, net of tax | 5 | 4 | 22 |
Ending balance | (616) | (621) | (625) |
Debt Valuation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 1,507 | (1,046) | (239) |
Other comprehensive income/(loss) adjustments, net of tax | (2,079) | 2,553 | (807) |
Ending balance | (572) | 1,507 | (1,046) |
Pension and Postretirement Liabilities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (81) | (200) | (330) |
Other comprehensive income/(loss) adjustments, net of tax | (261) | 119 | 130 |
Ending balance | (342) | (81) | (200) |
Available-for-sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (112) | (9) | |
Other comprehensive income/(loss) adjustments, net of tax | 158 | (103) | (9) |
Ending balance | 46 | (112) | (9) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 693 | (1,880) | (1,216) |
Other comprehensive income/(loss) adjustments, net of tax | (2,177) | 2,573 | (664) |
Ending balance | $ (1,484) | $ 693 | $ (1,880) |
Regulation and Capital Adequa_3
Regulation and Capital Adequacy - Risk-based Capital and Leverage Requirements (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Regulation And Capital Adequacy [Abstract] | ||
CET1 capital ratio | 9.50% | 8.30% |
Tier 1 capital ratio | 11.00% | 9.80% |
Total capital ratio | 13.00% | 11.80% |
Tier 1 leverage ratio | 4.00% | 4.00% |
SLR | 5.00% | 5.00% |
Regulation and Capital Adequa_4
Regulation and Capital Adequacy - Risk-based Capital Ratios (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | $ 74,850 | $ 73,116 | $ 67,110 |
Tier 1 capital | 85,440 | 83,702 | 78,331 |
Tier 2 capital | 14,925 | 14,926 | 14,977 |
Total capital | 100,365 | 98,628 | |
RWAs | $ 563,575 | $ 547,910 | 555,611 |
CET1 capital ratio | 13.30% | 13.30% | |
Tier 1 capital ratio | 15.20% | 15.30% | |
Total capital ratio | 17.80% | 18.00% | |
Advanced Capital [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | $ 74,850 | $ 73,116 | 67,110 |
Tier 1 capital | 85,440 | 83,702 | 78,331 |
Tier 2 capital | 13,473 | 13,743 | 13,899 |
Total capital | 98,913 | 97,445 | |
RWAs | $ 544,653 | $ 558,111 | $ 617,646 |
CET1 capital ratio | 13.70% | 13.10% | |
Tier 1 capital ratio | 15.70% | 15.00% | |
Total capital ratio | 18.20% | 17.50% | |
GS Bank USA [Member] | Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | $ 29,176 | $ 27,467 | |
Tier 1 capital | 29,176 | 27,467 | |
Tier 2 capital | 5,293 | 5,069 | |
Total capital | 34,469 | 32,536 | |
RWAs | $ 258,541 | $ 248,356 | |
CET1 capital ratio | 11.30% | 11.10% | |
Tier 1 capital ratio | 11.30% | 11.10% | |
Total capital ratio | 13.30% | 13.10% | |
GS Bank USA [Member] | Advanced Capital [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | $ 29,176 | $ 27,467 | |
Tier 1 capital | 29,176 | 27,467 | |
Tier 2 capital | 4,486 | 4,446 | |
Total capital | 33,662 | 31,913 | |
RWAs | $ 135,596 | $ 149,019 | |
CET1 capital ratio | 21.50% | 18.40% | |
Tier 1 capital ratio | 21.50% | 18.40% | |
Total capital ratio | 24.80% | 21.40% |
Regulation and Capital Adequa_5
Regulation and Capital Adequacy - Leverage Ratios (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital | $ 85,440 | $ 83,702 |
Average total assets | 983,909 | 945,961 |
Deductions from Tier 1 capital | (5,275) | (4,754) |
Average adjusted total assets | 978,634 | 941,207 |
Average off-balance-sheet exposures | 396,833 | 401,699 |
Total leverage exposure | $ 1,375,467 | $ 1,342,906 |
Tier 1 leverage ratio | 8.70% | 8.90% |
SLR | 6.20% | 6.20% |
GS Bank USA [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital | $ 29,176 | $ 27,467 |
Average adjusted total assets | 220,974 | 188,606 |
Total leverage exposure | $ 413,852 | $ 368,062 |
Tier 1 leverage ratio | 13.20% | 14.60% |
SLR | 7.00% | 7.50% |
Regulation and Capital Adequa_6
Regulation and Capital Adequacy - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Minimum required CET1 ratio applicable to advanced approach banking institutions | 4.50% | 4.50% | 4.50% |
Minimum required Tier 1 capital ratio applicable to advanced approach banking institutions | 6.00% | 6.00% | 6.00% |
Minimum required Total capital ratio applicable to advanced approach banking institutions | 8.00% | 8.00% | 8.00% |
Capital conservation buffer | 2.50% | 2.50% | 2.50% |
Global Systemically Important Bank (G-SIB) surcharge | 2.50% | 2.50% | 2.50% |
Counter-cyclical capital buffer | 0.00% | 0.00% | 0.00% |
Tier 1 leverage ratio | 4.00% | 4.00% | 4.00% |
SLR | 5.00% | 5.00% | 5.00% |
Minimum supplementary leverage ratio buffer | 2.00% | 2.00% | |
Minimum supplementary leverage ratio | 3.00% | 3.00% | |
Confidence level for regulatory VaR | 99.00% | ||
Confidence level for risk management VaR | 95.00% | ||
Time horizon for regulatory VaR (in days) | 10 days | ||
Time horizon for risk management VaR (in days) | 1 day | ||
Equity investment in subsidiaries | $ 95,680 | $ 95,680 | $ 90,220 |
Minimum equity capital that is required to be maintained in regulated subsidiaries | $ 57,580 | 57,580 | 52,920 |
Increase in advanced CET1 ratio due to changes to the calculation of loss given default | 1.00% | ||
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Change in Credit RWAs | 25,649 | 5,108 | |
Change in Market RWAs | (9,984) | (12,809) | |
Change in operational risk | 0 | ||
Advanced Capital [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Change in Credit RWAs | (7,672) | (44,566) | |
Change in Market RWAs | (10,186) | (12,282) | |
Change in operational risk | $ 4,400 | $ (2,687) | |
GS Bank USA [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Minimum required CET1 ratio applicable to advanced approach banking institutions | 4.50% | 4.50% | 4.50% |
Minimum required Tier 1 capital ratio applicable to advanced approach banking institutions | 6.00% | 6.00% | 6.00% |
Minimum required Total capital ratio applicable to advanced approach banking institutions | 8.00% | 8.00% | 8.00% |
Capital conservation buffer | 2.50% | 2.50% | 2.50% |
Counter-cyclical capital buffer | 0.00% | 0.00% | 0.00% |
Amount deposited by GS Bank USA held at the Federal Reserve Bank of New York | $ 50,550 | $ 50,550 | $ 29,200 |
Excess amount deposited by GS Bank USA held at the Federal Reserve Bank of New York | $ 50,290 | $ 50,290 | $ 29,030 |
Increase in advanced CET1 ratio due to changes to the calculation of loss given default | 2.20% |
Regulation and Capital Adequa_7
Regulation and Capital Adequacy - Risk-based Capital (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Preferred stock | $ 11,203 | $ 11,203 | |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common shareholders' equity | 79,062 | 78,982 | |
Deduction for goodwill | (3,529) | (3,097) | |
Deduction for identifiable intangible assets | (604) | (297) | |
Other adjustments | (79) | (2,472) | |
CET1 capital | 74,850 | 73,116 | $ 67,110 |
Preferred stock | 11,203 | 11,203 | |
Deduction for investments in covered funds | (610) | (615) | |
Other adjustments | (3) | (2) | |
Tier 1 capital | 85,440 | 83,702 | 78,331 |
Qualifying subordinated debt | 12,847 | 13,147 | |
Junior subordinated debt | 284 | 442 | |
Allowance for credit losses | 1,802 | 1,353 | |
Other adjustments | (8) | (16) | |
Tier 2 capital | 14,925 | 14,926 | 14,977 |
Total capital | 100,365 | 98,628 | |
Advanced Capital [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | 74,850 | 73,116 | 67,110 |
Tier 1 capital | 85,440 | 83,702 | 78,331 |
