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Business Segments (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Operating Results and Assets By Segment | 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 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 |
Depreciation and Amortization | 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.
Revenue from External Customers by Geographic Areas | 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.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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