Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 16, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Period End Date | Mar. 31, 2021 | |
Entity Central Index Key | 0000886982 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | The 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 | 339,762,194 | |
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 | |
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 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 (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||
Investment banking | $ 3,566 | $ 1,742 |
Investment management | 1,796 | 1,768 |
Commissions and fees | 1,073 | 1,020 |
Market making | 5,893 | 3,682 |
Other principal transactions | 3,894 | (782) |
Total non-interest revenues | 16,222 | 7,430 |
Interest income | 3,054 | 4,750 |
Interest expense | 1,572 | 3,437 |
Net interest income | 1,482 | 1,313 |
Total net revenues | 17,704 | 8,743 |
Provision for credit losses | (70) | 937 |
Operating expenses | ||
Compensation and benefits | 6,043 | 3,235 |
Transaction based | 1,256 | 1,030 |
Market development | 80 | 153 |
Communications and technology | 375 | 321 |
Depreciation and amortization | 498 | 437 |
Occupancy | 247 | 238 |
Professional fees | 360 | 347 |
Other expenses | 578 | 697 |
Total operating expenses | 9,437 | 6,458 |
Pre-tax earnings | 8,337 | 1,348 |
Provision for taxes | 1,501 | 135 |
Net earnings | 6,836 | 1,213 |
Preferred stock dividends | 125 | 90 |
Net earnings applicable to common shareholders | $ 6,711 | $ 1,123 |
Earnings per common share | ||
Basic | $ 18.80 | $ 3.12 |
Diluted | $ 18.60 | $ 3.11 |
Average common shares | ||
Basic | 356.6 | 358 |
Diluted | 360.9 | 361.1 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 6,836 | $ 1,213 |
Other comprehensive income/(loss) adjustments, net of tax: | ||
Currency translation | 0 | (17) |
Debt valuation adjustment | (19) | 2,914 |
Pension and postretirement liabilities | 7 | 7 |
Available-for-sale securities | (628) | 517 |
Other comprehensive income/(loss) | (640) | 3,421 |
Comprehensive income | $ 6,196 | $ 4,634 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 191,155 | $ 155,842 |
Collateralized agreements: | ||
Securities purchased under agreements to resell (at fair value) | 146,084 | 108,060 |
Securities borrowed (includes $31,554 and $28,898 at fair value) | 178,245 | 142,160 |
Customer and other receivables (includes $49 and $82 at fair value) | 164,658 | 121,331 |
Trading assets (at fair value and includes $62,415 and $69,031 pledged as collateral) | 374,218 | 393,630 |
Investments (includes $82,364 and $82,778 at fair value, and $15,800 and $13,375 pledged as collateral) | 88,016 | 88,445 |
Loans (net of allowance of $3,515 and $3,874, and includes $13,482 and $13,625 at fair value) | 121,261 | 116,115 |
Other assets | 37,911 | 37,445 |
Total assets | 1,301,548 | 1,163,028 |
Liabilities and shareholders' equity | ||
Deposits (includes $32,229 and $16,176 at fair value) | 286,018 | 259,962 |
Collateralized financings: | ||
Securities sold under agreements to repurchase (at fair value) | 130,607 | 126,571 |
Securities loaned (includes $3,678 and $1,053 at fair value) | 34,345 | 21,621 |
Other secured financings (includes $26,197 and $24,126 at fair value) | 27,668 | 25,755 |
Customer and other payables | 224,268 | 190,658 |
Trading liabilities (at fair value) | 200,807 | 153,727 |
Unsecured short-term borrowings (includes $30,485 and $26,750 at fair value) | 58,463 | 52,870 |
Unsecured long-term borrowings (includes $39,902 and $40,911 at fair value) | 219,044 | 213,481 |
Other liabilities (includes $160 and $263 at fair value) | 22,664 | 22,451 |
Total liabilities | 1,203,884 | 1,067,096 |
Commitments, contingencies and guarantees | ||
Shareholders' equity | ||
Preferred stock; aggregate liquidation preference of $9,203 and $11,203 | 9,203 | 11,203 |
Common stock; 906,270,681 and 901,692,039 shares issued, and 340,018,220 and 344,088,725 shares outstanding | 9 | 9 |
Share-based awards | 3,608 | 3,468 |
Nonvoting common stock; no shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 56,340 | 55,679 |
Retained earnings | 119,210 | 112,947 |
Accumulated other comprehensive loss | (2,074) | (1,434) |
Stock held in treasury, at cost; 566,252,463 and 557,603,316 shares | (88,632) | (85,940) |
Total shareholders' equity | 97,664 | 95,932 |
Total liabilities and shareholders' equity | $ 1,301,548 | $ 1,163,028 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Securities borrowed at fair value | $ 31,554 | $ 28,898 |
Customer and other receivables at fair value | 49 | 82 |
Trading assets, at fair value pledged as collateral | 62,415 | 69,031 |
Investment at fair value | 82,364 | 82,778 |
Investment at pledged collateral | 15,800 | 13,375 |
Net allowance of loan | 3,515 | 3,874 |
Loans receivable at fair value | 13,482 | 13,625 |
Deposits at fair value | 32,229 | 16,176 |
Securities loaned at fair value | 3,678 | 1,053 |
Other secured financings at fair value | 26,197 | 24,126 |
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, at fair value | 30,485 | 26,750 |
Unsecured long-term borrowings at fair value | 39,902 | 40,911 |
Other liabilities and accrued expenses at fair value | 160 | 263 |
Preferred stock, liquidation preference | $ 9,203 | $ 11,203 |
Common stock, shares issued | 906,270,681 | 901,692,039 |
Common stock, shares outstanding | 340,018,220 | 344,088,725 |
Treasury stock, shares | 566,252,463 | 557,603,316 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member] | Share-Based Awards [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Stock Held in Treasury, at Cost [Member] |
Beginning balance at Dec. 31, 2019 | $ 11,203 | $ 9 | $ 3,195 | $ 54,883 | $ 106,465 | $ (1,484) | $ (84,006) | |||
Beginning balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2019 | $ 105,827 | |||||||||
Beginning balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | $ (638) | |||||||||
Repurchased | $ (1,928) | (1,928) | ||||||||
Issued | 350 | 0 | ||||||||
Redeemed | (350) | |||||||||
Issuance and amortization of share-based awards | 1,397 | |||||||||
Delivery of common stock underlying share-based awards | (1,547) | 1,541 | ||||||||
Forfeiture of share-based awards | (8) | |||||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (803) | |||||||||
Issuance costs of redeemed preferred stock | 0 | |||||||||
Net earnings | 1,213 | 1,213 | ||||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (449) | |||||||||
Dividends declared on preferred stock | (89) | (89) | ||||||||
Preferred stock redemption premium | (1) | |||||||||
Other comprehensive income/(loss) | 3,421 | 3,421 | ||||||||
Reissued | 10 | |||||||||
Other | 0 | (5) | ||||||||
Ending balance at Mar. 31, 2020 | 92,379 | 11,203 | 9 | 3,037 | 55,621 | 106,501 | 1,937 | (85,929) | ||
Beginning balance at Dec. 31, 2019 | 11,203 | 9 | 3,195 | 54,883 | 106,465 | (1,484) | (84,006) | |||
Beginning balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2019 | 105,827 | |||||||||
Beginning balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | (638) | |||||||||
Ending balance at Dec. 31, 2020 | 95,932 | 11,203 | 9 | 3,468 | 55,679 | 112,947 | (1,434) | (85,940) | ||
Ending balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2020 | $ 112,947 | |||||||||
Ending balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2020 | $ 0 | |||||||||
Repurchased | (2,700) | (2,700) | ||||||||
Issued | 0 | 0 | ||||||||
Redeemed | (2,000) | |||||||||
Issuance and amortization of share-based awards | 1,759 | |||||||||
Delivery of common stock underlying share-based awards | (1,597) | 1,590 | ||||||||
Forfeiture of share-based awards | (22) | |||||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (937) | |||||||||
Issuance costs of redeemed preferred stock | 7 | |||||||||
Net earnings | 6,836 | 6,836 | ||||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (448) | |||||||||
Dividends declared on preferred stock | (104) | (104) | ||||||||
Preferred stock redemption premium | (21) | |||||||||
Other comprehensive income/(loss) | (640) | (640) | ||||||||
Reissued | 10 | |||||||||
Other | 1 | (2) | ||||||||
Ending balance at Mar. 31, 2021 | $ 97,664 | $ 9,203 | $ 9 | $ 3,608 | $ 56,340 | $ 119,210 | $ (2,074) | $ (88,632) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities | ||
Net earnings | $ 6,836 | $ 1,213 |
Adjustments to reconcile net earnings to net cash used for operating activities: | ||
Depreciation and amortization | 498 | 437 |
Share-based compensation | 1,759 | 1,395 |
Gain related to extinguishment of unsecured borrowings | 0 | (1) |
Provision for credit losses | (70) | 937 |
Changes in operating assets and liabilities: | ||
Customer and other receivables and payables, net | (9,722) | (7,961) |
Collateralized transactions (excluding other secured financings), net | (57,349) | (55,249) |
Trading assets | 15,373 | (20,580) |
Trading liabilities | 46,777 | 27,523 |
Loans held for sale, net | (656) | 2,624 |
Other, net | (8,629) | (3,369) |
Net cash used for operating activities | (5,183) | (53,031) |
Cash flows from investing activities | ||
Purchase of property, leasehold improvements and equipment | (1,312) | (2,843) |
Proceeds from sales of property, leasehold improvements and equipment | 192 | 397 |
Purchase of investments | (12,848) | (10,214) |
Proceeds from sales and paydowns of investments | 15,319 | 3,889 |
Loans (excluding loans held for sale), net | (3,838) | (23,565) |
Net cash used for investing activities | (2,487) | (32,336) |
Cash flows from financing activities | ||
Unsecured short-term borrowings, net | 3,788 | 2,915 |
Other secured financings (short-term), net | 2,555 | 16,307 |
Proceeds from issuance of other secured financings (long-term) | 1,695 | 2,969 |
Repayment of other secured financings (long-term), including the current portion | (727) | (445) |
Purchase of Trust Preferred securities | 0 | (11) |
Proceeds from issuance of unsecured long-term borrowings | 26,426 | 26,506 |
Repayment of unsecured long-term borrowings, including the current portion | (11,764) | (16,175) |
Derivative contracts with a financing element, net | 303 | 134 |
Deposits, net | 26,522 | 28,381 |
Preferred stock redemption | (2,000) | (350) |
Common stock repurchased | (2,700) | (1,928) |
Settlement of share-based awards in satisfaction of withholding tax requirements | (938) | (804) |
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | (551) | (538) |
Proceeds from issuance of preferred stock, net of issuance costs | 0 | 349 |
Other financing, net | 374 | 0 |
Net cash provided by financing activities | 42,983 | 57,310 |
Net increase/(decrease) in cash and cash equivalents | 35,313 | (28,057) |
Cash and cash equivalents, beginning balance | 155,842 | 133,546 |
Cash and cash equivalents, ending balance | 191,155 | 105,489 |
Supplemental disclosures: | ||
Cash payments for interest, net of capitalized interest | 1,896 | 4,041 |
Cash payments for income taxes, net | $ 555 | $ 474 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2021 | |
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 financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large 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. The firm reports its activities in four business segments: 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 relationship lending, middle-market lending and acquisition financing. The firm also provides transaction banking services to certain corporate clients. 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 securities purchased under agreements to resell (resale agreements), and 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 include alternative investing activities related to public and private equity investments in corporate, real estate and infrastructure assets, as well as investments through consolidated investment entities, substantially all of which are engaged in real estate investment activities. The firm also invests in corporate debt and provides financing for real estate and other assets. 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, accepts deposits and provides investing services through its consumer banking digital platform, Marcus by Goldman Sachs |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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. These consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the firm’s Annual Report on Form 10-K Form 10-K” Form 10-K These unaudited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal, recurring nature. Interim period operating results may not be indicative of the operating results for a full year. All references to March 2021 and March 2020 refer to the firm’s periods ended, or the dates, as the context requires, March 31, 2021 and March 31, 2020, respectively. All references to December 2020 refer to the date December 31, 2020. Any reference to a future year refers to a year ending on December 31 of that year. Certain reclassifications have been made to previously reported amounts to conform to the current presentation. In the fourth quarter of 2020, brokerage, clearing, exchange and distribution fees was renamed transaction based and additionally includes expenses resulting from completed transactions, which are directly related to client revenues. Such expenses were previously reported in other expenses. Previously reported amounts have been conformed to the current presentation. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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 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. Voting interest entities are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the firm has a controlling majority voting interest in a voting interest entity, the entity is consolidated. Variable Interest Entities. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. The firm has a controlling financial interest in a VIE when the firm has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. See Note 17 for further information about VIEs. Equity-Method Investments. When the firm does not have a controlling financial interest in an entity but can exert significant influence over the entity’s operating and financial policies, the investment is generally accounted for at fair value by electing the fair value option available under U.S. GAAP. Significant influence generally exists when the firm owns 20% to 50% of the entity’s common stock or 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. The firm has formed investment funds with third-party investors. These funds are typically organized as limited partnerships or limited liability companies for which the firm acts as general partner or manager. Generally, the firm does not hold a majority of the economic interests in these funds. These funds are usually voting interest entities and generally are not consolidated because third-party investors typically have rights to terminate the funds or to remove the firm as general partner or manager. Investments in these funds are generally measured at net asset value (NAV) and are included in investments. See Notes 8, 18 and 22 for further information about investments in 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, discretionary compensation accruals, 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. Trading assets and liabilities and certain investments are recorded at fair value either under the fair value option or in accordance with other U.S. GAAP. In addition, the firm has elected to account for certain of its loans and other financial assets and liabilities at fair value by electing the fair value option. 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. Fair value gains or losses are generally included in market making or other principal transactions. See Note 4 for further information about fair value measurements. Revenue from Contracts with Clients. The firm recognizes revenue earned from contracts with clients for services, such as investment banking, investment management, and execution and clearing (contracts with clients), when the performance obligations related to the underlying transaction are completed. Revenues from contracts with clients represent approximately 35% of total non-interest non-interest Investment Banking Advisory. Fees from financial advisory assignments are recognized in revenues when the services related to the underlying transaction are completed under the terms of the assignment. Non-refundable Expenses associated with financial advisory assignments are recognized when incurred and are included in transaction based expenses. Client reimbursements for such expenses are included in investment banking revenues. Underwriting. Fees from underwriting assignments are recognized in revenues upon completion of the underlying transaction based on the terms of the assignment. 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 transaction based expenses for completed assignments. 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 transaction based expenses. Management Fees. Management fees for mutual funds are calculated as a percentage of daily net asset value and are received monthly. Management fees for hedge funds and separately managed accounts are calculated as a percentage of 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 transaction based expenses. Incentive Fees. Incentive fees are calculated as a percentage of a fund’s or separately managed account’s return, or excess return above a specified benchmark or other performance target. Incentive fees are generally based on investment performance over a twelve-month period or over the life of a fund. Fees that are based on performance over a twelve-month period are subject to adjustment prior to the end of the measurement period. For fees that are based on investment performance over the life of the fund, future investment underperformance may require fees previously distributed to the firm to be returned to the fund. 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 March 2021, substantially all future net revenues associated with such remaining performance obligations will be recognized through 2028. Annual revenues associated with such performance obligations average less than $250 million through 2028. 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 $11.27 billion as of March 2021 and $11.95 billion as of December 2020. Cash and cash equivalents also included interest-bearing deposits with banks of $179.89 billion as of March 2021 and $143.89 billion as of December 2020. The firm segregates cash for regulatory and other purposes related to client activity. Cash and cash equivalents segregated for regulatory and other purposes were $25.56 billion as of March 2021 and $24.52 billion as of December 2020. 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 $102.46 billion as of March 2021 and $82.39 billion as of December 2020, and receivables from brokers, dealers and clearing organizations of $62.20 billion as of March 2021 and $38.94 billion as of December 2020. 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 any allowance for credit losses, 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 March 2021 and December 2020. 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 $2.87 billion as of March 2021 and $2.60 billion as of December 2020. As of both March 2021 and December 2020 contract assets were not material. Customer and Other Payables Customer and other payables included payables to customers and counterparties of $201.05 billion as of March 2021 and $183.57 billion as of December 2020, and payables to brokers, dealers and clearing organizations of $23.22 billion as of March 2021 and $7.09 billion as of December 2020. 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 March 2021 and December 2020. 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. Share-Based Compensation 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 restricted stock units (RSUs) are generally 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 Foreign Currency Translation Assets and liabilities denominated in non-U.S. non-U.S. Recent Accounting Developments Measurement of Credit Losses on Financial Instruments (ASC 326). In June 2016, the FASB issued ASU No. 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 reflects 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, are recognized in earnings. These expected credit losses are 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 $638 million (net of tax). Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). In March 2020, the FASB issued ASU No. 2020-04, No. 2021-01 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
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. Inputs are unadjusted quoted prices in active markets to which the firm had access at the measurement date for identical, unrestricted assets or liabilities. Level 2. Inputs to valuation techniques are observable, either directly or indirectly. Level 3. One or more inputs to valuation techniques are significant and unobservable. 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. Level 1 instruments include U.S. government obligations, most non-U.S. Level 2. Level 2 instruments include certain 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. Level 3 instruments have one or more significant valuation inputs that are not observable. Absent evidence to the contrary, level 3 instruments are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequently, the firm uses other methodologies to determine fair value, which vary based on the type of instrument. Valuation inputs and assumptions are changed when corroborated by substantive observable evidence, including values realized on sales. 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 any loan forbearances and 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 non-U.S. 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 1 derivatives include short-term contracts for future delivery of securities when the underlying security is a level 1 instrument, and exchange-traded derivatives if they are actively traded and are valued at their quoted market price. Level 2. Level 2 derivatives include OTC derivatives for which all significant valuation inputs are corroborated by market evidence and exchange-traded derivatives that are not actively traded and/or that are valued using models that calibrate to market-clearing levels of OTC derivatives. 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. Level 3 derivatives are valued using models which utilize observable level 1 and/or level 2 inputs, as well as unobservable level 3 inputs. The significant unobservable inputs used to value the firm’s level 3 derivatives are described below. • 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) and specific interest rate and currency 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, and recovery rates. • 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. Valuation adjustments are integral to determining the fair value of derivative portfolios and are used to adjust the 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. The significant inputs to the valuation of resale and repurchase agreements and securities borrowed and loaned are funding spreads, the amount and timing of expected future cash flows and interest rates. Customer and Other Receivables. The significant inputs to the valuation of receivables are interest rates, the amount and timing of expected future cash flows and funding spreads. Deposits. The significant inputs to the valuation of time deposits are interest rates and the amount and timing of future cash flows. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 13 for further information about deposits. Other Secured Financings. The significant inputs to the valuation of other secured financings are the amount and timing of expected future cash flows, interest rates, funding spreads and the fair value of the collateral delivered by the firm (determined using the amount and timing of expected future cash flows, market prices, market yields and recovery assumptions). See Note 11 for further information about other secured financings. Unsecured Short- and Long-Term Borrowings. The significant inputs to the valuation of unsecured short- and long-term borrowings are the amount and timing of expected future cash flows, interest rates, the credit spreads of the firm and commodity prices for prepaid commodity transactions. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 14 for further information about borrowings. Other Liabilities. The significant inputs to the valuation of other liabilities are the amount and timing of expected future cash flows and equity volatility and correlation inputs. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives. Financial Assets and Liabilities at Fair Value The table below presents financial assets and liabilities accounted for at fair value. As of $ in millions March 2021 December 2020 Total level 1 financial assets $ 253,650 $ 263,999 Total level 2 financial assets 428,190 410,275 Total level 3 financial assets 26,893 26,305 Investments in funds at NAV 3,758 3,664 Counterparty and cash collateral netting (64,740 ) (77,170 ) Total financial assets at fair value $ 647,751 $ 627,073 Total assets $1,301,548 $1,163,028 Total level 3 financial assets divided by: Total assets 2.1% 2.3% Total financial assets at fair value 4.2% 4.2% Total level 1 financial liabilities $ 133,542 $ 85,120 Total level 2 financial liabilities 350,494 331,824 Total level 3 financial liabilities 33,192 32,930 Counterparty and cash collateral netting (53,163 ) (60,297 ) Total financial liabilities at fair value $ 464,065 $ 389,577 Total liabilities $1,203,884 $1,067,096 Total level 3 financial liabilities divided by: Total liabilities 2.8% 3.1% Total financial liabilities at fair value 7.2% 8.5% 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. The table below presents a summary of level 3 financial assets. As of $ in millions March 2021 December 2020 Trading assets: Trading cash instruments $ $ 1,237 Derivatives 5,940 5,967 Investments 17,049 16,423 Loans 2,531 2,678 Total $ $ 26,305 Level 3 financial assets as of March 2021 increased compared with December 2020, 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 | 3 Months Ended |
Mar. 31, 2021 | |
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 Trading As of March 2021 Trading cash instruments $304,675 $150,585 Derivatives 69,543 50,222 Total $374,218 $200,807 As of December 2020 Trading cash instruments $324,049 $ 95,136 Derivatives 69,581 58,591 Total $393,630 $153,727 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. Three Months Ended March $ in millions 2021 2020 Interest rates $ (1,243 ) $ Credit 852 1,842 Currencies 2,850 (735 ) Equities 2,778 1,700 Commodities 656 138 Total $ 5,893 $ 3,682 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 • 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 | 3 Months Ended |
Mar. 31, 2021 | |
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 March 2021 Assets Government and agency obligations: U.S. $ 66,374 $ 27,233 $ – $ 93,607 Non-U.S. 53,647 14,906 19 68,572 Loans and securities backed by: Commercial real estate – 736 115 851 Residential real estate – 8,619 204 8,823 Corporate debt instruments 488 33,134 918 34,540 State and municipal obligations – 216 – 216 Other debt obligations 202 1,830 45 2,077 Equity securities 86,325 2,784 72 89,181 Commodities – 6,808 – 6,808 Total $ 207,036 $ 96,266 $1,373 $ 304,675 Liabilities Government and agency obligations: U.S. $ (20,825 ) $ ) $ – $ (20,836 ) Non-U.S. (31,972 ) (2,632 ) – (34,604 ) Loans and securities backed by: Commercial real estate – (23 ) (4 ) (27 ) Residential real estate – (45 ) – (45 ) Corporate debt instruments (67 ) (13,782 ) (71 ) (13,920 ) Other debt obligations – – (1 ) (1 ) Equity securities (80,610 ) (503 ) (30 ) (81,143 ) Commodities – (9 ) – (9 ) Total $(133,474 ) $ ) $ ) $(150,585 ) As of December 2020 Assets Government and agency obligations: U.S. $ $ 44,863 $ $ Non-U.S. 46,147 11,261 15 57,423 Loans and securities backed by: Commercial real estate – 597 203 800 Residential real estate – 6,948 131 7,079 Corporate debt instruments 915 29,639 797 31,351 State and municipal obligations – 200 – 200 Other debt obligations 338 1,055 19 1,412 Equity securities 75,300 2,505 72 77,877 Commodities – 9,374 – 9,374 Total $ $106,442 $1,237 $ Liabilities Government and agency obligations: U.S. $ ) $ (13 ) $ $ ) Non-U.S. (22,092 ) (1,792 ) – (23,884 ) Loans and securities backed by: Commercial real estate – (17 ) (1 ) (18 ) Residential real estate – (1 ) – (1 ) Corporate debt instruments (2 ) (7,970 ) (50 ) (8,022 ) State and municipal obligations – (5 ) – (5 ) Other debt obligations – – (2 ) (2 ) Equity securities (45,734 ) (550 ) (27 ) (46,311 ) Total $ ) $ (10,348 ) $ (80 ) $ ) 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. 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. 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. As of March 2021 As of December 2020 $ in millions Amount or Range Weighted Amount or Range Weighted Loans and securities backed by commercial real estate Level 3 assets $115 $203 Yield 2.1% to 23.5% 13.5 1.7% to 22.0% 9.0 Recovery rate 13.0% to 96.5% 62.2 5.1% to 94.9% 57.7 Duration (years) 0.9 to 4.9 2.6 1.1 to 9.1 5.0 Loans and securities backed by residential real estate Level 3 assets $204 $131 Yield 1.0% to 34.8% 6.9 0.6% to 15.7% 6.3 Cumulative loss rate 6.5% to 31.0% 16.4 3.4% to 45.6% 20.8 Duration (years) 0.4 to 23.5 5.1 0.9 to 16.1 6.5 Corporate debt instruments Level 3 assets $918 $797 Yield 0.2% to 32.3% 7.6 0.6% to 30.6% 9.5 Recovery rate 0.0% to 70.3% 55.2 0.0% to 73.6% 58.7 Duration (years) 0.2 to 14.1 3.8 0.3 to 25.5 4.0 Level 3 government and agency obligations, other debt obligations and equity securities were not material as of both March 2021 and December 2020, and therefore are not included in the table above. 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 March 2021 and December 2020. 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. Three Months Ended March $ in millions 2021 2020 Total trading cash instrument assets Beginning balance $1,237 $1,242 Net realized gains/(losses) 33 34 Net unrealized gains/(losses) 33 (159 ) Purchases 521 353 Sales (307 ) (268 ) Settlements (153 ) (153 ) Transfers into level 3 224 342 Transfers out of level 3 (215 ) (157 ) Ending balance $1,373 $1,234 Total trading cash instrument liabilities Beginning balance $ ) $ (273 ) Net realized gains/(losses) 1 – Net unrealized gains/(losses) (2 ) 91 Purchases 21 26 Sales (40 ) (32 ) Settlements 7 (2 ) Transfers into level 3 (19 ) (13 ) Transfers out of level 3 6 9 Ending balance $ ) $ (194 ) 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. Three Months $ in millions 2021 2020 Loans and securities backed by commercial real estate Beginning balance $ 203 $ 191 Net realized gains/(losses) 1 9 Net unrealized gains/(losses) (5 ) (22 ) Purchases 17 14 Sales (23 ) (6 ) Settlements (3 ) (50 ) Transfers into level 3 10 7 Transfers out of level 3 (85 ) (13 ) Ending balance $ 115 $ 130 Loans and securities backed by residential real estate Beginning balance $ 131 $ 231 Net realized gains/(losses) 5 1 Net unrealized gains/(losses) 3 7 Purchases 24 80 Sales (36 ) (23 ) Settlements (12 ) (13 ) Transfers into level 3 104 61 Transfers out of level 3 (15 ) (93 ) Ending balance $ 204 $ 251 Corporate debt instruments Beginning balance $ 797 $ 692 Net realized gains/(losses) 26 22 Net unrealized gains/(losses) 36 (132 ) Purchases 440 238 Sales (217 ) (214 ) Settlements (114 ) (80 ) Transfers into level 3 60 242 Transfers out of level 3 (110 ) (49 ) Ending balance $ 918 $ 719 Other Beginning balance $ 106 $ 128 Net realized gains/(losses) 1 2 Net unrealized gains/(losses) (1 ) (12 ) Purchases 40 21 Sales (31 ) (25 ) Settlements (24 ) (10 ) Transfers into level 3 50 32 Transfers out of level 3 (5 ) (2 ) Ending balance $ 136 $ 134 In the table above, other includes U.S. and non-U.S. Level 3 Rollforward Commentary Three Months Ended March 2021. The net realized and unrealized gains on level 3 trading cash instrument assets of $66 million (reflecting $33 million of net realized gains and $33 million of net unrealized gains) for the three months ended March 2021 included gains of $28 million reported in market making and $38 million reported in interest income. The drivers of the net unrealized gains on level 3 trading cash instrument assets for the three months ended March 2021 were not material. Transfers into level 3 trading cash instrument assets during the three months ended March 2021 primarily reflected transfers of certain loans and securities backed by residential real estate and corporate debt instruments from level 2 (in each case, principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments). Transfers out of level 3 trading cash instrument assets during the three months ended March 2021 primarily reflected transfers of certain corporate debt instruments and loans and securities backed by commercial real estate to level 2 (in each case, principally due to increased price transparency as a result of market evidence, including market transactions in these instruments). Three Months Ended March 2020. The net realized and unrealized losses on level 3 trading cash instrument assets of $125 million (reflecting $34 million of net realized gains and $159 million of net unrealized losses) for the three months ended March 2020 included gains/(losses) of $(4) million reported in investment banking, $(158) million reported in market making and $37 million reported in interest income. The net unrealized losses on level 3 trading cash instrument assets for the three months ended March 2020 primarily reflected losses on certain corporate debt instruments, principally driven by weak corporate performance. Transfers into level 3 trading cash instrument assets during the three months ended March 2020 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 the three months ended March 2020 were not material. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2021 | |
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. As a market maker, the firm enters into derivative transactions to provide liquidity to clients and to facilitate the transfer and hedging of their risks. In this role, the firm typically acts as principal and is required to commit capital to provide execution, and maintains market-making positions in response to, or in anticipation of, client demand. Risk Management. The firm also enters into derivatives to actively manage risk exposures that arise from its market-making and investing and financing activities. The firm’s holdings and exposures are hedged, in many cases, on either a portfolio or risk-specific basis, as opposed to an instrument-by-instrument available-for-sale 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 March 2021 As of December 2020 $ in millions Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Not accounted for as hedges Exchange-traded $ 665 $ 1,033 $ 665 $ 660 OTC-cleared 16,345 15,133 18,832 16,809 Bilateral OTC 263,495 236,837 337,998 304,370 Total interest rates 280,505 253,003 357,495 321,839 OTC-cleared 4,855 5,415 4,137 4,517 Bilateral OTC 12,928 11,567 12,418 11,551 Total credit 17,783 16,982 16,555 16,068 Exchange-traded 679 12 133 22 OTC-cleared 372 431 401 631 Bilateral OTC 99,120 93,137 101,830 102,676 Total currencies 100,171 93,580 102,364 103,329 Exchange-traded 5,670 5,586 4,476 4,177 OTC-cleared 255 227 195 187 Bilateral OTC 10,663 13,244 9,320 13,691 Total commodities 16,588 19,057 13,991 18,055 Exchange-traded 33,762 33,855 29,006 31,944 OTC-cleared 13 13 – – Bilateral OTC 44,635 47,083 47,867 49,072 Total equities 78,410 80,951 76,873 81,016 Subtotal 493,457 463,573 567,278 540,307 Accounted for as hedges OTC-cleared 3 – 1 – Bilateral OTC 1,081 – 1,346 – Total interest rates 1,084 – 1,347 – OTC-cleared 58 48 – 87 Bilateral OTC 152 232 4 372 Total currencies 210 280 4 459 Subtotal 1,294 280 1,351 459 Total gross fair value $ 494,751 $ 463,853 $ 568,629 $ 540,766 Offset in the consolidated balance sheets Exchange-traded $ (34,961 ) $ (34,961 ) $ (29,549 ) $ (29,549 ) OTC-cleared (20,016 ) (20,016 ) (21,315 ) (21,315 ) Bilateral OTC (306,582 ) (306,582 ) (372,142 ) (372,142 ) Counterparty netting (361,559 ) (361,559 ) (423,006 ) (423,006 ) OTC-cleared (1,553 ) (584 ) (1,926 ) (720 ) Bilateral OTC (62,096 ) (51,488 ) (74,116 ) (58,449 ) Cash collateral netting (63,649 ) (52,072 ) (76,042 ) (59,169 ) Total amounts offset $(425,208 ) $(413,631 ) $(499,048 ) $(482,175 ) Included in the consolidated balance sheets Exchange-traded $ 5,815 $ 5,525 $ 4,731 $ 7,254 OTC-cleared 332 667 325 196 Bilateral OTC 63,396 44,030 64,525 51,141 Total $ 69,543 $ 50,222 $ 69,581 $ 58,591 Not offset in the consolidated balance sheets Cash collateral $ (852 ) $ (1,842 ) $ (979 ) $ (2,427 ) Securities collateral (16,066 ) (6,571 ) (17,297 ) (9,943 ) Total $ 52,625 $ 41,809 $ 51,305 $ 46,221 Notional Amounts as of $ in millions March 2021 December 2020 Not accounted for as hedges Exchange-traded $ 3,961,941 $ 3,722,558 OTC-cleared 17,579,552 13,789,571 Bilateral OTC 11,834,200 11,076,460 Total interest rates 33,375,693 28,588,589 OTC-cleared 633,145 515,197 Bilateral OTC 604,166 558,813 Total credit 1,237,311 1,074,010 Exchange-traded 9,573 7,413 OTC-cleared 185,729 157,687 Bilateral OTC 6,759,515 6,041,663 Total currencies 6,954,817 6,206,763 Exchange-traded 286,649 242,193 OTC-cleared 3,857 2,315 Bilateral OTC 221,664 206,253 Total commodities 512,170 450,761 Exchange-traded 1,069,830 948,937 OTC-cleared 447 – Bilateral OTC 1,228,482 1,126,572 Total equities 2,298,759 2,075,509 Subtotal 44,378,750 38,395,632 Accounted for as hedges OTC-cleared 190,514 182,311 Bilateral OTC 6,463 6,641 Total interest rates 196,977 188,952 OTC-cleared 3,607 1,767 Bilateral OTC 15,178 14,055 Total currencies 18,785 15,822 Subtotal 215,762 204,774 Total notional amounts $44,594,512 $38,600,406 In the tables above: • Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure. • 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 $22.13 billion as of March 2021 and $20.60 billion as of December 2020, and derivative liabilities of $19.56 billion as of March 2021 and $22.98 billion as of December 2020, 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 March 2021 Assets Interest rates $ 7 $ 280,374 $ 1,208 $ 281,589 Credit – 14,549 3,234 17,783 Currencies – 100,200 181 100,381 Commodities – 15,917 671 16,588 Equities 24 76,742 1,644 78,410 Gross fair value 31 487,782 6,938 494,751 Counterparty netting in levels – (359,470 ) (998 ) (360,468 ) Subtotal $ 31 $ 128,312 $ 5,940 $ 134,283 Cross-level counterparty netting (1,091 ) Cash collateral netting (63,649 ) Net fair value $ 69,543 Liabilities Interest rates $ (29 ) $(252,085 ) $ (889 ) $(253,003 ) Credit – (15,623 ) (1,359 ) (16,982 ) Currencies – (93,390 ) (470 ) (93,860 ) Commodities – (18,598 ) (459 ) (19,057 ) Equities (39 ) (77,796 ) (3,116 ) (80,951 ) Gross fair value (68 ) (457,492 ) (6,293 ) (463,853 ) Counterparty netting in levels – 359,470 998 360,468 Subtotal $ (68 ) $ (98,022 ) $(5,295 ) $(103,385 ) Cross-level counterparty netting 1,091 Cash collateral netting 52,072 Net fair value $ (50,222 ) As of December 2020 Assets Interest rates $ 297 $ $ $ Credit – 13,104 3,451 16,555 Currencies – 102,221 147 102,368 Commodities – 13,285 706 13,991 Equities 75 75,054 1,744 76,873 Gross fair value 372 561,232 7,025 568,629 Counterparty netting in levels (135 ) (420,685 ) (1,058 ) (421,878 ) Subtotal $ 237 $ $ $ Cross-level counterparty netting (1,128 ) Cash collateral netting (76,042 ) Net fair value $ Liabilities Interest rates $(229 ) $ ) $ ) $ ) Credit – (14,395 ) (1,673 ) (16,068 ) Currencies – (103,303 ) (485 ) (103,788 ) Commodities – (17,649 ) (406 ) (18,055 ) Equities (318 ) (78,122 ) (2,576 ) (81,016 ) Gross fair value (547 ) (534,369 ) (5,850 ) (540,766 ) Counterparty netting in levels 135 420,685 1,058 421,878 Subtotal $(412 ) $ ) $ ) $ ) Cross-level counterparty netting 1,128 Cash collateral netting 59,169 Net fair value $ ) 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. 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. 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. As of March 2021 As of December 2020 $ in millions, except inputs Amount or Range Average/ Median Amount or Range Average/ Median Interest rates, net $ $267 Correlation (42)% to 81% 48%/60% (8)% to 81% 56%/60% Volatility (bps) 31 to 150 65/53 31 to 150 65/53 Credit, net $1,875 $1,778 Credit spreads (bps) 2 to 598 108/84 2 to 699 109/74 Upfront credit points 3 to 100 46/31 7 to 90 40/30 Recovery rates 20% to 90% 45%/40% 25% to 90% 46%/40% Currencies, net $(289) $(338) Correlation 20% to 70% 39%/41% 20% to 70% 39%/41% Volatility 19% to 20% 20%/20% 18% to 18% 18%/18% Commodities, net $212 $300 Volatility 14% to 77% 29%/27% 15% to 87% 32%/30% Natural gas spread $(1.22) to $2.27 $(0.11)/ $(0.07) $(1.00) to $(0.13)/ $(0.09) Oil spread $10.20 to $20.65 $14.87/ $14.16 $8.30 to $9.73/ $9.55 Electricity price $9.81 to $72.05 $29.59/ $29.25 N/A N/A Equities, net $(1,472) $(832) Correlation (70)% to 100% 50%/51% (70)% to 100% 52%/55% Volatility 3% to 190% 12%/7% 3% to 129% 14%/7% 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 amount • 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. • Electricity price price Range of Significant Unobservable Inputs The following provides 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. Three Months Ended March $ in millions 2021 2020 Total level 3 derivatives, net Beginning balance $1,175 $ 25 Net realized gains/(losses) (98 ) 137 Net unrealized gains/(losses) 40 2,305 Purchases 192 223 Sales (908 ) (413 ) Settlements 207 41 Transfers into level 3 (69 ) (801 ) Transfers out of level 3 106 143 Ending balance $ $1,660 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. Three Months Ended March $ in millions 2021 2020 Interest rates, net Beginning balance $ $ 89 Net realized gains/(losses) 7 7 Net unrealized gains/(losses) 111 132 Purchases 4 1 Sales (23 ) (13 ) Settlements 2 37 Transfers into level 3 (4 ) 11 Transfers out of level 3 (45 ) 2 Ending balance $ $ 266 Credit, net Beginning balance $ 1,778 $ 1,877 Net realized gains/(losses) (19 ) (20 ) Net unrealized gains/(losses) 105 652 Purchases 42 53 Sales (13 ) (27 ) Settlements (43 ) (55 ) Transfers into level 3 (17 ) 11 Transfers out of level 3 42 27 Ending balance $ 1,875 $ 2,518 Currencies, net Beginning balance $ ) $ (211 ) Net realized gains/(losses) (1 ) (6 ) Net unrealized gains/(losses) (24 ) 185 Purchases 7 – Sales (12 ) (11 ) Settlements 63 111 Transfers into level 3 – (4 ) Transfers out of level 3 16 (3 ) Ending balance $ ) $ 61 Commodities, net Beginning balance $ $ 247 Net realized gains/(losses) (55 ) 17 Net unrealized gains/(losses) 7 197 Purchases 20 22 Sales (17 ) (69 ) Settlements (27 ) (7 ) Transfers into level 3 – (11 ) Transfers out of level 3 (16 ) (8 ) Ending balance $ $ 388 Equities, net Beginning balance $ ) $(1,977 ) Net realized gains/(losses) (30 ) 139 Net unrealized gains/(losses) (159 ) 1,139 Purchases 119 147 Sales (843 ) (293 ) Settlements 212 (45 ) Transfers into level 3 (48 ) (808 ) Transfers out of level 3 109 125 Ending balance $(1,472 ) $(1,573 ) Level 3 Rollforward Commentary Three Months Ended March 2021. The net realized and unrealized losses on level 3 derivatives of $58 million (reflecting $98 million of net realized losses and $40 million of net unrealized gains) for the three months ended March 2021 included losses of $57 million reported in market making and losses of $1 million reported in other principal transactions. The net unrealized gains on level 3 derivatives for the three months ended March 2021 were primarily attributable to gains on certain interest rate derivatives (primarily reflecting the impact of an increase in interest rates) and gains on certain credit derivatives (primarily reflecting the impact of a widening of certain credit spreads, changes in foreign exchange rates and an increase in interest rates) partially offset by losses on certain equity derivatives (primarily reflecting the impact of an increase in equity prices). The drivers of transfers into level 3 derivatives during the three months ended March 2021 were not material. Transfers out of level 3 derivatives during the three months ended March 2021 primarily reflected transfers of certain equity derivative liabilities to level 2 (principally due to increased transparency of certain volatility inputs used to value these derivatives). Three Months Ended March 2020. The net realized and unrealized gains on level 3 derivatives of $2.44 billion (reflecting $137 million of net realized gains and $2.31 billion of net unrealized gains) for the three months ended March 2020 included gains of $2.42 billion reported in market making and $23 million reported in other principal transactions. The net unrealized gains on level 3 derivatives for the three months ended March 2020 were primarily attributable to gains on certain equity derivatives (primarily reflecting the impact of a decrease in equity prices), gains on certain credit derivatives (primarily reflecting the impact of a decrease in interest rates and widening of certain credit spreads), gains on certain commodity derivatives (primarily reflecting the impact of a decrease in commodity prices), gains on certain currency derivatives (primarily reflecting the impact of changes in foreign exchange rates) and gains on certain interest rate derivatives (primarily reflecting a decrease in interest rates). Transfers into level 3 derivatives during the three months ended March 2020 primarily reflected transfers of certain equity derivative liabilities from level 2 (principally due to increased significance of certain unobservable inputs used to value these derivatives). Transfers out of level 3 derivatives during the three months ended March 2020 primarily reflected transfers of certain equity derivative liabilities to level 2 (principally due to increased transparency of certain unobservable volatility inputs used to value these derivatives). 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 March 2021 Assets Interest rates $ 8,236 $15,696 $60,957 $ 84,889 Credit 1,662 2,177 3,638 7,477 Currencies 16,979 7,745 8,004 32,728 Commodities 4,488 1,904 403 6,795 Equities 8,813 12,612 1,849 23,274 Counterparty netting in tenors (3,944 ) (3,568 ) (3,052 ) (10,564 ) Subtotal $36,234 $36,566 $71,799 $144,599 Cross-tenor counterparty netting (17,222 ) Cash collateral netting (63,649 ) Total OTC derivative assets $ 63,728 Liabilities Interest rates $ 7,920 $11,835 $36,179 $ 55,934 Credit 1,538 2,982 2,156 6,676 Currencies 16,009 5,941 4,924 26,874 Commodities 4,249 1,610 3,489 9,348 Equities 8,004 13,929 3,790 25,723 Counterparty netting in tenors (3,944 ) (3,568 ) (3,052 ) (10,564 ) Subtotal $33,776 $32,729 $47,486 $113,991 Cross-tenor counterparty netting (17,222 ) Cash collateral netting (52,072 ) Total OTC derivative liabilities $ 44,697 As of December 2020 Assets Interest rates $ 8,913 $20,145 $74,893 $103,951 Credit 822 3,270 3,302 7,394 Currencies 13,887 7,400 9,303 30,590 Commodities 2,998 1,466 488 4,952 Equities 12,182 12,590 1,807 26,579 Counterparty netting in tenors (3,963 ) (4,458 ) (3,182 ) (11,603 ) Subtotal $34,839 $40,413 $86,611 $161,863 Cross-tenor counterparty netting (20,971 ) Cash collateral netting (76,042 ) Total OTC derivative assets $ 64,850 Liabilities Interest rates $ 5,687 $11,967 $49,301 $ 66,955 Credit 1,268 3,462 2,177 6,907 Currencies 18,770 7,575 5,775 32,120 Commodities 3,455 1,545 4,315 9,315 Equities 9,702 14,095 3,986 27,783 Counterparty netting in tenors (3,963 ) (4,458 ) (3,182 ) (11,603 ) Subtotal $34,919 $34,186 $62,372 $131,477 Cross-tenor counterparty netting (20,971 ) Cash collateral netting (59,169 ) Total OTC derivative liabilities $ 51,337 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 March 2021, written credit derivatives had a total gross notional amount of $598.82 billion and purchased credit derivatives had a total gross notional amount of $638.50 billion, for total net notional purchased protection of $39.68 billion. As of December 2020, written credit derivatives had a total gross notional amount of $515.85 billion and purchased credit derivatives had a total gross notional amount of $558.18 billion, for total net notional purchased protection of $42.33 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 March 2021 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $104,938 $ 8,890 $ $ 3,882 $118,497 1 – 5 years 347,792 24,907 7,115 3,173 382,987 Greater than 5 years 84,316 9,089 3,511 420 97,336 Total $537,046 $42,886 $11,413 $ 7,475 $598,820 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $463,033 $35,683 $ 7,893 $ 6,966 $513,575 Other $110,732 $ 9,417 $ 4,040 $ $124,927 Fair Value of Written Credit Derivatives Asset $ 11,208 $ $ $ $ 12,518 Liability 762 1,029 856 1,932 4,579 Net asset/(liability) $ 10,446 $ ) $ ) $(1,872 ) $ 7,939 As of December 2020 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $ 96,049 $ 5,826 $ $ $104,728 1 – 5 years 331,145 17,913 8,801 4,932 362,791 Greater than 5 years 44,132 3,839 272 88 48,331 Total $471,326 $27,578 $ 9,523 $ $515,850 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $407,315 $19,822 $ 8,679 $ $442,907 Other $103,604 $ 7,272 $ 3,619 $ $115,271 Fair Value of Written Credit Derivatives Asset $ 10,302 $ 638 $ 256 $ $ 11,314 Liability 1,112 1,119 387 2,001 4,619 Net asset/(liability) $ 9,190 $ (481 ) $ (131 ) $ ) $ 6,695 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. Three Months Ended March $ in millions 2021 2020 CVA, net of hedges $ ) $ 271 FVA, net of hedges 12 (759 ) Total $ ) $ (488 ) 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 $ in millions March December Fair value of assets $ 1,117 $ 1,450 Fair value of liabilities (1,295 ) (1,220 ) Net asset/(liability) $ ) $ 230 Notional amount $12,097 $12,548 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, as well as other secured financings, 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 $ in millions March December Net derivative liabilities under bilateral agreements $35,227 $43,368 Collateral posted $29,177 $35,296 Additional collateral or termination payments: One-notch $ $ 481 Two-notch $ $ 1,388 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- and short-term borrowings and certain fixed-rate certificates of deposit, (ii) foreign exchange forward contracts used to manage the foreign exchange risk of certain available-for-sale 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- 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), Secured Overnight Financing Rate 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 these 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. Three Months Ended March $ in millions 2021 2020 Interest rate hedges $(5,405 ) $ 6,586 Hedged borrowings and deposits $ 5,185 $(6,679 ) Interest expense $ 1,572 $ 3,437 The table below presents the carrying value of deposits and unsecured borrowings that are 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 Cumulative As of March 2021 Deposits $ 16,036 $ 510 Unsecured short-term borrowings $ 3,099 $ 33 Unsecured long-term borrowings $120,451 $ 6,610 As of December 2020 Deposits $ 17,303 $ 649 Unsecured short-term borrowings $ 5,976 $ 53 Unsecured long-term borrowings $115,242 $11,624 In the table above, cumulative hedging adjustment included $6.50 billion as of March 2021 and $6.34 billion as of December 2020 of hedging adjustments from prior hedging relationships that were de-designated In addition, cumulative hedging adjustments for items no longer designated in a hedging relationship were $239 million as of March 2021 and $489 million as of December 2020 and substantially all were related to unsecured long-term borrowings. In the third quarter of 2020, the firm designated certain foreign exchange forward contracts as fair value hedges of the foreign exchange risk of non-U.S. government securities classified as available-for-sale. available-for-sale 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. Three Months $ in millions 2021 2020 Hedges: Foreign currency forward contract $460 $756 Foreign currency-denominated debt $265 $ ) Gains or losses on individual net investments in non-U.S. non-U.S. The firm had designated $4.56 billion as of March 2021 and $4.97 billion as of December 2020 of foreign currency-denominated debt, included in unsecured long- and short |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
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 held-to-maturity The table below presents information about investments. As of $ in millions March December Equity securities, at fair value $19,442 $19,781 Debt instruments, at fair value 17,743 16,981 Available-for-sale 45,179 46,016 Investments, at fair value 82,364 82,778 Held-to-maturity 5,265 5,301 Equity method investments 387 366 Total investments $88,016 $88,445 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. Equity securities, at fair value consists of the firm’s public and private equity-related investments in corporate and real estate entities. The table below presents information about equity securities, at fair value. As of $ in millions March December Equity securities, at fair value $19,442 $19,781 Equity Type Public equity 13% 15% Private equity 87% 85% Total 100% 100% Asset Class Corporate 82% 83% Real estate 18% 17% 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 $6.36 billion as of March 2021 and $7.14 billion as of December 2020. Gains recognized as a result of changes in the fair value of equity securities for which the fair value option was elected was $419 million for the three months ended March 2021 and $77 million for the three months ended March 2020. These gains are included in other principal transactions in the consolidated statements of earnings. • Equity securities, at fair value included $2.34 billion as of March 2021 and $2.35 billion as of December 2020 of investments in funds that are measured at NAV. Debt Instruments, at Fair Value. Debt instruments, at fair value primarily includes mezzanine, senior and distressed debt. The table below presents information about debt instruments, at fair value. As of $ in millions March December Corporate debt securities $12,038 $10,991 Securities backed by real estate 1,871 1,940 Money market instruments 1,840 2,185 Other 1,994 1,865 Total $17,743 $16,981 In the table above: • Money market instruments primarily includes time deposits and investments in money market funds. • Other included $1.42 billion as of March 2021 and $1.31 billion as of December 2020 of investments in credit funds that are measured at NAV. Investments in Funds at Net Asset Value Per Share. Equity securities and debt instruments, at fair value include investments in funds that are measured at NAV of the investment fund. The firm uses NAV to measure the fair value of fund investments when (i) the fund investment does not have a readily determinable fair value and (ii) the NAV of the investment fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value. 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 Unfunded As of March 2021 Private equity funds $1,995 $ Credit funds 1,420 787 Hedge funds 100 – Real estate funds 243 214 Total $3,758 $1,554 As of December 2020 Private equity funds $2,042 $ 557 Credit funds 1,312 680 Hedge funds 102 – Real estate funds 208 213 Total $3,664 $1,450 Available-for-Sale Available-for-sale available-for-sale The table below presents information about available-for-sale $ in millions Amortized Fair Weighted As of March 2021 Less than 1 year $ 25 $ 25 0.08% 1 year to 5 years 35,827 35,740 0.49% 5 years to 10 years 7,442 7,401 1.21% Total U.S. government obligations 43,294 43,166 0.62% 5 years to 10 years 1,754 1,693 0.10% Greater than 10 years 357 320 0.74% Total non-U.S. government obligations 2,111 2,013 0.20% Total available-for-sale $45,405 $45,179 0.60% As of December 2020 Less than 1 year $ 25 $ 25 0.08% 1 year to 5 years 35,831 36,158 0.70% 5 years to 10 years 7,454 7,732 1.19% Total U.S. government obligations 43,310 43,915 0.78% 5 years to 10 years 1,739 1,744 0.10% Greater than 10 years 353 357 0.74% Total non-U.S. 2,092 2,101 0.21% Total available-for-sale $45,402 $46,016 0.76% In the table above: • Available-for-sale • The firm sold available-for-sale • The gross unrealized gains included in accumulated other comprehensive income/(loss) were $262 million and the gross unrealized losses included in accumulated other comprehensive income/(loss) were $488 million as of March 2021. The gross unrealized gains included in accumulated other comprehensive income/(loss) were $631 million and the gross unrealized losses included in accumulated other comprehensive income/(loss) were not material as of December 2020. • 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 March 2021 Government and agency obligations: U.S. $43,166 $ – $ – $43,166 Non-U.S. 2,015 49 – 2,064 Corporate debt securities 61 6,663 5,314 12,038 Securities backed by real estate – 832 1,039 1,871 Money market instruments 787 1,053 – 1,840 Other debt obligations – – 523 523 Equity securities 554 6,377 10,173 17,104 Subtotal $46,583 $14,974 $17,049 $78,606 Investments in funds at NAV 3,758 Total investments $82,364 As of December 2020 Government and agency obligations: U.S. $43,915 $ $ $43,915 Non-U.S. 2,109 48 – 2,157 Corporate debt securities 70 5,635 5,286 10,991 Securities backed by real estate – 942 998 1,940 Money market instruments 781 1,404 – 2,185 Other debt obligations – – 497 497 Equity securities 517 7,270 9,642 17,429 Subtotal $47,392 $15,299 $16,423 $79,114 Investments in funds at NAV 3,664 Total investments $82,778 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. As of March 2021 As of December 2020 $ in millions Amount or Range Weighted Amount or Range Weighted Corporate debt securities Level 3 assets $5,314 $5,286 Yield 7.0% to 22.0% 9.5% 4.5% to 19.5% 10.2% Recovery rate 9.0% to 70.0% 52.3% 10.0% to 70.0% 50.7% Duration (years) 2.4 to 7.5 4.4 3.0 to 7.7 4.2 Multiples 0.5x to 22.4x 7.6x 0.6x to 29.3x 6.9x Securities backed by real estate Level 3 assets $1,039 $998 Yield 8.3% to 20.3% 14.0% 8.2% to 52.4% 17.5% Recovery rate 19.4% to 57.8% 32.8% 21.6% to 57.8% 33.7% Duration (years) 0.6 to 3.0 1.5 0.4 to 3.6 2.7 Other debt obligations Level 3 assets $523 $497 Yield 2.2% to 9.7% 4.0% 1.7% to 6.2% 3.5% Duration (years) 1.6 to 9.8 6.0 0.2 to 10.3 6.4 Equity securities Level 3 assets $10,173 $9,642 Multiples 0.5x to 36.6x 11.9x 0.6x to 27.9x 9.0x Discount rate/yield 4.8% to 45.0% 14.1% 4.0% to 38.5% 13.5% Capitalization rate 3.8% to 13.9% 6.2% 3.7% to 14.1% 6.3% 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 March 2021 and December 2020. 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. Level 3 Rollforward The table below presents a summary of the changes in fair value for level 3 investments. Three Months Ended March $ in millions 2021 2020 Beginning balance $16,423 $15,282 Net realized gains/(losses) 205 75 Net unrealized gains/(losses) 1,191 (1,284 ) Purchases 397 348 Sales (92 ) (197 ) Settlements (812 ) (325 ) Transfers into level 3 901 6,480 Transfers out of level 3 (1,164 ) (971 ) Ending balance $17,049 $19,408 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 investments 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. Three Months Ended March $ in millions 2021 2020 Corporate debt securities Beginning balance $ 5,286 $ 3,465 Net realized gains/(losses) 151 50 Net unrealized gains/(losses) 266 (465 ) Purchases 159 69 Sales (73 ) (174 ) Settlements (435 ) (166 ) Transfers into level 3 519 4,394 Transfers out of level 3 (559 ) (24 ) Ending balance $ 5,314 $ 7,149 Securities backed by real estate Beginning balance $ $ 595 Net realized gains/(losses) 17 6 Net unrealized gains/(losses) (4 ) (72 ) Purchases 48 52 Settlements (107 ) (12 ) Transfers into level 3 87 206 Ending balance $ 1,039 $ 775 Other debt obligations Beginning balance $ $ 319 Net realized gains/(losses) 3 2 Net unrealized gains/(losses) (1 ) 19 Purchases 30 – Sales (3 ) – Settlements (3 ) (2 ) Transfers into level 3 – 90 Ending balance $ $ 428 Equity securities Beginning balance $ 9,642 $10,903 Net realized gains/(losses) 34 17 Net unrealized gains/(losses) 930 (766 ) Purchases 160 227 Sales (16 ) (23 ) Settlements (267 ) (145 ) Transfers into level 3 295 1,790 Transfers out of level 3 (605 ) (947 ) Ending balance $10,173 $11,056 Level 3 Rollforward Commentary Three Months Ended March 2021. The net realized and unrealized gains on level 3 investments of $1.40 billion (reflecting $205 million of net realized gains and $1.19 billion of net unrealized gains) for the three months ended March 2021 included gains of $1.34 billion reported in other principal transactions and $61 million reported in interest income. The net unrealized gains on level 3 investments for the three months ended March 2021 primarily reflected gains on certain private equity securities and corporate debt securities (in each case, principally driven by company-specific events and corporate performance). Transfers into level 3 investments during the three months ended March 2021 primarily reflected transfers of certain corporate debt securities and private equity securities from level 2 (in each case, principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments). Transfers out of level 3 investments during the three months ended March 2021 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) and transfers of certain corporate debt securities to level 2 (principally due to certain unobservable yield and duration inputs no longer being significant to the valuation of these instruments, and increased price transparency as a result of market evidence, including market transactions in these instruments). Three Months Ended March 2020. The net realized and unrealized losses on level 3 investments of $1.21 billion (reflecting $75 million of net realized gains and $1.28 billion of net unrealized losses) for the three months ended March 2020 included gains/(losses) of $(1.29) billion reported in other principal transactions and $77 million reported in interest income. The net unrealized losses on level 3 investments for the three months ended March 2020 primarily reflected losses on certain private equity securities and corporate debt securities (in each case, principally driven by weak corporate performance). Transfers into level 3 investments during the three months ended March 2020 primarily reflected transfers of certain corporate debt securities and private equity securities from level 2 (in each case, principally due to certain unobservable yield and duration inputs becoming significant to the valuation of these instruments and as a result of a lack of market evidence, including fewer transactions in these instruments). Transfers out of level 3 investments during the three months ended March 2020 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 Fair Weighted As of March 2021 Less than 1 year $ $ 2.53% 1 year to 5 years 4,041 4,280 2.30% Total U.S. government obligations 4,545 4,793 2.33% 5 years to 10 years 4 3 2.59% Greater than 10 years 716 738 1.09% Total securities backed by real estate 720 741 1.10% Total held-to-maturity $5,265 $5,534 2.16% As of December 2020 Less than 1 year $ 501 $ 513 2.53% 1 year to 5 years 2,529 2,695 2.34% 5 years to 10 years 1,531 1,675 2.25% Total U.S. government obligations 4,561 4,883 2.33% 5 years to 10 years 4 3 2.56% Greater than 10 years 736 751 1.08% Total securities backed by real estate 740 754 1.08% Total held-to-maturity $5,301 $5,637 2.15% 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 securities backed by real estate would have been primarily classified in level 2 of the fair value hierarchy as of both March 2021 and December 2020. • The gross unrealized gains were $270 million as of March 2021 and $340 million as of December 2020. The gross unrealized losses were not material as of both March 2021 and December 2020. • Held-to-maturity |