Standardized Tier 2 capital | 14,925 | 14,926 | |
Allowance for credit losses | (1,802) | (1,353) | |
Other adjustments | 350 | 170 | |
Tier 2 capital | 13,473 | 13,743 | $ 13,899 |
Total capital | $ 98,913 | $ 97,445 |
Regulation and Capital Adequa_8
Regulation and Capital Adequacy - Risk-based Capital (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Regulation And Capital Adequacy [Abstract] | ||
Deferred tax liabilities associated with goodwill | $ 667 | $ 661 |
Deferred tax liabilities associated with identifiable intangible assets | $ 37 | $ 27 |
Subordinated debt maturity period | 5 years |
Regulation and Capital Adequa_9
Regulation and Capital Adequacy - CET1, Tier 1 Capital and Tier 2 Capital (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Standardized Capital Rules [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET 1, Beginning balance | $ 73,116 | $ 67,110 |
Change in common shareholders' equity | 80 | 8,592 |
Change in transitional provisions | (117) | |
Change in deduction for goodwill | (432) | (86) |
Change in deduction for identifiable intangible assets | (307) | 26 |
Change in other adjustments | 2,393 | (2,409) |
CET 1, Ending balance | 74,850 | 73,116 |
Tier 1 Capital, Beginning balance | 83,702 | 78,331 |
Change in CET1 | 1,734 | 6,006 |
Change in transitional provisions | 13 | |
Change in deduction for investments in covered funds | 5 | (25) |
Change in preferred stock | (650) | |
Change in other adjustments | (1) | 27 |
Tier 1 Capital, Ending balance | 85,440 | 83,702 |
Tier 2 capital, Beginning balance | 14,926 | 14,977 |
Change in qualifying subordinated debt | (300) | (213) |
Change in junior subordinated debt | (158) | (125) |
Change in allowance for credit losses | 449 | 275 |
Change in other adjustments | 8 | 12 |
Tier 2 Capital, Ending balance | 14,925 | 14,926 |
Total capital | 100,365 | 98,628 |
Advanced Capital [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET 1, Beginning balance | 73,116 | 67,110 |
Change in common shareholders' equity | 80 | 8,592 |
Change in transitional provisions | (117) | |
Change in deduction for goodwill | (432) | (86) |
Change in deduction for identifiable intangible assets | (307) | 26 |
Change in other adjustments | 2,393 | (2,409) |
CET 1, Ending balance | 74,850 | 73,116 |
Tier 1 Capital, Beginning balance | 83,702 | 78,331 |
Change in CET1 | 1,734 | 6,006 |
Change in transitional provisions | 13 | |
Change in deduction for investments in covered funds | 5 | (25) |
Change in preferred stock | (650) | |
Change in other adjustments | (1) | 27 |
Tier 1 Capital, Ending balance | 85,440 | 83,702 |
Tier 2 capital, Beginning balance | 13,743 | 13,899 |
Change in qualifying subordinated debt | (300) | (213) |
Change in junior subordinated debt | (158) | (125) |
Change in other adjustments | 188 | 182 |
Tier 2 Capital, Ending balance | 13,473 | 13,743 |
Total capital | $ 98,913 | $ 97,445 |
Regulation and Capital Adequ_10
Regulation and Capital Adequacy - Risk-weighted Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Standardized [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | $ 498,987 | $ 473,338 | |
Market RWAs | 64,588 | 74,572 | |
Total Operational RWAs | 0 | ||
Total RWAs | 563,575 | 547,910 | $ 555,611 |
Standardized [Member] | Derivatives [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 120,906 | 122,511 | |
Standardized [Member] | Commitments Guarantees and Loans [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 179,740 | 160,305 | |
Standardized [Member] | Securities Financing Transactions [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 65,867 | 66,363 | |
Standardized [Member] | Equity Investments [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 56,814 | 53,563 | |
Standardized [Member] | Other [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 75,660 | 70,596 | |
Standardized [Member] | Regulatory VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 8,933 | 7,782 | |
Standardized [Member] | Stressed VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 30,911 | 27,952 | |
Standardized [Member] | Incremental Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 4,308 | 10,469 | |
Standardized [Member] | Comprehensive Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 1,393 | 2,770 | |
Standardized [Member] | Specific Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 19,043 | 25,599 | |
Advanced [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 361,079 | 368,751 | |
Market RWAs | 64,386 | 74,572 | |
Total Operational RWAs | 119,188 | 114,788 | |
Total RWAs | 544,653 | 558,111 | $ 617,646 |
Advanced [Member] | Derivatives [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 72,631 | 82,301 | |
Advanced [Member] | Commitments Guarantees and Loans [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 134,456 | 143,356 | |
Advanced [Member] | Securities Financing Transactions [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 13,834 | 18,259 | |
Advanced [Member] | Equity Investments [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 61,892 | 55,154 | |
Advanced [Member] | Other [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 78,266 | 69,681 | |
Advanced [Member] | Regulatory VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 8,933 | 7,782 | |
Advanced [Member] | Stressed VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 30,911 | 27,952 | |
Advanced [Member] | Incremental Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 4,308 | 10,469 | |
Advanced [Member] | Comprehensive Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 1,191 | 2,770 | |
Advanced [Member] | Specific Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | $ 19,043 | $ 25,599 |
Regulation and Capital Adequ_11
Regulation and Capital Adequacy - Changes in Risk-weighted Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Standardized Capital Rules [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk-Weighted Assets, Beginning balance | $ 547,910 | $ 555,611 |
Change in deduction due to transitional provisions | 7,766 | |
Change in Credit RWAs | 25,649 | 5,108 |
Change in Market RWAs | (9,984) | (12,809) |
Change in operational risk | 0 | |
Risk-Weighted Assets, end of period | 563,575 | 547,910 |
Standardized Capital Rules [Member] | Derivatives [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (1,605) | (3,565) |
Standardized Capital Rules [Member] | Commitments Guarantees and Loans [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 19,435 | 15,201 |
Standardized Capital Rules [Member] | Securities Financing Transactions [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (496) | (11,599) |
Standardized Capital Rules [Member] | Equity Investments [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 3,251 | (2,241) |
Standardized Capital Rules [Member] | Other [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 5,064 | (454) |
Standardized Capital Rules [Member] | Regulatory VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 1,151 | 250 |
Standardized Capital Rules [Member] | Stressed VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 2,959 | (4,801) |
Standardized Capital Rules [Member] | Incremental Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (6,161) | 2,028 |
Standardized Capital Rules [Member] | Comprehensive Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (1,377) | 373 |
