EX-99.12d824176dex991.htmEX-99.1 EX-99.1
Exhibit 99.1
Third Quarter
2024
Earnings Results
Media Relations: Tony Fratto 212-902-5400
Investor Relations: Jehan Ilahi 212-902-0300
The Goldman Sachs
Group, Inc.
200 West Street | New York, NY 10282
Third Quarter 2024 Earnings Results
Goldman Sachs Reports Third Quarter Earnings Per Common Share of $8.40
“Our performance demonstrates the strength of our world-class
franchise in an improving operating environment. We continue to lean into our strengths – exceptional talent, execution capabilities and risk management expertise
– allowing us to effectively serve our clients against a complex backdrop and deliver for shareholders.”
- David Solomon, Chairman and Chief Executive Officer
Financial Summary
Net Revenues
Net Earnings
EPS
3Q24 $12.70 billion
3Q24 $2.99 billion
3Q24 $8.40
3Q24 YTD $39.64 billion
3Q24 YTD $10.17 billion
3Q24 YTD $28.64
Annualized ROE1
Annualized ROTE1
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%
NEW YORK, October 15, 2024 – The Goldman
Sachs Group, Inc. (NYSE: GS) today reported net revenues of $12.70 billion and net earnings of $2.99 billion for the third quarter ended September 30, 2024. Net revenues were $39.64 billion and net earnings were $10.17 billion for the
first nine months of 2024.
Diluted earnings per common share (EPS)
was $8.40 for the third quarter of 2024 compared with $5.47 for the third quarter of 2023 and $8.62 for the second quarter of 2024, and was $28.64 for the first nine months of 2024 compared with $17.39 for the first nine months of 2023.
Annualized return on average common shareholders’ equity
(ROE)1 was 10.4% for the third quarter of 2024 and 12.0% for the first nine months of 2024. Annualized return on average tangible common shareholders’ equity (ROTE)1 was 11.1% for the third quarter of 2024 and 12.9% for the first nine months of 2024.
1
Goldman Sachs Reports
Third Quarter 2024 Earnings Results
Quarterly Highlights
◾
Global Banking & Markets generated quarterly net revenues of $8.55 billion, including strong
performance in Equities and record quarterly net revenues in Fixed Income, Currency and Commodities (FICC) financing.
◾
The firm ranked #1 in worldwide announced and completed mergers and acquisitions and common stock
offerings for the year-to-date.2
◾
Asset & Wealth Management generated quarterly net revenues of $3.75 billion, including record
quarterly Management and other fees.
◾
Assets under supervision3 increased $169
billion during the quarter to a record $3.10 trillion.
◾
Book value per common share increased by 1.8% during the quarter to $332.96.
Net Revenues
Net revenues were $12.70 billion for the third quarter of
2024, 7% higher than the third quarter of 2023 and essentially unchanged compared with the second quarter of 2024. The increase compared with the third quarter of 2023 reflected higher net revenues in Global Banking & Markets and Asset &
Wealth Management, partially offset by lower net revenues in Platform Solutions.
Net Revenues
$12.70 billion
2
Goldman Sachs Reports
Third Quarter 2024 Earnings Results
Global Banking & Markets
Net revenues in Global Banking & Markets were $8.55
billion for the third quarter of 2024, 7% higher than the third quarter of 2023 and 5% higher than the second quarter of 2024.
Investment banking fees were $1.87 billion, 20% higher than the third quarter of 2023,
primarily reflecting significantly higher net revenues in Debt underwriting, driven by leveraged finance and investment-grade activity, and higher net revenues in Equity underwriting, driven by secondary offerings. Net revenues in Advisory were
slightly higher. The firm’s Investment banking fees backlog3 increased compared with both the end of the second quarter of 2024 and the end of 2023.
Net
revenues in FICC were $2.96 billion, 12% lower than the third quarter of 2023, reflecting significantly lower net revenues in FICC intermediation, due to significantly lower net revenues in interest rate products and commodities, partially offset by
significantly higher net revenues in currencies and credit products and higher net revenues in mortgages. This decrease was partially offset by significantly higher net revenues in FICC financing, primarily driven by mortgages and structured
lending.
Net revenues in Equities were $3.50 billion, 18% higher than the third quarter of 2023, primarily reflecting significantly higher net revenues in Equities intermediation in both derivatives and cash products. Net revenues in
Equities financing were slightly higher.
Net revenues in Other were $227 million for the third quarter of 2024, compared with $110
million for the third quarter of 2023, primarily reflecting higher net gains from direct investments.
Global Banking & Markets
$8.55 billion
Advisory
$ 875 million
Equity underwriting
$ 385 million
Debt underwriting
$ 605 million
Investment banking fees
$ 1.87 billion
FICC intermediation
$ 2.01 billion
FICC financing
$ 949 million
FICC
$ 2.96 billion
Equities intermediation
$ 2.21 billion
Equities financing
$ 1.29 billion
Equities
$ 3.50 billion
Other
$ 227 million
Asset & Wealth Management
Net revenues in Asset & Wealth Management were $3.75
billion for the third quarter of 2024, 16% higher than the third quarter of 2023 and 3% lower than the second quarter of 2024. The increase compared with the third quarter of 2023 primarily reflected net gains in Equity
investments compared with net losses in the prior year period and higher Management and other fees, partially offset by significantly lower net revenues in Debt investments. In addition, net revenues in Private banking and lending and
Incentive fees were higher.
The increase in Equity investments net revenues primarily reflected net gains from
investments in corporate private and public equities, compared with net losses in the prior year period. The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. The decrease
in Debt investments net revenues primarily reflected lower net interest income due to a reduction in the debt investments balance sheet. The increase in Private banking and lending net revenues primarily reflected the impact of
higher deposit balances, and the increase in Incentive fees was driven by harvesting.
Asset & Wealth Management
$3.75 billion
Management and other fees
$ 2.62 billion
Incentive fees
$ 85 million
Private banking and lending
$ 756 million
Equity investments
$ 116 million
Debt
investments
$ 178 million
3
Goldman Sachs Reports
Third Quarter 2024 Earnings Results
Platform Solutions
Net revenues in Platform Solutions were $391 million for the
third quarter of 2024, 32% lower than the third quarter of 2023 and 42% lower than the second quarter of 2024. The decrease compared with the third quarter of 2023 primarily reflected significantly lower net revenues in Consumer
platforms.
The decrease in Consumer platforms net revenues reflected lower net revenues from the General Motors (GM) credit card program, including a loss related to the planned transitioning of the program to another issuer, partially
offset by higher average credit card balances. Transaction banking and other net revenues were lower, primarily reflecting mark-downs related to the seller financing loans portfolio that was transferred to held for sale, and lower average deposit
balances.
Platform Solutions
$391 million
Consumer platforms
$333 million
Transaction banking
and other
$ 58 million
Provision for Credit Losses
Provision for credit losses was $397 million for the third
quarter of 2024, compared with $7 million for the third quarter of 2023 and $282 million for the second quarter of 2024. Provisions for the third quarter of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net
charge-offs), partially offset by a net benefit related to the wholesale portfolio (driven by recoveries on previously impaired loans). Provisions for the third quarter of 2023 reflected net provisions related to both the credit card portfolio
(primarily driven by net charge-offs) and wholesale loans (driven by impairments, partially offset by a reserve reduction based on increased stability in the macroeconomic environment), offset by a net release related to the GreenSky loan portfolio
(including a reserve reduction of $637 million related to the transfer of the portfolio to held for sale).
Provision for Credit Losses
$397 million
Operating Expenses
Operating expenses were $8.32 billion for the third quarter
of 2024, 8% lower than the third quarter of 2023 and 3% lower than the second quarter of 2024. The firm’s efficiency ratio3 was 64.3% for the first nine months of
2024, compared with 74.4% for the first nine months of 2023.
Operating expenses, compared with the third quarter of 2023, reflected decreases
driven by a write-down of intangibles related to GreenSky in the prior year period (in depreciation and amortization) and significantly lower expenses, including impairments, related to consolidated real estate investments (largely in
depreciation and amortization), partially offset by increases driven by higher transaction based expenses and a write-down of intangibles related to the GM credit card program in the current period (in depreciation and amortization).
Net
provisions for litigation and regulatory proceedings were $41 million for the third quarter of 2024 compared with $15 million for the third quarter of 2023.
Headcount increased 5% compared with the end of the second quarter of 2024, reflecting the
timing of campus hires.
Operating Expenses
$8.32 billion
YTD
Efficiency Ratio
64.3%
4
Goldman Sachs Reports
Third Quarter 2024 Earnings Results
Provision for Taxes
The effective income tax rate for the first nine months of
2024 was 22.6%, up from 21.6% for the first half of 2024, primarily due to a decrease in the impact of permanent tax benefits.
YTD Effective Tax Rate
22.6%
Other Matters
◾ On October 11, 2024, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $3.00 per common share
to be paid on December 30, 2024 to common shareholders of record on December 2, 2024.
◾ During the quarter, the firm returned $1.98 billion of capital to common shareholders, including $1.00 billion of common share
repurchases (2.0 million shares at an average cost of $489.50) and $978 million of common stock dividends.3
◾ Global core liquid assets3 averaged $447 billion for the
third quarter of 2024, compared with an average of $424 billion for the second quarter of 2024.
Declared Quarterly
Dividend Per Common Share
$3.00
Common Share Repurchases
2.0 million shares
for $1.00 billion
Average GCLA
$447 billion
5
Goldman Sachs Reports
Third Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments
and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
Cautionary Note Regarding Forward-Looking Statements
This press release 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, 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, global core liquid assets and VaR 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 about the firm’s Investment banking fees backlog
and future results also may constitute forward-looking statements. Such statements are subject to the risk 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. For information about other important factors that could adversely affect the firm’s Investment banking fees, 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.
Conference Call
A conference call to discuss the firm’s financial results,
outlook and related matters will be held at 9:30 am (ET). The call will be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-289-0459 (in the U.S.) or 1-323-794-2095 (outside the U.S.)
passcode number 7042022. The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the firm’s website,www.goldmansachs.com/investor-relations. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three hours after the
event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com.
6
Goldman Sachs Reports
Third Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
$ in millions
THREE MONTHS ENDED
% CHANGE FROM
SEPTEMBER 30,
2024
JUNE 30,
2024
SEPTEMBER 30,
2023
JUNE 30,
2024
SEPTEMBER 30,
2023
GLOBAL BANKING & MARKETS
Advisory
$ 875
$ 688
$ 831
27 %
5 %
Equity underwriting
385
423
308
(9)
25
Debt underwriting
605
622
415
(3)
46
Investment banking fees
1,865
1,733
1,554
8
20
FICC intermediation
2,013
2,330
2,654
(14)
(24)
FICC financing
949
850
730
12
30
FICC
2,962
3,180
3,384
(7)
(12)
Equities intermediation
2,209
1,786
1,713
24
29
Equities financing
1,291
1,383
1,248
(7)
3
Equities
3,500
3,169
2,961
10
18
Other
227
102
110
123
106
Net revenues
8,554
8,184
8,009
5
7
ASSET & WEALTH MANAGEMENT
Management and other fees
2,619
2,536
2,405
3
9
Incentive fees
85
46
24
85
254
Private banking and lending
756
707
687
7
10
Equity investments
116
292
(212)
(60)
N.M.
Debt investments
178
297
326
(40)
(45)
Net revenues
3,754
3,878
3,230
(3)
16
PLATFORM SOLUTIONS
Consumer platforms
333
599
501
(44)
(34)
Transaction banking and other
58
70
77
(17)
(25)
Net revenues
391
669
578
(42)
(32)
Total net revenues
$ 12,699
$ 12,731
$ 11,817
–
7
Geographic Net Revenues (unaudited)3
$ in millions
THREE MONTHS ENDED
SEPTEMBER 30,
2024
JUNE 30,
2024
SEPTEMBER 30,
2023
Americas
$ 8,045
$ 8,125
$ 7,570
EMEA
3,076
2,931
2,811
Asia
1,578
1,675
1,436
Total net revenues
$ 12,699
$ 12,731
$ 11,817
Americas
63%
64%
64%
EMEA
24%
23%
24%
Asia
13%
13%
12%
Total
100%
100%
100%
7
Goldman Sachs Reports
Third Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
$ in millions
NINE MONTHS ENDED
% CHANGE FROM
SEPTEMBER 30,
2024
SEPTEMBER 30,
2023
SEPTEMBER 30,
2023
GLOBAL BANKING & MARKETS
Advisory
$ 2,574
$ 2,294
12 %
Equity underwriting
1,178
901
31
Debt underwriting
1,926
1,369
41
Investment banking fees
5,678
4,564
24
FICC intermediation
7,814
8,023
(3)
FICC financing
2,651
2,003
32
FICC
10,465
10,026
4
Equities intermediation
5,984
4,987
20
Equities financing
3,996
3,955
1
Equities
9,980
8,942
12
Other
341
110
210
Net revenues
26,464
23,642
12
ASSET & WEALTH MANAGEMENT
Management and other fees
7,607
7,041
8
Incentive fees
219
102
115
Private banking and lending
2,145
1,915
12
Equity investments
630
(496)
N.M.
Debt investments
820
931
(12)
Net revenues
11,421
9,493
20
PLATFORM SOLUTIONS
Consumer platforms
1,550
1,568
(1)
Transaction banking and other
208
233
(11)
Net revenues
1,758
1,801
(2)
Total net revenues
$ 39,643
$ 34,936
13
Geographic Net Revenues (unaudited)3
$ in millions
NINE MONTHS ENDED
SEPTEMBER 30,
2024
SEPTEMBER 30,
2023
Americas
$ 25,351
$ 21,565
EMEA
9,477
9,263
Asia
4,815
4,108
Total net revenues
$ 39,643
$ 34,936
Americas
64%
62%
EMEA
24%
26%
Asia
12%
12%
Total
100%
100%
8
Goldman Sachs Reports
Third Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)
In millions, except
per share amounts and headcount
THREE MONTHS ENDED
% CHANGE FROM
SEPTEMBER 30,
2024
JUNE 30,
2024
SEPTEMBER 30,
2023
JUNE 30,
2024
SEPTEMBER 30,
2023
REVENUES
Investment banking
$ 1,864
$ 1,733
$ 1,555
8 %
20 %
Investment management
2,649
2,533
2,409
5
10
Commissions and fees
873
1,051
883
(17)
(1)
Market making
4,005
4,225
4,958
(5)
(19)
Other principal transactions
685
947
465
(28)
47
Total non-interest revenues
10,076
10,489
10,270
(4)
(2)
Interest income
21,448
20,440
18,257
5
17
Interest expense
18,825
18,198
16,710
3
13
Net interest income
2,623
2,242
1,547
17
70
Total net revenues
12,699
12,731
11,817
-
7
Provision for credit losses
397
282
7
41
N.M.
OPERATING EXPENSES
Compensation and benefits
4,122
4,240
4,188
(3)
(2)
Transaction based
1,701
1,654
1,452
3
17
Market development
159
153
136
4
17
Communications and technology
498
500
468
-
6
Depreciation and amortization
621
646
1,512
(4)
(59)
Occupancy
242
244
267
(1)
(9)
Professional fees
400
393
377
2
6
Other expenses
572
703
654
(19)
(13)
Total operating expenses
8,315
8,533
9,054
(3)
(8)
Pre-taxearnings
3,987
3,916
2,756
2
45
Provision for taxes
997
873
698
14
43
Net earnings
2,990
3,043
2,058
(2)
45
Preferred stock dividends
210
152
176
38
19
Net earnings applicable to common shareholders
$ 2,780
$ 2,891
$ 1,882
(4)
48
EARNINGS PER COMMON SHARE
Basic3
$ 8.52
$ 8.73
$ 5.52
(2) %
54 %
Diluted
$ 8.40
$ 8.62
$ 5.47
(3)
54
AVERAGE COMMON SHARES
Basic
324.8
329.8
338.7
(2)
(4)
Diluted
330.8
335.5
343.9
(1)
(4)
SELECTED DATA AT PERIOD-END
Common shareholders’ equity
$ 107,947
$ 106,710
$ 106,074
1
2
Basic shares3
324.2
326.2
338.0
(1)
(4)
Book value per common share
$ 332.96
$ 327.13
$ 313.83
2
6
Headcount
46,400
44,300
45,900
5
1
9
Goldman Sachs Reports
Third Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)
In millions, except per
share amounts
NINE MONTHS ENDED
% CHANGE FROM
SEPTEMBER 30,
2024
SEPTEMBER 30,
2023
SEPTEMBER 30,
2023
REVENUES
Investment banking
$ 5,682
$ 4,565
24 %
Investment management
7,673
7,054
9
Commissions and fees
3,001
2,864
5
Market making
14,222
14,742
(4)
Other principal transactions
2,592
699
271
Total non-interest revenues
33,170
29,924
11
Interest income
61,443
50,031
23
Interest expense
54,970
45,019
22
Net interest income
6,473
5,012
29
Total net revenues
39,643
34,936
13
Provision for credit losses
997
451
121
OPERATING EXPENSES
Compensation and benefits
12,947
11,897
9
Transaction based
4,852
4,242
14
Market development
465
454
2
Communications and technology
1,468
1,416
4
Depreciation and amortization
1,894
4,076
(54)
Occupancy
733
785
(7)
Professional fees
1,177
1,152
2
Other expenses
1,970
1,978
–
Total operating expenses
25,506
26,000
(2)
Pre-tax earnings
13,140
8,485
55
Provision for taxes
2,975
1,977
50
Net earnings
10,165
6,508
56
Preferred stock dividends
563
468
20
Net earnings applicable to common shareholders
$ 9,602
$ 6,040
59
EARNINGS PER COMMON SHARE
Basic3
$ 28.98
$ 17.52
65 %
Diluted
$ 28.64
$ 17.39
65
AVERAGE COMMON SHARES
Basic
330.0
342.5
(4)
Diluted
335.3
347.4
(3)
10
Goldman Sachs Reports
Third Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)3
$ in billions
AS OF
SEPTEMBER 30,
2024
JUNE 30,
2024
ASSETS
Cash and cash equivalents
$ 155
$ 206
Collateralized agreements
417
403
Customer and other receivables
145
142
Trading assets
601
522
Investments
183
161
Loans
192
184
Other assets
35
35
Total assets
$ 1,728
$ 1,653
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
$ 445
$ 433
Collateralized financings
348
325
Customer and other payables
251
243
Trading liabilities
215
200
Unsecured short-term borrowings
75
77
Unsecured long-term borrowings
250
235
Other liabilities
23
21
Total liabilities
1,607
1,534
Shareholders’ equity
121
119
Total liabilities and shareholders’ equity
$ 1,728
$ 1,653
Capital Ratios and Supplementary Leverage Ratio (unaudited)3
$ in billions
AS OF
SEPTEMBER 30,
2024
JUNE 30,
2024
Common equity tier 1 capital
$ 102.2
$ 100.8
STANDARDIZED CAPITAL RULES
Risk-weighted assets
$ 699
$ 677
Common equity tier 1 capital ratio
14.6%
14.9%
ADVANCED CAPITAL RULES
Risk-weighted assets
$ 658
$ 633
Common equity tier 1 capital ratio
15.5%
15.9%
SUPPLEMENTARY LEVERAGE RATIO
Supplementary
leverage ratio
5.5%
5.4%
Average Daily VaR (unaudited)3
$ in millions
THREE MONTHS ENDED
SEPTEMBER 30,
2024
JUNE 30,
2024
RISK CATEGORIES
Interest rates
$ 75
$ 81
Equity prices
39
33
Currency rates
26
30
Commodity prices
20
18
Diversification effect
(68)
(71)
Total
$ 92
$ 91
11
Goldman Sachs Reports
Third Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Assets Under Supervision (unaudited)3
$ in billions
AS OF
SEPTEMBER 30,
2024
JUNE 30,
2024
SEPTEMBER 30,
2023
ASSET CLASS
Alternative investments
$ 328
$ 314
$ 267
Equity
780
735
607
Fixed income
1,220
1,147
1,031
Total long-term AUS
2,328
2,196
1,905
Liquidity products
775
738
775
Total AUS
$ 3,103
$ 2,934
$ 2,680
THREE MONTHS ENDED
SEPTEMBER 30,
2024
JUNE 30,
2024
SEPTEMBER 30,
2023
Beginning balance
$ 2,934
$ 2,848
$ 2,714
Net inflows / (outflows):
Alternative investments
9
18
2
Equity
4
6
–
Fixed income
16
7
5
Total long-term AUS net inflows / (outflows)
29
31
7
Liquidity products
37
40
11
Total AUS net inflows / (outflows)
66
71
18
Acquisitions / (dispositions)
–
–
–
Net market appreciation / (depreciation)
103
15
(52)
Ending balance
$ 3,103
$ 2,934
$ 2,680
12
Goldman Sachs Reports
Third Quarter 2024 Earnings Results
Footnotes
1.
Annualized ROE is calculated by dividing annualized net earnings applicable to common
shareholders by average monthly common shareholders’ equity. Annualized 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). Management believes that ROTE is meaningful because it measures the performance of businesses
consistently, whether they were acquired or developed internally, and that tangible common shareholders’ equity is meaningful because it is a measure that the firm and investors use to assess capital adequacy. ROTE and tangible common
shareholders’ equity 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 common
shareholders’ equity to average tangible common shareholders’ equity:
AVERAGE FOR THE
Unaudited, $ in millions
THREE MONTHS ENDED
SEPTEMBER 30, 2024
NINE MONTHS ENDED
SEPTEMBER 30, 2024
Total
shareholders’ equity
$ 119,900
$ 118,653
Preferred
stock
(12,878)
(12,183)
Common shareholders’ equity
107,022
106,470
Goodwill
(5,905)
(5,902)
Identifiable intangible
assets
(978)
(1,042)
Tangible common shareholders’ equity
$ 100,139
$ 99,526
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 – see “Results of Operations – Asset & Wealth Management – Assets Under Supervision,” (iii) efficiency ratio
– see “Results of Operations – Operating Expenses,” (iv) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management,” (v) global core liquid assets – see “Risk
Management – Liquidity Risk Management,” (vi) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk Management – Market 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) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital
Adequacy,” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents in calculating basic EPS – see Note 21
“Earnings Per Common Share.”
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, global core liquid assets and VaR. These may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended September 30,
2024.
13
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | — | — |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | — |
| Recession recession, downturn, contraction, slowdown | 0 | — | — |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | — |
| Buybacks share repurchase, buyback program | 2 | — | — |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor