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Consolidated Statements of Earnings - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Investment banking $ 2,194 $ 1,733 $ 4,110 $ 3,818
Investment management 2,837 2,533 5,596 5,024
Commissions and fees 1,201 1,051 2,427 2,128
Market making 4,733 4,336 10,456 10,430
Other principal transactions 514 1,088 1,057 2,180
Total non-interest revenues 11,479 10,741 23,646 23,580
Interest income 19,789 20,440 39,172 39,995
Interest expense 16,685 18,450 33,173 36,631
Net interest income 3,104 1,990 5,999 3,364
Total net revenues 14,583 12,731 29,645 26,944
Provision for credit losses 384 282 671 600
Operating expenses        
Compensation and benefits 4,685 4,240 9,561 8,825
Transaction based 1,955 1,654 3,805 3,151
Market development 167 153 323 306
Communications and technology 530 500 1,036 970
Depreciation and amortization 618 646 1,124 1,273
Occupancy 234 244 467 491
Professional fees 440 393 864 777
Other expenses 612 703 1,189 1,398
Total operating expenses 9,241 8,533 18,369 17,191
Pre-tax earnings 4,958 3,916 10,605 9,153
Provision for taxes 1,235 873 2,144 1,978
Net earnings 3,723 3,043 8,461 7,175
Preferred stock dividends 250 152 405 353
Net earnings applicable to common shareholders $ 3,473 $ 2,891 $ 8,056 $ 6,822
Earnings per common share        
Basic (in dollars per share) $ 11.03 $ 8.73 $ 25.32 $ 20.44
Diluted (in dollars per share) $ 10.91 $ 8.62 $ 25.07 $ 20.21
Average common shares        
Basic (in shares) 313.7 329.8 317.2 332.6
Diluted (in shares) 318.3 335.5 321.4 337.5