Loans
Loans | 3 Months Ended |
Mar. 31, 2021 | |
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 Fair Held For Total As of March 2021 Loan Type Corporate $ 43,483 $ 3,025 $ $ 47,495 Wealth management 27,804 7,702 – 35,506 Commercial real estate 17,016 1,799 1,847 20,662 Residential real estate 8,337 455 18 8,810 Consumer: Installment 3,477 – – 3,477 Credit cards 4,376 – – 4,376 Other 3,622 501 327 4,450 Total loans, gross 108,115 13,482 3,179 124,776 Allowance for loan losses (3,515 ) – – (3,515 ) Total loans $104,600 $13,482 $3,179 $121,261 As of December 2020 Loan Type Corporate $ 44,778 $ 2,751 $1,130 $ 48,659 Wealth management 25,151 7,872 – 33,023 Commercial real estate 17,096 1,961 1,233 20,290 Residential real estate 5,236 494 20 5,750 Consumer: Installment 3,823 – – 3,823 Credit cards 4,270 – – 4,270 Other 3,211 547 416 4,174 Total loans, gross 103,565 13,625 2,799 119,989 Allowance for loan losses (3,874 ) – – (3,874 ) Total loans $ 99,691 $13,625 $2,799 $116,115 The following is a description of the loan types in the table above: • Corporate. • Wealth Management. • Commercial Real Estate. • Residential Real Estate. • Installment. • Credit Cards. • Other. Credit Quality Risk Assessment. The firm’s risk assessment process includes evaluating the credit quality of its loans. For corporate loans and a majority of wealth management, real estate and other loans, the firm performs credit reviews which include initial and ongoing analyses of its borrowers, resulting in an internal credit rating. A credit review is an independent analysis of the capacity and willingness of a borrower to meet its financial obligations and is performed on an annual basis or more frequently if circumstances change that indicate that a review may be necessary. The determination of internal credit ratings also incorporates assumptions with respect to the nature of and outlook for the borrower’s industry and the economic environment. 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- Non-Investment- Other Metrics/ Total As of March 2021 Accounting Method Amortized cost $36,914 $59,595 $11,606 $108,115 Fair value 2,392 5,802 5,288 13,482 Held for sale 322 2,496 361 3,179 Total $39,628 $67,893 $17,255 $124,776 Loan Type Corporate $10,210 $36,920 $ $ 47,495 Wealth management 24,829 4,995 5,682 35,506 Real estate: Commercial 1,894 17,925 843 20,662 Residential 539 7,092 1,179 8,810 Consumer: Installment – – 3,477 3,477 Credit cards – – 4,376 4,376 Other 2,156 961 1,333 4,450 Total $39,628 $67,893 $17,255 $124,776 Secured 84% 92% 45% 83% Unsecured 16% 8% 55% 17% Total 100% 100% 100% 100% As of December 2020 Accounting Method Amortized cost $33,532 $58,250 $11,783 $103,565 Fair value 2,084 5,925 5,616 13,625 Held for sale 224 2,152 423 2,799 Total $35,840 $66,327 $17,822 $119,989 Loan Type Corporate $ 9,478 $38,704 $ 477 $ 48,659 Wealth management 22,098 5,331 5,594 33,023 Real estate: Commercial 1,792 17,480 1,018 20,290 Residential 636 3,852 1,262 5,750 Consumer: Installment – – 3,823 3,823 Credit cards – – 4,270 4,270 Other 1,836 960 1,378 4,174 Total $35,840 $66,327 $17,822 $119,989 Secured 83% 90% 46% 82% Unsecured 17% 10% 54% 18% Total 100% 100% 100% 100% In the table above: • Wealth management loans included in the other metrics/unrated category primarily consists of loans backed by residential real estate and securities, and real estate loans included in the other metrics/unrated category primarily consists of purchased loans. The firm’s risk assessment process for these loans 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 (which measures a borrower’s creditworthiness by considering factors such as payment and credit history) and other risk factors. • For installment and credit card loans included in the other metrics/unrated category, an important credit-quality indicator is the FICO credit score. FICO credit scores are periodically refreshed by the firm to assess the updated creditworthiness of the borrower. See “Vintage” below for information about installment and credit card loans by FICO credit scores. The firm also assigns a regulatory risk rating to its loans based on the definitions provided by the U.S. federal bank regulatory agencies. Total loans included 87% of loans as of March 2021 and 85% of loans as of December 2020 that were rated pass/non-criticized. Vintage. The tables below present gross loans accounted for at amortized cost (excluding installment and credit card loans) by an internally determined public rating agency equivalent or other credit metrics and origination year for term loans. As of March 2021 $ in millions Investment- Non-Investment- Other Unrated Total 2021 $ 512 $ 1,772 $ – $ 2,284 2020 1,878 6,685 – 8,563 2019 1,360 5,660 – 7,020 2018 1,884 3,237 – 5,121 2017 701 2,764 – 3,465 2016 or earlier 419 2,905 – 3,324 Revolving 2,876 10,685 145 13,706 Corporate 9,630 33,708 145 43,483 2021 189 40 101 330 2020 519 222 – 741 2019 719 431 – 1,150 2018 323 90 – 413 2017 374 31 – 405 2016 or earlier 549 303 – 852 Revolving 20,618 1,780 1,515 23,913 Wealth management 23,291 2,897 1,616 27,804 2021 191 1,411 1 1,603 2020 749 3,051 17 3,817 2019 76 1,911 – 1,987 2018 132 1,950 8 2,090 2017 26 1,595 11 1,632 2016 or earlier – 897 493 1,390 Revolving 193 4,304 – 4,497 Commercial real estate 1,367 15,119 530 17,016 2021 – 207 32 239 2020 384 869 124 1,377 2019 – 45 235 280 2018 – 106 205 311 2017 8 53 144 205 2016 or earlier – 1 66 67 Revolving 147 5,709 2 5,858 Residential real estate 539 6,990 808 8,337 2021 – 33 61 94 2020 – 75 444 519 2019 – 34 26 60 2018 – 198 31 229 2017 – 7 – 7 Revolving 2,087 534 92 2,713 Other 2,087 881 654 3,622 Total $36,914 $59,595 $3,753 $100,262 Percentage of total 37% 59% 4% 100% As of December 2020 $ in millions Investment- Non-Investment- Other Total 2020 $ 1,978 $ 7,545 $ 140 $ 9,663 2019 889 6,106 – 6,995 2018 2,076 3,555 – 5,631 2017 851 3,083 – 3,934 2016 268 1,262 – 1,530 2015 or earlier 351 2,073 – 2,424 Revolving 2,662 11,891 48 14,601 Corporate 9,075 35,515 188 44,778 2020 497 313 – 810 2019 723 403 – 1,126 2018 298 87 – 385 2017 377 30 – 407 2016 22 20 – 42 2015 or earlier 531 264 – 795 Revolving 18,077 2,085 1,424 21,586 Wealth management 20,525 3,202 1,424 25,151 2020 848 3,071 55 3,974 2019 76 1,965 – 2,041 2018 137 2,164 25 2,326 2017 26 1,734 12 1,772 2016 – 165 9 174 2015 or earlier – 775 526 1,301 Revolving 461 5,047 – 5,508 Commercial real estate 1,548 14,921 627 17,096 2020 402 976 115 1,493 2019 – 90 271 361 2018 – 123 249 372 2017 9 83 152 244 2016 – 1 – 1 2015 or earlier – – 70 70 Revolving 225 2,470 – 2,695 Residential real estate 636 3,743 857 5,236 2020 242 84 466 792 2019 – 67 29 96 2018 – 46 – 46 2017 – 8 – 8 Revolving 1,506 664 99 2,269 Other 1,748 869 594 3,211 Total $33,532 $58,250 $3,690 $95,472 Percentage of total 35% 61% 4% 100% In the tables above, revolving loans which converted to term loans were not material as of both March 2021 and December 2020. The table below presents gross installment loans by refreshed FICO credit scores and origination year and gross credit card loans by refreshed FICO credit scores. $ in millions Greater than or Less than 660 Total As of March 2021 2021 $ 310 $ 1 $ 311 2020 1,153 43 1,196 2019 1,016 112 1,128 2018 611 112 723 2017 93 21 114 2016 4 1 5 Installment 3,187 290 3,477 Credit cards 3,397 979 4,376 Total $6,584 $1,269 $7,853 Percentage of total: Installment 92% 8% 100% Credit cards 78% 22% 100% Total 84% 16% 100% As of 2020 $1,321 $ 38 $1,359 2019 1,225 132 1,357 2018 792 150 942 2017 128 30 158 2016 6 1 7 Installment 3,472 351 3,823 Credit cards 3,398 872 4,270 Total $6,870 $1,223 $8,093 Percentage of total: Installment 91% 9% 100% Credit cards 80% 20% 100% Total 85% 15% 100% In the table above, credit card loans consist of revolving lines of credit. Credit Concentrations. The table below presents the concentration of gross loans by region. $ in millions Carrying Americas EMEA Asia Total As of March 2021 Corporate $ 47,495 57% 33% 10% 100% Wealth management 35,506 88% 9% 3% 100% Commercial real estate 20,662 72% 20% 8% 100% Residential real estate 8,810 93% 5% 2% 100% Consumer: Installment 3,477 100% – – 100% Credit cards 4,376 100% – – 100% Other 4,450 83% 16% 1% 100% Total $124,776 75% 19% 6% 100% As of December 2020 Corporate $ 48,659 60% 31% 9% 100% Wealth management 33,023 88% 10% 2% 100% Commercial real estate 20,290 71% 19% 10% 100% Residential real estate 5,750 88% 9% 3% 100% Consumer: Installment 3,823 100% – – 100% Credit cards 4,270 100% – – 100% Other 4,174 81% 17% 2% 100% Total $119,989 75% 19% 6% 100% In the table above: • EMEA represents Europe, Middle East and Africa. • The top five industry concentrations for corporate loans as of March 2021 were 19 16 Nonaccrual and Past Due Loans. Loans accounted for at amortized cost (other than credit card loans) are placed on nonaccrual status when it is probable that the firm will not collect all principal and interest due under the contractual terms, regardless of the delinquency status or if a loan is past due for 90 days or more, unless the loan is both well collateralized and in the process of collection. At that time, all accrued but uncollected interest is reversed against interest income and interest subsequently collected is recognized on a cash basis to the extent the loan balance is deemed collectible. Otherwise, all cash received is used to reduce the outstanding loan balance. A loan is considered past due when a principal or interest payment has not been made according to its contractual terms. Credit card loans are not placed on nonaccrual status and accrue interest until the loan is paid in full or is charged-off. In certain circumstances, the firm may modify the original terms of a loan agreement by granting a concession to a borrower experiencing financial difficulty, typically in the form of a modification of loan covenants, but may also include forbearance of interest or principal, payment extensions or interest rate reductions. These modifications, to the extent significant, are considered troubled debt restructurings (TDRs). Loan modifications that extend payment terms for a period of less than 90 days are generally considered insignificant and therefore not reported as TDRs. The firm adopted the relief issued under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, as amended, and certain interpretive guidance issued by the U.S. banking agencies that provides for certain modified loans that would otherwise meet the definition of a TDR to not be classified as such. Loans accounted for at amortized cost that were not classified as TDRs as a result of this relief and interpretive guidance were not material as of March 2021 and were $184 million as of December 2020. The table below presents information about past due loans. $ in millions 30-89 days 90 days Total As of March 2021 Corporate $ $ 80 $ 80 Wealth management 5 34 39 Commercial real estate 61 178 239 Residential real estate 4 20 24 Consumer: Installment 30 13 43 Credit cards 36 43 79 Other 21 4 25 Total $157 $372 $529 Total divided by gross loans at amortized cost 0.5% As of December 2020 Corporate $ $294 $294 Wealth management 58 34 92 Commercial real estate 49 183 232 Residential real estate 4 23 27 Consumer: Installment 42 16 58 Credit cards 46 31 77 Other 20 4 24 Total $219 $585 $804 Total divided by gross loans at amortized cost 0.8% The table below presents information about nonaccrual loans. As of $ in millions March December Corporate $2,321 $2,651 Wealth management 60 61 Commercial real estate 633 649 Residential real estate 21 25 Installment 47 44 Other 79 122 Total $3,161 $3,552 Total divided by gross loans at amortized cost 2.9% 3.4% In the table above: • Nonaccrual loans included $ 321 533 • Loans that were 90 days or more past due and still accruing were not material as of both March 2021 and December 2020. • Nonaccrual loans included $ 315 million as of both March 2021 and December 2020 of corporate and commercial real estate loans that were modified in a troubled debt restructuring. The firm’s lending commitments related to these loans were not material as of both March 2021 and December 2020. Installment loans that were modified in a troubled debt restructuring were not material as of both March 2021 and December 2020. 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. To determine the allowance for credit losses, the firm classifies its loans and lending commitments accounted for at amortized cost into wholesale and consumer portfolios. These portfolios represent the level at which the firm has developed and documented its methodology to determine the allowance for credit losses. The allowance for credit losses is measured on a collective basis for loans that exhibit similar risk characteristics using a modeled approach and asset-specific basis for loans that do not share similar risk characteristics. The allowance for credit losses takes into account the weighted average of a range of forecasts of future economic conditions over the expected life of the loan and lending commitments. The expected life of each loan or lending commitment is determined based on the contractual term adjusted for extension options or demand features. The forecasts include baseline, favorable and adverse economic scenarios over a three-year period. For loans with expected lives beyond three years, the model reverts to historical loss information based on a non-linear The allowance for credit losses also includes qualitative components which allow management to reflect the uncertain nature of economic forecasting, capture uncertainty regarding model inputs, and account for model imprecision and concentration risk. Management’s estimate of credit losses entails judgment about loan collectability at the reporting dates, and there are uncertainties inherent in those judgments. The allowance for credit losses is subject to a governance process that involves review and approval by senior management within the firm’s independent risk oversight and control functions. Personnel within the firm’s independent risk oversight and control functions are responsible for forecasting the economic variables that underlie the economic scenarios that are used in the modeling of expected credit losses. 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. The table below presents gross loans and lending commitments accounted for at amortized cost by portfolio. As of March 2021 December 2020 $ in millions Loans Lending Loans Lending Wholesale Corporate $ 43,483 $146,169 $ 44,778 $127,756 Wealth management 27,804 3,603 25,151 2,314 Commercial real estate 17,016 3,736 17,096 4,154 Residential real estate 8,337 3,400 5,236 1,804 Other 3,622 4,707 3,211 4,841 Consumer Installment 3,477 5 3,823 4 Credit cards 4,376 26,491 4,270 21,640 Total $108,115 $188,111 $103,565 $162,513 In the table above: • Wholesale loans included $3.11 billion as of March 2021 and $3.51 billion as of December 2020 of nonaccrual loans for which the allowance for credit losses was measured on an asset-specific basis. The allowance for credit losses on these loans was $599 million as of March 2021 and $649 million as of December 2020. These loans included $479 million as of March 2021 and $584 million as of December 2020 of loans which did not require a reserve as the loan was deemed to be recoverable. • Credit card lending commitments included $24.54 billion as of March 2021 and $21.64 billion as of December 2020 related to credit card lines issued by the firm to consumers. These credit card lines are cancellable by the firm. Credit card lending commitments also included approximately $2.0 billion as of March 2021 related to a commitment to acquire the General Motors co-branded credit card portfolio. See Note 18 for further information about lending commitments. The following is a description of the methodology used to calculate the allowance for credit losses: Wholesale. The allowance for credit losses for wholesale loans and lending commitments that exhibit similar risk characteristics is measured using a modeled approach. These models determine the probability of default and loss given default based on various risk factors, including internal credit ratings, industry default and loss data, expected life, macroeconomic indicators, the borrower’s capacity to meet its financial obligations, the borrower’s country of risk and industry, loan seniority and collateral type. For lending commitments, the methodology also considers probability of drawdowns or funding. In addition, for loans backed by real estate, risk factors include the loan-to-value The allowance for loan losses for wholesale loans that do not share similar risk characteristics, such as nonaccrual loans or loans in a troubled debt restructuring, is calculated using the present value of expected future cash flows discounted at the loan’s original effective rate, the observable market price of the loan or the fair value of the collateral. Wholesale loans are charged-off Consumer. The allowance for credit losses for consumer loans that exhibit similar risk characteristics is calculated using a modeled approach which classifies consumer loans into pools based on borrower-related and exposure-related characteristics that differentiate a pool’s risk characteristics from other pools. The factors considered in determining a pool are generally consistent with the risk characteristics used for internal credit risk measurement and management and include key metrics, such as FICO credit scores, delinquency status, loan vintage and macroeconomic indicators. The most significant inputs to the forecast model for consumer loans include unemployment rates and delinquency rates. The expected life of revolving credit card loans is determined by modeling expected future draws and the timing and amount of repayments allocated to the funded balance. The firm also recognizes an allowance for credit losses on commitments to acquire loans; however, no allowance for credit losses is recognized on credit card lending commitments as they are cancellable by the firm. The allowance for credit losses for consumer loans that do not share similar risk characteristics, such as loans in a troubled debt restructuring, is calculated using the present value of expected future cash flows discounted at the loan’s original effective rate. Installment loans are charged-off charged-off Allowance for Credit Losses Rollforward The table below presents information about the allowance for credit losses. $ in millions Wholesale Consumer Total Three Months Ended March 2021 Allowance for loan losses Beginning balance $2,584 $1,290 $3,874 Net charge-offs (17 ) (61 ) (78 ) Provision (130 ) (122 ) (252 ) Other (29 ) – (29 ) Ending balance $2,408 $1,107 $3,515 Allowance ratio 2.4% 14.1% 3.3% Net charge-off 0.1% 3.1% 0.3% Allowance for losses on lending commitments Beginning balance $ $ – $ Provision 2 180 182 Other (18 ) – (18 ) Ending balance $ 541 $ 180 $ Three Months Ended March 2020 Allowance for loan losses Beginning balance $1,331 $ 837 $2,168 Net charge-offs (50 ) (81 ) (131 ) Provision 746 169 915 Other (84 ) – (84 ) Ending balance $1,943 $ 925 $2,868 Allowance ratio 1.8% 13.4% 2.5% Net charge-off 0.2% 4.8% 0.5% Allowance for losses on lending commitments Beginning balance $ 313 $ $ 313 Provision 22 – 22 Ending balance $ 335 $ $ 335 In the table above: • Other represents the reduction to the allowance related to loans and lending commitments transferred to held for sale. • The allowance ratio is calculated by dividing the allowance for loan losses by gross loans accounted for at amortized cost. • The net charge-off • The beginning balance for the allowance for loan losses and allowance for losses on lending commitments for the three months ended March 2020 reflects the cumulative effect of measuring the allowance under the CECL standard as of January 1, 2020. The cumulative effect was an increase in the allowance for credit losses of $679 million, which consisted of (i) an increase in the allowance for loan losses of $727 million (an increase in the allowance for wholesale loans of $452 million, an increase in the allowance for consumer loans of $444 million and a decrease in the allowance for PCI loans of $169 million) and (ii) a decrease in the allowance for lending commitments of $48 million. As of December 2020, the allowance ratio was 2.7% for wholesale, 15.9% for consumer and 3.7% for total loans. The net charge-off Allowance for Credit Losses Rollforward Commentary Three Months Ended March 2021. The allowance for credit losses decreased by $195 million during the three months ended March 2021. The provision for credit losses for wholesale and consumer loans and lending commitments reflected a reserve reduction driven by improved broader economic conditions and lower credit loss expectations, partially offset by growth in the firm’s wholesale and consumer lending portfolios, including a provision for credit losses of $180 million relating to the pending acquisition of the General Motors co-branded credit card portfolio. When modeling expected credit losses, the firm employs a weighted, multivariate forecast, which includes baseline, adverse and favorable economic scenarios. As of March 2021, the forecasted economic scenarios were most heavily weighted towards the baseline and adverse scenarios. The forecast model incorporated adjustments to reflect the impact of the coronavirus (COVID-19) pandemic-related The table below presents the forecasted range (across the baseline, adverse and favorable scenarios) of the U.S. unemployment and U.S. GDP growth rates used in the forecast model as of March 2021. U.S. Unemployment Rate Growth/(Decline) in U.S. GDP Forecast for the quarter ended: June 2021 5.5 11.0 1.2 (7.0 December 2021 4.7% to 9.5% 4.8% to (3.8 June 2022 4.4% to 7.1% 6.5% to (0.4 In the table above: • U.S. unemployment rate represents the rate forecasted as of the respective quarter-end. • Growth/(decline) in U.S. GDP represents the change in quarterly U.S. GDP relative to the U.S. GDP for the fourth quarter of 2019 (pre-pandemic levels). • Recovery of quarterly U.S. GDP to its pre-pandemic • While the U.S. unemployment and U.S. GDP growth rates are significant inputs to the forecast model, the model contemplates a variety of other inputs across a range of scenarios to provide a forecast of future economic conditions. Given the complex nature of the forecasting process, no single economic variable can be viewed in isolation and independently of other inputs. Net charge-offs for the three months ended March 2021 for wholesale loans were primarily related to corporate loans and net charge-offs for consumer loans were primarily related to installment loans. Three Months Ended March 2020. The allowance for credit losses increased by $1.40 billion during the three months ended March 2020 reflecting $679 million relating to the impact of CECL adoption and $722 million from activity during the period. The provision for credit losses for wholesale loans was driven by growth in the firm’s wholesale loan portfolio, asset-specific provisions relating to borrowers in the oil and gas sector, and the impact of the COVID-19 Net charge-offs for wholesale loans were primarily related to corporate loans and net charge-offs for consumer loans were substantially all related to installment loans. 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 March 2021 Loan Type Corporate $ – $ 2,049 $ $ 3,025 Wealth management – 7,639 63 7,702 Commercial real estate – 771 1,028 1,799 Residential real estate – 279 176 455 Other – 213 288 501 Total $ – $10,951 $2,531 $13,482 As of December 2020 Loan Type Corporate $ – $ 1,822 $ 929 $ 2,751 Wealth management – 7,809 63 7,872 Commercial real estate – 857 1,104 1,961 Residential real estate – 234 260 494 Other – 225 322 547 Total $ – $10,947 $2,678 $13,625 The gains/(losses) as a result of changes in the fair value of loans held for investment for which the fair value option was elected were $92 million for the three months ended March 2021 and $(27) million for the three months ended March 2020. These gains/(losses) were included in other principal transactions. 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 loans. 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. As of March 2021 As of December 2020 $ in millions Amount or Range Weighted Amount or Range Weighted Corporate Level 3 assets $976 $929 Yield 2.0% to 36.6% 13.9 1.1% to 45.2% 12.4 Recovery rate 15.0% to 99.0% 57.3 15.0% to 58.0% 31.0 Duration (years) 0.7 to 14.6 3.8 1.5 to 5.3 3.4 Commercial real estate Level 3 assets $1,028 $1,104 Yield 1.1% to 20.7% 11.5 4.5% to 19.3% 11.0 Recovery rate 10.9% to 99.8% 65.0 3.0% to 99.8% 66.5 Duration (years) 0.3 to 4.6 2.3 0.3 to 4.8 2.6 Residential real estate Level 3 assets $176 $260 Yield 1.5% to 13.5% 11.2 2.0% to 14.0% 12.1 Duration (years) 0.5 to 2.4 1.3 0.6 to 2.6 1.7 Wealth management and other Level 3 assets $351 $385 Yield 3.8% to 18.7% 8.4 2.8% to 18.7% 8.0 Duration (years) 3.1 to 5.0 3.8 0.9 to 5.5 4.1 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 March 2021 and December 2020. 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. Three Months Ended March $ in millions 2021 2020 Beginning balance $2,678 $1,890 Net realized gains/(losses) 26 27 Net unrealized gains/(losses) (11 ) (54 ) Purchases 31 473 Sales – (12 ) Settlements (164 ) (221 ) Transfers into level 3 84 653 Transfers out of level 3 (113 ) (3 ) Ending balance $2,531 $2,753 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. Three Months Ended March $ in millions 2021 2020 Corporate Beginning balance $ 929 $ 752 Net realized gains/(losses) 6 10 Net unrealized gains/(losses) 6 (11 ) Purchases 22 156 Sales – (7 ) Settlements (33 ) (40 ) Transfers into level 3 84 187 Transfers out of level 3 (38 ) (3 ) Ending balance $ 976 $1,044 Commercial real estate Beginning balance $1,104 $ 591 Net realized gains/(losses) 7 17 Net unrealized gains/(losses) (14 ) 7 Purchases 8 236 Sales – (5 ) Settlements (73 ) (115 ) Transfers into level 3 – 332 Transfers out of level 3 (4 ) – Ending balance $1,028 $1,063 Residential real estate Beginning balance $ 260 $ 221 Net realized gains/(losses) 3 – Net unrealized gains/(losses) (1 ) (17 ) Purchases – 42 Settlements (15 ) (27 ) Transfers into level 3 – 41 Transfers out of level 3 (71 ) – Ending balance $ 176 $ 260 Wealth management and other Beginning balance $ 385 $ 326 Net realized gains/(losses) 10 – Net unrealized gains/(losses) (2 ) (33 ) Purchases 1 39 Settlements (43 ) (39 ) Transfers into level 3 – 93 Ending balance $ 351 $ 386 Level 3 Rollforward Commentary Three Months Ended March 2021. The net realized and unrealized gains on level 3 loans of $15 million (reflecting $26 million of net realized gains and $11 million of net unrealized losses) for the three months ended March 2021 included gains of $4 million reported in other principal transactions and $11 million reported in interest income. The drivers of the net unrealized losses on level 3 loans for the three months ended March 2021 were not material. Transfers into level 3 loans during the three months ended March 2021 reflected transfers of certain corporate loans 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). Transfers out of level 3 loans during the three months ended March 2021 primarily reflected transfers of certain loans backed by residential real estate to level 2 (principally due to increased price transparency as a result of increased market evidence, including market transactions in these instruments). Three Months Ended March 2020. The net realized and unrealized losses on level 3 loans of $27 million (reflecting $27 million of net realized gains and $54 million of net unrealized losses) for the three months ended March 2020 included gains/(losses) of $(44) million reported in other principal transactions and $17 million reported in interest income. The drivers of the net unrealized losses on level 3 loans for the three months ended March 2020 were not material. Transfers into level 3 loans during the three months ended March 2020 primarily reflected transfers of certain commercial real estate loans and corporate loans 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 loans during the three months ended March 2020 were not material. 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 Value Estimated Fair Value $ in millions Level 2 Level 3 Total As of March 2021 Amortized cost $104,600 $60,861 $45,209 $106,070 Held for sale $ 3,179 $ 2,295 $ 895 $ 3,190 As of December 2020 Amortized cost $ 99,691 $52,793 $48,512 $101,305 Held for sale $ 2,799 $ 1,541 $ 1,271 $ 2,812 |
Fair Value Option
Fair Value Option | 3 Months Ended |
Mar. 31, 2021 | |
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 resale agreements; • Certain securities borrowed and loaned transactions; • 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 March 2021 Assets Resale agreements $ – $ 146,084 $ $ 146,084 Securities borrowed – 31,554 – 31,554 Customer and other receivables – 49 – 49 Total $ – $ 177,687 $ $ 177,687 Liabilities Deposits $ – $ (28,245 ) $ (3,984 ) $ (32,229 ) Repurchase agreements – (130,606 ) (1 ) (130,607 ) Securities loaned – (3,678 ) – (3,678 ) Other secured financings – (22,973 ) (3,224 ) (26,197 ) Unsecured borrowings: Short-term – (20,239 ) (10,246 ) (30,485 ) Long-term – (29,725 ) (10,177 ) (39,902 ) Other liabilities – (1 ) (159 ) (160 ) Total $ – $(235,467 ) $(27,791 ) $(263,258 ) As of December 2020 Assets Resale agreements $ – $ $ $ Securities borrowed – 28,898 – 28,898 Customer and other receivables – 82 – 82 Total $ – $ $ $ Liabilities Deposits $ – $ ) $ ) $ ) Repurchase agreements – (126,569 ) (2 ) (126,571 ) Securities loaned – (1,053 ) – (1,053 ) Other secured financings – (20,652 ) (3,474 ) (24,126 ) Unsecured borrowings: Short-term – (19,227 ) (7,523 ) (26,750 ) Long-term – (28,335 ) (12,576 ) (40,911 ) Other liabilities – (1 ) (262 ) (263 ) 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 Unobservable Inputs See below for information about the significant unobservable inputs used to value level 3 other financial assets and liabilities at fair value as of both March 2021 and December 2020. Other Secured Financings. The ranges and weighted averages of significant unobservable inputs used to value level 3 other secured financings are presented below. These ranges and weighted averages exclude unobservable inputs that are only relevant to a single instrument, and therefore are not meaningful. As of March 2021: • Yield: 1.4 7.1 2.4 • Duration: 1.4 to 7.8 years (weighted average: 4.0 years) As of December 2020: • Yield: 1.4 7.1 2.7 • Duration: 1.4 to 8.0 years (weighted average: 4.0 years) Generally, increases in yield or duration, in isolation, would have resulted in a lower fair value measurement as of period-end. Deposits, Unsecured Borrowings and Other Liabilities. Substantially all of the firm’s deposits, unsecured short- and long-term borrowings, and other liabilities that are classified in level 3 are hybrid financial instruments. As the significant unobservable inputs used to value hybrid financial instruments primarily relate to the embedded derivative component of these deposits, unsecured borrowings and other liabilities, these unobservable inputs are incorporated in the firm’s derivative disclosures in Note 7. See Note 13 for further information about deposits, Note 14 for further information about unsecured borrowings and Note 15 for further information about other liabilities. Repurchase Agreements. As of both March 2021 and December 2020, the firm’s level 3 repurchase agreements were not material. Level 3 Rollforward The table below presents a summary of the changes in fair value for level 3 other financial liabilities accounted for at fair value. Three Months Ended March $ in millions 2021 2020 Beginning balance $(28,058 ) $(21,036 ) Net realized gains/(losses) (146 ) (130 ) Net unrealized gains/(losses) 375 3,160 Issuances (8,645 ) (7,643 ) Settlements 7,070 5,157 Transfers into level 3 (641 ) (1,596 ) Transfers out of level 3 2,254 438 Ending balance $(27,791 ) $(21,650 ) In the table above: • Changes in fair value are presented for all other financial liabilities that are classified in level 3 as of the end of the period. • Net unrealized gains/(losses) relates to other financial liabilities 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 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 liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts. • Level 3 other financial 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. Three Months Ended March $ in millions 2021 2020 Deposits Beginning balance $ (4,221 ) $ (4,023 ) Net realized gains/(losses) (7 ) (11 ) Net unrealized gains/(losses) (2 ) 117 Issuances (93 ) (335 ) Settlements 307 309 Transfers into level 3 (27 ) (121 ) Transfers out of level 3 59 68 Ending balance $ (3,984 ) $ (3,996 ) Repurchase agreements Beginning balance $ (2 ) $ (30 ) Net unrealized gains/(losses) – 3 Settlements 1 15 Ending balance $ (1 ) $ (12 ) Other secured financings Beginning balance $ (3,474 ) $ (386 ) Net realized gains/(losses) 3 (44 ) Net unrealized gains/(losses) 36 107 Issuances (66 ) (14 ) Settlements 99 92 Transfers into level 3 (266 ) (985 ) Transfers out of level 3 444 – Ending balance $ (3,224 ) $ (1,230 ) Unsecured short-term borrowings Beginning balance $ (7,523 ) $ (5,707 ) Net realized gains/(losses) (74 ) (11 ) Net unrealized gains/(losses) (62 ) 1,538 Issuances (6,891 ) (3,954 ) Settlements 3,607 2,718 Transfers into level 3 (202 ) (270 ) Transfers out of level 3 899 275 Ending balance $(10,246 ) $ (5,411 ) Unsecured long-term borrowings Beginning balance $(12,576 ) $(10,741 ) Net realized gains/(losses) (76 ) (72 ) Net unrealized gains/(losses) 300 1,571 Issuances (1,587 ) (3,332 ) Settlements 3,056 2,023 Transfers into level 3 (146 ) (220 ) Transfers out of level 3 852 95 Ending balance $(10,177 ) $(10,676 ) Other liabilities Beginning balance $ (262 ) $ (149 ) Net realized gains/(losses) 8 8 Net unrealized gains/(losses) 103 (176 ) Issuances (8 ) (8 ) Ending balance $ (159 ) $ (325 ) Level 3 Rollforward Commentary Three Months Ended March 2021. The net realized and unrealized gains on level 3 other financial liabilities of $229 million (reflecting $146 million of net realized losses and $375 million of net unrealized gains) for the three months ended March 2021 included gains/(losses) of $198 million reported in market making, $38 million reported in other principal transactions and $(3) million reported in interest expense in the consolidated statements of earnings, and $(4) million reported in debt valuation adjustment in the consolidated statements of comprehensive income. The unrealized gains on level 3 other financial liabilities for the three months ended March 2021 primarily reflected gains on certain hybrid financial instruments included in unsecured long-term borrowings (principally due to an increase in interest rates) and gains on certain other liabilities (principally due to Transfers into level 3 other financial liabilities during the three months ended March 2021 primarily reflected transfers of certain other secured financings from level 2 (principally due to reduced price transparency of certain yield and duration inputs used to value these instruments) and transfers of certain hybrid financial instruments included in unsecured short- and long-term borrowings 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 the three months ended March 2021 primarily reflected transfers of certain hybrid financial instruments included in unsecured short- and long-term borrowings to level 2 (principally due to increased price transparency of certain volatility and correlation inputs used to value these instruments) and transfers of certain other secured financings to level 2 (principally due to increased price transparency of certain yield and duration inputs used to value these instruments). Three Months Ended March 2020. The net realized and unrealized gains on level 3 other financial liabilities of $3.03 billion (reflecting $130 million of net realized losses and $3.16 billion of net unrealized gains) for the three months ended March 2020 included gains of $1.99 billion reported in market making and $64 million reported in other principal transactions in the consolidated statements of earnings, and $974 million reported in debt valuation adjustment in the consolidated statements of comprehensive income. The unrealized gains on level 3 other financial liabilities for the three months ended March 2020 primarily reflected gains on certain hybrid financial instruments included in unsecured long- and short-term borrowings (principally due to a decrease in global equity prices). Transfers into level 3 other financial liabilities during the three months ended March 2020 primarily reflected transfers of certain other secured financings and hybrid financial instruments included in unsecured short- and long-term borrowings from level 2 (in each case, 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 the three months ended March 2020 primarily reflected transfers of certain hybrid financial instruments included in unsecured short- and long-term borrowings to level 2 (principally due to increased price 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. Three Months Ended March $ in millions 2021 2020 Unsecured short-term borrowings $ (960 ) $4,481 Unsecured long-term borrowings (229 ) 992 Other 106 398 Total $(1,083 ) $5,871 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 both the three months ended March 2021 and March 2020. 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 March 2021 and December 2020. The aggregate contractual principal amount of unsecured long-term borrowings for which the fair value option was elected exceeded the related fair value by $319 million as of March 2021, and the fair value exceeded the aggregate contractual principal amount by $445 million as of December 2020. The amounts above include both principal-protected and non-principal-protected 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. Three Months $ in millions 2021 2020 DVA (pre-tax) $(29 ) $3,871 DVA (net of tax) $(19 ) $2,914 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 both the three months ended March 2021 and March 2020. 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 in the consolidated balance sheets) for which the fair value option was elected. As of $ in millions March December Performing loans Aggregate contractual principal in excess of fair value $ 1,048 $ 958 Loans on nonaccrual status and/or more than 90 days past due Aggregate contractual principal in excess of fair value $11,005 $10,526 Aggregate fair value $ 4,060 $ 3,519 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 $56 million as of March 2021 and $25 million as of December 2020, and the related total contractual amount of these lending commitments was $916 million as of March 2021 and $1.64 billion as of December 2020. See Note 18 for further information about lending commitments. Impact of Credit Spreads on Loans and Lending Commitments The estimated net gain/(loss) attributable to changes in instrument-specific credit spreads on loans and lending commitments for which the fair value option was elected was $132 million for the three months ended March 2021 and $(194) million for the three months ended March 2020. 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 | 3 Months Ended |
Mar. 31, 2021 | |
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 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”) 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. Substantially all of securities borrowed and loaned within Equities financing are recorded based on the amount of cash collateral advanced or received plus accrued interest. The firm also reviews such securities borrowed to determine if an allowance for credit losses should be recorded by taking into consideration the fair value of collateral received. As these agreements generally can be terminated on demand, they exhibit little, if any, sensitivity to changes in interest rates. Therefore, the carrying value of such agreements approximates fair value. As these agreements 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 agreements been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both March 2021 and December 2020. 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 Securities Repurchase Securities As of March 2021 Included in the consolidated balance sheets Gross carrying value $222,884 $ $ 207,407 $ Counterparty netting (76,800 ) (4,434 ) (76,800 ) (4,434 ) Total 146,084 178,245 130,607 34,345 Amounts not offset Counterparty netting (14,874 ) (10,739 ) (14,874 ) (10,739 ) Collateral (128,260 ) (158,552 ) (112,422 ) (21,140 ) Total $ 2,950 $ $ $ As of December 2020 Included in the consolidated balance sheets Gross carrying value $205,817 $ 147,593 $ 224,328 $ 27,054 Counterparty netting (97,757 ) (5,433 ) (97,757 ) (5,433 ) Total 108,060 142,160 126,571 21,621 Amounts not offset Counterparty netting (8,920 ) (3,525 ) (8,920 ) (3,525 ) Collateral (96,140 ) (132,893 ) (116,819 ) (17,693 ) Total $ 3,000 $ 5,742 $ 832 $ 403 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. • Resale agreements and 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 included in the consolidated balance sheets of $31.55 billion as of March 2021 and $28.90 billion as of December 2020, and securities loaned of $3.68 billion as of March 2021 and $1.05 billion as of December 2020 were at fair value under the fair value option. See Note 10 for further information about securities borrowed and securities loaned accounted for at fair value. 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 Securities As of March 2021 Money market instruments $ $ U.S. government and agency obligations 86,217 1 Non-U.S. 80,520 1,767 Securities backed by commercial real estate 38 – Securities backed by residential real estate 604 – Corporate debt securities 11,585 371 State and municipal obligations 57 – Other debt obligations 83 – Equity securities 27,452 36,640 Total $207,407 $38,779 As of December 2020 Money market instruments $ $ U.S. government and agency obligations 121,751 – Non-U.S. 79,159 1,634 Securities backed by commercial real estate 65 – Securities backed by residential real estate 121 – Corporate debt securities 6,364 46 State and municipal obligations 92 – Other debt obligations 20 – Equity securities 16,668 25,374 Total $224,328 $27,054 The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity. As of March 2021 $ in millions Repurchase Securities No stated maturity and overnight $ 87,256 $24,075 2 - 30 days 57,123 307 31 - 90 days 17,812 691 91 days - 1 year 39,489 13,706 Greater than 1 year 5,727 – Total $207,407 $38,779 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 include: • Liabilities of consolidated VIEs; • Transfers of assets accounted for as financings rather than sales (e.g., pledged commodities, bank loans and mortgage whole loans); and • Other structured financing arrangements. Other secured financings included nonrecourse arrangements. Nonrecourse other secured financings were $11.55 billion as of March 2021 and $12.31 billion as of December 2020. 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 3 as of both March 2021 and December 2020. The table below presents information about other secured financings. $ in millions U.S. Dollar Non-U.S. Total As of March 2021 Other secured financings (short-term): At fair value $ 7,279 $ 7,789 $15,068 At amortized cost 146 – 146 Other secured financings (long-term): At fair value 6,593 4,536 11,129 At amortized cost 658 667 1,325 Total other secured financings $14,676 $12,992 $27,668 Other secured financings collateralized by: Financial instruments $ 7,983 $11,429 $19,412 Other assets $ 6,693 $ 1,563 $ 8,256 As of December 2020 Other secured financings (short-term): At fair value $ 6,371 $ 6,847 $13,218 At amortized cost – – – Other secured financings (long-term): At fair value 6,632 4,276 10,908 At amortized cost 914 715 1,629 Total other secured financings $13,917 $11,838 $25,755 Other secured financings collateralized by: Financial instruments $ 6,841 $10,068 $16,909 Other assets $ 7,076 $ 1,770 $ 8,846 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 2.60% as of March 2021. 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 0.62% as of March 2021 and 1.27% as of December 2020. These rates include the effect of hedging activities. • Non-U.S. • Total other secured financings included $1.99 billion as of March 2021 and $2.05 billion as of December 2020 related to transfers of financial assets accounted for as financings rather than sales. Such financings were collateralized by financial assets, primarily included in trading assets, of $1.99 billion as of March 2021 and $2.26 billion as of December 2020. • Other secured financings collateralized by financial instruments included $13.68 billion as of March 2021 and $11.28 billion as of December 2020 of other secured financings collateralized by trading assets, investments and loans, and included $5.73 billion as of March 2021 and $5.63 billion as of December 2020 of other secured financings collateralized by financial instruments received as collateral and repledged. The table below presents other secured financings by maturity. $ in millions As of Other secured financings (short-term) $15,214 Other secured financings (long-term): 2022 4,256 2023 2,576 2024 1,423 2025 906 2026 1,077 2027 - thereafter 2,216 Total other secured financings (long-term) 12,454 Total other secured financings $27,668 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 $ in millions March December Collateral available to be delivered or repledged $901,870 $864,494 Collateral that was delivered or repledged $756,339 $723,409 The table below presents information about assets pledged. As of $ in millions March December Pledged to counterparties that had the right to deliver or repledge Trading assets $ 62,415 $ 69,031 Investments $ 15,800 $ 13,375 Pledged to counterparties that did not have the right to deliver or repledge Trading assets $102,129 $ 99,142 Investments $ 11,134 $ 2,331 Loans $ 7,911 $ 8,320 Other assets $ 13,447 $ 14,144 The firm also segregates securities for regulatory and other purposes related to client activity. Such securities are segregated from trading assets and investments, as well as from securities received as collateral under resale agreements and securities borrowed transactions. Securities segregated by the firm were $51.31 billion as of March 2021 and $32.97 billion as of December 2020. |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2021 | |
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 $ in millions March December Property, leasehold improvements and equipment $22,427 $23,147 Goodwill 4,332 4,332 Identifiable intangible assets 575 630 Operating lease right-of-use 2,330 2,280 Income tax-related 3,414 2,960 Miscellaneous receivables and other 4,833 4,096 Total $37,911 $37,445 Property, Leasehold Improvements and Equipment Property, leasehold improvements and equipment is net of accumulated depreciation and amortization of $10.30 billion as of March 2021 and $10.12 billion as of December 2020. Property, leasehold improvements and equipment included $6.55 billion as of March 2021 and $6.54 billion as of December 2020 that the firm uses in connection with its operations, and $272 million as of March 2021 and $318 million as of December 2020 of foreclosed real estate primarily related to distressed loans that were purchased by the firm. 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 when 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 both the three months ended March 2021 and March 2020. Goodwill Goodwill is the cost of acquired companies in excess of the fair value of net assets, including identifiable intangible assets, at the acquisition date. The table below presents the carrying value of goodwill by reporting unit. As of $ in millions March December Investment Banking $ $ 281 Global Markets: FICC 269 269 Equities 2,644 2,644 Asset Management 390 390 Consumer & Wealth Management: Consumer banking 48 48 Wealth management 700 700 Total $4,332 $4,332 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. To estimate the fair value of each reporting unit, other than Consumer banking, a relative value technique is 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 In the fourth quarter of 2020, the firm performed its annual assessment of goodwill for impairment, for each of its reporting units, by performing a qualitative assessment. Multiple factors, including performance indicators, macroeconomic indicators, firm and industry events, and fair value indicators, were assessed with respect to each of the firm’s reporting units to determine whether it was more likely than not that the estimated fair value of any of these reporting units was less than its estimated carrying value. The qualitative assessment also considered changes since the quantitative test performed in the fourth quarter of 2019. As a result of the qualitative assessment, the firm determined that it was more likely than not that the estimated fair value of each of the reporting units exceeded its respective estimated carrying value. Therefore, the firm determined that goodwill for each reporting unit was not impaired and that a quantitative goodwill test was not required. There were no events or changes in circumstances during the three months ended March 2021 that would indicate that it was more likely than not that the estimated fair value of each of the reporting units did not exceed its respective estimated carrying value as of March 2021. Identifiable Intangible Assets The table below presents identifiable intangible assets by reporting unit and type. As of $ in millions March December By Reporting Unit Global Markets: FICC $ $ 2 Equities 45 45 Asset Management 231 274 Consumer & Wealth Management: Consumer banking – 6 Wealth management 297 303 Total $ $ 630 By Type Customer lists Gross carrying value $ 1,475 $ 1,478 Accumulated amortization (1,099 ) (1,089 ) Net carrying value 376 389 Acquired leases and other Gross carrying value 641 710 Accumulated amortization (442 ) (469 ) Net carrying value 199 241 Total gross carrying value 2,116 2,188 Total accumulated amortization (1,541 ) (1,558 ) Total net carrying value $ $ 630 During the three months ended March 2021, the amount of intangible assets acquired by the firm was not material. The firm acquired $155 million of intangible assets during 2020, primarily related to acquired leases and customer lists, with a weighted average amortization period of 10 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. Three Months $ in millions 2021 2020 Amortization $36 $41 $ in millions As of Estimated future amortization Remainder of 2021 $78 2022 $90 2023 $81 2024 $65 2025 $46 2026 $35 The firm tests intangible assets for impairment when 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 either the three months ended March 2021 or March 2020. 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. For leases longer than one year, the firm recognizes a 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 Miscellaneous Receivables and Other Miscellaneous receivables and other included: • Investments in qualified affordable housing projects of $671 million as of March 2021 and $678 million as of December 2020. • Assets classified as held for sale of $1.22 billion as of March 2021 and $437 million as of December 2020 related to the firm’s consolidated investments within the Asset Management segment, substantially all of which consisted of property and equipment. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2021 | |
Banking and Thrift, Interest [Abstract] | |
Deposits | Note 13. Deposits The table below presents the types and sources of deposits. $ in millions Savings and Demand Time Total As of March 2021 Consumer deposits $ 75,937 $24,224 $100,161 Private bank deposits 68,383 1,053 69,436 Brokered certificates of deposit – 30,017 30,017 Deposit sweep programs 22,541 – 22,541 Transaction banking 32,897 2,563 35,460 Other deposits – 28,403 28,403 Total $199,758 $86,260 $286,018 As of December 2020 Consumer deposits $ 67,395 $29,530 $ 96,925 Private bank deposits 67,185 1,183 68,368 Brokered certificates of deposit – 30,060 30,060 Deposit sweep programs 22,987 – 22,987 Transaction banking 28,852 – 28,852 Other deposits – 12,770 12,770 Total $186,419 $73,543 $259,962 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 $32.23 billion as of March 2021 and $16.18 billion as of December 2020 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 1.1 years as of March 2021 and 1.3 years as of December 2020. • Deposit sweep programs include long-term contractual agreements with U.S. broker-dealers who sweep client cash to FDIC-insured deposits. As of March 2021, the firm had 12 such deposit sweep program agreements. • Transaction banking deposits consists of deposits that the firm raised through its cash management services business for corporate and other institutional clients. • Other deposits represent deposits from institutional clients. • Deposits insured by the FDIC were $125.50 billion as of March 2021 and $123.03 billion as of December 2020. • Deposits insured by non-U.S. The table below presents the location of deposits. As of $ in millions March 2021 December 2020 U.S. offices $213,237 $206,356 Non-U.S. 72,781 53,606 Total $286,018 $259,962 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 March 2021 $ in millions U.S. Non-U.S. Total Remainder of 2021 $28,336 $22,528 $50,864 2022 13,106 6,202 19,308 2023 6,359 124 6,483 2024 4,105 133 4,238 2025 2,052 268 2,320 2026 1,126 269 1,395 2027 - thereafter 950 702 1,652 Total $56,034 $30,226 $86,260 As of March 2021, deposits in U.S. offices included $11.42 billion and deposits in 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 March 2021 and December 2020. 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 March 2021 and December 2020. |
Unsecured Borrowings
Unsecured Borrowings | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Unsecured Borrowings | Note 14. Unsecured Borrowings The table below presents information about unsecured borrowings. As of $ in millions March 2021 December 2020 Unsecured short-term borrowings $ 58,463 $ 52,870 Unsecured long-term borrowings 219,044 213,481 Total $277,507 $266,351 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 March 2021 and December 2020. The table below presents information about unsecured short-term borrowings. As of $ in millions March 2021 December 2020 Current portion of unsecured long-term borrowings $26,756 $25,914 Hybrid financial instruments 21,592 18,823 Commercial paper 8,209 6,085 Other unsecured short-term borrowings 1,906 2,048 Total unsecured short-term borrowings $58,463 $52,870 Weighted average interest rate 2.11% 1.84% In the table above, 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 March 2021 Fixed-rate obligations $102,296 $41,789 $144,085 Floating-rate obligations 44,883 30,076 74,959 Total $147,179 $71,865 $219,044 As of December 2020 Fixed-rate obligations $100,558 $38,759 $139,317 Floating-rate obligations 42,019 32,145 74,164 Total $142,577 $70,904 $213,481 In the table above: • Unsecured long-term borrowings consists principally of senior borrowings, which have maturities extending through 2065 • Floating-rate obligations includes equity-linked, credit-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 0.48% to 9.30% (with a weighted average rate of 3.66%) as of March 2021 and 0.63% to 9.30% (with a weighted average rate of 4.07%) as of December 2020. 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. $ in millions As of March 2021 2022 $ 20,845 2023 37,048 2024 22,643 2025 26,450 2026 19,512 2027 - thereafter 92,546 Total $219,044 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 $6.83 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: $10 million in 2022, $190 million in 2023, $561 million in 2024, $620 million in 2025, $434 million in 2026 and $5.01 billion in 2027 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. As of $ in millions March 2021 December 2020 Fixed-rate obligations: At fair value $ 1,472 $ 1,521 At amortized cost 30,067 30,827 Floating-rate obligations: At fair value 38,430 39,390 At amortized cost 149,075 141,743 Total $219,044 $213,481 In the table above, the aggregate amounts of unsecured long-term borrowings had weighted average interest rates of 1.72% (2.46% related to fixed-rate obligations and 1.56% related to floating-rate obligations) as of March 2021 and 2.01% (3.34% related to fixed-rate obligations and 1.70% related to floating-rate obligations) as of December 2020. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option. The carrying value of unsecured long-term borrowings for which the firm did not elect the fair value option was $179.14 billion as of March 2021 and $172.57 billion as of December 2020. The estimated fair value of such unsecured long-term borrowings was $188.34 billion as of March 2021 and $183.29 billion as of December 2020. 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 March 2021 and December 2020. Subordinated Borrowings Unsecured long-term borrowings includes subordinated debt and junior subordinated debt. Subordinated debt that matures within one year is included in unsecured short-term borrowings. Junior subordinated debt is junior in right of payment to other subordinated borrowings, which are junior to senior borrowings. Long-term subordinated debt had maturities ranging from 20 25 20 45 The table below presents information about subordinated borrowings. $ in millions Par Amount Carrying Value Rate As of March 2021 Subordinated debt $14,040 $16,771 1.64% Junior subordinated debt 968 1,302 1.25% Total $15,008 $18,073 1.62% As of December 2020 Subordinated debt $14,136 $18,529 1.83% Junior subordinated debt 968 1,430 1.32% Total $15,104 $19,959 1.80% In the table above, 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 both March 2021 and December 2020, the outstanding par amount of junior subordinated debt held by the Trust was $968 million and the outstanding par amount of Trust Preferred securities and common beneficial interests issued by the Trust was $939 million and $29 million, respectively. The Trust is a wholly-owned finance subsidiary of the firm for regulatory and legal purposes but is not consolidated for accounting purposes. 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 | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Note 15. Other Liabilities The table below presents other liabilities by type. As of $ in millions March 2021 December 2020 Compensation and benefits $ 6,136 $ 7,896 Income tax-related 4,278 3,155 Operating lease liabilities 2,319 2,283 Noncontrolling interests 1,733 1,640 Employee interests in consolidated funds 34 34 Accrued expenses and other 8,164 7,443 Total $22,664 $22,451 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 March 2021 and December 2020, the firm’s contract liabilities were not material. Operating Lease Liabilities For leases longer than one year, the firm recognizes a right-of-use right-of-use The table below presents information about operating lease liabilities. $ in millions Operating lease liabilities As of March 2021 2021 $ 2022 316 2023 281 2024 263 2025 232 2026 - thereafter 1,795 Total undiscounted lease payments 3,123 Imputed interest (804 ) Total operating lease liabilities $ 2,319 Weighted average remaining lease term 15 years Weighted average discount rate 3.74% As of December 2020 2021 $ 2022 301 2023 264 2024 247 2025 215 2026 - thereafter 1,899 Total undiscounted lease payments 3,268 Imputed interest (985 ) Total operating lease liabilities $ Weighted average remaining lease term 16 years Weighted average discount rate 4.02% In the table above, the weighted average discount rate represents the firm’s incremental borrowing rate as of January 2019 for operating leases existing on the date of adoption of ASU No. 2016-02, Operating lease costs were $120 million for the three months ended March 2021 and $113 million for the three months ended March 2020. Variable lease costs, which are included in operating lease costs, were not material for both the three months ended March 2021 and March 2020. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for both the three months ended March 2021 and March 2020. Lease payments relating to operating lease arrangements that were signed, but had not yet commenced were $428 million as of March 2021. |
