Second Quarter 2023

Earnings Results Presentation

July 19, 2023

Results Snapshot

Net Revenues Net Earnings EPS

2Q23 $10.90 billion 2Q23 $1.22 billion 2Q23 $3.08
2Q23 YTD $23.12 billion 2Q23 YTD $4.45 billion 2Q23 YTD $11.91

Annualized ROE1 Annualized ROTE1 Book Value Per Share

2Q23 4.0% 2Q23 4.4% 2Q23 $309.33
2Q23 YTD 7.8% 2Q23 YTD 8.5% YTD Growth 1.9%

Highlights Selected Items5

$ in millions,
#1 in M&A, Equity & equity-related offerings, HY debt offerings2 except per share amounts 2Q23

Pre-tax earnings:

Strong Equities performance, including record financing net revenues Marcus loans portfolio $ 154

AWM historical principal investments6 (1,151)

Record AUS3,4 of $2.71 trillion GreenSky (677)

Total impact to pre-tax earnings $ (1,674)

Record Management and other fees of $2.35 billion Impact to net earnings $ (1,372)

Impact to EPS $ (3.95)

Increased quarterly dividend by 10% to $2.75 per common share in 3Q23 Impact to annualized ROE (5.2)pp
1
Financial Overview
Financial Results Financial Overview Highlights
vs.  2Q23 results included EPS of $3.08 and ROE of 4.0%
$ in millions, vs. vs. 2Q23 2Q22
— 2Q23 net revenues were lower YoY in Global Banking & Markets and Asset & Wealth
except per share amounts 2Q23 1Q23 2Q22 YTD YTD
Management and higher in Platform Solutions
Global Banking & Markets $ 7,189 (15)% (14)% $ 15,633 (15)% — 2Q23 provision for credit losses was $615 million, reflecting net provisions related to the
credit card and point-of-sale loan portfolios, driven by net charge-offs and growth, and
Asset & Wealth Management 3,047 (5)% (4)% 6,263 8% individual impairments on wholesale loans, partially offset by a reserve reduction related to
the repayment of a term deposit with First Republic Bank
Platform Solutions 659 17% 92% 1,223 100% — 2Q23 operating expenses were higher YoY, driven by an impairment of goodwill of $504
million related to Consumer platforms and impairments of ~$485 million related to
consolidated real estate investments
Net revenues 10,895 (11)% (8)% 23,119 (7)%

Provision for credit losses 615 N.M. (8)% 444 (64)%

Operating expenses 8,544 2% 12% 16,946 10%

Net Revenues by Segment ($ in millions)

Pre-tax earnings $ 1,736 (57)% (51)% $ 5,729 (30)% $12,224

$11,864
$10,895
Net earnings $ 1,216 (62)% (58)% $ 4,450 (35)%
Global Banking
Net earnings to common $ 1,071 (65)% (62)% $ 4,158 (37)% & Markets

$8,444 $8,342
Diluted EPS $ 3.08 (65)% (60)% $ 11.91 (36)% $7,189 Asset & Wealth
Management
ROE1 4.0% (7.6)pp (6.6)pp 7.8% (5.0)pp
Platform
ROTE1 4.4% (8.2)pp (7.0)pp 8.5% (5.1)pp Solutions

$3,047 $3,216 $3,179

Efficiency Ratio3 78.4% 9.7pp 13.9pp 73.3% 11.3pp

$659 $564 $343

2Q23 1Q23 2Q22 2
 Global Banking & Markets
Financial Results Global Banking & Markets Highlights
vs.  2Q23 net revenues were lower YoY
vs. vs. 2Q23 2Q22 — Investment banking fees primarily reflected significantly lower net revenues in Advisory,
$ in millions 2Q23 1Q23 2Q22 YTD YTD partially offset by significantly higher net revenues in Equity underwriting
Investment banking fees $ 1,431 (9)% (20)% $ 3,010 (24)% — FICC reflected significantly lower net revenues in intermediation compared with a strong
2Q22 and lower net revenues in financing

FICC 2,711 (31)% (26)% 6,642 (21)% — Equities reflected significantly higher net revenues in financing, largely offset by lower net
revenues in intermediation

