Collateralized Agreements and Financings (Tables)

12 Months Ended

Dec. 31, 2021

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 2021
Included in the consolidated balance sheets
Gross carrying value		$ 334,725		$ 190,197			$ 294,905		$ 57,931
Counterparty netting		(129,022	)	(11,426	)		(129,022	)	(11,426	)
Total		205,703		178,771			165,883		46,505
Amounts not offset
Counterparty netting		(27,376	)	(12,822	)		(27,376	)	(12,822	)
Collateral		(173,915	)	(157,752	)		(134,465	)	(33,143	)
Total		$ 4,412		$ 8,197			$ 4,042		$ 540
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

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 2021
Money market instruments	$ 328	$ 14
U.S. government and agency obligations	132,049	503
Non-U.S. government and agency obligations	126,397	1,254
Securities backed by commercial real estate	362	–
Securities backed by residential real estate	919	–
Corporate debt securities	11,034	510
State and municipal obligations	248	–
Other debt obligations	374	–
Equity securities	23,194	55,650
Total	$ 294,905	$57,931
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

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 2021

$ in millions		Repurchase agreements	Securities loaned
No stated maturity and overnight		$ 97,675	$35,052
2 - 30 days		102,440	153
31 - 90 days		38,297	110
91 days - 1 year		41,013	15,656
Greater than 1 year		15,480	6,960
Total		$294,905	$57,931

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 2021
Other secured financings (short-term):
At fair value	$ 5,315	$ 3,664	$ 8,979
At amortized cost	–	191	191
Other secured financings (long-term):
At fair value	4,170	3,925	8,095
At amortized cost	827	452	1,279
Total other secured financings	$10,312	$ 8,232	$18,544
Other secured financings collateralized by:
Financial instruments	$ 5,990	$ 6,834	$12,824
Other assets	$ 4,322	$ 1,398	$ 5,720
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

Other Secured Financings by Maturity Date

The table below presents other secured financings by maturity.



$ in millions			As of December 2021
Other secured financings (short-term)			$ 9,170
Other secured financings (long-term):
2023			3,585
2024			1,844
2025			855
2026			1,097
2027 - thereafter			1,993
Total other secured financings (long-term)			9,374
Total other secured financings			$18,544

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		2021	2020
Collateral available to be delivered or repledged		$1,057,195	$864,494
Collateral that was delivered or repledged		$ 875,213	$723,409

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		2021	2020
Pledged to counterparties that had the right to deliver or repledge
Trading assets		$ 68,208	$ 69,031
Investments		$ 12,840	$ 13,375
Pledged to counterparties that did not have the right to deliver or repledge
Trading assets		$ 102,259	$ 99,142
Investments		$ 8,683	$ 2,331
Loans		$ 6,808	$ 8,320
Other assets		$ 8,878	$ 14,144