Standardized Capital Rules [Member] | Specific Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (6,556) | (10,659) |
Advanced Capital [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk-Weighted Assets, Beginning balance | 558,111 | 617,646 |
Change in deduction due to transitional provisions | 8,232 | |
Change in Credit RWAs | (7,672) | (44,566) |
Change in Market RWAs | (10,186) | (12,282) |
Change in operational risk | 4,400 | (2,687) |
Risk-Weighted Assets, end of period | 544,653 | 558,111 |
Advanced Capital [Member] | Derivatives [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (9,670) | (20,685) |
Advanced Capital [Member] | Commitments Guarantees and Loans [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (8,900) | (20,019) |
Advanced Capital [Member] | Securities Financing Transactions [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (4,425) | (1,103) |
Advanced Capital [Member] | Equity Investments [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 6,738 | (4,580) |
Advanced Capital [Member] | Other [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 8,585 | (6,411) |
Advanced Capital [Member] | Regulatory VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 1,151 | 250 |
Advanced Capital [Member] | Stressed VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 2,959 | (4,801) |
Advanced Capital [Member] | Incremental Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (6,161) | 2,028 |
Advanced Capital [Member] | Comprehensive Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | (1,579) | 900 |
Advanced Capital [Member] | Specific Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | $ (6,556) | $ (10,659) |
Regulation and Capital Adequ_12
Regulation and Capital Adequacy - Risk-based Capital and Leverage Ratios and "Well-capitalized" Requirements (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Required CET1 ratio applicable to advanced approach banking institutions | 9.50% | 8.30% |
GS Bank USA [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Required CET1 ratio applicable to advanced approach banking institutions | 7.00% | 6.40% |
Required Tier 1 capital ratio applicable to advanced approach banking institutions | 8.50% | 7.90% |
Required Total capital ratio applicable to advanced approach banking institutions | 10.50% | 9.90% |
Required Tier 1 leverage ratio applicable to advanced approach banking institutions | 4.00% | 4.00% |
SLR | 3.00% | 3.00% |
Well-capitalized minimum CET1 ratio | 6.50% | |
Well-capitalized minimum Tier 1 capital ratio | 8.00% | |
Well-capitalized minimum total capital ratio | 10.00% | |
Well-capitalized minimum Tier 1 leverage ratio | 5.00% | |
Well-capitalized minimum SLR | 6.00% |
Earnings Per Common Share - Ear
Earnings Per Common Share - Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Net earnings to common | $ 7,897 | $ 9,860 | $ 3,685 |
Weighted average basic shares | 371.6 | 385.4 | 401.6 |
Effect of dilutive securities: | |||
RSUs | 3.9 | 3.9 | 5.3 |
Stock options | 0.9 | 2.2 | |
Dilutive securities | 3.9 | 4.8 | 7.5 |
Weighted average diluted shares | 375.5 | 390.2 | 409.1 |
Basic EPS | $ 21.18 | $ 25.53 | $ 9.12 |
Diluted EPS | $ 21.03 | $ 25.27 | $ 9.01 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per common share | |||
Reduction per common share due to impact of applying the amended principles to basic earnings per common share | $ 0.07 | $ 0.05 | $ 0.06 |
Number of antidilutive RSUs | 0.1 | 0.1 | |
Maximum [Member] | |||
Earnings per common share | |||
Number of antidilutive RSUs | 0.1 |
Transactions with Affiliated _3
Transactions with Affiliated Funds - Fees Earned from Affiliated Funds (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Transactions With Affiliated Funds [Abstract] | |||
Fees earned from funds | $ 2,967 | $ 3,571 | $ 2,932 |
Transactions with Affiliated _4
Transactions with Affiliated Funds - Fees Receivable from Affiliated Funds and the Aggregate Carrying Value of the Firm's Interests in these Funds (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Transactions With Affiliated Funds [Abstract] | ||
Fees receivable from funds | $ 780 | $ 610 |
Aggregate carrying value of interests in funds | $ 5,490 | $ 4,994 |
Transactions with Affiliated _5
Transactions with Affiliated Funds - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Transactions With Affiliated Funds [Abstract] | |||
Management fees waived | $ 44 | $ 51 | $ 98 |
Outstanding guarantees on behalf of certain nonconsolidated investment funds | $ 87 | $ 154 |
Interest Income and Interest _3
Interest Income and Interest Expense - Interest Income and Interest Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income and expense | |||
Deposits with banks | $ 1,211 | $ 1,418 | $ 819 |
Collateralized agreements | 4,397 | 3,852 | 1,661 |
Trading assets | 5,899 | 5,157 | 4,667 |
Investments | 1,457 | 1,215 | 704 |
Loans receivable | 5,411 | 4,689 | 3,222 |
Other interest | 3,363 | 3,348 | 2,040 |
Total interest income | 21,738 | 19,679 | 13,113 |
Deposits | 3,568 | 2,606 | 1,380 |
Collateralized financings | 2,658 | 2,051 | 863 |
Trading liabilities | 1,213 | 1,554 | 1,388 |
Short-term borrowings | 668 | 695 | 698 |
Long-term borrowings | 5,359 | 5,555 | 4,599 |
Other interest | 3,910 | 3,451 | 1,253 |
Total interest expense | 17,376 | 15,912 | 10,181 |
Net interest income | $ 4,362 | $ 3,767 | $ 2,932 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 411,000,000 | $ 688,000,000 | |
Operating Loss Carryforwards, Valuation Allowance | 79,000,000 | 81,000,000 | |
Operating Loss Carryforwards, U. S. Federal | 327,000,000 | ||
Operating Loss Carryforwards, State and Local | 1,460,000,000 | ||
Operating Loss Carryforwards, Foreign | $ 1,240,000,000 | ||
Operating Loss Carryforwards, Expiration Dates, U. S. Federal | 2025 | ||
Operating Loss Carryforwards, Expiration Dates, State and Local | 2020 | ||
Operating Loss Carryforwards, Expiration Dates, Foreign | 2020 | ||
State and local tax credit carryforwards | $ 29,000,000 | ||
Tax credit carryforward, year expiration begins | 2021 | ||
State and local tax credit carryforward, year expiration begins | 2020 | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 222,000,000 | 89,000,000 | |
Income Tax Examination, Penalties and Interest Accrued | 198,000,000 | 107,000,000 | |
Income Tax Examination, Penalties and Interest Expense | 60,000,000 | 18,000,000 | $ 63,000,000 |
U.S. Federal [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 5,000,000 | ||
Deferred Tax Assets, Capital Loss Carryforward | 0 | $ 0 | |
Foreign Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred Tax Assets, Capital Loss Carryforward | 181,000,000 | ||
Valuation allowance related to capital loss carryforwards | $ 181,000,000 |
Income Taxes - Provision for Ta
Income Taxes - Provision for Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current taxes | |||
U.S. federal | $ 1,113 | $ 2,986 | $ 320 |
State and local | 388 | 379 | 64 |
Non-U.S. | 950 | 1,302 | 1,004 |
Total current tax expense | 2,451 | 4,667 | 1,388 |
Deferred taxes | |||
U.S. federal | (383) | (2,711) | 5,083 |
State and local | (20) | 58 | 157 |
Non-U.S. | 69 | 8 | 218 |
Total deferred tax (benefit)/expense | (334) | (2,645) | 5,458 |
Provision for taxes | $ 2,117 | $ 2,022 | $ 6,846 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 35.00% |
State and local taxes, net of U.S. federal benefit | 2.90% | 2.00% | 1.50% |
Settlement of employee share-based awards | (0.60%) | (2.20%) | (6.40%) |
Non-U.S. operations | (3.60%) | (0.70%) | (6.30%) |
Tax credits | (1.80%) | (1.40%) | (2.10%) |
Tax-exempt income, including dividends | (1.00%) | (0.60%) | (0.20%) |
Tax Legislation | (3.90%) | 39.50% | |
Non-deductible legal expenses | 2.10% | 1.20% | 0.50% |
Other | 1.00% | 0.80% | |
Effective income tax rate | 20.00% | 16.20% | 61.50% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Compensation and benefits | $ 1,351 | $ 1,296 | |
ASC 740 asset related to unrecognized tax benefits | 279 | 152 | $ 75 |
Non-U.S. operations | 472 | 264 | |
Net operating losses | 411 | 688 | |
Occupancy-related | 178 | 71 | |
Other comprehensive income-related | 407 | ||
Tax credits carryforward | 59 | 62 | |
Operating lease liabilities | 559 | ||
Allowance for credit losses | 433 | 326 | |
Other, net | 160 | 42 | |
Subtotal | 4,309 | 2,901 | |
Valuation allowance | (467) | (245) | |
Total deferred tax assets | 3,842 | 2,656 | |
Depreciation and amortization | 1,022 | 930 | |
Unrealized gains | 1,196 | 1,290 | |
Operating lease right-of-use assets | 560 | ||
Other comprehensive income-related | 84 | ||
Total deferred tax liabilities | $ 2,778 | $ 2,304 |
Income Taxes - Rollforward of U
Income Taxes - Rollforward of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of year | $ 1,051 | $ 665 | $ 852 |
Increases based on current year tax positions | 131 | 197 | 94 |
Increases based on prior years' tax positions | 441 | 232 | 101 |
Decreases based on prior years' tax positions | (54) | (39) | (128) |
Decreases related to settlements | (125) | (3) | (255) |
Exchange rate fluctuations | 1 | (1) | 1 |
Balance, end of year | 1,445 | 1,051 | 665 |
Related deferred income tax asset | 279 | 152 | 75 |
Net unrecognized tax benefit | $ 1,166 | $ 899 | $ 590 |
Income Taxes - Earliest Tax Yea
Income Taxes - Earliest Tax Years Subject to Examination by Major Jurisdiction (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
U.S. Federal [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2011 |
New York State and City [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2011 |
United Kingdom [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2017 |
Japan [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2014 |
Hong Kong [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2013 |
Business Segments - Segment Ope
Business Segments - Segment Operating Results (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Non-interest revenues | $ 32,184 | $ 32,849 | $ 29,798 |
Net interest income | 4,362 | 3,767 | 2,932 |
Total net revenues | 36,546 | 36,616 | 32,730 |
Provision for credit losses | 1,065 | 674 | 657 |
Operating expenses | 24,898 | 23,461 | 20,941 |
Pre-tax earnings | 10,583 | 12,481 | 11,132 |
Net earnings | 8,466 | 10,459 | 4,286 |
Net earnings to common | 7,897 | 9,860 | 3,685 |
Average common equity | $ 79,094 | $ 73,985 | $ 74,721 |
Return on average common equity | 10.00% | 13.30% | 4.90% |
Investment Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-interest revenues | $ 7,079 | $ 7,856 | $ 7,158 |
Net interest income | 520 | 322 | 301 |
Total net revenues | 7,599 | 8,178 | 7,459 |
Provision for credit losses | 333 | 124 | 34 |
Operating expenses | 4,685 | 4,473 | 3,613 |
Pre-tax earnings | 2,581 | 3,581 | 3,812 |
Net earnings | 2,065 | 3,001 | 1,468 |
Net earnings to common | 1,996 | 2,924 | 1,394 |
Average common equity | $ 11,167 | $ 8,737 | $ 8,753 |
Return on average common equity | 17.90% | 33.50% | 15.90% |
Global Markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-interest revenues | $ 13,109 | $ 12,831 | $ 10,853 |
Net interest income | 1,670 | 1,607 | 1,442 |
Total net revenues | 14,779 | 14,438 | 12,295 |
Provision for credit losses | 35 | 52 | 178 |
Operating expenses | 10,851 | 10,585 | 9,981 |
Pre-tax earnings | 3,893 | 3,801 | 2,136 |
Net earnings | 3,114 | 3,185 | 823 |
Net earnings to common | 2,729 | 2,796 | 397 |
Average common equity | $ 40,060 | $ 41,237 | $ 44,448 |
Return on average common equity | 6.80% | 6.80% | 0.90% |
Asset Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-interest revenues | $ 8,454 | $ 8,353 | $ 8,491 |
Net interest income | 511 | 482 | 39 |
Total net revenues | 8,965 | 8,835 | 8,530 |
Provision for credit losses | 274 | 160 | 322 |
Operating expenses | 4,817 | 4,179 | 3,773 |
Pre-tax earnings | 3,874 | 4,496 | 4,435 |
Net earnings | 3,099 | 3,767 | 1,707 |
Net earnings to common | 3,013 | 3,668 | 1,639 |
Average common equity | $ 21,575 | $ 19,061 | $ 16,904 |
Return on average common equity | 14.00% | 19.20% | 9.70% |
Consumer & Wealth Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-interest revenues | $ 3,542 | $ 3,809 | $ 3,296 |
Net interest income | 1,661 | 1,356 | 1,150 |
Total net revenues | 5,203 | 5,165 | 4,446 |
Provision for credit losses | 423 | 338 | 123 |
Operating expenses | 4,545 | 4,224 | 3,574 |
Pre-tax earnings | 235 | 603 | 749 |
Net earnings | 188 | 506 | 288 |
Net earnings to common | 159 | 472 | 255 |
Average common equity | $ 6,292 | $ 4,950 | $ 4,616 |
Return on average common equity | 2.50% | 9.50% | 5.50% |
Business Segments - Segment O_2
Business Segments - Segment Operating Results (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Product Liability Contingency [Line Items] | |||
Net provisions for litigations and regulatory proceedings | $ 1,240 | $ 844 | $ 188 |
Tax legislation estimated impact, increase in income tax expense | 4,400 | ||
Income tax benefit from tax legislation | 487 | ||
Americas [Member] | |||
Product Liability Contingency [Line Items] | |||
Tax legislation estimated impact, increase in income tax expense | $ 4,400 | ||
Income tax benefit from tax legislation | $ 487 |
Business Segments - Depreciatio
Business Segments - Depreciation and Amortization (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Total | $ 1,704 | $ 1,328 | $ 1,152 |
Investment Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Total | 139 | 114 | 123 |
Global Markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total | 646 | 563 | 514 |
Asset Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Total | 618 | 450 | 365 |
Consumer & Wealth Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Total | $ 301 | $ 201 | $ 150 |
Business Segments - Assets by S
Business Segments - Assets by Segment (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Total | $ 992,968 | $ 931,796 |
Investment Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 92,009 | 89,451 |
Global Markets [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 725,060 | 683,702 |
Asset Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 92,102 | 85,003 |
Consumer & Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | $ 83,797 | $ 73,640 |
Business Segments - Summary of
Business Segments - Summary of Gross Loans by Segment and Loan (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Loans | $ 110,345 | $ 98,903 |
Investment Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 27,035 | 26,375 |
Global Markets [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 31,279 | 29,014 |
Asset Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 17,486 | 14,210 |