Equities 2,966 (2)% 1% 5,981 (3)%  Investment banking fees backlog3 increased vs. 1Q23, primarily reflecting an increase in
Advisory, partially offset by a decrease in Equity underwriting
 2Q23 provision for credit losses included a reserve reduction related to the repayment of a term
Other 81 N.M. N.M. – N.M.
deposit with First Republic Bank
 2Q23 select data4:
Net revenues 7,189 (15)% (14)% 15,633 (15)%
— Total assets of $1.31 trillion
Provision for credit losses 56 (57)% (73)% 185 (54)% — Loan balance of $110 billion
— Net interest income of $202 million
Operating expenses 4,282 (7)% (3)% 8,911 (5)%
Global Banking & Markets Net Revenues ($ in millions)
Pre-tax earnings $ 2,851 (23)% (23)% $ 6,537 (24)% $8,444 $8,342

Net earnings $ 2,091 (30)% (32)% $ 5,077 (30)% $7,189 $1,579 $1,799 Investment
banking fees
$1,431
Net earnings to common $ 1,982 (31)% (33)% $ 4,858 (31)%
FICC
$3,931 $3,642
Average common equity $ 71,205 2% – $ 70,362 1% $2,711
Equities

Return on average common equity 11.1% (5.5)pp (5.5)pp 13.8% (6.4)pp Other

$2,966 $3,015 $2,944

$81
$(81) $(43)
2Q23 1Q23 2Q22 3
Global Banking & Markets – Net Revenues
Net Revenues Global Banking & Markets Net Revenues Highlights
vs.  2Q23 Investment banking fees were significantly lower YoY
vs. vs. 2Q23 2Q22
— Advisory reflected a significant decline in industry-wide completed mergers and acquisitions
$ in millions 2Q23 1Q23 2Q22 YTD YTD
transactions
Advisory $ 645 (21)% (46)% $ 1,463 (37)% — Equity underwriting primarily reflected a significant increase in industry-wide volumes
 2Q23 FICC net revenues were significantly lower YoY compared with a strong 2Q22
Equity underwriting 338 33% 133% 593 41%
— FICC intermediation reflected significantly lower net revenues in commodities, interest rate
Debt underwriting 448 (11)% (2)% 954 (20)% products and currencies, partially offset by significantly higher net revenues in mortgages and
higher net revenues in credit products

Investment banking fees 1,431 (9)% (20)% 3,010 (24)% — FICC financing primarily reflected lower net revenues in commodities financing
 2Q23 Equities net revenues were essentially unchanged YoY
FICC intermediation 2,089 (36)% (28)% 5,369 (24)%
— Equities intermediation primarily reflected lower net revenues in derivatives

FICC financing 622 (4)% (14)% 1,273 (6)% — Equities financing net revenues were a record and primarily reflected significantly higher net
revenues in prime financing
FICC 2,711 (31)% (26)% 6,642 (21)%  2Q23 Other net revenues reflected net gains from direct investments compared with net losses in
2Q22
Equities intermediation 1,533 (12)% (13)% 3,274 (17)%

Equities financing 1,433 12% 22% 2,707 21%

Equities 2,966 (2)% 1% 5,981 (3)%

Other 81 N.M. N.M. – N.M.

