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 millions2025202420252024
Global Banking & Markets
  
Non-interest revenues$8,151 $7,674 $26,029 $24,928 
Net interest income1,964 880 4,913 1,536 
Total net revenues10,115 8,554 30,942 26,464 
Provision for credit losses86 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 equity15.7%13.1%17.0%14.5%
Asset & Wealth Management
  
Non-interest revenues$3,317 $3,021 $9,273 $9,338 
Net interest income1,082 733 2,583 2,083 
Total net revenues4,399 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 $26,348 
Return on average common equity12.7%11.0%10.5%10.4%
Platform Solutions
Non-interest revenues$(136)$(343)$(324)$(334)
Net interest income806 734 2,355 2,092 
Total net revenues670 391 2,031 1,758 
Provision for credit losses286 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 income3,852 2,347 9,851 5,711 
Total net revenues15,184 12,699 44,829 39,643 
Provision for credit losses339 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 equity14.2%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 millions2025202420252024
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
SeptemberDecember
$ in millions20252024
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 millions20252024
Three Months Ended September
Americas$10,020 66%$8,045 63%
EMEA3,163 21%3,076 24%
Asia2,001 13%1,578 13%
Total net revenues$15,184 100%$12,699 100%
Americas$3,809 71%$2,389 60%
EMEA1,175 22%1,182 30%
Asia408 7%416 10%
Total pre-tax earnings$5,392 100%$3,987 100%
Nine Months Ended September
Americas$28,868 65%$25,351 64%
EMEA10,465 23%9,477 24%
Asia5,496 12%4,815 12%
Total net revenues$44,829 100%$39,643 100%
Americas$10,478 65%$8,192 62%
EMEA4,148 26%3,673 28%
Asia1,371 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.