Consumer & Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 34,545 | 29,304 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 46,307 | 42,375 |
Corporate [Member] | Investment Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 27,035 | 26,375 |
Corporate [Member] | Global Markets [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 11,852 | 11,147 |
Corporate [Member] | Asset Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 7,420 | 4,853 |
Real Estate [Member] | Global Markets [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 15,671 | 14,231 |
Real Estate [Member] | Asset Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 9,030 | 8,248 |
Other Loans [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 4,792 | 4,745 |
Other Loans [Member] | Global Markets [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 3,756 | 3,636 |
Other Loans [Member] | Asset Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 1,036 | 1,109 |
Wealth Management [Member] | Consumer & Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 27,940 | 24,768 |
Consumer loans [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 4,747 | 4,536 |
Consumer loans [Member] | Consumer & Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 4,747 | $ 4,536 |
Credit Card Receivable [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | 1,858 | |
Credit Card Receivable [Member] | Consumer & Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Loans | $ 1,858 |
Business Segments - Summary o_2
Business Segments - Summary of Allowance for Loan Losses (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | |||
Allowance for loan losses by segments | $ 1,441 | $ 1,066 | $ 803 |
Investment Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Allowance for loan losses by segments | 470 | 355 | |
Global Markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Allowance for loan losses by segments | 168 | 138 | |
Asset Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Allowance for loan losses by segments | 385 | 254 | |
Consumer & Wealth Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Allowance for loan losses by segments | $ 418 | $ 319 |
Business Segments - Total Net R
Business Segments - Total Net Revenues and Pre-Tax Earnings By Geographic Region (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 36,546 | $ 36,616 | $ 32,730 |
Pre-tax earnings | 10,583 | 12,481 | 11,132 |
Pre-tax earnings - subtotal | 10,583 | 12,481 | 11,132 |
Net earnings | 8,466 | 10,459 | 4,286 |
Net earnings - subtotal | $ 8,466 | $ 10,459 | $ 4,286 |
Percentage of total net revenues | 100.00% | 100.00% | 100.00% |
Percentage of total pre-tax earnings | 100.00% | 100.00% | 100.00% |
Percentage of total net earning | 100.00% | 100.00% | 100.00% |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | $ 22,148 | $ 22,339 | $ 19,737 |
Pre-tax earnings | 6,623 | 8,125 | 7,014 |
Net earnings | $ 5,514 | $ 7,092 | $ 1,059 |
Percentage of total net revenues | 60.00% | 61.00% | 60.00% |
Percentage of total pre-tax earnings | 62.00% | 65.00% | 63.00% |
Percentage of total net earning | 65.00% | 68.00% | 25.00% |
Europe, Middle East and Africa [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | $ 9,745 | $ 9,244 | $ 8,168 |
Pre-tax earnings | 3,349 | 3,244 | 2,561 |
Net earnings | $ 2,600 | $ 2,522 | $ 2,048 |
Percentage of total net revenues | 27.00% | 25.00% | 25.00% |
Percentage of total pre-tax earnings | 32.00% | 26.00% | 23.00% |
Percentage of total net earning | 31.00% | 24.00% | 48.00% |
Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | $ 4,653 | $ 5,033 | $ 4,825 |
Pre-tax earnings | 611 | 1,112 | 1,557 |
Net earnings | $ 352 | $ 845 | $ 1,179 |
Percentage of total net revenues | 13.00% | 14.00% | 15.00% |
Percentage of total pre-tax earnings | 6.00% | 9.00% | 14.00% |
Percentage of total net earning | 4.00% | 8.00% | 27.00% |
Credit Concentrations - Credit
Credit Concentrations - Credit Concentration, Government and Federal Agency Obligations (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. Government and Agency Obligations Held By The Firm [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $ 167,097 | $ 111,114 |
Concentration risk, Credit risk, Financial instrument, Maximum exposure, As a percentage of total Assets | 16.80% | 11.90% |
Non-U.S. Government and Agency Obligations Held By The Firm [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $ 44,875 | $ 43,607 |
Concentration risk, Credit risk, Financial instrument, Maximum exposure, As a percentage of total Assets | 4.50% | 4.70% |
Credit Concentrations - Additio
Credit Concentrations - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Concentration Risk [Line Items] | ||
Cash deposits held at central banks | $ 96,970 | $ 90,470 |
GS Bank USA [Member] | ||
Concentration Risk [Line Items] | ||
Cash deposits held at the Federal Reserve Bank of New York | $ 50,550 | $ 29,200 |
Credit Concentrations - Credi_2
Credit Concentrations - Credit Concentration, Resale Agreements and Securities Borrowed (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. Government and Agency Obligations that Collateralize Securities Purchased Under Agreements to Resell and Securities Borrowed [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $ 49,396 | $ 78,828 |
Non-U.S. Government and Agency Obligations that Collateralize Securities Purchased Under Agreements to Resell and Securities Borrowed [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $ 55,889 | $ 76,745 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) - 12 months ended Dec. 31, 2019 $ in Millions, $ in Millions | USD ($) | CAD ($)shares | USD ($)shares |
Other Commitments [Line Items] | |||
Estimated aggregate amount of reasonably possible losses for legal proceedings | $ 3,300 | ||
Mortgage Related Matters [Member] | |||
Other Commitments [Line Items] | |||
Face amount of securitizations claimed for repurchase | 1,700 | ||
Valeant Pharmaceuticals International Securities Litigation [Member] | June 2013 Public Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 2,300 | ||
Number of shares underwritten by GS&Co. and GS Canada in connection with the offering | shares | 5,334,897 | 5,334,897 | |
Aggregate value underwritten by GS&Co. and GS Canada | $ 453 | ||
Valeant Pharmaceuticals International Securities Litigation [Member] | June 2013 Senior Notes Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate principal amount of notes | 3,200 | ||
Valeant Pharmaceuticals International Securities Litigation [Member] | November 2013 Senior Notes Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate principal amount of notes | 900 | ||
Valeant Pharmaceuticals International Securities Litigation [Member] | June 2013 and November 2013 Senior Notes Offerings [Member] | Non-US [Member] | |||
Other Commitments [Line Items] | |||
Approximate principal amount of notes sold by GS&Co. and GS Canada | $ 14.2 | ||
Adeptus Health Securities Litigation [Member] | June 2014 initial public offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 124 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 1,690,000 | 1,690,000 | |
Aggregate value underwritten by GS&Co. | $ 37 | ||
Adeptus Health Securities Litigation [Member] | May 2015 Secondary Equity Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 154 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 962,378 | 962,378 | |
Aggregate value underwritten by GS&Co. | $ 61 | ||