Net revenues $ 7,189 (15)% (14)% $ 15,633 (15)%

4
 Asset & Wealth Management
Financial Results Asset & Wealth Management Highlights
vs.  2Q23 net revenues were slightly lower YoY
vs. vs. 2Q23 2Q22 — Record Management and other fees primarily reflected the impact of higher average AUS
$ in millions 2Q23 1Q23 2Q22 YTD YTD — Incentive fees were significantly lower, driven by significant harvesting in 2Q22
— Private banking and lending net revenues were a record, primarily reflecting the impact of
Management and other fees $ 2,354 3% 5% $ 4,636 8% higher deposit spreads and balances, as well as a gain of ~$100 million related to the sale of
substantially all of the remaining Marcus loans portfolio
Incentive fees 25 (53)% (86)% 78 (70)% — Equity investments reflected net losses from real estate investments compared with net gains
in 2Q22, partially offset by significantly lower net losses from investments in public equities
o Private: 2Q23 ~$(305) million, compared to 2Q22 ~$540 million
Private banking and lending 874 147% 62% 1,228 19% o Public: 2Q23 ~$(100) million, compared to 2Q22 ~$(640) million
— Debt investments reflected net mark-downs in real estate investments
Equity investments (403) N.M. N.M. (284) N.M.  2Q23 operating expenses included impairments of ~$485 million related to consolidated real
estate investments
 The impact to 2Q23 YTD pre-tax margin of 6% from the results of Marcus loans and historical
Debt investments 197 (52)% (38)% 605 –
principal investments6 was a reduction of 15pp
 2Q23 select data4:
Net revenues 3,047 (5)% (4)% 6,263 8% — Total assets of $196 billion
— Loan balance of $49 billion, of which $33 billion related to Private banking and lending
Provision for credit losses 15 N.M. (90)% (550) N.M. — Net interest income of $821 million

Asset & Wealth Management Net Revenues ($ in millions)

Operating expenses 3,275 3% 16% 6,443 23%
$3,216 $3,179
$3,047
Pre-tax earnings / (loss) $ (243) N.M. N.M. $ 370 87% Management
and other fees

Net earnings / (loss) $ (208) N.M. N.M. $ 288 73% Incentive

fees
$2,354 $2,282 $2,243
Private banking
Net earnings / (loss) to common $ (239) N.M. N.M. $ 225 108% and lending
Equity
Average common equity $ 31,047 (5)% – $ 31,781 3% $25 $53 $185 investments
$354
$874 $119 $538 Debt
Return on average common equity (3.1)% (8.8)pp (4.9)pp 1.4% 0.7pp investments
$197 $408 $317
$(403) $(104)
2Q23 1Q23 2Q22 5
Assets Under Supervision
AUS Rollforward3,4 AUS Highlights3,4
 During the quarter, AUS increased $42 billion to a record $2.71 trillion
$ in billions 2Q23 1Q23 2Q22 — Net market appreciation of $30 billion, driven by net appreciation in equity assets
Beginning balance $ 2,672 $ 2,547 $ 2,394 — Long-term net inflows of $8 billion, driven by net inflows in fixed income assets
Long-term AUS net inflows / (outflows) 8 8 2 — Liquidity products net inflows of $4 billion

Liquidity products 4 49 (7)

Total AUS net inflows / (outflows) 12 57 (5)

Acquisitions / (dispositions) – – 305

2Q23 AUS Mix3,4
Net market appreciation / (depreciation) 30 68 (199)

Ending balance $ 2,714 $ 2,672 $ 2,495 10%

29%
39% 36%
23%
Asset Client
AUS by Asset Class3,4 Class Channel

$ in billions 2Q23 1Q23 2Q22

28% 35%
Alternative investments $ 267 $ 268 $ 254

Equity 627 597 552

7% 12%
Fixed income 1,056 1,047 1,007

Long-term AUS 1,950 1,912 1,813 22%

Liquidity products 764 760 682 Region Vehicle 54%

34%
Total AUS $ 2,714 $ 2,672 $ 2,495 71%

6
 Asset & Wealth Management – Alternative Investments
Alternative Investments AUS and Effective Fees4 Alternative Investments Highlights4
 2Q23 Management and other fees from alternative investments were $521 million, up 12%
2Q23 compared with 2Q22

$ in billions Average AUS Effective Fees (bps)  During the quarter, alternative investments AUS decreased $1 billion to $267 billion
Corporate equity $ 98 78  2Q23 gross third-party alternatives fundraising across strategies was $11 billion, including:
Credit 45 77 — $5 billion in corporate equity, $2 billion in credit, $2 billion in real estate and $2 billion in hedge
20 69 funds and other
Real estate
Hedge funds and other 65 63 — $204 billion raised since the end of 2019

Funds and discretionary accounts 228 73  During the quarter, on-balance sheet alternative investments declined by $3.3 billion to $53.2
billion
Advisory accounts 39 16
— Historical principal investments6 declined by $3.6 billion to $23.8 billion and included $4.5
Total alternative investments AUS $ 267 65 billion of equity securities, $5.8 billion of loans, $4.6 billion of debt securities and $8.9 billion of
CIE investments and other

