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1、Second Quarter 2024Earnings Results PresentationJuly 15,2024Net RevenuesResults Snapshot1Increased quarterly dividend by 9%to$3.00 per common share in 3Q24#1 in announced and completed M&A2;2nd highest net revenues in Equities financing and in FICC financing Annualized ROE1Net EarningsAnnualized ROT

2、E1EPSBook Value Per ShareRecord Management and other fees of$2.54 billion$in millions,except per share amounts2Q242Q24 YTDPre-tax earnings:AWM historical principal investments5$164$332GreenSky3(21)General Motors(GM)Card(58)(118)FDIC special assessment fee(19)(97)Total impact to pre-tax earnings$90$9

3、6Impact to net earnings$70$75Impact to EPS$0.21$0.22Impact to ROE0.3pp 0.1pp Selected Items and FDIC Special Assessment Fee4Quarterly Highlights 2Q242Q24 YTD 10.9%12.8%Record AUS3 of$2.93 trillion;26th consecutive quarter of long-term fee-based net inflows2Q242Q24 YTD$3.04 billion$7.18 billion2Q242Q

4、24 YTD$12.73 billion$26.94 billion2Q24 2Q24 YTD$8.62$20.212Q242Q24 YTD 11.6%13.8%2Q24 YTD Growth$327.134.3%$669$698$659$3,878$3,789$3,047$8,184$9,726$7,1892Q241Q242Q23Global Banking&MarketsAsset&WealthManagementPlatformSolutionsFinancial OverviewFinancial ResultsFinancial Overview Highlights 2Q24 re

5、sults included EPS of$8.62 and ROE of 10.9%2Q24 net revenues were higher YoY,reflecting higher net revenues in Global Banking&Markets and Asset&Wealth Management 2Q24 provision for credit losses was$282 million,reflecting net provisions related to the credit card portfolio(driven by net charge-offs)

6、2Q24 operating expenses were essentially unchanged YoY,reflecting decreases driven by an impairment of goodwill related to Consumer platforms in 2Q23 and significantly lower impairments related to consolidated real estate investments,offset by increases from higher compensation and benefits expenses

7、(reflecting improved operating performance)and higher transaction based expenses 2Net Revenues by Segment($in millions)$14,213$10,895$12,731$in millions,except per share amounts2Q24vs.1Q24vs.2Q232Q24 YTD vs.2Q23YTDGlobal Banking&Markets$8,184(16)%14%$17,910 15%Asset&Wealth Management3,878 2%27%7,667

8、 22%Platform Solutions 669(4)%2%1,367 12%Net revenues12,731(10)%17%26,944 17%Provision for credit losses282(11)%(54)%600 35%Operating expenses8,533(1)%17,191 1%Pre-tax earnings$3,916(25)%126%$9,153 60%Net earnings$3,043(26)%150%$7,175 61%Net earnings to common$2,891(26)%170%$6,822 64%Diluted EPS$8.6

9、2(26)%180%$20.21 70%ROE110.9%(3.9)pp6.9pp12.8%5.0ppROTE111.6%(4.3)pp7.2pp13.8%5.3ppEfficiency Ratio367.0%6.1pp(11.4)pp63.8%(9.5)pp$102$12$81$3,169$3,311$2,966$3,180$4,323$2,711$1,733$2,080$1,4312Q241Q242Q23Investmentbanking feesFICCEquitiesOther 2Q24 net revenues were higher YoY Investment banking f

10、ees reflected significantly higher net revenues in Debt underwriting,higher net revenues in Equity underwriting and slightly higher net revenues in Advisory FICC reflected higher net revenues in intermediation and significantly higher net revenues in financing Equities reflected higher net revenues

11、in intermediation,partially offset by slightly lower net revenues in financing Investment banking fees backlog3 increased significantly QoQ,driven by Advisory and Debtunderwriting 2Q24 select data3:Total assets of$1.40 trillion Loan balance of$123 billion Net interest income of$815 millionGlobal Ban

12、king&Markets HighlightsGlobal Banking&MarketsFinancial Results3Global Banking&Markets Net Revenues($in millions)$9,726$7,189$8,184$in millions2Q24vs.1Q24vs.2Q232Q24YTD vs.2Q23YTDInvestment banking fees$1,733(17)%21%$3,813 27%FICC3,180(26)%17%7,503 13%Equities3,169(4)%7%6,480 8%Other102 750%26%114 N.