Securitization Activities
Securitization Activities | 3 Months Ended |
Mar. 31, 2021 | |
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. Interests accounted for at fair value are primarily 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. Three Months Ended March $ in millions 2021 2020 Residential mortgages $ 4,939 $3,107 Commercial mortgages 5,371 4,996 Other financial assets 1,112 540 Total financial assets securitized $11,422 $8,643 Retained interests cash flows $ $ In the table above, financial assets securitized included assets of $139 million for the three months ended March 2021 and $174 million for the three months ended March 2020, which were securitized in a non-cash 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 March 2021 U.S. government agency-issued CMOs $22,041 $1,806 $ 1 Other residential mortgage-backed 23,060 1,023 21 Other commercial mortgage-backed 41,926 941 40 Corporate debt and other asset-backed 5,299 231 2 Total $92,326 $4,001 $64 As of December 2020 U.S. government agency-issued CMOs $20,841 $ $ 4 Other residential mortgage-backed 24,262 1,170 23 Other commercial mortgage-backed 38,340 914 39 Corporate debt and other asset-backed 4,299 192 – Total $87,742 $3,182 $66 In the table above: • CMOs represents collateralized mortgage obligations. • 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 2015 and thereafter. • The fair value of retained interests was $4.02 billion as of March 2021 and $3.19 billion as of December 2020. 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 March 2021 and $52 million as of December 2020, and the notional amount of these derivatives and commitments was $1.70 billion as of March 2021 and $1.43 billion as of December 2020. 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 $ in millions March December Fair value of retained interests $3,785 $ Weighted average life (years) 5.9 4.7 Constant prepayment rate 11.5% 15.0% Impact of 10% adverse change $ ) $ ) Impact of 20% adverse change $ ) $ ) Discount rate 6.8% 6.1% Impact of 10% adverse change $ ) $ ) Impact of 20% adverse change $ ) $ ) 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 CMOs 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 $231 million and a weighted average life of 3.0 years as of March 2021, and a fair value of $192 million and a weighted average life of 3.9 years as of December 2020. 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 March 2021 and December 2020. The firm’s maximum exposure to adverse changes in the value of these interests is the carrying value of $231 million as of March 2021 and $192 million as of December 2020. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2021 | |
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. The firm sells residential and commercial mortgage loans and securities to mortgage-backed VIEs and may retain beneficial interests in the assets sold to these VIEs. The firm purchases and sells beneficial interests issued by mortgage-backed VIEs in connection with market-making activities. In addition, the firm may enter into derivatives with certain of these VIEs, primarily interest rate swaps, which are typically not variable interests. The firm generally enters into derivatives with other counterparties to mitigate its risk. Real Estate, Credit- and Power-Related and Other Investing VIEs. The firm purchases equity and debt securities issued by and makes loans to VIEs that hold real estate, performing and nonperforming debt, distressed loans, power-related assets and equity securities. The firm generally does not sell assets to, or enter into derivatives with, these VIEs. Corporate Debt and Other Asset-Backed VIEs. The firm structures VIEs that issue notes to clients, purchases and sells beneficial interests issued by corporate debt and other asset-backed VIEs in connection with market-making activities, and makes loans to VIEs that warehouse corporate debt. Certain of these VIEs synthetically create the exposure for the beneficial interests they issue by entering into credit derivatives with the firm, rather than purchasing the underlying assets. In addition, the firm may enter into derivatives, such as total return swaps, with certain corporate debt and other asset-backed VIEs, under which the firm pays the VIE a return due to the beneficial interest holders and receives the return on the collateral owned by the VIE. The collateral owned by these VIEs is primarily other asset-backed loans and securities. The firm may be removed as the total return swap counterparty and may enter into derivatives with other counterparties to mitigate its risk related to these swaps. The firm may sell assets to the corporate debt and other asset-backed VIEs it structures. Principal-Protected Note VIEs. The firm structures VIEs that issue principal-protected notes to clients. These VIEs own portfolios of assets, principally with exposure to hedge funds. Substantially all of the principal protection on the notes issued by these VIEs is provided by the asset portfolio rebalancing that is required under the terms of the notes. The firm enters into total return swaps with these VIEs under which the firm pays the VIE the return due to the principal-protected note holders and receives the return on the assets owned by the VIE. The firm may enter into derivatives with other counterparties to mitigate its risk. The firm also obtains funding through these VIEs. Investments in Funds. The firm makes equity investments in certain investment fund VIEs it manages and is entitled to receive fees from these VIEs. The firm has generally not sold assets to, or entered into derivatives with, these VIEs. Nonconsolidated VIEs The table below presents a summary of the nonconsolidated VIEs in which the firm holds variable interests. As of $ in millions March December Total nonconsolidated VIEs Assets in VIEs $151,339 $148,665 Carrying value of variable interests — assets $ 9,706 $ 8,624 Carrying value of variable interests — liabilities $ 827 $ 888 Maximum exposure to loss: Retained interests $ 4,001 $ 3,182 Purchased interests 904 1,041 Commitments and guarantees 2,169 2,455 Derivatives 8,545 8,343 Debt and equity 4,454 4,020 Total $ 20,073 $ 19,041 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 $ in millions March December Mortgage-backed Assets in VIEs $99,809 $99,353 Carrying value of variable interests — assets $ 4,655 $ 4,014 Maximum exposure to loss: Retained interests $ 3,770 $ 2,990 Purchased interests 885 1,024 Commitments and guarantees 46 47 Derivatives 396 394 Total $ 5,097 $ 4,455 Real estate, credit- and power-related and other investing Assets in VIEs $21,423 $20,934 Carrying value of variable interests — assets $ 3,561 $ 3,288 Carrying value of variable interests — liabilities $ $ 14 Maximum exposure to loss: Commitments and guarantees $ 1,230 $ 1,374 Derivatives 75 84 Debt and equity 3,561 3,288 Total $ 4,866 $ 4,746 Corporate debt and other asset-backed Assets in VIEs $14,890 $14,077 Carrying value of variable interests — assets $ 1,058 $ 913 Carrying value of variable interests — liabilities $ $ 874 Maximum exposure to loss: Retained interests $ $ 192 Purchased interests 19 17 Commitments and guarantees 859 989 Derivatives 8,071 7,862 Debt and equity 461 323 Total $ 9,641 $ 9,383 Investments in funds Assets in VIEs $15,217 $14,301 Carrying value of variable interests — assets $ $ 409 Maximum exposure to loss: Commitments and guarantees $ $ 45 Derivatives 3 3 Debt and equity 432 409 Total $ $ 457 As of both March 2021 and December 2020, 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 investments and loans and liabilities were included in trading liabilities and other liabilities. • Corporate debt and other asset-backed: Assets were included in loans and trading assets, and liabilities were included in trading liabilities. • Investments in funds: Assets were included in investments. The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in consolidated VIEs. As of $ in millions March December Total consolidated VIEs Assets Cash and cash equivalents $ $ 312 Trading assets 71 96 Investments 972 880 Loans 1,895 2,099 Other assets 960 989 Total $4,207 $4,376 Liabilities Other secured financings $1,690 $1,891 Customer and other payables 9 28 Trading liabilities 269 296 Unsecured short-term borrowings 59 43 Unsecured long-term borrowings 196 226 Other liabilities 1,068 948 Total $3,291 $3,432 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 $ in millions March December Real estate, credit-related and other investing Assets Cash and cash equivalents $ $ 229 Trading assets 12 8 Investments 972 880 Loans 1,895 2,099 Other assets 960 989 Total $4,012 $4,205 Liabilities Other secured financings $ $ 649 Customer and other payables 9 28 Trading liabilities 44 46 Other liabilities 1,068 948 Total $1,654 $1,671 Corporate debt and other asset-backed Assets Cash and cash equivalents $ $ 83 Total $ $ 83 Liabilities Other secured financings $ $ 679 Total $ $ 679 Principal-protected notes Assets Trading assets $ $ 88 Total $ $ 88 Liabilities Other secured financings $ $ 563 Trading liabilities 225 250 Unsecured short-term borrowings 59 43 Unsecured long-term borrowings 196 226 Total $1,010 $1,082 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 do not have recourse to the general credit of the firm. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 3 Months Ended |
Mar. 31, 2021 | |
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 $ in millions March December Commitment Type Commercial lending: Investment-grade $ 97,248 $ 83,801 Non-investment-grade 61,580 56,757 Warehouse financing 10,823 9,377 Credit cards 26,491 21,640 Total lending 196,142 171,575 Risk participations 8,135 8,054 Collateralized agreement 96,505 55,278 Collateralized financing 27,091 35,402 Letters of credit 367 367 Investment 6,243 6,456 Other 9,987 7,836 Total commitments $344,470 $284,968 The table below presents commitments by expiration. As of March 2021 $ in millions Remainder 2022 - 2024 - 2026 - Commitment Type Commercial lending: Investment-grade $ 9,668 $44,571 $34,592 $ 8,417 Non-investment-grade 3,291 21,766 23,841 12,682 Warehouse financing 1,128 5,590 3,336 769 Credit cards 26,491 – – – Total lending 40,578 71,927 61,769 21,868 Risk participations 720 4,537 2,668 210 Collateralized agreement 96,505 – – – Collateralized financing 27,091 – – – Letters of credit 311 15 – 41 Investment 2,325 2,075 1,062 781 Other 9,697 167 63 60 Total commitments $177,227 $78,721 $65,562 $22,960 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 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 $ in millions March December Held for investment $188,111 $162,513 Held for sale 6,076 6,594 At fair value 1,955 2,468 Total $196,142 $171,575 In the table above: • Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $972 million (including allowance for credit losses of $721 million) as of March 2021 and $775 million (including allowance for credit losses of $557 million) as of December 2020. The estimated fair value of such lending commitments was a liability of $4.03 billion as of March 2021 and $4.05 billion as of December 2020. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $2.32 billion as of March 2021 and $2.43 billion as of December 2020 would have been classified in level 2, and $1.71 billion as of March 2021 and $1.62 billion as of December 2020 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 $72 million as of March 2021 and $68 million as of December 2020. 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 3 as of both March 2021 and December 2020. • 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. The firm’s commercial lending commitments were primarily extended to investment-grade corporate borrowers. Such commitments primarily included $113.86 billion as of March 2021 and $110.31 billion as of December 2020, related to relationship lending activities (principally used for operating and general corporate purposes) and $29.32 billion as of March 2021 and $15.81 billion as of December 2020, related to other investment banking activities (generally extended for contingent acquisition financing and are often intended to be short-term in nature, as borrowers often seek to replace them with other funding sources). The firm also extends lending commitments in connection with other types of corporate lending, as well as commercial real estate financing. See Note 9 for further information about funded loans. To mitigate the credit risk associated with the firm’s commercial lending activities, the firm obtains credit protection on certain loans and lending commitments through credit default swaps, both single-name and index-based contracts, and through the issuance of credit-linked notes. In addition, Sumitomo Mitsui Financial Group, Inc. provides the firm with credit loss protection on certain approved loan commitments. Warehouse Financing. The firm provides financing to clients who warehouse financial assets. These arrangements are secured by the warehoused assets, primarily consisting of residential real estate, consumer and corporate loans. Credit Cards. The firm’s credit card lending commitments included $24.54 billion as of March 2021 and $21.64 billion as of December 2020 related to credit card lines issued by the firm to consumers. These credit card lines are cancellable by the firm. Credit card commitments also includes approximately $2.0 co-branded Risk Participations The firm also risk participates certain of its commercial lending commitments to other financial institutions. In the event of a risk participant’s default, the firm will be responsible to fund the borrower. 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 $1.78 billion as of March 2021 and $1.69 billion as of December 2020, 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. See Note 27 for information about legal proceedings, including certain mortgage-related matters. 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. The firm has provided consumer relief that it expects to satisfy this requirement, subject to validation by the independent monitor overseeing the firm’s compliance with its consumer relief obligations. 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 and clearing guarantees and certain other financial guarantees. $ in millions Derivatives Securities lending and clearing Other financial guarantees As of March 2021 Carrying Value of Net Liability $ 3,923 $ – $ Maximum Payout/Notional Amount by Period of Expiration Remainder of 2021 $ 81,762 $18,932 $ 2022 - 2023 61,673 – 3,451 2024 - 2025 26,730 – 2,746 2026 - thereafter 31,385 – 334 Total $201,550 $18,932 $7,390 As of December 2020 Carrying Value of Net Liability $ 4,357 $ $ 253 Maximum Payout/Notional Amount by Period of Expiration 2021 $ 89,202 $21,352 $1,263 2022 - 2023 56,204 – 3,304 2024 - 2025 23,389 – 2,787 2026 - thereafter 32,244 – 268 Total $201,039 $21,352 $7,622 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 $1.34 billion as of March 2021 and $1.66 billion as of December 2020, and derivative liabilities of $5.26 billion as of March 2021 and $6.02 billion as of December 2020. Derivative Guarantees. The firm enters into various derivatives that meet the definition of a guarantee under U.S. GAAP, including written equity and commodity put options, written currency contracts and interest rate caps, floors and swaptions. These derivatives are risk managed together with derivatives that do not meet the definition of a guarantee, and therefore the amounts in the table above do not reflect the firm’s overall risk related to derivative activities. Disclosures about derivatives are not required if they may be cash settled and the firm has no basis to conclude it is probable that the counterparties held the underlying instruments at inception of the contract. The firm has concluded that these conditions have been met for certain large, internationally active commercial and investment bank counterparties, central clearing counterparties, hedge funds and certain other counterparties. Accordingly, the firm has not included such contracts in the table above. See Note 7 for information about credit derivatives that meet the definition of a guarantee, which are not included in the table above. 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 and Clearing Guarantees. Securities lending and clearing guarantees include the indemnifications and guarantees that the firm provides in its capacity as an agency lender and in its capacity as a sponsoring member of the Fixed Income Clearing Corporation. As an agency lender, the firm indemnifies most of its securities lending customers against losses incurred in the event that borrowers do not return securities and the collateral held is insufficient to cover the market value of the securities borrowed. The maximum payout of such indemnifications was $18.93 billion as of March 2021 and $19.86 billion as of December 2020. Collateral held by the lenders in connection with securities lending indemnifications was $19.52 billion as of March 2021 and $20.39 billion as of December 2020. Because the contractual nature of these arrangements requires the firm to obtain collateral with a market value that exceeds the value of the securities lent to the borrower, there is minimal performance risk associated with these indemnifications. As a sponsoring member of the Government Securities Division of the Fixed Income Clearing Corporation, the firm guarantees the performance of its sponsored member clients to the Fixed Income Clearing Corporation in connection with certain resale and repurchase agreements. To minimize potential losses on such guarantees, the firm obtains a security interest in the collateral that the sponsored client placed with the Fixed Income Clearing Corporation. Therefore, the risk of loss on such guarantees is minimal. There were no amounts outstanding under the guarantee as of March 2021. As of December 2020, the maximum payout on this guarantee was $1.49 billion and the related collateral held was $1.50 billion. Other Financial Guarantees. In the ordinary course of business, the firm provides other financial guarantees of the obligations of third parties (e.g., standby letters of credit and other guarantees to enable clients to complete transactions and fund-related guarantees). These guarantees represent obligations to make payments to beneficiaries if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Other financial guarantees also include a guarantee that the firm has provided to the Government of Malaysia that it will receive at least $1.4 billion in assets and proceeds from assets seized by governmental authorities around the world related to 1Malaysia Development Berhad, a sovereign wealth fund in Malaysia (1MDB). The firm evaluates progress toward satisfying this obligation based on information that it receives on a semi-annual basis, expected in February and August. As of March 2021, approximately $220 million in assets or proceeds from assets has been returned to the Government of Malaysia in connection with this guarantee, which must be satisfied by August 18, 2025. Any amounts paid by the firm under this guarantee would be subject to reimbursement in the event the assets or proceeds received by the Government of Malaysia through August 18, 2028 exceeds $1.4 billion. See Note 27 for further information about matters related to 1MDB. Guarantees of Securities Issued by Trusts. The firm has established trusts, including Goldman Sachs Capital I, the APEX Trusts and other entities, for the limited purpose of issuing securities to third parties, lending the proceeds to the firm and entering into contractual arrangements with the firm and third parties related to this purpose. The firm does not consolidate these entities. See Note 14 for further information about the transactions involving Goldman Sachs Capital I and the APEX 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. No subsidiary of Group Inc. guarantees the securities of Goldman Sachs Capital I or the APEX Trusts. 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. In the ordinary course of business, the firm indemnifies and guarantees certain service providers, such as clearing and custody agents, trustees and administrators, against specified potential losses in connection with their acting as an agent of, or providing services to, the firm or its affiliates. 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 March 2021 and December 2020. Other Representations, Warranties and Indemnifications. The firm provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties. The firm may also provide indemnifications protecting against changes in or adverse application of certain U.S. tax laws in connection with ordinary-course transactions, such as securities issuances, borrowings or derivatives. 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 March 2021 and December 2020. Guarantees of Subsidiaries. Group Inc. is the entity that fully and unconditionally guarantees the securities issued by GS Finance Corp., a wholly-owned finance subsidiary of the firm. Group Inc. has guaranteed the payment obligations of Goldman Sachs & Co. LLC (GS&Co.), GS Bank USA and Goldman Sachs Paris Inc. et Cie, subject to certain exceptions. In addition, Group Inc. has provided guarantees to Goldman Sachs International (GSI) and Goldman Sachs Bank Europe SE (GSBE) related to agreements that each entity has entered into with certain of its counterparties. Furthermore, Group Inc. provided a guarantee to GS Bank USA in 2020 related to securities that GS Bank USA acquired from certain affiliated funds of Group Inc. and loans and lending commitments that GS Bank USA acquired from certain subsidiaries of Group Inc. guarantees many of the obligations of its other consolidated subsidiaries on a transaction-by-transaction |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
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Shareholders' Equity | Note 19. Shareholders’ Equity Common Equity As of both March 2021 and December 2020, 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. Three Months Ended March in millions, except per share amounts 2021 2020 Common share repurchases 8.7 8.2 Average cost per share $310.04 $236.35 Total cost of common share repurchases $ 2,700 $ 1,928 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. Under these plans, during the three months ended March 2021, 1,830 shares were remitted with a total value of $0.5 million and the firm cancelled 3.2 million share-based awards with a total value of $937 million. The table below presents common stock dividends declared. Three Months Ended March 2021 2020 Dividends declared per common share $1.25 $1.25 On April 13, 2021, the Board of Directors of Group Inc. (Board) declared a dividend of $1.25 per common share to be paid on June 29, 2021 to common shareholders of record on June 1, 2021. Preferred Equity The tables below present information about the perpetual preferred stock issued and outstanding as of March 2021. Series Shares Authorized Shares Issued Shares Outstanding Depositary Shares Per Share A 50,000 30,000 29,999 1,000 C 25,000 8,000 8,000 1,000 D 60,000 54,000 53,999 1,000 E 17,500 7,667 7,667 N/A F 5,000 1,615 1,615 N/A J 46,000 40,000 40,000 1,000 K 32,200 28,000 28,000 1,000 N 31,050 27,000 27,000 1,000 O 26,000 26,000 26,000 25 P 66,000 60,000 60,000 25 Q 20,000 20,000 20,000 25 R 24,000 24,000 24,000 25 S 14,000 14,000 14,000 25 Total 416,750 340,282 340,280 Series Earliest Redemption Date Liquidation Preference Redemption Value ($ 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 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 S February 10, 2025 $ 25,000 350 Total $9,203 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 approval from the FRB. • The redemption price per share for Series A through F and Series Q through S 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 April 2021, the firm issued 27,000 shares of Series T 3.80% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series T Preferred Stock). Each share of Series T Preferred Stock issued and outstanding has a liquidation preference of $25,000 , semi-annually at (i) 3.80% per annum from the issuance date to, but excluding May 10, 2026 and, thereafter, (ii) 2.969% per annum plus the five-year treasury rate. In addition, the firm issued a In the first quarter of 2021, the firm redeemed all outstanding shares of its Series M 5.375% Fixed-to-Floating Non-Cumulative In 2020, the firm redeemed the remaining 14,000 outstanding shares of its Series L 5.70% Non-Cumulative The table below presents the dividend rates of perpetual preferred stock as of March 2021. 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; 3 month LIBOR + 3.64% thereafter, payable quarterly K 6.375% to, but excluding, May 10, 2024; 3 month LIBOR + 3.55% thereafter, payable quarterly 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 S 4.40%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 2.85%, 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. 2021 2020 Series per share $ in millions per share $ in millions Three Months Ended March A $ $ 7 $ 234.38 $ 7 C $ 2 $ 250.00 2 D $ 14 $ 250.00 13 E $1,000.00 7 $1,011.11 7 F $1,000.00 2 $1,011.11 2 J $ 14 $ 343.75 14 K $ 11 $ 398.44 11 L $ – $ 361.54 4 N $ 10 $ 393.75 11 Q $ 14 $ 889.93 18 R $ 15 $ – S $ 8 $ – Total $104 $89 On April 7, 2021, Group Inc. declared dividends of $231.77 per share of Series A Preferred Stock, $247.22 per share of Series C Preferred Stock, $247.22 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, $393.75 per share of Series N Preferred Stock, $662.50 per share of Series O Preferred Stock, and $625.00 per share of Series P Preferred Stock to be paid on May 10, 2021 to preferred shareholders of record on April 25, 2021. In addition, the firm declared dividends of $1,022.22 per share of Series E Preferred Stock and $1,022.22 per share of Series F Preferred Stock to be paid on June 1, 2021 to preferred shareholders of record on May 17, 2021. Accumulated Other Comprehensive Income/(Loss) The table below presents changes in accumulated other comprehensive income/(loss), net of tax, by type. $ in millions Beginning balance Other comprehensive income/(loss) adjustments, net of tax Ending balance Three Months Ended March 2021 Currency translation $ ) $ – $ ) Debt valuation adjustment (833 ) (19 ) (852 ) Pension and postretirement liabilities (368 ) 7 (361 ) Available-for-sale 463 (628 ) (165 ) Total $(1,434 ) $ ) $(2,074 ) Three Months Ended March 2020 Currency translation $ ) $ (17 ) $ ) Debt valuation adjustment (572 ) 2,914 2,342 Pension and postretirement liabilities (342 ) 7 (335 ) Available-for-sale 46 517 563 Total $ ) $3,421 $ |
Regulation and Capital Adequacy
Regulation and Capital Adequacy | 3 Months Ended |
Mar. 31, 2021 | |
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Regulation and Capital Adequacy | Note 20. Regulation and Capital Adequacy The FRB is the primary regulator of Group Inc., a 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 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 Framework includes the minimum risk-based capital and the capital conservation buffer requirements. The buffer must consist entirely of capital that qualifies as Common Equity Tier 1 (CET1) capital. The firm calculates its CET1 capital, Tier 1 capital and Total capital ratios in accordance with both the Standardized and Advanced Capital Rules. Each of the ratios calculated under the Standardized and Advanced Capital Rules must meet its 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 Capital Requirements Risk-Based Capital Ratios. The table below presents the risk-based capital requirements as of both March 2021 and December 2020. Standardized Advanced CET1 capital ratio 13.6% 9.5% Tier 1 capital ratio 15.1% 11.0% Total capital ratio 17.1% 13.0% In the table above: • Under both the Standardized and Advanced Capital Rules, the CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. These requirements also include the capital conservation buffer requirements, consisting of the G-SIB stress capital buffer (SCB) • The G-SIB G-SIB G-SIB. The table below presents information about risk-based capital ratios. $ in millions Standardized Advanced As of March 2021 CET1 capital $ 85,219 $ 85,219 Tier 1 capital $ 94,314 $ 94,314 Tier 2 capital $ 15,063 $ 12,837 Total capital $109,377 $107,151 RWAs $594,573 $629,801 CET1 capital ratio 14.3% 13.5% Tier 1 capital ratio 15.9% 15.0% Total capital ratio 18.4% 17.0% As of December 2020 CET1 capital $ 81,641 $ 81,641 Tier 1 capital $ 92,730 $ 92,730 Tier 2 capital $ 15,424 $ 13,279 Total capital $108,154 $106,009 RWAs $554,162 $609,750 CET1 capital ratio 14.7% 13.4% Tier 1 capital ratio 16.7% 15.2% Total capital ratio 19.5% 17.4% In the table above, as permitted by the FRB, the firm has elected to temporarily delay the estimated effects of adopting CECL on regulatory capital until January 2022 and to subsequently phase-in Leverage Ratios. The table below presents the leverage requirements. Requirements Tier 1 leverage ratio 4.0% SLR 5.0% In the table above, the SLR requirement of 5% includes a minimum of 3% and a 2% buffer applicable to G-SIBs. The table below presents information about leverage ratios. For the Three Months Ended or as of $ in millions March 2021 December 2020 Tier 1 capital $ $ 92,730 Average total assets $1,249,783 $1,152,785 Deductions from Tier 1 capital (5,111 ) (4,948 ) Average adjusted total assets 1,244,672 1,147,837 Impact of SLR temporary amendment (205,103 ) (202,748 ) Average off-balance 410,683 387,848 Total leverage exposure $1,450,252 $1,332,937 Tier 1 leverage ratio 7.6 8.1% SLR 6.5 7.0% In the table above: • Average total assets represents the average daily assets for the quarter adjusted for the impact of CECL transition. • Impact of SLR temporary amendment represents the exclusion of average holdings of U.S. Treasury securities and average deposits at the Federal Reserve as permitted by the FRB. Effective April 1, 2021, the amendment permitting this exclusion expired and, as a result, the SLR for the three months ended June 2021 will not reflect the impact of the temporary amendment to exclude the holdings of such assets. This temporary amendment had the effect of increasing the SLR by approximately 0.8 percentage points for the three months ended March 2021 and approximately 1.0 percentage points for the three months ended December 2020. • Average off-balance • 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. The table below presents information about risk-based capital. As of $ in millions March 2021 December 2020 Common shareholders’ equity $ 88,461 $ 84,729 Impact of CECL transition 1,077 1,126 Deduction for goodwill (3,660 ) (3,652 ) Deduction for identifiable intangible assets (548 ) (601 ) Other adjustments (111 ) 39 CET1 capital 85,219 81,641 Preferred stock 9,203 11,203 Deduction for investments in covered funds (104 ) (106 ) Other adjustments (4 ) (8 ) Tier 1 capital $ 94,314 $ 92,730 Standardized Tier 2 and Total capital Tier 1 capital $ 94,314 $ 92,730 Qualifying subordinated debt 12,079 12,196 Junior subordinated debt 94 188 Allowance for credit losses 2,949 3,095 Other adjustments (59 ) (55 ) Standardized Tier 2 capital 15,063 15,424 Standardized Total capital $109,377 $108,154 Advanced Tier 2 and Total capital Tier 1 capital $ 94,314 $ 92,730 Standardized Tier 2 capital 15,063 15,424 Allowance for credit losses (2,949 ) (3,095 ) Other adjustments 723 950 Advanced Tier 2 capital 12,837 13,279 Advanced Total capital $107,151 $106,009 In the table above: • Impact of CECL transition represents the impact of adoption as of January 1, 2020 and the impact of increasing regulatory capital by 25% of the increase in allowance for credit losses since January 1, 2020. The allowance for credit losses within Standardized and Advanced Tier 2 capital also reflects the impact of these adjustments. • Deduction for goodwill was net of deferred tax liabilities of $672 million as of March 2021 and $680 million as of • Deduction for identifiable intangible assets was net of deferred tax liabilities of $27 million as of March 2021 and $29 million as of December 2020. • 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 March 2021, 10% of this debt was included in Tier 2 capital and 90% was phased out of regulatory capital. As of December 2020, 20% of this debt was included in Tier 2 capital and 80% 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. 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 Three Months Ended March 2021 CET1 capital Beginning balance $ 81,641 $ 81,641 Change in: Common shareholders’ equity 3,732 3,732 Impact of CECL transition (49 ) (49 ) Deduction for goodwill (8 ) (8 ) Deduction for identifiable intangible assets 53 53 Other adjustments (150 ) (150 ) Ending balance $ 85,219 $ 85,219 Tier 1 capital Beginning balance $ 92,730 $ 92,730 Change in: CET1 capital 3,578 3,578 Deduction for investments in covered funds 2 2 Preferred stock (2,000 ) (2,000 ) Other adjustments 4 4 Ending balance 94,314 94,314 Tier 2 capital Beginning balance 15,424 13,279 Change in: Qualifying subordinated debt (117 ) (117 ) Junior subordinated debt (94 ) (94 ) Allowance for credit losses (146 ) – Other adjustments (4 ) (231 ) Ending balance 15,063 12,837 Total capital $109,377 $107,151 Year Ended December 2020 CET1 capital Beginning balance $ 74,850 $ 74,850 Change in: Common shareholders’ equity 5,667 5,667 Impact of CECL transition 1,126 1,126 Deduction for goodwill (123 ) (123 ) Deduction for identifiable intangible assets 3 3 Other adjustments 118 118 Ending balance $ 81,641 $ 81,641 Tier 1 capital Beginning balance $ 85,440 $ 85,440 Change in: CET1 capital 6,791 6,791 Deduction for investments in covered funds 504 504 Other adjustments (5 ) (5 ) Ending balance 92,730 92,730 Tier 2 capital Beginning balance 14,925 13,473 Change in: Qualifying subordinated debt (651 ) (651 ) Junior subordinated debt (96 ) (96 ) Allowance for credit losses 1,293 – Other adjustments (47 ) 553 Ending balance 15,424 13,279 Total capital $108,154 $106,009 RWAs. RWAs are calculated in accordance with both the Standardized and Advanced Capital Rules. 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 risk management purposes differs from VaR used for regulatory capital requirements (regulatory VaR) due to differences in time horizons, confidence levels and the scope of positions on which VaR is calculated. For risk management purposes, a 95% one-day 10-day one-day The firm’s positional losses observed on a single day did not exceed 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 March 2021 Credit RWAs Derivatives $126,509 $104,912 Commitments, guarantees and loans 190,116 156,207 Securities financing transactions 75,746 21,337 Equity investments 46,587 48,778 Other 71,973 89,250 Total Credit RWAs 510,931 420,484 Market RWAs Regulatory VaR 16,383 16,383 Stressed VaR 41,798 41,798 Incremental risk 8,614 8,614 Comprehensive risk 1,959 1,959 Specific risk 14,888 14,888 Total Market RWAs 83,642 83,642 Total Operational RWAs – 125,675 Total RWAs $594,573 $629,801 As of December 2020 Credit RWAs Derivatives $120,292 $111,691 Commitments, guarantees and loans 176,501 151,587 Securities financing transactions 71,427 16,568 Equity investments 46,944 49,268 Other 70,274 83,599 Total Credit RWAs 485,438 412,713 Market RWAs Regulatory VaR 14,913 14,913 Stressed VaR 31,978 31,978 Incremental risk 7,882 7,882 Comprehensive risk 1,758 1,758 Specific risk 12,193 12,193 Total Market RWAs 68,724 68,724 Total Operational RWAs – 128,313 Total RWAs $554,162 $609,750 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 Three Months Ended March 2021 RWAs Beginning balance $554,162 $609,750 Credit RWAs Change in: Derivatives 6,217 (6,779 ) Commitments, guarantees and loans 13,615 4,620 Securities financing transactions 4,319 4,769 Equity investments (357 ) (490 ) Other 1,699 5,651 Change in Credit RWAs 25,493 7,771 Market RWAs Change in: Regulatory VaR 1,470 1,470 Stressed VaR 9,820 9,820 Incremental risk 732 732 Comprehensive risk 201 201 Specific risk 2,695 2,695 Change in Market RWAs 14,918 14,918 Change in Operational RWAs – (2,638 ) Ending balance $594,573 $629,801 Year Ended December 2020 RWAs Beginning balance $563,575 $544,653 Credit RWAs Change in: Derivatives (614 ) 39,060 Commitments, guarantees and loans (3,239 ) 17,131 Securities financing transactions 5,560 2,734 Equity investments (9,870 ) (12,624 ) Other (5,386 ) 5,333 Change in Credit RWAs (13,549 ) 51,634 Market RWAs Change in: Regulatory VaR 5,980 5,980 Stressed VaR 1,067 1,067 Incremental risk 3,574 3,574 Comprehensive risk 365 567 Specific risk (6,850 ) (6,850 ) Change in Market RWAs 4,136 4,338 Change in Operational RWAs – 9,125 Ending balance $554,162 $609,750 RWAs Rollforward Commentary Three Months End ed Standardized Credit RWAs as of March 2021 increased by $25.49 billion compared with December 2020, primarily reflecting an increase in commitments, guarantees and loans (principally due to increased lending activity) and an increase in derivatives (principally due to increased exposures). Standardized Market RWAs as of March 2021 increased by $14.92 billion compared with December 2020, primarily reflecting an increase in stressed VaR (principally due to increased exposure to interest rates) and an increase in specific risk (principally due to increased exposures to securitized products). Advanced Credit RWAs as of March 2021 increased by $7.77 billion compared with December 2020, primarily reflecting an increase in other credit RWAs (principally due to increased corporate debt exposures), an increase in securities financing transactions (principally due to increased funding exposures) and an increase in commitments, guarantees and loans (principally due to increased lending activity). These increases were partially offset by a decrease in derivatives (principally due to the impact of lower levels of counterparty credit risk). Advanced Market RWAs as of March 2021 increased by billion compared with December 2020, primarily reflecting an increase in stressed VaR (principally due to increased exposure to interest rates) and an increase in specific risk (principally due to increased exposures to securitized products). Year Ended December 2020. Standardized Credit RWAs as of December 2020 decreased by $13.55 billion compared with December 2019, primarily reflecting a decrease in equity investments (principally due to the sale of certain equity positions) and a decrease in other (principally due to decreased receivables as a result of changes in risk measurements). These decreases were partially offset by an increase in securities financing transactions (principally due to increased funding exposures). Standardized Market RWAs as of December 2020 increased by $4.14 billion compared with December 2019, primarily reflecting an increase in regulatory VaR (principally due to increased market volatility) and an increase in incremental risk (principally due to increased exposures in equities held for market-making purposes). These increases were partially offset by a decrease in specific risk (principally due to changes in risk measurements on certain exposures). Advanced Credit RWAs as of December 2020 increased by $51.63 billion compared with December 2019, primarily reflecting an increase in derivatives (principally due to the impact of higher levels of volatility and counterparty credit risk) and an increase in commitments, guarantees and loans (principally due to increased lending activity). These increases were partially offset by a decrease in equity investments (principally due to the sale of certain equity positions). Advanced Market RWAs as of December 2020 increased by $4.34 billion compared with December 2019, primarily reflecting an increase in regulatory VaR (principally due to increased market volatility) and an increase in incremental risk (principally due to increased exposures in equities held for market-making purposes). These increases were partially offset by a decrease in specific risk (principally due to changes in risk measurements on certain exposures). Advanced Operational RWAs as of December 2020 increased by $9.13 billion compared with December 2019. The vast majority of this increase was associated with litigation and regulatory proceedings. Bank Subsidiaries Regulatory Capital Ratios. GS Bank USA, the firm’s primary U.S. bank subsidiary, is an FDIC-insured, New York State-chartered bank and a member of the Federal Reserve System, is supervised and regulated by the FRB, the FDIC, the New York State Department of Financial Services (NYDFS) and the Consumer Financial Protection Bureau, and is subject to regulatory capital requirements that are calculated under the Capital Framework. GS Bank USA is an Advanced approach banking organization under the Capital Framework. The Capital Framework includes the minimum risk-based capital and the capital conservation buffer requirements (consisting of a 2.5% buffer and the countercyclical capital buffer). The buffer must consist entirely of capital that qualifies as CET1 capital. In addition, the Capital Framework includes the leverage ratio requirement. GS Bank USA is required to calculate 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 under the Standardized and Advanced Capital Rules is the ratio against which GS Bank USA’s compliance with its risk-based capital requirements is assessed. In addition, under the regulatory framework for prompt corrective action applicable to GS Bank USA, in order to meet the quantitative requirements for 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 the capital requirements, including a breach of the buffers described below, could result in restrictions being imposed by the regulators. The table below presents GS Bank USA’s risk-based capital, leverage and “well-capitalized” requirements. Requirements “Well-capitalized” Requirements Risk-based capital requirements CET1 capital ratio 7.0% 6.5% Tier 1 capital ratio 8.5% 8.0% Total capital ratio 10.5% 10.0% Leverage requirements Tier 1 leverage ratio 4.0% 5.0% SLR 3.0% 6.0% In the table above: • The CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. These requirements also include the capital conservation buffer requirements consisting of a 2.5% buffer and the countercyclical capital buffer, which the FRB has set to zero percent. • The “well-capitalized” requirements are the binding requirements for leverage ratios. The table below presents information about GS Bank USA’s risk-based capital ratios. $ in millions Standardized Advanced As of March 2021 CET1 capital $ 31,137 $ 31,137 Tier 1 capital $ 31,137 $ 31,137 Tier 2 capital $ 6,134 $ 4,696 Total capital $ 37,271 $ 35,833 RWAs $287,339 $175,826 CET1 capital ratio 10.8% 17.7% Tier 1 capital ratio 10.8% 17.7% Total capital ratio 13.0% 20.4% As of December 2020 CET1 capital $ 30,656 $ 30,656 Tier 1 capital $ 30,656 $ 30,656 Tier 2 capital $ 6,288 $ 4,903 Total capital $ 36,944 $ 35,559 RWAs $266,153 $165,799 CET1 capital ratio 11.5% 18.5% Tier 1 capital ratio 11.5% 18.5% Total capital ratio 13.9% 21.4% In the table above: • The lower of the Standardized or Advanced ratio is the ratio against which GS Bank USA’s compliance with the capital requirements is assessed under the risk-based Capital Rules, and therefore, the Standardized ratios applied to GS Bank USA as of both March 2021 and December 2020. • As permitted by the FRB, GS Bank USA has elected to temporarily delay the estimated effects of adopting CECL on regulatory capital until January 2022 and to subsequently phase-in • The Standardized and Advanced risk-based capital ratios decreased from December 2020 to March 2021, reflecting an increase in both Credit and Market RWAs, partially offset by an increase in capital, principally due to net earnings. The table below presents information about GS Bank USA’s leverage ratios. For the Three Months Ended or as of $ in millions March 2021 December 2020 Tier 1 capital $ 31,137 $ 30,656 Average adjusted total assets $283,449 $283,869 Total leverage exposure $355,420 $343,198 Tier 1 leverage ratio 11.0% 10.8% SLR 8.8% 8.9% In the table above: • Average adjusted total assets represents the average daily assets for the quarter adjusted for deductions from Tier 1 capital, and the impact of CECL transition. • Total leverage exposure, excluded average holdings of U.S. Treasury securities and average deposits at the Federal Reserve as permitted by the FRB. Effective April 1, 2021, the amendment permitting this exclusion expired and, as a result, the SLR for the three months ended June 2021 will not reflect the impact of the temporary amendment to exclude the holdings of such assets. This temporary amendment had the effect of increasing GS Bank USA’s SLR by approximately 2.4 percentage points for both the three months ended March 2021 and December 2020. • 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. The deposits of GS Bank USA are insured by the FDIC to the extent provided by law. The FRB requires that GS Bank USA maintain cash reserves with the Federal Reserve. As of both March 2021 and December 2020, the reserve requirement ratio was zero percent. The amount deposited by GS Bank USA at the Federal Reserve was $95.92 billion as of March 2021 and $52.71 billion as of December 2020. 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. Also, as a result of GS Bank USA’s election to exclude holdings of U.S. Treasury securities and deposits at the Federal Reserve from its total leverage exposure, any dividend by GS Bank USA during the period from July 1, 2020 through March 31, 2021 was subject to the prior approval of the FRB. Furthermore, the amount of dividends that may be paid by GS Bank USA are In addition, subsidiaries not subject to separate regulatory capital requirements may hold capital to satisfy local tax and legal guidelines, rating agency requirements (for entities with assigned credit ratings) or internal policies, including policies concerning the minimum amount of capital a subsidiary should hold based on its underlying level of risk. Group Inc.’s equity investment in subsidiaries was $106.06 billion as of March 2021 and $103.80 billion as of December 2020, of which Group Inc. was required to maintain $68.96 billion as of March 2021 and $63.68 billion as of December 2020, 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 | 3 Months Ended |
Mar. 31, 2021 | |
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 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 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. Three Months Ended March in millions, except per share amounts 2021 2020 Net earnings to common $6,711 $1,123 Weighted average basic shares 356.6 358.0 Effect of dilutive RSUs 4.3 3.1 Weighted average diluted shares 360.9 361.1 Basic EPS $18.80 $ 3.12 Diluted EPS $18.60 $ 3.11 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 two-class • Diluted EPS does not include antidilutive RSUs of approximately 0.1 million for both the three months ended March 2021 and March 2020. |
Transactions with Affiliated Fu
Transactions with Affiliated Funds | 3 Months Ended |
Mar. 31, 2021 | |
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. Three Months Ended March $ in millions 2021 2020 Fees earned from funds $ $ 921 As of $ in millions March 2021 December 2020 Fees receivable from funds $ $ 803 Aggregate carrying value of interests in funds $5,210 $5,068 The firm may periodically determine to waive certain management fees on selected money market funds. Management fees waived were $105 million for the three months ended March 2021 and $12 million for the three months ended March 2020. 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, any such support is not expected to be material to the results of operations of the firm. In March 2020, GS Bank USA and unaffiliated entities purchased certificates of deposit and commercial paper from two money market funds managed by the firm. These funds are not covered funds under the Volcker Rule. GS Bank USA’s purchase price of these securities was $1.84 billion, of which none were outstanding as of March 2021 and $321 million were outstanding as of December 2020. These purchases were made to promote liquidity in the short-term credit markets and to increase the funds’ weekly liquid assets. Group Inc. provided a guarantee to GS Bank USA in connection with these securities. See Note 18 for information about guarantees provided by Group Inc. to subsidiaries. The firm had an outstanding guarantee, as permitted under the Volcker Rule, on behalf of its funds of $87 million as of both March 2021 and December 2020. 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. Except as noted above, the firm has not provided any additional financial support to its affiliated funds during both the three months ended March 2021 and the year ended December 2020. 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 information about the firm’s investment commitments related to these funds. |
Interest Income and Interest Ex
Interest Income and Interest Expense | 3 Months Ended |
Mar. 31, 2021 | |
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. Three Months Ended March $ in millions 2021 2020 Deposits with banks $ ) $ 205 Collateralized agreements (181 ) 534 Trading assets 1,193 1,573 Investments 507 471 Loans 1,220 1,316 Other interest 318 651 Total interest income 3,054 4,750 Deposits 343 818 Collateralized financings (17 ) 448 Trading liabilities 373 314 Short-term borrowings 158 141 Long-term borrowings 893 1,105 Other interest (178 ) 611 Total interest expense 1,572 3,437 Net interest income $1,482 $1,313 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 | 3 Months Ended |
Mar. 31, 2021 | |
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. 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. 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 March 2021 U.S. Federal 2011 New York State and City 2015 United Kingdom 2017 Japan 2015 Hong Kong 2014 The firm has been accepted into the Compliance Assurance Process program by the IRS for each of the tax years from 2013 through 2021. 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 fieldwork for tax years 2011 through 2017 has been completed and the final resolution is not expected to have a material impact on the effective tax rate. The 2018 and 2019 tax years remain subject to post-filing review. New York State and City examinations of 2015 through 2018 commenced during the first quarter of 2021. 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 | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | Note 25. Business Segments The firm reports its activities in 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 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. Three Months Ended March $ in millions 2021 2020 Investment Banking Non-interest $ 3,671 $ 2,046 Net interest income 100 138 Total net revenues 3,771 2,184 Provision for credit losses (163 ) 622 Operating expenses 1,863 1,169 Pre-tax $ 2,071 $ 393 Net earnings $ 1,698 $ Net earnings to common $ 1,679 $ Average common equity $10,564 $11,308 Return on average common equity 63.6% 12.1% Global Markets Non-interest $ 7,020 $ 4,652 Net interest income 561 511 Total net revenues 7,581 5,163 Provision for credit losses (20 ) 68 Operating expenses 4,185 2,847 Pre-tax $ 3,416 $ 2,248 Net earnings $ 2,801 $ 2,023 Net earnings to common $ 2,730 $ 1,964 Average common equity $41,044 $39,797 Return on average common equity 26.6% 19.7% Asset Management Non-interest $ 4,431 $ ) Net interest income 183 171 Total net revenues 4,614 (96 ) Provision for credit losses 53 79 Operating expenses 1,890 1,198 Pre-tax $ 2,671 $ ) Net earnings/(loss) $ 2,190 $ ) Net earnings/(loss) to common $ 2,165 $ ) Average common equity $24,604 $21,156 Return on average common equity 35.2% (23.6)% Consumer & Wealth Management Non-interest $ 1,100 $ Net interest income 638 493 Total net revenues 1,738 1,492 Provision for credit losses 60 168 Operating expenses 1,499 1,244 Pre-tax $ $ Net earnings $ $ Net earnings to common $ $ Average common equity $10,244 $ 7,002 Return on average common equity 5.3% 3.8% Total Non-interest $16,222 $ 7,430 Net interest income 1,482 1,313 Total net revenues 17,704 8,743 Provision for credit losses (70 ) 937 Operating expenses 9,437 6,458 Pre-tax $ 8,337 $ 1,348 Net earnings $ 6,836 $ 1,213 Net earnings to common $ 6,711 $ 1,123 Average common equity $86,456 $79,263 Return on average common equity 31.0% 5.7% 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. • The allocation of common equity among the firm’s segments for the first quarter of 2021 reflected updates to the firm’s attributed equity framework (effective January 1, 2021) to incorporate the impact of the SCB r average The table below presents depreciation and amortization expense by segment. Three Months Ended March $ in millions 2021 2020 Investment Banking $ 48 $ 39 Global Markets 168 133 Asset Management 190 170 Consumer & Wealth Management 92 95 Total $498 $437 Segment Assets The table below presents assets by segment. As of $ in millions March 2021 December 2020 Investment Banking $ $ Global Markets 972,275 844,606 Asset Management 89,694 95,751 Consumer & Wealth Management 108,915 106,429 Total $1,301,548 $1,163,028 The table below presents gross loans by segment and loan type, and allowance for loan losses by segment. As of $ in millions March 2021 December Investment Banking Corporate $ $ Loans, gross 26,028 27,866 Allowance for loan losses (1,118 ) (1,322 ) Loans 24,910 26,544 Global Markets Corporate 13,779 13,248 Real estate 20,423 16,915 Other 3,776 3,499 Loans, gross 37,978 33,662 Allowance for loan losses (439 ) (448 ) Loans 37,539 33,214 Asset Management Corporate 7,688 7,545 Real estate 9,049 9,125 Other 674 675 Loans, gross 17,411 17,345 Allowance for loan losses (826 ) (787 ) Loans 16,585 16,558 Consumer & Wealth Management Wealth management 35,506 33,023 Installment 3,477 3,823 Credit cards 4,376 4,270 Loans, gross 43,359 41,116 Allowance for loan losses (1,132 ) (1,317 ) Loans 42,227 39,799 Total Loans, gross 124,776 119,989 Allowance for loan losses (3,515 ) (3,874 ) Loans $ $ 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 and debt investments): location of the sales team; Equity investments: location of the investment; Lending and debt investments: location of the client. • Consumer & Wealth Management: Wealth manageme n The table below presents total net revenues and pre-tax $ in millions 2021 2020 Three Months Ended March Americas $10,825 61% $5,171 59% EMEA 4,713 27% 2,108 24% Asia 2,166 12% 1,464 17% Total net revenues $17,704 100% $8,743 100% Americas $ 5,015 60% $ 41% EMEA 2,415 29% 436 32% Asia 907 11% 361 27% Total pre-tax $ 8,337 100% $1,348 100% In the table above: • Results primarily • Asia includes Australia and New Zealand. |
Credit Concentrations
Credit Concentrations | 3 Months Ended |
Mar. 31, 2021 | |
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 the firm 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 $ in millions March 2021 December 2020 U.S. government and agency obligations $141,318 $187,009 Percentage of total assets 10.9% 16.1% Non-U.S. $ 70,636 $ 59,580 Percentage of total assets 5.4% 5.1% In addition, the firm had $152.99 billion as of March 2021 and $116.63 billion as of December 2020 of cash deposits held at central banks (included in cash and cash equivalents), of which $95.92 billion as of March 2021 and $52.71 billion as of December 2020 was held at the Federal Reserve. As of both March 2021 and December 2020, 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 $ in millions March 2021 December 2020 U.S. government and agency obligations $83,895 $60,158 Non-U.S. $84,563 $68,001 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 | 3 Months Ended |
Mar. 31, 2021 | |