Adeptus Health Securities Litigation [Member] | July 2015 secondary equity offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 411 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 1,760,000 | 1,760,000 | |
Aggregate value underwritten by GS&Co. | $ 185 | ||
Adeptus Health Securities Litigation [Member] | June 2016 secondary equity offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | 175 | ||
Aggregate value underwritten by GS&Co. | 175 | ||
SunEdison Securities Litigation [Member] | Convertible Preferred Stock Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 650 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 138,890 | 138,890 | |
Aggregate value underwritten by GS&Co. | $ 139 | ||
Snap Inc. [Member] | March 2017 Initial Public Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 3,910 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 57,040,000 | 57,040,000 | |
Aggregate value underwritten by GS&Co. | $ 970 | ||
1Malaysia Development Berhad (1MDB) [Member] | Offerings of Debt Securities [Member] | |||
Other Commitments [Line Items] | |||
Amount of debt securities cited in connection with investigations, reviews and litigation | 6,500 | ||
The amount of criminal fines sought against the accused | $ 2,700 | ||
1Malaysia Development Berhad (1MDB) [Member] | Offerings of Debt Securities [Member] | Fees Received [Member] | |||
Other Commitments [Line Items] | |||
The amount of criminal fines sought against the accused | $ 600 | ||
Sea Limited [Member] | October 2017 Initial Public Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 989 | ||
American depository shares underwritten by GS Asia | shares | 28,026,721 | 28,026,721 | |
Aggregate value underwritten by GS Asia | $ 420 | ||
Altice USA Inc [Member] | June 2017 Initial Public Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 2,150 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 12,280,042 | 12,280,042 | |
Aggregate value underwritten by GS&Co. | $ 368 | ||
Camping World Holdings Inc Litigation [Member] | October 2016 Initial Public Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 261 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 4,267,214 | 4,267,214 | |
Aggregate value underwritten by GS&Co. | $ 94 | ||
Camping World Holdings Inc Litigation [Member] | May 2017 Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 303 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 4,557,286 | 4,557,286 | |
Aggregate value underwritten by GS&Co. | $ 126 | ||
Camping World Holdings Inc Litigation [Member] | October 2017 Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 310 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 3,525,348 | 3,525,348 | |
Aggregate value underwritten by GS&Co. | $ 143 | ||
Alnylam Pharmaceuticals Inc [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 805 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 2,576,000 | 2,576,000 | |
Aggregate value underwritten by GS&Co. | $ 322 | ||
Uber Technologies Inc [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 8,100 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 35,864,408 | 35,864,408 | |
Aggregate value underwritten by GS&Co. | $ 1,600 | ||
Venator Materials PLC Litigation [Member] | August 2017 Initial Public Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 522 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 6,351,347 | 6,351,347 | |
Aggregate value underwritten by GS&Co. | $ 127 | ||
Venator Materials PLC Litigation [Member] | December 2017 Secondary Equity Offering [Member] | |||
Other Commitments [Line Items] | |||
Aggregate value of offering | $ 534 | ||
Number of shares underwritten by GS&Co. in connection with the offering | shares | 5,625,768 | 5,625,768 | |
Aggregate value underwritten by GS&Co. | $ 127 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined benefit plan amounts recognized in other assets | $ 257 | $ 462 | |
Defined benefit plan amounts recognized in other liabilities and accrued expenses | 415 | 344 | |
Contribution to employer-sponsored U.S. and non-U.S. defined contribution plans | $ 254 | $ 240 | $ 257 |
Employee Incentive Plans - Addi
Employee Incentive Plans - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Post-vesting and delivery transfer restriction through date for RSU and restricted stock awards granted or delivered subsequent to year end | January 2025 | |
Unrecognized compensation costs related to nonvested share-based compensation arrangements | $ 467 | |
Period over which unrecognized compensation costs related to nonvested share-based compensation arrangements will be recognized | 1 year 9 months 14 days | |
Scenario, Forecast [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units granted subsequent to year end | 8.3 | |
Unvested restricted stock units granted subsequent to year end | 2.9 | |
2018 SIP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for grant under the 2018 SIP | 60.6 |
Employee Incentive Plans - Sche
Employee Incentive Plans - Schedule of Restricted Stock Units, Vested and Expected to Vest (Detail) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Future Service Required [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance of restricted stock units outstanding | shares | 3,761,839 |
Restricted stock units granted | shares | 4,770,662 |
Restricted stock units forfeited | shares | (468,754) |
Restricted stock units vested | shares | (3,550,271) |
Ending balance of restricted stock units outstanding | shares | 4,513,476 |
Beginning balance of restricted stock units outstanding, Weighted average grant-date fair value | $ / shares | $ 217.85 |
Restricted stock units granted, Weighted average grant-date fair value | $ / shares | 178.76 |
Restricted stock units forfeited, Weighted average grant-date fair value | $ / shares | 196.13 |
Restricted stock units vested, Weighted average grant-date fair value | $ / shares | 195.09 |
Ending balance of restricted stock units outstanding, Weighted average grant-date fair value | $ / shares | $ 196.69 |
No Future Service Required [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance of restricted stock units outstanding | shares | 13,328,995 |
Restricted stock units granted | shares | 7,307,148 |
Restricted stock units forfeited | shares | (265,510) |
Restricted stock units delivered | shares | (9,222,049) |
Restricted stock units vested | shares | 3,550,271 |
Ending balance of restricted stock units outstanding | shares | 14,698,855 |
Beginning balance of restricted stock units outstanding, Weighted average grant-date fair value | $ / shares | $ 187.27 |
Restricted stock units granted, Weighted average grant-date fair value | $ / shares | 176.54 |
Restricted stock units forfeited, Weighted average grant-date fair value | $ / shares | 184.36 |
Restricted stock units delivered, Weighted average grant-date fair value | $ / shares | 175.54 |
Restricted stock units vested, Weighted average grant-date fair value | $ / shares | 195.09 |
Ending balance of restricted stock units outstanding, Weighted average grant-date fair value | $ / shares | $ 191.25 |
Employee Incentive Plans - Sc_2
Employee Incentive Plans - Schedule of Restricted Stock Units, Vested and Expected to Vest (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted, Weighted average grant-date fair value | $ 177.42 | $ 218.06 | $ 206.88 |