13、M.Net revenues8,184(16)%14%17,910 15%Provision for credit losses(55)N.M.N.M.41(78)%Operating expenses5,075(2)%19%10,228 15%Pre-tax earnings$3,164(29)%11%$7,641 17%Net earnings$2,458(30)%18%$5,990 18%Net earnings to common$2,338(31)%18%$5,715 18%Average common equity$76,071 1%7%$75,424 7%Return on av

14、erage common equity12.3%(5.7)pp1.2pp15.2%1.4pp 2Q24 Investment banking fees were significantly higher YoY Advisory net revenues were slightly higher Equity underwriting primarily reflected an increase in convertible and initial public offerings Debt underwriting primarily reflected a significant inc

15、rease in leveraged finance activity 2Q24 FICC net revenues were higher YoY FICC intermediation reflected significantly higher net revenues in interest rate products and currencies and higher net revenues in mortgages,partially offset by significantly lower net revenues in commodities and lower net r

16、evenues in credit products FICC financing reflected significantly higher net revenues from mortgages and structured lending 2Q24 Equities net revenues were higher YoY Equities intermediation reflected significantly higher net revenues in derivatives,partially offset by lower net revenues in cash pro

17、ducts Equities financing reflected significantly lower net revenues from portfolio financing,largely offset by significantly higher net revenues from prime financing Global Banking&Markets Net Revenues HighlightsGlobal Banking&Markets Net Revenues Net Revenues4$in millions2Q24vs.1Q24vs.2Q232Q24YTD v

18、s.2Q23YTDAdvisory$688(32)%7%$1,699 16%Equity underwriting423 14%25%793 34%Debt underwriting622(11)%39%1,321 38%Investment banking fees1,733(17)%21%3,813 27%FICC intermediation2,330(33)%12%5,801 8%FICC financing850 37%1,702 34%FICC3,180(26)%17%7,503 13%Equities intermediation1,786(10)%17%3,775 15%Equ

19、ities financing1,383 5%(3)%2,705 Equities3,169(4)%7%6,480 8%Other102 750%26%114 N.M.Net revenues$8,184(16)%14%$17,910 15%$297$345$197$292$222$(403)$707$682$874$46$88$25$2,536$2,452$2,3542Q241Q242Q23Management andother feesIncentivefeesPrivate bankingand lendingEquityinvestmentsDebtinvestmentsAsset&W

20、ealth Management HighlightsAsset&Wealth ManagementFinancial Results5$in millions2Q24vs.1Q24vs.2Q232Q24YTD vs.2Q23YTDManagement and other fees:Asset management$1,099(1)%7%$2,212 7%Wealth management1,437 7%8%2,776 8%Total Management and other fees2,536 3%8%4,988 8%Incentive fees46(48)%84%134 72%Privat

21、e banking and lending707 4%(19)%1,389 13%Equity investments292 32%N.M.514 N.M.Debt investments297(14)%51%642 6%Net revenues3,878 2%27%7,667 22%Provision for credit losses(58)(164)%N.M.(80)85%Operating expenses3,037 4%(7)%5,971(7)%Pre-tax earnings$899 3%N.M.$1,776 380%Net earnings$700 1%N.M.$1,392 38

22、3%Net earnings to common$673 3%N.M.$1,326 489%Average common equity$26,058(2)%(16)%$26,213(18)%Return on average common equity10.3%0.4pp13.4pp10.1%8.7ppAsset&Wealth Management Net Revenues($in millions)$3,789$3,047$3,878 2Q24 net revenues were higher YoY Management and other fees primarily reflected

23、 the impact of higher average AUS Private banking and lending net revenues reflected the impact of the sale of the Marcus loans portfolio in 2023(including a gain of approximately$100 million related to the sale of substantially all of the remaining Marcus loans portfolio in 2Q23)Equity investments

24、primarily reflected net gains from real estate investments compared with significant net losses in 2Q23 Debt investments reflected significantly lower net losses from real estate investments,partially offset by significantly lower net interest income due to a reduction in the Debt investments balanc

25、e sheet 2Q24 YTD pre-tax margin of 23%2Q24 select data3:Total assets of$193 billion Loan balance of$44 billion,of which$34 billion related to Private banking and lending Net interest income of$723 million Total Wealth management client assets6 of$1.5 trillion$in billions2Q241Q242Q23Alternative inves

26、tments$314$296$267Equity735713627 Fixed income1,1471,1411,056 Long-term AUS2,1962,1501,950 Liquidity products738698764 Total AUS$2,934$2,848$2,714 During the quarter,AUS increased$86 billion to a record$2.93 trillion Net inflows across all asset classes Net market appreciation in equity assets Total

