Commitments, Contingencies and Guarantees (Tables)

6 Months Ended

Jun. 30, 2013

Commitments, Contingencies and Guarantees [Abstract]

Commitments

	Commitment Amount by Period of Expiration as of June 2013					Total Commitments as of
in millions		Remainder of 2013	2014- 2015	2016- 2017	2018- Thereafter		June 2013	December 2012
Commitments to extend credit 1
Commercial lending:
Investment-grade		$  3,432	$11,861	$30,622	$  9,702		$  55,617	$  53,736
Non-investment-grade		1,327	5,399	7,850	6,810		21,386	21,102
Warehouse financing		116	990	150	—		1,256	784
Total commitments to extend credit		4,875	18,250	38,622	16,512		78,259	75,622
Contingent and forward starting resale and securities borrowing agreements  2		52,649	—	—	—		52,649	47,599
Forward starting repurchase and secured lending agreements 2		15,360	—	—	—		15,360	6,144
Letters of credit 3		340	215	—	14		569	789
Investment commitments		2,206	1,900	243	3,469		7,818	7,339
Other		4,165	122	26	62		4,375	4,624
Total commitments		$79,595	$20,487	$38,891	$20,057		$159,030	$142,117

1. Commitments to extend credit are presented net of amounts syndicated to third parties.

2. These agreements generally settle within three business days.

3. Consists of 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.

Leases

in millions	As of June 2013
Remainder of 2013	$   202
2014	393
2015	334
2016	287
2017	269
2018	220
2019 - thereafter	1,179
Total	$2,884

Guarantees

	As of June 2013
			Maximum Payout/Notional Amount by Period of Expiration
in millions		Carrying Value of Net Liability		Remainder of 2013	2014- 2015	2016- 2017	2018- Thereafter	Total
Derivatives 1		$8,849		$308,645	$320,838	$57,691	$62,985	$750,159
Securities lending indemnifications 2		—		29,333	—	—	—	29,333
Other financial guarantees 3		171		758	590	992	1,491	3,831

1. These derivatives are risk managed together with derivatives that do not meet the definition of a guarantee, and therefore these amounts do not reflect the firm’s overall risk related to its derivative activities. As of December 2012, the carrying value of the net liability and the notional amount related to derivative guarantees were $8.58 billion and $663.15 billion, respectively.

2. Collateral held by the lenders in connection with securities lending indemnifications was $30.23 billion as of June 2013. 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 guarantees. As of December 2012, the maximum payout and collateral held related to securities lending indemnifications were $27.12 billion and $27.89 billion, respectively.

3. Other financial guarantees excludes certain commitments to issue standby letters of credit that are included in “Commitments to extend credit.” See table in “Commitments” above for a summary of the firm’s commitments. As of December 2012, the carrying value of the net liability and the maximum payout related to other financial guarantees were $152 million and $3.48 billion, respectively.