Business Segments (Tables)

9 Months Ended

Sep. 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 September												Nine Months Ended September

$ in millions			2021				2020								2021				2020
Investment Banking
Non-interest revenues			$ 3,599				$ 1,904								$10,755				$ 6,614
Net interest income			101				65								325				196
Total net revenues			3,700				1,969								11,080				6,810
Provision for credit losses			41				171								(229	)			1,612
Operating expenses			1,343				1,067								5,161				4,940
Pre-tax earnings			$ 2,316				$ 731								$ 6,148				$ 258
Net earnings			$ 1,831				$ 469								$ 4,942				$ 184
Net earnings to common			$ 1,818				$ 452								$ 4,890				$ 133
Average common equity			$10,346				$11,271								$10,201				$11,251
Return on average common equity			70.3%				16.0%								63.9%				1.6%
Global Markets
Non-interest revenues			$ 4,943				$ 4,093								$16,121				$15,292
Net interest income			668				460								1,971				1,600
Total net revenues			5,611				4,553								18,092				16,892
Provision for credit losses			(24	)			(15	)							(30	)			236
Operating expenses			2,794				2,542								10,352				10,568
Pre-tax earnings			$ 2,841				$ 2,026								$ 7,770				$ 6,088
Net earnings			$ 2,244				$ 1,904								$ 6,246				$ 4,346
Net earnings to common			$ 2,190				$ 1,816								$ 6,041				$ 4,085
Average common equity			$46,959				$39,960								$44,067				$40,542
Return on average common equity			18.7%				18.2%								18.3%				13.4%
Asset Management
Non-interest revenues			$ 2,174				$ 2,717								$11,619				$ 4,626
Net interest income			105				51								406				147
Total net revenues			2,279				2,768								12,025				4,773
Provision for credit losses			10				70								(2	)			420
Operating expenses			823				1,358								4,656				3,888
Pre-tax earnings			$ 1,446				$ 1,340								$ 7,371				$ 465
Net earnings			$ 1,115				$ 858								$ 5,925				$ 332
Net earnings to common			$ 1,096				$ 839								$ 5,853				$ 273
Average common equity			$25,788				$19,989								$25,294				$20,332
Return on average common equity			17.0%				16.8%								30.9%				1.8%
Consumer & Wealth Management
Non-interest revenues			$ 1,328				$ 983								$ 3,530				$ 2,946
Net interest income			690				508								1,973				1,398
Total net revenues			2,018				1,491								5,503				4,344
Provision for credit losses			148				52								274				537
Operating expenses			1,631				1,237								4,499				3,680
Pre-tax earnings			$ 239				$ 202								$ 730				$ 127
Net earnings			$ 188				$ 136								$ 587				$ 91
Net earnings to common			$ 180				$ 126								$ 558				$ 62
Average common equity			$10,740				$ 8,519								$10,475				$ 7,715
Return on average common equity			6.7%				5.9%								7.1%				1.1%
Total
Non-interest revenues			$12,044				$ 9,697								$42,025				$29,478
Net interest income			1,564				1,084								4,675				3,341
Total net revenues			13,608				10,781								46,700				32,819
Provision for credit losses			175				278								13				2,805
Operating expenses			6,591				6,204								24,668				23,076
Pre-tax earnings			$ 6,842				$ 4,299								$22,019				$ 6,938
Net earnings			$ 5,378				$ 3,367								$17,700				$ 4,953
Net earnings to common			$ 5,284				$ 3,233								$17,342				$ 4,553
Average common equity			$93,833				$79,739								$90,037				$79,840
Return on average common equity			22.5%				16.2%								25.7%				7.6%

The table below presents assets by segment.



		As of

$ in millions			September 2021				December 2020
Investment Banking			$ 141,580				$ 116,242
Global Markets			1,077,437				844,606
Asset Management			94,063				95,751
Consumer & Wealth Management			130,150				106,429
Total			$1,443,230				$1,163,028

Depreciation and Amortization

The table below presents depreciation and amortization expense by segment.



		Three Months Ended September												Nine Months Ended September

$ in millions			2021				2020								2021				2020
Investment Banking			$ 50				$ 46								$ 144				$ 128
Global Markets			209				160								571				440
Asset Management			153				170								539				553
Consumer & Wealth Management			97				92								273				283
Total			$509				$468								$1,527				$1,404

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			September 2021				December 2020
Investment Banking
Corporate			$ 27,346				$ 27,866
Loans, gross			27,346				27,866
Allowance for loan losses			(918	)			(1,322	)
Loans			26,428				26,544
Global Markets
Corporate			19,349				13,248
Real estate			26,641				16,915
Other			5,601				3,499
Loans, gross			51,591				33,662
Allowance for loan losses			(424	)			(448	)
Loans			51,167				33,214
Asset Management
Corporate			7,412				7,545
Real estate			8,425				9,125
Other			707				675
Loans, gross			16,544				17,345
Allowance for loan losses			(752	)			(787	)
Loans			15,792				16,558
Consumer & Wealth Management
Wealth management			41,775				33,023
Installment			3,449				3,823
Credit cards			6,251				4,270
Loans, gross			51,475				41,116
Allowance for loan losses			(1,238	)			(1,317	)
Loans			50,237				39,799
Total
Loans, gross			146,956				119,989
Allowance for loan losses			(3,332	)			(3,874	)
Loans			$ 143,624				$ 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 September
Americas			$ 8,169				60%				$ 6,873				64%
EMEA			3,394				25%				2,470				23%
Asia			2,045				15%				1,438				13%
Total net revenues			$13,608				100%				$10,781				100%
Americas			$ 4,004				59%				$ 2,926				68%
EMEA			1,922				28%				935				22%
Asia			916				13%				438				10%
Total pre-tax earnings			$ 6,842				100%				$ 4,299				100%
Nine Months Ended September
Americas			$28,951				62%				$20,333				62%
EMEA			11,585				25%				8,031				24%
Asia			6,164				13%				4,455				14%
Total net revenues			$46,700				100%				$32,819				100%
Americas			$13,484				61%				$ 5,330				77%
EMEA			6,012				27%				1,937				28%
Asia			2,523				12%				(329	)			(5)%
Total pre-tax earnings			$22,019				100%				$ 6,938				100%