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Other Assets | 9 Months Ended
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Sep. 30, 2025
Other Assets [Abstract] |
Other Assets | Other Assets The table below presents other assets by type.
| As of
| September | December
$ in millions | 2025 | 2024
Property, leasehold improvements and equipment | $ | 7,744 |  | $ | 8,024 |
Goodwill | 5,950 |  | 5,853 |
Identifiable intangible assets | 864 |  | 847 |
Operating lease right-of-use assets | 2,054 |  | 1,967 |
Income tax-related assets | 11,284 |  | 9,131 |
Miscellaneous receivables and other | 7,696 |  | 8,365 |
Total | $ | 35,592 |  | $ | 34,187 |
Property, Leasehold Improvements and Equipment Property, leasehold improvements and equipment is net of accumulated depreciation and amortization of $15.01 billion as of September 2025 and $13.64 billion as of December 2024. Property, leasehold improvements and equipment included $6.55 billion as of September 2025 and $6.57 billion as of December 2024 that the firm uses in connection with its operations. Substantially all of the remainder is held by investment entities, including VIEs, consolidated by the firm. Substantially all property and equipment is depreciated on a straight-line basis over the useful life of the asset. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. Capitalized costs of software developed or obtained for internal use are amortized on a straight-line basis over three years. The firm tests property, leasehold improvements and equipment for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. Any impairments recognized are included in depreciation and amortization. The firm had no material impairments during both the three months ended September 2025 and September 2024, $164 million during the nine months ended September 2025 and $200 million during the nine months ended September 2024, substantially all related to commercial real estate included in CIEs within Asset & Wealth Management. Goodwill Goodwill is the cost of acquired companies in excess of the fair value of net assets, including identifiable intangible assets, at the acquisition date. The table below presents the carrying value of goodwill by reporting unit.
| As of
| September | December
$ in millions | 2025 | 2024
Global Banking & Markets: |  |
Investment banking | $ | 267 |  | $ | 267 |
FICC | 269 |  | 269 |
Equities | 2,647 |  | 2,647 |
Asset & Wealth Management: |  |
Asset management | 1,458 |  | 1,361 |
Wealth management | 1,309 |  | 1,309 |
Total | $ | 5,950 |  | $ | 5,853 |
The increase in the carrying value of goodwill within Asset & Wealth Management from December 2024 to September 2025 reflected the impact of foreign currency translation adjustments. Goodwill is assessed for impairment annually in the fourth quarter or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment. The quantitative goodwill test compares the estimated fair value of each reporting unit with its carrying value (including goodwill and identifiable intangible assets). If the reporting unit’s estimated fair value exceeds its carrying value, goodwill is not impaired. An impairment is recognized if the estimated fair value of a reporting unit is less than its carrying value and any such impairment is included in depreciation and amortization. When performing a quantitative goodwill test, the estimated fair value of each reporting unit is based on valuation techniques the firm believes market participants would use to value these reporting units. Estimated fair values are generally derived from utilizing a relative value technique, which applies observable price-to-earnings multiples or price-to-book multiples of comparable competitors to the reporting units’ net earnings or net book value, or a discounted cash flow valuation approach, for reporting units with businesses in early stages of development. The carrying value of each reporting unit reflects an allocation of total shareholders’ equity and represents the estimated amount of total shareholders’ equity required to support the activities of the reporting unit under currently applicable regulatory capital requirements. In the fourth quarter of 2024, the firm performed its annual assessment of goodwill for impairment, for each of its reporting units with goodwill, by performing a qualitative assessment. Multiple factors, including performance indicators, macroeconomic indicators, firm and industry events, and fair value indicators, were assessed with respect to each of these reporting units to determine whether it was more likely than not that the estimated fair value of each of those reporting units was less than its carrying value. As a result of the qualitative assessment, the firm determined that it was more likely than not that the estimated fair value of each reporting unit with goodwill exceeded its respective carrying value. Therefore, the firm determined that goodwill for each reporting unit was not impaired and that a quantitative goodwill test was not required. There were no events or changes in circumstances during either the three or nine months ended September 2025 that would indicate that it was more likely than not that the estimated fair value of each of the reporting units with goodwill did not exceed its respective carrying value as of September 2025. During the third quarter of 2024, in connection with the planned sale of the firm’s seller financing loan portfolio, the firm performed a quantitative goodwill test and determined that the goodwill associated with Transaction banking and other was impaired, and accordingly, recorded a $14 million impairment. Identifiable Intangible Assets The table below presents information about identifiable intangible assets.
