Goldman Sachs Group · Earnings release

Full Year

and

Earnings Results

The Goldman Sachs

Group, Inc.

200 West Street | New York, NY

Full Year and Fourth Quarter 2024 Earnings Results

Goldman Sachs Reports Earnings Per Common Share of $40.54 for 2024

Fourth Quarter Earnings Per Common Share was $11.95

“We are very pleased with our strong results for the quarter and

the year. I’m encouraged that we have met or exceeded almost all of the targets we set in our strategy to grow the firm five years ago, and as a result, have both grown our revenues by nearly 50% and enhanced the durability of our

franchise. With an improving operating backdrop and growing CEO confidence, we are harnessing the power of One Goldman Sachs to continue to serve our clients with excellence and create further value for our

shareholders.”

- David Solomon, Chairman and Chief Executive Officer

Financial Summary

Net Revenues

Net Earnings

EPS

ROE1

ROTE1

Book Value Per Share

– The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $53.51 billion and net earnings of $14.28 billion for the year ended December 31, 2024. Net revenues were $13.87 billion and net earnings were $4.11

billion for the fourth quarter of 2024.

Diluted earnings per

common share (EPS) was $40.54 for the year ended December 31, 2024 compared with $22.87 for the year ended December 31, 2023, and was $11.95 for the fourth quarter of 2024 compared with $5.48 for the fourth quarter of 2023 and $8.40 for

Return on average common

shareholders’ equity (ROE)1 was 12.7% for 2024 and annualized ROE was 14.6% for the fourth quarter of 2024. Return on average tangible common shareholders’ equity

1

Goldman Sachs Reports

Full Year and Fourth Quarter 2024 Earnings Results

Annual Highlights

◾

During the year, the firm supported clients and continued to execute on strategic priorities,

which contributed to net revenues of $53.51 billion, net earnings of $14.28 billion and diluted EPS of $40.54, the second highest results for each.

◾

Global Banking & Markets generated net revenues of $34.94 billion, driven by record

net revenues in Equities and strong performances in Investment banking fees and Fixed Income, Currency and Commodities (FICC). These results included record net revenues in each of Equities financing and FICC financing.

◾

The firm ranked #1 in worldwide announced and completed mergers and acquisitions for the year.2

◾

Asset & Wealth Management generated net revenues of $16.14 billion, including record

Management and other fees and record Private banking and lending net revenues.

◾

Assets under supervision3 increased 12%

during the year to a record $3.14 trillion.

◾

Book value per common share increased by 7.4% during the year to $336.77.

Net Revenues

Full Year

compared with 2023, primarily reflecting higher net revenues in Global Banking & Markets and Asset & Wealth Management.

Fourth Quarter

Net revenues were $13.87 billion for the fourth

quarter of 2024, 23% higher than the fourth quarter of 2023 and 9% higher than the third quarter of 2024. The increase compared with the fourth quarter of 2023 reflected higher net revenues across all segments, with significant growth in Global

Banking & Markets.

2

Goldman Sachs Reports

Full Year and Fourth Quarter 2024 Earnings Results

Global Banking & Markets

Full Year

Net revenues in

Investment banking fees were $7.73 billion,

24% higher than 2023, primarily reflecting significantly higher net revenues in Debt underwriting, primarily driven by leveraged finance activity, and in Equity underwriting, primarily driven by secondary and initial

public offerings. In addition, net revenues in Advisory were higher, reflecting an increase in completed mergers and acquisitions transactions. The firm’s Investment banking fees backlog3 increased compared with the end of 2023.

Net revenues in FICC were $13.20 billion, 9% higher than 2023,

primarily reflecting significantly higher net revenues in FICC financing, primarily driven by mortgages and structured lending. Net revenues in FICC intermediation were slightly higher, driven by

significantly higher net revenues in currencies, mortgages and credit products, largely offset by lower net revenues in interest rate products and significantly lower net revenues in commodities.

Net revenues in Equities were $13.43 billion, 16% higher than 2023, reflecting significantly higher net revenues in Equities intermediation, primarily driven by derivatives, and higher net revenues in Equities financing,

driven by prime financing.

