Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2011

Assets And Liabilities Measured At Fair Value On A Recurring Basis

	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Counterparty and Cash Collateral Netting			Balance at June 30, 2011
	(dollars in millions)
Assets
Financial instruments owned:
U.S. government and agency securities:
U.S. Treasury securities	$	13,062		$	21		$	—		$	—		$	13,083
U.S. agency securities		2,499			20,092			2			—			22,593

Total U.S. government and agency securities		15,561			20,113			2			—			35,676
Other sovereign government obligations		30,743			8,297			132			—			39,172
Corporate and other debt:
State and municipal securities		—			3,166			—			—			3,166
Residential mortgage-backed securities		—			3,025			509			—			3,534
Commercial mortgage-backed securities		—			2,586			136			—			2,722
Asset-backed securities		—			1,639			298			—			1,937
Corporate bonds		—			36,972			1,179			—			38,151
Collateralized debt obligations		—			1,932			1,650			—			3,582
Loans and lending commitments		—			17,055			10,420			—			27,475
Other debt		—			8,429			163			—			8,592

Total corporate and other debt		—			74,804			14,355			—			89,159
Corporate equities(1)		62,535			3,057			461			—			66,053
Derivative and other contracts:
Interest rate contracts		1,660			578,414			4,919			—			584,993
Credit contracts		—			96,664			15,622			—			112,286
Foreign exchange contracts		—			55,956			517			—			56,473
Equity contracts		1,900			38,839			1,240			—			41,979
Commodity contracts		5,638			42,934			1,297			—			49,869
Other		—			233			312			—			545
Netting(2)		(8,020	)		(720,762	)		(11,253	)		(59,943	)		(799,978	)

Total derivative and other contracts		1,178			92,278			12,654			(59,943	)		46,167
Investments:
Private equity funds		—			—			2,160			—			2,160
Real estate funds		—			7			1,290			—			1,297
Hedge funds		—			436			827			—			1,263
Principal investments		213			228			3,120			—			3,561
Other		188			26			525			—			739

Total investments		401			697			7,922			—			9,020
Physical commodities		—			8,878			673			—			9,551

Total financial instruments owned		110,418			208,124			36,199			(59,943	)		294,798
Securities available for sale:
U.S. government and agency securities		9,378			14,928			—			—			24,306
Securities received as collateral		15,778			84			—			—			15,862
Intangible assets(3)		—			—			133			—			133
Liabilities
Deposits	$	—		$	2,830		$	—		$	—		$	2,830
Commercial paper and other short-term borrowings		—			1,687			23			—			1,710
Financial instruments sold, not yet purchased:
U.S. government and agency securities:
U.S. Treasury securities		25,315			—			—			—			25,315
U.S. agency securities		2,191			14			—			—			2,205

Total U.S. government and agency securities		27,506			14			—			—			27,520
Other sovereign government obligations		19,903			2,576			—			—			22,479
Corporate and other debt:
State and municipal securities		—			4			—			—			4
Residential mortgage-backed securities		—			—			41			—			41
Commercial mortgage-backed securities		—			18			—			—			18
Corporate bonds		—			7,962			35			—			7,997
Unfunded lending commitments		—			669			240			—			909
Other debt		—			19			178			—			197

Total corporate and other debt		—			8,672			494			—			9,166
Corporate equities(1)		26,563			1,054			1			—			27,618
Derivative and other contracts:
Interest rate contracts		1,560			551,231			4,602			—			557,393
Credit contracts		—			93,508			8,230			—			101,738
Foreign exchange contracts		—			57,275			473			—			57,748
Equity contracts		1,758			43,459			2,901			—			48,118
Commodity contracts		6,196			43,852			981			—			51,029
Other		—			612			709			—			1,321
Netting(2)		(8,020	)		(720,762	)		(11,253	)		(36,199	)		(776,234	)

Total derivative and other contracts		1,494			69,175			6,643			(36,199	)		41,113

Total financial instruments sold, not yet purchased		75,466			81,491			7,138			(36,199	)		127,896
Obligation to return securities received as collateral		20,657			84			—			—			20,741
Securities sold under agreements to repurchase		—			—			358			—			358
Other secured financings		—			15,890			742			—			16,632
Long-term borrowings		12			42,171			1,251			—			43,434

(1)	The Company holds or sells short for trading purposes equity securities issued by entities in diverse industries and of varying size.