| As of
| September | December
$ in millions | 2025 | 2024
Gross carrying value | $ | 2,323 |  | $ | 2,269 |
Accumulated amortization | (1,459) |  | (1,422) |
Net carrying value | $ | 864 |  | $ | 847 |
In the table above, substantially all of the firm’s identifiable intangible assets consist of customer lists, have finite useful lives and are amortized over their estimated useful lives generally using the straight-line method. The tables below present information about the amortization of identifiable intangible assets.
| Three Months Ended September |  | Nine Months Ended September
$ in millions | 2025 | 2024 |  | 2025 | 2024
Amortization | $ | 20 |  | $ | 95 |  |  | $ | 63 |  | $ | 154 |
In the table above, amortization for both the three and nine months ended September 2024 included a $72 million write-down in connection with the classification of the GM credit card program (included within Platform Solutions) as held for sale in the third quarter of 2024. The write-down is included in depreciation and amortization.
| As of
$ in millions | September 2025
Estimated future amortization |
Remainder of 2025 | $ | 20 |
2026 | $ | 79 |
2027 | $ | 79 |
2028 | $ | 78 |
2029 | $ | 78 |
2030 | $ | 78 |
The firm tests identifiable intangible assets for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. Other than as noted above, there were no material impairments or write-downs during each of the three and nine months ended September 2025 and September 2024. Operating Lease Right-of-Use Assets The firm enters into operating leases for real estate, office equipment and other assets, substantially all of which are used in connection with its operations. For leases longer than one year, the firm recognizes a right-of-use asset representing the right to use the underlying asset for the lease term, and a lease liability representing the liability to make payments. The lease term is generally determined based on the contractual maturity of the lease. For leases where the firm has the option to terminate or extend the lease, an assessment of the likelihood of exercising the option is incorporated into the determination of the lease term. Such assessment is initially performed at the inception of the lease and is updated if events occur that impact the original assessment. An operating lease right-of-use asset is initially determined based on the operating lease liability, adjusted for initial direct costs, lease incentives and amounts paid at or prior to lease commencement. This amount is then amortized over the lease term. Right-of-use assets and operating lease liabilities recognized (in non-cash transactions for leases entered into or assumed) by the firm were $113 million for the three months ended September 2025, $56 million for the three months ended September 2024, $236 million for the nine months ended September 2025 and $109 million for the nine months ended September 2024. See Note 15 for information about operating lease liabilities. For leases where the firm will derive no economic benefit from leased space that it has vacated or where the firm has shortened the term of a lease when space is no longer needed, the firm will record an impairment or accelerated amortization of right-of-use assets. There were no material impairments or accelerated amortizations during each of the three and nine months ended September 2025 and September 2024. Miscellaneous Receivables and Other Miscellaneous receivables and other included: •Investments in qualified affordable housing and renewable energy projects of $3.34 billion as of September 2025 and $3.46 billion as of December 2024. The firm receives tax credits for such investments. See Note 17 for further information about these investments. •Assets classified as held for sale were $101 million as of September 2025 and $517 million as of December 2024. See below for further information. Assets Held for Sale. Assets held for sale included $101 million as of September 2025 and $517 million as of December 2024 of assets that were primarily related to certain of the firm’s consolidated investments within Asset & Wealth Management. Substantially all of these assets consisted of property and equipment and were included in miscellaneous receivables and other within other assets. In addition, during 2024, in connection with the planned transition of the GM credit card program to another issuer, the firm classified the GM credit card program (within Platform Solutions) as held for sale. The firm had previously classified the GM co-branded credit card loans as held for sale in 2023. As of December 2024, the assets related to the GM credit card program consisted of the GM co-branded credit card portfolio (included in loans) of $1.8 billion. During the third quarter of 2025, the firm completed the sale of the GM credit card program. See Note 9 for further information about loans classified as held for sale.

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