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 March 2021 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 $1.0 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. 1MDB-Related Matters Between 2012 and 2013, 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 On August 18, 2020, the firm announced that it entered into a settlement agreement with the Government of Malaysia to resolve the criminal and regulatory proceedings in Malaysia involving the firm, which includes a guarantee that the Government of Malaysia receives at least $1.4 billion in assets and proceeds from assets seized by governmental authorities around the world related to 1MDB. On October 22, 2020, the firm announced that it reached settlements of governmental and regulatory investigations relating to 1MDB with the DOJ, the SEC, the FRB, the NYDFS, the FCA, the PRA, the Singapore Attorney General’s Chambers, the Singapore Commercial Affairs Department, the Monetary Authority of Singapore and the Hong Kong Securities and Futures Commission. Group Inc. entered into a three-year deferred prosecution agreement with the DOJ, in which a charge against the firm, one count of conspiracy to violate the FCPA, was filed and will later be dismissed if the firm abides by the terms of the agreement. In addition, GS Malaysia pleaded guilty to one count of conspiracy to violate the FCPA. The firm has been working to secure necessary exemptions and authorizations from regulators so that these settlements do not impact the firm’s activities or the services that it provides to clients. In October 2020, the firm submitted its application to the U.S. Department of Labor (DOL) to maintain its status as a qualified professional asset manager (QPAM) and in January 2021 the DOL published for public comment a notice of proposed exemption. The firm expects to obtain the exemption before the sentencing of GS 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. The parties have agreed to stay proceedings pending resolution of the books and records demand. 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 second amended complaint filed on November 13, 2020, 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, and seeks unspecified damages, disgorgement and injunctive relief. Defendants moved to dismiss this action on January 15, 2021. 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. In June 2019, the Board appointed a Special Committee to consider the demands and, in January 2021, the Board voted to reject them. Since that time, the firm has received two additional demands from alleged shareholders to investigate and pursue claims related to 1MDB (and, for one of the demands, other matters) against other parties, including certain current and former directors and executive officers of the firm. 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 and public statements 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. 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 named 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 monetary damages. The defendants have moved for summary judgment. On April 7, 2020, the Second Circuit Court of Appeals affirmed the district court’s August 14, 2018 grant of class certification. On March 29, 2021, the United States Supreme Court heard oral argument on defendants’ petition seeking review of the Second Circuit Court of Appeals’ April 7, 2020 decision. Complaints were filed in the U.S. District Court for the Southern District of New York on July 25, 2019 and May 29, 2020 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. The complaints 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. On November 23, 2020, the court granted in part and denied in part defendants’ motion to dismiss the complaint in the first action and denied defendants’ motion to dismiss the complaint in the second action. On January 14, 2021, amended complaints were filed in both actions. Currencies-Related Litigation 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, and Group Inc., GSI, GSIB, GS&Co., Goldman Sachs Group UK Limited and GS Bank USA are among the defendants named in an action filed in the High Court of England and Wales on November 11, 2020, in each case 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 third amended complaint in the U.S. district court action, filed on August 3, 2020, 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. The summary claim form filed in the U.K. action indicates the action is for breach of U.K. and E.U. competition rules from 2003 to 2013 and alleges manipulation of foreign exchange rates and bid/offer spreads, the exchange of commercially sensitive information among defendants and collusive trading. Banco Espirito Santo S.A. and Oak Finance Beginning in February 2015, GSI commenced actions against Novo Banco S.A. (Novo Banco) in the English Commercial Court and the Bank of Portugal (BoP) in Portuguese Administrative Court in response to BoP’s decision in December 2014 not to transfer to Novo Banco an $835 million facility agreement (the Facility), structured by GSI, between Oak Finance Luxembourg S.A. (Oak Finance), a special purpose vehicle formed in connection with the Facility, and Banco Espirito Santo S.A. (BES) prior to the failure of BES. In July 2018, the English Supreme Court found that the English courts did not have jurisdiction over GSI’s action. In July 2018, the Liquidation Committee for BES issued a decision seeking to claw back $54 million paid to GSI and $50 million paid to Oak Finance in connection with the Facility, alleging that GSI acted in bad faith in extending the Facility, including because GSI allegedly knew that BES was at risk of imminent failure. GSI has also issued a claim against the Portuguese State seeking compensation for losses related to the failure of BES, including a contingent claim for the $104 million sought by the Liquidation Committee. 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. Snap Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions pending in California Superior Court, County of Los Angeles, and the U.S. District Court for the Central District of California beginning in May 2017, relating to Snap Inc.’s $3.91 billion March 2017 initial public offering. In addition to the underwriters, the defendants include Snap Inc. and certain of its officers and directors. GS&Co. underwrote 57,040,000 shares of common stock representing an aggregate offering price of approximately $970 million. The underwriter defendants, including GS&Co., were voluntarily dismissed from the district court action on September 18, 2018. In the district court action, defendants moved for summary judgment on December 19, 2019, following the court’s November 20, 2019 order approving plaintiffs’ motion for class certification. The state court actions have been stayed. On March 9, 2021, the district court approved a settlement among the parties in the district court action, and on April 14, 2021, the state court approved a settlement among the parties in the state court action. Under the terms of the settlements, the firm will not be required to contribute to either settlement. Sea Limited. GS Asia is among the underwriters named as defendants in a putative securities class action filed on November 1, 2018 in New York Supreme Court, County of New York, relating to Sea Limited’s $989 million October 2017 initial public offering of American depositary shares. In addition to the underwriters, the defendants include Sea Limited and certain of its officers and directors. GS Asia underwrote 28,026,721 American depositary shares representing an aggregate offering price of approximately $420 million. On January 25, 2019, the plaintiffs filed an amended complaint. Defendants moved to dismiss on March 26, 2019. On April 1, 2021, the court approved a settlement agreement among the parties. Under the terms of the agreement, the firm is not required to contribute to the settlement. Altice USA, Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions pending in New York Supreme Court, County of Queens, and the U.S. District Court for the Eastern District of New York beginning in June 2018, relating to Altice USA, Inc.’s (Altice) $2.15 billion June 2017 initial public offering. In addition to the underwriters, the defendants include Altice and certain of its officers and directors. GS&Co. underwrote 12,280,042 shares of common stock representing an aggregate offering price of approximately $368 million. On June 26, 2020, the court dismissed the amended complaint in the state court action, and on September 4, 2020, plaintiffs moved for leave to file a consolidated amended complaint. Plaintiffs in the district court action filed a second amended complaint on October 7, 2020. On February 16, 2021, the parties reached a settlement in principle. Under the terms of the settlement in principle, the firm will not be required to contribute to the settlement. Alnylam Pharmaceuticals, Inc. On April 29, 2021, the Appellate Division of the Supreme Court of the State of New York for the First Department denied defendants’ appeal of the New York Supreme Court’s denial of the defendants’ motion to dismiss the amended complaint, except with respect to one of the plaintiffs’ claims against Alnylam’s officers and directors. Uber Technologies, Inc. Venator Materials PLC. XP Inc. GoHealth, Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions filed beginning on September 21, 2020 and consolidated in the U.S. District Court for the Northern District of Illinois relating to GoHealth, Inc.’s (GoHealth) $914 million July 2020 initial public offering. In addition to the underwriters, the defendants include GoHealth, certain of its officers and directors and certain of its shareholders. GS&Co. underwrote 11,540,550 shares of common stock representing an aggregate offering price of approximately $242 million. On February 25, 2021, the plaintiffs filed a consolidated complaint. On April 26, 2021, the defendants filed a motion to dismiss the consolidated complaint. Root, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on March 25, 2021 in the U.S. District Court for the Southern District of Ohio, relating to Root, Inc.’s (Root) $724 million October 2020 initial public offering of common stock. In addition to the underwriters, the defendants include Root and certain of its officers and directors. GS&Co. underwrote 9,406,891 shares of common stock representing an aggregate offering price of approximately $254 million. 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. In June 2019, the third individual action was consolidated with the second individual action. After that consolidation, the court ordered that the pending motion to dismiss in the second individual action apply to the newly consolidated matter. Defendants’ motion to dismiss the first individual action was granted on August 7, 2019. The plaintiffs in the putative class action moved for class certification on February 22, 2021. Interest Rate Swap Antitrust Litigation Group Inc., GS&Co., GSI, GS Bank USA and Goldman Sachs Financial Markets, L.P. 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. 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. On November 2, 2020, the court granted in part and denied in part the defendants’ motion to dismiss, dismissing the state common law claims against GS&Co., but denying dismissal of the federal antitrust law claims. 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. On March 29, 2020, the court granted the defendants’ motions to dismiss and for reconsideration, resulting in the dismissal of all claims. On April 27, 2020, plaintiffs appealed to the Second Circuit Court of Appeals. GS&Co., GSI, J. Aron & Company and Metro International Trade Services (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 and on August 27, 2019, the Second Circuit vacated the district court’s dismissals and remanded the case to district court for further proceedings. On July 23, 2020, the district court denied the class plaintiffs’ motion for class certification, and on December 16, 2020 the Second Circuit denied leave to appeal the denial. On February 17, 2021, the district court granted defendants’ motion for summary judgment with respect to the claims of most of the individual plaintiffs. Group Inc., GS&Co., GSI, J. Aron & Company and Metro are among the defendants in an action filed on February 27, 2020 in the High Court of Justice, Business and Property Courts of England and Wales. The particulars of claim seeks unspecified compensatory and exemplary damages based on alleged violations of U.K. and E.U. competition laws in connection with the storage and trading of aluminum. In connection with the sale of Metro, the firm agreed to provide indemnities to the buyer, including for any potential liabilities for legal or regulatory proceedings arising out of the conduct of Metro’s business while the firm owned it. 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’ motion to dismiss was granted on March 31, 2021. Corporate Bonds Antitrust Litigation Group Inc. and GS&Co. are among the dealers named as defendants in a putative class action relating to the secondary market for odd-lot odd-lots 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 March 26, 2020, the Magistrate Judge in the district court granted in part a motion to compel arbitration as to class members who are parties to certain agreements with Group Inc. and/or GS&Co. in which they agreed to arbitrate employment-related disputes. On April 16, 2020, plaintiffs submitted objections to the Magistrate Judge’s order and defendants submitted conditional objections in the event that the district judge overturns any portion of the Magistrate Judge’s order. 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 securities offering process and underwriting practices; • 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; • Consumer lending, as well as residential mortgage lending, servicing and securitization, and compliance with related consumer laws; • 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, prime brokerage activities, 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. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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. Voting interest entities are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the firm has a controlling majority voting interest in a voting interest entity, the entity is consolidated. Variable Interest Entities. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. The firm has a controlling financial interest in a VIE when the firm has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. See Note 17 for further information about VIEs. Equity-Method Investments. When the firm does not have a controlling financial interest in an entity but can exert significant influence over the entity’s operating and financial policies, the investment is generally accounted for at fair value by electing the fair value option available under U.S. GAAP. Significant influence generally exists when the firm owns 20% to 50% of the entity’s common stock or 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, discretionary compensation accruals, 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. Trading assets and liabilities and certain investments are recorded at fair value either under the fair value option or in accordance with other U.S. GAAP. In addition, the firm has elected to account for certain of its loans and other financial assets and liabilities at fair value by electing the fair value option. 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. Fair value gains or losses are generally included in market making or other principal transactions. See Note 4 for further information about fair value measurements. Revenue from Contracts with Clients. The firm recognizes revenue earned from contracts with clients for services, such as investment banking, investment management, and execution and clearing (contracts with clients), when the performance obligations related to the underlying transaction are completed. Revenues from contracts with clients represent approximately 35% of total non-interest non-interest Investment Banking Advisory. Fees from financial advisory assignments are recognized in revenues when the services related to the underlying transaction are completed under the terms of the assignment. Non-refundable Expenses associated with financial advisory assignments are recognized when incurred and are included in transaction based expenses. Client reimbursements for such expenses are included in investment banking revenues. Underwriting. Fees from underwriting assignments are recognized in revenues upon completion of the underlying transaction based on the terms of the assignment. 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 transaction based expenses for completed assignments. 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 transaction based expenses. Management Fees. Management fees for mutual funds are calculated as a percentage of daily net asset value and are received monthly. Management fees for hedge funds and separately managed accounts are calculated as a percentage of 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 transaction based expenses. Incentive Fees. Incentive fees are calculated as a percentage of a fund’s or separately managed account’s return, or excess return above a specified benchmark or other performance target. Incentive fees are generally based on investment performance over a twelve-month period or over the life of a fund. Fees that are based on performance over a twelve-month period are subject to adjustment prior to the end of the measurement period. For fees that are based on investment performance over the life of the fund, future investment underperformance may require fees previously distributed to the firm to be returned to the fund. 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 March 2021, substantially all future net revenues associated with such remaining performance obligations will be recognized through 2028. Annual revenues associated with such performance obligations average less than $250 million through 2028. |
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 $11.27 billion as of March 2021 and $11.95 billion as of December 2020. Cash and cash equivalents also included interest-bearing deposits with banks of $179.89 billion as of March 2021 and $143.89 billion as of December 2020. The firm segregates cash for regulatory and other purposes related to client activity. Cash and cash equivalents segregated for regulatory and other purposes were $25.56 billion as of March 2021 and $24.52 billion as of December 2020. 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 $102.46 billion as of March 2021 and $82.39 billion as of December 2020, and receivables from brokers, dealers and clearing organizations of $62.20 billion as of March 2021 and $38.94 billion as of December 2020. 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 any allowance for credit losses, 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 March 2021 and December 2020. 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 $2.87 billion as of March 2021 and $2.60 billion as of December 2020. As of both March 2021 and December 2020 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 $201.05 billion as of March 2021 and $183.57 billion as of December 2020, and payables to brokers, dealers and clearing organizations of $23.22 billion as of March 2021 and $7.09 billion as of December 2020. 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 March 2021 and December 2020. 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. |
Share-based Compensation, Policies | Share-Based Compensation 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 restricted stock units (RSUs) are generally 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 |
Foreign Currency Translation, Policy | Foreign Currency Translation Assets and liabilities denominated in non-U.S. non-U.S. |
Recent Accounting Developments | Recent Accounting Developments Measurement of Credit Losses on Financial Instruments (ASC 326). In June 2016, the FASB issued ASU No. 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 reflects 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, are recognized in earnings. These expected credit losses are 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 $638 million (net of tax). Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). In March 2020, the FASB issued ASU No. 2020-04, No. 2021-01 |
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. Inputs are unadjusted quoted prices in active markets to which the firm had access at the measurement date for identical, unrestricted assets or liabilities. Level 2. Inputs to valuation techniques are observable, either directly or indirectly. Level 3. One or more inputs to valuation techniques are significant and unobservable. 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. Level 1 instruments include U.S. government obligations, most non-U.S. Level 2. Level 2 instruments include certain 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. Level 3 instruments have one or more significant valuation inputs that are not observable. Absent evidence to the contrary, level 3 instruments are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequently, the firm uses other methodologies to determine fair value, which vary based on the type of instrument. Valuation inputs and assumptions are changed when corroborated by substantive observable evidence, including values realized on sales. 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 any loan forbearances and 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 non-U.S. 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 1 derivatives include short-term contracts for future delivery of securities when the underlying security is a level 1 instrument, and exchange-traded derivatives if they are actively traded and are valued at their quoted market price. Level 2. Level 2 derivatives include OTC derivatives for which all significant valuation inputs are corroborated by market evidence and exchange-traded derivatives that are not actively traded and/or that are valued using models that calibrate to market-clearing levels of OTC derivatives. 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. Level 3 derivatives are valued using models which utilize observable level 1 and/or level 2 inputs, as well as unobservable level 3 inputs. The significant unobservable inputs used to value the firm’s level 3 derivatives are described below. • 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) and specific interest rate and currency 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, and recovery rates. • 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. Valuation adjustments are integral to determining the fair value of derivative portfolios and are used to adjust the 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. The significant inputs to the valuation of resale and repurchase agreements and securities borrowed and loaned are funding spreads, the amount and timing of expected future cash flows and interest rates. Customer and Other Receivables. The significant inputs to the valuation of receivables are interest rates, the amount and timing of expected future cash flows and funding spreads. Deposits. The significant inputs to the valuation of time deposits are interest rates and the amount and timing of future cash flows. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 13 for further information about deposits. Other Secured Financings. The significant inputs to the valuation of other secured financings are the amount and timing of expected future cash flows, interest rates, funding spreads and the fair value of the collateral delivered by the firm (determined using the amount and timing of expected future cash flows, market prices, market yields and recovery assumptions). See Note 11 for further information about other secured financings. Unsecured Short- and Long-Term Borrowings. The significant inputs to the valuation of unsecured short- and long-term borrowings are the amount and timing of expected future cash flows, interest rates, the credit spreads of the firm and commodity prices for prepaid commodity transactions. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 14 for further information about borrowings. Other Liabilities. The significant inputs to the valuation of other liabilities are the amount and timing of expected future cash flows and equity volatility and correlation inputs. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives. Financial Assets and Liabilities at Fair Value The table below presents financial assets and liabilities accounted for at fair value. As of $ in millions March 2021 December 2020 Total level 1 financial assets $ 253,650 $ 263,999 Total level 2 financial assets 428,190 410,275 Total level 3 financial assets 26,893 26,305 Investments in funds at NAV 3,758 3,664 Counterparty and cash collateral netting (64,740 ) (77,170 ) Total financial assets at fair value $ 647,751 $ 627,073 Total assets $1,301,548 $1,163,028 Total level 3 financial assets divided by: Total assets 2.1% 2.3% Total financial assets at fair value 4.2% 4.2% Total level 1 financial liabilities $ 133,542 $ 85,120 Total level 2 financial liabilities 350,494 331,824 Total level 3 financial liabilities 33,192 32,930 Counterparty and cash collateral netting (53,163 ) (60,297 ) Total financial liabilities at fair value $ 464,065 $ 389,577 Total liabilities $1,203,884 $1,067,096 Total level 3 financial liabilities divided by: Total liabilities 2.8% 3.1% Total financial liabilities at fair value 7.2% 8.5% 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. The table below presents a summary of level 3 financial assets. As of $ in millions March 2021 December 2020 Trading assets: Trading cash instruments $ $ 1,237 Derivatives 5,940 5,967 Investments 17,049 16,423 Loans 2,531 2,678 Total $ $ 26,305 Level 3 financial assets as of March 2021 increased compared with December 2020, 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). |
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- and short-term borrowings and certain fixed-rate certificates of deposit, (ii) foreign exchange forward contracts used to manage the foreign exchange risk of certain available-for-sale 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- 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), Secured Overnight Financing Rate 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 these 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%. 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 resale agreements; • Certain securities borrowed and loaned transactions; • 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. 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. To determine the allowance for credit losses, the firm classifies its loans and lending commitments accounted for at amortized cost into wholesale and consumer portfolios. These portfolios represent the level at which the firm has developed and documented its methodology to determine the allowance for credit losses. The allowance for credit losses is measured on a collective basis for loans that exhibit similar risk characteristics using a modeled approach and asset-specific basis for loans that do not share similar risk characteristics. The allowance for credit losses takes into account the weighted average of a range of forecasts of future economic conditions over the expected life of the loan and lending commitments. The expected life of each loan or lending commitment is determined based on the contractual term adjusted for extension options or demand features. The forecasts include baseline, favorable and adverse economic scenarios over a three-year period. For loans with expected lives beyond three years, the model reverts to historical loss information based on a non-linear The allowance for credit losses also includes qualitative components which allow management to reflect the uncertain nature of economic forecasting, capture uncertainty regarding model inputs, and account for model imprecision and concentration risk. |
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”) 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. • 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 2.60% as of March 2021. 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 0.62% as of March 2021 and 1.27% as of December 2020. These rates include the effect of hedging activities. • Non-U.S. • Total other secured financings included $1.99 billion as of March 2021 and $2.05 billion as of December 2020 related to transfers of financial assets accounted for as financings rather than sales. Such financings were collateralized by financial assets, primarily included in trading assets, of $1.99 billion as of March 2021 and $2.26 billion as of December 2020. • Other secured financings collateralized by financial instruments included $13.68 billion as of March 2021 and $11.28 billion as of December 2020 of other secured financings collateralized by trading assets, investments and loans, and included $5.73 billion as of March 2021 and $5.63 billion as of December 2020 of other secured financings collateralized by financial instruments received as collateral and repledged. |
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. |
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. |
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 when 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. |
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. 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 March 2021 and December 2020. |
Commitments to Extend Credit, Policy | • Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $972 million (including allowance for credit losses of $721 million) as of March 2021 and $775 million (including allowance for credit losses of $557 million) as of December 2020. The estimated fair value of such lending commitments was a liability of $4.03 billion as of March 2021 and $4.05 billion as of December 2020. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $2.32 billion as of March 2021 and $2.43 billion as of December 2020 would have been classified in level 2, and $1.71 billion as of March 2021 and $1.62 billion as of December 2020 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 $72 million as of March 2021 and $68 million as of December 2020. 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 3 as of both March 2021 and December 2020. • 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 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 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 held-to-maturity 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. Equity securities, at fair value consists of the firm’s public and private equity-related investments in corporate and real estate entities. Held-to-Maturity Held-to-maturity |
Held to Maturity Securities, Policy | Held-to-maturity |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Liabilities Summary | The table below presents financial assets and liabilities accounted for at fair value. As of $ in millions March 2021 December 2020 Total level 1 financial assets $ 253,650 $ 263,999 Total level 2 financial assets 428,190 410,275 Total level 3 financial assets 26,893 26,305 Investments in funds at NAV 3,758 3,664 Counterparty and cash collateral netting (64,740 ) (77,170 ) Total financial assets at fair value $ 647,751 $ 627,073 Total assets $1,301,548 $1,163,028 Total level 3 financial assets divided by: Total assets 2.1% 2.3% Total financial assets at fair value 4.2% 4.2% Total level 1 financial liabilities $ 133,542 $ 85,120 Total level 2 financial liabilities 350,494 331,824 Total level 3 financial liabilities 33,192 32,930 Counterparty and cash collateral netting (53,163 ) (60,297 ) Total financial liabilities at fair value $ 464,065 $ 389,577 Total liabilities $1,203,884 $1,067,096 Total level 3 financial liabilities divided by: Total liabilities 2.8% 3.1% Total financial liabilities at fair value 7.2% 8.5% 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. |
Total Level 3 Financial Assets | The table below presents a summary of level 3 financial assets. As of $ in millions March 2021 December 2020 Trading assets: Trading cash instruments $ $ 1,237 Derivatives 5,940 5,967 Investments 17,049 16,423 Loans 2,531 2,678 Total $ $ 26,305 |
Trading Assets and Liabilities
Trading Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 Trading As of March 2021 Trading cash instruments $304,675 $150,585 Derivatives 69,543 50,222 Total $374,218 $200,807 As of December 2020 Trading cash instruments $324,049 $ 95,136 Derivatives 69,581 58,591 Total $393,630 $153,727 |
Gains and Losses from Market Making | The table below presents market making revenues by major product type. Three Months Ended March $ in millions 2021 2020 Interest rates $ (1,243 ) $ Credit 852 1,842 Currencies 2,850 (735 ) Equities 2,778 1,700 Commodities 656 138 Total $ 5,893 $ 3,682 |
Trading Cash Instruments (Table
Trading Cash Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 2021 Assets Government and agency obligations: U.S. $ 66,374 $ 27,233 $ – $ 93,607 Non-U.S. 53,647 14,906 19 68,572 Loans and securities backed by: Commercial real estate – 736 115 851 Residential real estate – 8,619 204 8,823 Corporate debt instruments 488 33,134 918 34,540 State and municipal obligations – 216 – 216 Other debt obligations 202 1,830 45 2,077 Equity securities 86,325 2,784 72 89,181 Commodities – 6,808 – 6,808 Total $ 207,036 $ 96,266 $1,373 $ 304,675 Liabilities Government and agency obligations: U.S. $ (20,825 ) $ ) $ – $ (20,836 ) Non-U.S. (31,972 ) (2,632 ) – (34,604 ) Loans and securities backed by: Commercial real estate – (23 ) (4 ) (27 ) Residential real estate – (45 ) – (45 ) Corporate debt instruments (67 ) (13,782 ) (71 ) (13,920 ) Other debt obligations – – (1 ) (1 ) Equity securities (80,610 ) (503 ) (30 ) (81,143 ) Commodities – (9 ) – (9 ) Total $(133,474 ) $ ) $ ) $(150,585 ) As of December 2020 Assets Government and agency obligations: U.S. $ $ 44,863 $ $ Non-U.S. 46,147 11,261 15 57,423 Loans and securities backed by: Commercial real estate – 597 203 800 Residential real estate – 6,948 131 7,079 Corporate debt instruments 915 29,639 797 31,351 State and municipal obligations – 200 – 200 Other debt obligations 338 1,055 19 1,412 Equity securities 75,300 2,505 72 77,877 Commodities – 9,374 – 9,374 Total $ $106,442 $1,237 $ Liabilities Government and agency obligations: U.S. $ ) $ (13 ) $ $ ) Non-U.S. (22,092 ) (1,792 ) – (23,884 ) Loans and securities backed by: Commercial real estate – (17 ) (1 ) (18 ) Residential real estate – (1 ) – (1 ) Corporate debt instruments (2 ) (7,970 ) (50 ) (8,022 ) State and municipal obligations – (5 ) – (5 ) Other debt obligations – – (2 ) (2 ) Equity securities (45,734 ) (550 ) (27 ) (46,311 ) Total $ ) $ (10,348 ) $ (80 ) $ ) 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. As of March 2021 As of December 2020 $ in millions Amount or Range Weighted Amount or Range Weighted Loans and securities backed by commercial real estate Level 3 assets $115 $203 Yield 2.1% to 23.5% 13.5 1.7% to 22.0% 9.0 Recovery rate 13.0% to 96.5% 62.2 5.1% to 94.9% 57.7 Duration (years) 0.9 to 4.9 2.6 1.1 to 9.1 5.0 Loans and securities backed by residential real estate Level 3 assets $204 $131 Yield 1.0% to 34.8% 6.9 0.6% to 15.7% 6.3 Cumulative loss rate 6.5% to 31.0% 16.4 3.4% to 45.6% 20.8 Duration (years) 0.4 to 23.5 5.1 0.9 to 16.1 6.5 Corporate debt instruments Level 3 assets $918 $797 Yield 0.2% to 32.3% 7.6 0.6% to 30.6% 9.5 Recovery rate 0.0% to 70.3% 55.2 0.0% to 73.6% 58.7 Duration (years) 0.2 to 14.1 3.8 0.3 to 25.5 4.0 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 March 2021 and December 2020. 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. Three Months Ended March $ in millions 2021 2020 Total trading cash instrument assets Beginning balance $1,237 $1,242 Net realized gains/(losses) 33 34 Net unrealized gains/(losses) 33 (159 ) Purchases 521 353 Sales (307 ) (268 ) Settlements (153 ) (153 ) Transfers into level 3 224 342 Transfers out of level 3 (215 ) (157 ) Ending balance $1,373 $1,234 Total trading cash instrument liabilities Beginning balance $ ) $ (273 ) Net realized gains/(losses) 1 – Net unrealized gains/(losses) (2 ) 91 Purchases 21 26 Sales (40 ) (32 ) Settlements 7 (2 ) Transfers into level 3 (19 ) (13 ) Transfers out of level 3 6 9 Ending balance $ ) $ (194 ) 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. Three Months $ in millions 2021 2020 Loans and securities backed by commercial real estate Beginning balance $ 203 $ 191 Net realized gains/(losses) 1 9 Net unrealized gains/(losses) (5 ) (22 ) Purchases 17 14 Sales (23 ) (6 ) Settlements (3 ) (50 ) Transfers into level 3 10 7 Transfers out of level 3 (85 ) (13 ) Ending balance $ 115 $ 130 Loans and securities backed by residential real estate Beginning balance $ 131 $ 231 Net realized gains/(losses) 5 1 Net unrealized gains/(losses) 3 7 Purchases 24 80 Sales (36 ) (23 ) Settlements (12 ) (13 ) Transfers into level 3 104 61 Transfers out of level 3 (15 ) (93 ) Ending balance $ 204 $ 251 Corporate debt instruments Beginning balance $ 797 $ 692 Net realized gains/(losses) 26 22 Net unrealized gains/(losses) 36 (132 ) Purchases 440 238 Sales (217 ) (214 ) Settlements (114 ) (80 ) Transfers into level 3 60 242 Transfers out of level 3 (110 ) (49 ) Ending balance $ 918 $ 719 Other Beginning balance $ 106 $ 128 Net realized gains/(losses) 1 2 Net unrealized gains/(losses) (1 ) (12 ) Purchases 40 21 Sales (31 ) (25 ) Settlements (24 ) (10 ) Transfers into level 3 50 32 Transfers out of level 3 (5 ) (2 ) Ending balance $ 136 $ 134 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 2021 As of December 2020 $ in millions Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Not accounted for as hedges Exchange-traded $ 665 $ 1,033 $ 665 $ 660 OTC-cleared 16,345 15,133 18,832 16,809 Bilateral OTC 263,495 236,837 337,998 304,370 Total interest rates 280,505 253,003 357,495 321,839 OTC-cleared 4,855 5,415 4,137 4,517 Bilateral OTC 12,928 11,567 12,418 11,551 Total credit 17,783 16,982 16,555 16,068 Exchange-traded 679 12 133 22 OTC-cleared 372 431 401 631 Bilateral OTC 99,120 93,137 101,830 102,676 Total currencies 100,171 93,580 102,364 103,329 Exchange-traded 5,670 5,586 4,476 4,177 OTC-cleared 255 227 195 187 Bilateral OTC 10,663 13,244 9,320 13,691 Total commodities 16,588 19,057 13,991 18,055 Exchange-traded 33,762 33,855 29,006 31,944 OTC-cleared 13 13 – – Bilateral OTC 44,635 47,083 47,867 49,072 Total equities 78,410 80,951 76,873 81,016 Subtotal 493,457 463,573 567,278 540,307 Accounted for as hedges OTC-cleared 3 – 1 – Bilateral OTC 1,081 – 1,346 – Total interest rates 1,084 – 1,347 – OTC-cleared 58 48 – 87 Bilateral OTC 152 232 4 372 Total currencies 210 280 4 459 Subtotal 1,294 280 1,351 459 Total gross fair value $ 494,751 $ 463,853 $ 568,629 $ 540,766 Offset in the consolidated balance sheets Exchange-traded $ (34,961 ) $ (34,961 ) $ (29,549 ) $ (29,549 ) OTC-cleared (20,016 ) (20,016 ) (21,315 ) (21,315 ) Bilateral OTC (306,582 ) (306,582 ) (372,142 ) (372,142 ) Counterparty netting (361,559 ) (361,559 ) (423,006 ) (423,006 ) OTC-cleared (1,553 ) (584 ) (1,926 ) (720 ) Bilateral OTC (62,096 ) (51,488 ) (74,116 ) (58,449 ) Cash collateral netting (63,649 ) (52,072 ) (76,042 ) (59,169 ) Total amounts offset $(425,208 ) $(413,631 ) $(499,048 ) $(482,175 ) Included in the consolidated balance sheets Exchange-traded $ 5,815 $ 5,525 $ 4,731 $ 7,254 OTC-cleared 332 667 325 196 Bilateral OTC 63,396 44,030 64,525 51,141 Total $ 69,543 $ 50,222 $ 69,581 $ 58,591 Not offset in the consolidated balance sheets Cash collateral $ (852 ) $ (1,842 ) $ (979 ) $ (2,427 ) Securities collateral (16,066 ) (6,571 ) (17,297 ) (9,943 ) Total $ 52,625 $ 41,809 $ 51,305 $ 46,221 Notional Amounts as of $ in millions March 2021 December 2020 Not accounted for as hedges Exchange-traded $ 3,961,941 $ 3,722,558 OTC-cleared 17,579,552 13,789,571 Bilateral OTC 11,834,200 11,076,460 Total interest rates 33,375,693 28,588,589 OTC-cleared 633,145 515,197 Bilateral OTC 604,166 558,813 Total credit 1,237,311 1,074,010 Exchange-traded 9,573 7,413 OTC-cleared 185,729 157,687 Bilateral OTC 6,759,515 6,041,663 Total currencies 6,954,817 6,206,763 Exchange-traded 286,649 242,193 OTC-cleared 3,857 2,315 Bilateral OTC 221,664 206,253 Total commodities 512,170 450,761 Exchange-traded 1,069,830 948,937 OTC-cleared 447 – Bilateral OTC 1,228,482 1,126,572 Total equities 2,298,759 2,075,509 Subtotal 44,378,750 38,395,632 Accounted for as hedges OTC-cleared 190,514 182,311 Bilateral OTC 6,463 6,641 Total interest rates 196,977 188,952 OTC-cleared 3,607 1,767 Bilateral OTC 15,178 14,055 Total currencies 18,785 15,822 Subtotal 215,762 204,774 Total notional amounts $44,594,512 $38,600,406 In the tables above: • Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure. • 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 $22.13 billion as of March 2021 and $20.60 billion as of December 2020, and derivative liabilities of $19.56 billion as of March 2021 and $22.98 billion as of December 2020, 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 March 2021 Assets Interest rates $ 7 $ 280,374 $ 1,208 $ 281,589 Credit – 14,549 3,234 17,783 Currencies – 100,200 181 100,381 Commodities – 15,917 671 16,588 Equities 24 76,742 1,644 78,410 Gross fair value 31 487,782 6,938 494,751 Counterparty netting in levels – (359,470 ) (998 ) (360,468 ) Subtotal $ 31 $ 128,312 $ 5,940 $ 134,283 Cross-level counterparty netting (1,091 ) Cash collateral netting (63,649 ) Net fair value $ 69,543 Liabilities Interest rates $ (29 ) $(252,085 ) $ (889 ) $(253,003 ) Credit – (15,623 ) (1,359 ) (16,982 ) Currencies – (93,390 ) (470 ) (93,860 ) Commodities – (18,598 ) (459 ) (19,057 ) Equities (39 ) (77,796 ) (3,116 ) (80,951 ) Gross fair value (68 ) (457,492 ) (6,293 ) (463,853 ) Counterparty netting in levels – 359,470 998 360,468 Subtotal $ (68 ) $ (98,022 ) $(5,295 ) $(103,385 ) Cross-level counterparty netting 1,091 Cash collateral netting 52,072 Net fair value $ (50,222 ) As of December 2020 Assets Interest rates $ 297 $ $ $ Credit – 13,104 3,451 16,555 Currencies – 102,221 147 102,368 Commodities – 13,285 706 13,991 Equities 75 75,054 1,744 76,873 Gross fair value 372 561,232 7,025 568,629 Counterparty netting in levels (135 ) (420,685 ) (1,058 ) (421,878 ) Subtotal $ 237 $ $ $ Cross-level counterparty netting (1,128 ) Cash collateral netting (76,042 ) Net fair value $ Liabilities Interest rates $(229 ) $ ) $ ) $ ) Credit – (14,395 ) (1,673 ) (16,068 ) Currencies – (103,303 ) (485 ) (103,788 ) Commodities – (17,649 ) (406 ) (18,055 ) Equities (318 ) (78,122 ) (2,576 ) (81,016 ) Gross fair value (547 ) (534,369 ) (5,850 ) (540,766 ) Counterparty netting in levels 135 420,685 1,058 421,878 Subtotal $(412 ) $ ) $ ) $ ) Cross-level counterparty netting 1,128 Cash collateral netting 59,169 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. As of March 2021 As of December 2020 $ in millions, except inputs Amount or Range Average/ Median Amount or Range Average/ Median Interest rates, net $ $267 Correlation (42)% to 81% 48%/60% (8)% to 81% 56%/60% Volatility (bps) 31 to 150 65/53 31 to 150 65/53 Credit, net $1,875 $1,778 Credit spreads (bps) 2 to 598 108/84 2 to 699 109/74 Upfront credit points 3 to 100 46/31 7 to 90 40/30 Recovery rates 20% to 90% 45%/40% 25% to 90% 46%/40% Currencies, net $(289) $(338) Correlation 20% to 70% 39%/41% 20% to 70% 39%/41% Volatility 19% to 20% 20%/20% 18% to 18% 18%/18% Commodities, net $212 $300 Volatility 14% to 77% 29%/27% 15% to 87% 32%/30% Natural gas spread $(1.22) to $2.27 $(0.11)/ $(0.07) $(1.00) to $(0.13)/ $(0.09) Oil spread $10.20 to $20.65 $14.87/ $14.16 $8.30 to $9.73/ $9.55 Electricity price $9.81 to $72.05 $29.59/ $29.25 N/A N/A Equities, net $(1,472) $(832) Correlation (70)% to 100% 50%/51% (70)% to 100% 52%/55% Volatility 3% to 190% 12%/7% 3% to 129% 14%/7% |
Fair Value of Derivatives, Level 3 Rollforward | The table below presents a summary of the changes in fair value for level 3 derivatives. Three Months Ended March $ in millions 2021 2020 Total level 3 derivatives, net Beginning balance $1,175 $ 25 Net realized gains/(losses) (98 ) 137 Net unrealized gains/(losses) 40 2,305 Purchases 192 223 Sales (908 ) (413 ) Settlements 207 41 Transfers into level 3 (69 ) (801 ) Transfers out of level 3 106 143 Ending balance $ $1,660 The table below presents information, by product type, for derivatives included in the summary table above. Three Months Ended March $ in millions 2021 2020 Interest rates, net Beginning balance $ $ 89 Net realized gains/(losses) 7 7 Net unrealized gains/(losses) 111 132 Purchases 4 1 Sales (23 ) (13 ) Settlements 2 37 Transfers into level 3 (4 ) 11 Transfers out of level 3 (45 ) 2 Ending balance $ $ 266 Credit, net Beginning balance $ 1,778 $ 1,877 Net realized gains/(losses) (19 ) (20 ) Net unrealized gains/(losses) 105 652 Purchases 42 53 Sales (13 ) (27 ) Settlements (43 ) (55 ) Transfers into level 3 (17 ) 11 Transfers out of level 3 42 27 Ending balance $ 1,875 $ 2,518 Currencies, net Beginning balance $ ) $ (211 ) Net realized gains/(losses) (1 ) (6 ) Net unrealized gains/(losses) (24 ) 185 Purchases 7 – Sales (12 ) (11 ) Settlements 63 111 Transfers into level 3 – (4 ) Transfers out of level 3 16 (3 ) Ending balance $ ) $ 61 Commodities, net Beginning balance $ $ 247 Net realized gains/(losses) (55 ) 17 Net unrealized gains/(losses) 7 197 Purchases 20 22 Sales (17 ) (69 ) Settlements (27 ) (7 ) Transfers into level 3 – (11 ) Transfers out of level 3 (16 ) (8 ) Ending balance $ $ 388 Equities, net Beginning balance $ ) $(1,977 ) Net realized gains/(losses) (30 ) 139 Net unrealized gains/(losses) (159 ) 1,139 Purchases 119 147 Sales (843 ) (293 ) Settlements 212 (45 ) Transfers into level 3 (48 ) (808 ) Transfers out of level 3 109 125 Ending balance $(1,472 ) $(1,573 ) |
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 March 2021 Assets Interest rates $ 8,236 $15,696 $60,957 $ 84,889 Credit 1,662 2,177 3,638 7,477 Currencies 16,979 7,745 8,004 32,728 Commodities 4,488 1,904 403 6,795 Equities 8,813 12,612 1,849 23,274 Counterparty netting in tenors (3,944 ) (3,568 ) (3,052 ) (10,564 ) Subtotal $36,234 $36,566 $71,799 $144,599 Cross-tenor counterparty netting (17,222 ) Cash collateral netting (63,649 ) Total OTC derivative assets $ 63,728 Liabilities Interest rates $ 7,920 $11,835 $36,179 $ 55,934 Credit 1,538 2,982 2,156 6,676 Currencies 16,009 5,941 4,924 26,874 Commodities 4,249 1,610 3,489 9,348 Equities 8,004 13,929 3,790 25,723 Counterparty netting in tenors (3,944 ) (3,568 ) (3,052 ) (10,564 ) Subtotal $33,776 $32,729 $47,486 $113,991 Cross-tenor counterparty netting (17,222 ) Cash collateral netting (52,072 ) Total OTC derivative liabilities $ 44,697 As of December 2020 Assets Interest rates $ 8,913 $20,145 $74,893 $103,951 Credit 822 3,270 3,302 7,394 Currencies 13,887 7,400 9,303 30,590 Commodities 2,998 1,466 488 4,952 Equities 12,182 12,590 1,807 26,579 Counterparty netting in tenors (3,963 ) (4,458 ) (3,182 ) (11,603 ) Subtotal $34,839 $40,413 $86,611 $161,863 Cross-tenor counterparty netting (20,971 ) Cash collateral netting (76,042 ) Total OTC derivative assets $ 64,850 Liabilities Interest rates $ 5,687 $11,967 $49,301 $ 66,955 Credit 1,268 3,462 2,177 6,907 Currencies 18,770 7,575 5,775 32,120 Commodities 3,455 1,545 4,315 9,315 Equities 9,702 14,095 3,986 27,783 Counterparty netting in tenors (3,963 ) (4,458 ) (3,182 ) (11,603 ) Subtotal $34,919 $34,186 $62,372 $131,477 Cross-tenor counterparty netting (20,971 ) Cash collateral netting (59,169 ) Total OTC derivative liabilities $ 51,337 |
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 March 2021 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $104,938 $ 8,890 $ $ 3,882 $118,497 1 – 5 years 347,792 24,907 7,115 3,173 382,987 Greater than 5 years 84,316 9,089 3,511 420 97,336 Total $537,046 $42,886 $11,413 $ 7,475 $598,820 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $463,033 $35,683 $ 7,893 $ 6,966 $513,575 Other $110,732 $ 9,417 $ 4,040 $ $124,927 Fair Value of Written Credit Derivatives Asset $ 11,208 $ $ $ $ 12,518 Liability 762 1,029 856 1,932 4,579 Net asset/(liability) $ 10,446 $ ) $ ) $(1,872 ) $ 7,939 As of December 2020 Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor Less than 1 year $ 96,049 $ 5,826 $ $ $104,728 1 – 5 years 331,145 17,913 8,801 4,932 362,791 Greater than 5 years 44,132 3,839 272 88 48,331 Total $471,326 $27,578 $ 9,523 $ $515,850 Maximum Payout/Notional Amount of Purchased Credit Derivatives Offsetting $407,315 $19,822 $ 8,679 $ $442,907 Other $103,604 $ 7,272 $ 3,619 $ $115,271 Fair Value of Written Credit Derivatives Asset $ 10,302 $ 638 $ 256 $ $ 11,314 Liability 1,112 1,119 387 2,001 4,619 Net asset/(liability) $ 9,190 $ (481 ) $ (131 ) $ ) $ 6,695 |
Summary of information about CVA and FVA | The table below presents information about CVA and FVA. Three Months Ended March $ in millions 2021 2020 CVA, net of hedges $ ) $ 271 FVA, net of hedges 12 (759 ) Total $ ) $ (488 ) |
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 $ in millions March December Fair value of assets $ 1,117 $ 1,450 Fair value of liabilities (1,295 ) (1,220 ) Net asset/(liability) $ ) $ 230 Notional amount $12,097 $12,548 |
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 $ in millions March December Net derivative liabilities under bilateral agreements $35,227 $43,368 Collateral posted $29,177 $35,296 Additional collateral or termination payments: One-notch $ $ 481 Two-notch $ $ 1,388 |
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. Three Months Ended March $ in millions 2021 2020 Interest rate hedges $(5,405 ) $ 6,586 Hedged borrowings and deposits $ 5,185 $(6,679 ) Interest expense $ 1,572 $ 3,437 |
Summary of Carrying Amount of Hedged Items | The table below presents the carrying value of deposits and unsecured borrowings that are 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 Cumulative As of March 2021 Deposits $ 16,036 $ 510 Unsecured short-term borrowings $ 3,099 $ 33 Unsecured long-term borrowings $120,451 $ 6,610 As of December 2020 Deposits $ 17,303 $ 649 Unsecured short-term borrowings $ 5,976 $ 53 Unsecured long-term borrowings $115,242 $11,624 The table below presents the gains/(losses) from net investment hedging. Three Months $ in millions 2021 2020 Hedges: Foreign currency forward contract $460 $756 Foreign currency-denominated debt $265 $ ) |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value of Investments by Accounting Type | The table below presents information about investments. As of $ in millions March December Equity securities, at fair value $19,442 $19,781 Debt instruments, at fair value 17,743 16,981 Available-for-sale 45,179 46,016 Investments, at fair value 82,364 82,778 Held-to-maturity 5,265 5,301 Equity method investments 387 366 Total investments $88,016 $88,445 |
Disclosure Of Equity Securities At Fair Value | The table below presents information about equity securities, at fair value. As of $ in millions March December Equity securities, at fair value $19,442 $19,781 Equity Type Public equity 13% 15% Private equity 87% 85% Total 100% 100% Asset Class Corporate 82% 83% Real estate 18% 17% Total 100% 100% |
Disclosure Of Debt Securities At Fair Value | The table below presents information about debt instruments, at fair value. As of $ in millions March December Corporate debt securities $12,038 $10,991 Securities backed by real estate 1,871 1,940 Money market instruments 1,840 2,185 Other 1,994 1,865 Total $17,743 $16,981 |
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 Unfunded As of March 2021 Private equity funds $1,995 $ Credit funds 1,420 787 Hedge funds 100 – Real estate funds 243 214 Total $3,758 $1,554 As of December 2020 Private equity funds $2,042 $ 557 Credit funds 1,312 680 Hedge funds 102 – Real estate funds 208 213 Total $3,664 $1,450 |
Summary of Securities Accounted for Available-for-Sale | The table below presents information about available-for-sale $ in millions Amortized Fair Weighted As of March 2021 Less than 1 year $ 25 $ 25 0.08% 1 year to 5 years 35,827 35,740 0.49% 5 years to 10 years 7,442 7,401 1.21% Total U.S. government obligations 43,294 43,166 0.62% 5 years to 10 years 1,754 1,693 0.10% Greater than 10 years 357 320 0.74% Total non-U.S. government obligations 2,111 2,013 0.20% Total available-for-sale $45,405 $45,179 0.60% As of December 2020 Less than 1 year $ 25 $ 25 0.08% 1 year to 5 years 35,831 36,158 0.70% 5 years to 10 years 7,454 7,732 1.19% Total U.S. government obligations 43,310 43,915 0.78% 5 years to 10 years 1,739 1,744 0.10% Greater than 10 years 353 357 0.74% Total non-U.S. 2,092 2,101 0.21% Total available-for-sale $45,402 $46,016 0.76% In the table above: • Available-for-sale • The firm sold available-for-sale • The gross unrealized gains included in accumulated other comprehensive income/(loss) were $262 million and the gross unrealized losses included in accumulated other comprehensive income/(loss) were $488 million as of March 2021. The gross unrealized gains included in accumulated other comprehensive income/(loss) were $631 million and the gross unrealized losses included in accumulated other comprehensive income/(loss) were not material as of December 2020. • Available-for-sale |
Debt Securities, Held-to-maturity | The table below presents information about held-to-maturity $ in millions Amortized Fair Weighted As of March 2021 Less than 1 year $ $ 2.53% 1 year to 5 years 4,041 4,280 2.30% Total U.S. government obligations 4,545 4,793 2.33% 5 years to 10 years 4 3 2.59% Greater than 10 years 716 738 1.09% Total securities backed by real estate 720 741 1.10% Total held-to-maturity $5,265 $5,534 2.16% As of December 2020 Less than 1 year $ 501 $ 513 2.53% 1 year to 5 years 2,529 2,695 2.34% 5 years to 10 years 1,531 1,675 2.25% Total U.S. government obligations 4,561 4,883 2.33% 5 years to 10 years 4 3 2.56% Greater than 10 years 736 751 1.08% Total securities backed by real estate 740 754 1.08% Total held-to-maturity $5,301 $5,637 2.15% |
Fair Value, Investments, Measurement Inputs, Disclosure | The table below presents a summary of level 3 financial assets. As of $ in millions March 2021 December 2020 Trading assets: Trading cash instruments $ $ 1,237 Derivatives 5,940 5,967 Investments 17,049 16,423 Loans 2,531 2,678 Total $ $ 26,305 |
Investments, Level 3 Rollforward | The table below presents a summary of the changes in fair value for level 3 loans. Three Months Ended March $ in millions 2021 2020 Beginning balance $2,678 $1,890 Net realized gains/(losses) 26 27 Net unrealized gains/(losses) (11 ) (54 ) Purchases 31 473 Sales – (12 ) Settlements (164 ) (221 ) Transfers into level 3 84 653 Transfers out of level 3 (113 ) (3 ) Ending balance $2,531 $2,753 The table below presents information, by loan type, for loans included in the summary table above. Three Months Ended March $ in millions 2021 2020 Corporate Beginning balance $ 929 $ 752 Net realized gains/(losses) 6 10 Net unrealized gains/(losses) 6 (11 ) Purchases 22 156 Sales – (7 ) Settlements (33 ) (40 ) Transfers into level 3 84 187 Transfers out of level 3 (38 ) (3 ) Ending balance $ 976 $1,044 Commercial real estate Beginning balance $1,104 $ 591 Net realized gains/(losses) 7 17 Net unrealized gains/(losses) (14 ) 7 Purchases 8 236 Sales – (5 ) Settlements (73 ) (115 ) Transfers into level 3 – 332 Transfers out of level 3 (4 ) – Ending balance $1,028 $1,063 Residential real estate Beginning balance $ 260 $ 221 Net realized gains/(losses) 3 – Net unrealized gains/(losses) (1 ) (17 ) Purchases – 42 Settlements (15 ) (27 ) Transfers into level 3 – 41 Transfers out of level 3 (71 ) – Ending balance $ 176 $ 260 Wealth management and other Beginning balance $ 385 $ 326 Net realized gains/(losses) 10 – Net unrealized gains/(losses) (2 ) (33 ) Purchases 1 39 Settlements (43 ) (39 ) Transfers into level 3 – 93 Ending balance $ 351 $ 386 |
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 March 2021 Government and agency obligations: U.S. $43,166 $ – $ – $43,166 Non-U.S. 2,015 49 – 2,064 Corporate debt securities 61 6,663 5,314 12,038 Securities backed by real estate – 832 1,039 1,871 Money market instruments 787 1,053 – 1,840 Other debt obligations – – 523 523 Equity securities 554 6,377 10,173 17,104 Subtotal $46,583 $14,974 $17,049 $78,606 Investments in funds at NAV 3,758 Total investments $82,364 As of December 2020 Government and agency obligations: U.S. $43,915 $ $ $43,915 Non-U.S. 2,109 48 – 2,157 Corporate debt securities 70 5,635 5,286 10,991 Securities backed by real estate – 942 998 1,940 Money market instruments 781 1,404 – 2,185 Other debt obligations – – 497 497 Equity securities 517 7,270 9,642 17,429 Subtotal $47,392 $15,299 $16,423 $79,114 Investments in funds at NAV 3,664 Total investments $82,778 |
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. As of March 2021 As of December 2020 $ in millions Amount or Range Weighted Amount or Range Weighted Corporate debt securities Level 3 assets $5,314 $5,286 Yield 7.0% to 22.0% 9.5% 4.5% to 19.5% 10.2% Recovery rate 9.0% to 70.0% 52.3% 10.0% to 70.0% 50.7% Duration (years) 2.4 to 7.5 4.4 3.0 to 7.7 4.2 Multiples 0.5x to 22.4x 7.6x 0.6x to 29.3x 6.9x Securities backed by real estate Level 3 assets $1,039 $998 Yield 8.3% to 20.3% 14.0% 8.2% to 52.4% 17.5% Recovery rate 19.4% to 57.8% 32.8% 21.6% to 57.8% 33.7% Duration (years) 0.6 to 3.0 1.5 0.4 to 3.6 2.7 Other debt obligations Level 3 assets $523 $497 Yield 2.2% to 9.7% 4.0% 1.7% to 6.2% 3.5% Duration (years) 1.6 to 9.8 6.0 0.2 to 10.3 6.4 Equity securities Level 3 assets $10,173 $9,642 Multiples 0.5x to 36.6x 11.9x 0.6x to 27.9x 9.0x Discount rate/yield 4.8% to 45.0% 14.1% 4.0% to 38.5% 13.5% Capitalization rate 3.8% to 13.9% 6.2% 3.7% to 14.1% 6.3% 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 March 2021 and December 2020. 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. |
Investments, Level 3 Rollforward | The table below presents a summary of the changes in fair value for level 3 investments. Three Months Ended March $ in millions 2021 2020 Beginning balance $16,423 $15,282 Net realized gains/(losses) 205 75 Net unrealized gains/(losses) 1,191 (1,284 ) Purchases 397 348 Sales (92 ) (197 ) Settlements (812 ) (325 ) Transfers into level 3 901 6,480 Transfers out of level 3 (1,164 ) (971 ) Ending balance $17,049 $19,408 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 investments 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. Three Months Ended March $ in millions 2021 2020 Corporate debt securities Beginning balance $ 5,286 $ 3,465 Net realized gains/(losses) 151 50 Net unrealized gains/(losses) 266 (465 ) Purchases 159 69 Sales (73 ) (174 ) Settlements (435 ) (166 ) Transfers into level 3 519 4,394 Transfers out of level 3 (559 ) (24 ) Ending balance $ 5,314 $ 7,149 Securities backed by real estate Beginning balance $ $ 595 Net realized gains/(losses) 17 6 Net unrealized gains/(losses) (4 ) (72 ) Purchases 48 52 Settlements (107 ) (12 ) Transfers into level 3 87 206 Ending balance $ 1,039 $ 775 Other debt obligations Beginning balance $ $ 319 Net realized gains/(losses) 3 2 Net unrealized gains/(losses) (1 ) 19 Purchases 30 – Sales (3 ) – Settlements (3 ) (2 ) Transfers into level 3 – 90 Ending balance $ $ 428 Equity securities Beginning balance $ 9,642 $10,903 Net realized gains/(losses) 34 17 Net unrealized gains/(losses) 930 (766 ) Purchases 160 227 Sales (16 ) (23 ) Settlements (267 ) (145 ) Transfers into level 3 295 1,790 Transfers out of level 3 (605 ) (947 ) Ending balance $10,173 $11,056 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Summary of Loans | The table below presents information about loans. $ in millions Amortized Fair Held For Total As of March 2021 Loan Type Corporate $ 43,483 $ 3,025 $ $ 47,495 Wealth management 27,804 7,702 – 35,506 Commercial real estate 17,016 1,799 1,847 20,662 Residential real estate 8,337 455 18 8,810 Consumer: Installment 3,477 – – 3,477 Credit cards 4,376 – – 4,376 Other 3,622 501 327 4,450 Total loans, gross 108,115 13,482 3,179 124,776 Allowance for loan losses (3,515 ) – – (3,515 ) Total loans $104,600 $13,482 $3,179 $121,261 As of December 2020 Loan Type Corporate $ 44,778 $ 2,751 $1,130 $ 48,659 Wealth management 25,151 7,872 – 33,023 Commercial real estate 17,096 1,961 1,233 20,290 Residential real estate 5,236 494 20 5,750 Consumer: Installment 3,823 – – 3,823 Credit cards 4,270 – – 4,270 Other 3,211 547 416 4,174 Total loans, gross 103,565 13,625 2,799 119,989 Allowance for loan losses (3,874 ) – – (3,874 ) Total loans $ 99,691 $13,625 $2,799 $116,115 |
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- Non-Investment- Other Metrics/ Total As of March 2021 Accounting Method Amortized cost $36,914 $59,595 $11,606 $108,115 Fair value 2,392 5,802 5,288 13,482 Held for sale 322 2,496 361 3,179 Total $39,628 $67,893 $17,255 $124,776 Loan Type Corporate $10,210 $36,920 $ $ 47,495 Wealth management 24,829 4,995 5,682 35,506 Real estate: Commercial 1,894 17,925 843 20,662 Residential 539 7,092 1,179 8,810 Consumer: Installment – – 3,477 3,477 Credit cards – – 4,376 4,376 Other 2,156 961 1,333 4,450 Total $39,628 $67,893 $17,255 $124,776 Secured 84% 92% 45% 83% Unsecured 16% 8% 55% 17% Total 100% 100% 100% 100% As of December 2020 Accounting Method Amortized cost $33,532 $58,250 $11,783 $103,565 Fair value 2,084 5,925 5,616 13,625 Held for sale 224 2,152 423 2,799 Total $35,840 $66,327 $17,822 $119,989 Loan Type Corporate $ 9,478 $38,704 $ 477 $ 48,659 Wealth management 22,098 5,331 5,594 33,023 Real estate: Commercial 1,792 17,480 1,018 20,290 Residential 636 3,852 1,262 5,750 Consumer: Installment – – 3,823 3,823 Credit cards – – 4,270 4,270 Other 1,836 960 1,378 4,174 Total $35,840 $66,327 $17,822 $119,989 Secured 83% 90% 46% 82% Unsecured 17% 10% 54% 18% Total 100% 100% 100% 100% |
Schedule of Credit Quality Indicators for Term Loans by Origination Year | The tables below present gross loans accounted for at amortized cost (excluding installment and credit card loans) by an internally determined public rating agency equivalent or other credit metrics and origination year for term loans. As of March 2021 $ in millions Investment- Non-Investment- Other Unrated Total 2021 $ 512 $ 1,772 $ – $ 2,284 2020 1,878 6,685 – 8,563 2019 1,360 5,660 – 7,020 2018 1,884 3,237 – 5,121 2017 701 2,764 – 3,465 2016 or earlier 419 2,905 – 3,324 Revolving 2,876 10,685 145 13,706 Corporate 9,630 33,708 145 43,483 2021 189 40 101 330 2020 519 222 – 741 2019 719 431 – 1,150 2018 323 90 – 413 2017 374 31 – 405 2016 or earlier 549 303 – 852 Revolving 20,618 1,780 1,515 23,913 Wealth management 23,291 2,897 1,616 27,804 2021 191 1,411 1 1,603 2020 749 3,051 17 3,817 2019 76 1,911 – 1,987 2018 132 1,950 8 2,090 2017 26 1,595 11 1,632 2016 or earlier – 897 493 1,390 Revolving 193 4,304 – 4,497 Commercial real estate 1,367 15,119 530 17,016 2021 – 207 32 239 2020 384 869 124 1,377 2019 – 45 235 280 2018 – 106 205 311 2017 8 53 144 205 2016 or earlier – 1 66 67 Revolving 147 5,709 2 5,858 Residential real estate 539 6,990 808 8,337 2021 – 33 61 94 2020 – 75 444 519 2019 – 34 26 60 2018 – 198 31 229 2017 – 7 – 7 Revolving 2,087 534 92 2,713 Other 2,087 881 654 3,622 Total $36,914 $59,595 $3,753 $100,262 Percentage of total 37% 59% 4% 100% As of December 2020 $ in millions Investment- Non-Investment- Other Total 2020 $ 1,978 $ 7,545 $ 140 $ 9,663 2019 889 6,106 – 6,995 2018 2,076 3,555 – 5,631 2017 851 3,083 – 3,934 2016 268 1,262 – 1,530 2015 or earlier 351 2,073 – 2,424 Revolving 2,662 11,891 48 14,601 Corporate 9,075 35,515 188 44,778 2020 497 313 – 810 2019 723 403 – 1,126 2018 298 87 – 385 2017 377 30 – 407 2016 22 20 – 42 2015 or earlier 531 264 – 795 Revolving 18,077 2,085 1,424 21,586 Wealth management 20,525 3,202 1,424 25,151 2020 848 3,071 55 3,974 2019 76 1,965 – 2,041 2018 137 2,164 25 2,326 2017 26 1,734 12 1,772 2016 – 165 9 174 2015 or earlier – 775 526 1,301 Revolving 461 5,047 – 5,508 Commercial real estate 1,548 14,921 627 17,096 2020 402 976 115 1,493 2019 – 90 271 361 2018 – 123 249 372 2017 9 83 152 244 2016 – 1 – 1 2015 or earlier – – 70 70 Revolving 225 2,470 – 2,695 Residential real estate 636 3,743 857 5,236 2020 242 84 466 792 2019 – 67 29 96 2018 – 46 – 46 2017 – 8 – 8 Revolving 1,506 664 99 2,269 Other 1,748 869 594 3,211 Total $33,532 $58,250 $3,690 $95,472 Percentage of total 35% 61% 4% 100% |
Summary of Consumer Loans by Refreshed FICO Credit Score | The table below presents gross installment loans by refreshed FICO credit scores and origination year and gross credit card loans by refreshed FICO credit scores. $ in millions Greater than or Less than 660 Total As of March 2021 2021 $ 310 $ 1 $ 311 2020 1,153 43 1,196 2019 1,016 112 1,128 2018 611 112 723 2017 93 21 114 2016 4 1 5 Installment 3,187 290 3,477 Credit cards 3,397 979 4,376 Total $6,584 $1,269 $7,853 Percentage of total: Installment 92% 8% 100% Credit cards 78% 22% 100% Total 84% 16% 100% As of 2020 $1,321 $ 38 $1,359 2019 1,225 132 1,357 2018 792 150 942 2017 128 30 158 2016 6 1 7 Installment 3,472 351 3,823 Credit cards 3,398 872 4,270 Total $6,870 $1,223 $8,093 Percentage of total: Installment 91% 9% 100% Credit cards 80% 20% 100% Total 85% 15% 100% |