(2)

For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled "Counterparty and Cash Collateral Netting." For contracts with the same counterparty, counterparty netting among positions classified within the same level is included within that level. For further information on derivative instruments and hedging activities, see Note 10.

(3)	Amount represents mortgage servicing rights ("MSR") accounted for at fair value. See Note 6 for further information on MSRs.


	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Counterparty and Cash Collateral Netting			Balance at December 31, 2010
	(dollars in millions)
Assets
Financial instruments owned:
U.S. government and agency securities:
U.S. Treasury securities	$	19,226		$	—		$	—		$	—		$	19,226
U.S. agency securities		3,827			25,380			13			—			29,220

Total U.S. government and agency securities		23,053			25,380			13			—			48,446
Other sovereign government obligations		25,334			8,501			73			—			33,908
Corporate and other debt:
State and municipal securities		—			3,229			110			—			3,339
Residential mortgage-backed securities		—			3,690			319			—			4,009
Commercial mortgage-backed securities		—			2,692			188			—			2,880
Asset-backed securities		—			2,322			13			—			2,335
Corporate bonds		—			39,569			1,368			—			40,937
Collateralized debt obligations		—			2,305			1,659			—			3,964
Loans and lending commitments		—			15,308			11,666			—			26,974
Other debt		—			3,523			193			—			3,716

Total corporate and other debt		—			72,638			15,516			—			88,154
Corporate equities(1)		65,009			2,923			484			—			68,416
Derivative and other contracts:
Interest rate contracts		3,985			616,016			966			—			620,967
Credit contracts		—			95,818			14,316			—			110,134
Foreign exchange contracts		1			61,556			431			—			61,988
Equity contracts		2,176			36,612			1,058			—			39,846
Commodity contracts		5,464			57,528			1,160			—			64,152
Other		—			108			135			—			243
Netting(2)		(8,551	)		(761,939	)		(7,168	)		(68,380	)		(846,038	)

Total derivative and other contracts		3,075			105,699			10,898			(68,380	)		51,292
Investments:
Private equity funds		—			—			1,986			—			1,986
Real estate funds		—			8			1,176			—			1,184
Hedge funds		—			736			901			—			1,637
Principal investments		286			486			3,131			—			3,903
Other(3)		403			79			560			—			1,042

Total investments		689			1,309			7,754			—			9,752
Physical commodities		—			6,778			—			—			6,778

Total financial instruments owned		117,160			223,228			34,738			(68,380	)		306,746
Securities available for sale:
U.S. government and agency securities		20,792			8,857			—			—			29,649
Securities received as collateral		15,646			890			1			—			16,537
Intangible assets(4)		—			—			157			—			157

Liabilities
Deposits	$	—		$	3,011		$	16		$	—		$	3,027
Commercial paper and other short-term borrowings		—			1,797			2			—			1,799
Financial instruments sold, not yet purchased:
U.S. government and agency securities:
U.S. Treasury securities		25,225			—			—			—			25,225
U.S. agency securities		2,656			67			—			—			2,723

Total U.S. government and agency securities		27,881			67			—			—			27,948
Other sovereign government obligations		19,708			2,542			—			—			22,250
Corporate and other debt:
State and municipal securities		—			11			—			—			11
Asset-backed securities		—			12			—			—			12
Corporate bonds		—			9,100			44			—			9,144
Collateralized debt obligations		—			2			—			—			2
Unfunded lending commitments		—			464			263			—			727
Other debt		—			828			194			—			1,022

Total corporate and other debt		—			10,417			501			—			10,918
Corporate equities(1)		19,696			127			15			—			19,838
Derivative and other contracts:
Interest rate contracts		3,883			591,378			542			—			595,803
Credit contracts		—			87,904			7,722			—			95,626
Foreign exchange contracts		2			64,301			385			—			64,688
Equity contracts		2,098			42,242			1,820			—			46,160
Commodity contracts		5,871			58,885			972			—			65,728
Other		—			520			1,048			—			1,568
Netting(2)		(8,551	)		(761,939	)		(7,168	)		(44,113	)		(821,771	)

Total derivative and other contracts		3,303			83,291			5,321			(44,113	)		47,802

Total financial instruments sold, not yet purchased		70,588			96,444			5,837			(44,113	)		128,756
Obligation to return securities received as collateral		20,272			890			1			—			21,163
Securities sold under agreements to repurchase		—			498			351			—			849
Other secured financings		—			7,474			1,016			—			8,490
Long-term borrowings		—			41,393			1,316			—			42,709

(1)	The Company holds or sells short for trading purposes equity securities issued by entities in diverse industries and of varying size.

