XML 44 R32.htm IDEA: XBRL DOCUMENT
v3.25.3

Business Segments | 9 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
Business Segments | Business Segments The firm manages and reports its activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. These business segments are determined and organized based on products and services provided, and the types of customers and counterparties served. See Note 1 for a description of the firm’s business segments. The firm’s chief operating decision maker (CODM) is its president and chief operating officer. The CODM makes operating decisions, assesses the performance of, and allocates resources to, the firm’s operating segments principally based on the total net revenues of the segments, revenues net of provision for credit losses, total operating expenses, pre-tax earnings, net earnings applicable to common shareholders and the return on average common equity to assess the performance of the segments. The CODM evaluates segment operating performance against the firm’s targets and industry metrics and considers the current and future business and operating environment. The accounting policies used to prepare the operating results and other metrics for the segments are consistent with those described in Note 3. The following provides a description of the primary components of the firm’s segment results disclosed in the table below. •The firm fully allocates its revenues, expenses, assets and shareholders’ equity to the firm’s three business segments. •Revenues and expenses directly associated with each segment are included in determining pre-tax earnings for the respective segment. •Net revenues in the firm’s segments include allocations of interest income and interest expense based on the funding generated by, or the funding and liquidity requirements of the respective segments. Net interest is included in segment net revenues as it is consistent with how management assesses segment performance. •Expenses not directly associated with specific segments are allocated among the business segments based on an estimate of support provided to each segment. •Compensation and benefits expenses in the firm’s segments reflect, among other factors, the overall performance of the firm, as well as the performance of individual businesses. Consequently, pre-tax margins in one segment of the firm’s business may be significantly affected by the performance of the firm’s other business segments. •Certain assets (including allocations of global core liquid assets and cash, and secured client financing), not directly associated with specific segments are generally allocated among the business segments based on the funding and liquidity requirements of the segments. •Common shareholders’ equity and preferred stock dividends are allocated to each segment based on the estimated amount of equity required to support the activities of the segment under relevant regulatory capital requirements. •Net earnings for each segment is calculated by applying the firmwide tax rate to each segment’s pre-tax earnings. •Management believes that this allocation provides a reasonable representation of each segment’s contribution to consolidated net earnings to common, return on average common equity and total assets. Due to the integrated nature of these segments, estimates and judgments are made in allocating these assets, revenues and expenses. Transactions between segments are based on specific criteria or approximate third-party rates. Segment Results The table below presents a summary of the firm’s segment results.
| Three Months Ended September |  | Nine Months Ended September
$ in millions | 2025 | 2024 |  | 2025 | 2024
Global Banking & Markets |  |  |  |  |
Non-interest revenues | $ | 8,151 |  | $ | 7,674 |  |  | $ | 26,029 |  | $ | 24,928 |
Net interest income | 1,964 |  | 880 |  |  | 4,913 |  | 1,536 |
Total net revenues | 10,115 |  | 8,554 |  |  | 30,942 |  | 26,464 |
Provision for credit losses | 86 |  | 54 |  |  | 330 |  | 95 |
Compensation and benefits expenses | 2,564 |  | 2,369 |  |  | 8,449 |  | 7,517 |
Other operating expenses | 3,170 |  | 2,600 |  |  | 8,864 |  | 7,680 |
Total operating expenses | 5,734 |  | 4,969 |  |  | 17,313 |  | 15,197 |
Pre-tax earnings | $ | 4,295 |  | $ | 3,531 |  |  | $ | 13,299 |  | $ | 11,172 |