Summary of detailed information about concentration of our loans by region of borrowers | Credit Concentrations. The table below presents the concentration of gross loans by region. $ in millions Carrying Americas EMEA Asia Total As of March 2021 Corporate $ 47,495 57% 33% 10% 100% Wealth management 35,506 88% 9% 3% 100% Commercial real estate 20,662 72% 20% 8% 100% Residential real estate 8,810 93% 5% 2% 100% Consumer: Installment 3,477 100% – – 100% Credit cards 4,376 100% – – 100% Other 4,450 83% 16% 1% 100% Total $124,776 75% 19% 6% 100% As of December 2020 Corporate $ 48,659 60% 31% 9% 100% Wealth management 33,023 88% 10% 2% 100% Commercial real estate 20,290 71% 19% 10% 100% Residential real estate 5,750 88% 9% 3% 100% Consumer: Installment 3,823 100% – – 100% Credit cards 4,270 100% – – 100% Other 4,174 81% 17% 2% 100% Total $119,989 75% 19% 6% 100% |
Summary of Past Due Loans | The table below presents information about past due loans. $ in millions 30-89 days 90 days Total As of March 2021 Corporate $ $ 80 $ 80 Wealth management 5 34 39 Commercial real estate 61 178 239 Residential real estate 4 20 24 Consumer: Installment 30 13 43 Credit cards 36 43 79 Other 21 4 25 Total $157 $372 $529 Total divided by gross loans at amortized cost 0.5% As of December 2020 Corporate $ $294 $294 Wealth management 58 34 92 Commercial real estate 49 183 232 Residential real estate 4 23 27 Consumer: Installment 42 16 58 Credit cards 46 31 77 Other 20 4 24 Total $219 $585 $804 Total divided by gross loans at amortized cost 0.8% |
Summary of Nonaccrual Loans | The table below presents information about nonaccrual loans. As of $ in millions March December Corporate $2,321 $2,651 Wealth management 60 61 Commercial real estate 633 649 Residential real estate 21 25 Installment 47 44 Other 79 122 Total $3,161 $3,552 Total divided by gross loans at amortized cost 2.9% 3.4% |
Summary of Loans and Lending Commitments Accounted for at Amortized Cost by Portfolio | The table below presents gross loans and lending commitments accounted for at amortized cost by portfolio. As of March 2021 December 2020 $ in millions Loans Lending Loans Lending Wholesale Corporate $ 43,483 $146,169 $ 44,778 $127,756 Wealth management 27,804 3,603 25,151 2,314 Commercial real estate 17,016 3,736 17,096 4,154 Residential real estate 8,337 3,400 5,236 1,804 Other 3,622 4,707 3,211 4,841 Consumer Installment 3,477 5 3,823 4 Credit cards 4,376 26,491 4,270 21,640 Total $108,115 $188,111 $103,565 $162,513 |
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. $ in millions Wholesale Consumer Total Three Months Ended March 2021 Allowance for loan losses Beginning balance $2,584 $1,290 $3,874 Net charge-offs (17 ) (61 ) (78 ) Provision (130 ) (122 ) (252 ) Other (29 ) – (29 ) Ending balance $2,408 $1,107 $3,515 Allowance ratio 2.4% 14.1% 3.3% Net charge-off 0.1% 3.1% 0.3% Allowance for losses on lending commitments Beginning balance $ $ – $ Provision 2 180 182 Other (18 ) – (18 ) Ending balance $ 541 $ 180 $ Three Months Ended March 2020 Allowance for loan losses Beginning balance $1,331 $ 837 $2,168 Net charge-offs (50 ) (81 ) (131 ) Provision 746 169 915 Other (84 ) – (84 ) Ending balance $1,943 $ 925 $2,868 Allowance ratio 1.8% 13.4% 2.5% Net charge-off 0.2% 4.8% 0.5% Allowance for losses on lending commitments Beginning balance $ 313 $ $ 313 Provision 22 – 22 Ending balance $ 335 $ $ 335 |
Schedule of forecasted economic scenarios | The table below presents the forecasted range (across the baseline, adverse and favorable scenarios) of the U.S. unemployment and U.S. GDP growth rates used in the forecast model as of March 2021. U.S. Unemployment Rate Growth/(Decline) in U.S. GDP Forecast for the quarter ended: June 2021 5.5 11.0 1.2 (7.0 December 2021 4.7% to 9.5% 4.8% to (3.8 June 2022 4.4% to 7.1% 6.5% to (0.4 |
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 March 2021 Loan Type Corporate $ – $ 2,049 $ $ 3,025 Wealth management – 7,639 63 7,702 Commercial real estate – 771 1,028 1,799 Residential real estate – 279 176 455 Other – 213 288 501 Total $ – $10,951 $2,531 $13,482 As of December 2020 Loan Type Corporate $ – $ 1,822 $ 929 $ 2,751 Wealth management – 7,809 63 7,872 Commercial real estate – 857 1,104 1,961 Residential real estate – 234 260 494 Other – 225 322 547 Total $ – $10,947 $2,678 $13,625 |
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. As of March 2021 As of December 2020 $ in millions Amount or Range Weighted Amount or Range Weighted Corporate Level 3 assets $976 $929 Yield 2.0% to 36.6% 13.9 1.1% to 45.2% 12.4 Recovery rate 15.0% to 99.0% 57.3 15.0% to 58.0% 31.0 Duration (years) 0.7 to 14.6 3.8 1.5 to 5.3 3.4 Commercial real estate Level 3 assets $1,028 $1,104 Yield 1.1% to 20.7% 11.5 4.5% to 19.3% 11.0 Recovery rate 10.9% to 99.8% 65.0 3.0% to 99.8% 66.5 Duration (years) 0.3 to 4.6 2.3 0.3 to 4.8 2.6 Residential real estate Level 3 assets $176 $260 Yield 1.5% to 13.5% 11.2 2.0% to 14.0% 12.1 Duration (years) 0.5 to 2.4 1.3 0.6 to 2.6 1.7 Wealth management and other Level 3 assets $351 $385 Yield 3.8% to 18.7% 8.4 2.8% to 18.7% 8.0 Duration (years) 3.1 to 5.0 3.8 0.9 to 5.5 4.1 |
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. Three Months Ended March $ in millions 2021 2020 Beginning balance $2,678 $1,890 Net realized gains/(losses) 26 27 Net unrealized gains/(losses) (11 ) (54 ) Purchases 31 473 Sales – (12 ) Settlements (164 ) (221 ) Transfers into level 3 84 653 Transfers out of level 3 (113 ) (3 ) Ending balance $2,531 $2,753 The table below presents information, by loan type, for loans included in the summary table above. Three Months Ended March $ in millions 2021 2020 Corporate Beginning balance $ 929 $ 752 Net realized gains/(losses) 6 10 Net unrealized gains/(losses) 6 (11 ) Purchases 22 156 Sales – (7 ) Settlements (33 ) (40 ) Transfers into level 3 84 187 Transfers out of level 3 (38 ) (3 ) Ending balance $ 976 $1,044 Commercial real estate Beginning balance $1,104 $ 591 Net realized gains/(losses) 7 17 Net unrealized gains/(losses) (14 ) 7 Purchases 8 236 Sales – (5 ) Settlements (73 ) (115 ) Transfers into level 3 – 332 Transfers out of level 3 (4 ) – Ending balance $1,028 $1,063 Residential real estate Beginning balance $ 260 $ 221 Net realized gains/(losses) 3 – Net unrealized gains/(losses) (1 ) (17 ) Purchases – 42 Settlements (15 ) (27 ) Transfers into level 3 – 41 Transfers out of level 3 (71 ) – Ending balance $ 176 $ 260 Wealth management and other Beginning balance $ 385 $ 326 Net realized gains/(losses) 10 – Net unrealized gains/(losses) (2 ) (33 ) Purchases 1 39 Settlements (43 ) (39 ) Transfers into level 3 – 93 Ending balance $ 351 $ 386 |
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 Value Estimated Fair Value $ in millions Level 2 Level 3 Total As of March 2021 Amortized cost $104,600 $60,861 $45,209 $106,070 Held for sale $ 3,179 $ 2,295 $ 895 $ 3,190 As of December 2020 Amortized cost $ 99,691 $52,793 $48,512 $101,305 Held for sale $ 2,799 $ 1,541 $ 1,271 $ 2,812 |
Fair Value Option (Tables)
Fair Value Option (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 2021 Assets Resale agreements $ – $ 146,084 $ $ 146,084 Securities borrowed – 31,554 – 31,554 Customer and other receivables – 49 – 49 Total $ – $ 177,687 $ $ 177,687 Liabilities Deposits $ – $ (28,245 ) $ (3,984 ) $ (32,229 ) Repurchase agreements – (130,606 ) (1 ) (130,607 ) Securities loaned – (3,678 ) – (3,678 ) Other secured financings – (22,973 ) (3,224 ) (26,197 ) Unsecured borrowings: Short-term – (20,239 ) (10,246 ) (30,485 ) Long-term – (29,725 ) (10,177 ) (39,902 ) Other liabilities – (1 ) (159 ) (160 ) Total $ – $(235,467 ) $(27,791 ) $(263,258 ) As of December 2020 Assets Resale agreements $ – $ $ $ Securities borrowed – 28,898 – 28,898 Customer and other receivables – 82 – 82 Total $ – $ $ $ Liabilities Deposits $ – $ ) $ ) $ ) Repurchase agreements – (126,569 ) (2 ) (126,571 ) Securities loaned – (1,053 ) – (1,053 ) Other secured financings – (20,652 ) (3,474 ) (24,126 ) Unsecured borrowings: Short-term – (19,227 ) (7,523 ) (26,750 ) Long-term – (28,335 ) (12,576 ) (40,911 ) Other liabilities – (1 ) (262 ) (263 ) Total $ – $ ) $ ) $ ) |
Level 3 Rollforward | The table below presents a summary of the changes in fair value for level 3 other financial liabilities accounted for at fair value. Three Months Ended March $ in millions 2021 2020 Beginning balance $(28,058 ) $(21,036 ) Net realized gains/(losses) (146 ) (130 ) Net unrealized gains/(losses) 375 3,160 Issuances (8,645 ) (7,643 ) Settlements 7,070 5,157 Transfers into level 3 (641 ) (1,596 ) Transfers out of level 3 2,254 438 Ending balance $(27,791 ) $(21,650 ) The table below presents information, by the consolidated balance sheet line items, for liabilities included in the summary table above. Three Months Ended March $ in millions 2021 2020 Deposits Beginning balance $ (4,221 ) $ (4,023 ) Net realized gains/(losses) (7 ) (11 ) Net unrealized gains/(losses) (2 ) 117 Issuances (93 ) (335 ) Settlements 307 309 Transfers into level 3 (27 ) (121 ) Transfers out of level 3 59 68 Ending balance $ (3,984 ) $ (3,996 ) Repurchase agreements Beginning balance $ (2 ) $ (30 ) Net unrealized gains/(losses) – 3 Settlements 1 15 Ending balance $ (1 ) $ (12 ) Other secured financings Beginning balance $ (3,474 ) $ (386 ) Net realized gains/(losses) 3 (44 ) Net unrealized gains/(losses) 36 107 Issuances (66 ) (14 ) Settlements 99 92 Transfers into level 3 (266 ) (985 ) Transfers out of level 3 444 – Ending balance $ (3,224 ) $ (1,230 ) Unsecured short-term borrowings Beginning balance $ (7,523 ) $ (5,707 ) Net realized gains/(losses) (74 ) (11 ) Net unrealized gains/(losses) (62 ) 1,538 Issuances (6,891 ) (3,954 ) Settlements 3,607 2,718 Transfers into level 3 (202 ) (270 ) Transfers out of level 3 899 275 Ending balance $(10,246 ) $ (5,411 ) Unsecured long-term borrowings Beginning balance $(12,576 ) $(10,741 ) Net realized gains/(losses) (76 ) (72 ) Net unrealized gains/(losses) 300 1,571 Issuances (1,587 ) (3,332 ) Settlements 3,056 2,023 Transfers into level 3 (146 ) (220 ) Transfers out of level 3 852 95 Ending balance $(10,177 ) $(10,676 ) Other liabilities Beginning balance $ (262 ) $ (149 ) Net realized gains/(losses) 8 8 Net unrealized gains/(losses) 103 (176 ) Issuances (8 ) (8 ) Ending balance $ (159 ) $ (325 ) |
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. Three Months Ended March $ in millions 2021 2020 Unsecured short-term borrowings $ (960 ) $4,481 Unsecured long-term borrowings (229 ) 992 Other 106 398 Total $(1,083 ) $5,871 |
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. Three Months $ in millions 2021 2020 DVA (pre-tax) $(29 ) $3,871 DVA (net of tax) $(19 ) $2,914 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 both the three months ended March 2021 and March 2020. |
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 in the consolidated balance sheets) for which the fair value option was elected. As of $ in millions March December Performing loans Aggregate contractual principal in excess of fair value $ 1,048 $ 958 Loans on nonaccrual status and/or more than 90 days past due Aggregate contractual principal in excess of fair value $11,005 $10,526 Aggregate fair value $ 4,060 $ 3,519 |
Collateralized Agreements and_2
Collateralized Agreements and Financings (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
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 Securities Repurchase Securities As of March 2021 Included in the consolidated balance sheets Gross carrying value $222,884 $ $ 207,407 $ Counterparty netting (76,800 ) (4,434 ) (76,800 ) (4,434 ) Total 146,084 178,245 130,607 34,345 Amounts not offset Counterparty netting (14,874 ) (10,739 ) (14,874 ) (10,739 ) Collateral (128,260 ) (158,552 ) (112,422 ) (21,140 ) Total $ 2,950 $ $ $ As of December 2020 Included in the consolidated balance sheets Gross carrying value $205,817 $ 147,593 $ 224,328 $ 27,054 Counterparty netting (97,757 ) (5,433 ) (97,757 ) (5,433 ) Total 108,060 142,160 126,571 21,621 Amounts not offset Counterparty netting (8,920 ) (3,525 ) (8,920 ) (3,525 ) Collateral (96,140 ) (132,893 ) (116,819 ) (17,693 ) Total $ 3,000 $ 5,742 $ 832 $ 403 |
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 Securities As of March 2021 Money market instruments $ $ U.S. government and agency obligations 86,217 1 Non-U.S. 80,520 1,767 Securities backed by commercial real estate 38 – Securities backed by residential real estate 604 – Corporate debt securities 11,585 371 State and municipal obligations 57 – Other debt obligations 83 – Equity securities 27,452 36,640 Total $207,407 $38,779 As of December 2020 Money market instruments $ $ U.S. government and agency obligations 121,751 – Non-U.S. 79,159 1,634 Securities backed by commercial real estate 65 – Securities backed by residential real estate 121 – Corporate debt securities 6,364 46 State and municipal obligations 92 – Other debt obligations 20 – Equity securities 16,668 25,374 Total $224,328 $27,054 |
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 March 2021 $ in millions Repurchase Securities No stated maturity and overnight $ 87,256 $24,075 2 - 30 days 57,123 307 31 - 90 days 17,812 691 91 days - 1 year 39,489 13,706 Greater than 1 year 5,727 – Total $207,407 $38,779 |
Other Secured Financings | The table below presents information about other secured financings. $ in millions U.S. Dollar Non-U.S. Total As of March 2021 Other secured financings (short-term): At fair value $ 7,279 $ 7,789 $15,068 At amortized cost 146 – 146 Other secured financings (long-term): At fair value 6,593 4,536 11,129 At amortized cost 658 667 1,325 Total other secured financings $14,676 $12,992 $27,668 Other secured financings collateralized by: Financial instruments $ 7,983 $11,429 $19,412 Other assets $ 6,693 $ 1,563 $ 8,256 As of December 2020 Other secured financings (short-term): At fair value $ 6,371 $ 6,847 $13,218 At amortized cost – – – Other secured financings (long-term): At fair value 6,632 4,276 10,908 At amortized cost 914 715 1,629 Total other secured financings $13,917 $11,838 $25,755 Other secured financings collateralized by: Financial instruments $ 6,841 $10,068 $16,909 Other assets $ 7,076 $ 1,770 $ 8,846 |
Other Secured Financings by Maturity Date | The table below presents other secured financings by maturity. $ in millions As of Other secured financings (short-term) $15,214 Other secured financings (long-term): 2022 4,256 2023 2,576 2024 1,423 2025 906 2026 1,077 2027 - thereafter 2,216 Total other secured financings (long-term) 12,454 Total other secured financings $27,668 |
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 $ in millions March December Collateral available to be delivered or repledged $901,870 $864,494 Collateral that was delivered or repledged $756,339 $723,409 |
Financial Instruments Owned, at Fair Value and Other Assets Pledged as Collateral | The table below presents information about assets pledged. As of $ in millions March December Pledged to counterparties that had the right to deliver or repledge Trading assets $ 62,415 $ 69,031 Investments $ 15,800 $ 13,375 Pledged to counterparties that did not have the right to deliver or repledge Trading assets $102,129 $ 99,142 Investments $ 11,134 $ 2,331 Loans $ 7,911 $ 8,320 Other assets $ 13,447 $ 14,144 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | The table below presents other assets by type. As of $ in millions March December Property, leasehold improvements and equipment $22,427 $23,147 Goodwill 4,332 4,332 Identifiable intangible assets 575 630 Operating lease right-of-use 2,330 2,280 Income tax-related 3,414 2,960 Miscellaneous receivables and other 4,833 4,096 Total $37,911 $37,445 |
Carrying Value of Goodwill | The table below presents the carrying value of goodwill by reporting unit. As of $ in millions March December Investment Banking $ $ 281 Global Markets: FICC 269 269 Equities 2,644 2,644 Asset Management 390 390 Consumer & Wealth Management: Consumer banking 48 48 Wealth management 700 700 Total $4,332 $4,332 |
Identifiable Intangible Assets by Segment and Type | The table below presents identifiable intangible assets by reporting unit and type. As of $ in millions March December By Reporting Unit Global Markets: FICC $ $ 2 Equities 45 45 Asset Management 231 274 Consumer & Wealth Management: Consumer banking – 6 Wealth management 297 303 Total $ $ 630 By Type Customer lists Gross carrying value $ 1,475 $ 1,478 Accumulated amortization (1,099 ) (1,089 ) Net carrying value 376 389 Acquired leases and other Gross carrying value 641 710 Accumulated amortization (442 ) (469 ) Net carrying value 199 241 Total gross carrying value 2,116 2,188 Total accumulated amortization (1,541 ) (1,558 ) Total net carrying value $ $ 630 |
Amortization Expense | The tables below present information about the amortization of identifiable intangible assets. Three Months $ in millions 2021 2020 Amortization $36 $41 |
Estimated Future Amortization | $ in millions As of Estimated future amortization Remainder of 2021 $78 2022 $90 2023 $81 2024 $65 2025 $46 2026 $35 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Banking and Thrift, Interest [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 March 2021 Consumer deposits $ 75,937 $24,224 $100,161 Private bank deposits 68,383 1,053 69,436 Brokered certificates of deposit – 30,017 30,017 Deposit sweep programs 22,541 – 22,541 Transaction banking 32,897 2,563 35,460 Other deposits – 28,403 28,403 Total $199,758 $86,260 $286,018 As of December 2020 Consumer deposits $ 67,395 $29,530 $ 96,925 Private bank deposits 67,185 1,183 68,368 Brokered certificates of deposit – 30,060 30,060 Deposit sweep programs 22,987 – 22,987 Transaction banking 28,852 – 28,852 Other deposits – 12,770 12,770 Total $186,419 $73,543 $259,962 |
Deposits | The table below presents the location of deposits. As of $ in millions March 2021 December 2020 U.S. offices $213,237 $206,356 Non-U.S. 72,781 53,606 Total $286,018 $259,962 |
Maturities of Time Deposits | The table below presents maturities of time deposits held in U.S. and non-U.S. As of March 2021 $ in millions U.S. Non-U.S. Total Remainder of 2021 $28,336 $22,528 $50,864 2022 13,106 6,202 19,308 2023 6,359 124 6,483 2024 4,105 133 4,238 2025 2,052 268 2,320 2026 1,126 269 1,395 2027 - thereafter 950 702 1,652 Total $56,034 $30,226 $86,260 |
Unsecured Borrowings (Tables)
Unsecured Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Unsecured Borrowings | The table below presents information about unsecured borrowings. As of $ in millions March 2021 December 2020 Unsecured short-term borrowings $ 58,463 $ 52,870 Unsecured long-term borrowings 219,044 213,481 Total $277,507 $266,351 |
Unsecured Short-Term Borrowings | The table below presents information about unsecured short-term borrowings. As of $ in millions March 2021 December 2020 Current portion of unsecured long-term borrowings $26,756 $25,914 Hybrid financial instruments 21,592 18,823 Commercial paper 8,209 6,085 Other unsecured short-term borrowings 1,906 2,048 Total unsecured short-term borrowings $58,463 $52,870 Weighted average interest rate 2.11% 1.84% |
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 March 2021 Fixed-rate obligations $102,296 $41,789 $144,085 Floating-rate obligations 44,883 30,076 74,959 Total $147,179 $71,865 $219,044 As of December 2020 Fixed-rate obligations $100,558 $38,759 $139,317 Floating-rate obligations 42,019 32,145 74,164 Total $142,577 $70,904 $213,481 |
Unsecured Long-Term Borrowings by Maturity Date | The table below presents unsecured long-term borrowings by maturity. $ in millions As of March 2021 2022 $ 20,845 2023 37,048 2024 22,643 2025 26,450 2026 19,512 2027 - thereafter 92,546 Total $219,044 |
Unsecured Long-Term Borrowings after Hedging | The table below presents unsecured long-term borrowings, after giving effect to such hedging activities. As of $ in millions March 2021 December 2020 Fixed-rate obligations: At fair value $ 1,472 $ 1,521 At amortized cost 30,067 30,827 Floating-rate obligations: At fair value 38,430 39,390 At amortized cost 149,075 141,743 Total $219,044 $213,481 |
Subordinated Borrowings | The table below presents information about subordinated borrowings. $ in millions Par Amount Carrying Value Rate As of March 2021 Subordinated debt $14,040 $16,771 1.64% Junior subordinated debt 968 1,302 1.25% Total $15,008 $18,073 1.62% As of December 2020 Subordinated debt $14,136 $18,529 1.83% Junior subordinated debt 968 1,430 1.32% Total $15,104 $19,959 1.80% |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | The table below presents other liabilities by type. As of $ in millions March 2021 December 2020 Compensation and benefits $ 6,136 $ 7,896 Income tax-related 4,278 3,155 Operating lease liabilities 2,319 2,283 Noncontrolling interests 1,733 1,640 Employee interests in consolidated funds 34 34 Accrued expenses and other 8,164 7,443 Total $22,664 $22,451 |
Information About Operating Lease Liabilities | The table below presents information about operating lease liabilities. $ in millions Operating lease liabilities As of March 2021 2021 $ 2022 316 2023 281 2024 263 2025 232 2026 - thereafter 1,795 Total undiscounted lease payments 3,123 Imputed interest (804 ) Total operating lease liabilities $ 2,319 Weighted average remaining lease term 15 years Weighted average discount rate 3.74% As of December 2020 2021 $ 2022 301 2023 264 2024 247 2025 215 2026 - thereafter 1,899 Total undiscounted lease payments 3,268 Imputed interest (985 ) Total operating lease liabilities $ Weighted average remaining lease term 16 years Weighted average discount rate 4.02% |
Securitization Activities (Tabl
Securitization Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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. Three Months Ended March $ in millions 2021 2020 Residential mortgages $ 4,939 $3,107 Commercial mortgages 5,371 4,996 Other financial assets 1,112 540 Total financial assets securitized $11,422 $8,643 Retained interests cash flows $ $ |
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 March 2021 U.S. government agency-issued CMOs $22,041 $1,806 $ 1 Other residential mortgage-backed 23,060 1,023 21 Other commercial mortgage-backed 41,926 941 40 Corporate debt and other asset-backed 5,299 231 2 Total $92,326 $4,001 $64 As of December 2020 U.S. government agency-issued CMOs $20,841 $ $ 4 Other residential mortgage-backed 24,262 1,170 23 Other commercial mortgage-backed 38,340 914 39 Corporate debt and other asset-backed 4,299 192 – Total $87,742 $3,182 $66 In the table above: • CMOs represents collateralized mortgage obligations. • 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 2015 and thereafter. • The fair value of retained interests was $4.02 billion as of March 2021 and $3.19 billion as of December 2020. |
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 $ in millions March December Fair value of retained interests $3,785 $ Weighted average life (years) 5.9 4.7 Constant prepayment rate 11.5% 15.0% Impact of 10% adverse change $ ) $ ) Impact of 20% adverse change $ ) $ ) Discount rate 6.8% 6.1% Impact of 10% adverse change $ ) $ ) Impact of 20% adverse change $ ) $ ) 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 CMOs 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) | 3 Months Ended |
Mar. 31, 2021 | |
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 $ in millions March December Total nonconsolidated VIEs Assets in VIEs $151,339 $148,665 Carrying value of variable interests — assets $ 9,706 $ 8,624 Carrying value of variable interests — liabilities $ 827 $ 888 Maximum exposure to loss: Retained interests $ 4,001 $ 3,182 Purchased interests 904 1,041 Commitments and guarantees 2,169 2,455 Derivatives 8,545 8,343 Debt and equity 4,454 4,020 Total $ 20,073 $ 19,041 The table below presents information, by principal business activity, for nonconsolidated VIEs included in the summary table above. As of $ in millions March December Mortgage-backed Assets in VIEs $99,809 $99,353 Carrying value of variable interests — assets $ 4,655 $ 4,014 Maximum exposure to loss: Retained interests $ 3,770 $ 2,990 Purchased interests 885 1,024 Commitments and guarantees 46 47 Derivatives 396 394 Total $ 5,097 $ 4,455 Real estate, credit- and power-related and other investing Assets in VIEs $21,423 $20,934 Carrying value of variable interests — assets $ 3,561 $ 3,288 Carrying value of variable interests — liabilities $ $ 14 Maximum exposure to loss: Commitments and guarantees $ 1,230 $ 1,374 Derivatives 75 84 Debt and equity 3,561 3,288 Total $ 4,866 $ 4,746 Corporate debt and other asset-backed Assets in VIEs $14,890 $14,077 Carrying value of variable interests — assets $ 1,058 $ 913 Carrying value of variable interests — liabilities $ $ 874 Maximum exposure to loss: Retained interests $ $ 192 Purchased interests 19 17 Commitments and guarantees 859 989 Derivatives 8,071 7,862 Debt and equity 461 323 Total $ 9,641 $ 9,383 Investments in funds Assets in VIEs $15,217 $14,301 Carrying value of variable interests — assets $ $ 409 Maximum exposure to loss: Commitments and guarantees $ $ 45 Derivatives 3 3 Debt and equity 432 409 Total $ $ 457 |
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 $ in millions March December Total consolidated VIEs Assets Cash and cash equivalents $ $ 312 Trading assets 71 96 Investments 972 880 Loans 1,895 2,099 Other assets 960 989 Total $4,207 $4,376 Liabilities Other secured financings $1,690 $1,891 Customer and other payables 9 28 Trading liabilities 269 296 Unsecured short-term borrowings 59 43 Unsecured long-term borrowings 196 226 Other liabilities 1,068 948 Total $3,291 $3,432 The table below presents information, by principal business activity, for consolidated VIEs included in the summary table above. As of $ in millions March December Real estate, credit-related and other investing Assets Cash and cash equivalents $ $ 229 Trading assets 12 8 Investments 972 880 Loans 1,895 2,099 Other assets 960 989 Total $4,012 $4,205 Liabilities Other secured financings $ $ 649 Customer and other payables 9 28 Trading liabilities 44 46 Other liabilities 1,068 948 Total $1,654 $1,671 Corporate debt and other asset-backed Assets Cash and cash equivalents $ $ 83 Total $ $ 83 Liabilities Other secured financings $ $ 679 Total $ $ 679 Principal-protected notes Assets Trading assets $ $ 88 Total $ $ 88 Liabilities Other secured financings $ $ 563 Trading liabilities 225 250 Unsecured short-term borrowings 59 43 Unsecured long-term borrowings 196 226 Total $1,010 $1,082 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | The table below presents commitments by type. As of $ in millions March December Commitment Type Commercial lending: Investment-grade $ 97,248 $ 83,801 Non-investment-grade 61,580 56,757 Warehouse financing 10,823 9,377 Credit cards 26,491 21,640 Total lending 196,142 171,575 Risk participations 8,135 8,054 Collateralized agreement 96,505 55,278 Collateralized financing 27,091 35,402 Letters of credit 367 367 Investment 6,243 6,456 Other 9,987 7,836 Total commitments $344,470 $284,968 The table below presents commitments by expiration. As of March 2021 $ in millions Remainder 2022 - 2024 - 2026 - Commitment Type Commercial lending: Investment-grade $ 9,668 $44,571 $34,592 $ 8,417 Non-investment-grade 3,291 21,766 23,841 12,682 Warehouse financing 1,128 5,590 3,336 769 Credit cards 26,491 – – – Total lending 40,578 71,927 61,769 21,868 Risk participations 720 4,537 2,668 210 Collateralized agreement 96,505 – – – Collateralized financing 27,091 – – – Letters of credit 311 15 – 41 Investment 2,325 2,075 1,062 781 Other 9,697 167 63 60 Total commitments $177,227 $78,721 $65,562 $22,960 |
Lending Commitments | The table below presents information about lending commitments. As of $ in millions March December Held for investment $188,111 $162,513 Held for sale 6,076 6,594 At fair value 1,955 2,468 Total $196,142 $171,575 In the table above: • Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $972 million (including allowance for credit losses of $721 million) as of March 2021 and $775 million (including allowance for credit losses of $557 million) as of December 2020. The estimated fair value of such lending commitments was a liability of $4.03 billion as of March 2021 and $4.05 billion as of December 2020. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $2.32 billion as of March 2021 and $2.43 billion as of December 2020 would have been classified in level 2, and $1.71 billion as of March 2021 and $1.62 billion as of December 2020 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 $72 million as of March 2021 and $68 million as of December 2020. 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 3 as of both March 2021 and December 2020. • 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 and clearing guarantees and certain other financial guarantees. $ in millions Derivatives Securities lending and clearing Other financial guarantees As of March 2021 Carrying Value of Net Liability $ 3,923 $ – $ Maximum Payout/Notional Amount by Period of Expiration Remainder of 2021 $ 81,762 $18,932 $ 2022 - 2023 61,673 – 3,451 2024 - 2025 26,730 – 2,746 2026 - thereafter 31,385 – 334 Total $201,550 $18,932 $7,390 As of December 2020 Carrying Value of Net Liability $ 4,357 $ $ 253 Maximum Payout/Notional Amount by Period of Expiration 2021 $ 89,202 $21,352 $1,263 2022 - 2023 56,204 – 3,304 2024 - 2025 23,389 – 2,787 2026 - thereafter 32,244 – 268 Total $201,039 $21,352 $7,622 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 $1.34 billion as of March 2021 and $1.66 billion as of December 2020, and derivative liabilities of $5.26 billion as of March 2021 and $6.02 billion as of December 2020. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Summary of Amount of Common Stock Repurchased by the Firm | The table below presents information about common stock repurchases. Three Months Ended March in millions, except per share amounts 2021 2020 Common share repurchases 8.7 8.2 Average cost per share $310.04 $236.35 Total cost of common share repurchases $ 2,700 $ 1,928 |
Summary of Dividends Declared on Common Stock | The table below presents common stock dividends declared. Three Months Ended March 2021 2020 Dividends declared per common share $1.25 $1.25 |
Summary of Perpetual Preferred Stock Issued and Outstanding | The tables below present information about the perpetual preferred stock issued and outstanding as of March 2021. Series Shares Authorized Shares Issued Shares Outstanding Depositary Shares Per Share A 50,000 30,000 29,999 1,000 C 25,000 8,000 8,000 1,000 D 60,000 54,000 53,999 1,000 E 17,500 7,667 7,667 N/A F 5,000 1,615 1,615 N/A J 46,000 40,000 40,000 1,000 K 32,200 28,000 28,000 1,000 N 31,050 27,000 27,000 1,000 O 26,000 26,000 26,000 25 P 66,000 60,000 60,000 25 Q 20,000 20,000 20,000 25 R 24,000 24,000 24,000 25 S 14,000 14,000 14,000 25 Total 416,750 340,282 340,280 Series Earliest Redemption Date Liquidation Preference Redemption Value ($ 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 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 S February 10, 2025 $ 25,000 350 Total $9,203 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 approval from the FRB. • The redemption price per share for Series A through F and Series Q through S 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 March 2021. 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; 3 month LIBOR + 3.64% thereafter, payable quarterly K 6.375% to, but excluding, May 10, 2024; 3 month LIBOR + 3.55% thereafter, payable quarterly 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 S 4.40%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 2.85%, payable semi-annually thereafter |
Summary of Preferred Dividends Declared on Preferred Stock Issued | The table below presents preferred stock dividends declared. 2021 2020 Series per share $ in millions per share $ in millions Three Months Ended March A $ $ 7 $ 234.38 $ 7 C $ 2 $ 250.00 2 D $ 14 $ 250.00 13 E $1,000.00 7 $1,011.11 7 F $1,000.00 2 $1,011.11 2 J $ 14 $ 343.75 14 K $ 11 $ 398.44 11 L $ – $ 361.54 4 N $ 10 $ 393.75 11 Q $ 14 $ 889.93 18 R $ 15 $ – S $ 8 $ – Total $104 $89 |
Accumulated Other Comprehensive Income/(Loss), Net of Tax | The table below presents changes in accumulated other comprehensive income/(loss), net of tax, by type. $ in millions Beginning balance Other comprehensive income/(loss) adjustments, net of tax Ending balance Three Months Ended March 2021 Currency translation $ ) $ – $ ) Debt valuation adjustment (833 ) (19 ) (852 ) Pension and postretirement liabilities (368 ) 7 (361 ) Available-for-sale 463 (628 ) (165 ) Total $(1,434 ) $ ) $(2,074 ) Three Months Ended March 2020 Currency translation $ ) $ (17 ) $ ) Debt valuation adjustment (572 ) 2,914 2,342 Pension and postretirement liabilities (342 ) 7 (335 ) Available-for-sale 46 517 563 Total $ ) $3,421 $ |
Regulation and Capital Adequa_2
Regulation and Capital Adequacy (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Risk-based Capital and Leverage Requirements | The table below presents the risk-based capital requirements as of both March 2021 and December 2020. Standardized Advanced CET1 capital ratio 13.6% 9.5% Tier 1 capital ratio 15.1% 11.0% Total capital ratio 17.1% 13.0% In the table above: • Under both the Standardized and Advanced Capital Rules, the CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. These requirements also include the capital conservation buffer requirements, consisting of the G-SIB stress capital buffer (SCB) • The G-SIB G-SIB G-SIB. |
Risk-based Capital Ratios | The table below presents information about risk-based capital ratios. $ in millions Standardized Advanced As of March 2021 CET1 capital $ 85,219 $ 85,219 Tier 1 capital $ 94,314 $ 94,314 Tier 2 capital $ 15,063 $ 12,837 Total capital $109,377 $107,151 RWAs $594,573 $629,801 CET1 capital ratio 14.3% 13.5% Tier 1 capital ratio 15.9% 15.0% Total capital ratio 18.4% 17.0% As of December 2020 CET1 capital $ 81,641 $ 81,641 Tier 1 capital $ 92,730 $ 92,730 Tier 2 capital $ 15,424 $ 13,279 Total capital $108,154 $106,009 RWAs $554,162 $609,750 CET1 capital ratio 14.7% 13.4% Tier 1 capital ratio 16.7% 15.2% Total capital ratio 19.5% 17.4% |
Leverage Ratio | The table below presents information about leverage ratios. For the Three Months Ended or as of $ in millions March 2021 December 2020 Tier 1 capital $ $ 92,730 Average total assets $1,249,783 $1,152,785 Deductions from Tier 1 capital (5,111 ) (4,948 ) Average adjusted total assets 1,244,672 1,147,837 Impact of SLR temporary amendment (205,103 ) (202,748 ) Average off-balance 410,683 387,848 Total leverage exposure $1,450,252 $1,332,937 Tier 1 leverage ratio 7.6 8.1% SLR 6.5 7.0% In the table above: • Average total assets represents the average daily assets for the quarter adjusted for the impact of CECL transition. • Impact of SLR temporary amendment represents the exclusion of average holdings of U.S. Treasury securities and average deposits at the Federal Reserve as permitted by the FRB. Effective April 1, 2021, the amendment permitting this exclusion expired and, as a result, the SLR for the three months ended June 2021 will not reflect the impact of the temporary amendment to exclude the holdings of such assets. This temporary amendment had the effect of increasing the SLR by approximately 0.8 percentage points for the three months ended March 2021 and approximately 1.0 percentage points for the three months ended December 2020. • Average off-balance • 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 Three Months Ended March 2021 CET1 capital Beginning balance $ 81,641 $ 81,641 Change in: Common shareholders’ equity 3,732 3,732 Impact of CECL transition (49 ) (49 ) Deduction for goodwill (8 ) (8 ) Deduction for identifiable intangible assets 53 53 Other adjustments (150 ) (150 ) Ending balance $ 85,219 $ 85,219 Tier 1 capital Beginning balance $ 92,730 $ 92,730 Change in: CET1 capital 3,578 3,578 Deduction for investments in covered funds 2 2 Preferred stock (2,000 ) (2,000 ) Other adjustments 4 4 Ending balance 94,314 94,314 Tier 2 capital Beginning balance 15,424 13,279 Change in: Qualifying subordinated debt (117 ) (117 ) Junior subordinated debt (94 ) (94 ) Allowance for credit losses (146 ) – Other adjustments (4 ) (231 ) Ending balance 15,063 12,837 Total capital $109,377 $107,151 Year Ended December 2020 CET1 capital Beginning balance $ 74,850 $ 74,850 Change in: Common shareholders’ equity 5,667 5,667 Impact of CECL transition 1,126 1,126 Deduction for goodwill (123 ) (123 ) Deduction for identifiable intangible assets 3 3 Other adjustments 118 118 Ending balance $ 81,641 $ 81,641 Tier 1 capital Beginning balance $ 85,440 $ 85,440 Change in: CET1 capital 6,791 6,791 Deduction for investments in covered funds 504 504 Other adjustments (5 ) (5 ) Ending balance 92,730 92,730 Tier 2 capital Beginning balance 14,925 13,473 Change in: Qualifying subordinated debt (651 ) (651 ) Junior subordinated debt (96 ) (96 ) Allowance for credit losses 1,293 – Other adjustments (47 ) 553 Ending balance 15,424 13,279 Total capital $108,154 $106,009 |
Risk-weighted Assets | The table below presents information about RWAs. $ in millions Standardized Advanced As of March 2021 Credit RWAs Derivatives $126,509 $104,912 Commitments, guarantees and loans 190,116 156,207 Securities financing transactions 75,746 21,337 Equity investments 46,587 48,778 Other 71,973 89,250 Total Credit RWAs 510,931 420,484 Market RWAs Regulatory VaR 16,383 16,383 Stressed VaR 41,798 41,798 Incremental risk 8,614 8,614 Comprehensive risk 1,959 1,959 Specific risk 14,888 14,888 Total Market RWAs 83,642 83,642 Total Operational RWAs – 125,675 Total RWAs $594,573 $629,801 As of December 2020 Credit RWAs Derivatives $120,292 $111,691 Commitments, guarantees and loans 176,501 151,587 Securities financing transactions 71,427 16,568 Equity investments 46,944 49,268 Other 70,274 83,599 Total Credit RWAs 485,438 412,713 Market RWAs Regulatory VaR 14,913 14,913 Stressed VaR 31,978 31,978 Incremental risk 7,882 7,882 Comprehensive risk 1,758 1,758 Specific risk 12,193 12,193 Total Market RWAs 68,724 68,724 Total Operational RWAs – 128,313 Total RWAs $554,162 $609,750 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. |
Changes in Risk-weighted Assets | The table below presents changes in RWAs. $ in millions Standardized Advanced Three Months Ended March 2021 RWAs Beginning balance $554,162 $609,750 Credit RWAs Change in: Derivatives 6,217 (6,779 ) Commitments, guarantees and loans 13,615 4,620 Securities financing transactions 4,319 4,769 Equity investments (357 ) (490 ) Other 1,699 5,651 Change in Credit RWAs 25,493 7,771 Market RWAs Change in: Regulatory VaR 1,470 1,470 Stressed VaR 9,820 9,820 Incremental risk 732 732 Comprehensive risk 201 201 Specific risk 2,695 2,695 Change in Market RWAs 14,918 14,918 Change in Operational RWAs – (2,638 ) Ending balance $594,573 $629,801 Year Ended December 2020 RWAs Beginning balance $563,575 $544,653 Credit RWAs Change in: Derivatives (614 ) 39,060 Commitments, guarantees and loans (3,239 ) 17,131 Securities financing transactions 5,560 2,734 Equity investments (9,870 ) (12,624 ) Other (5,386 ) 5,333 Change in Credit RWAs (13,549 ) 51,634 Market RWAs Change in: Regulatory VaR 5,980 5,980 Stressed VaR 1,067 1,067 Incremental risk 3,574 3,574 Comprehensive risk 365 567 Specific risk (6,850 ) (6,850 ) Change in Market RWAs 4,136 4,338 Change in Operational RWAs – 9,125 Ending balance $554,162 $609,750 |
Minimum Risk-based Capital Under the Standardized and Advanced Capital Rules and the Leverage Ratios and "well-capitalized" Minimum Ratios | The table below presents GS Bank USA’s risk-based capital, leverage and “well-capitalized” requirements. Requirements “Well-capitalized” Requirements Risk-based capital requirements CET1 capital ratio 7.0% 6.5% Tier 1 capital ratio 8.5% 8.0% Total capital ratio 10.5% 10.0% Leverage requirements Tier 1 leverage ratio 4.0% 5.0% SLR 3.0% 6.0% In the table above: • The CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. These requirements also include the capital conservation buffer requirements consisting of a 2.5% buffer and the countercyclical capital buffer, which the FRB has set to zero percent. • The “well-capitalized” requirements are the binding requirements for leverage ratios. |
Basel III Advanced Rules [Member] | |
Risk-based Capital | The table below presents information about risk-based capital. As of $ in millions March 2021 December 2020 Common shareholders’ equity $ 88,461 $ 84,729 Impact of CECL transition 1,077 1,126 Deduction for goodwill (3,660 ) (3,652 ) Deduction for identifiable intangible assets (548 ) (601 ) Other adjustments (111 ) 39 CET1 capital 85,219 81,641 Preferred stock 9,203 11,203 Deduction for investments in covered funds (104 ) (106 ) Other adjustments (4 ) (8 ) Tier 1 capital $ 94,314 $ 92,730 Standardized Tier 2 and Total capital Tier 1 capital $ 94,314 $ 92,730 Qualifying subordinated debt 12,079 12,196 Junior subordinated debt 94 188 Allowance for credit losses 2,949 3,095 Other adjustments (59 ) (55 ) Standardized Tier 2 capital 15,063 15,424 Standardized Total capital $109,377 $108,154 Advanced Tier 2 and Total capital Tier 1 capital $ 94,314 $ 92,730 Standardized Tier 2 capital 15,063 15,424 Allowance for credit losses (2,949 ) (3,095 ) Other adjustments 723 950 Advanced Tier 2 capital 12,837 13,279 Advanced Total capital $107,151 $106,009 In the table above: • Impact of CECL transition represents the impact of adoption as of January 1, 2020 and the impact of increasing regulatory capital by 25% of the increase in allowance for credit losses since January 1, 2020. The allowance for credit losses within Standardized and Advanced Tier 2 capital also reflects the impact of these adjustments. • Deduction for goodwill was net of deferred tax liabilities of $672 million as of March 2021 and $680 million as of • Deduction for identifiable intangible assets was net of deferred tax liabilities of $27 million as of March 2021 and $29 million as of December 2020. • 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. |
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 March 2021 CET1 capital $ 31,137 $ 31,137 Tier 1 capital $ 31,137 $ 31,137 Tier 2 capital $ 6,134 $ 4,696 Total capital $ 37,271 $ 35,833 RWAs $287,339 $175,826 CET1 capital ratio 10.8% 17.7% Tier 1 capital ratio 10.8% 17.7% Total capital ratio 13.0% 20.4% As of December 2020 CET1 capital $ 30,656 $ 30,656 Tier 1 capital $ 30,656 $ 30,656 Tier 2 capital $ 6,288 $ 4,903 Total capital $ 36,944 $ 35,559 RWAs $266,153 $165,799 CET1 capital ratio 11.5% 18.5% Tier 1 capital ratio 11.5% 18.5% Total capital ratio 13.9% 21.4% |
GS Bank USA [Member] | |
Leverage Ratio | The table below presents information about GS Bank USA’s leverage ratios. For the Three Months Ended or as of $ in millions March 2021 December 2020 Tier 1 capital $ 31,137 $ 30,656 Average adjusted total assets $283,449 $283,869 Total leverage exposure $355,420 $343,198 Tier 1 leverage ratio 11.0% 10.8% SLR 8.8% 8.9% In the table above: • Average adjusted total assets represents the average daily assets for the quarter adjusted for deductions from Tier 1 capital, and the impact of CECL transition. • Total leverage exposure, excluded average holdings of U.S. Treasury securities and average deposits at the Federal Reserve as permitted by the FRB. Effective April 1, 2021, the amendment permitting this exclusion expired and, as a result, the SLR for the three months ended June 2021 will not reflect the impact of the temporary amendment to exclude the holdings of such assets. This temporary amendment had the effect of increasing GS Bank USA’s SLR by approximately 2.4 percentage points for both the three months ended March 2021 and December 2020. • 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) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | The table below presents information about basic and diluted EPS. Three Months Ended March in millions, except per share amounts 2021 2020 Net earnings to common $6,711 $1,123 Weighted average basic shares 356.6 358.0 Effect of dilutive RSUs 4.3 3.1 Weighted average diluted shares 360.9 361.1 Basic EPS $18.80 $ 3.12 Diluted EPS $18.60 $ 3.11 |
Transactions with Affiliated _2
Transactions with Affiliated Funds (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Fees Earned from Affiliated Funds | The tables below present information about affiliated funds. Three Months Ended March $ in millions 2021 2020 Fees earned from funds $ $ 921 |
Fees Receivable from Affiliated Funds and the Aggregate Carrying Value of the Firm's Interests in these Funds | As of $ in millions March 2021 December 2020 Fees receivable from funds $ $ 803 Aggregate carrying value of interests in funds $5,210 $5,068 |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Banking and Thrift, Interest [Abstract] | |
Interest Income and Interest Expense | The table below presents sources of interest income and interest expense. Three Months Ended March $ in millions 2021 2020 Deposits with banks $ ) $ 205 Collateralized agreements (181 ) 534 Trading assets 1,193 1,573 Investments 507 471 Loans 1,220 1,316 Other interest 318 651 Total interest income 3,054 4,750 Deposits 343 818 Collateralized financings (17 ) 448 Trading liabilities 373 314 Short-term borrowings 158 141 Long-term borrowings 893 1,105 Other interest (178 ) 611 Total interest expense 1,572 3,437 Net interest income $1,482 $1,313 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
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 March 2021 U.S. Federal 2011 New York State and City 2015 United Kingdom 2017 Japan 2015 Hong Kong 2014 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Operating Results and Assets By Segment | The table below presents a summary of the firm’s segment results. Three Months Ended March $ in millions 2021 2020 Investment Banking Non-interest $ 3,671 $ 2,046 Net interest income 100 138 Total net revenues 3,771 2,184 Provision for credit losses (163 ) 622 Operating expenses 1,863 1,169 Pre-tax $ 2,071 $ 393 Net earnings $ 1,698 $ Net earnings to common $ 1,679 $ Average common equity $10,564 $11,308 Return on average common equity 63.6% 12.1% Global Markets Non-interest $ 7,020 $ 4,652 Net interest income 561 511 Total net revenues 7,581 5,163 Provision for credit losses (20 ) 68 Operating expenses 4,185 2,847 Pre-tax $ 3,416 $ 2,248 Net earnings $ 2,801 $ 2,023 Net earnings to common $ 2,730 $ 1,964 Average common equity $41,044 $39,797 Return on average common equity 26.6% 19.7% Asset Management Non-interest $ 4,431 $ ) Net interest income 183 171 Total net revenues 4,614 (96 ) Provision for credit losses 53 79 Operating expenses 1,890 1,198 Pre-tax $ 2,671 $ ) Net earnings/(loss) $ 2,190 $ ) Net earnings/(loss) to common $ 2,165 $ ) Average common equity $24,604 $21,156 Return on average common equity 35.2% (23.6)% Consumer & Wealth Management Non-interest $ 1,100 $ Net interest income 638 493 Total net revenues 1,738 1,492 Provision for credit losses 60 168 Operating expenses 1,499 1,244 Pre-tax $ $ Net earnings $ $ Net earnings to common $ $ Average common equity $10,244 $ 7,002 Return on average common equity 5.3% 3.8% Total Non-interest $16,222 $ 7,430 Net interest income 1,482 1,313 Total net revenues 17,704 8,743 Provision for credit losses (70 ) 937 Operating expenses 9,437 6,458 Pre-tax $ 8,337 $ 1,348 Net earnings $ 6,836 $ 1,213 Net earnings to common $ 6,711 $ 1,123 Average common equity $86,456 $79,263 Return on average common equity 31.0% 5.7% The table below presents assets by segment. As of $ in millions March 2021 December 2020 Investment Banking $ $ Global Markets 972,275 844,606 Asset Management 89,694 95,751 Consumer & Wealth Management 108,915 106,429 Total $1,301,548 $1,163,028 |
Depreciation and Amortization | The table below presents depreciation and amortization expense by segment. Three Months Ended March $ in millions 2021 2020 Investment Banking $ 48 $ 39 Global Markets 168 133 Asset Management 190 170 Consumer & Wealth Management 92 95 Total $498 $437 |
Summary of Gross Loans by Segment and Loan and Allowance for Loans Losses | The table below presents gross loans by segment and loan type, and allowance for loan losses by segment. As of $ in millions March 2021 December Investment Banking Corporate $ $ Loans, gross 26,028 27,866 Allowance for loan losses (1,118 ) (1,322 ) Loans 24,910 26,544 Global Markets Corporate 13,779 13,248 Real estate 20,423 16,915 Other 3,776 3,499 Loans, gross 37,978 33,662 Allowance for loan losses (439 ) (448 ) Loans 37,539 33,214 Asset Management Corporate 7,688 7,545 Real estate 9,049 9,125 Other 674 675 Loans, gross 17,411 17,345 Allowance for loan losses (826 ) (787 ) Loans 16,585 16,558 Consumer & Wealth Management Wealth management 35,506 33,023 Installment 3,477 3,823 Credit cards 4,376 4,270 Loans, gross 43,359 41,116 Allowance for loan losses (1,132 ) (1,317 ) Loans 42,227 39,799 Total Loans, gross 124,776 119,989 Allowance for loan losses (3,515 ) (3,874 ) Loans $ $ |
Total Net Revenues, Pre-tax Earnings and Net Earnings (Excluding Corporate) for Each Geographic Region | The table below presents total net revenues and pre-tax $ in millions 2021 2020 Three Months Ended March Americas $10,825 61% $5,171 59% EMEA 4,713 27% 2,108 24% Asia 2,166 12% 1,464 17% Total net revenues $17,704 100% $8,743 100% Americas $ 5,015 60% $ 41% EMEA 2,415 29% 436 32% Asia 907 11% 361 27% Total pre-tax $ 8,337 100% $1,348 100% |
Credit Concentrations (Tables)
Credit Concentrations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 $ in millions March 2021 December 2020 U.S. government and agency obligations $141,318 $187,009 Percentage of total assets 10.9% 16.1% Non-U.S. $ 70,636 $ 59,580 Percentage of total assets 5.4% 5.1% |
Credit Concentration, Resale Agreements and Securities Borrowed | The table below presents U.S. government and agency obligations and non-U.S. As of $ in millions March 2021 December 2020 U.S. government and agency obligations $83,895 $60,158 Non-U.S. $84,563 $68,001 In the table above: • Non-U.S. • Given that the firm’s primary credit exposure on such transactions is to the counterparty to the transaction, the firm would be exposed to the collateral issuer only in the event of counterparty default. |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business segments | 4 |
Significant Accounting Polici_2
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
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 | 35.00% | 55.00% | ||
Investment Banking revenues from contracts with clients subject to ASU 2014-09 as a percentage of firm's investment banking revenues | 90.00% | 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 | $ 11,270 | $ 11,950 | ||
Interest-bearing deposits with banks | 179,890 | 143,890 | ||
Cash segregated for regulatory and other purposes | 25,560 | 24,520 | ||
Receivable from customers and counterparties | 102,460 | 82,390 | ||
Receivables from brokers, dealers and clearing organizations | 62,200 | 38,940 | ||
Firm's receivables from contracts with clients | 2,870 | 2,600 | ||
Payables to customers and counterparties | 201,050 | 183,570 | ||
Payables to brokers, dealers and clearing organizations | 23,220 | $ 7,090 | ||
Maximum [Member] | ||||
Summary of Accounting and Financial Policies [Line Items] | ||||
Annual average revenues associated with known remaining performance obligations | $ 250 | |||
Accounting Standards Update 2016-13 [Member] | ||||
Summary of Accounting and Financial Policies [Line Items] | ||||
New accounting standards impact on retained earnings | $ (638) | |||
Accounting Standards Update 2016-13 [Member] | Maximum [Member] | ||||
Summary of Accounting and Financial Policies [Line Items] | ||||
Allowance for credit losses | 848 | |||
Accounting Standards Update 2016-13 [Member] | Minimum [Member] | ||||
Summary of Accounting and Financial Policies [Line Items] | ||||
Allowance for credit losses | $ (169) |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Liabilities Summary (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | $ 647,751 | $ 627,073 |
Total assets | $ 1,301,548 | $ 1,163,028 |
Total level 3 financial assets divided by total assets | 2.10% | 2.30% |
Total level 3 financial assets divided by total financial assets at fair value | 4.20% | 4.20% |
Total financial liabilities at fair value | $ 464,065 | $ 389,577 |
Total liabilities | $ 1,203,884 | $ 1,067,096 |
Total level 3 financial liabilities divided by total liabilities | 2.80% | 3.10% |
Total level 3 financial liabilities divided by total financial liabilities at fair value | 7.20% | 8.50% |
Counterparty and Cash Collateral Netting [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | $ (64,740) | $ (77,170) |
Total financial liabilities at fair value | (53,163) | (60,297) |
Investments in funds at NAV [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 3,758 | 3,664 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 253,650 | 263,999 |
Total financial liabilities at fair value | 133,542 | 85,120 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 428,190 | 410,275 |
Total financial liabilities at fair value | 350,494 | 331,824 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 26,893 | 26,305 |
Total financial liabilities at fair value | $ 33,192 | $ 32,930 |
Fair Value Measurements - Total
Fair Value Measurements - Total Level 3 Financial Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | $ 647,751 | $ 627,073 |
Investment at fair value | 82,364 | 82,778 |
Loans receivable at fair value | 13,482 | 13,625 |
Derivatives [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 134,283 | 146,751 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 26,893 | 26,305 |
Loans receivable at fair value | 2,531 | 2,678 |
Level 3 [Member] | Trading cash instruments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading cash instrument at fair value | 1,373 | 1,237 |
Level 3 [Member] | Derivatives [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets at fair value | 5,940 | 5,967 |
Level 3 [Member] | Investments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment at fair value | 17,049 | 16,423 |
Level 3 [Member] | Loans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable at fair value | $ 2,531 | $ 2,678 |
Trading Assets and Liabilitie_2
Trading Assets and Liabilities - Summary of Trading Assets and Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Trading Assets | $ 374,218 | $ 393,630 |
Trading Liabilities | 200,807 | 153,727 |
Trading Cash Instruments [Member] | ||
Trading Cash Instruments | 304,675 | 324,049 |
Trading Liabilities | 150,585 | 95,136 |
Derivatives [Member] | ||
Trading Assets at Fair Value | 69,543 | 69,581 |
Trading Liabilities | $ 50,222 | $ 58,591 |
Trading Assets and Liabilitie_3
Trading Assets and Liabilities - Gains and Losses from Market Making (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Trading activity, gains and losses, net [Line Items] | ||
Market making | $ 5,893 | $ 3,682 |
Interest Rates [Member] | ||
Trading activity, gains and losses, net [Line Items] | ||
Market making | (1,243) | 737 |
Credit [Member] | ||
Trading activity, gains and losses, net [Line Items] | ||
Market making | 852 | 1,842 |
Currencies [Member] | ||
Trading activity, gains and losses, net [Line Items] | ||
Market making | 2,850 | (735) |
Equities [Member] | ||
Trading activity, gains and losses, net [Line Items] | ||
Market making | 2,778 | 1,700 |
Commodities [Member] | ||
Trading activity, gains and losses, net [Line Items] | ||
Market making | $ 656 | $ 138 |
Trading Cash Instruments - Cash
Trading Cash Instruments - Cash Instruments by Level (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Trading Cash Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Trading Assets | $ 304,675 | $ 324,049 |
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 | 207,036 | 216,370 |
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 | 96,266 | 106,442 |
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 | 1,373 | 1,237 |
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 | 93,607 | 138,533 |
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 | 66,374 | 93,670 |
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 | 27,233 | 44,863 |
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 | 68,572 | 57,423 |
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 | 53,647 | 46,147 |
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 | 14,906 | 11,261 |
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 | 19 | 15 |
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 | 851 | 800 |
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 | 736 | 597 |
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 | 115 | 203 |
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 | 8,823 | 7,079 |
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 | 8,619 | 6,948 |
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 | 204 | 131 |
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 | 34,540 | 31,351 |
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 | 488 | 915 |
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 | 33,134 | 29,639 |
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 | 918 | 797 |
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 | 216 | 200 |
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 | 216 | 200 |
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 | 2,077 | 1,412 |
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 | 202 | 338 |
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 | 1,830 | 1,055 |
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 | 45 | 19 |
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 | 89,181 | 77,877 |
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 | 86,325 | 75,300 |
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 | 2,784 | 2,505 |
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 | 72 | 72 |
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 | 6,808 | 9,374 |
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 | 6,808 | 9,374 |
Cash Instruments Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Cash Instruments Liabilities at Fair Value | (150,585) | (95,136) |
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 | (133,474) | (84,708) |
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 | (17,005) | (10,348) |
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 | (106) | (80) |
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 | (20,836) | (16,893) |
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 | (20,825) | (16,880) |
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 | (11) | (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 | (34,604) | (23,884) |
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 | (31,972) | (22,092) |
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 | (2,632) | (1,792) |
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 | (27) | (18) |
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 | (23) | (17) |
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 | (4) | (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 | (45) | (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 | (45) | (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 | (13,920) | (8,022) |
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 | (67) | (2) |
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 | (13,782) | (7,970) |
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 | (71) | (50) |
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 | (5) | |
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 | (5) | |
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) | (2) |
Cash Instruments Liabilities [Member] | Other debt 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 | (1) | (2) |
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 | (81,143) | (46,311) |
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 | (80,610) | (45,734) |
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 | (503) | (550) |
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 | (30) | $ (27) |
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 | (9) | |
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 | $ (9) |
Trading Cash Instruments - Fair
Trading Cash Instruments - Fair Value, Cash Instruments, Measurement Inputs, Disclosure (Detail) $ in Millions | Mar. 31, 2021USD ($)yr | Dec. 31, 2020USD ($)yr |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | $ 647,751 | $ 627,073 |
Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | 26,893 | 26,305 |
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 | $ | $ 115 | $ 203 |
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 | 0.021 | 0.017 |
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 | 0.130 | 0.051 |
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 | 0.9 | 1.1 |
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 | 0.235 | 0.220 |
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 | 0.965 | 0.949 |
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 | 4.9 | 9.1 |
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 | 0.090 |
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 | 0.622 | 0.577 |
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 | 2.6 | 5 |
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 | $ | $ 204 | $ 131 |
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 | 0.010 | 0.006 |
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 | 0.065 | 0.034 |
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 | 0.4 | 0.9 |
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 | 0.348 | 0.157 |
