Exhibit 99.2 Third Quarter 2024 Earnings Results Presentation October 15, 2024
Results Snapshot Net Revenues Net Earnings EPS 3Q24 $12.70 billion 3Q24 $2.99 billion 3Q24 $8.40 3Q24 YTD $ 3 9 . 6 4 bi llion 3Q24 YTD $ 1 0 . 1 7 bi l l i on 3Q24 YTD $28. 64 1 1 Annualized ROE Annualized ROTE Book Value Per Share 3Q24 10.4% 3Q24 11.1% 3Q24 $332.96 3Q24 YTD 12.0% 3Q24 YTD 12.9% YTD Growth 6.2% 4 Quarterly Highlights Selected Items and FDIC Special Assessment Fee 2 $ in millions, except per share amounts #1 in M&A and common stock offerings 3Q24 3Q24 YTD Pre-tax earnings: 5 $ 135 $ 467 AWM historical principal investments Strong performance in Equities; (415) (597) Record FICC financing net revenues GM Card / Seller financing / GreenSky 17 (80) FDIC special assessment fee $ (263) $ (210) Total impact to pre-tax earnings Record Management and other fees of $2.62 billion $ (204) $ (163) Impact to net earnings $ (0.62) $ (0.48) Impact to EPS 3 Record AUS of $3.10 trillion (0.8)pp (0.2)pp Impact to ROE th 27 consecutive quarter of long-term fee-based net inflows 1
Financial Overview Financial Results Financial Overview Highlights vs.n 3Q24 results included EPS of $8.40 and ROE of 10.4% vs. vs. 3Q24 3Q23 $ in millions, — 3Q24 net revenues were higher YoY, reflecting higher net revenues in Global Banking & except per share amounts 3Q24 2Q24 3Q23 YTD YTD Markets and Asset & Wealth Management, partially offset by lower net revenues in Platform Solutions $ 8,554 5% 7% $ 26,464 12% Global Banking & Markets — 3Q24 provision for credit losses was $397 million, reflecting net provisions related to the credit card portfolio (primarily driven by net charge-offs), partially offset by a net benefit Asset & Wealth Management 3,754 (3)% 16% 11,421 20% related to the wholesale portfolio (driven by recoveries on previously impaired loans) — 3Q24 operating expenses were lower YoY, reflecting decreases driven by a write-down of 391 (42)% (32)% 1,758 (2)% Platform Solutions intangibles related to GreenSky in 3Q23 and significantly lower expenses, including impairments, related to consolidated real estate investments, partially offset by increases 12,699 – 7% 39,643 13% Net revenues driven by higher transaction based expenses and a write-down of intangibles related to the GM credit card program in 3Q24 397 41% N.M. 997 121% Provision for credit losses 8,315 (3)% (8)% 25,506 (2)% Operating expenses Net Revenues by Segment ($ in millions) 3,987 2% 45% $ 13,140 55% Pre-tax earnings $ $12,731 $12,699 $ 2,990 (2)% 45% $ 10,165 56% Net earnings $11,817 $ 2,780 (4)% 48% $ 9,602 59% Net earnings to common Global Banking & Markets $8,184 $ 8.40 (3)% 54% $ 28.64 65% $8,554 Diluted EPS $8,009 Asset & Wealth 1 ROE 10.4% (0.5)pp 3.3pp 12.0% 4.4pp Management 1 ROTE 11.1% (0.5)pp 3.4pp 12.9% 4.7pp Platform Solutions $3,878 $3,754 $3,230 3 65.5% (1.5)pp (11.1)pp 64.3% (10.1)pp Efficiency Ratio $669 $578 $391 3Q24 2Q24 3Q23 2
Global Banking & Markets Financial Results Global Banking & Markets Highlights vs.n 3Q24 net revenues were higher YoY vs. vs. 3Q24 3Q23 — Investment banking fees reflected significantly higher net revenues in Debt underwriting, $ in millions 3Q24 2Q24 3Q23 YTD YTD higher net revenues in Equity underwriting and slightly higher net revenues in Advisory — FICC reflected significantly lower net revenues in intermediation, partially offset by $ 1,865 8% 20% $ 5,678 24% Investment banking fees significantly higher net revenues in financing — Equities reflected significantly higher net revenues in intermediation and slightly higher net 2,962 (7)% (12)% 10,465 4% FICC revenues in financing 3 n Investment banking fees backlog increased QoQ, driven by an increase in Advisory 3,500 10% 18% 9,980 12% Equities 3 n 3Q24 select data : — Total assets of $1.47 trillion 227 123% 106% 341 210% Other — Loan balance of $129 billion 8,554 5% 7% 26,464 12% Net revenues — Net interest income of $1.11 billion Provision for credit losses 54 N.M. 86% 95 (56)% Global Banking & Markets Net Revenues ($ in millions) Operating expenses 4,969 (2)% 4% 15,197 11% $8,554 $8,184 $8,009 Pre-tax earnings $ 3,531 12% 11% $ 11,172 15% $1,865 $1,733 Investment $1,554 Net earnings $ 2,653 8% 11% $ 8,643 16% banking fees FICC Net earnings to common $ 2,490 7% 11% $ 8,205 15% $2,962 $3,180 $3,384 Equities Average common equity $ 76,039 – 5% $ 75,575 6% Other Return on average common equity 13.1% 0.8pp 0.7pp 14.5% 1.1pp $3,500 $3,169 $2,961 $227 $102 $110 3Q24 2Q24 3Q23 3
