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Business Segments
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Business Segments
Business Segments
The firm manages and reports its activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. See Note 1 for information about the firm’s business segments.
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 three 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 millions2023202220232022
Global Banking & Markets
  
Non-interest revenues$7,838 $6,933 $22,922 $24,156 
Net interest income171 631 720 1,812 
Total net revenues8,009 7,564 23,642 25,968 
Provision for credit losses29 63 214 462 
Operating expenses4,791 4,224 13,702 13,628 
Pre-tax earnings$3,189 $3,277 $9,726 $11,878 
Net earnings$2,383 $2,668 $7,460 $9,870 
Net earnings to common$2,250 $2,586 $7,108 $9,602 
Average common equity$72,517 $71,850 $70,968 $70,006 
Return on average common equity12.4 %14.4 %13.4 %18.3 %
Asset & Wealth Management
  
Non-interest revenues$2,544 $3,085 $7,100 $7,210 
Net interest income686 948 2,393 2,605 
Total net revenues3,230 4,033 9,493 9,815 
Provision for credit losses51 (13)(499)339 
Operating expenses3,005 2,955 9,448 8,187 
Pre-tax earnings
$174 $1,091 $544 $1,289 
Net earnings
$129 $905 $417 $1,071 
Net earnings to common
$93 $882 $318 $990 
Average common equity$28,601 $31,516 $30,806 $31,238 
Return on average common equity1.3 %11.2 %1.4 %4.2 %
Platform Solutions
Non-interest revenues$(112)$(86)$(98)$(198)
Net interest income690 464 1,899 1,187 
Total net revenues578 378 1,801 989 
Provision for credit losses(73)465 736 942 
Operating expenses1,258 525 2,850 1,258 
Pre-tax earnings/(loss)
$(607)$(612)$(1,785)$(1,211)
Net earnings/(loss)
$(454)$(504)$(1,369)$(1,006)
Net earnings/(loss) to common
$(461)$(506)$(1,386)$(1,013)
Average common equity$4,227 $3,944 $4,060 $3,471 
Return on average common equity(43.6)%(51.3)%(45.5)%(38.9)%
Total  
Non-interest revenues$10,270 $9,932 $29,924 $31,168 
Net interest income1,547 2,043 5,012 5,604 
Total net revenues11,817 11,975 34,936 36,772 
Provision for credit losses7 515 451 1,743 
Operating expenses9,054 7,704 26,000 23,073 
Pre-tax earnings$2,756 $3,756 $8,485 $11,956 
Net earnings$2,058 $3,069 $6,508 $9,935 
Net earnings to common$1,882 $2,962 $6,040 $9,579 
Average common equity$105,345 $107,310 $105,834 $104,715 
Return on average common equity7.1 %11.0 %7.6 %12.2 %
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.
•Expenses not directly associated with specific segments are allocated based on an estimate of support provided to each segment.
The table below presents depreciation and amortization expense by segment.
 Three Months
Ended September		Nine Months
Ended September
$ in millions2023202220232022
Global Banking & Markets
$275 $257 $837 $775 
Asset & Wealth Management
607 344 1,954 804 
Platform Solutions
630 65 1,285 149 
Total$1,512 $666 $4,076 $1,728 
In the table above:
•Asset & Wealth Management included impairments related to commercial real estate included within consolidated investment entities of $358 million for the three months ended September 2023 and $1.20 billion for the nine months ended September 2023.
•Platform Solutions included the $506 million write-down related to GreenSky for both the three and nine months ended September 2023, and an impairment of goodwill of $504 million related to Consumer platforms for the nine months ended September 2023.
Segment Assets
The table below presents assets by segment.
 
 As of
SeptemberDecember
$ in millions20232022
Global Banking & Markets$1,318,009 $1,169,539 
Asset & Wealth Management
191,307 214,970 
Platform Solutions
67,837 57,290 
Total$1,577,153 $1,441,799 
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:
•Global Banking & Markets: Investment banking fees and Other: location of the client and investment banking team; FICC intermediation and Equities intermediation: location of the market-making desk; FICC financing and Equities financing: location of the desk.
•Asset & Wealth Management (excluding direct-to-consumer business, Equity investments and Debt investments): location of the sales team and/or investments; Direct-to-consumer business: location of the client; Equity investments and Debt investments: location of the investment or investment professional.
•Platform Solutions: location of the client.
The table below presents total net revenues and pre-tax earnings by geographic region.
$ in millions20232022
Three Months Ended September
Americas$7,570 64 %$7,435 62 %
EMEA2,811 24 %3,154 26 %
Asia1,436 12 %1,386 12 %
Total net revenues$11,817 100 %$11,975 100 %
Americas$1,590 58 %$2,207 59 %
EMEA927 33 %1,277 34 %
Asia239 9 %272 7 %
Total pre-tax earnings$2,756 100 %$3,756 100 %
Nine Months Ended September
Americas$21,565 62 %$21,749 59 %
EMEA9,263 26 %10,454 29 %
Asia4,108 12 %4,569 12 %
Total net revenues$34,936 100 %$36,772 100 %
Americas$4,209 50 %$6,271 53 %
EMEA3,391 40 %4,474 37 %
Asia885 10 %1,211 10 %
Total pre-tax earnings$8,485 100 %$11,956 100 %
In the table above:
•Americas pre-tax earnings for both the three and nine months ended September 2023 were impacted by impairments related to commercial real estate included within consolidated investment entities and a write-down related to GreenSky. Additionally, Americas pre-tax earnings for the nine months ended September 2023 were impacted by an impairment of goodwill related to Consumer platforms.
•Substantially all of the amounts in Americas were attributable to the U.S.
•Asia includes Australia and New Zealand.