v3.20.4
Loans (Tables)
 12 Months Ended
Dec. 31, 2020
Summary of Loans
The table below presents information about loans.
 
$ in millions
     Amortized
Cost		  
 		     Fair
Value		  
 		      Held For
Sale		  
 		      Total  
As of December 2020
                                  
Loan Type
                                  
Corporate
  
 
$  44,778
 
  
 
$  2,751
 
   
 
$1,130
 
   
 
$  48,659
 
Wealth management
  
 
25,151
 
  
 
7,872
 
   
 
–
 
   
 
33,023
 
Commercial real estate
  
 
17,096
 
  
 
1,961
 
   
 
1,233
 
   
 
20,290
 
Residential real estate
  
 
5,236
 
  
 
494
 
   
 
20
 
   
 
5,750
 
Consumer:
                                  
Installment
  
 
3,823
 
  
 
–
 
   
 
–
 
   
 
3,823
 
Credit cards
  
 
4,270
 
  
 
–
 
   
 
–
 
   
 
4,270
 
Other
  
 
3,211
 
  
 
547
 
   
 
416
 
   
 
4,174
 
Total loans, gross
  
 
103,565
 
  
 
13,625
 
   
 
2,799
 
   
 
119,989
 
Allowance for loan losses
  
 
(3,874
) 
  
 
–
 
   
 
–
 
   
 
(3,874
) 
Total loans
  
 
$  99,691
 
  
 
$13,625
 
   
 
$2,799
 
   
 
$116,115
 
 
As of December 2019
                                  
Loan Type
                                  
Corporate
     $  41,129       $  3,224        $1,954        $  46,307  
Wealth management
     20,116       7,824        –        27,940  
Commercial real estate
     13,258       1,876        2,609        17,743  
Residential real estate
     6,132       792        34        6,958  
Consumer:
                                  
Installment
     4,747       –        –        4,747  
Credit cards
     1,858       –        –        1,858  
Other
     3,396       670        726        4,792  
Total loans, gross
     90,636       14,386        5,323        110,345  
Allowance for loan losses
     (1,441 )      –        –        (1,441 ) 
Total loans
     $  89,195       $14,386        $5,323        $108,904  
Summary of Other Loans Receivable
The table below presents gross loans by an internally determined public rating agency equivalent or other credit metrics and the concentration of secured and unsecured loans.
 
$ in millions
     Investment-
Grade		  
 		    
Non-Investment-

Grade		  
 		     Other/
Unrated		  
 		     Total  
As of December 2020
                                
Accounting Method
                                
Amortized cost
  
 
$
33,532
 
  
 
$58,250
 
  
 
$11,783
 
  
 
$103,565
 
Fair value
  
 
2,084
 
  
 
5,925
 
  
 
5,616
 
  
 
13,625
 
Held for sale
  
 
224
 
  
 
2,152
 
  
 
423
 
  
 
2,799
 
Total
  
 
$35,840
 
  
 
$66,327
 
  
 
$17,822
 
  
 
$119,989
 
 
Loan Type
                                
Corporate
  
 
$  9,478
 
  
 
$38,704
 
  
 
$    
 
477
 
  
 
$  48,659
 
Wealth management
  
 
22,098
 
  
 
5,331
 
  
 
5,594
 
  
 
33,023
 
Real estate:
                                
Commercial
  
 
1,792
 
  
 
17,480
 
  
 
1,018
 
  
 
20,290
 
Residential
  
 
636
 
  
 
3,852
 
  
 
1,262
 
  
 
5,750
 
Consumer:
                                
Installment
  
 
–
 
  
 
–
 
  
 
3,823
 
  
 
3,823
 
Credit cards
  
 
–
 
  
 
–
 
  
 
4,270
 
  
 
4,270
 
Other
  
 
1,836
 
  
 
960
 
  
 
1,378
 
  
 
4,174
 
Total
  
 
$35,840
 
  
 
$66,327
 
  
 
$17,822
 
  
 
$119,989
 
 
Secured
  
 
83%
 
  
 
90%
 
  
 
46%
 
  
 
82%
 
Unsecured
  
 
17%
 
  
 
10%
 
  
 
54%
 
  
 
18%
 
Total
  
 
100%
 
  
 
100%
 
  
 
100%
 
  
 
