v3.20.4
Commitments, Contingencies and Guarantees (Tables)
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments
The table below presents commitments by type.
 
    As of December  
     
$ in millions
  
 
2020
 
      2019  
Commitment Type
                 
Commercial lending:
                 
Investment-grade
  
 
$  83,801
 
      $  87,105  
Non-investment-grade
  
 
56,757
 
      53,735  
Warehouse financing
  
 
9,377
 
      5,581  
Credit cards
  
 
21,640
 
      13,669  
Total lending
  
 
171,575
 
      160,090  
Risk participations
  
 
8,054
 
      7,154  
Collateralized agreement
  
 
55,278
 
      62,093  
Collateralized financing
  
 
35,402
 
      10,193  
Letters of credit
  
 
367
 
      456  
Investment
  
 
6,456
 
      7,879  
Other
  
 
7,836
 
      6,135  
Total commitments
  
 
$284,968
 
      $254,000  
The table below presents commitments by expiration.
 
   
As of December 2020
  
         
$ in millions
  
 
2021
 
   
 
2022 -
2023
 
 
   
 
2024 -
2025
 
 
   
 
2026 -
Thereafter
 
 
Commitment Type
                                   
Commercial lending:
                                   
Investment-grade
  
 
$  14,088
 
   
 
$34,054
 
   
 
$34,207
 
   
 
$  1,452
 
Non-investment-grade
  
 
3,791
 
   
 
21,631
 
   
 
22,578
 
   
 
8,757
 
Warehouse financing
  
 
2,306
 
   
 
4,165
 
   
 
2,906
 
   
 
–
 
Credit cards
  
 
21,640
 
   
 
–
 
   
 
–
 
   
 
–
 
Total lending
  
 
41,825
 
   
 
59,850
 
   
 
59,691
 
   
 
10,209
 
Risk participations
  
 
776
 
   
 
4,706
 
   
 
2,448
 
   
 
124
 
Collateralized agreement
  
 
55,278
 
   
 
–
 
   
 
–
 
   
 
–
 
Collateralized financing
  
 
35,402
 
   
 
–
 
   
 
–
 
   
 
–
 
Letters of credit
  
 
319
 
   
 
7
 
   
 
–
 
   
 
41
 
Investment
  
 
2,309
 
   
 
1,484
 
   
 
1,230
 
   
 
1,433
 
Other
  
 
7,392
 
   
 
84
 
   
 
95
 
   
 
265
 
Total commitments
  
 
$143,301
 
   
 
$66,131
 
   
 
$63,464
 
   
 
$12,072
 
Lending Commitments
The table below presents information about lending commitments.
 
    As of December  
     
$ in millions
  
 
2020
 
      2019  
Held for investment
  
 
$162,513
 
      $150,100  
Held for sale
  
 
6,594
 
      8,091  
At fair value
  
 
2,468
 
      1,899  
Total
  
 
$171,575
 
      $160,090  
In the table above:
 
•  
Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $775 million (including allowance for credit losses of $557 million) as of December 2020 and $527 million (including allowance for credit losses of $361 million) as of December 2019. The estimated fair value of such lending commitments was a liability of $4.05 billion as of December 2020 and $3.05 billion as of December 2019. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $2.43 billion as of December 2020 and $1.78 billion as of December 2019 would have been classified in level 2, and $1.62 billion as of December 2020 and $1.27 billion as of December 2019 would have been classified in level 3.
 
•  
Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $68 million as of December 2020 and $60 million as of December 2019. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 3 as of December 2020 and primarily classified in level 2 as of December 2019.
 
•  
Gains or losses related to lending commitments at fair value, if any, are generally recorded net of any fees in other principal transactions.
Guarantees
The table below presents derivatives that meet the definition of a guarantee, securities lending and clearing guarantees and certain other financial guarantees.
 
$ in millions
     Derivatives      
 		 Securities
lending and
clearing		  
 
 		    
 		 Other
financial
guarantees		  
 
 
As of December 2020
                        
Carrying Value of Net Liability
  
 
$
    
4,357
 
  
 
$
  
        –
 
  
 
$
   
253
 
Maximum Payout/Notional Amount by Period of Expiration
 
2021
  
 
$  89,202
 
  
 
$21,352
 
  
 
$1,263
 
2022 - 2023
  
 
56,204
 
  
 
–
 
  
 
3,304
 
2024 - 2025
  
 
23,389
 
  
 
–
 
  
 
2,787
 
2026 - thereafter
  
 
32,244
 
  
 
–
 
  
 
268
 
Total
  
 
$201,039
 
  
 
$21,352
 
  
 
$7,622
 
 
As of December 2019
                        
Carrying Value of Net Liability
     $    3,817       $
 
        –		       $     27  
Maximum Payout/Notional Amount by Period of Expiration
 
2020
     $  91,814       $17,891       $2,044  
2021 - 2022
     76,693       –       1,714  
2023 - 2024
     19,377       –       2,219  
2025 - thereafter
     36,317       –       149  
Total
     $224,201       $17,891       $6,126  
In the table above:
 
•  
The maximum payout is based on the notional amount of the contract and does not represent anticipated losses.
 
•  
Amounts exclude certain commitments to issue standby letters of credit that are included in lending commitments. See the tables in “Commitments” above for a summary of the firm’s commitments.
 
•  
The carrying value for derivatives included derivative assets of $1.66 billion as of December 2020 and $1.56 billion as of December 2019, and derivative liabilities of $6.02 billion as of December 2020 and $5.38 billion as of December 2019.