Share-based Compensation, Liquidity discount RSUs | 10.50% | 11.90% | 10.70% |
Restricted stock units, post-vesting transfer restrictions period | 4 years | ||
Share-based compensation arrangement by Share-based payment award, Equity instruments other than options, Vested in period, Total fair value | $ 2,000 | $ 1,790 | $ 2,140 |
Restricted stock subject to future service | 23,068 | 1,649 | |
No Future Service Required [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs outstanding | 14,698,855 | 13,328,995 | |
RSUs subject to performance conditions [Member] | No Future Service Required [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs outstanding | 268,433 | 174,579 | |
RSUs subject to performance conditions [Member] | No Future Service Required [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs outstanding | 402,650 | 261,869 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs outstanding | 224,898 |
Employee Incentive Plans - Sc_3
Employee Incentive Plans - Schedule of Stock Options Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Incentive Plans - Stock Options | |||
Options Outstanding | 0 | 0 | |
Stock options exercised | 0 | 2.10 | |
Stock options outstanding, weighted average exercise price | $ 78.78 | ||
Total intrinsic value of options exercised | $ 288 | $ 589 |
Employee Incentive Plans - Empl
Employee Incentive Plans - Employee Service Share-based Compensation, Tax Benefit from Compensation Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based compensation | $ 2,120 | $ 1,850 | $ 1,812 |
Excess net tax benefit for options exercised | 64 | 139 | |
Excess net tax benefit for share-based awards | $ 63 | $ 269 | $ 719 |
Parent Company - Group Statemen
Parent Company - Group Statement of Earnings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Total non-interest revenues | $ 32,184 | $ 32,849 | $ 29,798 |
Interest income | 21,738 | 19,679 | 13,113 |
Interest expense | 17,376 | 15,912 | 10,181 |
Net interest loss | 4,362 | 3,767 | 2,932 |
Total net revenues | 36,546 | 36,616 | 32,730 |
Operating expenses | |||
Compensation and benefits | 12,353 | 12,328 | 11,653 |
Other expenses | 3,338 | 2,819 | 1,877 |
Total operating expenses | 24,898 | 23,461 | 20,941 |
Pre-tax earnings | 10,583 | 12,481 | 11,132 |
Provision/(benefit) for taxes | 2,117 | 2,022 | 6,846 |
Net earnings | 8,466 | 10,459 | 4,286 |
Preferred stock dividends | 569 | 599 | 601 |
Net earnings applicable to common shareholders | 7,897 | 9,860 | 3,685 |
Group Inc. [Member] | |||
Revenues | |||
Dividends from bank subsidiaries and other affiliates | 63 | 102 | 550 |
Dividends from nonbank subsidiaries and other affiliates | 4,199 | 16,368 | 11,016 |
Other revenues | 335 | (1,376) | (384) |
Total non-interest revenues | 4,597 | 15,094 | 11,182 |
Interest income | 7,575 | 6,617 | 4,638 |
Interest expense | 8,545 | 8,114 | 5,978 |
Net interest loss | (970) | (1,497) | (1,340) |
Total net revenues | 3,627 | 13,597 | 9,842 |
Operating expenses | |||
Compensation and benefits | 331 | 299 | 330 |
Other expenses | 1,365 | 1,192 | 428 |
Total operating expenses | 1,696 | 1,491 | 758 |
Pre-tax earnings | 1,931 | 12,106 | 9,084 |
Provision/(benefit) for taxes | (538) | (1,173) | 3,404 |
Undistributed earnings/(loss) of subsidiaries and other affiliates | 5,997 | (2,820) | (1,394) |
Net earnings | 8,466 | 10,459 | 4,286 |
Preferred stock dividends | 569 | 599 | 601 |
Net earnings applicable to common shareholders | $ 7,897 | $ 9,860 | $ 3,685 |
Parent Company - Group Statem_2
Parent Company - Group Statement of Earnings (Parenthetical) (Detail) - USD ($) $ in Millions | Feb. 29, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Income Statements, Captions [Line Items] | ||||
Other comprehensive income/(loss) | $ (2,177) | $ 2,573 | $ (664) | |
Group Inc. [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Cash dividends from bank subsidiaries | 60 | 76 | 525 | |
Cash dividends from nonbank subsidiaries | 4,180 | 10,780 | 7,980 | |
Revenues with subsidiaries | 1,290 | (1,690) | 661 | |
Interest income with subsidiaries | 7,260 | 6,330 | 4,650 | |
Interest expense with subsidiaries | 3,150 | 2,390 | 1,050 | |
Other expenses with subsidiaries | 138 | 159 | 45 | |
Other comprehensive income/(loss) | $ (2,180) | $ 2,570 | $ (664) | |
Group Inc. [Member] | Subsequent Event [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Cash dividends from nonbank subsidiaries | $ 4,000 |
Parent Company - Group Statem_3
Parent Company - Group Statement of Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Investments in subsidiaries and other affiliates: | |||
Investments (includes $16,930 and $12,824 at fair value) | $ 63,937 | $ 47,224 | |
Other assets | 34,882 | 28,995 | |
Total assets | 992,968 | 931,796 | |
Liabilities and shareholders' equity | |||
Trading liabilities (at fair value) | 108,835 | 108,897 | |
Unsecured long-term borrowings: | |||
Other liabilities | 21,651 | 17,607 | |
Total liabilities | 902,703 | 841,611 | |
Commitments, contingencies and guarantees | |||
Shareholders' equity | |||
Preferred stock | 11,203 | 11,203 | |
Common stock | 9 | 9 | |
Share-based awards | 3,195 | 2,845 | |
Additional paid-in capital | 54,883 | 54,005 | |
Retained earnings | 106,465 | 100,100 | |
Accumulated other comprehensive income/(loss) | (1,484) | 693 | |
Stock held in treasury, at cost | (84,006) | (78,670) | |
Total shareholders' equity | 90,265 | 90,185 | $ 82,243 |
Total liabilities and shareholders' equity | 992,968 | 931,796 | |
Group Inc. [Member] | |||
Cash and cash equivalents: | |||
With third-party banks | 33 | 103 | |
With subsidiary bank | 7 | ||
Loans to and receivables from subsidiaries: | |||
Bank | 2,398 | 1,019 | |
Nonbank (includes $6,460 and $5,461 at fair value) | 239,241 | 225,471 | |
Investments in subsidiaries and other affiliates: | |||
Bank | 30,376 | 28,737 | |
Nonbank | 65,301 | 61,481 | |
Trading assets (at fair value) | 691 | 717 | |
Investments (includes $16,930 and $12,824 at fair value) | 20,499 | 12,824 | |
Other assets | 4,262 | 3,653 | |
Total assets | 362,808 | 334,005 | |
Liabilities and shareholders' equity | |||
Payables to subsidiaries | 640 | 702 | |
Trading liabilities (at fair value) | 417 | 281 | |
Secured borrowings with subsidiary | 42,083 | 6,899 | |
Unsecured short-term borrowings: | |||
With third parties (includes $4,751 and $2,615 at fair value) | 25,635 | 25,060 | |
With subsidiaries | 917 | 659 | |
Unsecured long-term borrowings: | |||
With third parties (includes $15,611 and $16,395 at fair value) | 168,602 | 183,121 | |
With subsidiaries | 28,576 | 23,343 | |
Other liabilities | 5,673 | 3,755 | |
Total liabilities | 272,543 | 243,820 | |
Commitments, contingencies and guarantees | |||
Shareholders' equity | |||
Preferred stock | 11,203 | 11,203 | |
Common stock | 9 | 9 | |
Share-based awards | 3,195 | 2,845 | |
Additional paid-in capital | 54,883 | 54,005 | |
Retained earnings | 106,465 | 100,100 | |
Accumulated other comprehensive income/(loss) | (1,484) | 693 | |
Stock held in treasury, at cost | (84,006) | (78,670) | |
Total shareholders' equity | 90,265 | 90,185 | |
Total liabilities and shareholders' equity | $ 362,808 | $ 334,005 |
Parent Company - Group Statem_4
Parent Company - Group Statement of Balance Sheets (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, at fair value | $ 26,007 | $ 16,963 |
