Securities Financing Activities (Tables)

3 Months Ended

Mar. 31, 2021

Securities Financing Transactions Disclosures [Abstract]

Schedule of securities sold under repurchase agreements, netting & securities loaned

The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of March 31, 2021 and December 31, 2020. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below.

	March 31, 2021
(in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets		Amounts presented on the Consolidated balance sheets		Amounts not nettable on the Consolidated balance sheets(b)		Net amounts(c)
Assets
Securities purchased under resale agreements	$	555,370	$	(282,889)	$	272,481	$	(254,495)		$	17,986
Securities borrowed	182,414		(2,898)		179,516		(130,939)			48,577
Liabilities
Securities sold under repurchase agreements	$	575,969	$	(282,889)	$	293,080	$	(263,698)		$	29,382
Securities loaned and other(a)	54,058		(2,898)		51,160		(49,574)			1,586

	December 31, 2020
(in millions)	Gross amounts		Amounts netted on the Consolidated balance sheets		Amounts presented on the Consolidated balance sheets		Amounts not nettable on the Consolidated balance sheets(b)		Net amounts(c)
Assets
Securities purchased under resale agreements	$	666,467	$	(370,183)	$	296,284	$	(273,206)		$	23,078
Securities borrowed	193,700		(33,065)		160,635		(115,219)			45,416
Liabilities
Securities sold under repurchase agreements	$	578,060	$	(370,183)	$	207,877	$	(191,980)		$	15,897
Securities loaned and other(a)	41,366		(33,065)		8,301		(8,257)			44

(a)Includes securities-for-securities lending agreements of $42.8 billion and $3.4 billion at March 31, 2021 and December 31, 2020, respectively, accounted for at fair value, where the Firm is acting as lender. In the Consolidated balance sheets, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities.

(b)In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.

(c)Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At March 31, 2021 and December 31, 2020, included $12.8 billion and $17.0 billion, respectively, of securities purchased under resale agreements; $45.5 billion and $42.1 billion, respectively, of securities borrowed; $27.4 billion and $14.5 billion, respectively, of securities sold under repurchase agreements; and $136 million and $8 million, respectively, of securities loaned and other.

Schedule of types of assets pledged in secured financing transactions

The tables below present as of March 31, 2021, and December 31, 2020 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.

	Gross liability balance
	March 31, 2021				December 31, 2020
(in millions)	Securities sold under repurchase agreements		Securities loaned and other		Securities sold under repurchase agreements		Securities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies	$	76,335	$	—	$	56,744	$	—
Residential - nonagency	522		—		1,016		—
Commercial - nonagency	775		—		855		—
U.S. Treasury, GSEs and government agencies	274,254		184		315,834		143
Obligations of U.S. states and municipalities	1,626		—		1,525		2
Non-U.S. government debt	163,200		2,472		157,563		1,730
Corporate debt securities	28,522		2,563		22,849		1,864
Asset-backed securities	682		845		694		—
Equity securities	30,053		47,994		20,980		37,627
Total	$	575,969	$	54,058	$	578,060	$	41,366

	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
March 31, 2021 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	228,510	$	252,875	$	46,361	$	48,223	$	575,969
Total securities loaned and other	52,440		395		799		424		54,058

	Remaining contractual maturity of the agreements
	Overnight and continuous						Greater than 90 days
December 31, 2020 (in millions)			Up to 30 days		30 – 90 days				Total
Total securities sold under repurchase agreements	$	238,667	$	230,980	$	70,777	$	37,636	$	578,060
Total securities loaned and other	37,887		1,647		500		1,332		41,366