Collateralized Agreements and Financings (Tables)

12 Months Ended

Dec. 31, 2020

The table below presents resale and repurchase agreements and securities borrowed and loaned transactions included in the consolidated balance sheets, as well as the amounts not offset in the consolidated balance sheets.



	Assets					Liabilities

$ in millions		Resale agreements		Securities borrowed			Repurchase agreements		Securities loaned
As of December 2020
Included in the consolidated balance sheets
Gross carrying value		$205,817		$ 147,593			$ 224,328		$ 27,054
Counterparty netting		(97,757	)	(5,433	)		(97,757	)	(5,433	)
Total		108,060		142,160			126,571		21,621
Amounts not offset
Counterparty netting		(8,920	)	(3,525	)		(8,920	)	(3,525	)
Collateral		(96,140	)	(132,893	)		(116,819	)	(17,693	)
Total		$ 3,000		$ 5,742			$ 832		$ 403
As of December 2019
Included in the consolidated balance sheets
Gross carrying value		$152,982		$ 140,677			$ 185,047		$ 19,591
Counterparty netting		(67,291	)	(4,606	)		(67,291	)	(4,606	)
Total		85,691		136,071			117,756		14,985
Amounts not offset
Counterparty netting		(3,058	)	(2,211	)		(3,058	)	(2,211	)
Collateral		(78,528	)	(127,901	)		(114,065	)	(12,614	)
Total		$ 4,105		$ 5,959			$ 633		$ 160

Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Class of Collateral Pledged

The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged.



$ in millions	Repurchase agreements	Securities loaned
As of December 2020
Money market instruments	$ 88	$ –
U.S. government and agency obligations	121,751	–
Non-U.S. government and agency obligations	79,159	1,634
Securities backed by commercial real estate	65	–
Securities backed by residential real estate	121	–
Corporate debt securities	6,364	46
State and municipal obligations	92	–
Other debt obligations	20	–
Equity securities	16,668	25,374
Total	$224,328	$27,054
As of December 2019
Money market instruments	$ 158	$ –
U.S. government and agency obligations	112,903	–
Non-U.S. government and agency obligations	55,575	1,051
Securities backed by commercial real estate	210	–
Securities backed by residential real estate	1,079	–
Corporate debt securities	6,857	122
State and municipal obligations	242	–
Other debt obligations	196	–
Equity securities	7,827	18,418
Total	$185,047	$19,591

Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Maturity Date

The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity.



	As of December 2020

$ in millions		Repurchase agreements	Securities loaned
No stated maturity and overnight		$117,623	$18,533
2 - 30 days		66,570	3,781
31 - 90 days		17,479	21
91 days - 1 year		20,339	4,719
Greater than 1 year		2,317	–
Total		$224,328	$27,054

Other Secured Financings

The table below presents information about other secured financings.



$ in millions	U.S. Dollar	Non-U.S. Dollar	Total
As of December 2020
Other secured financings (short-term):
At fair value	$ 6,371	$ 6,847	$13,218
At amortized cost	–	–	–
Other secured financings (long-term):
At fair value	6,632	4,276	10,908
At amortized cost	914	715	1,629
Total other secured financings	$13,917	$11,838	$25,755
Other secured financings collateralized by:
Financial instruments	$ 6,841	$10,068	$16,909
Other assets	$ 7,076	$ 1,770	$ 8,846
As of December 2019
Other secured financings (short-term):
At fair value	$ 2,754	$ 4,441	$ 7,195
At amortized cost	129	–	129
Other secured financings (long-term):
At fair value	7,402	3,474	10,876
At amortized cost	397	680	1,077
Total other secured financings	$10,682	$ 8,595	$19,277
Other secured financings collateralized by:
Financial instruments	$ 4,826	$ 7,189	$12,015
Other assets	$ 5,856	$ 1,406	$ 7,262

Other Secured Financings by Maturity Date

The table below presents other secured financings by maturity.



$ in millions			As of December 2020
Other secured financings (short-term)			$13,218
Other secured financings (long-term):
2022			4,292
2023			2,102
2024			1,384
2025			1,286
2026 - thereafter			3,473
Total other secured financings (long-term)			12,537
Total other secured financings			$25,755

Financial Instruments Received as Collateral and Repledged

The table below presents financial instruments at fair value received as collateral that were available to be delivered or repledged and were delivered or repledged.



	As of December

$ in millions		2020	2019
Collateral available to be delivered or repledged		$864,494	$661,490
Collateral that was delivered or repledged		$723,409	$558,634

Financial Instruments Owned, at Fair Value and Other Assets Pledged as Collateral

The table below presents information about assets pledged.



	As of December

$ in millions		2020	2019
Pledged to counterparties that had the right to deliver or repledge
Trading assets		$ 69,031	$ 66,605
Investments		$ 13,375	$ 10,968
Pledged to counterparties that did not have the right to deliver or repledge
Trading assets		$ 99,142	$ 101,578
Investments		$ 2,331	$ 849
Loans		$ 8,320	$ 6,628
Other assets		$ 14,144	$ 12,337