v3.25.4
Business Segments
 12 Months Ended
Dec. 31, 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, including changes made during 2025.
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.
Year Ended December
$ in millions202520242023
Global Banking & Markets
  
Non-interest revenues$34,234 $32,508 $29,079 
Net interest income7,219 2,559 915 
Total net revenues41,453 35,067 29,994 
Provision for credit losses378 84 430 
Compensation and benefits expenses
11,025 9,640 8,762 
Other operating expenses
12,476 10,814 9,802 
Total operating expenses
23,501 20,454 18,564 
Pre-tax earnings$17,574 $14,529 $11,000 
Net earnings$13,813 $11,275 $8,723 
Net earnings to common$13,117 $10,684 $8,258 
Average common equity$79,748 $77,206 $73,041 
Return on average common equity16.4%13.8%11.3%
Asset & Wealth Management
  
Non-interest revenues$13,205 $13,380 $10,983 
Net interest income3,474 2,936 3,219 
Total net revenues16,679 16,316 14,202 
Provision for credit losses(111)(280)(539)
Compensation and benefits expenses
7,432 6,564 6,116 
Other operating expenses
5,231 5,167 6,862 
Total operating expenses
12,663 11,731 12,978 
Pre-tax earnings
$4,127 $4,865 $1,763 
Net earnings
$3,244 $3,775 $1,398 
Net earnings to common
$3,093 $3,640 $1,277 
Average common equity$24,666 $24,983 $28,635 
Return on average common equity12.5%14.6%4.5%
Platform Solutions
Non-interest revenues$(2,715)$(432)$(159)
Net interest income2,866 2,561 2,217 
Total net revenues151 2,129 2,058 
Provision for credit losses(1,380)1,544 1,137 
Compensation and benefits expenses
449 502 621 
Other operating expenses
931 1,080 2,324 
Total operating expenses
1,380 1,582 2,945 
Pre-tax earnings/(loss)
$151 $(997)$(2,024)
Net earnings/(loss)
$119 $(774)$(1,605)
Net earnings/(loss) to common
$90 $(799)$(1,628)
Average common equity$4,312 $4,585 $4,128 
Return on average common equity2.1%(17.4)%(39.4)%
Total  
Non-interest revenues$44,724 $45,456 $39,903 
Net interest income13,559 8,056 6,351 
Total net revenues58,283 53,512 46,254 
Provision for credit losses(1,113)1,348 1,028 
Compensation and benefits expenses
18,906 16,706 15,499 
Other operating expenses
18,638 17,061 18,988 
Total operating expenses
37,544 33,767 34,487 
Pre-tax earnings$21,852 $18,397 $10,739 
Net earnings$17,176 $14,276 $8,516 
Net earnings to common$16,300 $13,525 $7,907 
Average common equity$108,726 $106,774 $105,804 
Return on average common equity15.0%12.7%7.5%

In the table above:
•Other operating expenses for Global Banking & Markets for 2025 primarily included transaction based, communications and technology, and depreciation and amortization expenses.
•Other operating expenses for Asset & Wealth Management for 2025 primarily included transaction based expenses, depreciation and amortization expenses, and professional fees.
•Other operating expenses for Platform Solutions for 2025 primarily included professional fees, communications and technology expenses, and depreciation and amortization expenses.
•Platform Solutions results for 2025 reflected a reduction in net revenues of $2.26 billion from markdowns on the outstanding credit card portfolio related to the transfer of the Apple Card loan portfolio to held for sale and contract termination obligations in connection with the agreement to transition the program to another issuer, which was more than offset by a related reserve reduction of $2.48 billion in provision for credit losses.
The table below presents depreciation and amortization expenses by segment.
Year Ended December
$ in millions202520242023
Global Banking & Markets
$1,159 $1,224 $1,176 
Asset & Wealth Management
905 977 2,423 
Platform Solutions
118 191 1,257 
Total$2,182 $2,392 $4,856 
In the table above:
•Asset & Wealth Management included impairments related to commercial real estate in CIEs of $1.46 billion for 2023.
•Platform Solutions included a write-down related to GreenSky of $506 million and an impairment of goodwill of $504 million for 2023.

Segment Assets
The table below presents assets by segment.
 
As of December
$ in millions20252024
Global Banking & Markets$1,582,670 $1,461,566 
Asset & Wealth Management
198,570 186,952 
Platform Solutions
28,080 27,454 
Total$1,809,320 $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. 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, pre-tax earnings and net earnings by geographic region.
$ in millions202520242023
Year Ended December
Americas$36,548 63%$34,448 64%$29,335 64%
EMEA14,155 24%12,250 23%11,744 25%
Asia7,580 13%6,814 13%5,175 11%
Total net revenues$58,283 100%$53,512 100%$46,254 100%
Americas$14,980 69%$12,106 66%$6,038 56%
EMEA5,138 23%4,418 24%4,033 38%
Asia1,734 8%1,873 10%668 6%
Total pre-tax earnings$21,852 100%$18,397 100%$10,739 100%
Americas$11,919 69%$9,354 66%$4,849 57%
EMEA3,880 23%3,470 24%3,137 37%
Asia1,377 8%1,452 10%530 6%
Total net earnings$17,176 100%$14,276 100%$8,516 100%

In the table above:
•Net revenues, pre-tax earnings and net 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. Therefore, the geographic distribution of the results based on this methodology will be different compared to the geographic distribution of the firm's results based on the location of the entity which generated such results. See Note 24 for information about the firm’s pre-tax earnings based on the location of the entity which generated such results.
•Americas net revenues for 2025 were impacted by markdowns on the outstanding credit card portfolio related to the transfer of the Apple Card loan portfolio to held for sale and contract termination obligations in connection with the agreement to transition the program to another issuer, which was more than offset by a related reserve reduction in provision for credit losses.
•Americas pre-tax earnings for 2023 were impacted by impairments related to commercial real estate in CIEs, the write-down related to GreenSky, an impairment of goodwill related to Platform Solutions and the FDIC special assessment fee.
•Substantially all of the amounts in the Americas were attributable to the U.S.
•Asia includes Australia and New Zealand.