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Credit Concentrations
 9 Months Ended
Sep. 30, 2025
Risks and Uncertainties [Abstract]  
Credit Concentrations
Credit Concentrations
The firm’s concentrations of credit risk arise from its market-making, client facilitation, investing, underwriting, lending and collateralized transactions, and cash management activities, and may be impacted by changes in economic, industry or political factors. These activities expose the firm to many different industries and counterparties, and may also subject the firm to a concentration of credit risk to a particular central bank, counterparty, borrower or issuer, including sovereign issuers, or to a particular clearinghouse or exchange. The firm seeks to mitigate credit risk by actively monitoring exposures and obtaining collateral from counterparties as deemed appropriate.
The firm measures and monitors its credit exposure based on amounts owed to the firm after taking into account risk mitigants that the firm considers when determining credit risk. Such risk mitigants include netting and collateral arrangements and economic hedges, such as credit derivatives, futures and forward contracts. Netting and collateral agreements permit the firm to offset receivables and payables with such counterparties and/or enable the firm to obtain collateral on an upfront or contingent basis.
The table below presents the credit concentrations included in trading cash instruments and investments.
 
As of
SeptemberDecember
$ in millions20252024
U.S. government and agency obligations$387,756 $389,148 
Percentage of total assets21.4%23.2%
Non-U.S. government and agency obligations$127,049 $74,496 
Percentage of total assets7.0%4.4%
In addition, the firm had $133.64 billion as of September 2025 and $151.84 billion as of December 2024 of cash deposits held at central banks (included in cash and cash equivalents), of which $86.49 billion as of September 2025 and $105.78 billion as of December 2024 was held at the Federal Reserve.
As of both September 2025 and December 2024, the firm did not have credit exposure to any other counterparty that exceeded 2% of total assets.
Collateral obtained by the firm related to derivative assets is principally cash and is held by the firm or a third-party custodian. Collateral obtained by the firm related to resale agreements and securities borrowed transactions is primarily U.S. government and agency obligations, and non-U.S. government and agency obligations. See Note 11 for further information about collateralized agreements and financings.
The table below presents U.S. government and agency obligations, and non-U.S. government and agency obligations that collateralize resale agreements and securities borrowed transactions.
 
As of
SeptemberDecember
$ in millions20252024
U.S. government and agency obligations$91,408 $129,942 
Non-U.S. government and agency obligations$66,672 $76,932 
In the table above:
•Non-U.S. government and agency obligations primarily consists of securities issued by the governments of Japan, the U.K., France and Germany.
•Given that the firm’s primary credit exposure on such transactions is to the counterparty to the transaction, the firm would be exposed to the collateral issuer only in the event of counterparty default.