v3.26.1
Consolidated Statements of Earnings - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues    
Investment banking $ 2,844 $ 1,916
Investment management 3,179 2,759
Commissions and fees 1,326 1,226
Market making 5,461 5,723
Other principal transactions 862 543
Total non-interest revenues 13,672 12,167
Interest income 20,637 19,383
Interest expense 17,082 16,488
Net interest income 3,555 2,895
Total net revenues 17,227 15,062
Provision for credit losses 315 287
Operating expenses    
Compensation and benefits 5,412 4,876
Transaction based 2,515 1,850
Market development 186 156
Communications and technology 583 506
Depreciation and amortization 495 506
Occupancy 254 233
Professional fees 379 424
Other expenses 602 577
Total operating expenses 10,426 9,128
Pre-tax earnings 6,486 5,647
Provision for taxes 856 909
Net earnings 5,630 4,738
Preferred stock dividends 227 155
Net earnings applicable to common shareholders $ 5,403 $ 4,583
Earnings per common share    
Basic (in dollars per share) $ 17.74 $ 14.25
Diluted (in dollars per share) $ 17.55 $ 14.12
Average common shares    
Basic (in shares) 303.8 320.8
Diluted (in shares) 308.0 324.5