Fair value option (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021		Dec. 31, 2020
(in millions)
Assets of consolidated investment management funds:
Trading assets	$	487	$	482
Other assets	18		5
Total assets of consolidated investment management funds	$	505	$	487
Liabilities of consolidated investment management funds:
Other liabilities	5		3
Total liabilities of consolidated investment management funds	$	5	$	3

The following table presents the changes in fair value of long-term debt recorded in other trading revenue (loss) which is included in investment and other income in the consolidated income statement.

Change in fair value of long-term debt (a)
(in millions)	3Q21		2Q21		3Q20		YTD21		YTD20
Investment and other income – other trading revenue (loss)	$	—	$	—	$	(1)	$	—	$	(13)

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