Business Segments (Tables)

12 Months Ended

Dec. 31, 2021

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			2021				2020				2019
Investment Banking
Non-interest revenues			$14,425				$ 9,158				$ 7,079
Net interest income			451				265				520
Total net revenues			14,876				9,423				7,599
Provision for credit losses			(298	)			1,624				333
Operating expenses			6,705				6,134				4,685
Pre-tax earnings			$ 8,469				$ 1,665				$ 2,581
Net earnings			$ 6,775				$ 1,262				$ 2,065
Net earnings to common			$ 6,705				$ 1,193				$ 1,996
Average common equity			$10,341				$11,313				$11,167
Return on average common equity			64.8%				10.5%				17.9%
Global Markets
Non-interest revenues			$19,309				$18,928				$13,109
Net interest income			2,768				2,229				1,670
Total net revenues			22,077				21,157				14,779
Provision for credit losses			45				274				35
Operating expenses			12,969				12,806				10,851
Pre-tax earnings			$ 9,063				$ 8,077				$ 3,893
Net earnings			$ 7,250				$ 6,122				$ 3,114
Net earnings to common			$ 6,973				$ 5,766				$ 2,729
Average common equity			$45,497				$40,760				$40,060
Return on average common equity			15.3%				14.1%				6.8%
Asset Management
Non-interest revenues			$14,366				$ 7,743				$ 8,454
Net interest income			550				241				511
Total net revenues			14,916				7,984				8,965
Provision for credit losses			18				442				274
Operating expenses			5,970				5,142				4,817
Pre-tax earnings			$ 8,928				$ 2,400				$ 3,874
Net earnings			$ 7,143				$ 1,819				$ 3,099
Net earnings to common			$ 7,046				$ 1,740				$ 3,013
Average common equity			$25,195				$20,491				$21,575
Return on average common equity			28.0%				8.5%				14.0%
Consumer & Wealth Management
Non-interest revenues			$ 4,769				$ 3,980				$ 3,542
Net interest income			2,701				2,016				1,661
Total net revenues			7,470				5,996				5,203
Provision for credit losses			592				758				423
Operating expenses			6,294				4,901				4,545
Pre-tax earnings			$ 584				$ 337				$ 235
Net earnings			$ 467				$ 256				$ 188
Net earnings to common			$ 427				$ 216				$ 159
Average common equity			$10,796				$ 8,012				$ 6,292
Return on average common equity			4.0%				2.7%				2.5%
Total
Non-interest revenues			$52,869				$39,809				$32,184
Net interest income			6,470				4,751				4,362
Total net revenues			59,339				44,560				36,546
Provision for credit losses			357				3,098				1,065
Operating expenses			31,938				28,983				24,898
Pre-tax earnings			$27,044				$12,479				$10,583
Net earnings			$21,635				$ 9,459				$ 8,466
Net earnings to common			$21,151				$ 8,915				$ 7,897
Average common equity			$91,829				$80,576				$79,094
Return on average common equity			23.0%				11.1%				10.0%

The table below presents assets by segment.



		As of December

$ in millions			2021				2020
Investment Banking			$ 144,157				$ 116,242
Global Markets			1,082,378				844,606
Asset Management			91,115				95,751
Consumer & Wealth Management			146,338				106,429
Total			$1,463,988				$1,163,028

Depreciation and Amortization

The table below presents depreciation and amortization expense by segment.



		Year Ended December

$ in millions			2021				2020				2019
Investment Banking			$ 195				$ 174				$ 139
Global Markets			772				611				646
Asset Management			675				740				618
Consumer & Wealth Management			373				377				301
Total			$2,015				$1,902				$1,704

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			2021				2020
Investment Banking
Corporate			$ 30,421				$ 27,866
Loans, gross			30,421				27,866
Allowance for loan losses			(866	)			(1,322	)
Loans			29,555				26,544
Global Markets
Corporate			18,578				13,248
Real estate			34,986				16,915
Other			7,838				3,499
Loans, gross			61,402				33,662
Allowance for loan losses			(486	)			(448	)
Loans			60,916				33,214
Asset Management
Corporate			6,928				7,545
Real estate			6,810				9,125
Other			692				675
Loans, gross			14,430				17,345
Allowance for loan losses			(732	)			(787	)
Loans			13,698				16,558
Consumer & Wealth Management
Wealth management			43,998				33,023
Installment			3,672				3,823
Credit cards			8,212				4,270
Loans, gross			55,882				41,116
Allowance for loan losses			(1,489	)			(1,317	)
Loans			54,393				39,799
Total
Loans, gross			162,135				119,989
Allowance for loan losses			(3,573	)			(3,874	)
Loans			$ 158,562				$ 116,115

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			2021								2020								2019
Year Ended December
Americas			$37,379				63%				$27,508				62%				$22,148				60%
EMEA			14,372				24%				10,868				24%				9,745				27%
Asia			7,588				13%				6,184				14%				4,653				13%
Total net revenues			$59,339				100%				$44,560				100%				$36,546				100%
Americas			$17,476				65%				$ 9,019				72%				$ 6,623				62%
EMEA			7,062				26%				3,041				25%				3,349				32%
Asia			2,506				9%				419				3%				611				6%
Total pre-tax earnings			$27,044				100%				$12,479				100%				$10,583				100%
Americas			$13,927				65%				$ 7,468				79%				$ 5,514				65%
EMEA			5,695				26%				2,090				22%				2,600				31%
Asia			2,013				9%				(99	)			(1)%				352				4%
Total net earnings			$21,635				100%				$ 9,459				100%				$ 8,466				100%