Business Segments (Tables)

The table below presents a summary of the firm’s segment results.



	Three Months Ended March
$ in millions	2026			2025
Global Banking & Markets
Non-interest revenues	$	10,553		$	9,293
Net interest income	2,185			1,448
Total net revenues	12,738			10,741
Provision for credit losses	248			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 equity	22.3		%	19.4		%

Asset & Wealth Management
Non-interest revenues	$	3,374		$	2,966
Net interest income	704			745
Total net revenues	4,078			3,711
Provision for credit losses	66			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 equity	13.4		%	10.9		%

Platform Solutions
Non-interest revenues	$	(255)		$	(92)
Net interest income	666			702
Total net revenues	411			610
Provision for credit losses	1			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 equity	6.3		%	4.0		%

Total
Non-interest revenues	$	13,672		$	12,167
Net interest income	3,555			2,895
Total net revenues	17,227			15,062
Provision for credit losses	315			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 equity	19.8		%	16.9		%

•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 assets by segment.

Asset & Wealth Management

The table below presents depreciation and amortization expenses by segment.



	Three Months Ended March
$ in millions	2026		2025
Global Banking & Markets	$	291	$	288
Asset & Wealth Management	185		190
Platform Solutions	19		28
Total	$	495	$	506

The table below presents total net revenues and pre-tax earnings by geographic region.


$ in millions	2026				2025
Three Months Ended March
Americas	$	10,416	60	%	$	9,866	66	%
EMEA	3,767		22	%	3,491		23	%
Asia	3,044		18	%	1,705		11	%
Total net revenues	$	17,227	100	%	$	15,062	100	%

Americas	$	4,119	63	%	$	3,725	66	%
EMEA	1,464		23	%	1,464		26	%
Asia	903		14	%	458		8	%
Total pre-tax earnings	$	6,486	100	%	$	5,647	100	%

•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.