v3.21.2
Commitments, Contingencies and Guarantees (Tables)
 9 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments
The table below presents commitments by type.
 
 
 
 
 
 
 
 
 
 
   
    As of  
     
$ in millions
  
 
 
September
2021
 
 
     
 
 December
2020
  
 
Commitment Type
                 
Commercial lending:
                 
Investment-grade
  
 
$  97,902
 
      $  83,801  
Non-investment-grade
  
 
74,111
 
      56,757  
Warehouse financing
  
 
10,801
 
      9,377  
Credit cards
  
 
31,718
 
      21,640  
Total lending
  
 
214,532
 
      171,575  
Risk participations
  
 
9,992
 
      8,054  
Collateralized agreement
  
 
110,163
 
      55,278  
Collateralized financing
  
 
34,366
 
      35,402  
Letters of credit
  
 
375
 
      367  
Investment
  
 
12,625
 
      6,456  
Other
  
 
9,909
 
      7,836  
Total commitments
  
 
$391,962
 
      $284,968  
The table below presents commitments by expiration.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
As of September 2021
  
         
$ in millions
  
 
 
Remainder
of 2021
 
 
   
 
 
2022 -
2023
 
 
   
 
 
2024 -
2025
 
 
  
 
 
2026 -
Thereafter
 
 
Commitment Type
                                  
Commercial lending:
                                  
Investment-grade
  
 
$    2,981
 
   
 
$35,540
 
   
 
$34,512
 
  
 
$24,869
 
Non-investment-grade
  
 
3,300
 
   
 
18,719
 
   
 
22,195
 
  
 
29,897
 
Warehouse financing
  
 
1
 
   
 
5,065
 
   
 
4,655
 
  
 
1,080
 
Credit cards
  
 
31,718
 
   
 
–
 
   
 
–
 
  
 
–
 
Total lending
  
 
38,000
 
   
 
59,324
 
   
 
61,362
 
  
 
55,846
 
Risk participations
  
 
380
 
   
 
4,976
 
   
 
3,224
 
  
 
1,412
 
Collateralized agreement
  
 
99,421
 
   
 
10,571
 
   
 
168
 
  
 
3
 
Collateralized financing
  
 
34,114
 
   
 
251
 
   
 
–
 
  
 
1
 
Letters of credit
  
 
160
 
   
 
169
 
   
 
–
 
  
 
46
 
Investment
  
 
5,394
 
   
 
4,106
 
   
 
1,566
 
  
 
1,559
 
Other
  
 
8,722
 
   
 
1,144
 
   
 
33
 
  
 
10
 
Total commitments
  
 
$186,191
 
   
 
$80,541
 
   
 
$66,353
 
  
 
$58,877
 
Lending Commitments
The table below presents information about lending commitments.
 
 
 
 
 
 
 
 
 
 
   
    As of  
     
$ in millions
  
 
 
September
2021
 
 
     
 
 December
2020
  
 
Held for investment
  
 
$198,358
 
      $162,513  
Held for sale
  
 
13,847
 
      6,594  
At fair value
  
 
2,327
 
      2,468  
Total
  
 
$214,532
 
      $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 $1.07 billion (including allowance for credit losses of $833 million) as of September 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 $4.02 billion as of September 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, $2.13 billion as of September 2021 and $2.43 billion as of December 2020 would have been classified in level 2, and $1.89 billion as of September 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 $112 million as of September 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 September 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 September 2021
                          
Carrying Value of Net Liability
  
 
$    3,222
 
   
 
$         –
 
   
 
$  
229
 
Maximum Payout/Notional Amount by Period of Expiration
 
Remainder of 2021
  
 
$  43,636
 
   
 
$12,484
 
   
 
$  
830
 
2022 - 2023
  
 
74,282
 
   
 
–
 
   
 
2,579
 
2024 - 2025
  
 
28,667
 
   
 
–
 
   
 
2,108
 
2026 - thereafter
  
 
35,591
 
   
 
–
 
   
 
681
 
Total
  
 
$182,176
 
   
 
$12,484
 
   
 
$6,198
 
 
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 $1.47 billion as of September 2021 and $1.66 billion as of December 2020, and derivative liabilities of $4.69 billion as of September 2021 and $6.02 billion as of December 2020.