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 | 0.310 | 0.456 |
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 | 23.5 | 16.1 |
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 | 0.069 | 0.063 |
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 | 0.164 | 0.208 |
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 | 5.1 | 6.5 |
Level 3 [Member] | Corporate debt instruments [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total financial assets at fair value | $ | $ 918 | $ 797 |
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 | 0.002 | 0.006 |
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 | 0.2 | 0.3 |
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 | 0.323 | 0.306 |
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 | 0.703 | 0.736 |
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 | 14.1 | 25.5 |
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 | 0.076 | 0.095 |
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 | 0.552 | 0.587 |
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 | 3.8 | 4 |
Trading Cash Instruments - Ca_2
Trading Cash Instruments - Cash Instruments, Level 3 Rollforward (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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 | $ 1,237 | $ 1,242 |
Net realized gains / (losses) | 33 | 34 |
Net unrealized gains / (losses) | 33 | (159) |
Purchases | 521 | 353 |
Sales | (307) | (268) |
Settlements | (153) | (153) |
Transfers into level 3 | 224 | 342 |
Transfers out of level 3 | (215) | (157) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 1,373 | 1,234 |
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 | 203 | 191 |
Net realized gains / (losses) | 1 | 9 |
Net unrealized gains / (losses) | (5) | (22) |
Purchases | 17 | 14 |
Sales | (23) | (6) |
Settlements | (3) | (50) |
Transfers into level 3 | 10 | 7 |
Transfers out of level 3 | (85) | (13) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 115 | 130 |
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 | 131 | 231 |
Net realized gains / (losses) | 5 | 1 |
Net unrealized gains / (losses) | 3 | 7 |
Purchases | 24 | 80 |
Sales | (36) | (23) |
Settlements | (12) | (13) |
Transfers into level 3 | 104 | 61 |
Transfers out of level 3 | (15) | (93) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 204 | 251 |
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 | 797 | 692 |
Net realized gains / (losses) | 26 | 22 |
Net unrealized gains / (losses) | 36 | (132) |
Purchases | 440 | 238 |
Sales | (217) | (214) |
Settlements | (114) | (80) |
Transfers into level 3 | 60 | 242 |
Transfers out of level 3 | (110) | (49) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 918 | 719 |
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 | 106 | 128 |
Net realized gains / (losses) | 1 | 2 |
Net unrealized gains / (losses) | (1) | (12) |
Purchases | 40 | 21 |
Sales | (31) | (25) |
Settlements | (24) | (10) |
Transfers into level 3 | 50 | 32 |
Transfers out of level 3 | (5) | (2) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 136 | 134 |
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 | (80) | (273) |
Net realized gains / (losses) | 1 | |
Net unrealized gains / (losses) | (2) | 91 |
Purchases | 21 | 26 |
Sales | (40) | (32) |
Settlements | 7 | (2) |
Transfers into level 3 | (19) | (13) |
Transfers out of level 3 | 6 | 9 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ (106) | $ (194) |
Trading Cash Instruments - Addi
Trading Cash Instruments - Additional Information (Detail) - Trading Cash Instruments Assets Fair Value Disclosure [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net gains / (losses) on assets | $ 66 | $ (125) |
Net realized gains / (losses) on assets | 33 | 34 |
Net unrealized gains / (losses) on assets relating to instruments still held at the reporting date | 33 | (159) |
Market making [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net gains / (losses) on assets | 28 | (158) |
Interest Income [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net gains / (losses) on assets | $ 38 | 37 |
Investment Banking [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net gains / (losses) on assets | $ (4) |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Fair Value of Derivatives on a Gross Basis (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | $ 494,751 | $ 568,629 |
Total Gross Fair Value of Derivative Liability Contracts | 463,853 | 540,766 |
Offset amounts | (425,208) | (499,048) |
Offset amounts | (413,631) | (482,175) |
Derivative Assets | 69,543 | 69,581 |
Derivative Liabilities | 50,222 | 58,591 |
Cash collateral received | (852) | (979) |
Cash collateral posted | (1,842) | (2,427) |
Securities collateral received | (16,066) | (17,297) |
Securities collateral posted | (6,571) | (9,943) |
Total | 52,625 | 51,305 |
Total | 41,809 | 46,221 |
Notional amount | 44,594,512 | 38,600,406 |
Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (361,559) | (423,006) |
Offset amounts | (361,559) | (423,006) |
Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (63,649) | (76,042) |
Offset amounts | (52,072) | (59,169) |
Derivative Contract not Designated as Hedges [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 493,457 | 567,278 |
Total Gross Fair Value of Derivative Liability Contracts | 463,573 | 540,307 |
Notional amount | 44,378,750 | 38,395,632 |
Derivative Contract not Designated as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 280,505 | 357,495 |
Total Gross Fair Value of Derivative Liability Contracts | 253,003 | 321,839 |
Notional amount | 33,375,693 | 28,588,589 |
Derivative Contract not Designated as Hedges [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 17,783 | 16,555 |
Total Gross Fair Value of Derivative Liability Contracts | 16,982 | 16,068 |
Notional amount | 1,237,311 | 1,074,010 |
Derivative Contract not Designated as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 100,171 | 102,364 |
Total Gross Fair Value of Derivative Liability Contracts | 93,580 | 103,329 |
Notional amount | 6,954,817 | 6,206,763 |
Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 16,588 | 13,991 |
Total Gross Fair Value of Derivative Liability Contracts | 19,057 | 18,055 |
Notional amount | 512,170 | 450,761 |
Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 78,410 | 76,873 |
Total Gross Fair Value of Derivative Liability Contracts | 80,951 | 81,016 |
Notional amount | 2,298,759 | 2,075,509 |
Derivative Contracts Accounted for as Hedges [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 1,294 | 1,351 |
Total Gross Fair Value of Derivative Liability Contracts | 280 | 459 |
Notional amount | 215,762 | 204,774 |
Derivative Contracts Accounted for as Hedges [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 1,084 | 1,347 |
Notional amount | 196,977 | 188,952 |
Derivative Contracts Accounted for as Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 210 | 4 |
Total Gross Fair Value of Derivative Liability Contracts | 280 | 459 |
Notional amount | 18,785 | 15,822 |
Exchange-Traded [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 5,815 | 4,731 |
Derivative Liabilities | 5,525 | 7,254 |
Exchange-Traded [Member] | Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (34,961) | (29,549) |
Offset amounts | (34,961) | (29,549) |
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 | 665 | 665 |
Total Gross Fair Value of Derivative Liability Contracts | 1,033 | 660 |
Notional amount | 3,961,941 | 3,722,558 |
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 | 679 | 133 |
Total Gross Fair Value of Derivative Liability Contracts | 12 | 22 |
Notional amount | 9,573 | 7,413 |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 5,670 | 4,476 |
Total Gross Fair Value of Derivative Liability Contracts | 5,586 | 4,177 |
Notional amount | 286,649 | 242,193 |
Exchange-Traded [Member] | Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 33,762 | 29,006 |
Total Gross Fair Value of Derivative Liability Contracts | 33,855 | 31,944 |
Notional amount | 1,069,830 | 948,937 |
OTC-Cleared [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 332 | 325 |
Derivative Liabilities | 667 | 196 |
OTC-Cleared [Member] | Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (20,016) | (21,315) |
Offset amounts | (20,016) | (21,315) |
OTC-Cleared [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (1,553) | (1,926) |
Offset amounts | (584) | (720) |
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 | 16,345 | 18,832 |
Total Gross Fair Value of Derivative Liability Contracts | 15,133 | 16,809 |
Notional amount | 17,579,552 | 13,789,571 |
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 | 4,855 | 4,137 |
Total Gross Fair Value of Derivative Liability Contracts | 5,415 | 4,517 |
Notional amount | 633,145 | 515,197 |
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 | 372 | 401 |
Total Gross Fair Value of Derivative Liability Contracts | 431 | 631 |
Notional amount | 185,729 | 157,687 |
OTC-Cleared [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 255 | 195 |
Total Gross Fair Value of Derivative Liability Contracts | 227 | 187 |
Notional amount | 3,857 | 2,315 |
OTC-Cleared [Member] | Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 13 | |
Total Gross Fair Value of Derivative Liability Contracts | 13 | |
Notional amount | 447 | |
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 | 3 | 1 |
Notional amount | 190,514 | 182,311 |
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 | 58 | |
Total Gross Fair Value of Derivative Liability Contracts | 48 | 87 |
Notional amount | 3,607 | 1,767 |
Bilateral OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 63,396 | 64,525 |
Derivative Liabilities | 44,030 | 51,141 |
Bilateral OTC [Member] | Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (306,582) | (372,142) |
Offset amounts | (306,582) | (372,142) |
Bilateral OTC [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Offset amounts | (62,096) | (74,116) |
Offset amounts | (51,488) | (58,449) |
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 | 263,495 | 337,998 |
Total Gross Fair Value of Derivative Liability Contracts | 236,837 | 304,370 |
Notional amount | 11,834,200 | 11,076,460 |
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 | 12,928 | 12,418 |
Total Gross Fair Value of Derivative Liability Contracts | 11,567 | 11,551 |
Notional amount | 604,166 | 558,813 |
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 | 99,120 | 101,830 |
Total Gross Fair Value of Derivative Liability Contracts | 93,137 | 102,676 |
Notional amount | 6,759,515 | 6,041,663 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 10,663 | 9,320 |
Total Gross Fair Value of Derivative Liability Contracts | 13,244 | 13,691 |
Notional amount | 221,664 | 206,253 |
Bilateral OTC [Member] | Derivative Contract not Designated as Hedges [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total Gross Fair Value of Derivative Asset Contracts | 44,635 | 47,867 |
Total Gross Fair Value of Derivative Liability Contracts | 47,083 | 49,072 |
Notional amount | 1,228,482 | 1,126,572 |
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 | 1,081 | 1,346 |
Notional amount | 6,463 | 6,641 |
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 | 152 | 4 |
Total Gross Fair Value of Derivative Liability Contracts | 232 | 372 |
Notional amount | $ 15,178 | $ 14,055 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Gross Fair Value of Derivative Asset Contracts Not Enforceable | $ 22,130 | $ 20,600 | |
Gross Fair Value of Derivative Liability Contracts Not Enforceable | 19,560 | 22,980 | |
Net Gains / (Losses) on Derivative assets and liabilities | (58) | $ 2,440 | |
Net Realized Gains / (Losses) on Derivative assets and liabilities | (98) | 137 | |
Net Unrealized Gains / (Losses) on Derivative assets and liabilities | 40 | 2,305 | |
Maximum Payout/Notional Amount of Written Credit Derivative | 598,820 | 515,850 | |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 638,500 | 558,180 | |
Net purchased protection notional value of credit derivatives | 39,680 | 42,330 | |
Foreign Currency Denominated Debt Designated As Foreign Currency Hedge | 4,560 | $ 4,970 | |
Market making [Member] | |||
Derivative [Line Items] | |||
Net Gains / (Losses) on Derivative assets and liabilities | (57) | 2,420 | |
Other Principal Transactions [Member] | |||
Derivative [Line Items] | |||
Net Gains / (Losses) on Derivative assets and liabilities | $ (1) | $ 23 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Fair Value of Derivatives by Level (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Total financial assets at fair value | $ 647,751 | $ 627,073 |
Total financial liabilities at fair value | (464,065) | (389,577) |
Fair value included in financial instruments | (200,807) | (153,727) |
Level 1 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 253,650 | 263,999 |
Total financial liabilities at fair value | (133,542) | (85,120) |
Level 2 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 428,190 | 410,275 |
Total financial liabilities at fair value | (350,494) | (331,824) |
Level 3 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 26,893 | 26,305 |
Total financial liabilities at fair value | (33,192) | (32,930) |
Derivatives [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 134,283 | 146,751 |
Total financial liabilities at fair value | (103,385) | (118,888) |
Fair value included in financial instruments | 69,543 | 69,581 |
Fair value included in financial instruments | (50,222) | (58,591) |
Derivatives [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 281,589 | 358,842 |
Total financial liabilities at fair value | (253,003) | (321,839) |
Derivatives [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 17,783 | 16,555 |
Total financial liabilities at fair value | (16,982) | (16,068) |
Derivatives [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 100,381 | 102,368 |
Total financial liabilities at fair value | (93,860) | (103,788) |
Derivatives [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 16,588 | 13,991 |
Total financial liabilities at fair value | (19,057) | (18,055) |
Derivatives [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 78,410 | 76,873 |
Total financial liabilities at fair value | (80,951) | (81,016) |
Derivatives [Member] | Gross Fair Value Of Derivative [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 494,751 | 568,629 |
Total financial liabilities at fair value | (463,853) | (540,766) |
Derivatives [Member] | Counterparty Netting in Levels [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (360,468) | (421,878) |
Total financial liabilities at fair value | 360,468 | 421,878 |
Derivatives [Member] | Cross Level Counterparty Netting Adjustment [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (1,091) | (1,128) |
Total financial liabilities at fair value | 1,091 | 1,128 |
Derivatives [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Cash collateral netting | (63,649) | (76,042) |
Cash collateral netting | 52,072 | 59,169 |
Derivatives [Member] | Level 1 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 31 | 237 |
Total financial liabilities at fair value | (68) | (412) |
Derivatives [Member] | Level 1 [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 7 | 297 |
Total financial liabilities at fair value | (29) | (229) |
Derivatives [Member] | Level 1 [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 24 | 75 |
Total financial liabilities at fair value | (39) | (318) |
Derivatives [Member] | Level 1 [Member] | Gross Fair Value Of Derivative [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 31 | 372 |
Total financial liabilities at fair value | (68) | (547) |
Derivatives [Member] | Level 1 [Member] | Counterparty Netting in Levels [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (135) | |
Total financial liabilities at fair value | 135 | |
Derivatives [Member] | Level 2 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 128,312 | 140,547 |
Total financial liabilities at fair value | (98,022) | (113,684) |
Derivatives [Member] | Level 2 [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 280,374 | 357,568 |
Total financial liabilities at fair value | (252,085) | (320,900) |
Derivatives [Member] | Level 2 [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 14,549 | 13,104 |
Total financial liabilities at fair value | (15,623) | (14,395) |
Derivatives [Member] | Level 2 [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 100,200 | 102,221 |
Total financial liabilities at fair value | (93,390) | (103,303) |
Derivatives [Member] | Level 2 [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 15,917 | 13,285 |
Total financial liabilities at fair value | (18,598) | (17,649) |
Derivatives [Member] | Level 2 [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 76,742 | 75,054 |
Total financial liabilities at fair value | (77,796) | (78,122) |
Derivatives [Member] | Level 2 [Member] | Gross Fair Value Of Derivative [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 487,782 | 561,232 |
Total financial liabilities at fair value | (457,492) | (534,369) |
Derivatives [Member] | Level 2 [Member] | Counterparty Netting in Levels [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (359,470) | (420,685) |
Total financial liabilities at fair value | 359,470 | 420,685 |
Derivatives [Member] | Level 3 [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 5,940 | 5,967 |
Total financial liabilities at fair value | (5,295) | (4,792) |
Derivatives [Member] | Level 3 [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 1,208 | 977 |
Total financial liabilities at fair value | (889) | (710) |
Derivatives [Member] | Level 3 [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 3,234 | 3,451 |
Total financial liabilities at fair value | (1,359) | (1,673) |
Derivatives [Member] | Level 3 [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 181 | 147 |
Total financial liabilities at fair value | (470) | (485) |
Derivatives [Member] | Level 3 [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 671 | 706 |
Total financial liabilities at fair value | (459) | (406) |
Derivatives [Member] | Level 3 [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 1,644 | 1,744 |
Total financial liabilities at fair value | (3,116) | (2,576) |
Derivatives [Member] | Level 3 [Member] | Gross Fair Value Of Derivative [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | 6,938 | 7,025 |
Total financial liabilities at fair value | (6,293) | (5,850) |
Derivatives [Member] | Level 3 [Member] | Counterparty Netting in Levels [Member] | ||
Derivative [Line Items] | ||
Total financial assets at fair value | (998) | (1,058) |
Total financial liabilities at fair value | $ 998 | $ 1,058 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Fair Value, Derivatives, Measurement Inputs, Disclosure (Detail) $ in Millions | Mar. 31, 2021USD ($)$ / bblMMBTU | Dec. 31, 2020USD ($)MMBTU$ / bbl | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ | $ | $ 645 | $ 1,175 | $ 1,660 | $ 25 |
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 | $ | $ | $ 319 | $ 267 | 266 | 89 |
Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Average Correlation [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 0.48 | 0.56 | ||
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 | 0.60 | ||
Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 0.65 | 0.65 | ||
Interest Rate Contract [Member] | Level 3 [Member] | Measurement Input, Median Volatility [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 0.53 | 0.53 | ||
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 | $ | $ | $ 1,875 | $ 1,778 | 2,518 | 1,877 |
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 | 1.08 | 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 | 0.84 | 0.74 | ||
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 | 0.46 | 0.40 | ||
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 | 0.31 | 0.30 | ||
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 | 0.45 | 0.46 | ||
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 | 0.40 | 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 | $ | $ | $ (289) | $ (338) | 61 | (211) |
Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Average Correlation [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 0.39 | 0.39 | ||
Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Median Correlation [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 0.41 | 0.41 | ||
Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 0.20 | 0.18 | ||
Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Median Volatility [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 0.20 | 0.18 | ||
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 | $ | $ | $ 212 | $ 300 | 388 | 247 |
Commodity Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 0.29 | 0.32 | ||
Commodity Contract [Member] | Level 3 [Member] | Measurement Input, Median Volatility [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 0.27 | 0.30 | ||
Commodity Contract [Member] | Electricity [Member] | Level 3 [Member] | Measurement Input, Average Spread [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 29.59 | |||
Commodity Contract [Member] | Electricity [Member] | Level 3 [Member] | Measurement Input, Median Spread [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 29.25 | |||
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 | (0.11) | (0.13) | ||
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 | (0.07) | (0.09) | ||
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 | 14.87 | 9.73 | ||
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 | 14.16 | 9.55 | ||
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 | $ | $ | $ (1,472) | $ (832) | $ (1,573) | $ (1,977) |
Equity Contract [Member] | Level 3 [Member] | Measurement Input, Average Correlation [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 0.50 | 0.52 | ||
Equity Contract [Member] | Level 3 [Member] | Measurement Input, Median Correlation [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 0.51 | 0.55 | ||
Equity Contract [Member] | Level 3 [Member] | Measurement Input, Average Volatility [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 0.12 | 0.14 | ||
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 | 0.07 | ||
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) | (0.08) | ||
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 | 0.02 | 0.02 | ||
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 | 0.03 | 0.07 | ||
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 | 0.20 | 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 | 0.20 | ||
Minimum [Member] | Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Price Volatility [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 0.19 | 0.18 | ||
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 | 0.14 | 0.15 | ||
Minimum [Member] | Commodity Contract [Member] | Electricity [Member] | Level 3 [Member] | Measurement Input, Spread [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 9.81 | |||
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 | (1.22) | (1) | ||
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 | 10.20 | 8.30 | ||
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) | (0.70) | ||
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 | 0.03 | 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 | 0.81 | ||
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 | 5.98 | 6.99 | ||
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 | 1 | 0.90 | ||
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 | 0.90 | 0.90 | ||
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] | Foreign Exchange Contract [Member] | Level 3 [Member] | Measurement Input, Price Volatility [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 0.20 | 0.18 | ||
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 | 0.77 | 0.87 | ||
Maximum [Member] | Commodity Contract [Member] | Electricity [Member] | Level 3 [Member] | Measurement Input, Spread [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 72.05 | |||
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 | 2.27 | 2.13 | ||
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 | 20.65 | 11.20 | ||
Maximum [Member] | Equity Contract [Member] | Level 3 [Member] | Measurement Input, Correlation [Member] | ||||
Fair Value Measurement Inputs Disclosure [Line Items] | ||||
Assets (Liabilities) significant unobservable Inputs | 1 | 1 | ||
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 | 1.90 | 1.29 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Fair Value of Derivatives, Level 3 Rollforward (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | $ 1,175 | $ 25 |
Net Realized Gains / (Losses) | (98) | 137 |
Net Unrealized Gains / (Losses) | 40 | 2,305 |
Purchases | 192 | 223 |
Sales | (908) | (413) |
Settlements | 207 | 41 |
Transfers Into Level 3 | (69) | (801) |
Transfers Out Of Level 3 | 106 | 143 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 645 | 1,660 |
Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 267 | 89 |
Net Realized Gains / (Losses) | 7 | 7 |
Net Unrealized Gains / (Losses) | 111 | 132 |
Purchases | 4 | 1 |
Sales | (23) | (13) |
Settlements | 2 | 37 |
Transfers Into Level 3 | (4) | 11 |
Transfers Out Of Level 3 | (45) | 2 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 319 | 266 |
Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 1,778 | 1,877 |
Net Realized Gains / (Losses) | (19) | (20) |
Net Unrealized Gains / (Losses) | 105 | 652 |
Purchases | 42 | 53 |
Sales | (13) | (27) |
Settlements | (43) | (55) |
Transfers Into Level 3 | (17) | 11 |
Transfers Out Of Level 3 | 42 | 27 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 1,875 | 2,518 |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | (338) | (211) |
Net Realized Gains / (Losses) | (1) | (6) |
Net Unrealized Gains / (Losses) | (24) | 185 |
Purchases | 7 | |
Sales | (12) | (11) |
Settlements | 63 | 111 |
Transfers Into Level 3 | (4) | |
Transfers Out Of Level 3 | 16 | (3) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | (289) | 61 |
Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | 300 | 247 |
Net Realized Gains / (Losses) | (55) | 17 |
Net Unrealized Gains / (Losses) | 7 | 197 |
Purchases | 20 | 22 |
Sales | (17) | (69) |
Settlements | (27) | (7) |
Transfers Into Level 3 | (11) | |
Transfers Out Of Level 3 | (16) | (8) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | 212 | 388 |
Equity Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance | (832) | (1,977) |
Net Realized Gains / (Losses) | (30) | 139 |
Net Unrealized Gains / (Losses) | (159) | 1,139 |
Purchases | 119 | 147 |
Sales | (843) | (293) |
Settlements | 212 | (45) |
Transfers Into Level 3 | (48) | (808) |
Transfers Out Of Level 3 | 109 | 125 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance | $ (1,472) | $ (1,573) |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities - OTC Derivatives by Product Type and Tenor (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative Assets | $ 69,543 | $ 69,581 |
Derivative Liabilities | 50,222 | 58,591 |
OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 144,599 | 161,863 |
Derivative Liabilities | 113,991 | 131,477 |
OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 84,889 | 103,951 |
Derivative Liabilities | 55,934 | 66,955 |
OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 7,477 | 7,394 |
Derivative Liabilities | 6,676 | 6,907 |
OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 32,728 | 30,590 |
Derivative Liabilities | 26,874 | 32,120 |
OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 6,795 | 4,952 |
Derivative Liabilities | 9,348 | 9,315 |
OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 23,274 | 26,579 |
Derivative Liabilities | 25,723 | 27,783 |
OTC [Member] | Counterparty Netting in Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (10,564) | (11,603) |
Derivative Liabilities | (10,564) | (11,603) |
OTC [Member] | Cross Tenor Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (17,222) | (20,971) |
Derivative Liabilities | (17,222) | (20,971) |
OTC [Member] | Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Cash collateral netting | (63,649) | (76,042) |
Cash collateral netting | (52,072) | (59,169) |
OTC [Member] | Counterparty and Cash Collateral Netting [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 63,728 | 64,850 |
Derivative Liabilities | 44,697 | 51,337 |
Less than 1 Year [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 36,234 | 34,839 |
Derivative Liabilities | 33,776 | 34,919 |
Less than 1 Year [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 8,236 | 8,913 |
Derivative Liabilities | 7,920 | 5,687 |
Less than 1 Year [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 1,662 | 822 |
Derivative Liabilities | 1,538 | 1,268 |
Less than 1 Year [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 16,979 | 13,887 |
Derivative Liabilities | 16,009 | 18,770 |
Less than 1 Year [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 4,488 | 2,998 |
Derivative Liabilities | 4,249 | 3,455 |
Less than 1 Year [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 8,813 | 12,182 |
Derivative Liabilities | 8,004 | 9,702 |
Less than 1 Year [Member] | OTC [Member] | Counterparty Netting in Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (3,944) | (3,963) |
Derivative Liabilities | (3,944) | (3,963) |
1 - 5 Years [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 36,566 | 40,413 |
Derivative Liabilities | 32,729 | 34,186 |
1 - 5 Years [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 15,696 | 20,145 |
Derivative Liabilities | 11,835 | 11,967 |
1 - 5 Years [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 2,177 | 3,270 |
Derivative Liabilities | 2,982 | 3,462 |
1 - 5 Years [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 7,745 | 7,400 |
Derivative Liabilities | 5,941 | 7,575 |
1 - 5 Years [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 1,904 | 1,466 |
Derivative Liabilities | 1,610 | 1,545 |
1 - 5 Years [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 12,612 | 12,590 |
Derivative Liabilities | 13,929 | 14,095 |
1 - 5 Years [Member] | OTC [Member] | Counterparty Netting in Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (3,568) | (4,458) |
Derivative Liabilities | (3,568) | (4,458) |
Greater than 5 Years [Member] | OTC [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 71,799 | 86,611 |
Derivative Liabilities | 47,486 | 62,372 |
Greater than 5 Years [Member] | OTC [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 60,957 | 74,893 |
Derivative Liabilities | 36,179 | 49,301 |
Greater than 5 Years [Member] | OTC [Member] | Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 3,638 | 3,302 |
Derivative Liabilities | 2,156 | 2,177 |
Greater than 5 Years [Member] | OTC [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 8,004 | 9,303 |
Derivative Liabilities | 4,924 | 5,775 |
Greater than 5 Years [Member] | OTC [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 403 | 488 |
Derivative Liabilities | 3,489 | 4,315 |
Greater than 5 Years [Member] | OTC [Member] | Equity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 1,849 | 1,807 |
Derivative Liabilities | 3,790 | 3,986 |
Greater than 5 Years [Member] | OTC [Member] | Counterparty Netting in Tenors [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | (3,052) | (3,182) |
Derivative Liabilities | $ (3,052) | $ (3,182) |
Derivatives and Hedging Activ_9
Derivatives and Hedging Activities - Credit Derivatives (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | $ 598,820 | $ 515,850 |
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 638,500 | 558,180 |
Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 513,575 | 442,907 |
Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 124,927 | 115,271 |
Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 118,497 | 104,728 |
1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 382,987 | 362,791 |
Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 97,336 | 48,331 |
Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 12,518 | 11,314 |
Fair Value Liability of Written Credit Derivatives | 4,579 | 4,619 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | 7,939 | 6,695 |
0 - 250 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 537,046 | 471,326 |
0 - 250 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 463,033 | 407,315 |
0 - 250 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 110,732 | 103,604 |
0 - 250 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 104,938 | 96,049 |
0 - 250 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 347,792 | 331,145 |
0 - 250 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 84,316 | 44,132 |
0 - 250 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 11,208 | 10,302 |
Fair Value Liability of Written Credit Derivatives | 762 | 1,112 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | 10,446 | 9,190 |
251 - 500 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 42,886 | 27,578 |
251 - 500 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 35,683 | 19,822 |
251 - 500 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 9,417 | 7,272 |
251 - 500 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 8,890 | 5,826 |
251 - 500 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 24,907 | 17,913 |
251 - 500 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 9,089 | 3,839 |
251 - 500 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 821 | 638 |
Fair Value Liability of Written Credit Derivatives | 1,029 | 1,119 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | (208) | (481) |
501 - 1000 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 11,413 | 9,523 |
501 - 1000 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 7,893 | 8,679 |
501 - 1000 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 4,040 | 3,619 |
501 - 1000 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 787 | 450 |
501 - 1000 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 7,115 | 8,801 |
501 - 1000 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 3,511 | 272 |
501 - 1000 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 429 | 256 |
Fair Value Liability of Written Credit Derivatives | 856 | 387 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | (427) | (131) |
Greater than 1000 [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 7,475 | 7,423 |
Greater than 1000 [Member] | Offsetting Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 6,966 | 7,091 |
Greater than 1000 [Member] | Other Purchased Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | 738 | 776 |
Greater than 1000 [Member] | Less than 1 Year [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 3,882 | 2,403 |
Greater than 1000 [Member] | 1 - 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 3,173 | 4,932 |
Greater than 1000 [Member] | Greater than 5 Years [Member] | ||
Derivative [Line Items] | ||
Maximum Payout/Notional Amount of Written Credit Derivative | 420 | 88 |
Greater than 1000 [Member] | Written Credit Derivative [Member] | ||
Derivative [Line Items] | ||
Fair Value Asset of Written Credit Derivatives | 60 | 118 |
Fair Value Liability of Written Credit Derivatives | 1,932 | 2,001 |
Fair Value Net Asset/(Liability) of Written Credit Derivatives | $ (1,872) | $ (1,883) |
Derivatives and Hedging Acti_10
Derivatives and Hedging Activities - Summary of Information About CVA and FVA (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
CVA, net of hedges | $ (108) | $ 271 |
FVA, net of hedges | 12 | (759) |
Total | $ (96) | $ (488) |
Derivatives and Hedging Acti_11
Derivatives and Hedging Activities - Bifurcated Embedded Derivatives (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset | $ 1,117 | $ 1,450 |
Embedded Derivative, Fair Value of Embedded Derivative Liability | (1,295) | (1,220) |
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability | (178) | 230 |
Notional amount | 44,594,512 | 38,600,406 |
Embedded Derivatives Classified In Debt [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 12,097 | $ 12,548 |
Derivatives and Hedging Acti_12
Derivatives and Hedging Activities - Derivatives with Credit-Related Contingent Features (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Aggregate fair value of derivative contracts which are in net liability position | $ 35,227 | $ 43,368 |
Aggregate fair value of assets as a collateral for derivative contracts | 29,177 | 35,296 |
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 | 192 | 481 |
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 | $ 884 | $ 1,388 |
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 | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Interest expense | $ 1,572 | $ 3,437 |
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 | (5,405) | 6,586 |
Gain (Loss) Recognized On Hedged Borrowings and Deposits | $ 5,185 | $ (6,679) |
Derivatives and Hedging Acti_14
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Deposits at Fair Value [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount | $ 16,036 | $ 17,303 |
Cumulative Hedging Adjustment | 510 | 649 |
Unsecured short-term borrowings [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount | 3,099 | 5,976 |
Cumulative Hedging Adjustment | 33 | 53 |
Unsecured long-term borrowings [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount | 120,451 | 115,242 |
Cumulative Hedging Adjustment | $ 6,610 | $ 11,624 |
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 (Parenthetical) (Detail) - Unsecured long-term borrowings [Member] - Derivative Contracts Accounted for as Hedges [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cumulative hedging adjustment | $ 6,500 | $ 6,340 |
Addition Cumulative Hedging adjustments | $ 239 | $ 489 |
Derivatives and Hedging Acti_16
Derivatives and Hedging Activities - Gains and Losses on Net Investment Hedges (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Gain (Loss) Recognized On Foreign Currency Denominated Debt Designated As Foreign Currency Hedge | $ 265 | $ (21) |
Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ 460 | $ 756 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Investment at fair value | $ 82,364 | $ 82,778 | |
Level 3 [Member] | |||
Net gains / (losses) on assets | 15 | $ 27 | |
Level 3 [Member] | Interest Income [Member] | |||
Net gains / (losses) on assets | 11 | 17 | |
Investments [Member] | |||
Investments in funds at NAV | 3,758 | 3,664 | |
Investment at fair value | 78,606 | 79,114 | |
Net gains / (losses) on assets | 205 | 75 | |
Net unrealized gains / (losses) on assets relating to instruments still held at the reporting date | 1,191 | (1,284) | |
Investments [Member] | Operating income (loss) [Member] | |||
Net gains / (losses) on assets | 1,340 | (1,290) | |
Investments [Member] | Interest Income [Member] | |||
Net gains / (losses) on assets | 61 | 77 | |
Investments [Member] | Level 3 [Member] | |||
Investment at fair value | 17,049 | 16,423 | |
Net gains / (losses) on assets | 1,400 | (1,210) | |
Equity Securities [Member] | |||
Equity method investment | 6,360 | 7,140 | |
Equity Securities [Member] | Investments [Member] | |||
Investment at fair value | 17,104 | 17,429 | |
Net gains / (losses) on assets | 34 | 17 | |
Net unrealized gains / (losses) on assets relating to instruments still held at the reporting date | 930 | (766) | |
Equity Securities [Member] | Investments [Member] | Level 3 [Member] | |||
Investment at fair value | 10,173 | 9,642 | |
Fair Value Option [Member] | |||
Gains/(losses) recognized on equity securities | 419 | $ 77 | |
Investments in funds at NAV [Member] | |||
Investments in funds at NAV | 2,340 | 2,350 | |
Investment at fair value | $ 1,420 | $ 1,310 |
Investments - Fair Value of Inv
Investments - Fair Value of Investments by Accounting Type (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Investments, Fair Value Disclosure [Abstract] | ||
Equity securities, at fair value | $ 19,442 | $ 19,781 |
Debt instruments, at fair value | 17,743 | 16,981 |
Available-for-sale securities, at fair value | 45,179 | 46,016 |
Investments, at fair value | 82,364 | 82,778 |
Held-to-maturity securities | 5,265 | 5,301 |
Equity method investments | 387 | 366 |
Total investments | $ 88,016 | $ 88,445 |
Investments - Equity Securities
Investments - Equity Securities At Fair Value (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Equity securities, at fair value | $ 19,442 | $ 19,781 |
Public Equity [Member] | ||
Percentage of investment in equity securities | 13.00% | 15.00% |
Private Equity [Member] | ||
Percentage of investment in equity securities | 87.00% | 85.00% |
Public And Private Equity [Member] | ||
Percentage of investment in equity securities | 100.00% | 100.00% |
Corporate [Member] | ||
Percentage of investment in equity securities | 82.00% | 83.00% |
Real Estate [Member] | ||
Percentage of investment in equity securities | 18.00% | 17.00% |
Corporate And Real Estate [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 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt securities, at fair value | $ 17,743 | $ 16,981 |
Corporate debt securities [Member] | ||
Debt securities, at fair value | 12,038 | 10,991 |
Securities backed by real estate [Member] | ||
Debt securities, at fair value | 1,871 | 1,940 |
Money Market Instruments [Member] | ||
Debt securities, at fair value | 1,840 | 2,185 |
Other [Member] | ||
Debt securities, at fair value | $ 1,994 | $ 1,865 |
Investments - Investments in Fu
Investments - Investments in Funds that are Calculated Using Net Asset Value Per Share (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Cash Instruments Assets [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Fair Value of Investments | $ 3,758 | $ 3,664 |
Cash Instruments Liabilities [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 1,554 | 1,450 |
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 | 1,995 | 2,042 |
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 | 553 | 557 |
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 | 1,420 | 1,312 |
Credit Funds [Member] | Cash Instruments Liabilities [Member] | ||
Fair Value, Investments, Entities That Are Calculated Using Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 787 | 680 |
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 | 100 | 102 |
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 | 243 | 208 |
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 | $ 214 | $ 213 |
Investments - Securities Accoun
Investments - Securities Accounted for As Available-for-Sale Included in Investments (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 45,405 | $ 45,402 |
Fair Value | $ 45,179 | $ 46,016 |
Weighted Average Yield | 0.60% | 0.76% |
U.S. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 43,294 | $ 43,310 |
Fair Value | $ 43,166 | $ 43,915 |
Weighted Average Yield | 0.62% | 0.78% |
Non-U.S. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 2,111 | $ 2,092 |
Fair Value | $ 2,013 | $ 2,101 |
Weighted Average Yield | 0.20% | 0.21% |
Less than 1 year [Member] | U.S. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 25 | $ 25 |
Fair Value | $ 25 | $ 25 |
Weighted Average Yield | 0.08% | 0.08% |
1 year to 5 years [Member] | U.S. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 35,827 | $ 35,831 |
Fair Value | $ 35,740 | $ 36,158 |
Weighted Average Yield | 0.49% | 0.70% |
5 years to 10 years [Member] | U.S. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 7,442 | $ 7,454 |
Fair Value | $ 7,401 | $ 7,732 |
Weighted Average Yield | 1.21% | 1.19% |
5 years to 10 years [Member] | Non-U.S. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,754 | $ 1,739 |
Fair Value | $ 1,693 | $ 1,744 |
Weighted Average Yield | 0.10% | 0.10% |
Greater than 10 years [Member] | Non-U.S. [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 357 | $ 353 |
Fair Value | $ 320 | $ 357 |
Weighted Average Yield | 0.74% | 0.74% |
Investments - Securities Acco_2
Investments - Securities Accounted for As Available-for-Sale Included in Investments (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Gross unrealized gain included in accumulated other comprehensive gain/(loss) | $ 262 | $ 631 |
Gross unrealized loss included in accumulated other comprehensive gain/(loss) | 488 | |
Available-for-sale securities sold | 10,200 | 1,450 |
Realized gains on sales of available-for-sale securities | $ 130 | $ 265 |
Investments - Cash Instruments
Investments - Cash Instruments by Level (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | $ 82,364 | $ 82,778 |
Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in funds at NAV | 3,758 | 3,664 |
Investment at fair value | 78,606 | 79,114 |
Level 1 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 46,583 | 47,392 |
Level 2 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 14,974 | 15,299 |
Level 3 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 17,049 | 16,423 |
U.S. [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 43,166 | 43,915 |
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 | 43,166 | 43,915 |
Non-U.S. [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 2,064 | 2,157 |
Non-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 | 2,015 | 2,109 |
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 | 49 | 48 |
Corporate debt securities [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 12,038 | 10,991 |
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 | 61 | 70 |
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 | 6,663 | 5,635 |
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 | 5,314 | 5,286 |
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 | 1,871 | 1,940 |
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 | 832 | 942 |
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 | 1,039 | 998 |
Money Market Instruments [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 1,840 | 2,185 |
Money Market Instruments [Member] | Level 1 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 787 | 781 |
Money Market Instruments [Member] | Level 2 [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 1,053 | 1,404 |
Other debt obligations [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 523 | 497 |
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 | 523 | 497 |
Equity Securities [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment at fair value | 17,104 | 17,429 |
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 | 554 | 517 |
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 | 6,377 | 7,270 |
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 | $ 10,173 | $ 9,642 |
Investments - Fair Value Measur
Investments - Fair Value Measurement Inputs (Detail) $ in Millions | Mar. 31, 2021USD ($)yr | Dec. 31, 2020USD ($)yr |
Level 3 assets | $ | $ 647,751 | $ 627,073 |
Level 3 assets [Member] | ||
Level 3 assets | $ | 26,893 | 26,305 |
Corporate debt securities [Member] | Level 3 assets [Member] | Investments [Member] | ||
Level 3 assets | $ | $ 5,314 | $ 5,286 |
Corporate debt securities [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 22.00% | 19.50% |
Corporate debt securities [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 7.00% | 4.50% |
Corporate debt securities [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 9.50% | 10.20% |
Corporate debt securities [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 70.00% | 70.00% |
Corporate debt securities [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 9.00% | 10.00% |
Corporate debt securities [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 52.30% | 50.70% |
Corporate debt securities [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 7.5 | 7.7 |
Corporate debt securities [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 2.4 | 3 |
Corporate debt securities [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 4.4 | 4.2 |
Corporate debt securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 22.4 | 29.3 |
Corporate debt securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 0.5 | 0.6 |
Corporate debt securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 7.6 | 6.9 |
Securities backed by real estate [Member] | Level 3 assets [Member] | Investments [Member] | ||
Level 3 assets | $ | $ 1,039 | $ 998 |
Securities backed by real estate [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 20.30% | 52.40% |
Securities backed by real estate [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 8.30% | 8.20% |
Securities backed by real estate [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 14.00% | 17.50% |
Securities backed by real estate [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 57.80% | 57.80% |
Securities backed by real estate [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 19.40% | 21.60% |
Securities backed by real estate [Member] | Level 3 assets [Member] | Recovery rate [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 32.80% | 33.70% |
Securities backed by real estate [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 3 | 3.6 |
Securities backed by real estate [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 0.6 | 0.4 |
Securities backed by real estate [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 1.5 | 2.7 |
Other debt obligations [Member] | Level 3 assets [Member] | Investments [Member] | ||
Level 3 assets | $ | $ 523 | $ 497 |
Other debt obligations [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 9.70% | 6.20% |
Other debt obligations [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 2.20% | 1.70% |
Other debt obligations [Member] | Level 3 assets [Member] | Yield [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 4.00% | 3.50% |
Other debt obligations [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 9.8 | 10.3 |
Other debt obligations [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 1.6 | 0.2 |
Other debt obligations [Member] | Level 3 assets [Member] | Duration [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 6 | 6.4 |
Equity Securities [Member] | Level 3 assets [Member] | Investments [Member] | ||
Level 3 assets | $ | $ 10,173 | $ 9,642 |
Equity Securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 36.6 | 27.9 |
Equity Securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 0.5 | 0.6 |
Equity Securities [Member] | Level 3 assets [Member] | Multiples [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 11.9 | 9 |
Equity Securities [Member] | Level 3 assets [Member] | Discount rate/yield [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 45.00% | 38.50% |
Equity Securities [Member] | Level 3 assets [Member] | Discount rate/yield [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 4.80% | 4.00% |
Equity Securities [Member] | Level 3 assets [Member] | Discount rate/yield [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 14.10% | 13.50% |
Equity Securities [Member] | Level 3 assets [Member] | Capitalization rate [Member] | Investments [Member] | Maximum [Member] | ||
Investments measurement input | 13.90% | 14.10% |
Equity Securities [Member] | Level 3 assets [Member] | Capitalization rate [Member] | Investments [Member] | Minimum [Member] | ||
Investments measurement input | 3.80% | 3.70% |
Equity Securities [Member] | Level 3 assets [Member] | Capitalization rate [Member] | Investments [Member] | Weighted Average [Member] | ||
Investments measurement input | 6.20% | 6.30% |
Investments - Investments, Leve
Investments - Investments, Level 3 Rollforward (Detail) - Investments [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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 | $ 16,423 | $ 15,282 |
Net realized gains/(losses) | 205 | 75 |
Net unrealized gains/(losses) | 1,191 | (1,284) |
Purchases | 397 | 348 |
Sales | (92) | (197) |
Settlements | (812) | (325) |
Transfers into level 3 | 901 | 6,480 |
Transfers out of level 3 | (1,164) | (971) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 17,049 | 19,408 |
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 | 5,286 | 3,465 |
Net realized gains/(losses) | 151 | 50 |
Net unrealized gains/(losses) | 266 | (465) |
Purchases | 159 | 69 |
Sales | (73) | (174) |
Settlements | (435) | (166) |
Transfers into level 3 | 519 | 4,394 |
Transfers out of level 3 | (559) | (24) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 5,314 | 7,149 |
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 | 998 | 595 |
Net realized gains/(losses) | 17 | 6 |
Net unrealized gains/(losses) | (4) | (72) |
Purchases | 48 | 52 |
Settlements | (107) | (12) |
Transfers into level 3 | 87 | 206 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 1,039 | 775 |
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 | 9,642 | 10,903 |
Net realized gains/(losses) | 34 | 17 |
Net unrealized gains/(losses) | 930 | (766) |
Purchases | 160 | 227 |
Sales | (16) | (23) |
Settlements | (267) | (145) |
Transfers into level 3 | 295 | 1,790 |
Transfers out of level 3 | (605) | (947) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 10,173 | 11,056 |
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 | 497 | 319 |
Net realized gains/(losses) | 3 | 2 |
Net unrealized gains/(losses) | (1) | 19 |
Purchases | 30 | |
Sales | (3) | |
Settlements | (3) | (2) |
Transfers into level 3 | 90 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 523 | $ 428 |
Investments - Held-to-Maturity
Investments - Held-to-Maturity Securities (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,265 | $ 5,301 |
Fair Value | $ 5,534 | $ 5,637 |
Weighted Average Yield | 2.16% | 2.15% |
U.S. government obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 4,545 | $ 4,561 |
Fair Value | $ 4,793 | $ 4,883 |
Weighted Average Yield | 2.33% | 2.33% |
U.S. government obligations [Member] | Less than 1 year [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 504 | $ 501 |
Fair Value | $ 513 | $ 513 |
Weighted Average Yield | 2.53% | 2.53% |
U.S. government obligations [Member] | 1 year to 5 years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 4,041 | $ 2,529 |
Fair Value | $ 4,280 | $ 2,695 |
Weighted Average Yield | 2.30% | 2.34% |
U.S. government obligations [Member] | 5 years to 10 years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 1,531 | |
Fair Value | $ 1,675 | |
Weighted Average Yield | 2.25% | |
Securities backed by real estate [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 720 | $ 740 |
Fair Value | $ 741 | $ 754 |
Weighted Average Yield | 1.10% | 1.08% |
Securities backed by real estate [Member] | 5 years to 10 years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 4 | $ 4 |
Fair Value | $ 3 | $ 3 |
Weighted Average Yield | 2.59% | 2.56% |
Securities backed by real estate [Member] | Greater than 10 years [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 716 | $ 736 |
Fair Value | $ 738 | $ 751 |
Weighted Average Yield | 1.09% | 1.08% |
Investments - Held-to-Maturit_2
Investments - Held-to-Maturity Securities (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity, Maturity [Abstract] | ||
Held-to-maturity securities, gross unrealized gains | $ 270 | $ 340 |
Held-to-maturity securities, gross unrealized losses | $ 0 | $ 0 |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Loans Receivable [Line Items] | ||||
Gross loans receivable | $ 124,776 | $ 119,989 | ||
Allowance for loan losses | (3,515) | (3,874) | $ (2,868) | $ (2,168) |
Total loans receivable | 121,261 | 116,115 | ||
Loans at fair value | 13,482 | 13,625 | ||
Amortized cost [Member] | ||||
Loans Receivable [Line Items] | ||||
Gross loans receivable | 108,115 | 103,565 | ||
Allowance for loan losses | (3,515) | (3,874) | ||
Total loans receivable | 104,600 | 99,691 | ||
Fair Value [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans receivable | 13,482 | 13,625 | ||
Loans at fair value | 13,482 | 13,625 | ||
Held for sale [Member] | ||||
Loans Receivable [Line Items] | ||||
Total loans receivable | 3,179 | 2,799 | ||
Loans held for sale | 3,179 | 2,799 | ||
Corporate [Member] | ||||
Loans Receivable [Line Items] | ||||
Gross loans receivable | 47,495 | 48,659 | ||
Loans at fair value | 3,025 | 2,751 | ||
Corporate [Member] | Amortized cost [Member] | ||||
Loans Receivable [Line Items] | ||||
Gross loans receivable | 43,483 | 44,778 | ||
Corporate [Member] | Fair Value [Member] | ||||
Loans Receivable [Line Items] | ||||
Loans at fair value | 3,025 | 2,751 | ||
Corporate [Member] | Held for sale [Member] | ||||
Loans Receivable [Line Items] | ||||
Loans held for sale | 987 | 1,130 | ||
Wealth management [Member] | ||||
Loans Receivable [Line Items] | ||||
Gross loans receivable | 35,506 | 33,023 | ||
Loans at fair value | 7,702 | 7,872 | ||
Wealth management [Member] | Amortized cost [Member] | ||||
Loans Receivable [Line Items] | ||||
Gross loans receivable | 27,804 | 25,151 | ||
Wealth management [Member] | Fair Value [Member] | ||||
Loans Receivable [Line Items] | ||||
Loans at fair value | 7,702 | 7,872 | ||
Commercial real estate [Member] | ||||
Loans Receivable [Line Items] | ||||
Gross loans receivable | 20,662 | 20,290 | ||
Loans at fair value | 1,799 | 1,961 | ||
Commercial real estate [Member] | Amortized cost [Member] | ||||
Loans Receivable [Line Items] | ||||
Gross loans receivable | 17,016 | 17,096 | ||
Commercial real estate [Member] | Fair Value [Member] | ||||
Loans Receivable [Line Items] | ||||
Loans at fair value | 1,799 | 1,961 | ||
Commercial real estate [Member] | Held for sale [Member] | ||||
Loans Receivable [Line Items] | ||||
Loans held for sale | 1,847 | 1,233 | ||
Residential real estate [Member] | ||||
Loans Receivable [Line Items] | ||||
Gross loans receivable | 8,810 | 5,750 | ||
Loans at fair value | 455 | 494 | ||
Residential real estate [Member] | Amortized cost [Member] | ||||
Loans Receivable [Line Items] | ||||
Gross loans receivable | 8,337 | 5,236 | ||
Residential real estate [Member] | Fair Value [Member] | ||||
Loans Receivable [Line Items] | ||||
Loans at fair value | 455 | 494 | ||
Residential real estate [Member] | Held for sale [Member] | ||||
Loans Receivable [Line Items] | ||||
Loans held for sale | 18 | 20 | ||
Installment [Member] | ||||
Loans Receivable [Line Items] | ||||
Gross loans receivable | 3,477 | 3,823 | ||
Installment [Member] | Amortized cost [Member] | ||||
Loans Receivable [Line Items] | ||||
Gross loans receivable | 3,477 | 3,823 | ||
Credit card [Member] | ||||
Loans Receivable [Line Items] | ||||
Gross loans receivable | 4,376 | 4,270 | ||
Credit card [Member] | Amortized cost [Member] | ||||
Loans Receivable [Line Items] | ||||
Gross loans receivable | 4,376 | 4,270 | ||
Other Loans [Member] | ||||
Loans Receivable [Line Items] | ||||
Gross loans receivable | 4,450 | 4,174 | ||
Loans at fair value | 501 | 547 | ||
Other Loans [Member] | Amortized cost [Member] | ||||
Loans Receivable [Line Items] | ||||
Gross loans receivable | 3,622 | 3,211 | ||
Other Loans [Member] | Fair Value [Member] | ||||
Loans Receivable [Line Items] | ||||
Loans at fair value | 501 | 547 | ||
Other Loans [Member] | Held for sale [Member] | ||||
Loans Receivable [Line Items] | ||||
Loans held for sale | $ 327 | $ 416 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Loans Receivable [Line Items] | |||
Gains/(Losses) as a result of changes in the fair value | $ (1,083) | $ 5,871 | |
Impaired loans receivable (excluding PCI loans) on non-accrual status | $ 3,161 | $ 3,552 | |
Allowance for loan losses as a percentage of total gross loans receivable | 3.30% | 2.50% | 3.70% |
Annualized net charge-offs as a percentage of average total gross loans receivable | 0.30% | 0.50% | 0.90% |
Amount Of Lending Commitments Held For Investment | $ 188,111 | $ 162,513 | |
Percentage of loans that were rated pass/non-criticized | 87.00% | 85.00% | |
Change in allowance for credit losses | $ (195) | $ 1,400 | |
Concentration Risk,Percentage | 100.00% | 100.00% | |
Impact of CECL adoption | $ 727 | ||
Impact of CECL adoption | (48) | ||
Changes in allowance for credit loss | 722 | ||
Impact of CECL adoption | 679 | 679 | |
Provision for credit losses | $ (70) | $ 937 | |
COVID 19 [Member] | |||
Loans Receivable [Line Items] | |||
CARES Act/Interagency TDR relief | 0 | 184 | |
PCI Loans [Member] | |||
Loans Receivable [Line Items] | |||
Impact of CECL adoption | 169 | ||
Financial Asset, Equal to or Greater than 30 Days Past Due [Member] | |||
Loans Receivable [Line Items] | |||
Impaired loans receivable (excluding PCI loans) on non-accrual status | $ 321 | $ 533 | |
Wholesale [Member] | |||
Loans Receivable [Line Items] | |||
Allowance for loan losses as a percentage of total gross loans receivable | 2.40% | 1.80% | 2.70% |
Annualized net charge-offs as a percentage of average total gross loans receivable | 0.10% | 0.20% | 0.60% |
Nonaccrual loans, for which allowance for credit losses was measured | $ 3,110 | $ 3,510 | |
Nonaccrual loans, allowance for credit losses | 599 | 649 | |
Nonaccrual loans, for which no allowance for credit losses required | $ 479 | 584 | |
Impact of CECL adoption | $ 452 | ||
Consumer [Member] | |||
Loans Receivable [Line Items] | |||
Allowance for loan losses as a percentage of total gross loans receivable | 14.10% | 13.40% | 15.90% |
Annualized net charge-offs as a percentage of average total gross loans receivable | 3.10% | 4.80% | 4.20% |
Impact of CECL adoption | $ 444 | ||
Credit cards [Member] | |||
Loans Receivable [Line Items] | |||
Provision for credit losses | $ 180 | ||
Commitment to acquire loan portfolio | 2,000 | ||
Other Principal Transactions [Member] | |||
Loans Receivable [Line Items] | |||
Gains/(Losses) as a result of changes in the fair value | 92 | $ (27) | |