100%
 
 
As of December 2019
                                
Accounting Method
                                
Amortized cost
     $30,266       $51,222       $  9,148       $  90,636  
Fair value
     2,844       5,174       6,368       14,386  
Held for sale
     323       4,368       632       5,323  
Total
     $33,433       $60,764       $16,148       $110,345  
 
Loan Type
                                
Corporate
     $10,507       $35,509       $     291       $  46,307  
Wealth management
     20,001       3,576       4,363       27,940  
Real estate:
                                
Commercial
     306       15,997       1,440       17,743  
Residential
     244       4,600       2,114       6,958  
Consumer:
                                
Installment
     –       –       4,747       4,747  
Credit cards
     –       –       1,858       1,858  
Other
     2,375       1,082       1,335       4,792  
Total
     $33,433       $60,764       $16,148       $110,345  
 
Secured
     83%       91%       54%       83%  
Unsecured
     17%       9%       46%       17%  
Total
     100%       100%       100%       100%  
Schedule of Credit Quality Indicators for Term Loans by Origination Year The table below presents gross loans accounted for at amortized cost (excluding installment and credit card loans) by an internally determined public rating agency equivalent or other credit metrics and origination year for term loans.
   
As of December 2020
  
         
$ in millions
  
 
Investment-
Grade
 
 
  
 
Non-Investment-

Grade
 
 
  
 
Other/
Unrated
 
 
  
 
Total
 
2020
  
 
$  1,978
 
  
 
$  7,545
 
  
 
$  
 
140
 
  
 
$  9,663
 
2019
  
 
889
 
  
 
6,106
 
  
 
–
 
  
 
6,995
 
2018
  
 
2,076
 
  
 
3,555
 
  
 
–
 
  
 
5,631
 
2017
  
 
851
 
  
 
3,083
 
  
 
–
 
  
 
3,934
 
2016
  
 
268
 
  
 
1,262
 
  
 
–
 
  
 
1,530
 
2015 or earlier
  
 
351
 
  
 
2,073
 
  
 
–
 
  
 
2,424
 
Revolving
  
 
2,662
 
  
 
11,891
 
  
 
48
 
  
 
14,601
 
Corporate
  
 
9,075
 
  
 
35,515
 
  
 
188
 
  
 
44,778
 
2020
  
 
497
 
  
 
313
 
  
 
–
 
  
 
810
 
2019
  
 
723
 
  
 
403
 
  
 
–
 
  
 
1,126
 
2018
  
 
298
 
  
 
87
 
  
 
–
 
  
 
385
 
2017
  
 
377
 
  
 
30
 
  
 
–
 
  
 
407
 
2016
  
 
22
 
  
 
20
 
  
 
–
 
  
 
42
 
2015 or earlier
  
 
531
 
  
 
264
 
  
 
–
 
  
 
795
 
Revolving
  
 
18,077
 
  
 
2,085
 
  
 
1,424
 
  
 
21,586
 
Wealth management
  
 
20,525
 
  
 
3,202
 
  
 
1,424
 
  
 
25,151
 
2020
  
 
848
 
  
 
3,071
 
  
 
55
 
  
 
3,974
 
2019
  
 
76
 
  
 
1,965
 
  
 
–
 
  
 
2,041
 
2018
  
 
137
 
  
 
2,164
 
  
 
25
 
  
 
2,326
 
2017
  
 
26
 
  
 
1,734
 
  
 
12
 
  
 
1,772
 
2016
  
 
–
 
  
 
165
 
  
 
9
 
  
 
174
 
2015 or earlier
  
 
–
 
  
 
775
 
  
 
526
 
  
 
1,301
 
Revolving
  
 
461
 
  
 
5,047
 
  
 
–
 
  
 
5,508
 
Commercial real estate
  
 
1,548
 
  
 
14,921
 
  
 
627
 
  
 
17,096
 
2020
  
 
402
 
  
 
976
 
  
 
115
 
  
 
1,493
 
2019
  
 
–
 
  
 
90
 
  
 
271
 
  
 
361
 
2018
  
 
–
 
  
 
123
 
  
 
249
 
  
 
372
 
2017
  
 
9
 
  
 
83
 
  
 
152
 
  
 
244
 
2016
  
 
–
 
  
 
1
 
  
 
–
 
  
 
1
 
2015 or earlier
  
 
–
 
  
 
–
 
  
 
70
 
  
 
70
 
Revolving
  
 
225
 
  
 
2,470
 
  
 
–
 
  
 
2,695
 
Residential real estate
  
 
636
 
  
 
3,743
 
  
 
857
 
  
 
5,236
 
2020
  
 
242
 
  
 
84
 
  
 
466
 
  
 
792
 
2019
  
 
–
 
  
 
67
 
  
 
29
 
  
 
96
 
2018
  
 
–
 
  
 
46
 
  
 
–
 
  
 
46
 
2017
  
 
–
 
  
 
8
 
  
 
–
 
  
 
8
 
Revolving
  
 
1,506
 
  
 
664
 
  
 
99
 
  
 
2,269
 
Other
  
 
1,748
 
  
 
869
 
  
 
594
 
  
 
3,211
 
Total
  
 
$33,532
 
  
 
$58,250
 
  
 
$3,690
 
  
 
$95,472
 
 
Percentage of total
  
 
35%
 
  
 
61%
 
  
 
4%
 
  
 
100%
 
Summary of Consumer Loans by Refreshed FICO Credit Score The table below presents gross installment loans by refreshed FICO credit scores and origination year and gross credit card loans by refreshed FICO credit scores.
   
As of December 2020
  
       
$ in millions
  
 
Greater than or
equal to 660
 
 
   
 
Less than 660
 
   
 
Total
 
2020
  
 
$1,321
 
   
 
$    
 
38
 
   
 
$1,359
 
2019
  
 
1,225
 
   
 
132
 
   
 
1,357
 
2018
  
 
792
 
   
 
150
 
   
 
942
 
2017
  
 
128
 
   
 
30
 
   
 
158
 
2016
  
 
6
 
   
 
1
 
   
 
7
 
Installment
  
 
3,472
 
   
 
351
 
   
 
3,823
 
Credit cards
  
 
3,398
 
   
 
872
 
   
 
4,270
 
Total consumer
  
 
$6,870
 
   
 
$1,223
 
   
 
$8,093
 
 
Percentage of total:
                          
Installment
  
 
91%
 
   
 
9%
 
   
 
100%
 
Credit cards
  
 
80%
 
   
 
20%
 
   
 
100%
 
Total consumer
  
 
85%
 
   
 
15%
 
   
 
100%
 
Summary of detailed information about concentration of our loans by region of borrowers
Credit Concentrations.
The table below presents the concentration of gross loans by region.
 
$ in millions
     Carrying
Value		  
 		      Americas        EMEA        Asia        Total  
As of December 2020
                                            
Corporate
  
 
$  48,659
 
   
 
60%
 
   
 
31%
 
   
 
9%
 
   
 
100%
 
Wealth management
  
 
33,023
 
   
 
88%
 
   
 
10%
 
   
 
2%
 
   
 
100%
 
Commercial real estate
  
 
20,290
 
   
 
71%
 
   
 
19%
 
   
 
10%
 
   
 
100%
 
Residential real estate
  
 
5,750
 
   
 
88%
 
   
 
9%
 
   
 
3%
 
   
 
100%
 
Consumer:
                                            
Installment
  
 
3,823
 
   
 
100%
 
   
 
–
 
   
 
–
 
   
 
100%
 
Credit cards
  
 
4,270
 
   
 
100%
 
   
 
–
 
   
 
–
 
   
 
100%
 
Other
  
 
4,174
 
   
 
81%
 
   
 
17%
 
   
 
2%
 
   
 
100%
 
Total
  
 
$119,989
 
   
 
75%
 
   
 
19%
 
   
 
6%
 
   
 
100%
 
 
As of December 2019
                                            
Corporate
     $  46,307        60%        31%        9%        100%  
Wealth management
     27,940        88%        9%        3%        100%  
Commercial real estate
     17,743        69%        21%        10%        100%  
Residential real estate
     6,958        90%        9%        1%        100%  
Consumer:
                                            
Installment
     4,747        100%        –        –        100%  
Credit cards
     1,858        100%        –        –        100%  
Other
     4,792        87%        12%        1%        100%  
Total
     $110,345        73%        21%        6%        100%  
Summary of Past Due Loans The table below presents information about past due loans.
$ in millions
    
30-89 days
        90 days
or more		  
 		      Total  
As of December 2020
                          
Corporate
  
 
$   
 
–
 
   
 
$294
 
   
 
$294
 
Wealth management
  
 
58
 
   
 
34
 
   
 
92
 
Commercial real estate
  
 
49
 
   
 
183
 
   
 
232
 
Residential real estate
  
 
4
 
   
 
23
 
   
 
27
 
Consumer:
                          
Installment
  
 
42
 
   
 
16
 
   
 
58
 
Credit cards
  
 
46
 
   
 
31
 
   
 
77
 
Other
  
 
20
 
   
 
4
 
   
 
24
 
Total
  
 
$219
 
   
 
$585
 
   
 
$804
 
 
Total divided by gross loans at amortized cost
 
   
 
0.8%
 
 
As of December 2019
                          
Corporate
     $197        $  42        $239  
Wealth management
     13        15        28  
Commercial real estate
     54        123        177  
Residential real estate
     19        18        37  
Consumer:
                          
Installment
     71        29        100  
Credit cards
     35        4        39  
Other
     6        1        7  
Total
     $395        $232        $627  
 
Total divided by gross loans at amortized cost
 
      0.7%  
Summary of Nonaccrual Loans
The table below presents information about nonaccrual loans.
 
    As of December  
     
$ in millions
  
 
2020
 
      2019  
Corporate
  
 
$2,651
 
      $1,122  
Wealth management
  
 
61
 
      52  
Commercial real estate
  
 
649
 
      175  
Residential real estate
  
 
25
 
      143  
Installment
  
 
44
 
      38  
Other
  
 
122
 
      –  
Total
  
 
$3,552
 
      $1,530  
 
Total divided by gross loans at amortized cost
  
 
3.4%
 
      1.7%  
Summary of Loans and Lending Commitments Accounted for at Amortized Cost by Portfolio The table below presents gross loans and lending commitments accounted for at amortized cost by portfolio.
    As of December  
   
2020
    
    
   2019  
           
$ in millions
  
 
Loans
 
  
 
Lending
Commitments
 
 
  
 
     Loans      
 Lending
Commitments		  
 
Wholesale
 
Corporate
  
 
$  44,778
 
  
 
$127,756
 
         $41,129       $127,226  
Wealth management
  
 
25,151
 
  
 
2,314
 
         20,116       2,198  
Commercial real estate
  
 
17,096
 
  
 
4,154
 
         12,803       3,207  
Residential real estate
  
 
5,236
 
  
 
1,804
 
         4,965       759  
Other
  
 
3,211
 
  
 
4,841
 
         3,396       3,029  
Consumer
                                    
Installment
  
 
3,823
 
  
 
4
 
         4,747       12  
Credit cards
  
 
4,270
 
  
 
21,640
 
         1,858       13,669  
PCI
  
 
–
 
  
 
–
 
  
 
     1,622       –  
Total
  
 
$103,565
 
  
 
$162,513
 
  
 
     $90,636       $150,100  
Summary of Changes in Allowance for Loan Losses and Allowance for Losses on Lending Commitments
The table below presents information about the allowance for credit losses.
 
$ in millions
     Wholesale       Consumer       PCI       Total  
Year Ended December 2020
                                
Allowance for loan losses
                                
Beginning balance, reported
  
 
$  
 
879
 
  
 
$  
 
393
 
  
 
$
 
169
 
  
 
$1,441
 
Impact of CECL adoption
  
 
452
 
  
 
444
 
  
 
(169
) 
  
 
727
 
Beginning balance, adjusted
  
 
1,331
 
  
 
837
 
  
 
–
 
  
 
2,168
 
Net charge-offs
  
 
(615
) 
  
 
(292
) 
  
 
–
 
  
 
(907
) 
Provision
  
 
2,108
 
  
 
745
 
  
 
–
 
  
 
2,853
 
Other
  
 
(240
) 
  
 
–
 
  
 
–
 
  
 
(240
) 
Ending balance
  
 
$2,584
 
  
 
$1,290
 
  
 
$
 
   
 
–
 
  
 
$3,874
 
 
Allowance ratio
  
 
2.7%
 
  
 
15.9%
 
  
 
–
 
  
 
3.7%
 
Net
charge-off
ratio
  
 
0.6%
 
  
 
4.2%
 
  
 
–
 
  
 
0.9%
 
Allowance for losses on lending commitments
 
Beginning balance, reported
  
 
$  
 
361
 
  
 
$      
  
–
 
  
 
$
 
   
 
–
 
  
 
$  
 
361
 
Impact of CECL adoption
  
 
(48
) 
  
 
–
 
  
 
–
 
  
 
(48
) 
Beginning balance, adjusted
  
 
313
 
  
 
–
 
  
 
–
 
  
 
313
 
Provision
  
 
244
 
  
 
–
 
  
 
