Other Assets (Tables)

9 Months Ended

Sep. 30, 2023

Other Assets [Abstract]

Other Assets

The table below presents other assets by type.

	As of
	September		December
$ in millions	2023		2022
Property, leasehold improvements and equipment	$	13,138	$	17,074
Goodwill	5,913		6,374
Identifiable intangible assets	1,341		2,009
Operating lease right-of-use assets	2,165		2,172
Income tax-related assets	7,360		7,012
Miscellaneous receivables and other	7,024		4,567
Total	$	36,941	$	39,208

Carrying Value of Goodwill

The table below presents the carrying value of goodwill by reporting unit.

	As of
	September		December
$ in millions	2023		2022
Global Banking & Markets:
Investment banking	$	267	$	267
FICC	269		269
Equities	2,647		2,647
Asset & Wealth Management:
Asset management	1,376		1,385
Wealth management	1,340		1,310
Platform Solutions:
Consumer platforms	–		482
Transaction banking and other	14		14
Total	$	5,913	$	6,374

In the table above:

•The decrease in goodwill from December 2022 to September 2023 was attributable to the impairment of goodwill associated with Consumer platforms. During the first quarter of 2023, goodwill for Consumer platforms increased by $22 million as a result of an updated purchase price allocation related to the GreenSky acquisition. During the second quarter of 2023, in connection with the exploration of a potential sale of GreenSky, the firm performed a quantitative goodwill test and determined that the goodwill associated with Consumer platforms was impaired, and accordingly, recorded a $504 million impairment.

•During 2022, goodwill increased by $2.09 billion, substantially all in connection with the acquisitions of GreenSky and NN Investment Partners (NNIP).

•Wealth management included $35 million of goodwill as of September 2023 that was classified as held for sale in connection with the planned sale of PFM.

Schedule of Identifiable Intangible Assets

The table below presents identifiable intangible assets by type.

	As of
	September		December
$ in millions	2023		2022
Customer lists and merchant relationships
Gross carrying value	$	3,208	$	3,225
Accumulated amortization	(1,904)		(1,275)
Net carrying value	1,304		1,950
Acquired leases and other
Gross carrying value	480		486
Accumulated amortization	(443)		(427)
Net carrying value	37		59
Total gross carrying value	3,688		3,711
Total accumulated amortization	(2,347)		(1,702)
Total net carrying value	$	1,341	$	2,009

In the table above:

•The decrease in identifiable intangible assets from December 2022 to September 2023 was primarily attributable to the $506 million write-down related to GreenSky. These identifiable intangible assets, which are included within Platform Solutions, were classified as held for sale in connection with the planned sale of GreenSky and had a net carrying value of $110 million as of September 2023.

•As of September 2023, identifiable intangible assets of approximately $165 million (substantially all customer lists) were classified as held for sale in connection with the planned sale of PFM. These identifiable intangible assets are included within Asset & Wealth Management.

•During the nine months ended September 2023, the amount of identifiable intangible assets acquired by the firm was not material. The firm acquired approximately $1.79 billion of identifiable intangible assets (with a weighted average amortization period of 13 years) during 2022, substantially all in connection with the acquisitions of GreenSky and NNIP. Substantially all of these identifiable intangible assets consisted of customer lists and merchant relationships.

•Substantially all of the firm’s identifiable intangible assets have finite useful lives and are amortized over their estimated useful lives generally using the straight-line method.

Amortization of Identifiable Intangible Assets

The tables below present information about the amortization of identifiable intangible assets.

	Three Months Ended September				Nine Months Ended September
$ in millions	2023		2022		2023		2022
Amortization	$	554	$	54	$	654	$	124

Estimated Future Amortization

	As of
$ in millions	September 2023
Estimated future amortization
Remainder of 2023	$	26
2024	$	99
2025	$	91
2026	$	84
2027	$	84
2028	$	83