Net earnings | $ | 3,257 |  | $ | 2,653 |  |  | $ | 10,441 |  | $ | 8,643 |
Net earnings to common | $ | 3,070 |  | $ | 2,490 |  |  | $ | 9,939 |  | $ | 8,205 |
Average common equity | $ | 78,000 |  | $ | 76,039 |  |  | $ | 78,013 |  | $ | 75,575 |
Return on average common equity | 15.7 | % | 13.1 | % |  | 17.0 | % | 14.5 | %
Asset & Wealth Management |  |  |  |  |
Non-interest revenues | $ | 3,317 |  | $ | 3,021 |  |  | $ | 9,273 |  | $ | 9,338 |
Net interest income | 1,082 |  | 733 |  |  | 2,583 |  | 2,083 |
Total net revenues | 4,399 |  | 3,754 |  |  | 11,856 |  | 11,421 |
Provision for credit losses | (33) |  | (109) |  |  | (116) |  | (189) |
Compensation and benefits expenses | 1,982 |  | 1,621 |  |  | 5,337 |  | 4,927 |
Other operating expenses | 1,314 |  | 1,227 |  |  | 3,866 |  | 3,892 |
Total operating expenses | 3,296 |  | 2,848 |  |  | 9,203 |  | 8,819 |
Pre-tax earnings | $ | 1,136 |  | $ | 1,015 |  |  | $ | 2,769 |  | $ | 2,791 |
Net earnings | $ | 871 |  | $ | 767 |  |  | $ | 2,174 |  | $ | 2,159 |
Net earnings to common | $ | 828 |  | $ | 727 |  |  | $ | 2,055 |  | $ | 2,053 |
Average common equity | $ | 26,125 |  | $ | 26,475 |  |  | $ | 26,096 |  | $ | 26,348 |
Return on average common equity | 12.7 | % | 11.0 | % |  | 10.5 | % | 10.4 | %
Platform Solutions |  |  |
Non-interest revenues | $ | (136) |  | $ | (343) |  |  | $ | (324) |  | $ | (334) |
Net interest income | 806 |  | 734 |  |  | 2,355 |  | 2,092 |
Total net revenues | 670 |  | 391 |  |  | 2,031 |  | 1,758 |
Provision for credit losses | 286 |  | 452 |  |  | 796 |  | 1,091 |
Compensation and benefits expenses | 134 |  | 132 |  |  | 455 |  | 503 |
Other operating expenses | 289 |  | 366 |  |  | 851 |  | 987 |
Total operating expenses | 423 |  | 498 |  |  | 1,306 |  | 1,490 |
Pre-tax earnings/(loss) | $ | (39) |  | $ | (559) |  |  | $ | (71) |  | $ | (823) |
Net earnings/(loss) | $ | (30) |  | $ | (430) |  |  | $ | (56) |  | $ | (637) |
Net earnings/(loss) to common | $ | (38) |  | $ | (437) |  |  | $ | (78) |  | $ | (656) |
Average common equity | $ | 4,229 |  | $ | 4,508 |  |  | $ | 4,372 |  | $ | 4,547 |
Return on average common equity | (3.6) | % | (38.8) | % |  | (2.4) | % | (19.2) | %
Total |  |  |  |  |
Non-interest revenues | $ | 11,332 |  | $ | 10,352 |  |  | $ | 34,978 |  | $ | 33,932 |
Net interest income | 3,852 |  | 2,347 |  |  | 9,851 |  | 5,711 |
Total net revenues | 15,184 |  | 12,699 |  |  | 44,829 |  | 39,643 |
Provision for credit losses | 339 |  | 397 |  |  | 1,010 |  | 997 |
Compensation and benefits expenses | 4,680 |  | 4,122 |  |  | 14,241 |  | 12,947 |
Other operating expenses | 4,773 |  | 4,193 |  |  | 13,581 |  | 12,559 |
Total operating expenses | 9,453 |  | 8,315 |  |  | 27,822 |  | 25,506 |
Pre-tax earnings | $ | 5,392 |  | $ | 3,987 |  |  | $ | 15,997 |  | $ | 13,140 |
Net earnings | $ | 4,098 |  | $ | 2,990 |  |  | $ | 12,559 |  | $ | 10,165 |
Net earnings to common | $ | 3,860 |  | $ | 2,780 |  |  | $ | 11,916 |  | $ | 9,602 |
Average common equity | $ | 108,354 |  | $ | 107,022 |  |  | $ | 108,481 |  | $ | 106,470 |
Return on average common equity | 14.2 | % | 10.4 | % |  | 14.6 | % | 12.0 | %
In the table above: •Other operating expenses for Global Banking & Markets for both the three and nine months ended September 2025 primarily included transaction based, communications and technology, and depreciation and amortization expenses. •Other operating expenses for Asset & Wealth Management for both the three and nine months ended September 2025 primarily included transaction based expenses, depreciation and amortization expenses, and professional fees. •Other operating expenses for Platform Solutions for both the three and nine months ended September 2025 primarily included professional fees, communications and technology expenses, and depreciation and amortization expenses. •Beginning in the fourth quarter of 2024, revenues relating to certain short-term foreign currency swaps used in connection with the firm’s funding strategy are classified within non-interest revenues to better align with the classification for similar foreign currency derivatives. Previously, such revenues were included within net interest income. Prior period amounts have been conformed to the current presentation. The table below presents depreciation and amortization expenses by segment.