Corporate And Commercial Real Estate Loans [Member] | |||
Loans Receivable [Line Items] | |||
Loans modified in troubled debt restructuring | $ 315 | $ 315 | |
Diversified Industrials [Member] | |||
Loans Receivable [Line Items] | |||
Concentration Risk,Percentage | 16.00% | 17.00% | |
Technology Media Telecommunications [Member] | |||
Loans Receivable [Line Items] | |||
Concentration Risk,Percentage | 19.00% | 17.00% | |
Funds [Member] | |||
Loans Receivable [Line Items] | |||
Concentration Risk,Percentage | 14.00% | 13.00% | |
Natural Resources Utilities [Member] | |||
Loans Receivable [Line Items] | |||
Concentration Risk,Percentage | 11.00% | 12.00% | |
Financial Institutions [Member] | |||
Loans Receivable [Line Items] | |||
Concentration Risk,Percentage | 10.00% | 10.00% | |
Credit Card Receivables Issued To Customers [Member] | |||
Loans Receivable [Line Items] | |||
Amount Of Lending Commitments Held For Investment | $ 24,540 | $ 21,640 | |
Level 3 [Member] | |||
Loans Receivable [Line Items] | |||
Net gains / (losses) on assets | 15 | 27 | |
Level 3 [Member] | Interest Income [Member] | |||
Loans Receivable [Line Items] | |||
Net gains / (losses) on assets | 11 | 17 | |
Level 3 [Member] | Loans Non Trading [Member] | |||
Loans Receivable [Line Items] | |||
Net unrealized gains / (losses) on assets | (11) | (54) | |
Net realized gains / (losses) on assets | 26 | 27 | |
Level 3 [Member] | Other Principal Transactions [Member] | |||
Loans Receivable [Line Items] | |||
Net gains / (losses) on assets | $ 4 | $ (44) |
Loans - Summary of Concentratio
Loans - Summary of Concentration of Secured and Unsecured Loans (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 124,776 | $ 119,989 |
Loans receivable at fair value | $ 13,482 | $ 13,625 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 47,495 | $ 48,659 |
Loans receivable at fair value | $ 3,025 | $ 2,751 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 35,506 | $ 33,023 |
Loans receivable at fair value | $ 7,702 | $ 7,872 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 20,662 | $ 20,290 |
Loans receivable at fair value | $ 1,799 | $ 1,961 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 8,810 | $ 5,750 |
Loans receivable at fair value | $ 455 | $ 494 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 3,477 | $ 3,823 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,376 | $ 4,270 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,450 | $ 4,174 |
Loans receivable at fair value | $ 501 | $ 547 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 124,776 | $ 119,989 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Internally rated loans [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 47,495 | $ 48,659 |
Internally rated loans [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 35,506 | 33,023 |
Internally rated loans [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 20,662 | 20,290 |
Internally rated loans [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 8,810 | 5,750 |
Internally rated loans [Member] | Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,477 | 3,823 |
Internally rated loans [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,376 | 4,270 |
Internally rated loans [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,450 | $ 4,174 |
Secured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 83.00% | 82.00% |
Unsecured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 17.00% | 18.00% |
Amortized cost [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 108,115 | $ 103,565 |
Amortized cost [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 43,483 | 44,778 |
Amortized cost [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 27,804 | 25,151 |
Amortized cost [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 17,016 | 17,096 |
Amortized cost [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 8,337 | 5,236 |
Amortized cost [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,376 | 4,270 |
Amortized cost [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,622 | 3,211 |
Fair Value [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 13,482 | 13,625 |
Fair Value [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 3,025 | 2,751 |
Fair Value [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 7,702 | 7,872 |
Fair Value [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 1,799 | 1,961 |
Fair Value [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 455 | 494 |
Fair Value [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 501 | 547 |
Fair Value [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 13,482 | 13,625 |
Held for sale [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 3,179 | 2,799 |
Held for sale [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 987 | 1,130 |
Held for sale [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 1,847 | 1,233 |
Held for sale [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 18 | 20 |
Held for sale [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 327 | 416 |
Held for sale [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | 3,179 | 2,799 |
Loans Receivable [Member] | Amortized cost [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 108,115 | 103,565 |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 39,628 | $ 35,840 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 10,210 | $ 9,478 |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 24,829 | 22,098 |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,894 | 1,792 |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 539 | 636 |
Loans Receivable [Member] | Investment-Grade [Member] | Internally rated loans [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 2,156 | $ 1,836 |
Loans Receivable [Member] | Investment-Grade [Member] | Secured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 84.00% | 83.00% |
Loans Receivable [Member] | Investment-Grade [Member] | Unsecured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 16.00% | 17.00% |
Loans Receivable [Member] | Investment-Grade [Member] | Amortized cost [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 36,914 | $ 33,532 |
Loans Receivable [Member] | Investment-Grade [Member] | Fair Value [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 2,392 | 2,084 |
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 | 322 | 224 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 67,893 | $ 66,327 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 36,920 | $ 38,704 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,995 | 5,331 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 17,925 | 17,480 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 7,092 | 3,852 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Internally rated loans [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 961 | $ 960 |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Secured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 92.00% | 90.00% |
Loans Receivable [Member] | Non-Investment-Grade [Member] | Unsecured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 8.00% | 10.00% |
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 | $ 59,595 | $ 58,250 |
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 | 5,802 | 5,925 |
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 | 2,496 | 2,152 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 17,255 | $ 17,822 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Internally rated loans [Member] | Corporate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 365 | $ 477 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Internally rated loans [Member] | Wealth management [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,682 | 5,594 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Internally rated loans [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 843 | 1,018 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Internally rated loans [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,179 | 1,262 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Internally rated loans [Member] | Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,477 | 3,823 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Internally rated loans [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,376 | 4,270 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Internally rated loans [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 1,333 | $ 1,378 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Secured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 45.00% | 46.00% |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Unsecured Loans [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Concentration Risk,Percentage | 55.00% | 54.00% |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Amortized cost [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 11,606 | $ 11,783 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Fair Value [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable at fair value | 5,288 | 5,616 |
Loans Receivable [Member] | Other Metrics/Unrated [Member] | Held for sale [Member] | Internally rated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held-for-sale, Amount | $ 361 | $ 423 |
Loans - Schedule of Credit Qual
Loans - Schedule of Credit Quality Indicators for Term Loans by Origination Year (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 124,776 | $ 119,989 |
Percentage of total | 100.00% | 100.00% |
Amortized cost [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 108,115 | $ 103,565 |
Amortized cost [Member] | All Classes Except Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 100,262 | $ 95,472 |
Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of total | 37.00% | 35.00% |
Investment-Grade [Member] | All Classes Except Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 36,914 | $ 33,532 |
Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of total | 59.00% | 61.00% |
Non-Investment-Grade [Member] | All Classes Except Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 59,595 | $ 58,250 |
Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of total | 4.00% | 4.00% |
Other/Unrated [Member] | All Classes Except Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, gross | $ 3,753 | $ 3,690 |
Corporate [Member] | Amortized cost [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 2,284 | 9,663 |
2020 and 2019 | 8,563 | 6,995 |
2019 and 2018 | 7,020 | 5,631 |
2018 and 2017 | 5,121 | 3,934 |
2017 and 2016 | 3,465 | 1,530 |
2016 and 2015 or earlier | 3,324 | 2,424 |
Revolving | 13,706 | 14,601 |
Loans, gross | 43,483 | 44,778 |
Corporate [Member] | Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 512 | 1,978 |
2020 and 2019 | 1,878 | 889 |
2019 and 2018 | 1,360 | 2,076 |
2018 and 2017 | 1,884 | 851 |
2017 and 2016 | 701 | 268 |
2016 and 2015 or earlier | 419 | 351 |
Revolving | 2,876 | 2,662 |
Loans, gross | 9,630 | 9,075 |
Corporate [Member] | Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 1,772 | 7,545 |
2020 and 2019 | 6,685 | 6,106 |
2019 and 2018 | 5,660 | 3,555 |
2018 and 2017 | 3,237 | 3,083 |
2017 and 2016 | 2,764 | 1,262 |
2016 and 2015 or earlier | 2,905 | 2,073 |
Revolving | 10,685 | 11,891 |
Loans, gross | 33,708 | 35,515 |
Corporate [Member] | Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 140 | |
Revolving | 145 | 48 |
Loans, gross | 145 | 188 |
Wealth management [Member] | Amortized cost [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 330 | 810 |
2020 and 2019 | 741 | 1,126 |
2019 and 2018 | 1,150 | 385 |
2018 and 2017 | 413 | 407 |
2017 and 2016 | 405 | 42 |
2016 and 2015 or earlier | 852 | 795 |
Revolving | 23,913 | 21,586 |
Loans, gross | 27,804 | 25,151 |
Wealth management [Member] | Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 189 | 497 |
2020 and 2019 | 519 | 723 |
2019 and 2018 | 719 | 298 |
2018 and 2017 | 323 | 377 |
2017 and 2016 | 374 | 22 |
2016 and 2015 or earlier | 549 | 531 |
Revolving | 20,618 | 18,077 |
Loans, gross | 23,291 | 20,525 |
Wealth management [Member] | Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 40 | 313 |
2020 and 2019 | 222 | 403 |
2019 and 2018 | 431 | 87 |
2018 and 2017 | 90 | 30 |
2017 and 2016 | 31 | 20 |
2016 and 2015 or earlier | 303 | 264 |
Revolving | 1,780 | 2,085 |
Loans, gross | 2,897 | 3,202 |
Wealth management [Member] | Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 101 | |
Revolving | 1,515 | 1,424 |
Loans, gross | 1,616 | 1,424 |
Commercial real estate [Member] | Amortized cost [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 1,603 | 3,974 |
2020 and 2019 | 3,817 | 2,041 |
2019 and 2018 | 1,987 | 2,326 |
2018 and 2017 | 2,090 | 1,772 |
2017 and 2016 | 1,632 | 174 |
2016 and 2015 or earlier | 1,390 | 1,301 |
Revolving | 4,497 | 5,508 |
Loans, gross | 17,016 | 17,096 |
Commercial real estate [Member] | Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 191 | 848 |
2020 and 2019 | 749 | 76 |
2019 and 2018 | 76 | 137 |
2018 and 2017 | 132 | 26 |
2017 and 2016 | 26 | |
Revolving | 193 | 461 |
Loans, gross | 1,367 | 1,548 |
Commercial real estate [Member] | Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 1,411 | 3,071 |
2020 and 2019 | 3,051 | 1,965 |
2019 and 2018 | 1,911 | 2,164 |
2018 and 2017 | 1,950 | 1,734 |
2017 and 2016 | 1,595 | 165 |
2016 and 2015 or earlier | 897 | 775 |
Revolving | 4,304 | 5,047 |
Loans, gross | 15,119 | 14,921 |
Commercial real estate [Member] | Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 1 | 55 |
2020 and 2019 | 17 | |
2019 and 2018 | 25 | |
2018 and 2017 | 8 | 12 |
2017 and 2016 | 11 | 9 |
2016 and 2015 or earlier | 493 | 526 |
Loans, gross | 530 | 627 |
Residential real estate [Member] | Amortized cost [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 239 | 1,493 |
2020 and 2019 | 1,377 | 361 |
2019 and 2018 | 280 | 372 |
2018 and 2017 | 311 | 244 |
2017 and 2016 | 205 | 1 |
2016 and 2015 or earlier | 67 | 70 |
Revolving | 5,858 | 2,695 |
Loans, gross | 8,337 | 5,236 |
Residential real estate [Member] | Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 402 | |
2020 and 2019 | 384 | |
2018 and 2017 | 9 | |
2017 and 2016 | 8 | |
Revolving | 147 | 225 |
Loans, gross | 539 | 636 |
Residential real estate [Member] | Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 207 | 976 |
2020 and 2019 | 869 | 90 |
2019 and 2018 | 45 | 123 |
2018 and 2017 | 106 | 83 |
2017 and 2016 | 53 | 1 |
2016 and 2015 or earlier | 1 | |
Revolving | 5,709 | 2,470 |
Loans, gross | 6,990 | 3,743 |
Residential real estate [Member] | Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 32 | 115 |
2020 and 2019 | 124 | 271 |
2019 and 2018 | 235 | 249 |
2018 and 2017 | 205 | 152 |
2017 and 2016 | 144 | |
2016 and 2015 or earlier | 66 | 70 |
Revolving | 2 | |
Loans, gross | 808 | 857 |
Other [Member] | Amortized cost [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 94 | 792 |
2020 and 2019 | 519 | 96 |
2019 and 2018 | 60 | 46 |
2018 and 2017 | 229 | 8 |
2017 and 2016 | 7 | |
Revolving | 2,713 | 2,269 |
Loans, gross | 3,622 | 3,211 |
Other [Member] | Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 242 | |
Revolving | 2,087 | 1,506 |
Loans, gross | 2,087 | 1,748 |
Other [Member] | Non-Investment-Grade [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 33 | 84 |
2020 and 2019 | 75 | 67 |
2019 and 2018 | 34 | 46 |
2018 and 2017 | 198 | 8 |
2017 and 2016 | 7 | |
Revolving | 534 | 664 |
Loans, gross | 881 | 869 |
Other [Member] | Other/Unrated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | 61 | 466 |
2020 and 2019 | 444 | 29 |
2019 and 2018 | 26 | |
2018 and 2017 | 31 | |
Revolving | 92 | 99 |
Loans, gross | $ 654 | $ 594 |
Loans - Summary of Consumer Loa
Loans - Summary of Consumer Loans by Refreshed FICO Credit Score (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 124,776 | $ 119,989 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100.00% | 100.00% |
FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 7,853 | $ 8,093 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100.00% | 100.00% |
Installment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 3,477 | $ 3,823 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100.00% | 100.00% |
Installment [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | $ 311 | $ 1,359 |
2020 and 2019 | 1,196 | 1,357 |
2019 and 2018 | 1,128 | 942 |
2018 and 2017 | 723 | 158 |
2017 and 2016 | 114 | 7 |
2016 | 5 | |
Total loans, gross | $ 3,477 | $ 3,823 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100.00% | 100.00% |
Credit card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 4,376 | $ 4,270 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100.00% | 100.00% |
Credit card [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 4,376 | $ 4,270 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 100.00% | 100.00% |
Greater than or equal to 660 [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 6,584 | $ 6,870 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 84.00% | 85.00% |
Greater than or equal to 660 [Member] | Installment [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | $ 310 | $ 1,321 |
2020 and 2019 | 1,153 | 1,225 |
2019 and 2018 | 1,016 | 792 |
2018 and 2017 | 611 | 128 |
2017 and 2016 | 93 | 6 |
2016 | 4 | |
Total loans, gross | $ 3,187 | $ 3,472 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 92.00% | 91.00% |
Greater than or equal to 660 [Member] | Credit card [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 3,397 | $ 3,398 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 78.00% | 80.00% |
Less than 660 [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 1,269 | $ 1,223 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 16.00% | 15.00% |
Less than 660 [Member] | Installment [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 and 2020 | $ 1 | $ 38 |
2020 and 2019 | 43 | 132 |
2019 and 2018 | 112 | 150 |
2018 and 2017 | 112 | 30 |
2017 and 2016 | 21 | 1 |
2016 | 1 | |
Total loans, gross | $ 290 | $ 351 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 8.00% | 9.00% |
Less than 660 [Member] | Credit card [Member] | FICO [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, gross | $ 979 | $ 872 |
Percentage concentration of gross installment and credit card loans by refreshed FICO credit score | 22.00% | 20.00% |
Loans - Summary of Credit Conce
Loans - Summary of Credit Concentration by Region (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 124,776 | $ 119,989 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 75.00% | 75.00% |
Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 19.00% | 19.00% |
Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 6.00% | 6.00% |
Corporate [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 47,495 | $ 48,659 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Corporate [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 57.00% | 60.00% |
Corporate [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 33.00% | 31.00% |
Corporate [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 10.00% | 9.00% |
Wealth management [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 35,506 | $ 33,023 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Wealth management [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 88.00% | 88.00% |
Wealth management [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 9.00% | 10.00% |
Wealth management [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 3.00% | 2.00% |
Commercial real estate [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 20,662 | $ 20,290 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Commercial real estate [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 72.00% | 71.00% |
Commercial real estate [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 20.00% | 19.00% |
Commercial real estate [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 8.00% | 10.00% |
Residential real estate [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 8,810 | $ 5,750 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Residential real estate [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 93.00% | 88.00% |
Residential real estate [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 5.00% | 9.00% |
Residential real estate [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 2.00% | 3.00% |
Installment [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 3,477 | $ 3,823 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Installment [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 100.00% | 100.00% |
Credit card [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,376 | $ 4,270 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Credit card [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 100.00% | 100.00% |
Other [Member] | ||
Product Information [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,450 | $ 4,174 |
Concentration Risk,Percentage | 100.00% | 100.00% |
Other [Member] | Americas [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 83.00% | 81.00% |
Other [Member] | Europe, Middle East and Africa [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 16.00% | 17.00% |
Other [Member] | Asia [Member] | ||
Product Information [Line Items] | ||
Concentration Risk,Percentage | 1.00% | 2.00% |
Loans - Summary of Financing re
Loans - Summary of Financing receivable, past due (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | $ 529 | $ 804 |
Past due loans divided by gross loans at amortized cost | 0.50% | 0.80% |
Corporate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | $ 80 | $ 294 |
Wealth management [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 39 | 92 |
Commercial real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 239 | 232 |
Residential real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 24 | 27 |
Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 43 | 58 |
Credit Card Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 79 | 77 |
Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 25 | 24 |
30-89 days [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 157 | 219 |
30-89 days [Member] | Wealth management [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 5 | 58 |
30-89 days [Member] | Commercial real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 61 | 49 |
30-89 days [Member] | Residential real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 4 | 4 |
30-89 days [Member] | Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 30 | 42 |
30-89 days [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 36 | 46 |
30-89 days [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 21 | 20 |
90 days or more [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 372 | 585 |
90 days or more [Member] | Corporate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 80 | 294 |
90 days or more [Member] | Wealth management [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 34 | 34 |
90 days or more [Member] | Commercial real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 178 | 183 |
90 days or more [Member] | Residential real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 20 | 23 |
90 days or more [Member] | Installment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 13 | 16 |
90 days or more [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | 43 | 31 |
90 days or more [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, past due | $ 4 | $ 4 |
Loans - Impaired Financing Rece
Loans - Impaired Financing Receivables (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | $ 3,161 | $ 3,552 |
Nonaccrual loans divided by gross loans at amortized cost | 2.90% | 3.40% |
Corporate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | $ 2,321 | $ 2,651 |
Wealth management [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 60 | 61 |
Commercial real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 633 | 649 |
Residential real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 21 | 25 |
Installment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | 47 | 44 |
Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans | $ 79 | $ 122 |
Loans - Summary of Loans and Le
Loans - Summary of Loans and Lending Commitments Accounted for at Amortized Cost by Portfolio (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 124,776 | $ 119,989 |
Lending commitments | 188,111 | 162,513 |
Corporate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 47,495 | 48,659 |
Wealth management [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 35,506 | 33,023 |
Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 20,662 | 20,290 |
Residential real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 8,810 | 5,750 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,450 | 4,174 |
Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,477 | 3,823 |
Credit card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,376 | 4,270 |
Wholesale Portfolio Segment [Member] | Corporate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 43,483 | 44,778 |
Lending commitments | 146,169 | 127,756 |
Wholesale Portfolio Segment [Member] | Wealth management [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 27,804 | 25,151 |
Lending commitments | 3,603 | 2,314 |
Wholesale Portfolio Segment [Member] | Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 17,016 | 17,096 |
Lending commitments | 3,736 | 4,154 |
Wholesale Portfolio Segment [Member] | Residential real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 8,337 | 5,236 |
Lending commitments | 3,400 | 1,804 |
Wholesale Portfolio Segment [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,622 | 3,211 |
Lending commitments | 4,707 | 4,841 |
Consumer Portfolio Segment [Member] | Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,477 | 3,823 |
Lending commitments | 5 | 4 |
Consumer Portfolio Segment [Member] | Credit card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,376 | 4,270 |
Lending commitments | 26,491 | 21,640 |
Wholesale and Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 108,115 | 103,565 |
Lending commitments | $ 188,111 | $ 162,513 |
Loans - Summary of Changes in A
Loans - Summary of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Allowance for loan losses | |||
Balance, beginning of period | $ 3,874 | $ 2,168 | $ 2,168 |
Net charge-offs | (78) | (131) | |
Provision | (252) | 915 | |
Other | (29) | (84) | |
Balance, end of period | $ 3,515 | $ 2,868 | $ 3,874 |
Allowance ratio | 3.30% | 2.50% | 3.70% |
Net charge-off ratio | 0.30% | 0.50% | 0.90% |
Allowance for losses on lending commitments | |||
Balance, beginning of period | $ 557 | $ 313 | $ 313 |
Provision | 182 | 22 | |
Other | (18) | ||
Balance, end of period | 721 | 335 | 557 |
Wholesale [Member] | |||
Allowance for loan losses | |||
Balance, beginning of period | 2,584 | 1,331 | 1,331 |
Net charge-offs | (17) | (50) | |
Provision | (130) | 746 | |
Other | (29) | (84) | |
Balance, end of period | $ 2,408 | $ 1,943 | $ 2,584 |
Allowance ratio | 2.40% | 1.80% | 2.70% |
Net charge-off ratio | 0.10% | 0.20% | 0.60% |
Allowance for losses on lending commitments | |||
Balance, beginning of period | $ 557 | $ 313 | $ 313 |
Provision | 2 | 22 | |
Other | (18) | ||
Balance, end of period | 541 | 335 | 557 |
Consumer [Member] | |||
Allowance for loan losses | |||
Balance, beginning of period | 1,290 | 837 | 837 |
Net charge-offs | (61) | (81) | |
Provision | (122) | 169 | |
Balance, end of period | $ 1,107 | $ 925 | $ 1,290 |
Allowance ratio | 14.10% | 13.40% | 15.90% |
Net charge-off ratio | 3.10% | 4.80% | 4.20% |
Allowance for losses on lending commitments | |||
Provision | $ 180 | ||
Balance, end of period | $ 180 |
Loans - Schedule of Forecasted
Loans - Schedule of Forecasted Economic Scenarios (Detail) - Scenario, Forecast [Member] - UNITED STATES | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Unemployment Rate [Member] | Minimum [Member] | |||
Schedule Of Forecasted Economic Scenarios [Line Items] | |||
Allowance for credit losses | 4.40% | 4.70% | 5.50% |
Unemployment Rate [Member] | Maximum [Member] | |||
Schedule Of Forecasted Economic Scenarios [Line Items] | |||
Allowance for credit losses | 7.10% | 9.50% | 11.00% |
GDP [Member] | Minimum [Member] | |||
Schedule Of Forecasted Economic Scenarios [Line Items] | |||
Allowance for credit losses | 6.50% | 4.80% | 1.20% |
GDP [Member] | Maximum [Member] | |||
Schedule Of Forecasted Economic Scenarios [Line Items] | |||
Allowance for credit losses | (0.40%) | (3.80%) | (7.00%) |
Loans - Fair value of loans hel
Loans - Fair value of loans held for investment by level (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | $ 13,482 | $ 13,625 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 10,951 | 10,947 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 2,531 | 2,678 |
Corporate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 3,025 | 2,751 |
Corporate [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 2,049 | 1,822 |
Corporate [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 976 | 929 |
Wealth management [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 7,702 | 7,872 |
Wealth management [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 7,639 | 7,809 |
Wealth management [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 63 | 63 |
Commercial real estate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,799 | 1,961 |
Commercial real estate [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 771 | 857 |
Commercial real estate [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,028 | 1,104 |
Residential real estate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 455 | 494 |
Residential real estate [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 279 | 234 |
Residential real estate [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 176 | 260 |
Other [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 501 | 547 |
Other [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 213 | 225 |
Other [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | $ 288 | $ 322 |
Loans - Summary of Weighted Ave
Loans - Summary of Weighted Average of Significant Unobservable Inputs (Detail) $ in Millions | Mar. 31, 2021USD ($)yr | Dec. 31, 2020USD ($)yr |
Loans receivable at fair value | $ | $ 13,482 | $ 13,625 |
Level 3 [Member] | ||
Loans receivable at fair value | $ | 2,531 | 2,678 |
Corporate [Member] | ||
Loans receivable at fair value | $ | 3,025 | 2,751 |
Corporate [Member] | Level 3 [Member] | ||
Loans receivable at fair value | $ | 976 | 929 |
Commercial real estate [Member] | ||
Loans receivable at fair value | $ | 1,799 | 1,961 |
Commercial real estate [Member] | Level 3 [Member] | ||
Loans receivable at fair value | $ | 1,028 | 1,104 |
Residential real estate [Member] | ||
Loans receivable at fair value | $ | 455 | 494 |
Residential real estate [Member] | Level 3 [Member] | ||
Loans receivable at fair value | $ | 176 | 260 |
Wealth management and other [Member] | Level 3 [Member] | ||
Loans receivable at fair value | $ | $ 351 | $ 385 |
Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.020 | 0.011 |
Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.011 | 0.045 |
Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.015 | 0.020 |
Minimum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.038 | 0.028 |
Minimum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.150 | 0.150 |
Minimum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.109 | 0.030 |
Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.7 | 1.5 |
Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.3 | 0.3 |
Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.5 | 0.6 |
Minimum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 3.1 | 0.9 |
Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.366 | 0.452 |
Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.207 | 0.193 |
Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.135 | 0.140 |
Maximum [Member] | Fair Value Unobservable Inputs, Yield [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.187 | 0.187 |
Maximum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.990 | 0.580 |
Maximum [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.998 | 0.998 |
Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 14.6 | 5.3 |
Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 4.6 | 4.8 |
Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 2.4 | 2.6 |
Maximum [Member] | Fair Value Unobservable Inputs, Duration [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 5 | 5.5 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.139 | 0.124 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.115 | 0.110 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.112 | 0.121 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Yield [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.084 | 0.080 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.573 | 0.310 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Recovery Rate [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 0.65 | 0.665 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | Corporate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 3.8 | 3.4 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | Commercial real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 2.3 | 2.6 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | Residential real estate [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 1.3 | 1.7 |
Weighted Average [Member] | Fair Value Unobservable Inputs, Duration [Member] | Wealth management and other [Member] | Level 3 [Member] | ||
Loans Receivable, Measurement Input | 3.8 | 4.1 |
Loans - Loans, Level 3 Rollforw
Loans - Loans, Level 3 Rollforward (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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 | $ 2,678 | $ 1,890 |
Net realized gains / (losses) | 26 | 27 |
Net unrealized gains/(losses) | (11) | (54) |
Purchases | 31 | 473 |
Sales | (12) | |
Settlements | (164) | (221) |
Transfers into level 3 | 84 | 653 |
Transfers out of level 3 | (113) | (3) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 2,531 | 2,753 |
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 | 929 | 752 |
Net realized gains / (losses) | 6 | 10 |
Net unrealized gains/(losses) | 6 | (11) |
Purchases | 22 | 156 |
Sales | (7) | |
Settlements | (33) | (40) |
Transfers into level 3 | 84 | 187 |
Transfers out of level 3 | (38) | (3) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 976 | 1,044 |
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 | 1,104 | 591 |
Net realized gains / (losses) | 7 | 17 |
Net unrealized gains/(losses) | (14) | 7 |
Purchases | 8 | 236 |
Sales | (5) | |
Settlements | (73) | (115) |
Transfers into level 3 | 332 | |
Transfers out of level 3 | (4) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 1,028 | 1,063 |
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 | 260 | 221 |
Net realized gains / (losses) | 3 | |
Net unrealized gains/(losses) | (1) | (17) |
Purchases | 42 | |
Settlements | (15) | (27) |
Transfers into level 3 | 41 | |
Transfers out of level 3 | (71) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 176 | 260 |
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 | 385 | 326 |
Net realized gains / (losses) | 10 | |
Net unrealized gains/(losses) | (2) | (33) |
Purchases | 1 | 39 |
Settlements | (43) | (39) |
Transfers into level 3 | 93 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $ 351 | $ 386 |
Loans - Summary of estimated fa
Loans - Summary of estimated fair value of loans and lending commitments (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule Of Estimated Fair Value Of Loans And Lending Commitments That Are Not Accounted For At Fair Value [Line Items] | ||
Loans, Carrying Value | $ 121,261 | $ 116,115 |
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 | 104,600 | 99,691 |
Loans, Estimated Fair Value | 106,070 | 101,305 |
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 | 60,861 | 52,793 |
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 | 45,209 | 48,512 |
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, Carrying Value | 3,179 | 2,799 |
Loans Receivable Held-for-sale, Amount | 3,179 | 2,799 |
Loans, Estimated Fair Value | 3,190 | 2,812 |
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 | 2,295 | 1,541 |
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 | $ 895 | $ 1,271 |
Fair Value Option - Financial A
Fair Value Option - Financial Assets and Financial Liabilities by Level (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Resale agreements | $ 146,084 | $ 108,060 |
Securities borrowed | 31,554 | 28,898 |
Customer and other receivables | 49 | 82 |
Total financial assets at fair value | 177,687 | 137,040 |
Deposits | (32,229) | (16,176) |
Repurchase agreements | (130,607) | (126,571) |
Securities loaned | (3,678) | (1,053) |
Other secured financings | (26,197) | (24,126) |
Unsecured borrowings Short-term | (30,485) | (26,750) |
Unsecured borrowings Long-term | (39,902) | (40,911) |
Other liabilities | (160) | (263) |
Total financial liabilities at fair value | (263,258) | (235,850) |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Resale agreements | 146,084 | 108,060 |
Securities borrowed | 31,554 | 28,898 |
Customer and other receivables | 49 | 82 |
Total financial assets at fair value | 177,687 | 137,040 |
Deposits | (28,245) | (11,955) |
Repurchase agreements | (130,606) | (126,569) |
Securities loaned | (3,678) | (1,053) |
Other secured financings | (22,973) | (20,652) |
Unsecured borrowings Short-term | (20,239) | (19,227) |
Unsecured borrowings Long-term | (29,725) | (28,335) |
Other liabilities | (1) | (1) |
Total financial liabilities at fair value | (235,467) | (207,792) |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | (3,984) | (4,221) |
Repurchase agreements | (1) | (2) |
Other secured financings | (3,224) | (3,474) |
Unsecured borrowings Short-term | (10,246) | (7,523) |
Unsecured borrowings Long-term | (10,177) | (12,576) |
Other liabilities | (159) | (262) |
Total financial liabilities at fair value | $ (27,791) | $ (28,058) |
Fair Value Option - Level 3 Rol
Fair Value Option - Level 3 Rollforward (Detail) - Other Financial Liabilities [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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 | $ (28,058) | $ (21,036) |
Net realized gains / (losses) | (146) | (130) |
Net unrealized gains/(losses) | 375 | 3,160 |
Issuances | (8,645) | (7,643) |
Settlements | 7,070 | 5,157 |
Transfers into level 3 | (641) | (1,596) |
Transfers out of level 3 | 2,254 | 438 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (27,791) | (21,650) |
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 | (4,221) | (4,023) |
Net realized gains / (losses) | (7) | (11) |
Net unrealized gains/(losses) | (2) | 117 |
Issuances | (93) | (335) |
Settlements | 307 | 309 |
Transfers into level 3 | (27) | (121) |
Transfers out of level 3 | 59 | 68 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (3,984) | (3,996) |
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 | (2) | (30) |
Net unrealized gains/(losses) | 3 | |
Settlements | 1 | 15 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (1) | (12) |
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 | (3,474) | (386) |
Net realized gains / (losses) | 3 | (44) |
Net unrealized gains/(losses) | 36 | 107 |
Issuances | (66) | (14) |
Settlements | 99 | 92 |
Transfers into level 3 | (266) | (985) |
Transfers out of level 3 | 444 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (3,224) | (1,230) |
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 | (7,523) | (5,707) |
Net realized gains / (losses) | (74) | (11) |
Net unrealized gains/(losses) | (62) | 1,538 |
Issuances | (6,891) | (3,954) |
Settlements | 3,607 | 2,718 |
Transfers into level 3 | (202) | (270) |
Transfers out of level 3 | 899 | 275 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (10,246) | (5,411) |
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 | (12,576) | (10,741) |
Net realized gains / (losses) | (76) | (72) |
Net unrealized gains/(losses) | 300 | 1,571 |
Issuances | (1,587) | (3,332) |
Settlements | 3,056 | 2,023 |
Transfers into level 3 | (146) | (220) |
Transfers out of level 3 | 852 | 95 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | (10,177) | (10,676) |
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 | (262) | (149) |
Net realized gains / (losses) | 8 | 8 |
Net unrealized gains/(losses) | 103 | (176) |
Issuances | (8) | (8) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ (159) | $ (325) |
Fair Value Option - Additional
Fair Value Option - Additional Information (Detail) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($)yr | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)yr | |
Fair Value [Line Items] | |||
Total contractual amount of unfunded commitments for which the fair value option was elected | $ 916 | $ 1,640 | |
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 | 132 | $ (194) | |
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 | $ 319 | $ 445 | |
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 | 0.014 | 0.014 | |
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 | yr | 1.4 | 1.4 | |
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 | 0.071 | 0.071 | |
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 | yr | 7.8 | 8 | |
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 | 0.024 | 0.027 | |
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 | yr | 4 | 4 | |
Other Financial Liabilities [Member] | |||
Fair Value [Line Items] | |||
Gains/(Losses) on liabilities | $ 229 | 3,030 | |
Realized Gains/(Losses) on liabilities | 146 | 130 | |
Net Unrealized Gains / (Losses) | 375 | 3,160 | |
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of earnings | (146) | (130) | |
Other Financial Liabilities [Member] | Unsecured Long-Term Borrowings at Fair Value [Member] | |||
Fair Value [Line Items] | |||
Net Unrealized Gains / (Losses) | 300 | 1,571 | |
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of earnings | (76) | (72) | |
Other Financial Liabilities [Member] | Other Secured Financings at Fair Value [Member] | |||
Fair Value [Line Items] | |||
Net Unrealized Gains / (Losses) | 36 | 107 | |
Fair Value, Measured on Recurring Basis, Gains/(Losses) Included in condensed consolidated statements of earnings | 3 | (44) | |
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 | (4) | 974 | |
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 | 198 | 1,990 | |
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 | 38 | $ 64 | |
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 | (3) | ||
Written Loan Commitment, Fair Value Option [Member] | |||
Fair Value [Line Items] | |||
Fair value of unfunded commitments for which the fair value option was elected | $ 56 | $ 25 |
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 | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Option Gains/(Losses) | $ (1,083) | $ 5,871 |
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) | (960) | 4,481 |
Unsecured Long-Term Borrowings at Fair Value [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Option Gains/(Losses) | (229) | 992 |
Fair Value Option Other [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Option Gains/(Losses) | $ 106 | $ 398 |
Fair Value Option - Loans and L
Fair Value Option - Loans and Lending Commitments (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Aggregate contractual principal amount of performing loans and long-term receivables in excess of fair value | $ 1,048 | $ 958 |
Loans on nonaccrual status and/or more than 90 days past due Aggregate contractual principal in excess of fair value | 11,005 | 10,526 |
Aggregate fair value | $ 4,060 | $ 3,519 |
Fair Value Option - Summary of
Fair Value Option - Summary of DVA Losses on Financial Liabilities (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
DVA (net of tax) | $ (19) | $ 2,914 |
Other Financial Liabilities [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
DVA (pre-tax) | (29) | 3,871 |
DVA (net of tax) | $ (19) | $ 2,914 |
Collateralized Agreements and_3
Collateralized Agreements and Financings - Resale and Repurchase Agreements and Securities Borrowed and Loaned Transactions (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Collateralized Agreements And Financings [Abstract] | ||
Securities borrowed at fair value | $ 31,554 | $ 28,898 |
Securities loaned at fair value | $ 3,678 | $ 1,053 |
Collateralized Agreements and_4
Collateralized Agreements and Financings - Offsetting Arrangements (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Collateralized Agreements And Financings [Abstract] | ||
Resale agreements, Gross carrying value | $ 222,884 | $ 205,817 |
Resale agreements, Counterparty Netting | (76,800) | (97,757) |
Resale agreements | 146,084 | 108,060 |
Resale agreements, Counterparty Netting | (14,874) | (8,920) |
Resale agreements, Collateral | (128,260) | (96,140) |
Resale agreements | 2,950 | 3,000 |
Securities borrowed, Gross carrying value | 182,679 | 147,593 |
Securities borrowed, Counterparty Netting | (4,434) | (5,433) |
Securities borrowed | 178,245 | 142,160 |
Securities borrowed, Counterparty Netting | (10,739) | (3,525) |
Securities borrowed, Collateral | (158,552) | (132,893) |
Securities borrowed | 8,954 | 5,742 |
Repurchase agreements, Gross carrying value | 207,407 | 224,328 |
Repurchase agreements, Counterparty Netting | (76,800) | (97,757) |
Repurchase agreements | 130,607 | 126,571 |
Repurchase agreements, Counterparty Netting | (14,874) | (8,920) |
Repurchase agreements, Collateral | (112,422) | (116,819) |
Repurchase agreements | 3,311 | 832 |
Securities loaned, Gross carrying value | 38,779 | 27,054 |
Securities loaned, Counterparty Netting | (4,434) | (5,433) |
Securities loaned | 34,345 | 21,621 |
Securities loaned, Counterparty Netting | (10,739) | (3,525) |
Securities loaned, Collateral | (21,140) | (17,693) |
Securities loaned | $ 2,466 | $ 403 |
Collateralized Agreements and_5
Collateralized Agreements and Financings - Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 207,407 | $ 224,328 |
Securities loaned | 38,779 | 27,054 |
Money market instruments [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 851 | 88 |
U.S. Government and Agency Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 86,217 | 121,751 |
Securities loaned | 1 | |
Non-U.S. Government and Agency Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 80,520 | 79,159 |
Securities loaned | 1,767 | 1,634 |
Securities Backed By Commercial Real Estate [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 38 | 65 |
Securities Backed By Residential Real Estate [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 604 | 121 |
Corporate debt securities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 11,585 | 6,364 |
Securities loaned | 371 | 46 |
State and Municipal Obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 57 | 92 |
Other debt obligations [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 83 | 20 |
Equity Securities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 27,452 | 16,668 |
Securities loaned | $ 36,640 | $ 25,374 |
Collateralized Agreements and_6
Collateralized Agreements and Financings - Schedule of Repurchase Agreements and Securities Loaned (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 207,407 | $ 224,328 |
Securities loaned | 38,779 | $ 27,054 |
No Stated Maturity and Overnight [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 87,256 | |
Securities loaned | 24,075 | |
2 - 30 Days [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 57,123 | |
Securities loaned | 307 | |
31 - 90 Days [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 17,812 | |
Securities loaned | 691 | |
91 Days - 1 Year [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | 39,489 | |
Securities loaned | 13,706 | |
Greater than 1 Year [Member] | ||
Offsetting Liabilities [Line Items] | ||
Repurchase agreements | $ 5,727 |
Collateralized Agreements and_7
Collateralized Agreements and Financings - Other Secured Financings (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | $ 15,068 | $ 13,218 |
Other Secured Financings Short Term At Amortized Cost | 146 | 0 |
Other Secured Financings Long Term At Fair Value | 11,129 | 10,908 |
Other Secured Financings Long Term At Amortized Cost | 1,325 | 1,629 |
Total other secured financings | 27,668 | 25,755 |
Other secured financings collateralized by financial instruments | 19,412 | 16,909 |
Other secured financings collateralized by other assets | 8,256 | 8,846 |
U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | 7,279 | 6,371 |
Other Secured Financings Short Term At Amortized Cost | 146 | 0 |
Other Secured Financings Long Term At Fair Value | 6,593 | 6,632 |
Other Secured Financings Long Term At Amortized Cost | 658 | 914 |
Total other secured financings | 14,676 | 13,917 |
Other secured financings collateralized by financial instruments | 7,983 | 6,841 |
Other secured financings collateralized by other assets | 6,693 | 7,076 |
Non-U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Other Secured Financings Short Term At Fair Value | 7,789 | 6,847 |
Other Secured Financings Short Term At Amortized Cost | 0 | 0 |
Other Secured Financings Long Term At Fair Value | 4,536 | 4,276 |
Other Secured Financings Long Term At Amortized Cost | 667 | 715 |
Total other secured financings | 12,992 | 11,838 |
Other secured financings collateralized by financial instruments | 11,429 | 10,068 |
Other secured financings collateralized by other assets | $ 1,563 | $ 1,770 |
Collateralized Agreements and_8
Collateralized Agreements and Financings - Other Secured Financings (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Other Secured Financings [Line Items] | ||
Nonrecourse obligations included in other secured financings | $ 11,550 | $ 12,310 |
Transfers of financial assets accounted for as financings included in other secured financings | 1,990 | 2,050 |
Financial assets collateralizing other secured financings related to failed sales | 1,990 | 2,260 |
Other secured financings collateralized by financial instruments owned | 13,680 | 11,280 |
Other secured financings collateralized by financial instruments received as collateral and repledged | $ 5,730 | $ 5,630 |
U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Weighted average interest rates | 0.62% | 1.27% |
Weighted average interest rates | 2.60% | |
Non-U.S. Dollar [Member] | ||
Other Secured Financings [Line Items] | ||
Weighted average interest rates | 0.34% | 0.40% |
Collateralized Agreements and_9
Collateralized Agreements and Financings - Other Secured Financings by Maturity Date (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Other Secured Financings By Maturity Period [Line Items] | ||
Other secured financings (short-term) | $ 15,214 | |
Total other secured financings (long-term) | 12,454 | |
Total other secured financings | 27,668 | $ 25,755 |
Other secured financings (long-term) [Member] | ||
Other Secured Financings By Maturity Period [Line Items] | ||
2022 | 4,256 | |
2023 | 2,576 | |
2024 | 1,423 | |
2025 | 906 | |
2026 | 1,077 | |
2027 - thereafter | $ 2,216 |
Collateralized Agreements an_10
Collateralized Agreements and Financings - Financial Instruments Received as Collateral and Repledged (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Collateralized Agreements And Financings [Abstract] | ||
Financial instruments at fair value received as collateral by the firm that it was permitted to deliver or repledge | $ 901,870 | $ 864,494 |
Financial instruments at fair value received as collateral which the firm delivered or repledged | $ 756,339 | $ 723,409 |
Collateralized Agreements an_11
Collateralized Agreements and Financings - Financial Instruments Received as Collateral and Repledged (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Collateralized Agreements And Financings [Abstract] | ||
Securities segregated for regulatory and other purposes | $ 51,310 | $ 32,970 |
Collateralized Agreements an_12
Collateralized Agreements and Financings - Assets pledged as collateral (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
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 | $ 62,415 | $ 69,031 |
Investments pledged to counterparties that Had the right to deliver or repledge | 15,800 | 13,375 |
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 | 102,129 | 99,142 |
Investments pledged to counterparties that did not have the right to deliver or repledge | 11,134 | 2,331 |
Loans pledged to counterparties that do not have the right to deliver or repledge | 7,911 | 8,320 |
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 | $ 13,447 | $ 14,144 |
Other Assets - Other Assets (De
Other Assets - Other Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Other Assets [Abstract] | ||
Property, leasehold improvements and equipment | $ 22,427 | $ 23,147 |
Goodwill | 4,332 | 4,332 |
Identifiable intangible assets | 575 | 630 |
Operating lease right-of-use assets | 2,330 | 2,280 |
Income tax-related assets | 3,414 | 2,960 |
Miscellaneous receivables and other | 4,833 | 4,096 |
Total | $ 37,911 | $ 37,445 |
Other Assets - Other Assets (Pa
Other Assets - Other Assets (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Schedule Of Other Assets [Line Items] | |||
Accumulated depreciation and amortization | $ 10,300 | $ 10,120 | |
Property, leasehold improvements and equipment used for operation | 6,550 | 6,540 | |
Foreclosed real estate included in property, leasehold improvements and equipment | $ 272 | $ 318 | |
Amortization period - Capitalized costs of software developed or obtained for internal use | 3 years | 3 years | |
Operating lease right-of-use assets | $ 2,330 | $ 2,280 | |
Investments in qualified affordable housing projects | 671 | 678 | |
Asset Management [Member] | |||
Schedule Of Other Assets [Line Items] | |||
Assets classified as held for sale | 1,220 | $ 437 | |
European headquarters in London [Member] | |||
Schedule Of Other Assets [Line Items] | |||
Operating lease right-of-use assets | $ 108 | $ 51 |
Other Assets - Goodwill and Int
Other Assets - Goodwill and Intangible Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | $ 4,332 | $ 4,332 |
Identifiable Intangible Assets | 575 | 630 |
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 | 2 | 2 |
Global Markets - Equities [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 2,644 | 2,644 |
Identifiable Intangible Assets | 45 | 45 |
Asset Management [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 390 | 390 |
Identifiable Intangible Assets | 231 | 274 |
Consumer banking [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 48 | 48 |
Identifiable Intangible Assets | 6 | |
Wealth management [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 700 | 700 |
Identifiable Intangible Assets | $ 297 | $ 303 |
Other Assets - Intangible Asset
Other Assets - Intangible Assets Disclosure (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 2,116 | $ 2,188 |
Accumulated amortization | (1,541) | (1,558) |
Net carrying value | 575 | 630 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 1,475 | 1,478 |
Accumulated amortization | (1,099) | (1,089) |
Net carrying value | 376 | 389 |
Acquired leases and other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 641 | 710 |
Accumulated amortization | (442) | (469) |
Net carrying value | $ 199 | $ 241 |
Other Assets - Intangible Ass_2
Other Assets - Intangible Assets Disclosure - Additional Information (Detail) - Other [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Identifiable intangible assets | $ 155 |
Identifiable intangible assets approximate weighted average remaining life in years | 10 years |
Other Assets - Amortization Exp
Other Assets - Amortization Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization related to identifiable intangible assets | $ 36 | $ 41 |
Other Assets - Estimated Future
Other Assets - Estimated Future Amortization for Existing Identifiable Intangible Assets Through 2026 (Detail) $ in Millions | Mar. 31, 2021USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2021 | $ 78 |
2022 | 90 |
2023 | 81 |
2024 | 65 |
2025 | 46 |
2026 | $ 35 |
Deposits - Types and Sources of
Deposits - Types and Sources of the Firm's Deposits (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Deposits [Line Items] | ||
Savings and demand | $ 199,758 | $ 186,419 |
Time | 86,260 | 73,543 |
Total | 286,018 | 259,962 |
Consumer Deposits [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 75,937 | 67,395 |
Time | 24,224 | 29,530 |
Total | 100,161 | 96,925 |
Private Bank Deposits [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 68,383 | 67,185 |
Time | 1,053 | 1,183 |
Total | 69,436 | 68,368 |
Brokered Certificates Of Deposit [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 0 | 0 |
Time | 30,017 | 30,060 |
Total | 30,017 | 30,060 |
Deposit Sweep Programs [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 22,541 | 22,987 |
Time | 0 | 0 |
Total | 22,541 | 22,987 |
Transaction Banking [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 32,897 | 28,852 |
Time | 2,563 | 0 |
Total | 35,460 | 28,852 |
Other Deposits [Member] | ||
Deposits [Line Items] | ||
Savings and demand | 0 | 0 |
Time | 28,403 | 12,770 |
Total | $ 28,403 | $ 12,770 |
Deposits - Types and Sources _2
Deposits - Types and Sources of the Firm's Deposits (Parenthetical) (Detail) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($)Arrangements | Dec. 31, 2020USD ($) | |
Deposits [Abstract] | ||
Deposits at fair value | $ 32,229 | $ 16,176 |
Weighted average maturity of time deposits | 1 year 1 month 6 days | 1 year 3 months 18 days |
Number of deposit sweep program contractual arrangements | Arrangements | 12 | |
Deposits insured by the FDIC | $ 125,500 | $ 123,030 |
Deposits insured by non-U.S. Insurance Programs | $ 29,380 | $ 27,520 |
Deposits - Deposits (Detail)
Deposits - Deposits (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
U.S. offices | $ 213,237 | $ 206,356 |
Non-U.S. offices | 72,781 | 53,606 |
Total | $ 286,018 | $ 259,962 |
Deposits - Maturities of Time D
Deposits - Maturities of Time Deposits (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Time Deposits By Maturity [Line Items] | ||
Remainder of 2021 | $ 50,864 | |
2022 | 19,308 | |
2023 | 6,483 | |
2024 | 4,238 | |
2025 | 2,320 | |
2026 | 1,395 | |
2027 - thereafter | 1,652 | |
Total | 86,260 | $ 73,543 |
U.S. [Member] | ||
Time Deposits By Maturity [Line Items] | ||
Remainder of 2021 | 28,336 | |
2022 | 13,106 | |
2023 | 6,359 | |
2024 | 4,105 | |
2025 | 2,052 | |
2026 | 1,126 | |
2027 - thereafter | 950 | |
Total | 56,034 | |
Non-U.S. [Member] | ||
Time Deposits By Maturity [Line Items] | ||
Remainder of 2021 | 22,528 | |
2022 | 6,202 | |
2023 | 124 | |
2024 | 133 | |
2025 | 268 | |
2026 | 269 | |
2027 - thereafter | 702 | |
Total | $ 30,226 |
Deposits - Maturities of Time_2
Deposits - Maturities of Time Deposits (Parenthetical) (Detail) $ in Millions | Mar. 31, 2021USD ($) |
Deposits [Abstract] | |
Total domestic time deposits in denominations that met or exceeded the applicable insurance limits, or were otherwise not covered by insurance | $ 11,420 |
Total foreign time deposits in denominations that met or exceeded the applicable insurance limits, or were otherwise not covered by insurance | $ 29,070 |
Unsecured Borrowings - Schedule
Unsecured Borrowings - Schedule of Short Term and Long Term Unsecured Borrowings (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Short-term | ||
Unsecured short-term borrowings | $ 58,463 | $ 52,870 |
Long-term | ||
Unsecured borrowings | 219,044 | 213,481 |
Total | $ 277,507 | $ 266,351 |
Unsecured Borrowings - Unsecure
Unsecured Borrowings - Unsecured Short-Term Borrowings (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Current portion of unsecured long-term borrowings | $ 26,756 | $ 25,914 |
Hybrid financial instruments | 21,592 | 18,823 |
Commercial Paper | 8,209 | 6,085 |
Other unsecured short-term borrowings | 1,906 | 2,048 |
Total unsecured short-term borrowings | $ 58,463 | $ 52,870 |
Weighted average interest rate | 2.11% | 1.84% |
Unsecured Borrowings - Unsecu_2
Unsecured Borrowings - Unsecured Long-Term Borrowings (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Fixed-rate obligations | $ 144,085 | $ 139,317 |
Floating-rate obligations | 74,959 | 74,164 |
Total | 219,044 | 213,481 |
U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 102,296 | 100,558 |
Floating-rate obligations | 44,883 | 42,019 |
Total | 147,179 | 142,577 |
Non-U.S. Dollar [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate obligations | 41,789 | 38,759 |
Floating-rate obligations | 30,076 | 32,145 |
Total | $ 71,865 | $ 70,904 |
Unsecured Borrowings - Unsecu_3
Unsecured Borrowings - Unsecured Long-Term Borrowings (Parenthetical) (Detail) - Unsecured Debt [Member] | Mar. 31, 2021 | Dec. 31, 2020 |
U.S. Dollar [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 0.48% | 0.63% |
U.S. Dollar [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 9.30% | 9.30% |
U.S. Dollar [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 3.66% | 4.07% |
Non-U.S. Dollar [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate debt obligations interest rates range | 0.13% | 0.13% |
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 | 2.05% | 2.20% |
Unsecured Borrowings - Unsecu_4
Unsecured Borrowings - Unsecured Long-Term Borrowings by Maturity Date (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total | $ 219,044 | $ 213,481 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2022 | 20,845 | |
2023 | 37,048 | |
2024 | 22,643 | |
2025 | 26,450 | |
2026 | 19,512 | |
2027 - thereafter | 92,546 | |
Total | $ 219,044 |
Unsecured Borrowings - Unsecu_5
Unsecured Borrowings - Unsecured Long-Term Borrowings by Maturity Date (Parenthetical) (Detail) $ in Millions | Mar. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 10 |
2023 | 190 |
2024 | 561 |
2025 | 620 |
2026 | 434 |
2027 and thereafter | 5,010 |
Amount related to interest rate hedges on certain unsecured long-term borrowings | $ 6,830 |
Unsecured Borrowings - Addition
Unsecured Borrowings - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Unsecured Long-Term Borrowings Maturities, Range, End | Dec. 31, 2065 | |
Minimum redemption or purchase price required | $ 253 | |
Unsecured long-term borrowings for which the firm did not elect the fair value option | 179,140 | $ 172,570 |
Fair value of unsecured long-term borrowings | $ 188,340 | $ 183,290 |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debt maturities, range, start | Dec. 31, 2025 | Dec. 31, 2025 |
Subordinated debt maturities, 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 | 968 | $ 968 |
Trust Preferred Securities, outstanding par amount | 939 | 939 |
Common beneficial interests, outstanding par amount | $ 29 | $ 29 |
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_6
Unsecured Borrowings - Unsecured Long-Term Borrowings after Hedging (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Fixed-rate obligations: At fair value | $ 1,472 | $ 1,521 |
Fixed rate obligations at amortized cost | 30,067 | 30,827 |
Floating-rate obligations: At fair value | 38,430 | 39,390 |
Floating rate obligations at amortized cost | 149,075 | 141,743 |
Total | $ 219,044 | $ 213,481 |
Unsecured Borrowings - Unsecu_7
Unsecured Borrowings - Unsecured Long-Term Borrowings after Hedging (Parenthetical) (Detail) | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - total | 1.72% | 2.01% |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging fixed rate obligations | 2.46% | 3.34% |
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - floating rate obligations | 1.56% | 1.70% |
Unsecured Borrowings - Subordin
Unsecured Borrowings - Subordinated Borrowings (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total subordinated Borrowings, par amount | $ 15,008 | $ 15,104 |
Total subordinated Borrowings | $ 18,073 | $ 19,959 |
Effective weighted average interest rate on subordinated borrowings, after hedging | 1.62% | 1.80% |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debt, par amount | $ 14,040 | $ 14,136 |
Subordinated debt outstanding | $ 16,771 | $ 18,529 |
Effective weighted average interest rate of subordinated debt after hedging | 1.64% | 1.83% |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debt, par amount | $ 968 | $ 968 |
Junior subordinated debt | $ 1,302 | $ 1,430 |
Effective weighted average interest rate of junior subordinated debt, after hedging | 1.25% | 1.32% |
Other Liabilities - Other Liabi
Other Liabilities - Other Liabilities by Type (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Compensation and benefits | $ 6,136 | $ 7,896 |
Income tax-related liabilities | 4,278 | 3,155 |
Operating lease liabilities | 2,319 | 2,283 |
Noncontrolling interests | 1,733 | 1,640 |
Employee interests in consolidated funds | 34 | 34 |
Accrued expenses and other | 8,164 | 7,443 |
Total | $ 22,664 | $ 22,451 |
Other Liabilities - Information
Other Liabilities - Information About Operating Lease Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
2021 | $ 236 | $ 342 |
2022 | 316 | 301 |
2023 | 281 | 264 |
2024 | 263 | 247 |
2025 | 232 | 215 |
2026 - Thereafter | 1,795 | 1,899 |
Total undiscounted lease payments | 3,123 | 3,268 |
Imputed interest | (804) | (985) |
Total operating lease liabilities | $ 2,319 | $ 2,283 |
Weighted average remaining lease term | 15 years | 16 years |
Weighted average discount rate | 3.74% | 4.02% |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | ||
Operating lease costs | $ 120 | $ 113 |
Lessee, operating lease, lease not yet commenced amount | $ 428 |
Securitization Activities - Amo
Securitization Activities - Amount of Financial Assets Securitized and Cash Flows Received on Retained Interests (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Transfers and Servicing of Financial Assets [Abstract] | ||
Securitization of residential mortgages | $ 4,939 | $ 3,107 |
Securitization of commercial mortgages | 5,371 | 4,996 |
Securitization of other financial assets | 1,112 | 540 |
Total financial assets securitized | 11,422 | 8,643 |
Retained interests cash flows | $ 149 | $ 94 |
Securitization Activities - Add
Securitization Activities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Assets securitized in a non-cash exchange for loans and investments | $ 139 | $ 174 | |
Net Asset related to Other Continuing Involvement | 57 | $ 52 | |
Notional amount related to Other Continuing Involvement | 1,700 | 1,430 | |
Fair Value of Retained Interests | 4,020 | 3,190 | |
Other Retained Interests [Member] | |||
Fair Value of Retained Interests | $ 231 | $ 192 | |
Weighted average life (years) | 3 years | 3 years 10 months 24 days | |
Maximum Exposure to Adverse Changes in the value of Other retained interests | $ 231 | $ 192 |
Securitization Activities - Fir
Securitization Activities - Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | $ 92,326 | $ 87,742 |
Retained interests | 4,001 | 3,182 |
Purchased interests | 64 | 66 |
U.S. government agency-issued CMOs [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 22,041 | 20,841 |
Retained interests | 1,806 | 906 |
Purchased interests | 1 | 4 |
Other Residential Mortgage-backed [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 23,060 | 24,262 |
Retained interests | 1,023 | 1,170 |
Purchased interests | 21 | 23 |
Other Commercial Mortgage-backed [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 41,926 | 38,340 |
Retained interests | 941 | 914 |
Purchased interests | 40 | 39 |
Corporate debt and other asset-backed [Member] | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Outstanding principal amount | 5,299 | 4,299 |
Retained interests | 231 | $ 192 |
Purchased interests | $ 2 |
Securitization Activities - F_2
Securitization Activities - Firms Continuing Involvement in Securitization Entities to Which Firm Sold Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Transfers and Servicing of Financial Assets [Abstract] | ||
Fair Value of Retained Interests | $ 4,020 | $ 3,190 |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
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 | $ 4,020 | $ 3,190 |
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 | $ 3,785 | $ 2,993 |
Weighted average life (years) | 5 years 10 months 24 days | 4 years 8 months 12 days |
Constant prepayment rate | 11.50% | 15.00% |
Impact of 10% adverse change | $ (20) | $ (25) |
Impact of 20% adverse change | $ (43) | $ (50) |
Discount rate | 6.80% | 6.10% |
Impact of 10% adverse change | $ (57) | $ (42) |
Impact of 20% adverse change | $ (112) | $ (82) |
Variable Interest Entities - No
Variable Interest Entities - Nonconsolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | $ 1,301,548 | $ 1,163,028 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 1,203,884 | 1,067,096 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 151,339 | 148,665 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 9,706 | 8,624 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 827 | 888 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 20,073 | 19,041 |
Retained Interests, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 4,001 | 3,182 |
Purchased Interests, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 904 | 1,041 |
Commitments and Guarantees, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 2,169 | 2,455 |
Derivatives, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 8,545 | 8,343 |
Debt and equity, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 4,454 | 4,020 |
Mortgage-Backed [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 99,809 | 99,353 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 4,655 | 4,014 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 5,097 | 4,455 |
Mortgage-Backed [Member] | Retained Interests, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,770 | 2,990 |
Mortgage-Backed [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 885 | 1,024 |
Mortgage-Backed [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 46 | 47 |
Mortgage-Backed [Member] | Derivatives, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 396 | 394 |
Corporate debt and other asset-backed [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 14,890 | 14,077 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 1,058 | 913 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 812 | 874 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 9,641 | 9,383 |
Corporate debt and other asset-backed [Member] | Retained Interests, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 231 | 192 |
Corporate debt and other asset-backed [Member] | Purchased Interests, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 19 | 17 |
Corporate debt and other asset-backed [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 859 | 989 |
Corporate debt and other asset-backed [Member] | Derivatives, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 8,071 | 7,862 |
Corporate debt and other asset-backed [Member] | Debt and equity, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 461 | 323 |
Real estate, credit- and power-related and other investing [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 21,423 | 20,934 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 3,561 | 3,288 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities | 15 | 14 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 4,866 | 4,746 |
Real estate, credit- and power-related and other investing [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 1,230 | 1,374 |
Real estate, credit- and power-related and other investing [Member] | Derivatives, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 75 | 84 |
Real estate, credit- and power-related and other investing [Member] | Debt and equity, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 3,561 | 3,288 |
Investment In Funds [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in VIE | 15,217 | 14,301 |
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets | 432 | 409 |
Maximum Exposure to Loss in Nonconsolidated VIEs | 469 | 457 |
Investment In Funds [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | 34 | 45 |
Investment In Funds [Member] | Derivatives, Maximum Exposure to Loss [Member] | Variable Interest Entity, Not Primary Beneficiary [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, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Nonconsolidated VIEs | $ 432 | $ 409 |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||||
Cash and cash equivalents | $ 191,155 | $ 155,842 | $ 105,489 | $ 133,546 |
Trading assets | 374,218 | 393,630 | ||
Investments | 88,016 | 88,445 | ||
Loans | 121,261 | 116,115 | ||
Other assets | 37,911 | 37,445 | ||
Total assets | 1,301,548 | 1,163,028 | ||
Liabilities | ||||
Other secured financings | 27,668 | 25,755 | ||
Customer and other payables | 224,268 | 190,658 | ||
Trading liabilities | 200,807 | 153,727 | ||
Unsecured short-term borrowings | 58,463 | 52,870 | ||
Unsecured long-term borrowings | 219,044 | 213,481 | ||
Other liabilities | 22,664 | 22,451 | ||
Total liabilities | 1,203,884 | 1,067,096 | ||
Real Estate, Credit-Related and Other Investing [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Assets | ||||
Cash and cash equivalents | 173 | 229 | ||
Trading assets | 12 | 8 | ||
Investments | 972 | 880 | ||
Loans | 1,895 | 2,099 | ||
Other assets | 960 | 989 | ||
Total assets | 4,012 | 4,205 | ||
Liabilities | ||||
Other secured financings | 533 | 649 | ||
Customer and other payables | 9 | 28 | ||
Trading liabilities | 44 | 46 | ||
Other liabilities | 1,068 | 948 | ||
Total liabilities | 1,654 | 1,671 | ||
Corporate Debt and Other Asset-Backed [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Assets | ||||
Cash and cash equivalents | 136 | 83 | ||
Total assets | 136 | 83 | ||
Liabilities | ||||
Other secured financings | 627 | 679 | ||
Total liabilities | 627 | 679 | ||
Principal-Protected Notes [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Assets | ||||
Trading assets | 59 | 88 | ||
Total assets | 59 | 88 | ||
Liabilities | ||||
Other secured financings | 530 | 563 | ||
Trading liabilities | 225 | 250 | ||
Unsecured short-term borrowings | 59 | 43 | ||
Unsecured long-term borrowings | 196 | 226 | ||
Total liabilities | 1,010 | 1,082 | ||
Consolidated Variable Interest Entity, Total Carrying Amount [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Assets | ||||
Cash and cash equivalents | 309 | 312 | ||
Trading assets | 71 | 96 | ||
Investments | 972 | 880 | ||
Loans | 1,895 | 2,099 | ||
Other assets | 960 | 989 | ||
Total assets | 4,207 | 4,376 | ||
Liabilities | ||||
Other secured financings | 1,690 | 1,891 | ||
Customer and other payables | 9 | 28 | ||
Trading liabilities | 269 | 296 | ||
Unsecured short-term borrowings | 59 | 43 | ||
Unsecured long-term borrowings | 196 | 226 | ||
Other liabilities | 1,068 | 948 | ||
Total liabilities | $ 3,291 | $ 3,432 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees - Commitments (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Commitment Liabilities [Line Items] | ||
Total lending | $ 196,142 | $ 171,575 |
Risk participations | 8,135 | 8,054 |
Collateralized agreement | 96,505 | 55,278 |
Collateralized financing | 27,091 | 35,402 |
Letters of credit | 367 | 367 |
Investment | 6,243 | 6,456 |
Other | 9,987 | 7,836 |
Total commitments | 344,470 | 284,968 |
Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 40,578 | |
Risk participations | 720 | |
Collateralized agreement | 96,505 | |
Collateralized financing | 27,091 | |
Letters of credit | 311 | |
Investment | 2,325 | |
Other | 9,697 | |
Total commitments | 177,227 | |
Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 71,927 | |
Risk participations | 4,537 | |
Letters of credit | 15 | |
Investment | 2,075 | |
Other | 167 | |
Total commitments | 78,721 | |
Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 61,769 | |
Risk participations | 2,668 | |
Investment | 1,062 | |
Other | 63 | |
Total commitments | 65,562 | |
Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 21,868 | |
Risk participations | 210 | |
Letters of credit | 41 | |
Investment | 781 | |
Other | 60 | |
Total commitments | 22,960 | |
Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 97,248 | 83,801 |
Investment Grade Commercial Lending [Member] | Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 9,668 | |
Investment Grade Commercial Lending [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 44,571 | |
Investment Grade Commercial Lending [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 34,592 | |
Investment Grade Commercial Lending [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 8,417 | |
Non Investment Grade Commercial Lending [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 61,580 | 56,757 |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 3,291 | |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 21,766 | |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 23,841 | |
Non Investment Grade Commercial Lending [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 12,682 | |
Warehouse Financing [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 10,823 | 9,377 |
Warehouse Financing [Member] | Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 1,128 | |
Warehouse Financing [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 5,590 | |
Warehouse Financing [Member] | Maturities, Year 3 and Year 4 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 3,336 | |
Warehouse Financing [Member] | Maturities, Year 5 and Thereafter [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 769 | |
Credit cards [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | 26,491 | $ 21,640 |
Credit cards [Member] | Maturities, Year 1 [Member] | ||
Commitment Liabilities [Line Items] | ||
Total lending | $ 26,491 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees - Lending Commitments (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Held for investment | $ 188,111 | $ 162,513 |
Held for sale | 6,076 | 6,594 |
At fair value | 1,955 | 2,468 |
Total | $ 196,142 | $ 171,575 |
Commitments, Contingencies an_5
Commitments, Contingencies and Guarantees - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Lending commitments | $ 196,142 | $ 171,575 | ||
Commitments to invest in funds managed by the firm | 1,780 | 1,690 | ||
Lending Commitments Allowance | 721 | 557 | $ 335 | $ 313 |
Outstanding credit card loans | 88,016 | 88,445 | ||
Lending commitments | 188,111 | 162,513 | ||
Credit Card Receivables Issued To Customers [Member] | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Lending commitments | 24,540 | 21,640 | ||
Credit cards [Member] | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Outstanding credit card loans | 2,000 | |||
Securities Lending Indemnification [Member] | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Collateral held by lenders in connection with securities lending indemnifications | 19,520 | 20,390 | ||
Maximum Payout/Notional Amount by Period of Expiration | 18,930 | 19,860 | ||
Fixed Income Clearing Corporation Guarantees [Member] | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Maximum Payout/Notional Amount by Period of Expiration | 0 | 1,490 | ||
Maximum exposure on collateral held | 1,500 | |||
Amortized cost [Member] | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Carrying value of lending commitments liabilities | 972 | 775 | ||
Lending Commitments Allowance | 721 | 557 | ||
Estimated fair value of lending commitments liabilities | 4,030 | 4,050 | ||
Amortized cost [Member] | Level 2 [Member] | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Estimated fair value of lending commitments liabilities | 2,320 | 2,430 | ||
Amortized cost [Member] | Level 3 [Member] | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Estimated fair value of lending commitments liabilities | 1,710 | 1,620 | ||
Held for sale [Member] | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Carrying value of lending commitments liabilities | 72 | 68 | ||
Investment Grade Commercial Lending, Relationship Lending Activities [Member] | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Lending commitments | 113,860 | 110,310 | ||
Investment Grade Commercial Lending, Other Investment Banking Activities Member] | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Lending commitments | 29,320 | 15,810 | ||
Residential Mortgage Backed Securities Working Group [Member] | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Settlement agreement amount | 1,800 | |||
GS Malaysia Development Berhad [Member] | Guarantee Obligations [Member] | ||||
Summary Of Commitments And Contingent Liabilities [Line Items] | ||||
Agreement in principle to extend a guarantee related to legal and regulatory proceedings | 1,400 | |||
Repayments for other financial guarantees | $ 220 | $ 1,400 |
Commitments, Contingencies an_6
Commitments, Contingencies and Guarantees - Guarantees (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Value of Net Liability | $ 3,923 | $ 4,357 |
Maximum Payout/Notional Amount by Period of Expiration | 201,550 | 201,039 |
Derivative Guarantee [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 81,762 | 89,202 |
Derivative Guarantee [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 61,673 | 56,204 |
Derivative Guarantee [Member] | Maturities, Year 4 and Year 5 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 26,730 | 23,389 |
Derivative Guarantee [Member] | Maturities, Year 6 and Thereafter [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 31,385 | 32,244 |
Securities Lending and Clearing Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 18,932 | 21,352 |
Securities Lending and Clearing Guarantees [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 18,932 | 21,352 |
Financial Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Value of Net Liability | 232 | 253 |
Maximum Payout/Notional Amount by Period of Expiration | 7,390 | 7,622 |
Financial Guarantee [Member] | Maturities, Year 1 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 859 | 1,263 |
Financial Guarantee [Member] | Maturities, Year 2 and Year 3 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 3,451 | 3,304 |
Financial Guarantee [Member] | Maturities, Year 4 and Year 5 [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | 2,746 | 2,787 |
Financial Guarantee [Member] | Maturities, Year 6 and Thereafter [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Payout/Notional Amount by Period of Expiration | $ 334 | $ 268 |
Commitments, Contingencies an_7
Commitments, Contingencies and Guarantees - Guarantees (Parenthetical) (Detail) - Derivative Guarantee [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Guarantor Obligations [Line Items] | ||
Carrying value of derivatives included derivative assets | $ 1,340 | $ 1,660 |
Carrying value of derivatives included derivative liabilities | $ 5,260 | $ 6,020 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) | May 10, 2026 | Apr. 13, 2021 | Apr. 07, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
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 | 1,830 | ||||||
Remitted Shares, Total | $ 500,000 | ||||||
Amount of share-based awards cancelled to satisfy minimum statutory employee tax withholding requirements | 3,200,000 | ||||||
Value of share-based awards cancelled to satisfy minimum statutory employee tax withholding requirements | $ 937,000,000 | ||||||
Dividends declared per common share | $ 1.25 | $ 1.25 | |||||
Preferred stock, liquidation preference | $ 9,203,000,000 | $ 11,203,000,000 | |||||
Redemption Value | $ 9,203,000,000 | ||||||
Subsequent Event [Member] | |||||||
Equity [Line Items] | |||||||
Dividends declared per common share | $ 1.25 | ||||||
Dividends payable date declared | Apr. 13, 2021 | ||||||
Dividends payable date to be paid | Jun. 29, 2021 | ||||||
Dividends payable date of record | Jun. 1, 2021 | ||||||
Series A Preferred Stock [Member] | |||||||
Equity [Line Items] | |||||||
Preferred stock dividends declared | $ 239.58 | 234.38 | |||||
Depositary Shares Per Share | 1,000 | ||||||
Redemption Value | $ 750,000,000 | ||||||
Series A Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | |||||||
Equity [Line Items] | |||||||
Preferred stock dividends declared | $ 231.77 | ||||||
Series C Preferred Stock [Member] | |||||||
Equity [Line Items] | |||||||
Preferred stock dividends declared | $ 255.56 | 250 | |||||
Depositary Shares Per Share | 1,000 | ||||||
Redemption Value | $ 200,000,000 | ||||||
Series C Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | |||||||
Equity [Line Items] | |||||||
Preferred stock dividends declared | 247.22 | ||||||
Series D Preferred Stock [Member] | |||||||
Equity [Line Items] | |||||||
Preferred stock dividends declared | $ 255.56 | 250 | |||||
Depositary Shares Per Share | 1,000 | ||||||
Redemption Value | $ 1,350,000,000 | ||||||
Series D Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | |||||||
Equity [Line Items] | |||||||
Preferred stock dividends declared | 247.22 | ||||||
Series J Preferred Stock [Member] | |||||||
Equity [Line Items] | |||||||
Preferred stock dividends declared | $ 343.75 | 343.75 | |||||
Depositary Shares Per Share | 1,000 | ||||||
Redemption Value | $ 1,000,000,000 | ||||||
Earliest Redemption Date | May 10, 2023 | ||||||
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 | $ 398.44 | 398.44 | |||||
Depositary Shares Per Share | 1,000 | ||||||
Redemption Value | $ 700,000,000 | ||||||
Earliest Redemption Date | May 10, 2024 | ||||||
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 | 14,000 | ||||||
Dividend rate | 5.70% | ||||||
Amount of redeemed | $ 350,000,000 | ||||||
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 | $ 1,000,000 | ||||||
Preferred stock dividends declared | 361.54 | ||||||
Series M Preferred Stock [Member] | |||||||
Equity [Line Items] | |||||||
Dividend rate | 5.375% | ||||||
Amount of redeemed | $ 2,000,000,000 | ||||||
Difference between the redemption value of Preferred Stock and the net carrying value at the time of redemption | $ 21,000,000 | ||||||
Series N Preferred Stock [Member] | |||||||
Equity [Line Items] | |||||||
Dividend rate | 6.30% | ||||||
Difference between the redemption value of Preferred Stock and the net carrying value at the time of redemption | $ 20,000,000 | ||||||
Preferred stock dividends declared | $ 393.75 | 393.75 | |||||
Preferred stock, liquidation preference | $ 25,000 | ||||||
Depositary Shares Per Share | 1,000 | ||||||
Redemption Value | $ 675,000,000 | ||||||
Earliest Redemption Date | May 10, 2021 | ||||||
Series N Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | |||||||
Equity [Line Items] | |||||||
Preferred stock dividends declared | 393.75 | ||||||
Series O Preferred Stock [Member] | |||||||
Equity [Line Items] | |||||||
Depositary Shares Per Share | 25 | ||||||
Redemption Value | $ 650,000,000 | ||||||
Earliest Redemption Date | Nov. 10, 2026 | ||||||
Series O Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | |||||||
Equity [Line Items] | |||||||
Preferred stock dividends declared | 662.50 | ||||||
Series P Preferred Stock [Member] | |||||||
Equity [Line Items] | |||||||
Depositary Shares Per Share | 25 | ||||||
Redemption Value | $ 1,500,000,000 | ||||||
Earliest Redemption Date | Nov. 10, 2022 | ||||||
Series P Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | |||||||
Equity [Line Items] | |||||||
Preferred stock dividends declared | 625 | ||||||
Series E Preferred Stock [Member] | |||||||
Equity [Line Items] | |||||||
Preferred stock dividends declared | $ 1,000 | 1,011.11 | |||||
Redemption Value | $ 767,000,000 | ||||||
Series E Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | |||||||
Equity [Line Items] | |||||||
Preferred stock dividends declared | 1,022.22 | ||||||
Series F Preferred Stock [Member] | |||||||
Equity [Line Items] | |||||||
Preferred stock dividends declared | $ 1,000 | $ 1,011.11 | |||||
Redemption Value | $ 161,000,000 | ||||||
Series F Preferred Stock [Member] | Subsequent Event [Member] | Group Inc. [Member] | |||||||
Equity [Line Items] | |||||||
Preferred stock dividends declared | $ 1,022.22 | ||||||
Series T Preferred Stock [Member] | |||||||
Equity [Line Items] | |||||||
Dividend rate | 2.969% | 3.80% | |||||
Preferred stock shares issued | 27,000 | ||||||
Preferred stock, liquidation preference | $ 25,000 | ||||||
Depositary Shares Per Share | 25 | ||||||
Earliest Redemption Date | May 10, 2026 |
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 | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Common share repurchases | 8.7 | 8.2 |
Average cost per share | $ 310.04 | $ 236.35 |
Total cost of common share repurchases | $ 2,700 | $ 1,928 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividends Declared on Common Stock (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Dividends declared per common share | $ 1.25 | $ 1.25 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Perpetual Preferred Stock Issued and Outstanding (Detail) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Class of Stock [Line Items] | |
Shares Authorized | 416,750 |
Shares Issued | 340,282 |
Shares Outstanding | 340,280 |
Redemption Value | $ | $ 9,203 |
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 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 |
Series S Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Shares Authorized | 14,000 |
Shares Issued | 14,000 |
Shares Outstanding | 14,000 |
Depositary Shares Per Share | 25 |
Earliest Redemption Date | Feb. 10, 2025 |
Liquidation Preference | $ / shares | $ 25,000 |
Redemption Value | $ | $ 350 |
Dividend rate | 4.40%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 2.85%, payable semi-annually thereafter |
Shareholders' Equity - Summar_3
Shareholders' Equity - Summary of Perpetual Preferred Stock Issued and Outstanding (Parenthetical) (Detail) | Mar. 31, 2021$ / 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 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 |
Series S 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 | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Class of Stock [Line Items] | ||
Total preferred stock dividends declared | $ 104 | $ 89 |
Series A Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared | $ 239.58 | $ 234.38 |
Total preferred stock dividends declared | $ 7 | $ 7 |
Series C Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared | $ 255.56 | $ 250 |
Total preferred stock dividends declared | $ 2 | $ 2 |
Series D Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared | $ 255.56 | $ 250 |
Total preferred stock dividends declared | $ 14 | $ 13 |
Series E Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared | $ 1,000 | $ 1,011.11 |
Total preferred stock dividends declared | $ 7 | $ 7 |
Series F Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared | $ 1,000 | $ 1,011.11 |
Total preferred stock dividends declared | $ 2 | $ 2 |
Series J Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared | $ 343.75 | $ 343.75 |
Total preferred stock dividends declared | $ 14 | $ 14 |
Series K Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared | $ 398.44 | $ 398.44 |
Total preferred stock dividends declared | $ 11 | $ 11 |
Series L Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared | $ 361.54 | |
Total preferred stock dividends declared | $ 0 | $ 4 |
Series N Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared | $ 393.75 | $ 393.75 |
Total preferred stock dividends declared | $ 10 | $ 11 |
Series Q Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared | $ 687.50 | $ 889.93 |
Total preferred stock dividends declared | $ 14 | $ 18 |
Series R Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared | $ 618.75 | |
Total preferred stock dividends declared | $ 15 | |
Series S Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared | $ 550 | |
Total preferred stock dividends declared | $ 8 |
Shareholders' Equity - Accumula
Shareholders' Equity - Accumulated Other Comprehensive Income/(Loss), Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 95,932 | |
Other comprehensive income/(loss) adjustments, net of tax | (640) | $ 3,421 |
Ending balance | 97,664 | 92,379 |
Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (696) | (616) |
Other comprehensive income/(loss) adjustments, net of tax | (17) | |
Ending balance | (696) | (633) |
Debt Valuation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (833) | (572) |
Other comprehensive income/(loss) adjustments, net of tax | (19) | 2,914 |
Ending balance | (852) | 2,342 |
Pension and Postretirement Liabilities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (368) | (342) |
Other comprehensive income/(loss) adjustments, net of tax | 7 | 7 |
Ending balance | (361) | (335) |
Available-for-sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 463 | 46 |
Other comprehensive income/(loss) adjustments, net of tax | (628) | 517 |
Ending balance | (165) | 563 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (1,434) | (1,484) |
Other comprehensive income/(loss) adjustments, net of tax | (640) | 3,421 |
Ending balance | $ (2,074) | $ 1,937 |
Regulation and Capital Adequa_3
Regulation and Capital Adequacy - Risk-based Capital and Leverage Requirements (Detail) | Mar. 31, 2021 | Dec. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage ratio | 0.040 | 0.040 |
SLR | 5.00% | 5.00% |
Standardized Capital Rules [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital ratio | 13.60% | 13.60% |
Tier 1 capital ratio | 0.151 | 0.151 |
Total capital ratio | 0.171 | 0.171 |
Advanced Capital Rules [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital ratio | 9.50% | 9.50% |
Tier 1 capital ratio | 0.110 | 0.110 |
Total capital ratio | 0.130 | 0.130 |
Regulation and Capital Adequa_4
Regulation and Capital Adequacy - Risk-based Capital Ratios (Detail) $ in Millions | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | $ 85,219 | $ 81,641 | $ 74,850 |
Tier 1 capital | 94,314 | 92,730 | 85,440 |
Tier 2 capital | 15,063 | 15,424 | 14,925 |
Total capital | 109,377 | 108,154 | |
RWAs | $ 594,573 | $ 554,162 | 563,575 |
CET1 capital ratio | 0.143 | 0.147 | |
Tier 1 capital ratio | 0.159 | 0.167 | |
Total capital ratio | 0.184 | 0.195 | |
Advanced Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | $ 85,219 | $ 81,641 | 74,850 |
Tier 1 capital | 94,314 | 92,730 | 85,440 |
Tier 2 capital | 12,837 | 13,279 | 13,473 |
Total capital | 107,151 | 106,009 | |
RWAs | $ 629,801 | $ 609,750 | $ 544,653 |
CET1 capital ratio | 0.135 | 0.134 | |
Tier 1 capital ratio | 0.150 | 0.152 | |
Total capital ratio | 0.170 | 0.174 | |
GS Bank USA [Member] | Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | $ 31,137 | $ 30,656 | |
Tier 1 capital | 31,137 | 30,656 | |
Tier 2 capital | 6,134 | 6,288 | |
Total capital | 37,271 | 36,944 | |
RWAs | $ 287,339 | $ 266,153 | |
CET1 capital ratio | 0.108 | 0.115 | |
Tier 1 capital ratio | 0.108 | 0.115 | |
Total capital ratio | 0.130 | 0.139 | |
GS Bank USA [Member] | Advanced Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | $ 31,137 | $ 30,656 | |
Tier 1 capital | 31,137 | 30,656 | |
Tier 2 capital | 4,696 | 4,903 | |
Total capital | 35,833 | 35,559 | |
RWAs | $ 175,826 | $ 165,799 | |
CET1 capital ratio | 0.177 | 0.185 | |
Tier 1 capital ratio | 0.177 | 0.185 | |
Total capital ratio | 0.204 | 0.214 |
Regulation and Capital Adequa_5
Regulation and Capital Adequacy - Risk-based Capital Ratios (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
CECL adoption, percentage of increase in regulatory capital to increase in allowance for credit loss | 25.00% | 25.00% |
Jr subordinated debt included in Tier 2 capital | 10.00% | 20.00% |
Jr subordinated debt phased out of regulatory capital | 90.00% | 80.00% |
GS Bank USA [Member] | ||
CECL adoption, percentage of increase in regulatory capital to increase in allowance for credit loss | 25.00% | 25.00% |
Regulation and Capital Adequa_6
Regulation and Capital Adequacy - Leverage Ratios (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital | $ 94,314 | $ 92,730 |
Average total assets | 1,249,783 | 1,152,785 |
Deductions from Tier 1 capital | (5,111) | (4,948) |
Average adjusted total assets | 1,244,672 | 1,147,837 |
Impact of SLR temporary amendment | (205,103) | (202,748) |
Average off-balance-sheet exposures | 410,683 | 387,848 |
Total leverage exposure | $ 1,450,252 | $ 1,332,937 |
Tier 1 leverage ratio | 7.60% | 8.10% |
SLR | 0.065 | 0.070 |
GS Bank USA [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital | $ 31,137 | $ 30,656 |
Average adjusted total assets | 283,449 | 283,869 |
Total leverage exposure | $ 355,420 | $ 343,198 |
Tier 1 leverage ratio | 11.00% | 10.80% |
SLR | 0.088 | 0.089 |
Regulation and Capital Adequa_7
Regulation and Capital Adequacy - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Jan. 01, 2021 | |
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% | |
Global Systemically Important Bank (G-SIB) surcharge | 2.50% | 2.50% | 2.50% | |
Counter-cyclical capital buffer | 0.00% | 0.00% | 0.00% | |
SLR | 5.00% | 5.00% | 5.00% | |
Minimum supplementary leverage ratio | 3.00% | 3.00% | 3.00% | |
Minimum supplementary leverage ratio buffer | 2.00% | 2.00% | 2.00% | |
Confidence level for regulatory VaR | 99.00% | 99.00% | 99.00% | |
Confidence level for risk management VaR | 95.00% | 95.00% | 95.00% | |
Time horizon for regulatory VaR (in days) | 10 days | 10 days | ||
Time horizon for risk management VaR (in days) | 1 day | 1 day | ||
Equity investment in subsidiaries | $ 106,060 | $ 103,800 | $ 103,800 | |
Minimum equity capital that is required to be maintained in regulated subsidiaries | $ 68,960 | $ 63,680 | $ 63,680 | |
Percentage Of Temporary Increase In supplementary leverage ratio | 0.80% | 1.00% | ||
Standardized Capital Rules [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Standardized risk based ratios stress capital buffer | 6.60% | 6.60% | 6.60% | 6.60% |
Change in Credit RWAs | $ 25,493 | $ (13,549) | ||
Change in Market RWAs | $ 14,918 | $ 4,136 | ||
Advanced Capital Rules [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Capital conservation buffer | 2.50% | 2.50% | 2.50% | |
Change in Credit RWAs | $ 7,771 | $ 51,634 | ||
Change in Market RWAs | 14,918 | 4,338 | ||
Change in operational risk | $ (2,638) | $ 9,125 | ||
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 | $ 95,920 | $ 52,710 | $ 52,710 | |
Percentage Of Temporary Increase In supplementary leverage ratio | 2.40% | 2.40% |
Regulation and Capital Adequa_8
Regulation and Capital Adequacy - Risk-based Capital (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Preferred stock | $ 9,203 | $ 11,203 | |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common shareholders' equity | 88,461 | 84,729 | |
Impact of CECL transition | 1,077 | 1,126 | |
Deduction for goodwill | (3,660) | (3,652) | |
Deduction for identifiable intangible assets | (548) | (601) | |
Other adjustments | (111) | 39 | |
CET1 capital | 85,219 | 81,641 | $ 74,850 |
Preferred stock | 9,203 | 11,203 | |
Deduction for investments in covered funds | (104) | (106) | |
Other adjustments | (4) | (8) | |
Tier 1 capital | 94,314 | 92,730 | 85,440 |
Qualifying subordinated debt | 12,079 | 12,196 | |
Junior subordinated debt | 94 | 188 | |
Allowance for credit losses | 2,949 | 3,095 | |
Other adjustments | (59) | (55) | |
Tier 2 capital | 15,063 | 15,424 | 14,925 |
Total capital | 109,377 | 108,154 | |
Advanced Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 capital | 85,219 | 81,641 | 74,850 |
Tier 1 capital | 94,314 | 92,730 | 85,440 |
Standardized Tier 2 capital | 15,063 | 15,424 | |
Allowance for credit losses | (2,949) | (3,095) | |
Other adjustments | 723 | 950 | |
Tier 2 capital | 12,837 | 13,279 | $ 13,473 |
Total capital | $ 107,151 | $ 106,009 |
Regulation and Capital Adequa_9
Regulation and Capital Adequacy - Risk-based Capital (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Regulation And Capital Adequacy [Abstract] | ||
CECL adoption, percentage of increase in regulatory capital to increase in allowance for credit loss | 25.00% | 25.00% |
Deferred tax liabilities associated with goodwill | $ 672 | $ 680 |
Deferred tax liabilities associated with identifiable intangible assets | $ 27 | $ 29 |
Subordinated debt maturity period | 5 years | 5 years |
Regulation and Capital Adequ_10
Regulation and Capital Adequacy - CET1, Tier 1 Capital and Tier 2 Capital (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Change in allowance for credit losses | $ 195 | $ (1,400) | |
Standardized Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET 1, Beginning balance | 81,641 | 74,850 | $ 74,850 |
Change in Impact of CECL transition | (49) | 1,126 | |
Change in common shareholders' equity | 3,732 | 5,667 | |
Change in deduction for goodwill | (8) | (123) | |
Change in deduction for identifiable intangible assets | 53 | 3 | |
Change in other adjustments | (150) | 118 | |
CET 1, Ending balance | 85,219 | 81,641 | |
Tier 1 Capital, Beginning balance | 92,730 | 85,440 | 85,440 |
Change in CET1 | 3,578 | 6,791 | |
Change in deduction for investments in covered funds | 2 | 504 | |
Change in preferred stock | (2,000) | ||
Change in other adjustments | 4 | (5) | |
Tier 1 Capital, Ending balance | 94,314 | 92,730 | |
Tier 2 capital, Beginning balance | 15,424 | 14,925 | 14,925 |
Change in qualifying subordinated debt | (117) | (651) | |
Change in junior subordinated debt | (94) | (96) | |
Change in allowance for credit losses | (146) | 1,293 | |
Change in other adjustments | (4) | (47) | |
Tier 2 Capital, Ending balance | 15,063 | 15,424 | |
Total capital | 109,377 | 108,154 | |
Advanced Capital Rules [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET 1, Beginning balance | 81,641 | 74,850 | 74,850 |
Change in Impact of CECL transition | (49) | 1,126 | |
Change in common shareholders' equity | 3,732 | 5,667 | |
Change in deduction for goodwill | (8) | (123) | |
Change in deduction for identifiable intangible assets | 53 | 3 | |
Change in other adjustments | (150) | 118 | |
CET 1, Ending balance | 85,219 | 81,641 | |
Tier 1 Capital, Beginning balance | 92,730 | 85,440 | 85,440 |
Change in CET1 | 3,578 | 6,791 | |
Change in deduction for investments in covered funds | 2 | 504 | |
Change in preferred stock | (2,000) | ||
Change in other adjustments | 4 | (5) | |
Tier 1 Capital, Ending balance | 94,314 | 92,730 | |
Tier 2 capital, Beginning balance | 13,279 | $ 13,473 | 13,473 |
Change in qualifying subordinated debt | (117) | (651) | |
Change in junior subordinated debt | (94) | (96) | |
Change in other adjustments | (231) | 553 | |
Tier 2 Capital, Ending balance | 12,837 | 13,279 | |
Total capital | $ 107,151 | $ 106,009 |
Regulation and Capital Adequ_11
Regulation and Capital Adequacy - Risk-weighted Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Standardized [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | $ 510,931 | $ 485,438 | |
Market RWAs | 83,642 | 68,724 | |
Total RWAs | 594,573 | 554,162 | $ 563,575 |
Standardized [Member] | Derivatives [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 126,509 | 120,292 | |
Standardized [Member] | Commitments Guarantees and Loans [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 190,116 | 176,501 | |
Standardized [Member] | Securities Financing Transactions [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 75,746 | 71,427 | |
Standardized [Member] | Equity Investments [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 46,587 | 46,944 | |
Standardized [Member] | Other [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 71,973 | 70,274 | |
Standardized [Member] | Regulatory VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 16,383 | 14,913 | |
Standardized [Member] | Stressed VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 41,798 | 31,978 | |
Standardized [Member] | Incremental Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 8,614 | 7,882 | |
Standardized [Member] | Comprehensive Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 1,959 | 1,758 | |
Standardized [Member] | Specific Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 14,888 | 12,193 | |
Advanced [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 420,484 | 412,713 | |
Market RWAs | 83,642 | 68,724 | |
Total Operational RWAs | 125,675 | 128,313 | |
Total RWAs | 629,801 | 609,750 | $ 544,653 |
Advanced [Member] | Derivatives [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 104,912 | 111,691 | |
Advanced [Member] | Commitments Guarantees and Loans [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 156,207 | 151,587 | |
Advanced [Member] | Securities Financing Transactions [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 21,337 | 16,568 | |
Advanced [Member] | Equity Investments [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 48,778 | 49,268 | |
Advanced [Member] | Other [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Credit RWAs | 89,250 | 83,599 | |
Advanced [Member] | Regulatory VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 16,383 | 14,913 | |
Advanced [Member] | Stressed VaR [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 41,798 | 31,978 | |
Advanced [Member] | Incremental Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 8,614 | 7,882 | |
Advanced [Member] | Comprehensive Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | 1,959 | 1,758 | |
Advanced [Member] | Specific Risk [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Market RWAs | $ 14,888 | $ 12,193 |
Regulation and Capital Adequ_12
Regulation and Capital Adequacy - Changes in Risk-weighted Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Standardized Capital Rules [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk-Weighted Assets, Beginning balance | $ 554,162 | $ 563,575 |
Change in Credit RWAs | 25,493 | (13,549) |
Change in Market RWAs | 14,918 | 4,136 |
Risk-Weighted Assets, end of period | 594,573 | 554,162 |
Standardized Capital Rules [Member] | Derivatives [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 6,217 | (614) |
Standardized Capital Rules [Member] | Commitments Guarantees and Loans [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 13,615 | (3,239) |
Standardized Capital Rules [Member] | Securities Financing Transactions [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 4,319 | 5,560 |
Standardized Capital Rules [Member] | Equity Investments [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (357) | (9,870) |
Standardized Capital Rules [Member] | Other [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 1,699 | (5,386) |
Standardized Capital Rules [Member] | Regulatory VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 1,470 | 5,980 |
Standardized Capital Rules [Member] | Stressed VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 9,820 | 1,067 |
Standardized Capital Rules [Member] | Incremental Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 732 | 3,574 |
Standardized Capital Rules [Member] | Comprehensive Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 201 | 365 |
Standardized Capital Rules [Member] | Specific Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 2,695 | (6,850) |
Advanced Capital Rules [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Risk-Weighted Assets, Beginning balance | 609,750 | 544,653 |
Change in Credit RWAs | 7,771 | 51,634 |
Change in Market RWAs | 14,918 | 4,338 |
Change in operational risk | (2,638) | 9,125 |
Risk-Weighted Assets, end of period | 629,801 | 609,750 |
Advanced Capital Rules [Member] | Derivatives [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (6,779) | 39,060 |
Advanced Capital Rules [Member] | Commitments Guarantees and Loans [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 4,620 | 17,131 |
Advanced Capital Rules [Member] | Securities Financing Transactions [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 4,769 | 2,734 |
Advanced Capital Rules [Member] | Equity Investments [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | (490) | (12,624) |
Advanced Capital Rules [Member] | Other [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Credit RWAs | 5,651 | 5,333 |
Advanced Capital Rules [Member] | Regulatory VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 1,470 | 5,980 |
Advanced Capital Rules [Member] | Stressed VaR [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 9,820 | 1,067 |
Advanced Capital Rules [Member] | Incremental Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 732 | 3,574 |
Advanced Capital Rules [Member] | Comprehensive Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | 201 | 567 |
Advanced Capital Rules [Member] | Specific Risk [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Change in Market RWAs | $ 2,695 | $ (6,850) |
Regulation and Capital Adequ_13
Regulation and Capital Adequacy - Risk-based Capital and Leverage Ratios and "Well-capitalized" Requirements (Detail) - GS Bank USA [Member] | Mar. 31, 2021 | Dec. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Required CET1 ratio applicable to advanced approach banking institutions | 7.00% | 7.00% |
Required Tier 1 capital ratio applicable to advanced approach banking institutions | 8.50% | 8.50% |
Required Total capital ratio applicable to advanced approach banking institutions | 10.50% | 10.50% |
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% | 6.50% |
Well-capitalized minimum Tier 1 capital ratio | 0.080 | 0.080 |
Well-capitalized minimum total capital ratio | 0.100 | 0.100 |
Well-capitalized minimum Tier 1 leverage ratio | 0.050 | 0.050 |
Well-capitalized minimum SLR | 6.00% | 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 | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net earnings to common | $ 6,711 | $ 1,123 |
Weighted average basic shares | 356.6 | 358 |
Effect of dilutive RSUs | ||
RSUs | 4.3 | 3.1 |
Weighted average diluted shares | 360.9 | 361.1 |
Basic EPS | $ 18.80 | $ 3.12 |
Diluted EPS | $ 18.60 | $ 3.11 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - $ / shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings per common share | ||
Reduction per common share due to impact of applying the amended principles to basic earnings per common share | $ 0.02 | $ 0.02 |
Number of antidilutive RSUs | 0.1 | 0.1 |
Transactions with Affiliated _3
Transactions with Affiliated Funds - Fees Earned from Affiliated Funds (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Transactions With Affiliated Funds [Abstract] | ||
Fees earned from funds | $ 818 | $ 921 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Transactions With Affiliated Funds [Abstract] | ||
Fees receivable from funds | $ 824 | $ 803 |
Aggregate carrying value of interests in funds | $ 5,210 | $ 5,068 |
Transactions with Affiliated _5
Transactions with Affiliated Funds - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Transactions With Affiliated Funds [Abstract] | |||
Management fees waived | $ 105 | $ 12 | |
Outstanding guarantees on behalf of certain nonconsolidated investment funds | 87 | $ 87 | |
Fair value of certificates of deposit and commercial paper purchased | $ 0 | $ 1,840 | $ 321 |
Interest Income and Interest _3
Interest Income and Interest Expense - Interest Income and Interest Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest income and expense | ||
Deposits with banks | $ (3) | $ 205 |
Collateralized agreements | (181) | 534 |
Trading assets | 1,193 | 1,573 |
Investments | 507 | 471 |
Loans | 1,220 | 1,316 |
Other interest | 318 | 651 |
Total interest income | 3,054 | 4,750 |
Deposits | 343 | 818 |
Collateralized financings | (17) | 448 |
Trading liabilities | 373 | 314 |
Short-term borrowings | 158 | 141 |
Long-term borrowings | 893 | 1,105 |
Other interest | (178) | 611 |
Total interest expense | 1,572 | 3,437 |
Net interest income | $ 1,482 | $ 1,313 |
Income Taxes - Earliest Tax Yea
Income Taxes - Earliest Tax Years Subject to Examination by Major Jurisdiction (Detail) | 3 Months Ended |
Mar. 31, 2021 | |
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 | 2015 |
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 | 2015 |
Hong Kong [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open tax years by major tax jurisdiction | 2014 |
Business Segments - Segment Ope
Business Segments - Segment Operating Results (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Non-interest revenues | $ 16,222 | $ 7,430 |
Net interest income | 1,482 | 1,313 |
Total net revenues | 17,704 | 8,743 |
Provision for credit losses | (70) | 937 |
Operating expenses | 9,437 | 6,458 |
Pre-tax earnings/(loss) | 8,337 | 1,348 |
Net earnings/(loss) | 6,836 | 1,213 |
Net earnings/(loss) to common | 6,711 | 1,123 |
Average common equity | $ 86,456 | $ 79,263 |
Return on average common equity | 31.00% | 5.70% |
Investment Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Non-interest revenues | $ 3,671 | $ 2,046 |
Net interest income | 100 | 138 |
Total net revenues | 3,771 | 2,184 |
Provision for credit losses | (163) | 622 |
Operating expenses | 1,863 | 1,169 |
Pre-tax earnings/(loss) | 2,071 | 393 |
Net earnings/(loss) | 1,698 | 354 |
Net earnings/(loss) to common | 1,679 | 343 |
Average common equity | $ 10,564 | $ 11,308 |
Return on average common equity | 63.60% | 12.10% |
Global Markets [Member] | ||
Segment Reporting Information [Line Items] | ||
Non-interest revenues | $ 7,020 | $ 4,652 |
Net interest income | 561 | 511 |
Total net revenues | 7,581 | 5,163 |
Provision for credit losses | (20) | 68 |
Operating expenses | 4,185 | 2,847 |
Pre-tax earnings/(loss) | 3,416 | 2,248 |
Net earnings/(loss) | 2,801 | 2,023 |
Net earnings/(loss) to common | 2,730 | 1,964 |
Average common equity | $ 41,044 | $ 39,797 |
Return on average common equity | 26.60% | 19.70% |
Asset Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Non-interest revenues | $ 4,431 | $ (267) |
Net interest income | 183 | 171 |
Total net revenues | 4,614 | (96) |
Provision for credit losses | 53 | 79 |
Operating expenses | 1,890 | 1,198 |
Pre-tax earnings/(loss) | 2,671 | (1,373) |
Net earnings/(loss) | 2,190 | (1,236) |
Net earnings/(loss) to common | 2,165 | (1,250) |
Average common equity | $ 24,604 | $ 21,156 |
Return on average common equity | 35.20% | (23.60%) |
Consumer & Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Non-interest revenues | $ 1,100 | $ 999 |
Net interest income | 638 | 493 |
Total net revenues | 1,738 | 1,492 |
Provision for credit losses | 60 | 168 |
Operating expenses | 1,499 | 1,244 |
Pre-tax earnings/(loss) | 179 | 80 |
Net earnings/(loss) | 147 | 72 |
Net earnings/(loss) to common | 137 | 66 |
Average common equity | $ 10,244 | $ 7,002 |
Return on average common equity | 5.30% | 3.80% |
Business Segments - Segment O_2
Business Segments - Segment Operating Results (Parenthetical) (Detail) | Mar. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Standardized Capital Rules [Member] | |||
Product Liability Contingency [Line Items] | |||
Standardized risk based ratios stress capital buffer | 6.60% | 6.60% | 6.60% |
Business Segments - Depreciatio
Business Segments - Depreciation and Amortization (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Total | $ 498 | $ 437 |
Investment Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 48 | 39 |
Global Markets [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 168 | 133 |
Asset Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 190 | 170 |
Consumer & Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | $ 92 | $ 95 |
Business Segments - Assets by S
Business Segments - Assets by Segment (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Total | $ 1,301,548 | $ 1,163,028 |
Investment Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 130,664 | 116,242 |
Global Markets [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 972,275 | 844,606 |
Asset Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 89,694 | 95,751 |
Consumer & Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | $ 108,915 | $ 106,429 |
Business Segments - Summary of
Business Segments - Summary of Gross Loans by Segment and Loan and Allowance for Loan Losses (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||||
Loans, gross | $ 124,776 | $ 119,989 | ||
Allowance for loan losses | (3,515) | (3,874) | $ (2,868) | $ (2,168) |
Loans | 121,261 | 116,115 | ||
Investment Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 26,028 | 27,866 | ||
Allowance for loan losses | (1,118) | (1,322) | ||
Loans | 24,910 | 26,544 | ||
Global Markets [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 37,978 | 33,662 | ||
Allowance for loan losses | (439) | (448) | ||
Loans | 37,539 | 33,214 | ||
Asset Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 17,411 | 17,345 | ||
Allowance for loan losses | (826) | (787) | ||
Loans | 16,585 | 16,558 | ||
Consumer & Wealth Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 43,359 | 41,116 | ||
Allowance for loan losses | (1,132) | (1,317) | ||
Loans | 42,227 | 39,799 | ||
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 47,495 | 48,659 | ||
Corporate [Member] | Investment Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 26,028 | 27,866 | ||
Corporate [Member] | Global Markets [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 13,779 | 13,248 | ||
Corporate [Member] | Asset Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 7,688 | 7,545 | ||
Real Estate [Member] | Global Markets [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 20,423 | 16,915 | ||
Real Estate [Member] | Asset Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 9,049 | 9,125 | ||
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 4,450 | 4,174 | ||
Other [Member] | Global Markets [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 3,776 | 3,499 | ||
Other [Member] | Asset Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 674 | 675 | ||
Wealth Management [Member] | Consumer & Wealth Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 35,506 | 33,023 | ||
Installment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 3,477 | 3,823 | ||
Installment [Member] | Consumer & Wealth Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 3,477 | 3,823 | ||
Credit Card Receivable [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | 4,376 | 4,270 | ||
Credit Card Receivable [Member] | Consumer & Wealth Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loans, gross | $ 4,376 | $ 4,270 |
Business Segments - Total Net R
Business Segments - Total Net Revenues and Pre-Tax Earnings By Geographic Region (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Net revenues | $ 17,704 | $ 8,743 |
Pre-tax earnings | $ 8,337 | $ 1,348 |
Percentage of total net revenues | 100.00% | 100.00% |
Percentage of total pre-tax earnings | 100.00% | 100.00% |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | $ 10,825 | $ 5,171 |
Pre-tax earnings | $ 5,015 | $ 551 |
Percentage of total net revenues | 61.00% | 59.00% |
Percentage of total pre-tax earnings | 60.00% | 41.00% |
Europe, Middle East and Africa [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | $ 4,713 | $ 2,108 |
Pre-tax earnings | $ 2,415 | $ 436 |
Percentage of total net revenues | 27.00% | 24.00% |
Percentage of total pre-tax earnings | 29.00% | 32.00% |
Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | $ 2,166 | $ 1,464 |
Pre-tax earnings | $ 907 | $ 361 |
Percentage of total net revenues | 12.00% | 17.00% |
Percentage of total pre-tax earnings | 11.00% | 27.00% |
Credit Concentrations - Credit
Credit Concentrations - Credit Concentration, Government and Federal Agency Obligations (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
U.S. Government and Agency Obligations Held By The Firm [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $ 141,318 | $ 187,009 |
Concentration risk, Credit risk, Financial instrument, Maximum exposure, As a percentage of total Assets | 10.90% | 16.10% |
Non-U.S. Government and Agency Obligations Held By The Firm [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, Credit risk, Financial instrument, Maximum exposure | $ 70,636 | $ 59,580 |
Concentration risk, Credit risk, Financial instrument, Maximum exposure, As a percentage of total Assets | 5.40% | 5.10% |
Credit Concentrations - Additio
Credit Concentrations - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Concentration Risk [Line Items] | ||
Cash deposits held at central banks | $ 152,990 | $ 116,630 |
GS Bank USA [Member] | ||
Concentration Risk [Line Items] | ||
Cash deposits held at the Federal Reserve Bank of New York | $ 95,920 | $ 52,710 |
Credit Concentrations - Credi_2
Credit Concentrations - Credit Concentration, Resale Agreements and Securities Borrowed (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
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 | $ 83,895 | $ 60,158 |
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 | $ 84,563 | $ 68,001 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) - USD ($) $ in Millions | Aug. 18, 2020 | Mar. 31, 2021 |
Other Commitments [Line Items] | ||
Estimated aggregate amount of reasonably possible losses for legal proceedings | $ 1,000 | |
Mortgage Related Matters [Member] | ||
Other Commitments [Line Items] | ||
Face amount of securitizations claimed for repurchase | 1,700 | |
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 | 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 | |
1Malaysia Development Berhad (1MDB) [Member] | Guarantee Obligations [Member] | ||
Other Commitments [Line Items] | ||
Agreement to extend a guarantee related to legal and regulatory proceedings | $ 1,400 | |
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 | 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 | 12,280,042 | |
Aggregate value underwritten by GS&Co. | $ 368 | |
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 | 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 | 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 | 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 | 5,625,768 | |
Aggregate value underwritten by GS&Co. | $ 127 | |
XP Inc Litigation [Member] | December 2019 Initial Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 2,300 | |
Number of shares underwritten by GS&Co. in connection with the offering | 19,326,218 | |
Aggregate value underwritten by GS&Co. | $ 522 | |
GoHealth, Inc [Member] | July 2020 Initial Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 914 | |
Number of shares underwritten by GS&Co. in connection with the offering | 11,540,550 | |
Aggregate value underwritten by GS&Co. | $ 242 | |
Banco Espirito Santo SA and Oak Finance [Member] | Transfer of facility [Member] | ||
Other Commitments [Line Items] | ||
Loss contingency, amount received | 50 | |
Banco Espirito Santo SA and Oak Finance [Member] | Transfer of Facility Agreement [Member] | GSI [Member] | ||
Other Commitments [Line Items] | ||
Debt instrument, face amount | 835 | |
Loss contingency, amount received | 54 | |
Loss contingency, amount sought | 104 | |
Root, Inc. [Member] | October 2020 Initial Public Offering [Member] | ||
Other Commitments [Line Items] | ||
Aggregate value of offering | $ 724 | |
Number of shares underwritten by GS&Co. in connection with the offering | 9,406,891 | |
Aggregate value underwritten by GS&Co. | $ 254 |