Fair value option (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Assets and Liabilities of Consolidated Investment Management Funds, at Fair Value

The following table presents the assets and liabilities of consolidated investment management funds, at fair value.

Assets and liabilities of consolidated investment management funds, at fair value
	Sept. 30, 2020		Dec. 31, 2019
(in millions)
Assets of consolidated investment management funds:
Trading assets	$	579	$	229
Other assets	9		16
Total assets of consolidated investment management funds	$	588	$	245
Liabilities of consolidated investment management funds:
Other liabilities	4		1
Total liabilities of consolidated investment management funds	$	4	$	1

The following table presents the changes in fair value of long-term debt recorded in foreign exchange and other trading revenue in the consolidated income statement.

Change in fair value of long-term debt (a)
(in millions)	3Q20		2Q20		3Q19		YTD20		YTD19
Foreign exchange and other trading revenue	$	(1)	$	(2)	$	(3)	$	(13)	$	(15)

(a)    The changes in fair value are approximately offset by an economic hedge included in foreign exchange and other trading revenue.