v3.21.2
Commitments, Contingencies and Guarantees (Tables)
 6 Months Ended
Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments
The table below presents commitments by type.
 
    As of  
     
$ in millions
  
 
June
2021
 
 
      December
2020		  
 
Commitment Type
                 
Commercial lending:
                 
Investment-grade
  
 
$  95,800
 
      $  83,801  
Non-investment-grade
  
 
75,062
 
      56,757  
Warehouse financing
  
 
10,620
 
      9,377  
Credit cards
  
 
28,529
 
      21,640  
Total lending
  
 
210,011
 
      171,575  
Risk participations
  
 
10,126
 
      8,054  
Collateralized agreement
  
 
110,120
 
      55,278  
Collateralized financing
  
 
34,584
 
      35,402  
Letters of credit
  
 
369
 
      367  
Investment
  
 
8,067
 
      6,456  
Other
  
 
9,608
 
      7,836  
Total commitments
  
 
$382,885
 
      $284,968  
The table below presents commitments by expiration.
 
   
As of June 2021
  
         
$ in millions
  
 
Remainder
of 2021
 
 
   
 
2022 -
2023
 
 
   
 
2024 -
2025
 
 
   
 
2026 -
Thereafter
 
 
Commitment Type
                                   
Commercial lending:
                                   
Investment-grade
  
 
$    6,015
 
   
 
$36,934
 
   
 
$34,405
 
   
 
$
 
 
18,446
 
Non-investment-grade
  
 
2,280
 
   
 
21,397
 
   
 
23,687
 
   
 
27,698
 
Warehouse financing
  
 
22
 
   
 
5,285
 
   
 
4,203
 
   
 
1,110
 
Credit cards
  
 
28,529
 
   
 
–
 
   
 
–
 
   
 
–
 
Total lending
  
 
36,846
 
   
 
63,616
 
   
 
62,295
 
   
 
47,254
 
Risk participations
  
 
536
 
   
 
5,237
 
   
 
3,093
 
   
 
1,260
 
Collateralized agreement
  
 
106,401
 
   
 
3,719
 
   
 
–
 
   
 
–
 
Collateralized financing
  
 
34,584
 
   
 
–
 
   
 
–
 
   
 
–
 
Letters of credit
  
 
205
 
   
 
123
 
   
 
–
 
   
 
41
 
Investment
  
 
3,193
 
   
 
1,890
 
   
 
1,586
 
   
 
1,398
 
Other
  
 
9,092
 
   
 
432
 
   
 
50
 
   
 
34
 
Total commitments
  
 
$190,857
 
   
 
$75,017
 
   
 
$67,024
 
   
 
$
 
 
49,987
 
Lending Commitments
The table below presents information about lending commitments.
 
    As of  
     
$ in millions
  
 
June
2021
 
 
      December
2020		  
 
Held for investment
  
 
$192,914
 
      $162,513  
Held for sale
  
 
15,458
 
      6,594  
At fair value
  
 
1,639
 
      2,468  
Total
  
 
$210,011
 
      $171,575  
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 $1.06 billion (including allowance for credit losses of $822 million) as of June 2021 and $775 million (including allowance for credit losses of $557 million) as of December 2020. The estimated fair value of such lending commitments was a liability of $3.98 billion as of June 2021 and $4.05 billion as of December 2020. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $2.37 billion as of June 2021 and $2.43 billion as of December 2020 would have been classified in level 2, and $1.61 billion as of June 2021 and $1.62 billion as of December 2020 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 $75 million as of June 2021 and $68 million as of December 2020. 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 both June 2021 and December 2020.
 
•  
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 June 2021
                          
Carrying Value of Net Liability
  
 
$    3,368
 
   
 
$
    
    
    –
 
   
 
$  
    
227
 
Maximum Payout/Notional Amount by Period of Expiration
 
Remainder of 2021
  
 
$  64,573
 
   
 
$
17,861
 
   
 
$  
    
934
 
2022 - 2023
  
 
67,567
 
   
 
–
 
   
 
2,661
 
2024 - 2025
  
 
26,912
 
   
 
–
 
   
 
2,337
 
2026 - thereafter
  
 
33,403
 
   
 
–
 
   
 
363
 
Total
  
 
$192,455
 
   
 
$
17,861
 
   
 
$6,295
 
 
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  
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 $1.52 billion as of June 2021 and $1.66 billion as of December 2020, and derivative liabilities of $4.89 billion as of June 2021 and $6.02 billion as of December 2020.