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Business Segments
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Business Segments
Business Segments
The firm reports its activities in four business segments: Investment Banking, Global Markets, Asset Management and Consumer & Wealth Management. See Note 1 for information about the firm’s business segments.
Beginning with the fourth quarter of 2022, consistent with the firm's announced organizational changes that will become effective in December 2022, the firm will make certain changes to its business segments and report its results in the following three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions.
Compensation and benefits expenses in the firm’s segments reflect, among other factors, the overall performance of the firm, as well as the performance of individual businesses. Consequently, pre-tax margins in one segment of the firm’s business may be significantly affected by the performance of the firm’s other business segments.
The firm allocates assets (including allocations of global core liquid assets and cash, secured client financing and other assets), revenues and expenses among the four business segments. Due to the integrated nature of these segments, estimates and judgments are made in allocating certain assets, revenues and expenses. The allocation process is based on the manner in which management currently views the performance of the segments.
The allocation of common shareholders’ equity and preferred stock dividends to each segment is based on the estimated amount of equity required to support the activities of the segment under relevant regulatory capital requirements.
Net earnings for each segment is calculated by applying the firmwide tax rate to each segment’s pre-tax earnings.
Management believes that this allocation provides a reasonable representation of each segment’s contribution to consolidated net earnings to common, return on average common equity and total assets. Transactions between segments are based on specific criteria or approximate third-party rates.
Segment Results
The table below presents a summary of the firm’s segment results.
 Three Months
Ended September		Nine Months
Ended September
$ in millions2022202120222021
Investment Banking  
Non-interest revenues$1,373 $3,599 $5,661 $10,755 
Net interest income203 101 463 325 
Total net revenues1,576 3,700 6,124 11,080 
Provision for credit losses78 41 325 (229)
Operating expenses1,038 1,343 3,391 5,161 
Pre-tax earnings$460 $2,316 $2,408 $6,148 
Net earnings$370 $1,831 $2,001 $4,942 
Net earnings to common$355 $1,818 $1,950 $4,890 
Average common equity$9,720 $10,346 $10,649 $10,201 
Return on average common equity14.6 %70.3 %24.4 %63.9 %
Global Markets  
Non-interest revenues$5,648 $4,943 $18,770 $16,121 
Net interest income553 668 1,770 1,971 
Total net revenues6,201 5,611 20,540 18,092 
Provision for credit losses(43)(24)190 (30)
Operating expenses3,213 2,794 10,340 10,352 
Pre-tax earnings$3,031 $2,841 $10,010 $7,770 
Net earnings$2,474 $2,244 $8,318 $6,246 
Net earnings to common$2,408 $2,190 $8,102 $6,041 
Average common equity$57,078 $46,959 $54,842 $44,067 
Return on average common equity16.9 %18.7 %19.7 %18.3 %
Asset Management  
Non-interest revenues$1,742 $2,174 $3,107 $11,619 
Net interest income79 105 344 406 
Total net revenues1,821 2,279 3,451 12,025 
Provision for credit losses29 10 129 (2)
Operating expenses1,565 823 4,121 4,656 
Pre-tax earnings/(loss)$227 $1,446 $(799)$7,371 
Net earnings/(loss)$195 $1,115 $(664)$5,925 
Net earnings/(loss) to common$181 $1,096 $(717)$5,853 
Average common equity$24,587 $25,788 $24,358 $25,294 
Return on average common equity2.9 %17.0 %(3.9)%30.9 %
Consumer & Wealth Management
Non-interest revenues$1,169 $1,328 $3,630 $3,530 
Net interest income1,208 690 3,027 1,973 
Total net revenues2,377 2,018 6,657 5,503 
Provision for credit losses451 148 1,099 274 
Operating expenses1,888 1,631 5,221 4,499 
Pre-tax earnings$38 $239 $337 $730 
Net earnings$30 $188 $280 $587 
Net earnings to common$18 $180 $244 $558 
Average common equity$15,925 $10,740 $14,866 $10,475 
Return on average common equity0.5 %6.7 %2.2 %7.1 %
Total  
Non-interest revenues$9,932 $12,044 $31,168 $42,025 
Net interest income2,043 1,564 5,604 4,675 
Total net revenues11,975 13,608 36,772 46,700 
Provision for credit losses515 175 1,743 13 
Operating expenses7,704 6,591 23,073 24,668 
Pre-tax earnings$3,756 $6,842 $11,956 $22,019 
Net earnings$3,069 $5,378 $9,935 $17,700 
Net earnings to common$2,962 $5,284 $9,579 $17,342 
Average common equity$107,310 $93,833 $104,715 $90,037 
Return on average common equity11.0 %22.5 %12.2 %25.7 %
In the table above:
•Revenues and expenses directly associated with each segment are included in determining pre-tax earnings.
•Net revenues in the firm’s segments include allocations of interest income and expense to specific positions in relation to the cash generated by, or funding requirements of, such positions. Net interest is included in segment net revenues as it is consistent with how management assesses segment performance.
•Overhead expenses not directly allocable to specific segments are allocated ratably based on direct segment expenses.
•The firm reviews and makes any necessary adjustments to attributed equity in January of each year, to reflect, among other things, the results of the latest CCAR process, as well as projected changes in the firm’s balance sheet. The average common equity balances above incorporate such impact, as well as the changes in the size and composition of assets held in each of the firm’s segments that occurred during the respective periods.
The table below presents depreciation and amortization expense by segment.
 Three Months
Ended September		Nine Months
Ended September
$ in millions2022202120222021
Investment Banking$49 $50 $142 $144 
Global Markets221 209 665 571 
Asset Management259 153 557 539 
Consumer & Wealth Management137 97 364 273 
Total$666 $509 $1,728 $1,527 
Segment Assets
The table below presents assets by segment.
 As of
SeptemberDecember
$ in millions20222021
Investment Banking$145,563 $144,157 
Global Markets1,163,721 1,082,378 
Asset Management85,814 91,115 
Consumer & Wealth Management160,896 146,338 
Total$1,555,994 $1,463,988 
Geographic Information
Due to the highly integrated nature of international financial markets, the firm manages its businesses based on the profitability of the enterprise as a whole. 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 in order to facilitate the needs of the firm’s clients. Geographic results are generally allocated as follows:
•Investment Banking: location of the client and investment banking team.
•Global Markets: FICC and Equities intermediation: location of the market-making desk; FICC and Equities financing (excluding prime brokerage financing): location of the desk; prime brokerage financing: location of the primary market for the underlying security.
•Asset Management (excluding Equity investments and Lending and debt investments): location of the sales team; Equity investments: location of the investment; Lending and debt investments: location of the client.
•Consumer & Wealth Management: Wealth management: location of the sales team; Consumer banking: location of the client.
The table below presents total net revenues and pre-tax earnings by geographic region.
$ in millions20222021
Three Months Ended September
Americas$7,542 63 %$8,169 60 %
EMEA3,094 26 %3,394 25 %
Asia1,339 11 %2,045 15 %
Total net revenues$11,975 100 %$13,608 100 %
Americas$2,280 61 %$4,004 59 %
EMEA1,235 33 %1,922 28 %
Asia241 6 %916 13 %
Total pre-tax earnings$3,756 100 %$6,842 100 %
Nine Months Ended September
Americas$21,975 60 %$28,951 62 %
EMEA10,344 28 %11,585 25 %
Asia4,453 12 %6,164 13 %
Total net revenues$36,772 100 %$46,700 100 %
Americas$6,424 54 %$13,484 61 %
EMEA4,399 37 %6,012 27 %
Asia1,133 9 %2,523 12 %
Total pre-tax earnings$11,956 100 %$22,019 100 %
In the table above:
•Substantially all of the amounts in Americas were attributable to the U.S.
•Asia includes Australia and New Zealand.