Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2021

The table below presents a summary of the nonconsolidated VIEs in which the firm holds variable interests.



	As of December

$ in millions		2021	2020
Total nonconsolidated VIEs
Assets in VIEs		$176,809	$148,665
Carrying value of variable interests — assets		$ 9,582	$ 8,624
Carrying value of variable interests — liabilities		$ 928	$ 888
Maximum exposure to loss:
Retained interests		$ 3,552	$ 3,182
Purchased interests		1,071	1,041
Commitments and guarantees		2,440	2,455
Derivatives		8,682	8,343
Debt and equity		4,639	4,020
Total		$ 20,384	$ 19,041

The table below presents information, by principal business activity, for nonconsolidated VIEs included in the summary table above.



	As of December

$ in millions		2021	2020
Mortgage-backed
Assets in VIEs		$120,343	$99,353
Carrying value of variable interests — assets		$ 4,147	$ 4,014
Maximum exposure to loss:
Retained interests		$ 3,192	$ 2,990
Purchased interests		955	1,024
Commitments and guarantees		34	47
Derivatives		18	394
Total		$ 4,199	$ 4,455
Real estate, credit- and power-related and other investing
Assets in VIEs		$ 26,867	$20,934
Carrying value of variable interests — assets		$ 3,923	$ 3,288
Carrying value of variable interests — liabilities		$ 8	$ 14
Maximum exposure to loss:
Commitments and guarantees		$ 2,030	$ 1,374
Derivatives		64	84
Debt and equity		3,923	3,288
Total		$ 6,017	$ 4,746
Corporate debt and other asset-backed
Assets in VIEs		$ 18,391	$14,077
Carrying value of variable interests — assets		$ 1,156	$ 913
Carrying value of variable interests — liabilities		$ 920	$ 874
Maximum exposure to loss:
Retained interests		$ 360	$ 192
Purchased interests		116	17
Commitments and guarantees		250	989
Derivatives		8,597	7,862
Debt and equity		360	323
Total		$ 9,683	$ 9,383
Investments in funds
Assets in VIEs		$ 11,208	$14,301
Carrying value of variable interests — assets		$ 356	$ 409
Maximum exposure to loss:
Commitments and guarantees		$ 126	$ 45
Derivatives		3	3
Debt and equity		356	409
Total		$ 485	$ 457

The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in consolidated VIEs.



	As of December

$ in millions		2021	2020
Total consolidated VIEs
Assets
Cash and cash equivalents		$ 501	$ 312
Trading assets		122	96
Investments		153	880
Loans		1,988	2,099
Other assets		314	989
Total		$3,078	$4,376
Liabilities
Other secured financings		$1,143	$1,891
Customer and other payables		34	28
Trading liabilities		7	296
Unsecured short-term borrowings		146	43
Unsecured long-term borrowings		81	226
Other liabilities		163	948
Total		$1,574	$3,432

The table below presents information, by principal business activity, for consolidated VIEs included in the summary table above.



	As of December

$ in millions		2021	2020
Real estate, credit-related and other investing
Assets
Cash and cash equivalents		$ 274	$ 229
Trading assets		16	8
Investments		153	880
Loans		1,988	2,099
Other assets		314	989
Total		$2,745	$4,205
Liabilities
Other secured financings		$ 150	$ 649
Customer and other payables		34	28
Trading liabilities		7	46
Other liabilities		163	948
Total		$ 354	$1,671
Corporate debt and other asset-backed
Assets
Cash and cash equivalents		$ 227	$ 83
Trading assets		17	–
Total		$ 244	$ 83
Liabilities
Other secured financings		$ 602	$ 679
Total		$ 602	$ 679
Principal-protected notes
Assets
Trading assets		$ 89	$ 88
Total		$ 89	$ 88
Liabilities
Other secured financings		$ 391	$ 563
Trading liabilities		–	250
Unsecured short-term borrowings		146	43
Unsecured long-term borrowings		81	226
Total		$ 618	$1,082