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Consolidated Statements of Earnings (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Investment banking $ 1,687 $ 1,980 $ 5,360 $ 5,818
Investment management 1,556 1,580 4,469 4,947
Commissions and fees 758 704 2,308 2,361
Market making 2,384 2,281 7,346 8,031
Other principal transactions 930 1,419 3,811 4,603
Total non-interest revenues 7,315 7,964 23,294 25,760
Interest income 5,459 5,061 16,816 14,211
Interest expense 4,451 4,205 13,519 11,435
Net interest income 1,008 856 3,297 2,776
Total net revenues 8,323 8,820 26,591 28,536
Provision for credit losses 291 174 729 452
Operating expenses        
Compensation and benefits 2,731 3,019 9,307 10,471
Brokerage, clearing, exchange and distribution fees 853 714 2,438 2,370
Market development 169 167 539 532
Communications and technology 283 250 859 761
Depreciation and amortization 473 317 1,240 951
Occupancy 252 203 711 594
Professional fees 350 310 950 897
Other expenses 505 588 1,556 1,735
Total operating expenses 5,616 5,568 17,600 18,311
Pre-tax earnings 2,416 3,078 8,262 9,773
Provision for taxes 539 554 1,713 1,852
Net earnings 1,877 2,524 6,549 7,921
Preferred stock dividends 84 71 376 383
Net earnings applicable to common shareholders $ 1,793 $ 2,453 $ 6,173 $ 7,538
Earnings per common share        
Basic $ 4.83 $ 6.35 $ 16.43 $ 19.42
Diluted $ 4.79 $ 6.28 $ 16.32 $ 19.21
Average common shares        
Basic 370.0 385.4 374.7 387.4
Diluted 374.3 390.5 378.2 392.3