–
 
  
 
244
 
Ending balance
  
 
$  
 
557
 
  
 
$      
  
–
 
  
 
$
 
   
 
–
 
  
 
$  
 
557
 
 
Year Ended December 2019
                                
Allowance for loan losses
                                
Beginning balance
     $   658       $   292       $
 
116		       $1,066  
Net charge-offs
     (121 )      (317 )      (52 )      (490 ) 
Provision
     469       418       103       990  
Other
     (127 )      –       2       (125 ) 
Ending balance
     $   879       $   393       $
 
169		       $1,441  
 
Allowance ratio
     1.1%       6.0%       10.4%       1.6%  
Net
charge-off
ratio
     0.2%       6.2%       3.2%       0.6%  
Allowance for losses on lending commitments
 
Beginning balance
     $   286       $      
  
–		       $
 
    
 
–		       $   286  
Provision
     75       –       –       75  
Ending balance
     $   361       $      
  
–		       $
 
    
 
–		       $   361  
Schedule of forecasted economic scenarios
The table below presents the forecasted range (across the baseline, adverse and favorable scenarios) of the U.S. unemployment and U.S. GDP growth rates used in the forecast model as of December 2020.
 
 
  
 
U.S. Unemployment
Rate
 
 
  
 
Growth/(Decline)
in U.S. GDP
 
 
Forecast for the quarter ended:
 
        
June 2021
  
 
6.0% to 12.0%
 
  
 
(0.2)% to (8.1)%
 
December 2021
  
 
5.3% to 8.3%
 
  
 
2.7% to (4.1)%
 
June 2022
  
 
4.9% to 6.9%
 
  
 
4.4% to (1.8)%
 
Fair value of loans held for investment by level
The table below presents loans held for investment accounted for at fair value under the fair value option by level within the fair value hierarchy.
 
$ in millions
     Level 1        Level 2        Level 3        Total  
As of December 2020
                                   
Loan Type
                                   
Corporate
  
 
$  –
 
   
 
$  1,822
 
   
 
$  
 
929
 
   
 
$  2,751
 
Wealth management
  
 
–
 
   
 
7,809
 
   
 
63
 
   
 
7,872
 
Commercial real estate
  
 
–
 
   
 
857
 
   
 
1,104
 
   
 
1,961
 
Residential real estate
  
 
–
 
   
 
234
 
   
 
260
 
   
 
494
 
Other
  
 
–
 
   
 
225
 
   
 
322
 
   
 
547
 
Total
  
 
$  –
 
   
 
$10,947
 
   
 
$2,678
 
   
 
$13,625
 
 
As of December 2019
                                   
Loan Type
                                   
Corporate
     $  –        $  2,472        $   752        $  3,224  
Wealth management
     –        7,764        60        7,824  
Commercial real estate
     –        1,285        591        1,876  
Residential real estate
     –        571        221        792  
Other
     –        404        266        670  
Total
     $  –        $12,496        $1,890        $14,386  
Fair value, loans receivable, measurement inputs, disclosure
The table below presents the amount of level 3 loans, and ranges and weighted averages of significant unobservable inputs used to value such loans.
 
   
As of December 2020
            As of December 2019  
           
$ in millions
  
 
Amount or
Range
 
 
  
 
Weighted
Average
 
 
  
 
    
Amount or
Range
  
 
    
Weighted
Average
  
 
Corporate
 
        
Level 3 assets
  
 
$929
 
                 $752          
Yield
  
 
1.1% to 45.2%
 
  
 
12.4%
 
         1.9% to 26.3%       9.5%  
Recovery rate
  
 
15.0% to 58.0%
 
  
 
31.0%
 
         13.5% to 78.0%       44.4%  
Duration (years)
  
 
1.5 to 5.3
 
  
 
3.4
 
  
 
     3.7 to 5.8       3.9  
Commercial real estate
                
Level 3 assets
  
 
$1,104
 
                 $591          
Yield
  
 
4.5% to 19.3%
 
  
 
11.0%
 
         7.0% to 16.0%       9.3%  
Recovery rate
  
 
3.0% to 99.8%
 
  
 
66.5%
 
         5.9% to 85.2%       48.6%  
Duration (years)
  
 
0.3 to 4.8
 
  
 
2.6
 
  
 
     0.2 to 5.3       3.5  
Residential real estate
                
Level 3 assets
  
 
$260
 
                 $221          
Yield
  
 
2.0% to 14.0%
 
  
 
12.1%
 
         1.1% to 14.0%       11.5%  
Duration (years)
  
 
0.6 to 2.6
 
  
 
1.7
 
  
 
     1.1 to 4.8       4.0  
Wealth management and other
 
        
Level 3 assets
  
 
$385
 
                 $326          
Yield
  
 
2.8% to 18.7%
 
  
 
8.0%
 
         3.9% to 16.0%       9.9%  
Duration (years)
  
 
0.9 to 5.5
 
  
 
4.1
 
  
 
     1.6 to 6.7       3.7  
Reconciliation of changes in fair value for level 3 loans.
The table below presents a summary of the changes in fair value for level 3 loans.
 
    Year Ended December  
     
$ in millions
  
 
2020
 
        2019  
Beginning balance
  
 
$1,890
 
        $1,990  
Net realized gains/(losses)
  
 
72
 
        46  
Net unrealized gains/(losses)
  
 
87
 
        85  
Purchases
  
 
670
 
        249  
Sales
  
 
(50
) 
        (14 ) 
Settlements
  
 
(727
) 
        (795 ) 
Transfers into level 3
  
 
836
 
        444  
Transfers out of level 3
  
 
(100
) 
        (115 ) 
Ending balance
  
 
$2,678
 
        $1,890  
The table below presents information, by loan type, for loans included in the summary table above.
 
    Year Ended December  
     
$ in millions
  
 
2020
 
        2019  
Corporate
                   
Beginning balance
  
 
$
  
  752
 
        $ 659  
Net realized gains/(losses)
  
 
22
 
        5  
Net unrealized gains/(losses)
  
 
(22
) 
        (27 ) 
Purchases
  
 
277
 
        151  
Sales
  
 
(38
) 
        –  
Settlements
  
 
(125
) 
        (298 ) 
Transfers into level 3
  
 
163
 
        290  
Transfers out of level 3
  
 
(100
) 
        (28 ) 
Ending balance
  
 
$
  
  929
 
        $ 752  
 
Commercial real estate
                   
Beginning balance
  
 
$
  
  591
 
        $ 677  
Net realized gains/(losses)
  
 
24
 
        20  
Net unrealized gains/(losses)
  
 
60
 
        28  
Purchases
  
 
334
 
        11  
Sales
  
 
(5
) 
        (9 ) 
Settlements
  
 
(366
) 
        (229 ) 
Transfers into level 3
  
 
466
 
        94  
Transfers out of level 3
     –          (1 ) 
Ending balance
  
 
$1,104
 
        $ 591  
 
Residential real estate
                   
Beginning balance
  
 
$
  
  221
 
        $ 290  
Net realized gains/(losses)
  
 
13
 
        15  
Net unrealized gains/(losses)
  
 
10
 
        26  
Purchases
  
 
48
 
        58  
Sales
  
 
(2
) 
        (5 ) 
Settlements
  
 
(78
) 
        (137 ) 
Transfers into level 3
  
 
48
 
        60  
Transfers out of level 3
     –          (86 ) 
Ending balance
  
 
$
  
  260
 
        $ 221  
 
Wealth management and other
                   
Beginning balance
  
 
$
  
  326
 
        $ 364  
Net realized gains/(losses)
  
 
13
 
        6  
Net unrealized gains/(losses)
  
 
39
 
        58  
Purchases
  
 
11
 
        29  
Sales
  
 
(5
) 
        –  
Settlements
  
 
(158
) 
        (131 ) 
Transfers into level 3
  
 
159
 
        –  
Ending balance
  
 
$
  
  385
 
        $ 326  
Summary of estimated fair value of loans and lending commitments that are not accounted for at fair value The table below presents the estimated fair value of loans that are not accounted for at fair value and in what level of the fair value hierarchy they would have been classified if they had been included in the firm’s fair value hierarchy.
   
Carrying
Value
     Estimated Fair Value  
$ in millions
     Level 2        Level 3        Total  
As of December 2020
                                  
Amortized cost
  
 
$99,691
 
  
 
$52,793
 
   
 
$48,512
 
   
 
$101,305
 
Held for sale
  
 
$  2,799
 
  
 
$  1,541
 
   
 
$  1,271
 
   
 
$    2,812
 
 
As of December 2019
                                  
Amortized cost
     $89,195       $52,091        $37,095        $  89,186  
Held for sale
     $  5,323       $  4,157        $  1,252        $    5,409