Global Banking & Markets – Net Revenues Net Revenues Global Banking & Markets Net Revenues Highlights vs.n 3Q24 Investment banking fees were significantly higher YoY vs. vs. 3Q24 3Q23 — Advisory net revenues were slightly higher $ in millions 3Q24 2Q24 3Q23 YTD YTD — Equity underwriting reflected an increase in secondary offerings $ 875 27% 5% $ 2,574 12% Advisory — Debt underwriting reflected an increase in leveraged finance and investment-grade activity n 3Q24 FICC net revenues were lower YoY 385 (9)% 25% 1,178 31% Equity underwriting — FICC intermediation reflected significantly lower net revenues in interest rate products and 605 (3)% 46% 1,926 41% Debt underwriting commodities, partially offset by significantly higher net revenues in currencies and credit products and higher net revenues in mortgages 1,865 8% 20% 5,678 24% Investment banking fees — Record FICC financing primarily reflected significantly higher net revenues from mortgages and structured lending 2,013 (14)% (24)% 7,814 (3)% FICC intermediation n 3Q24 Equities net revenues were higher YoY — Equities intermediation reflected significantly higher net revenues in both derivatives and FICC financing 949 12% 30% 2,651 32% cash products — Equities financing net revenues were slightly higher FICC 2,962 (7)% (12)% 10,465 4% n 3Q24 Other net revenues YoY primarily reflected higher net gains from direct investments Equities intermediation 2,209 24% 29% 5,984 20% Equities financing 1,291 (7)% 3% 3,996 1% Equities 3,500 10% 18% 9,980 12% Other 227 123% 106% 341 210% Net revenues $ 8,554 5% 7% $ 26,464 12% 4
Asset & Wealth Management Financial Results Asset & Wealth Management Highlights vs.n 3Q24 net revenues were higher YoY vs. vs. 3Q24 3Q23 — Management and other fees primarily reflected the impact of higher average AUS $ in millions 3Q24 2Q24 3Q23 YTD YTD — Incentive fees were driven by harvesting Management and other fees: — Private banking and lending net revenues primarily reflected the impact of higher deposit balances Asset management $ 1,179 7% 12% $ 3,391 9% — Equity investments primarily reflected net gains from investments in corporate private and public equities, compared with net losses in 3Q23 1,440 – 6% 4,216 7% Wealth management — Debt investments primarily reflected lower net interest income due to a reduction in the debt Total Management and other fees 2,619 3% 9% 7,607 8% investments balance sheet n 3Q24 YTD pre-tax margin of 24% 85 85% 254% 219 115% Incentive fees 3 n 3Q24 select data : — Total assets of $195 billion Private banking and lending 756 7% 10% 2,145 12% — Loan balance of $45 billion, of which $36 billion related to Private banking and lending 116 (60)% N.M. 630 N.M. — Net interest income of $766 million Equity investments 6 — Total Wealth management client assets of ~$1.6 trillion Debt investments 178 (40)% (45)% 820 (12)% Asset & Wealth Management Net Revenues ($ in millions) Net revenues 3,754 (3)% 16% 11,421 20% $3,878 Provision for credit losses (109) (88)% N.M. (189) 62% $3,754 $3,230 Management and other fees 2,848 (6)% (5)% 8,819 (7)% Operating expenses Incentive fees Pre-tax earnings $ 1,015 13% 483% $ 2,791 413% $2,536 $2,619 Private banking $2,405 and lending $ 767 10% 495% $ 2,159 418% Net earnings Equity investments $46 Net earnings to common $ 727 8% 682% $ 2,053 546% $85 $24 $707 Debt $756 $687 investments $116 $ 26,475 2% (7)% $ 26,348 (14)% Average common equity $292 $178 $297 $326 Return on average common equity 11.0% 0.7pp 9.7pp 10.4% 9.0pp $(212) 3Q24 2Q24 3Q23 5
Asset & Wealth Management – Assets Under Supervision 3 3 AUS Highlights AUS by Asset Class n During the quarter, AUS increased $169 billion to a record $3.10 trillion $ in billions 3Q24 2Q24 3Q23 — Net inflows across all asset classes, particularly in liquidity products and fixed income $ 328 $ 314 $ 267 Alternative investments assets Equity 780 735 607 — Net market appreciation primarily in fixed income and equity assets Fixed income 1,220 1,147 1,031 n Total AUS net inflows of $66 billion during the quarter, of which: Long-term AUS 2,328 2,196 1,905 — $36 billion of net inflows in Third-party distributed client channel Liquidity products 775 738 775 — $17 billion of net inflows in Wealth management client channel 3,103 2,934 2,680 Total AUS $ $ $ — $13 billion of net inflows in Institutional client channel 3 AUS by Client Channel $ in billions 3Q24 2Q24 3Q23 Institutional $ 1,126 $ 1,063 $ 924 3 AUS Rollforward 913 865 771 Wealth management $ in billions 3Q24 2Q24 3Q23 Third-party distributed 1,064 1,006 985 Beginning balance $ 2,934 $ 2,848 $ 2,714 Total AUS $ 3,103 $ 2,934 $ 2,680 29 31 7 Long-term AUS net inflows / (outflows) Liquidity products 37 40 11 3 3Q24 AUS by Region and Vehicle 66 71 18 Total AUS net inflows / (outflows) 7% Acquisitions / (dispositions) – – – 13% Separate Net market appreciation / (depreciation) 103 15 (52) accounts Americas 23% Ending balance $ 3,103 $ 2,934 $ 2,680 Region Vehicle Public funds EMEA 31% 56% Asia Private funds 70% and other 6
Asset & Wealth Management – Alternative Investments 3 3 Alternative Investments Highlights On-Balance Sheet Alternative Investments n 3Q24 Management and other fees from alternative investments were $527 million, down 3% $ in billions 3Q24 compared with 3Q23, reflecting lower placement fees, partially offset by the impact of higher average assets under supervision Loans $ 9.4 n During the quarter, alternative investments AUS increased $14 billion to $328 billion Debt securities 9.4 Equity securities 13.4 n 3Q24 gross third-party alternatives fundraising across strategies was $16 billion, including: 7 CIE investments and other 6.3 — $6 billion in corporate equity, $5 billion in credit, $1 billion in real estate and $4 billion in Total On-B/S alternative investments $ 38.5 hedge funds and other — $303 billion raised since the end of 2019 n During the quarter, on-balance sheet alternative investments declined by $2.2 billion to $38.5 $ in billions 3Q24 billion 5 Client co-invest $ 19.1 — Historical principal investments declined by $1.7 billion to $10.9 billion (attributed equity of $4 billion) and included $2.0 billion of loans, $2.8 billion of debt securities, $3.6 billion of Firmwide initiatives / CRA investments 8.5 equity securities and $2.5 billion of CIE investments and other 5 Historical principal investments 10.9 Total On-B/S alternative investments $ 3 38.5 Alternative Investments AUS and Effective Fees 3Q24 $ in billions Average AUS Effective Fees (bps) Historical Principal Investments Rollforward Corporate equity $ 121 74 $ in billions 3Q24 62 71 Credit Beginning balance $ 12.6 Real estate 30 51 Additions 0.1 72 61 Hedge funds and other Dispositions / paydowns (2.0) Funds and discretionary accounts 285 68 Net mark-ups / (mark-downs) 0.2 Net change $ (1.7) 37 17 Advisory accounts Ending balance $ 10.9 Total alternative investments AUS $ 322 62 7
Platform Solutions Financial Results Platform Solutions Highlights vs.n 3Q24 net revenues were lower YoY vs. vs. 3Q24 3Q23 — Consumer platforms reflected lower net revenues from the GM credit card program, including $ in millions 3Q24 2Q24 3Q23 YTD YTD a loss related to the planned transitioning of the program to another issuer, partially offset by higher average credit card balances $ 333 (44)% (34)% $ 1,550 (1)% Consumer platforms — Transaction banking and other primarily reflected mark-downs related to the seller financing loans portfolio that was transferred to held for sale, and lower average deposit balances 58 (17)% (25)% 208 (11)% Transaction banking and other n 3Q24 provision for credit losses of $452 million reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs) Net revenues 391 (42)% (32)% 1,758 (2)% 3 n 3Q24 select data : 452 14% N.M. 1,091 48% Provision for credit losses — Total assets of $60 billion — Loan balance of $18 billion 498 18% (60)% 1,490 (48)% Operating expenses — Net interest income of $744 million Pre-tax earnings / (loss) $ (559) (280)% 8% $ (823) 54% Platform Solutions Net Revenues ($ in millions) Net earnings / (loss) $ (430) (274)% 5% $ (637) 53% $669 Net earnings / (loss) to common $ (437) (264)% 5% $ (656) 53% $578 Average common equity $ 4,508 4% 7% $ 4,547 12% Consumer platforms $391 Return on average common equity (38.8)% (27.8)pp 4.8pp (19.2)% 26.3pp $599 Transaction $501 banking and other $333 $77 $70 $58 3Q24 2Q24 3Q23 8
Loans and Net Interest Income 3 3 Loans by Segment ($ in billions) Loans and Net Interest Income Highlights n 3Q24 loans increased QoQ $192 — Gross loans by type: $188 billion - amortized cost, $6 billion - fair value, $3 billion - held for $184 $178 sale — Average loans of $189 billion Global Banking — Total allowance for loan losses and losses on lending commitments was $5.45 billion & Markets ($4.75 billion for funded loans) $129 $123 $109 Asset & Wealth o $3.00 billion for wholesale loans, $2.45 billion for consumer loans Management — Net charge-offs of $299 million for an annualized net charge-off rate of 0.7% Platform Solutions o 0.0% for wholesale loans, 6.9% for consumer loans n 3Q24 net interest income increased 70% YoY, reflecting an increase in interest-earning assets $47 $45 $44 — 3Q24 average interest-earning assets of $1.59 trillion $22 $18 $17 3Q24 2Q24 3Q23 3 Loans by Type Net Interest Income by Segment ($ in millions) Metrics $ in billions 3Q24 2Q24 3Q23 2.5% $2,623 ALLL to Total Corporate $ $ $ 33 35 37 Gross Loans, at $2,242 Amortized Cost Commercial real estate 28 27 26 $1,113 Residential real estate 25 24 24 1.4% Global Banking $815 & Markets ALLL to Gross Securities-based lending 16 15 15 $1,547 Wholesale Loans, at $171 Asset & Wealth Other collateralized lending 73 67 55 Amortized Cost Management $766 Installment – – 6 $723 $686 13.5% Platform ALLL to Gross Credit cards 20 19 18 Solutions Consumer Loans, at Other 2 2 2 Amortized Cost $744 $704 $690 Allowance for loan losses (5) (5) (5) ~80% Gross Loans Total loans $ $ $ 192 184 178 3Q24 2Q24 3Q23 Secured 9
Expenses Financial Results Expense Highlights n 3Q24 total operating expenses were lower YoY vs. vs. vs. 3Q24 3Q23 — Decreases due to: 3Q24 2Q24 3Q23 YTD YTD $ in millions o A write-down of intangibles related to GreenSky in 3Q23 (in depreciation and amortization) Compensation and benefits $ 4,122 (3)% (2)% $ 12,947 9% o Significantly lower expenses, including impairments, related to consolidated real estate investments (largely in depreciation and amortization) Transaction based 1,701 3% 17% 4,852 14% — Partially offset by increases due to: Market development 159 4% 17% 465 2% o Higher transaction based expenses o A write-down of intangibles related to the GM credit card program in 3Q24 (in Communications and technology 498 – 6% 1,468 4% depreciation and amortization) n 3Q24 YTD effective income tax rate was 22.6%, up from 21.6% for 2Q24 YTD, primarily due to 621 (4)% (59)% 1,894 (54)% Depreciation and amortization a decrease in the impact of permanent tax benefits 3 Occupancy 242 (1)% (9)% 733 (7)% Efficiency Ratio 74.4% Professional fees 400 2% 6% 1,177 2% 64.3% Other expenses 572 (19)% (13)% 1,970 – Total operating expenses $ 8,315 (3)% (8)% $ 25,506 (2)% 997 14% 43% $ 2,975 50% Provision for taxes $ Effective Tax Rate 22.6% (0.7)pp 3Q24 YTD 3Q23 YTD 10
Capital and Balance Sheet 3 3 Capital and Balance Sheet Highlights Selected Balance Sheet Data n Standardized CET1 capital ratio and Advanced CET1 capital ratio both decreased QoQ, primarily reflecting an increase in credit and market RWAs, partially offset by an increase in CET1 capital $ in billions 3Q24 2Q24 4Q23 n As of October 1, 2024, the firm’s Standardized CET1 capital ratio requirement is 13.7%, reflecting Total assets $ 1,728 $ 1,653 $ 1, 642 an SCB of 6.2% (an increase of 70bps from the prior SCB of 5.5%) n Returned $1.98 billion of capital to common shareholders during the quarter Deposits $ 445 $ 433 $ 428 — 2.0 million common shares repurchased for a total cost of $1.00 billion Unsecured long-term borrowings $ 250 $ 235 $ 242 — $978 million of common stock dividends n Deposits of $445 billion consisted of consumer $182 billion, private bank $98 billion, transaction Shareholders’ equity $ 121 $ 119 $ 117 banking $61 billion, brokered CDs $43 billion, deposit sweep programs $33 billion and other $28 billion Average GCLA $ 447 $ 424 $ 414 n BVPS increased 1.8% QoQ, driven by net earnings 3 Capital Book Value In millions, except per share amounts 3Q24 2Q24 4Q23 3Q24 2Q24 4Q23 3 Standardized CET1 capital ratio Basic shares 324.2 326.2 337.1 14.6% 14.9% 14.4% Advanced CET1 capital ratio Book value per common share $ 332.96 $ 327.13 $ 313.56 15.5% 15.9% 14.9% 1 Supplementary leverage ratio (SLR) 5.5% 5.4% 5.5% Tangible book value per common share $ 311.88 $ 306.02 $ 292.52 11
Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity and the forward-looking statements below, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2023. Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets (GCLA) consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements regarding (i) estimated GDP growth or contraction, interest rate and inflation trends and volatility, (ii) the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of targets and goals, (iii) the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s stress capital buffer and G-SIB buffer, and the potential impact of changes to U.S. regulatory capital rules), (iv) the firm’s prospective capital distributions (including dividends and repurchases), (v) the firm’s future effective income tax rate, (vi) the firm’s Investment banking fees backlog and future results, (vii) the firm’s planned 2024 benchmark debt issuances, (viii) the impact of Russia’s invasion of Ukraine and related sanctions and other developments and the impact of the conflict in the Middle East on the firm’s business, results and financial position, and (ix) the firm’s ability to sell, and the terms of any proposed or pending sale of, Asset & Wealth Management historical principal investments and the seller financing loans portfolio, and the firm’s ability to transition the GM credit card program are forward-looking statements. Statements regarding estimated GDP growth or contraction, interest rate and inflation trends and volatility are subject to the risk that actual GDP growth or contraction, interest rate and inflation trends and volatility may differ, possibly materially, due to, among other things, changes in general economic conditions and monetary and fiscal policy. Statements about the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of targets and goals are based on the firm’s current expectations regarding the firm’s ability to effectively implement these initiatives and achieve these targets and goals and may change, possibly materially, from what is currently expected. Statements about the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s stress capital buffer and G-SIB buffer), as well as its prospective capital distributions (including dividends and repurchases), are subject to the risk that the firm’s actual liquidity, regulatory capital ratios and capital distributions may differ, possibly materially, from what is currently expected, including due to, among other things, potential future changes to regulatory capital rules, which may not be what the firm expects. Statements about the firm’s future effective income tax rate are subject to the risk that the firm’s future effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the tax rates applicable to the firm, the firm’s earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm’s expected tax rate, and potential future guidance from tax authorities. Statements about the firm’s Investment banking fees backlog and future advisory and capital market results are subject to the risk that advisory and capital market activity may not increase as the firm expects or that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak or worsening of hostilities, including those in Ukraine and the Middle East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. Statements regarding the firm’s planned 2024 benchmark debt issuances are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm’s funding needs. Statements about the impact of Russia’s invasion of Ukraine and related sanctions and other developments and the impact of the conflict in the Middle East on the firm’s business, results and financial position are subject to the risks that hostilities may escalate and expand, that sanctions may increase and that the actual impact may differ, possibly materially, from what is currently expected. Statements about the proposed or pending sales of Asset & Wealth Management historical principal investments are subject to the risks that buyers may not bid on these assets or bid at levels, or with terms, that are unacceptable to the firm, and that the performance of these activities may deteriorate as a result of the proposed and pending sales, and statements about the planned sale of the seller financing loans portfolio and the process to transition the GM credit card program are subject to the risk that a transaction may not close on the anticipated timeline or at all, including due to a failure to obtain requisite regulatory approvals. 12
Footnotes 1. Annualized return on average common shareholders’ equity (ROE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Annualized return on average tangible common shareholders’ equity (ROTE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly tangible common shareholders’ equity. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. Tangible book value per common share (TBVPS) is calculated by dividing tangible common shareholders’ equity by basic shares. Management believes that tangible common shareholders’ equity and TBVPS are meaningful because they are measures that the firm and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders’ equity, ROTE and TBVPS are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. The table below presents a reconciliation of average and ending common shareholders’ equity to average and ending tangible common shareholders’ equity: AVERAGE FOR THE AS OF THREE MONTHS ENDED NINE MONTHS ENDED Unaudited, $ in millions SEPTEMBER 30, 2024 SEPTEMBER 30, 2024 SEPTEMBER 30, 2024 JUNE 30, 2024 DECEMBER 31, 2023 Total shareholders’ equity $ 119,900 $ 118,653 $ 121,200 $ 119,463 $ 116,905 Preferred stock (12,878) (12,183) (13,253) (12,753) (11,203) Common shareholders’ equity 107,022 106,470 107,947 106,710 105,702 Goodwill (5,905) (5,902) (5,909) (5,893) (5,916) Identifiable intangible assets (978) (1,042) (925) (992) (1,177) Tangible common shareholders’ equity $ 100,139 $ 99,526 $ 101,113 $ 99,825 $ 98,609 2. Dealogic – January 1, 2024 through September 30, 2024. 3. For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2024: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets,” (ii) assets under supervision (AUS) – see “Results of Operations – Asset & Wealth Management – Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics,” (v) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management” and (vi) global core liquid assets – see “Risk Management – Liquidity Risk Management.” For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2024: (i) interest-earning assets – see “Statistical Disclosures – Distribution of Assets, Liabilities and Shareholders’ Equity” and (ii) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy.” Represents a preliminary estimate for the third quarter of 2024 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets. These may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2024. 4. Includes selected items that the firm has sold or is selling related to the narrowing of the firm’s ambitions in consumer-related activities and related to the transitioning of Asset & Wealth Management to a less capital- intensive business. Pre-tax earnings for each selected item includes the operating results of the item and additionally, for General Motors (GM) Card, a loss related to the planned transitioning of the GM credit card program to another issuer and a write-down of intangibles, and for seller financing, net impairments in provision for credit losses and a mark-down in net revenues related to the transfer of the portfolio to held for sale. In the first half of 2024, the FDIC notified banks subject to the special assessment fee that the estimated cost to the Deposit Insurance Fund resulting from the closures in 2023 of Silicon Valley Bank and Signature Bank had increased and the firm recognized an incremental pre-tax expense. In 3Q24, based on additional information received from the FDIC, the firm recognized a reduction in the estimated cost of the FDIC special assessment fee. Net earnings reflects the 3Q24 and 3Q24 YTD effective income tax rate for the respective segment of each item. 13
Footnotes - Continued 5. Includes consolidated investment entities (CIEs) and other legacy investments the firm intends to exit over the medium term (refers to a 3-5 year time horizon from year-end 2022). 6. Consists of AUS, brokerage assets and Marcus deposits. 7. Includes CIEs and other investments. CIEs are generally accounted for at historical cost less depreciation. Substantially all of the firm’s CIEs are engaged in commercial real estate investment activities. Assets held by CIEs of $3 billion as of September 30, 2024 were funded with liabilities of approximately $2 billion as of September 30, 2024. Substantially all such liabilities are nonrecourse, thereby reducing the firm’s equity at risk. 14
