Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

The table below presents financial assets and liabilities accounted for at fair value.



	As of December

$ in millions		2020		2019
Total level 1 financial assets		$ 263,999		$242,562
Total level 2 financial assets		410,275		325,259
Total level 3 financial assets		26,305		23,068
Investments in funds at NAV		3,664		4,206
Counterparty and cash collateral netting		(77,170	)	(55,527	)
Total financial assets at fair value		$ 627,073		$539,568
Total assets		$1,163,028		$992,968
Total level 3 financial assets divided by:
Total assets		2.3%		2.3%
Total financial assets at fair value		4.2%		4.3%
Total level 1 financial liabilities		$ 85,120		$ 54,790
Total level 2 financial liabilities		331,824		293,902
Total level 3 financial liabilities		32,930		25,938
Counterparty and cash collateral netting		(60,297	)	(41,671	)
Total financial liabilities at fair value		$ 389,577		$332,959
Total liabilities		$1,067,096		$902,703
Total level 3 financial liabilities divided by:
Total liabilities		3.1%		2.9%
Total financial liabilities at fair value		8.5%		7.8%

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.