Net revenues in

Other were $576 million compared with $171 million for 2023, primarily reflecting significantly lower net losses on hedges.

2024 Global Banking & Markets

Advisory

Equity underwriting

Debt underwriting

Investment banking fees

FICC intermediation

FICC financing

FICC

Equities intermediation

Equities financing

Equities

Other

Fourth Quarter

Net revenues in Global Banking &

Markets were $8.48 billion for the fourth quarter of 2024, 33% higher than the fourth quarter of 2023 and essentially unchanged compared with the third quarter of 2024.

Investment banking fees were $2.05 billion, 24% higher than the fourth quarter of 2023, reflecting significantly higher net revenues in Equity underwriting, primarily driven by secondary and initial public offerings and

private placements, and in Debt underwriting, primarily driven by leveraged finance activity. Net revenues in Advisory were slightly lower. The firm’s Investment banking fees backlog3 increased compared with the end of the third quarter of 2024.

Net revenues in FICC were $2.74 billion, 35% higher than the fourth

quarter of 2023, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in currencies and mortgages and higher net

revenues in credit products, partially offset by lower net revenues in commodities. Net revenues in interest rate products were essentially unchanged. Net revenues in FICC financing were also significantly higher, primarily driven by

mortgages and structured lending.

Net revenues in Equities were

$3.45 billion, 32% higher than the fourth quarter of 2023, due to significantly higher net revenues in Equities intermediation, primarily driven by cash products, and in Equities financing, driven

by significantly higher net revenues in prime financing and portfolio financing.

Net revenues in Other were $235 million compared with $61 million for

the fourth quarter of 2023, reflecting significantly lower net losses on hedges.

4Q24 Global Banking & Markets

Advisory

Equity underwriting

Debt underwriting

Investment banking fees

FICC intermediation

FICC financing

FICC

Equities intermediation

Equities financing

Equities

Other

3

Goldman Sachs Reports

Full Year and Fourth Quarter 2024 Earnings Results

Asset & Wealth Management

Full Year

Net revenues in Asset & Wealth

Management were $16.14 billion for 2024, 16% higher than 2023, primarily reflecting significantly higher net revenues in Equity investments and higher Management and other fees. In addition, net revenues in Private banking and lending

and Incentive fees were higher, while net revenues in Debt investments were lower.

The increase in Equity investments net revenues primarily reflected

significantly higher net gains from investments in private equities (largely reflecting the impact of net losses in real estate investments in the prior year). The increase in Management and other fees primarily reflected the impact

of higher average assets under supervision. The increase in Private banking and lending net revenues primarily reflected the impact of the sale of the Marcus loan portfolio in 2023 (including net revenues of approximately $(370)

million related to the sale of substantially all of the portfolio) and the impact of higher direct-to-consumer deposit balances. The increase in Incentive fees was driven by harvesting. The decrease in Debt investments net revenues

reflected lower net interest income due to a reduction in the debt investments balance sheet, partially offset by net gains in the current year compared with net losses (particularly in real estate investments) in the prior

year.

2024 Asset & Wealth Management

Management and

other fees

Incentive fees

Private banking and

lending

Equity investments

Debt investments

Fourth Quarter

Net revenues in Asset & Wealth

Management were $4.72 billion for the fourth quarter of 2024, 8% higher than the fourth quarter of 2023 and 26% higher than the third quarter of 2024. The increase compared with the fourth quarter of 2023 primarily reflected higher

Management and other fees, significantly higher Incentive fees and higher net revenues in Private banking and lending, partially offset by significantly lower net revenues in Debt investments and lower net revenues in Equity

investments.

The increase in Management and other fees primarily reflected the

impact of higher average assets under supervision. The increase in Incentive fees was driven by harvesting. The increase in Private banking and lending net revenues primarily reflected the impact of higher deposit balances. The

decrease in Debt investments net revenues reflected lower net interest income due to a reduction in the debt investments balance sheet. The decrease in Equity investments net revenues primarily reflected the impact of the net gain

related to the sale of Personal Financial Management in the prior year period, partially offset by significantly higher mark-to-market net gains from investments in public equities.

4Q24 Asset & Wealth Management

Management and

other fees

Incentive

fees

Private banking and

lending

Equity investments

Debt investments

4

Goldman Sachs Reports

Full Year and Fourth Quarter 2024 Earnings Results

Platform Solutions

Full Year

Net revenues in Platform Solutions were $2.43 billion for 2024, 2% higher than 2023, reflecting slightly higher net revenues in Consumer platforms.

The increase in Consumer platforms net revenues reflected higher average credit card balances and higher average deposit balances, largely offset by the impact of the

planned transition of the General Motors (GM) credit card program to another issuer.

Transaction banking and other net revenues were lower, primarily reflecting lower net revenues related to the seller financing loan portfolio.

Consumer platforms

Transaction banking

and other

Fourth Quarter

Net revenues in Platform Solutions were $669 million for

the fourth quarter of 2024, 16% higher than the fourth quarter of 2023 and 71% higher than the third quarter of

2024. The increase compared with the fourth quarter of 2023 reflected higher net revenues in Consumer platforms.

The increase in Consumer platforms net revenues primarily reflected the mark-downsrelated to the GreenSky held for sale loan portfolio in the prior year period. Transaction banking and other net revenues were essentially unchanged.

4Q24 Platform Solutions

Consumer platforms

Transaction banking

and other

Provision for Credit Losses

Full Year

Provision for credit losses was $1.35 billion for

2024, compared with $1.03 billion for 2023. Provisions for 2024 reflected net provisions related to the credit card portfolio(primarily driven by net charge-offs). Provisions for 2023 reflected net provisions related to both the credit card portfolio (primarily driven by net charge-offs) and wholesale loans(primarily driven by impairments), partially offset by reserve reductions of $637 million related to the transfer of the GreenSky loan portfolio to held for sale and $442 million related to

the sale of substantially all of the Marcus loan portfolio.

2024 Provision for Credit Losses

Fourth Quarter

Provision for credit losses was $351 million for the

fourth quarter of 2024, compared with $577 million for the fourth quarter of 2023 and $397 million for the third quarter of 2024. Provisions for the fourth quarter of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs). Provisions for the fourthquarter of 2023 reflected net provisions related to both the credit card portfolio (primarilydriven by net charge-offs and portfolio growth, partially offset by a reserve reduction of $160 million related to the transfer of the GM credit

card portfolio to held for sale) and wholesale loans (driven by impairments).

4Q24 Provision for Credit Losses

5

Goldman Sachs Reports

Full Year and Fourth Quarter 2024 Earnings Results

Operating Expenses

Full Year

Operating expenses were $33.77 billion

for 2024, 2% lower than 2023. The firm’s efficiency ratio3 was 63.1% for 2024, compared with 74.6% for 2023.

Operating expenses, compared with 2023, reflected decreases driven by significantly lower expenses, including impairments, related to commercial real estate in consolidated investment entities (CIEs) (largely in depreciation

and amortization) and other significant expenses recognized in the prior year, including the write-down of intangibles related to GreenSky and an impairment of goodwill related to Consumer platforms (both in depreciation and amortization), and the

FDIC special assessment fee (in other expenses). These decreases were partially offset by higher compensation and benefits expenses (reflecting improved operating performance) and higher transaction based expenses.

Net provisions for litigation and regulatory proceedings were $166 million for 2024 compared with $115 million for 2023.

Headcount increased 3% during 2024.

Fourth Quarter

Operating expenses were $8.26 billion

for the fourth quarter of 2024, 3% lower than the fourth quarter of 2023 and essentially unchanged compared with the third quarter of 2024.

The decrease in operating expenses compared with the fourth quarter of 2023 primarily reflected the FDIC special assessment fee (in other expenses) in the prior year period and significantly lower expenses, including

impairments, related to commercial real estate in CIEs (largely in depreciation and amortization), partially offset by higher transaction based expenses.

Net provisions for litigation and regulatory proceedings were $(2) million for the fourth quarter of 2024 compared with $9 million for the fourth quarter of 2023.

4Q24 Operating Expenses

Provision for Taxes

The effective income tax rate for 2024

was 22.4%, down from 22.6% for the first nine months of 2024, primarily due to changes in the geographic mix of earnings. The 2024 effective income tax rate increased from 20.7% for 2023, primarily due to a decrease in the impact of

permanent tax benefits for 2024 compared with 2023, partially offset by changes in the geographic mix of earnings.

6

Goldman Sachs Reports

Full Year and Fourth Quarter 2024 Earnings Results

Other Matters

◾ On January 14, 2025, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $3.00 per common share to be

◾ During the year, the firm returned $11.80 billion of capital to common shareholders, including $8.00 billion of common share

repurchases (17.5 million shares at an average cost of $457.82) and $3.80 billion of common stock dividends. This included $2.97 billion of capital returned to common shareholders during the

fourth quarter, including $2.00 billion of common share repurchases (3.5 million shares at an average cost of $566.27) and $965 million of common stock

dividends.3

◾ Global core liquid assets3 averaged $429 billion for 2024, compared with an average of $407 billion for 2023.

Global core liquid assets averaged $422 billion for the fourth quarter of 2024, compared with an average of $447 billion for the third quarter of 2024.

Declared Quarterly

Dividend Per Common Share

7

Goldman Sachs Reports

Full Year and Fourth 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,

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.

8

Goldman Sachs Reports

Full Year and Fourth Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions

YEAR ENDED

% CHANGE FROM

GLOBAL BANKING & MARKETS

Advisory

7 %

Equity underwriting

Debt underwriting

Investment banking fees

FICC intermediation

3

FICC financing

FICC

9

Equities intermediation

Equities financing

9

Equities

Other

Net revenues

ASSET & WEALTH MANAGEMENT

Management and other fees

Incentive fees

Private banking and lending

Equity investments

Debt investments

Net revenues

PLATFORM SOLUTIONS

Consumer platforms

4

Transaction banking and other

(8)

Net revenues

2

Total net revenues

Geographic Net Revenues (unaudited)3

$ in millions

YEAR ENDED

Americas

EMEA

Asia

Total net revenues

Americas

EMEA

Asia

Total

9

Goldman Sachs Reports

Full Year and Fourth Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions

THREE MONTHS ENDED

% CHANGE FROM

GLOBAL BANKING & MARKETS

Advisory

(4) %

Equity underwriting

Debt underwriting

(2)

Investment banking fees

FICC intermediation

FICC financing

4

FICC

(8)

Equities intermediation

Equities financing

Equities

(1)

Other

4

Net revenues

(1)

ASSET & WEALTH MANAGEMENT

Management and other fees

8

Incentive fees

Private banking and lending

(3)

Equity investments

Debt investments

Net revenues

8

PLATFORM SOLUTIONS

Consumer platforms

Transaction banking and other

(1)

Net revenues

Total net revenues

9

Geographic Net Revenues (unaudited)3

$ in millions

THREE MONTHS ENDED

Americas

EMEA

Asia

Total net revenues

Americas

EMEA

Asia

9%

Total

Goldman Sachs Reports

Full Year and Fourth Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)4

In millions, except per share amounts

YEAR ENDED

% CHANGE FROM

REVENUES

Investment banking

Investment management

Commissions and fees

8

Market making

1

Other principal transactions

Total non-interest revenues

Interest income

Interest expense

Net interest income

Total net revenues

Provision for credit losses

OPERATING EXPENSES

Compensation and benefits

8

Transaction based

Market development

3

Communications and technology

4

Depreciation and amortization

Occupancy

(8)

Professional fees

2

Other expenses

Total operating expenses

(2)

Pre-tax earnings

Provision for taxes

Net earnings

Preferred stock dividends

Net earnings applicable to common shareholders

EARNINGS PER COMMON SHARE

Basic3

Diluted

AVERAGE COMMON SHARES

Basic

(4)

Diluted

(4)

Goldman Sachs Reports

Full Year and Fourth Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)4

In millions, except per share amounts and headcount

THREE MONTHS ENDED

% CHANGE FROM

REVENUES

Investment banking

Investment management

Commissions and fees

Market making

(7)

Other principal transactions

Total non-interest revenues

Interest income

(7)

8

Interest expense

(8)

3

Net interest income

–

Total net revenues

9

Provision for credit losses

OPERATING EXPENSES

Compensation and benefits

(9)

4

Transaction based

Market development

3

Communications and technology

5

4

Depreciation and amortization

Occupancy

(1)

Professional fees

1

Other expenses

Total operating expenses

(1)

(3)

Pre-tax earnings

Provision for taxes

Net earnings

Preferred stock dividends

Net earnings applicable to common shareholders

EARNINGS PER COMMON SHARE

Basic3

Diluted

AVERAGE COMMON SHARES

Basic

(1)

(4)

Diluted

(1)

(4)

SELECTED DATA AT PERIOD-END

Common shareholders’ equity

1

3

Basic shares3

–

(4)

Book value per common share

1

7

Headcount

–

3

Goldman Sachs Reports

Full Year and Fourth Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)3

$ in billions

AS OF

ASSETS

Cash and cash equivalents

Collateralized agreements

Customer and other receivables

Trading assets

Investments

Loans

Other assets

Total assets

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits

Collateralized financings

Customer and other payables

Trading liabilities

Unsecured short-term borrowings

Unsecured long-term borrowings

Other liabilities

Total liabilities

Shareholders’ equity

Total liabilities and shareholders’ equity

Capital Ratios and Supplementary Leverage Ratio (unaudited)3

$ in billions

AS OF

Common equity tier 1 capital

STANDARDIZED CAPITAL RULES

Risk-weighted assets

Common equity tier 1 capital ratio

ADVANCED CAPITAL RULES

Risk-weighted assets

Common equity tier 1 capital ratio

SUPPLEMENTARY LEVERAGE RATIO

Supplementary leverage ratio

Average Daily VaR (unaudited)3

$ in millions

THREE MONTHS ENDED

YEAR ENDED

RISK CATEGORIES

Interest rates

Equity prices

Currency rates

Commodity prices

Diversification effect

Total

Goldman Sachs Reports

Full Year and Fourth Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)3

$ in billions

AS OF

ASSET CLASS

Alternative investments

Equity

Fixed income

Total long-term AUS

Liquidity products

Total AUS

THREE MONTHS ENDED

YEAR ENDED

Beginning balance

Net inflows / (outflows):

Alternative investments

9

Equity

4

4

2

(3)

Fixed income

7

Total long-term AUS net inflows / (outflows)

Liquidity products

Total AUS net inflows / (outflows)

Acquisitions / (dispositions)

–

–

–

Net market appreciation / (depreciation)

Ending balance

Goldman Sachs Reports

Full Year and Fourth Quarter 2024 Earnings Results

Footnotes

1.

ROE is calculated by dividing net earnings

(or annualized net earnings for annualized ROE) applicable to common shareholders by average monthly common shareholders’ equity. ROTE is calculated by dividing net

earnings (or annualized net earnings for annualized ROTE) 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

YEAR ENDED

THREE MONTHS ENDED

Total shareholders’ equity

Preferred stock

Common shareholders’ equity

Goodwill

Identifiable intangible assets

Tangible common shareholders’ equity

2.

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 September 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 September 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 fourth 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 Annual Report on Form 10-K for the year ended

4.

Beginning in the fourth quarter of 2024, revenues relating to certain short-term foreign currency

swaps used in connection with the firm’s funding strategy are classified within non-interest revenues to better align with the classification for similar foreign currency derivatives. Previously, such revenues were included within

net interest income ($234 million for the first quarter of 2024, $252 million for the second quarter of 2024 and $276 million for the third quarter of 2024). This change has no impact to total net revenues of the firm.

Amounts previously reported for the first, second and third quarters of 2024 have been conformed to the current presentation. Revenues related to such swaps were not material for 2023, and therefore no adjustments have been made to prior

year amounts.

Net interest income for the fourth quarter of 2024 included $869 million in Global Banking

& Markets, $713 million in Asset & Wealth Management and $763 million in Platform Solutions, and for 2024 included $2.41 billion in Global Banking & Markets, $2.80 billion in Asset & Wealth Management and

$2.86 billion in Platform Solutions.