Business Segments (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Operating Results and Assets By Segment

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



		Three Months Ended June										Six Months Ended June

$ in millions			2021				2020						2021				2020
Investment Banking
Non-interest revenues			$ 3,485				$ 2,664						$ 7,156				$ 4,710
Net interest income			124				(7	)					224				131
Total net revenues			3,609				2,657						7,380				4,841
Provision for credit losses			(107	)			819						(270	)			1,441
Operating expenses			1,955				2,704						3,818				3,873
Pre-tax earnings/(loss)			$ 1,761				$ (866	)					$ 3,832				$ (473	)
Net earnings/(loss)			$ 1,413				$ (639	)					$ 3,111				$ (285	)
Net earnings/(loss) to common			$ 1,393				$ (662	)					$ 3,072				$ (319	)
Average common equity			$ 9,792				$11,070						$10,078				$11,141
Return on average common equity			56.9%				(23.9)%						61.0%				(5.7)%
Global Markets
Non-interest revenues			$ 4,158				$ 6,547						$11,178				$11,199
Net interest income			742				629						1,303				1,140
Total net revenues			4,900				7,176						12,481				12,339
Provision for credit losses			14				183						(6	)			251
Operating expenses			3,373				5,179						7,558				8,026
Pre-tax earnings			$ 1,513				$ 1,814						$ 4,929				$ 4,062
Net earnings			$ 1,201				$ 419						$ 4,002				$ 2,442
Net earnings to common			$ 1,121				$ 305						$ 3,851				$ 2,269
Average common equity			$44,430				$42,702						$42,741				$40,970
Return on average common equity			10.1%				2.9%						18.0%				11.1%
Asset Management
Non-interest revenues			$ 5,014				$ 2,176						$ 9,445				$ 1,909
Net interest income			118				(75	)					301				96
Total net revenues			5,132				2,101						9,746				2,005
Provision for credit losses			(65	)			271						(12	)			350
Operating expenses			1,943				1,332						3,833				2,530
Pre-tax earnings/(loss)			$ 3,254				$ 498						$ 5,925				$ (875	)
Net earnings/(loss)			$ 2,620				$ 710						$ 4,810				$ (526	)
Net earnings/(loss) to common			$ 2,592				$ 684						$ 4,757				$ (566	)
Average common equity			$25,410				$19,322						$25,092				$20,371
Return on average common equity			40.8%				14.2%						37.9%				(5.6)%
Consumer & Wealth Management
Non-interest revenues			$ 1,102				$ 964						$ 2,202				$ 1,963
Net interest income			645				397						1,283				890
Total net revenues			1,747				1,361						3,485				2,853
Provision for credit losses			66				317						126				485
Operating expenses			1,369				1,199						2,868				2,443
Pre-tax earnings/(loss)			$ 312				$ (155	)					$ 491				$ (75	)
Net earnings/(loss)			$ 252				$ (117	)					$ 399				$ (45	)
Net earnings/(loss) to common			$ 241				$ (130	)					$ 378				$ (64	)
Average common equity			$10,459				$ 7,505						$10,335				$ 7,271
Return on average common equity			9.2%				(6.9)%						7.3%				(1.8)%
Total
Non-interest revenues			$13,759				$12,351						$29,981				$19,781
Net interest income			1,629				944						3,111				2,257
Total net revenues			15,388				13,295						33,092				22,038
Provision for credit losses			(92	)			1,590						(162	)			2,527
Operating expenses			8,640				10,414						18,077				16,872
Pre-tax earnings			$ 6,840				$ 1,291						$15,177				$ 2,639
Net earnings			$ 5,486				$ 373						$12,322				$ 1,586
Net earnings to common			$ 5,347				$ 197						$12,058				$ 1,320
Average common equity			$90,091				$80,599						$88,246				$79,753
Return on average common equity			23.7%				1.0%						27.3%				3.3%

The table below presents assets by segment.



		As of

$ in millions			June 2021				December 2020
Investment Banking			$ 145,836				$ 116,242
Global Markets			1,025,631				844,606
Asset Management			96,605				95,751
Consumer & Wealth Management			119,850				106,429
Total			$1,387,922				$1,163,028

Depreciation and Amortization

The table below presents depreciation and amortization expense by segment.



		Three Months Ended June										Six Months Ended June

$ in millions			2021				2020						2021				2020
Investment Banking			$ 46				$ 43						$ 94				$ 82
Global Markets			194				147						362				280
Asset Management			196				213						386				383
Consumer & Wealth Management			84				96						176				191
Total			$520				$499						$1,018				$936

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

$ in millions			June 2021				December 2020
Investment Banking
Corporate			$ 25,087				$ 27,866
Loans, gross			25,087				27,866
Allowance for loan losses			(951	)			(1,322	)
Loans			24,136				26,544
Global Markets
Corporate			15,292				13,248
Real estate			23,008				16,915
Other			5,182				3,499
Loans, gross			43,482				33,662
Allowance for loan losses			(442	)			(448	)
Loans			43,040				33,214
Asset Management
Corporate			7,435				7,545
Real estate			8,678				9,125
Other			704				675
Loans, gross			16,817				17,345
Allowance for loan losses			(749	)			(787	)
Loans			16,068				16,558
Consumer & Wealth Management
Wealth management			39,955				33,023
Installment			3,257				3,823
Credit cards			5,210				4,270
Loans, gross			48,422				41,116
Allowance for loan losses			(1,129	)			(1,317	)
Loans			47,293				39,799
Total
Loans, gross			133,808				119,989
Allowance for loan losses			(3,271	)			(3,874	)
Loans			$ 130,537				$ 116,115

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

The table below presents total net revenues and

pre-tax

earnings by geographic region.



$ in millions			2021								2020
Three Months Ended June
Americas			$ 9,957				65%				$ 8,289				62%
EMEA			3,478				22%				3,453				26%
Asia			1,953				13%				1,553				12%
Total net revenues			$15,388				100%				$13,295				100%
Americas			$ 4,465				65%				$ 1,853				143%
EMEA			1,675				25%				566				44%
Asia			700				10%				(1,128	)			(87)%
Total pre-tax earnings			$ 6,840				100%				$ 1,291				100%
Six Months Ended June
Americas			$20,782				63%				$13,460				61%
EMEA			8,191				25%				5,561				25%
Asia			4,119				12%				3,017				14%
Total net revenues			$33,092				100%				$22,038				100%
Americas			$ 9,480				62%				$ 2,404				91%
EMEA			4,090				27%				1,002				38%
Asia			1,607				11%				(767	)			(29)%
Total pre-tax earnings			$15,177				100%				$ 2,639				100%