| Three Months Ended September |  | Nine Months Ended September
$ in millions | 2025 | 2024 |  | 2025 | 2024
Global Banking & Markets | $ | 270 |  | $ | 276 |  |  | $ | 822 |  | $ | 854 |
Asset & Wealth Management | 215 |  | 216 |  |  | 694 |  | 825 |
Platform Solutions | 46 |  | 129 |  |  | 139 |  | 215 |
Total | $ | 531 |  | $ | 621 |  |  | $ | 1,655 |  | $ | 1,894 |
In the table above, the decrease in Asset & Wealth Management for the nine months ended September 2025 primarily reflected lower depreciation and impairments related to commercial real estate in CIEs. Segment Assets The table below presents assets by segment.
| As of
| September | December
$ in millions | 2025 | 2024
Global Banking & Markets | $ | 1,535,623 |  | $ | 1,420,142 |
Asset & Wealth Management | 206,929 |  | 193,328 |
Platform Solutions | 65,430 |  | 62,502 |
Total | $ | 1,807,982 |  | $ | 1,675,972 |
Geographic Information Due to the highly integrated nature of international financial markets, the firm manages its businesses based on the profitability of the enterprise as a whole. The methodology for allocating profitability to geographic regions is dependent on estimates and management judgment because a significant portion of the firm’s activities require cross-border coordination in order to facilitate the needs of the firm’s clients. Geographic results are generally allocated as follows: •Global Banking & Markets: Investment banking fees and Other: location of the client and investment banking team; FICC intermediation and Equities intermediation: location of the market-making desk; FICC financing and Equities financing: location of the desk. •Asset & Wealth Management (excluding direct-to-consumer business, Equity investments and Debt investments): location of the sales team; Direct-to-consumer business: location of the client; Equity investments and Debt investments: location of the investment or investment professional. •Platform Solutions: location of the client. The table below presents total net revenues and pre-tax earnings by geographic region.
$ in millions | 2025 | 2024 |
Three Months Ended September |  |  |  |  |
Americas | $ | 10,020 |  | 66 | % | $ | 8,045 |  | 63 | % |  |
EMEA | 3,163 |  | 21 | % | 3,076 |  | 24 | % |  |
Asia | 2,001 |  | 13 | % | 1,578 |  | 13 | % |  |
Total net revenues | $ | 15,184 |  | 100 | % | $ | 12,699 |  | 100 | % |  |
Americas | $ | 3,809 |  | 71 | % | $ | 2,389 |  | 60 | % |  |
EMEA | 1,175 |  | 22 | % | 1,182 |  | 30 | % |  |
Asia | 408 |  | 7 | % | 416 |  | 10 | % |  |
Total pre-tax earnings | $ | 5,392 |  | 100 | % | $ | 3,987 |  | 100 | % |  |
Nine Months Ended September |  |  |  |  |  |
Americas | $ | 28,868 |  | 65 | % | $ | 25,351 |  | 64 | % |  |
EMEA | 10,465 |  | 23 | % | 9,477 |  | 24 | % |  |
Asia | 5,496 |  | 12 | % | 4,815 |  | 12 | % |  |
Total net revenues | $ | 44,829 |  | 100 | % | $ | 39,643 |  | 100 | % |  |
Americas | $ | 10,478 |  | 65 | % | $ | 8,192 |  | 62 | % |  |
EMEA | 4,148 |  | 26 | % | 3,673 |  | 28 | % |  |
Asia | 1,371 |  | 9 | % | 1,275 |  | 10 | % |  |
Total pre-tax earnings | $ | 15,997 |  | 100 | % | $ | 13,140 |  | 100 | % |  |
In the table above: •Substantially all of the amounts in the Americas were attributable to the U.S. •Asia includes Australia and New Zealand.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration