v3.26.1
Business Segments
 3 Months Ended
Mar. 31, 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 March
$ in millions20262025
Global Banking & Markets
  
Non-interest revenues$10,553 $9,293 
Net interest income2,185 1,448 
Total net revenues12,738 10,741 
Provision for credit losses248 66 
Compensation and benefits expenses
3,424 3,110 
Other operating expenses
3,585 2,814 
Total operating expenses
7,009 5,924 
Pre-tax earnings$5,481 $4,751 
Net earnings$4,758 $3,986 
Net earnings to common$4,574 $3,864 
Average common equity$82,100 $79,555 
Return on average common equity22.3%19.4%
Asset & Wealth Management
  
Non-interest revenues$3,374 $2,966 
Net interest income704 745 
Total net revenues4,078 3,711 
Provision for credit losses66 18 
Compensation and benefits expenses
1,828 1,643 
Other operating expenses
1,254 1,213 
Total operating expenses
3,082 2,856 
Pre-tax earnings
$930 $837 
Net earnings
$807 $702 
Net earnings to common
$770 $674 
Average common equity$23,061 $24,634 
Return on average common equity13.4%10.9%
Platform Solutions
Non-interest revenues$(255)$(92)
Net interest income666 702 
Total net revenues411 610 
Provision for credit losses1 203 
Compensation and benefits expenses
160 123 
Other operating expenses
175 225 
Total operating expenses
335 348 
Pre-tax earnings
$75 $59 
Net earnings
$65 $50 
Net earnings to common
$59 $45 
Average common equity$3,743 $4,487 
Return on average common equity6.3%4.0%
Total  
Non-interest revenues$13,672 $12,167 
Net interest income3,555 2,895 
Total net revenues17,227 15,062 
Provision for credit losses315 287 
Compensation and benefits expenses
5,412 4,876 
Other operating expenses
5,014 4,252 
Total operating expenses
10,426 9,128 
Pre-tax earnings$6,486 $5,647 
Net earnings$5,630 $4,738 
Net earnings to common$5,403 $4,583 
Average common equity$108,904 $108,676 
Return on average common equity19.8%16.9%

In the table above:
•Other operating expenses for Global Banking & Markets for both the three months ended March 2026 and March 2025 primarily included transaction based, communications and technology, and depreciation and amortization expenses.
•Other operating expenses for Asset & Wealth Management for both the three months ended March 2026 and March 2025 primarily included transaction based, depreciation and amortization, communications and technology, and professional fees expenses.
•Other operating expenses for Platform Solutions for both the three months ended March 2026 and March 2025 primarily included communications and technology, and professional fees expenses.
The table below presents depreciation and amortization expenses by segment.
 Three Months
Ended March
$ in millions20262025
Global Banking & Markets
$291 $288 
Asset & Wealth Management
185 190 
Platform Solutions
19 28 
Total$495 $506 
Segment Assets
The table below presents assets by segment.
 
As of
MarchDecember
$ in millions20262025
Global Banking & Markets$1,820,273 $1,582,670 
Asset & Wealth Management
211,271 198,570 
Platform Solutions
28,636 28,080 
Total$2,060,180 $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 March
Americas$10,416 60%$9,866 66%
EMEA3,767 22%3,491 23%
Asia3,044 18%1,705 11%
Total net revenues$17,227 100%$15,062 100%
Americas$4,119 63%$3,725 66%
EMEA1,464 23%1,464 26%
Asia903 14%458 8%
Total pre-tax earnings$6,486 100%$5,647 100%
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.