On-Balance Sheet Alternative Investments4 Historical Principal Investments Rollforward4,6 ($ in billions)

$ in billions 2Q23 1Q23
Equity securities $ 13.5 $ 14.5 $29.7 $(1.5) $1.2 $(5.6)
Loans 16.1 17.3
Debt securities 12.1 12.3
CIE investments and other7 11.5 12.4 $23.8
Total On-B/S alternative investments $ 53.2 $ 56.5

Client co-invest $ 22.8 $ 22.8

Firmwide initiatives / CRA investments 6.6 6.3
Historical principal investments6 23.8 27.4
Total On-B/S alternative investments $ 53.2 $ 56.5
YE22 Net mark-ups Additions Dispositions 2Q23
/ (mark-downs) / Paydowns 8 7
 Platform Solutions
Financial Results Platform Solutions Highlights
vs.  2Q23 net revenues were higher YoY
vs. vs. 2Q23 2Q22 — Consumer platforms primarily reflected significantly higher average credit card balances and
$ in millions 2Q23 1Q23 2Q22 YTD YTD higher average point-of-sale loan balances
Consumer platforms $ 577 18% 129% $ 1,067 136% — Transaction banking and other reflected lower deposit spreads, partially offset by higher
average deposit balances
Transaction banking and other 82 11% (10)% 156 (1)%  2Q23 provision for credit losses reflected provisions related to the credit card portfolio, primarily
driven by net charge-offs, and the point-of-sale loan portfolio, primarily driven by growth
Net revenues 659 17% 92% 1,223 100%  2Q23 operating expenses included an impairment of goodwill of $504 million related to Consumer
platforms
Provision for credit losses 544 105% 75% 809 70%  2Q23 select data4:
— Total assets of $64 billion
Operating expenses 987 63% 147% 1,592 117% — Loan balance of $19 billion
— Net interest income of $661 million
Pre-tax earnings / (loss) $ (872) N.M. N.M. $ (1,178) N.M. — Active Consumer platforms customers of 14.3 million

Net earnings / (loss) $ (667) N.M. N.M. $ (915) N.M. Platform Solutions Net Revenues ($ in millions)
Net earnings / (loss) to common $ (672) N.M. N.M. $ (925) N.M. $659

4,022 2% 10% $ 3,965 25% $564

Average common equity $

Return on average common equity (66.8)% (41.1)pp (33.2)pp (46.7)% (14.8)pp

Consumer
$343 platforms
$577
$490 Transaction
banking and other
$252

$82 $74 $91

8
2Q23 1Q23 2Q22
Loans and Net Interest Income

Loans by Segment4 ($ in billions) Loans by Type4 2Q23 Metrics

$178 $178 $176 $ in billions 2Q23 1Q23 2Q22 3.0%
Corporate $ 38 $ 40 $ 41 ALLL to Total
Gross Loans, at
Commercial real estate 28 29 32 Amortized Cost

$110 $109 $106

Global Banking
& Markets
Residential real estate 24 22 26 1.7%
Securities-based lending 15 16 17 ALLL to Gross
Wholesale Loans, at
Asset & Wealth Other collateralized lending 54 53 45 Amortized Cost
Management

Platform
Installment 5 6 5 12.6%
Solutions Credit cards 17 15 12 ALLL to Gross
$49 $53 $59 Consumer Loans, at
Other 2 2 3 Amortized Cost

$19 $16 $11

Allowance for loan losses (5) (5) (5) ~80%
2Q23 1Q23 2Q22 Total loans $ 178 $ 178 $ 176 Gross Loans
Secured

