Business Segments (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Operating Results and Assets By Segment

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



		Year Ended December

$ in millions			2020				2019				2018
Investment Banking
Non-interest revenues			$ 9,158				$ 7,079				$ 7,856
Net interest income			265				520				322
Total net revenues			9,423				7,599				8,178
Provision for credit losses			1,624				333				124
Operating expenses			6,134				4,685				4,473
Pre-tax earnings			$ 1,665				$ 2,581				$ 3,581
Net earnings			$ 1,262				$ 2,065				$ 3,001
Net earnings to common			$ 1,193				$ 1,996				$ 2,924
Average common equity			$11,313				$11,167				$ 8,737
Return on average common equity			10.5%				17.9%				33.5%
Global Markets
Non-interest revenues			$18,928				$13,109				$12,831
Net interest income			2,229				1,670				1,607
Total net revenues			21,157				14,779				14,438
Provision for credit losses			274				35				52
Operating expenses			12,806				10,851				10,585
Pre-tax earnings			$ 8,077				$ 3,893				$ 3,801
Net earnings			$ 6,122				$ 3,114				$ 3,185
Net earnings to common			$ 5,766				$ 2,729				$ 2,796
Average common equity			$40,760				$40,060				$41,237
Return on average common equity			14.1%				6.8%				6.8%
Asset Management
Non-interest revenues			$ 7,743				$ 8,454				$ 8,353
Net interest income			241				511				482
Total net revenues			7,984				8,965				8,835
Provision for credit losses			442				274				160
Operating expenses			5,142				4,817				4,179
Pre-tax earnings			$ 2,400				$ 3,874				$ 4,496
Net earnings			$ 1,819				$ 3,099				$ 3,767
Net earnings to common			$ 1,740				$ 3,013				$ 3,668
Average common equity			$20,491				$21,575				$19,061
Return on average common equity			8.5%				14.0%				19.2%
Consumer & Wealth Management
Non-interest revenues			$ 3,980				$ 3,542				$ 3,809
Net interest income			2,016				1,661				1,356
Total net revenues			5,996				5,203				5,165
Provision for credit losses			758				423				338
Operating expenses			4,901				4,545				4,224
Pre-tax earnings			$ 337				$ 235				$ 603
Net earnings			$ 256				$ 188				$ 506
Net earnings to common			$ 216				$ 159				$ 472
Average common equity			$ 8,012				$ 6,292				$ 4,950
Return on average common equity			2.7%				2.5%				9.5%
Total
Non-interest revenues			$39,809				$32,184				$32,849
Net interest income			4,751				4,362				3,767
Total net revenues			44,560				36,546				36,616
Provision for credit losses			3,098				1,065				674
Operating expenses			28,983				24,898				23,461
Pre-tax earnings			$12,479				$10,583				$12,481
Net earnings			$ 9,459				$ 8,466				$10,459
Net earnings to common			$ 8,915				$ 7,897				$ 9,860
Average common equity			$80,576				$79,094				$73,985
Return on average common equity			11.1%				10.0%				13.3%

The table below presents assets by segment.



		As of December

$ in millions			2020				2019
Investment Banking			$ 116,242				$ 92,009
Global Markets			844,606				725,060
Asset Management			95,751				92,102
Consumer & Wealth Management			106,429				83,797
Total			$1,163,028				$992,968

Depreciation and Amortization

The table below presents depreciation and amortization expense by segment.



		Year Ended December

$ in millions			2020				2019				2018
Investment Banking			$ 174				$ 139				$ 114
Global Markets			611				646				563
Asset Management			740				618				450
Consumer & Wealth Management			377				301				201
Total			$1,902				$1,704				$1,328

Summary of Gross Loans by Segment and Loan and Allowance for Loans Losses

The table below presents gross loans by segment and loan type, and allowance for loan losses by segment.



		As of December

$ in millions			2020				2019
Investment Banking
Corporate			$ 27,866				$ 27,035
Loans, gross			27,866				27,035
Allowance for loan losses			(1,322	)			(470	)
Loans			26,544				26,565
Global Markets
Corporate			13,248				11,852
Real estate			16,915				15,671
Other			3,499				3,756
Loans, gross			33,662				31,279
Allowance for loan losses			(448	)			(168	)
Loans			33,214				31,111
Asset Management
Corporate			7,545				7,420
Real estate			9,125				9,030
Other			675				1,036
Loans, gross			17,345				17,486
Allowance for loan losses			(787	)			(385	)
Loans			16,558				17,101
Consumer & Wealth Management
Wealth management			33,023				27,940
Installment			3,823				4,747
Credit cards			4,270				1,858
Loans, gross			41,116				34,545
Allowance for loan losses			(1,317	)			(418	)
Loans			39,799				34,127
Total
Loans, gross			119,989				110,345
Allowance for loan losses			(3,874	)			(1,441	)
Loans			$116,115				$108,904

Total Net Revenues, Pre-tax Earnings and Net Earnings (Excluding Corporate) for Each Geographic Region

The table below presents total net revenues,

pre-tax

earnings and net earnings by geographic region.



$ in millions			2020								2019								2018
Year Ended December
Americas			$27,508				62%				$22,148				60%				$22,339				61%
EMEA			10,868				24%				9,745				27%				9,244				25%
Asia			6,184				14%				4,653				13%				5,033				14%
Total net revenues			$44,560				100%				$36,546				100%				$36,616				100%
Americas			$ 9,019				72%				$ 6,623				62%				$ 8,125				65%
EMEA			3,041				25%				3,349				32%				3,244				26%
Asia			419				3%				611				6%				1,112				9%
Total pre-tax earnings			$12,479				100%				$10,583				100%				$12,481				100%
Americas			$ 7,468				79%				$ 5,514				65%				$ 7,092				68%
EMEA			2,090				22%				2,600				31%				2,522				24%
Asia			(99	)			(1)%				352				4%				845				8%
Total net earnings			$ 9,459				100%				$ 8,466				100%				$10,459				100%