(2)

(3)

In June 2010, the Company voluntarily contributed $25 million to certain other investments in funds that it manages in connection with upcoming rule changes regarding net asset value disclosures for money market funds. Based on current liquidity and fund performance, the Company does not expect to provide additional voluntary support to non-consolidated funds that it manages.

(4)	Amount represents MSRs accounted for at fair value. See Note 6 for further information on MSRs.

Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis

	Beginning Balance at March 31, 2011			Total Realized and Unrealized Gains (Losses)(1)			Purchases			Sales			Issuances			Settlements			Net Transfers			Ending Balance at June 30, 2011			Unrealized Gains (Losses) for Level 3 Assets/ Liabilities Outstanding at June 30, 2011(2)
	(dollars in millions)
Assets
Financial instruments owned:
U.S. agency securities	$	57		$	1		$	29		$	(72	)	$	—		$	—		$	(13	)	$	2		$	—
Other sovereign government obligations		126			9			—			(4	)		—			—			1			132			9
Corporate and other debt:
State and municipal securities		4			—			21			(25	)		—			—			—			—			—
Residential mortgage-backed securities		361			(10	)		101			(54	)		—			—			111			509			—
Commercial mortgage-backed securities		132			(21	)		81			(10	)		—			—			(46	)		136			(1	)
Asset-backed securities		—			259			4			—			—			—			35			298			259
Corporate bonds		1,366			(93	)		216			(353	)		—			—			43			1,179			(57	)
Collateralized debt obligations		1,593			17			357			(352	)		—			(19	)		54			1,650			14
Loans and lending commitments		11,218			(168	)		1,898			(676	)		—			(1,285	)		(567	)		10,420			(236	)
Other debt		165			5			6			(13	)		—			—			—			163			1

Total corporate and other debt		14,839			(11	)		2,684			(1,483	)		—			(1,304	)		(370	)		14,355			(20	)
Corporate equities		502			11			127			(144	)		—			—			(35	)		461			24
Net derivative and other contracts(3):
Interest rate contracts		(58	)		472			22			—			(45	)		(62	)		(12	)		317			376
Credit contracts		6,079			1,002			1,089			—			(109	)		(737	)		68			7,392			958
Foreign exchange contracts		46			(34	)		2			—			—			30			—			44			(39	)
Equity contracts		(645	)		58			77			(7	)		(1,163	)		52			(33	)		(1,661	)		60
Commodity contracts		330			(129	)		330			—			(146	)		(99	)		30			316			(139	)
Other		(508	)		(74	)		2			—			(112	)		296			(1	)		(397	)		(81	)

Total net derivative and other contracts		5,244			1,295			1,522			(7	)		(1,575	)		(520	)		52			6,011			1,135
Investments:
Private equity funds		2,006			153			91			(90	)		—			—			—			2,160			129
Real estate funds		1,251			81			17			(59	)		—			—			—			1,290			148
Hedge funds		871			(17	)		20			(120	)		—			—			73			827			(17	)
Principal investments		3,057			182			75			(108	)		—			—			(86	)		3,120			(15	)
Other		398			2			2			(3	)		—			—			126			525			(2	)

Total investments		7,583			401			205			(380	)		—			—			113			7,922			243
Physical commodities		—			(48	)		721			—			—			—			—			673			(48	)
Intangible assets		144			(11	)		1			—			—			(1	)		—			133			(11	)

Liabilities
Commercial paper and other short-term borrowings	$	4		$	7		$	—		$	—		$	29		$	(3	)	$	—		$	23		$	7
Financial instruments sold, not yet purchased:
Corporate and other debt:
Residential mortgage-backed securities		—			(13	)		(13	)		41			—			—			—			41			(13	)
Corporate bonds		150			49			(324	)		336			—			—			(78	)		35			60
Collateralized debt obligations		2			—			(1	)		—			—			—			(1	)		—			—
Unfunded lending commitments		171			(69	)		—			—			—			—			—			240			(69	)
Other debt		180			13			—			13			—			—			(2	)		178			13

Total corporate and other debt		503			(20	)		(338	)		390			—			—			(81	)		494			(9	)
Corporate equities		9			13			(8	)		12			—			—			1			1			3
Securities sold under agreements to repurchase		352			(5	)		—			—			1			—			—			358			(5	)
Other secured financings		605			(9	)		—			—			145			(17	)		—			742			(9	)
Long-term borrowings		1,374			38			—			—			215			(175	)		(125	)		1,251			20

(1)	Total realized and unrealized gains (losses) are primarily included in Principal transactions—Trading in the condensed consolidated statements of income except for $401 million related to Financial instruments owned—Investments, which is included in Principal transactions—Investments.

(2)	Amounts represent unrealized gains (losses) for the quarter ended June 30, 2011 related to assets and liabilities still outstanding at June 30, 2011.

(3)	Net derivative and other contracts represent Financial instruments owned—Derivative and other contracts net of Financial instruments sold, not yet purchased—Derivative and other contracts. For further information on Derivative instruments and hedging activities, see Note 10.

	Beginning Balance at December 31, 2010			Total Realized and Unrealized Gains (Losses)(1)			Purchases			Sales			Issuances			Settlements			Net Transfers			Ending Balance at June 30, 2011			Unrealized Gains (Losses) for Level 3 Assets/ Liabilities Outstanding at June 30, 2011(2)
	(dollars in millions)
Assets
Financial instruments owned:
U.S. agency securities	$	13		$	—		$	34		$	(40	)	$	—		$	—		$	(5	)	$	2		$	—
Other sovereign government obligations		73			8			56			—			—			—			(5	)		132			8
Corporate and other debt:
State and municipal securities		110			(1	)		—			(96	)		—			—			(13	)		—			—
Residential mortgage-backed securities		319			(62	)		279			(193	)		—			(1	)		167			509			(71	)
Commercial mortgage-backed securities		188			(19	)		96			(30	)		—			—			(99	)		136			(18	)
Asset-backed securities		13			259			13			(17	)		—			—			30			298			258
Corporate bonds		1,368			(26	)		273			(409	)		—			34			(61	)		1,179			42
Collateralized debt obligations		1,659			273			641			(862	)		—			(55	)		(6	)		1,650			70
Loans and lending commitments		11,666			213			2,321			(537	)		—			(2,038	)		(1,205	)		10,420			212
Other debt		193			—			5			(33	)		—			—			(2	)		163			(9	)

Total corporate and other debt		15,516			637			3,628			(2,177	)		—			(2,060	)		(1,189	)		14,355			484
Corporate equities		484			(207	)		219			(176	)		—			—			141			461			1
Net derivative and other contracts(3):
Interest rate contracts		424			702			19			—			(704	)		(192	)		68			317			600
Credit contracts		6,594			388			1,148			—			(197	)		(614	)		73			7,392			772
Foreign exchange contracts		46			(159	)		1			—			—			159			(3	)		44			(130	)
Equity contracts		(762	)		105			119			—			(1,236	)		98			15			(1,661	)		96
Commodity contracts		188			165			455			—			(321	)		(281	)		110			316			153
Other		(913	)		117			2			—			(116	)		428			85			(397	)		110

Total net derivative and other contracts		5,577			1,318			1,744			—			(2,574	)		(402	)		348			6,011			1,601
Investments:
Private equity funds		1,986			260			88			(245	)		—			—			71			2,160			209
Real estate funds		1,176			145			31			(62	)		—			—			—			1,290			255
Hedge funds		901			(25	)		15			(172	)		—			—			108			827			(25	)
Principal investments		3,131			242			(26	)		(195	)		—			—			(32	)		3,120			(105	)
Other		560			51			(4	)		(11	)		—			—			(71	)		525			41

Total investments		7,754			673			104			(685	)		—			—			76			7,922			375
Physical commodities		—			(48	)		721			—			—			—			—			673			(48	)
Securities received as collateral		1			—			—			(1	)		—			—			—			—			—
Intangible assets		157			(26	)		5			(1	)		(1	)		(1	)		—			133			(26	)

Liabilities
Deposits	$	16		$	2		$	—		$	—		$	—		$	(14	)	$	—		$	—		$	—
Commercial paper and other short-term borrowings		2			7			—			—			29			(1	)		—			23			7
Financial instruments sold, not yet purchased:
Corporate and other debt:
Residential mortgage-backed securities		—			(13	)		(12	)		40			—			—			—			41			(13	)
Commercial mortgage-backed securities		—			1			—			1			—			—			—			—			—
Corporate bonds		44			40			(367	)		426			—			—			(28	)		35			30
Unfunded lending commitments		263			23			—			—			—			—			—			240			23
Other debt		194			4			(10	)		14			—			—			(16	)		178			4

Total corporate and other debt		501			55			(389	)		481			—			—			(44	)		494			44
Corporate equities		15			5			(19	)		6			—			—			4			1			3
Obligation to return securities received as collateral		1			—			(1	)		—			—			—			—			—			—
Securities sold under agreements to repurchase		351			(6	)		1			—			—			—			—			358			(8	)
Other secured financings		1,016			(12	)		—			—			142			(122	)		(306	)		742			(12	)
Long-term borrowings		1,316			(28	)		—			—			388			(342	)		(139	)		1,251			(22	)

(1)	Total realized and unrealized gains (losses) are primarily included in Principal transactions—Trading in the condensed consolidated statements of income except for $673 million related to Financial instruments owned—Investments, which is included in Principal transactions—Investments.

(2)	Amounts represent unrealized gains (losses) for the six months ended June 30, 2011 related to assets and liabilities still outstanding at June 30, 2011.

(3)	Net derivative and other contracts represent Financial instruments owned—Derivative and other contracts net of Financial instruments sold, not yet purchased—Derivative and other contracts. For further information on Derivative instruments and hedging activities, see Note 10.


	Beginning Balance at March 31, 2010			Total Realized and Unrealized Gains (Losses)(1)			Purchases, Sales, Other Settlements and Issuances, net			Net Transfers			Ending Balance at June 30, 2010			Unrealized Gains (Losses) for Level 3 Assets/ Liabilities Outstanding at June 30, 2010(2)
	(dollars in millions)
Assets
Financial instruments owned:
U.S. agency securities	$	1		$	—		$	(5	)	$	5		$	1		$	—
Other sovereign government obligations		80			(1	)		70			(76	)		73			—
Corporate and other debt:
State and municipal securities		398			19			(180	)		(16	)		221			1
Residential mortgage-backed securities		625			(37	)		(97	)		(15	)		476			(42	)
Commercial mortgage-backed securities		779			23			133			(322	)		613			13
Asset-backed securities		149			8			(75	)		19			101			6
Corporate bonds		1,145			86			154			(41	)		1,344			79
Collateralized debt obligations		1,512			(25	)		40			(14	)		1,513			42
Loans and lending commitments		13,503			(40	)		152			(868	)		12,747			(64	)
Other debt		1,921			(61	)		(28	)		(22	)		1,810			(68	)

Total corporate and other debt		20,032			(27	)		99			(1,279	)		18,825			(33	)
Corporate equities		536			(33	)		(183	)		26			346			(1	)
Net derivative and other contracts(3):
Interest rate contracts		384			310			(132	)		(46	)		516			311
Credit contracts		7,952			315			265			(431	)		8,101			499
Foreign exchange rate contracts		206			(1	)		(134	)		—			71			(2	)
Equity contracts		(701	)		(137	)		(191	)		31			(998	)		(129	)
Commodity contracts		90			(152	)		53			23			14			(126	)
Other		(579	)		(402	)		(40	)		(18	)		(1,039	)		(352	)

Total net derivative and other contracts		7,352			(67	)		(179	)		(441	)		6,665			201
Investments:
Private equity funds		1,634			82			123			—			1,839			21
Real estate funds		1,751			4			(115	)		3			1,643			109
Hedge funds		1,027			(29	)		5			(93	)		910			(29	)
Principal investments		2,700			(132	)		7			—			2,575			(83	)
Other		434			64			(60	)		6			444			3

Total investments		7,546			(11	)		(40	)		(84	)		7,411			21
Intangible assets		175			(15	)		(21	)		—			139			(27	)

Liabilities
Deposits	$	15		$	1		$	—		$	—		$	14		$	—
Commercial paper and other short-term borrowings		300			—			(293	)		—			7			—
Financial instruments sold, not yet purchased:
Corporate and other debt:
Residential mortgage-backed securities		—			(6	)		(4	)		—			2			(5	)
Asset-backed securities		4			—			(4	)		—			—			—
Corporate bonds		17			14			80			(3	)		80			19
Unfunded lending commitments		213			(110	)		12			—			335			(110	)
Other debt		317			15			(81	)		—			221			13

Total corporate and other debt		551			(87	)		3			(3	)		638			(83	)
Corporate equities		13			1			(4	)		(3	)		5			—
Other secured financings		1,811			69			5			163			1,910			69
Long-term borrowings		6,728			92			20			(147	)		6,509			92

(1)	Total realized and unrealized gains (losses) are primarily included in Principal transactions—Trading in the condensed consolidated statements of income except for $(11) million related to Financial instruments owned—Investments, which is included in Principal transactions—Investments.

(2)	Amounts represent unrealized gains (losses) for the quarter ended June 30, 2010 related to assets and liabilities still outstanding at June 30, 2010.

(3)	Net derivative and other contracts represent Financial instruments owned—Derivative and other contracts net of Financial instruments sold, not yet purchased—Derivative and other contracts. For further information on Derivative instruments and hedging activities, see Note 10.

	Beginning Balance at December 31, 2009			Total Realized and Unrealized Gains (Losses)(1)			Purchases, Sales, Other Settlements and Issuances, net			Net Transfers			Ending Balance at June 30, 2010			Unrealized Gains (Losses) for Level 3 Assets/ Liabilities Outstanding at June 30, 2010(2)
	(dollars in millions)
Assets
Financial instruments owned:
U.S. agency securities	$	36		$	—		$	(35	)	$	—		$	1		$	—
Other sovereign government obligations		3			(1	)		63			8			73			(1	)
Corporate and other debt:
State and municipal securities		713			(56	)		(436	)		—			221			(58	)
Residential mortgage-backed securities		818			12			(392	)		38			476			(6	)
Commercial mortgage-backed securities		1,573			128			(774	)		(314	)		613			28
Asset-backed securities		591			3			(491	)		(2	)		101			9
Corporate bonds		1,038			(44	)		256			94			1,344			(53	)
Collateralized debt obligations		1,553			122			(171	)		9			1,513			60
Loans and lending commitments		12,506			76			629			(464	)		12,747			126
Other debt		1,662			185			(14	)		(23	)		1,810			160

Total corporate and other debt		20,454			426			(1,393	)		(662	)		18,825			266
Corporate equities		536			67			(161	)		(96	)		346			21
Net derivative and other contracts(3):
Interest rate contracts		387			300			(146	)		(25	)		516			302
Credit contracts		8,824			(163	)		383			(943	)		8,101			340
Foreign exchange rate contracts		254			(102	)		(123	)		42			71			(308	)
Equity contracts		(689	)		(208	)		(184	)		83			(998	)		(161	)
Commodity contracts		7			(68	)		14			61			14			66
Other		(437	)		(575	)		(12	)		(15	)		(1,039	)		(511	)

Total net derivative and other contracts		8,346			(816	)		(68	)		(797	)		6,665			(272	)
Investments:
Private equity funds		1,628			139			72			—			1,839			116
Real estate funds		1,087			186			350			20			1,643			289
Hedge funds		1,678			(218	)		(270	)		(280	)		910			(220	)
Principal investments		2,642			(105	)		38			—			2,575			(87	)
Other		578			47			(180	)		(1	)		444			(3	)

Total investments		7,613			49			10			(261	)		7,411			95
Securities received as collateral		23			—			(23	)		—			—			—
Intangible assets		137			24			(22	)		—			139			4

Liabilities
Deposits	$	24		$	2		$	—		$	(8	)	$	14		$	2
Commercial paper and other short-term borrowings		—			—			7			—			7			—
Financial instruments sold, not yet purchased:
Corporate and other debt:
Residential mortgage-backed securities		—			(1	)		1			—			2			(1	)
Commercial mortgage-backed securities		—			1			1			—			—			—
Asset-backed securities		4			—			(4	)		—			—			—
Corporate bonds		29			(1	)		22			28			80			8
Collateralized debt obligations		3			—			(3	)		—			—			—
Unfunded lending commitments		252			(140	)		(57	)		—			335			(138	)
Other debt		431			20			(175	)		(15	)		221			20

Total corporate and other debt		719			(121	)		(215	)		13			638			(111	)
Corporate equities		4			(1	)		(7	)		7			5			1
Obligation to return securities received as collateral		23			—			(23	)		—			—			—
Other secured financings		1,532			(67	)		222			89			1,910			(80	)
Long-term borrowings		6,865			99			(26	)		(231	)		6,509			99

(1)	Total realized and unrealized gains (losses) are primarily included in Principal transactions—Trading in the condensed consolidated statements of income except for $49 million related to Financial instruments owned—Investments, which is included in Principal transactions—Investments.

(2)	Amounts represent unrealized gains (losses) for the six months ended June 30, 2010 related to assets and liabilities still outstanding at June 30, 2010.

(3)	Net derivative and other contracts represent Financial instruments owned—Derivative and other contracts net of Financial instruments sold, not yet purchased—Derivative and other contracts. For further information on derivative instruments and hedging activities, see Note 10.