Net Interest Income by Segment ($ in millions) Loans and Net Interest Income Highlights4
 2Q23 total loans were unchanged QoQ
$1,781 — Gross loans by type: $172 billion - amortized cost, $7 billion - fair value, $4 billion - held for sale
$1,684 $1,734
— Average loans of $178 billion
$202 $347
$483 — Total allowance for loan losses and losses on lending commitments was $6.01 billion ($5.23
Global Banking billion for funded loans)
& Markets
o $3.23 billion for wholesale loans, $2.78 billion for consumer loans
$821 Asset & Wealth — Net charge-offs of $444 million for an annualized net charge-off rate of 1.0%
$886 Management
$855 o 0.4% for wholesale loans, 5.8% for consumer loans
Platform  2Q23 net interest income was slightly lower YoY
Solutions
— 2Q23 average interest-earning assets3 of $1.44 trillion
$661 $548
$396

2Q23 1Q23 2Q22 9

Commercial Real Estate (CRE)

2Q23 Firmwide Loans, Net of ALLL4 2Q23 AWM On-Balance Sheet Alternative Investments4
$ in billions

$ in billions CRE-related Office-related

2Q23
Warehouse / other indirect $11 Equity securities $ 4.2 $ 0.4
Industrials $4
Multifamily $3
$27 Hospitality $2 Loans (included in firmwide loans) $ 3.3 $ 0.4
Office $2
Mixed use $2
Other $3 Debt securities $ 0.7 $ 0.1

CIE investments and other7 $ 9.7 / 4.1 $ 0.8

CRE loans Other loans
gross / net net of financings
of financings
15.4% 1.5% 0.3%
CRE Loans to Past Due (30+ days) Ratio 2Q23 Annualized
Total Loans, Net of on CRE Loans, at Net Charge-Off Ratio
ALLL Amortized Cost on CRE Loans, at
Amortized Cost

 42% of the CRE loan portfolio was investment-grade, based on internally determined public  Office-related exposures were primarily secured by Class A office properties
rating agency equivalents
 ~50% of the CRE-related on-balance sheet alternative investments consisted of historical
 Office-related loans were primarily secured by Class A office properties principal investments, which the firm intends to exit over the medium term6
 Additionally, the firm has $3.9 billion of CRE-related unfunded lending commitments, including
$0.9 billion of office-related commitments

10
 Expenses
Financial Results Expense Highlights
 2Q23 total operating expenses increased YoY
vs.
vs. vs. 2Q23 2Q22 — Non-compensation expenses were significantly higher, reflecting:
$ in millions 2Q23 1Q23 2Q22 YTD YTD
o An impairment of goodwill of $504 million related to Consumer platforms (in
Compensation and benefits $ 3,619 (12)% (2)% $ 7,709 (1)% depreciation and amortization)
o Impairments of ~$485 million related to consolidated real estate investments (in
depreciation and amortization)
Transaction based 1,385 (1)% 5% 2,790 9%
— Partially offset by slightly lower compensation and benefits expenses

Market development 146 (15)% (38)% 318 (20)%  2Q23 YTD effective income tax rate was 22.3%, up from 19.0% for 1Q23, primarily due to the
impact of an increase in taxes on non-U.S. earnings

Communications and technology 482 3% 9% 948 9%

Depreciation and amortization 1,594 64% 180% 2,564 141%

Efficiency Ratio3
Occupancy 253 (5)% (2)% 518 2%

73.3%
Professional fees 392 2% (20)% 775 (16)%
62.0%
Other expenses 673 3% 5% 1,324 5%

Total operating expenses $ 8,544 2% 12% $ 16,946 10%

Provision for taxes $ 520 (31)% (16)% $ 1,279 (4)%

Effective Tax Rate 22.3% 6.0pp

2Q23 YTD 2Q22 YTD

11
Capital and Balance Sheet
Capital3,4 Capital and Balance Sheet Highlights3,4
 Standardized CET1 capital ratio increased slightly QoQ, primarily reflecting an increase in CET1
2Q23 1Q23 4Q22 capital
 Advanced CET1 capital ratio decreased slightly QoQ, primarily reflecting an increase in market
Standardized CET1 capital ratio 14.9% 14.8% 15.0% RWAs driven by increased exposures
 SLR decreased QoQ, primarily reflecting an increase in average total assets
Advanced CET1 capital ratio 14.4% 14.5% 14.4%
 As of October 1, 2023, the firm’s SCB will be reduced by 80bps from 6.3% to 5.5%
 Returned $1.61 billion of capital to common shareholders during the quarter
Supplementary leverage ratio (SLR) 5.6% 5.8% 5.8%
— 2.2 million common shares repurchased for a total cost of $750 million3
— $864 million of common stock dividends
 Increased the quarterly dividend from $2.50 to $2.75 per common share in 3Q23
 2Q23 deposits of $399 billion consisted of consumer $148 billion, private bank $91 billion,
transaction banking $71 billion, brokered CDs $39 billion, deposit sweep programs $34 billion and
other $16 billion
 BVPS was essentially unchanged QoQ

Selected Balance Sheet Data4 Book Value

$ in billions 2Q23 1Q23 4Q22 In millions, except per share amounts 2Q23 1Q23 4Q22

Total assets $ 1,571 $ 1,538 $ 1,442 Basic shares3 342.0 344.0 350.8

Deposits $ 399 $ 376 $ 387 Book value per common share $ 309.33 $ 310.48 $ 303.55

Unsecured long-term borrowings $ 231 $ 241 $ 247 Tangible book value per common share1 $ 286.34 $ 286.05 $ 279.66

Shareholders’ equity $ 116 $ 117 $ 117

Average GCLA3 $ 410 $ 399 $ 409

12
 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, 2022.
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,
business realignment and the achievability of medium- and long-term 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), (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 2023 benchmark debt issuances, (viii) the impact of Russia’s invasion of Ukraine and related sanctions and other
developments on the firm’s business, results and financial position, and (ix) the firm’s ability to sell, and the terms of any proposed sale of, the remaining Marcus loans portfolio, Asset &
Wealth Management historical principal investments and GreenSky 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, business
realignment and the achievability of medium- and long-term targets and goals are based on the firm’s current expectations regarding the firm’s ability to effectively implement these
initiatives and realignment 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. 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 the U.S. IRS or other tax authorities. Statements about the firm’s Investment banking fees backlog and future results 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 the escalation or
continuation of the war between Russia and Ukraine, continuing 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 2023 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 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 sales of the remaining Marcus loans portfolio, Asset & Wealth Management historical
principal investments and GreenSky 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 announced sales. 13
 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 SIX MONTHS ENDED
Unaudited, $ in millions JUNE 30, 2023 JUNE 30, 2023 JUNE 30, 2023 MARCH 31, 2023 DECEMBER 31, 2022
Total shareholders’ equity $ 116,977 $ 116,811 $ 116,493 $ 117,509 $ 117,189
Preferred stock (10,703) (10,703) (10,703) (10,703) (10,703)
Common shareholders’ equity 106,274 106,108 105,790 106,806 106,486
Goodwill (6,315) (6,341) (5,942) (6,439) (6,374)
Identifiable intangible assets (1,942) (1,963) (1,921) (1,965) (2,009)
Tangible common shareholders’ equity $ 98,017 $ 97,804 $ 97,927 $ 98,402 $ 98,103

2. Dealogic – January 1, 2023 through June 30, 2023.

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 March 31, 2023: (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) 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 March 31, 2023: (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.”

4. Represents a preliminary estimate for the second quarter of 2023 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2023.

5. Includes selected items that the firm has sold, or is selling, or for which the firm has announced the exploration of a sale, related to the firm’s narrowing of its ambitions in consumer–related activities and the transition 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 the Marcus loans portfolio, a gain of approximately
$100 million related to the sale of substantially all of the remaining portfolio, and for GreenSky, an impairment of goodwill of $504 million related to Consumer platforms. Net earnings reflects the 2Q23 effective income tax
rate for the respective segment of each selected item.

6. Includes consolidated investment entities (CIEs) and other legacy investments the firm intends to exit over the medium term (medium term refers to a 3-5 year time horizon from year-end 2022).

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 $10 billion as of June 30, 2023 and $11 billion as of March 31, 2023 were funded with liabilities of approximately $6 billion as of both June 30, 2023 and March 31, 2023. Substantially all such liabilities are nonrecourse,
thereby reducing the firm’s equity at risk.

8. Includes approximately $1 billion of investments that were transferred out of historical principal investments, primarily to Global Banking & Markets. 14