Investment at fair value | 57,827 | 45,579 |
Group Inc. [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Loans to and receivables from Nonbank subsidiaries, at fair value | 6,460 | 5,461 |
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, at fair value | 4,751 | 2,615 |
Unsecured long-term borrowings at fair value | 15,611 | 16,395 |
Investment at fair value | 16,930 | 12,824 |
Derivative contracts with subsidiaries included in Financial instruments owned | 584 | 683 |
Derivative contracts with subsidiaries included in Financial instruments sold, but not yet purchased | 365 | $ 280 |
2021 | 26,870 | |
2022 | 311 | |
2023 | 107 | |
2024 | 154 | |
2025-thereafter | $ 1,130 |
Parent Company - Condensed Cons
Parent Company - Condensed Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net earnings | $ 8,466 | $ 10,459 | $ 4,286 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 1,704 | 1,328 | 1,152 |
Deferred income taxes | (334) | (2,645) | 5,458 |
Share-based compensation | 2,018 | 1,831 | 1,769 |
Gain related to extinguishment of unsecured borrowings | (20) | (160) | (114) |
Changes in operating assets and liabilities: | |||
Other, net | (5,958) | (2,606) | 526 |
Net cash provided by/(used for) operating activities | 23,868 | 16,564 | (20,489) |
Cash flows from investing activities | |||
Purchase of property, leasehold improvements and equipment | (8,443) | (7,982) | (3,184) |
Purchase of investments | (29,773) | (9,418) | (17,381) |
Proceeds from sales and paydowns of investments | 17,812 | 8,095 | 13,031 |
Net cash used for investing activities | (24,236) | (18,820) | (26,377) |
Cash flows from financing activities | |||
Proceeds from issuance of unsecured long-term borrowings | 22,381 | 45,927 | 58,347 |
Purchase of Trust Preferred securities | (1,100) | (650) | (850) |
Common stock repurchased | (5,335) | (3,294) | (6,772) |
Settlement of share-based awards in satisfaction of withholding tax requirements | (745) | (1,118) | (2,223) |
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | (2,104) | (1,810) | (1,769) |
Proceeds from issuance of preferred stock, net of issuance costs | 1,098 | 1,495 | |
Proceeds from issuance of common stock, including exercise of share-based awards | 38 | 7 | |
Cash settlement of share-based awards | (3) | ||
Other financing, net | 395 | ||
Net cash provided by financing activities | 3,367 | 22,752 | 35,206 |
Net increase/(decrease) in cash and cash equivalents | 2,999 | 20,496 | (11,660) |
Cash and cash equivalents, beginning balance | 130,547 | 110,051 | 121,711 |
Cash and cash equivalents, ending balance | 133,546 | 130,547 | 110,051 |
Group Inc. [Member] | |||
Cash flows from operating activities | |||
Net earnings | 8,466 | 10,459 | 4,286 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Undistributed (earnings)/loss of subsidiaries and other affiliates | (5,997) | 2,820 | 1,394 |
Depreciation and amortization | 26 | 51 | 56 |
Deferred income taxes | (210) | (2,817) | 4,358 |
Share-based compensation | 118 | 105 | 152 |
Gain related to extinguishment of unsecured borrowings | (20) | (160) | (114) |
Changes in operating assets and liabilities: | |||
Trading assets | 5,145 | (1,431) | (508) |
Trading liabilities | 136 | 27 | (521) |
Other, net | (1,131) | 1,639 | (1,154) |
Net cash provided by/(used for) operating activities | 6,533 | 10,693 | 7,949 |
Cash flows from investing activities | |||
Purchase of property, leasehold improvements and equipment | (34) | (63) | (66) |
Repayments/(issuances) of short-term loans to subsidiaries, net | 2,079 | 10,829 | (14,415) |
Issuance of term loans to subsidiaries | (7,374) | (30,336) | (42,234) |
Repayments of term loans by subsidiaries | 1,894 | 25,956 | 22,039 |
Purchase of investments | (16,776) | (3,141) | (6,491) |
Proceeds from sales and paydowns of investments | 9,768 | 596 | |
Capital distributions from/(contributions to) subsidiaries, net | (415) | 1,807 | 388 |
Net cash used for investing activities | (10,858) | 5,052 | (40,183) |
Cash flows from financing activities | |||
Secured borrowings with subsidiary (short-term), net | 26,398 | (12,853) | 16,035 |
Unsecured short-term borrowings, net: With third parties | (22) | (1,541) | (424) |
Unsecured short-term borrowings, net: With subsidiaries | 4,649 | 11,855 | 7,043 |
Repayment of unsecured long-term borrowings, including the current portion | (27,172) | (32,429) | (27,028) |
Proceeds from issuance of unsecured long-term borrowings | 8,804 | 26,157 | 43,917 |
Purchase of Trust Preferred securities | (206) | (35) | (237) |
Preferred stock redemption | (1,100) | (650) | (850) |
Common stock repurchased | (5,335) | (3,294) | (6,772) |
Settlement of share-based awards in satisfaction of withholding tax requirements | (745) | (1,118) | (2,223) |
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | (2,104) | (1,810) | (1,769) |
Proceeds from issuance of preferred stock, net of issuance costs | 1,098 | 1,495 | |
Proceeds from issuance of common stock, including exercise of share-based awards | 38 | 7 | |
Cash settlement of share-based awards | (3) | ||
Other financing, net | (3) | ||
Net cash provided by financing activities | 4,262 | (15,680) | 29,191 |
Net increase/(decrease) in cash and cash equivalents | (63) | 65 | (3,043) |
Cash and cash equivalents, beginning balance | 103 | 38 | 3,081 |
Cash and cash equivalents, ending balance | $ 40 | $ 103 | $ 38 |
Parent Company - Condensed Co_2
Parent Company - Condensed Consolidated Statements of Cash Flows (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of capitalized interest | $ 18,645 | $ 16,721 | $ 11,174 |
Cash payments/(refunds) for income taxes, net | 1,266 | 1,271 | 1,425 |
Group Inc. [Member] | |||
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of capitalized interest | 9,530 | 9,830 | 6,310 |
Cash payments to subsidiaries for interest, net of capitalized interest | 3,010 | 3,050 | 160 |
Cash payments/(refunds) for income taxes, net | $ 272 | $ (98) | $ 297 |
Parent Company - Additional Inf
Parent Company - Additional Information (Detail) - Group Inc. [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Parent Company Only Financial Information [Line Items] | |||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 8,500 | ||
Net increase in loans to subsidiaries which resulted from restructured funding | $ 5,710 | ||
Decrease in equity interest which resulted from restructured funding | 5,710 | ||
Liabilities exchanged for equity interest in subsidiary | 150 | ||
Deferred tax assets exchanged for equity interest in subsidiary | 46 | ||
Equity interest in subsidiary received in exchange for liabilities and deferred tax assets | 104 | ||
Trust Preferred Securities and common beneficial interests exchanged with the firm's junior subordinated debt | 211 | 36 | $ 243 |
Firm's Junior subordinated debt exchanged for Trust Preferred Securities and common beneficial interests | $ 231 | $ 36 | 254 |
Loans to and receivables from subsidiaries exchanged for Unsecured subordinated note from subsidiary | 84,000 | ||
Unsecured subordinated note from subsidiary received in exchange for Loans to and receivables from subsidiaries | 84,000 | ||
Loan to subsidiary received in exchange for equity interest in subsidiary | 750 | ||
Equity interest in subsidiary exchanged for loan to subsidiary | $ 750 |