v3.22.0.1
Commitments, Contingencies and Guarantees (Tables)
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments
The table below presents commitments by type.
 
    As of December  
     
$ in millions
  
 
2021
 
      2020  
Commitment Type
                 
Commercial lending:
                 
Investment-grade
  
 
$  95,585
 
      $  83,801  
Non-investment-grade
  
 
69,644
 
      56,757  
Warehouse financing
  
 
10,391
 
      9,377  
Credit cards
  
 
35,932
 
      21,640  
Total lending
  
 
211,552
 
      171,575  
Risk participations
  
 
10,016
 
      8,054  
Collateralized agreement
  
 
101,031
 
      55,278  
Collateralized financing
  
 
29,561
 
      35,402  
Investment
  
 
11,381
 
      6,456  
Other
  
 
9,143
 
      8,203  
Total commitments
  
 
$372,684
 
      $284,968  
The table below presents commitments by expiration.
 
   
As of December 2021
  
         
$ in millions
  
 
2022
 
   
 
2023 -
2024
 
 
   
 
2025 -
2026
 
 
   
 
2027 -
Thereafter
 
 
Commitment Type
                                   
Commercial lending:
                                   
Investment-grade
  
 
$  19,095
 
   
 
$29,347
 
   
 
$46,021
 
   
 
$  1,122
 
Non-investment-grade
  
 
5,353
 
   
 
24,008
 
   
 
26,878
 
   
 
13,405
 
Warehouse financing
  
 
1,584
 
   
 
6,350
 
   
 
2,057
 
   
 
400
 
Credit cards
  
 
35,932
 
   
 
–
 
   
 
–
 
   
 
–
 
Total lending
  
 
61,964
 
   
 
59,705
 
   
 
74,956
 
   
 
14,927
 
Risk participations
  
 
1,598
 
   
 
6,340
 
   
 
1,880
 
   
 
198
 
Collateralized agreement
  
 
99,455
 
   
 
1,576
 
   
 
–
 
   
 
–
 
Collateralized financing
  
 
29,561
 
   
 
–
 
   
 
–
 
   
 
–
 
Investment
  
 
6,130
 
   
 
1,965
 
   
 
1,082
 
   
 
2,204
 
Other
  
 
8,801
 
   
 
297
 
   
 
–
 
   
 
45
 
Total commitments
  
 
$207,509
 
   
 
$69,883
 
   
 
$77,918
 
   
 
$17,374
 
Lending Commitments
The table below presents information about lending commitments.
 
    As of December  
     
$ in millions
  
 
2021
 
      2020  
Held for investment
  
 
$197,120
 
      $162,513  
Held for sale
  
 
13,175
 
      6,594  
At fair value
  
 
1,257
 
      2,468  
Total
  
 
$211,552
 
      $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 $1.05 billion (including allowance for credit losses of $776 million) as of December 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 $4.17 billion as of December 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, $1.91 billion as of December 2021 and $2.43 billion as of December 2020 would have been classified in level 2, and $2.26 billion as of December 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 $91 million as of December 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 December 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 December 2021
                          
Carrying Value of Net Liability
  
 
$    3,406
 
   
 
$
  
        –
 
   
 
$
 
  234
 
Maximum Payout/Notional Amount by Period of Expiration
 
2022
  
 
$  68,212
 
   
 
$
11,046
 
   
 
$
 
  871
 
2023 - 2024
  
 
48,273
 
      –     
 
3,608
 
2025 - 2026
  
 
19,706
 
      –     
 
2,015
 
2027 - thereafter
  
 
30,006
 
      –     
 
97
 
Total
  
 
$166,197
 
   
 
$11,046
 
   
 
$6,591
 
 
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 $1.10 billion as of December 2021 and $1.66 billion as of December 2020, and derivative liabilities of $4.51 billion as of December 2021 and $6.02 billion as of December 2020.