v3.26.1
Business Segments
 6 Months Ended
Jun. 30, 2026
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 June		Six Months
Ended June
$ in millions2026202520262025
Global Banking & Markets
Non-interest revenues$12,903 $8,563 $23,456 $17,856 
Net interest income2,617 1,570 4,802 3,018 
Total net revenues15,520 10,133 28,258 20,874 
Provision for credit losses75 173 323 239 
Compensation and benefits expenses
3,864 2,892 7,288 6,002 
Other operating expenses
4,082 2,993 7,667 5,807 
Total operating expenses
7,946 5,885 14,955 11,809 
Pre-tax earnings$7,499 $4,075 $12,980 $8,826 
Net earnings$5,815 $3,056 $10,573 $7,042 
Net earnings to common$5,629 $2,859 $10,203 $6,723 
Average common equity$81,817 $79,601 $81,785 $79,480 
Return on average common equity27.5%14.4%25.0%16.9%
Asset & Wealth Management
Non-interest revenues$3,935 $3,014 $7,309 $5,980 
Net interest income662 817 1,366 1,562 
Total net revenues4,597 3,831 8,675 7,542 
Provision for credit losses27 (96)93 (78)
Compensation and benefits expenses
2,160 1,696 3,988 3,339 
Other operating expenses
1,298 1,319 2,552 2,532 
Total operating expenses
3,458 3,015 6,540 5,871 
Pre-tax earnings
$1,112 $912 $2,042 $1,749 
Net earnings
$856 $693 $1,663 $1,395 
Net earnings to common
$820 $649 $1,590 $1,323 
Average common equity$23,822 $24,654 $23,592 $24,665 
Return on average common equity13.8%10.5%13.5%10.7%
Platform Solutions
Non-interest revenues$(454)$(98)$(709)$(190)
Net interest income675 717 1,341 1,419 
Total net revenues221 619 632 1,229 
Provision for credit losses– 307 1 510 
Compensation and benefits expenses
80 97 240 220 
Other operating expenses
189 244 364 469 
Total operating expenses
269 341 604 689 
Pre-tax earnings/(loss)
$(48)$(29)$27 $30 
Net earnings/(loss)
$(43)$(26)$22 $24 
Net earnings/(loss) to common
$(50)$(35)$9 $10 
Average common equity$3,425 $4,441 $3,593 $4,475 
Return on average common equity(5.8)%(3.2)%0.5%0.4%
Total
Non-interest revenues$16,384 $11,479 $30,056 $23,646 
Net interest income3,954 3,104 7,509 5,999 
Total net revenues20,338 14,583 37,565 29,645 
Provision for credit losses102 384 417 671 
Compensation and benefits expenses
6,104 4,685 11,516 9,561 
Other operating expenses
5,569 4,556 10,583 8,808 
Total operating expenses
11,673 9,241 22,099 18,369 
Pre-tax earnings$8,563 $4,958 $15,049 $10,605 
Net earnings$6,628 $3,723 $12,258 $8,461 
Net earnings to common$6,399 $3,473 $11,802 $8,056 
Average common equity$109,064 $108,696 $108,970 $108,620 
Return on average common equity23.5%12.8%21.7%14.8%

In the table above:
•Other operating expenses for Global Banking & Markets for each of the three and six months ended June 2026 and June 2025 primarily included transaction based, communications and technology, and depreciation and amortization expenses.
•Other operating expenses for Asset & Wealth Management for each of the three and six months ended June 2026 and June 2025 primarily included transaction based, depreciation and amortization, communications and technology, and professional fees expenses.
•Other operating expenses for Platform Solutions for each of the three and six months ended June 2026 and June 2025 primarily included communications and technology, and professional fees expenses, and, for both the three and six months ended June 2025, also primarily included depreciation and amortization expenses.
The table below presents depreciation and amortization expenses by segment.
Three Months
Ended June		Six Months
Ended June
$ in millions2026202520262025
Global Banking & Markets
$283 $296 $574 $584 
Asset & Wealth Management
209 286 394 476 
Platform Solutions
17 36 36 64 
Total$509 $618 $1,004 $1,124 
Segment Assets
The table below presents assets by segment.
As of
JuneDecember
$ in millions20262025
Global Banking & Markets$1,882,176 $1,582,670 
Asset & Wealth Management
215,730 198,570 
Platform Solutions
29,805 28,080 
Total$2,127,711 $1,809,320 
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. 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 and Investments): location of the sales team; Direct-to-consumer business: location of the client; 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 millions20262025
Three Months Ended June
Americas$12,222 60%$8,982 62%
EMEA4,502 22%3,811 26%
Asia3,614 18%1,790 12%
Total net revenues$20,338 100%$14,583 100%
Americas$5,310 62%$2,944 59%
EMEA2,089 24%1,509 31%
Asia1,164 14%505 10%
Total pre-tax earnings$8,563 100%$4,958 100%
Six Months Ended June
Americas$22,638 60%$18,848 63%
EMEA8,269 22%7,302 25%
Asia6,658 18%3,495 12%
Total net revenues$37,565 100%$29,645 100%
Americas$9,429 63%$6,669 63%
EMEA3,553 23%2,973 28%
Asia2,067 14%963 9%
Total pre-tax earnings$15,049 100%$10,605 100%
In the table above:
•Net revenues and pre-tax earnings are allocated to geographic regions based on a number of factors which include, among others, location of the client, location of the desk, sales teams, investment professionals and location of other teams providing services to clients. 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 to facilitate the needs of the firm’s clients.
•Substantially all of the amounts in the Americas were attributable to the U.S.
•Asia includes Australia and New Zealand.