Fair Value Of Investments That Calculate Net Asset Value


	At June 30, 2011				At December 31, 2010
	Fair Value		Unfunded Commitment		Fair Value		Unfunded Commitment
	(dollars in millions)
Private equity funds	$	2,119	$	1,019	$	1,947	$	1,047
Real estate funds		1,262		538		1,154		500
Hedge funds(1):
Long-short equity hedge funds		571		5		1,046		4
Fixed income/credit-related hedge funds		123		—		305		—
Event-driven hedge funds		183		—		143		—
Multi-strategy hedge funds		385		—		140		—

Total	$	4,643	$	1,562	$	4,735	$	1,551

(1)

Fixed income/credit-related hedge funds, event-driven hedge funds, and multi-strategy hedge funds are redeemable at least on a six-month period basis primarily with a notice period of 90 days or less. At June 30, 2011, approximately 40% of the fair value amount of long-short equity hedge funds is redeemable at least quarterly, 32% is redeemable every six months and 28% of these funds have a redemption frequency of greater than six months. At December 31, 2010, approximately 49% of the fair value amount of long-short equity hedge funds is redeemable at least quarterly, 24% is redeemable every six months and 27% of these funds have a redemption frequency of greater than six months. The notice period for long-short equity hedge funds is primarily greater than 90 days.

Net Gains (Losses) Due To Changes In Fair Value For Items Measured At Fair Value Pursuant To The Fair Value Option Election


	Principal Transactions- Trading			Interest Expense			Gains (Losses) Included in Net Revenues
	(dollars in millions)
Three Months Ended June 30, 2011
Deposits	$	18		$	(30	)	$	(12	)
Commercial paper and other short-term borrowings		49			—			49
Securities sold under agreements to repurchase		2			—			2
Long-term borrowings		(42	)		(270	)		(312	)

Six Months Ended June 30, 2011
Deposits	$	31		$	(60	)	$	(29	)
Commercial paper and other short-term borrowings		44			—			44
Securities sold under agreements to repurchase		—			—			—
Long-term borrowings		(1,308	)		(560	)		(1,868	)

Three Months Ended June 30, 2010
Deposits	$	10		$	(45	)	$	(35	)
Commercial paper and other short-term borrowings		55			—			55
Long-term borrowings		2,409			(285	)		2,124

Six Months Ended June 30, 2010
Deposits	$	(15	)	$	(93	)	$	(108	)
Commercial paper and other short-term borrowings		68			—			68
Long-term borrowings		2,527			(484	)		2,043

Gains (Losses) Due To Changes In Instrument Specific Credit Risk


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
	(dollars in millions)
Short-term and long-term borrowings(1)	$	244		$	750		$	55		$	803
Loans(2)		(146	)		(348	)		(108	)		(1	)
Unfunded lending commitments(3)		(223	)		(94	)		(213	)		(164	)

(1)	The change in the fair value of short-term and long-term borrowings (primarily structured notes) includes an adjustment to reflect the change in credit quality of the Company based upon observations of the Company's secondary bond market spreads.

(2)	Instrument-specific credit gains were determined by excluding the non-credit components of gains and losses, such as those due to changes in interest rates.

(3)	Gains (losses) were generally determined based on the differential between estimated expected client yields and contractual yields at each respective period end.

Amount By Which Contractual Principal Amount Exceeds Fair Value


	At June 30, 2011		At December 31, 2010
	(dollars in billions)
Short-term and long-term borrowings(1)	$	0.9	$	0.6
Loans(2)		24.5		24.3
Loans 90 or more days past due and/or on non-accrual status(2)(3)		21.4		21.2

(1)	These amounts do not include structured notes where the repayment of the initial principal amount fluctuates based on changes in the reference price or index.

(2)	The majority of this difference between principal and fair value amounts emanates from the Company's distressed debt trading business, which purchases distressed debt at amounts well below par.

(3)

The aggregate fair value of loans that were in non-accrual status, which includes all loans 90 or more days past due, was $2.3 billion and $2.2 billion at June 30, 2011 and December 31, 2010, respectively. The aggregate fair value of loans that were 90 or more days past due was $1.8 billion and $2.0 billion at June 30, 2011 and December 31, 2010, respectively.

Assets Measured At Fair Value On A Non-Recurring Basis


			Fair Value Measurements Using:
	Carrying Value At June 30, 2011(1)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses) for the Three Months Ended June 30, 2011(2)			Total Gains (Losses) for the Six Months Ended June 30, 2011(2)
	(dollars in millions)
Loans(3)	$	183	$	—	$	92	$	91	$	3		$	18
Other investments(4)		84		—		—		84		(20	)		(28	)
Intangible assets(5)		—		—		—		—		—			(3	)

Total	$	267	$	—	$	92	$	175	$	(17	)	$	(13	)

(1)

Carrying values relate only to those assets that had fair value adjustments during the quarter ended June 30, 2011. These amounts do not include assets that had fair value adjustments during the six months ended June 30, 2011, unless the assets also had a fair value adjustment during the quarter ended June 30, 2011.

(2)	Losses are recorded within Other expenses in the condensed consolidated statement of income except for fair value adjustments related to Loans and losses related to Other investments, which are included in Other revenues.

(3)

Non-recurring change in fair value for loans held for investment was calculated based upon the fair value of the underlying collateral. The fair value of the collateral was determined using internal expected recovery models. The non-recurring change in fair value for mortgage loans held for sale is based upon a valuation model incorporating market observable inputs.

(4)	Losses recorded were determined primarily using discounted cash flow models.

(5)	Losses primarily related to investment management contracts and were determined primarily using discounted cash flow models.


			Fair Value Measurements Using:
	Carrying Value At June 30, 2010(1)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses for the Three Months Ended June 30, 2010(2)			Total Losses for the Six Months Ended June 30, 2010(2)
	(dollars in millions)
Loans(3)	$	622	$	—	$	—	$	622	$	(25	)	$	(28	)
Other investments(4)		—		—		—		—		—			(5	)
Intangible assets(5)		3		—		—		3		(17	)		(27	)

Total	$	625	$	—	$	—	$	625	$	(42	)	$	(60	)

(1)

Carrying values relate only to those assets that had fair value adjustments during the quarter ended June 30, 2010. These amounts do not include assets that had fair value adjustments during the six months ended June 30, 2010, unless the assets also had a fair value adjustment during the quarter ended June 30, 2010.

(2)	Losses are recorded within Other expenses in the condensed consolidated statement of income except for fair value adjustments related to Loans and losses related to Other investments, which are included in Other revenues.

(3)	Non-recurring change in fair value for loans held for investment were calculated based upon the fair value of the underlying collateral. The fair value of the collateral was determined using internal expected recovery models.

(4)	Losses recorded were determined primarily using discounted cash flow models.

(5)	Losses primarily related to investment management contracts and were determined using discounted cash flow models.

- Definition

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (a)
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 14
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) the reasons for electing a fair value option for each eligible item or group of similar eligible items and (b) if the fair value option is elected for some but not all eligible items within a group of similar eligible items: (i) a description of those similar items and the reasons for partial election and (ii) information of how the group of similar items relates to individual balance sheet line items; (c) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, information of how each line item in the statement of financial position relates to major categories of assets and liabilities presented in accordance with other fair value disclosures; (2) for items included in the income statement: (a) a description of how interest and dividends are measured and where they are reported in the income statement; (b) how the gains or losses attributable to changes in instrument-specific credit risk were determined; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk: (i) qualitative information about the reasons for the changes and (ii) how the gains and losses attributable to changes in instrument-specific credit risk were determined; and (3) certain other disclosures as required or determined to be provided.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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+ Details

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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+ Details

- Definition

The entire disclosure for a company's election to apply the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) the reasons for electing a fair value option for each eligible item or group of similar eligible items; (b) if the fair value option is elected for some but not all eligible items within a group of similar eligible items: (i) a description of those similar items and the reasons for partial election and (ii) information of how the group of similar items relates to individual balance sheet line items; (c) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected: (i) information of how each line item in the statement of financial position relates to major categories of assets and liabilities presented in accordance with other fair value disclosures and (ii) the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (d) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (e) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (f) for investments that would have been accounted for under the equity method if the entity had not chosen to apply the fair value option, the information required for such investments, if material either individually or in the aggregate; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) a description of how interest and dividends are measured and where they are reported in the income statement; (c) for loans and other receivables held as assets: (i) the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk and (ii) how the gains or losses attributable to changes in instrument-specific credit risk were determined; (d) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk: (i) the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk, (ii) qualitative information about the reasons for those changes, and (iii) how the gains and losses attributable to changes in instrument-specific credit risk were determined; and (3) certain other disclosures as required or determined to be provided.

+ References+ Details