27、 AUS net inflows of$71 billion during the quarter,of which:$45 billion of net inflows in Third-party distributed client channel$17 billion of net inflows in Institutional client channel$9 billion of net inflows in Wealth management client channel AUS by Client Channel3AUS Highlights3Asset&Wealth Man

28、agement Assets Under Supervision 6AUS Rollforward3AUS by Asset Class3$in billions2Q241Q242Q23Beginning balance$2,848$2,812$2,672Long-term AUS net inflows/(outflows)31 24 8 Liquidity products40(39)4 Total AUS net inflows/(outflows)71(15)12 Acquisitions/(dispositions)Net market appreciation/(depreciat

29、ion)1551 30 Ending balance$2,934$2,848$2,714$in billions2Q241Q242Q23Institutional$1,063$1,048$955Wealth management865845772Third-party distributed 1,006955987Total AUS$2,934$2,848$2,7142Q24 AUS by Region and Vehicle370%7%23%31%56%13%RegionVehicleAsset&Wealth Management Alternative InvestmentsOn-Bala

30、nce Sheet Alternative Investments3Alternative Investments Highlights3 2Q24 Management and other fees from alternative investments were$548 million,up 5%compared with 2Q23 During the quarter,alternative investments AUS increased$18 billion to$314 billion 2Q24 gross third-party alternatives fundraisin

31、g across strategies was$22 billion,including:$9 billion in corporate equity,$4 billion in credit,$4 billion in real estate and$5 billion in hedge funds and other$287 billion raised since the end of 2019 During the quarter,on-balance sheet alternative investments declined by$3.3 billion to$40.7 billi

32、on Historical principal investments5 declined by$2.2 billion to$12.6 billion(attributed equity of$5 billion)and included$2.5 billion of loans,$3.1 billion of debt securities,$3.6 billion of equity securities and$3.4 billion of CIE investments and other 7Alternative Investments AUS and Effective Fees

33、32Q24$in billionsAverage AUSEffective Fees(bps)Corporate equity$11576Credit5670Real estate2554Hedge funds and other7059Funds and discretionary accounts26668Advisory accounts3818Total alternative investments AUS$30462$in billions2Q24Loans$10.2Debt securities9.8Equity securities13.5CIE investments and

34、 other77.2Total On-B/S alternative investments$40.7$in billions2Q24Client co-invest$19.6Firmwide initiatives/CRA investments 8.5Historical principal investments512.6Total On-B/S alternative investments$40.7Historical Principal Investments Rollforward$in billions2Q24Beginning balance$14.8Net mark-ups

35、/(mark-downs)Additions0.2Dispositions/paydowns8(2.4)Net change$(2.2)Ending balance$12.6$70$80$82$599$618$5772Q241Q242Q23ConsumerplatformsTransactionbanking and otherPlatform Solutions HighlightsPlatform SolutionsFinancial Results8 2Q24 net revenues were slightly higher YoY Consumer platforms reflect

36、ed higher average credit card balances and higher average deposit balances,largely offset by the impact of the sale of GreenSky in 1Q24 Transaction banking and other reflected lower average deposit balances 2Q24 provision for credit losses of$395 million reflected net provisions related to the credi

37、t card portfolio(driven by net charge-offs)2Q24 select data3:Total assets of$61 billion Loan balance of$17 billion Net interest income of$704 million Platform Solutions Net Revenues($in millions)$659$669$698$in millions2Q24vs.1Q24vs.2Q232Q24YTD vs.2Q23YTDConsumer platforms$599(3)%4%$1,217 14%Transac

38、tion banking and other 70(13)%(15)%150(4)%Net revenues669(4)%2%1,367 12%Provision for credit losses395 62%(27)%639(21)%Operating expenses421(26)%(57)%992(38)%Pre-tax earnings/(loss)$(147)(26)%83%$(264)78%Net earnings/(loss)$(115)(25)%83%$(207)77%Net earnings/(loss)to common$(120)(21)%82%$(219)76%Ave

39、rage common equity$4,347(8)%8%$4,552 15%Return on average common equity(11.0)%(2.6)pp55.8pp(9.6)%37.1pp$17$17$19$44$45$49$123$122$1102Q241Q242Q23Global Banking&MarketsAsset&WealthManagementPlatformSolutionsLoans by Segment3($in billions)$in billions2Q241Q242Q23Corporate$35$36$38Commercial real estat

40、e272728Residential real estate242424Securities-based lending151415Other collateralized lending676754Installment5Credit cards191917Other222Allowance for loan losses(5)(5)(5)Total loans$184$184$178 Loans and Net Interest Income 2Q24 loans were unchanged QoQ Gross loans by type:$180 billion-amortized c

41、ost,$6 billion-fair value,$3 billion-held for sale Average loans of$184 billion Total allowance for loan losses and losses on lending commitments was$5.46 billion($4.81 billion for funded loans)o$3.07 billion for wholesale loans,$2.39 billion for consumer loans Net charge-offs of$359 million for an

42、annualized net charge-off rate of 0.8%o 0.0%for wholesale loans,8.4%for consumer loans 2Q24 net interest income increased 33%YoY,reflecting an increase in higher-yielding assets and a shift towards non-interest-bearing liabilities 2Q24 average interest-earning assets of$1.56 trillionLoans and Net In

43、terest Income Highlights3Loans by Type392.7%ALLL to TotalGross Loans,at Amortized Cost 1.5%ALLL to GrossWholesale Loans,at Amortized Cost13.5%ALLL to GrossConsumer Loans,at Amortized CostMetrics80%Gross LoansSecured$184$184$178$704$674$661$723$691$821$815$243$2022Q241Q242Q23Global Banking&MarketsAss

44、et&WealthManagementPlatformSolutionsNet Interest Income by Segment($in millions)$1,608$2,242$1,68463.8%73.3%2Q24 YTD2Q23 YTD 2Q24 total operating expenses were essentially unchanged YoY Non-compensation expenses were lower,reflecting:o2Q23 impairment of goodwill related to Consumer platforms(in depr

45、eciation and amortization)oSignificantly lower impairments related to consolidated real estate investments(in depreciation and amortization)oPartially offset by higher transaction based expenses Compensation and benefits expenses were higher,reflecting improved operating performance 2Q24 YTD effecti

46、ve income tax rate was 21.6%,up from 21.1%for 1Q24,primarily due to a decrease in the impact of permanent tax benefitsFinancial ResultsEfficiency Ratio3Expense HighlightsExpenses10$in millions2Q24vs.1Q24vs.2Q232Q24YTD vs.2Q23YTDCompensation and benefits$4,240(8)%17%$8,825 14%Transaction based1,654 1

47、0%19%3,151 13%Market development153 5%306(4)%Communications and technology500 6%4%970 2%Depreciation and amortization646 3%(59)%1,273(50)%Occupancy244(1)%(4)%491(5)%Professional fees393 2%777 Other expenses703 1%4%1,398 6%Total operating expenses$8,533(1)%$17,191 1%Provision for taxes$873(21)%68%$1,

48、978 55%Effective Tax Rate21.6%(0.7)pp Standardized CET1 capital ratio increased QoQ,primarily reflecting a decrease in credit RWAs Advanced CET1 capital ratio decreased QoQ,primarily reflecting an increase in credit RWAs As of October 1,2024,the firms Standardized CET1 capital ratio requirement will

49、 be 13.9%,reflecting an SCB of 6.4%(an increase of 90bps from the current SCB of 5.5%)Returned$4.43 billion of capital to common shareholders during the quarter 8.0 million common shares repurchased for a total cost of$3.50 billion$929 million of common stock dividends Increased the quarterly divide

50、nd from$2.75 to$3.00 per common share in 3Q24 Deposits of$433 billion consisted of consumer$175 billion,private bank$94 billion,transaction banking$61 billion,brokered CDs$41 billion,deposit sweep programs$32 billion and other$30 billion BVPS increased 1.9%QoQ,driven by net earningsCapital3Selected

51、Balance Sheet Data3Capital and Balance Sheet Highlights3Book ValueCapital and Balance Sheet112Q241Q244Q23Standardized CET1 capital ratio14.8%14.6%14.4%Advanced CET1 capital ratio15.7%15.9%14.9%Supplementary leverage ratio(SLR)5.4%5.4%5.5%$in billions2Q241Q244Q23Total assets$1,653$1,698$1,642Deposits

52、$433$441$428Unsecured long-term borrowings$235$234$242Shareholders equity$119$118$117Average GCLA$424$423$414In millions,except per share amounts2Q241Q244Q23Basic shares3326.2334.3337.1Book value per common share$327.13$321.10$313.56Tangible book value per common share1$306.02$300.40$292.52This pres

53、entation 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 firms beliefs regarding fut

54、ure events,many of which,by their nature,are inherently uncertain and outside of the firms control.It is possible that the firms actual results,financial condition and liquidity may differ,possibly materially,from the anticipated results,financial condition and liquidity in these forward-looking sta

55、tements.For information about some of the risks and important factors that could affect the firms future results,financial condition and liquidity and the forward-looking statements below,see“Risk Factors”in Part I,Item 1A of the firms Annual Report on Form 10-K for the year ended December 31,2023.I

56、nformation regarding the firms 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 materiall

57、y,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)th

58、e future state of the firms liquidity and regulatory capital ratios(including the firms stress capital buffer and G-SIB buffer,and the potential impact of changes to U.S.regulatory capital rules),(iv)the firms prospective capital distributions(including dividends and repurchases),(v)the firms future

59、 effective income tax rate,(vi)the firms Investment banking fees backlog and future results,(vii)the firms planned 2024 benchmark debt issuances,(viii)the impact of Russias invasion of Ukraine and related sanctions and other developments and the impact of the conflict in the Middle East on the firms

60、 business,results and financial position,and(ix)the firms ability to sell,and the terms of any proposed or pending sale of,Asset&Wealth Management historical principal investments and the firms ability to transition the GM credit card are forward-looking statements.Statements regarding estimated GDP

61、 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 fi

62、scal 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 firms current expectations regarding the firms ability to effectively implement these initiatives and achieve these targets

63、 and goals and may change,possibly materially,from what is currently expected.Statements about the future state of the firms liquidity and regulatory capital ratios(including the firms stress capital buffer and G-SIB buffer),as well as its prospective capital distributions(including dividends and re

64、purchases),are subject to the risk that the firms 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 fir

65、m expects.Statements about the firms future effective income tax rate are subject to the risk that the firms 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 firms earning

66、s mix or profitability,the entities in which the firm generates profits and the assumptions made in forecasting the firms expected tax rate,and potential future guidance from tax authorities.Statements about the firms Investment banking fees backlog and future advisory and capital market results are

67、 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

68、 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 finan

69、cial 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 firms planned 2024 benchmark debt issuances are su

70、bject to the risk that actual issuances may differ,possibly materially,due to changes in market conditions,business opportunities or the firms funding needs.Statements about the impact of Russias invasion of Ukraine and related sanctions and other developments and the impact of the conflict in the M

71、iddle East on the firms 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 As

72、set&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 stat

73、ements about the process to transition the GM credit card 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.Cautionary Note Regarding Forward-Looking Statements 121.Annualized return on a

74、verage 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 t

75、o 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 c

76、ommon 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 consisten

77、tly,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

78、 average and ending tangible common shareholders equity:2.Dealogic January 1,2024 through June 30,2024.3.For information about the following items,see the referenced sections in Part I,Item 2“Managements Discussion and Analysis of Financial Condition and Results of Operations”in the firms Quarterly

79、Report on Form 10-Q for the period ended March 31,2024:(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 Ope

80、rating 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 abo

81、ut the following items,see the referenced sections in Part I,Item 1“Financial Statements(Unaudited)”in the firms Quarterly Report on Form 10-Q for the period ended March 31,2024:(i)interest-earning assets see“Statistical Disclosures Distribution of Assets,Liabilities and Shareholders Equity”and(ii)r

82、isk-based capital ratios and the supplementary leverage ratio see Note 20“Regulation and Capital Adequacy.”Represents a preliminary estimate for the second quarter of 2024 for the firms assets under supervision,capital ratios,risk-weighted assets,supplementary leverage ratio,balance sheet data and g

83、lobal core liquid assets.These may be revised in the firms Quarterly Report on Form 10-Q for the period ended June 30,2024.4.Includes selected items that the firm has sold or is selling related to the narrowing of the firms ambitions in consumer-related activities and related to the transitioning of

84、 Asset&Wealth Management to a less capital-intensive business.In 2Q24,the FDIC notified banks subject to the special assessment fee of the updated estimated cost to the Deposit Insurance Fund resulting from the closures in 2023 of Silicon Valley Bank and Signature Bank.As a result,the firm recognize

85、d an incremental pre-tax expense of$19 million.Net earnings reflects the 2Q24 and 2Q24 YTD effective income tax rate for the respective segment of each item.Footnotes 13AVERAGE FOR THE AS OFTHREE MONTHS ENDEDJUNE 30,2024SIX MONTHS ENDEDJUNE 30,2024Unaudited,$in millionsJUNE 30,2024MARCH 31,2024DECEM

86、BER 31,2023Total shareholders equity$118,842$118,056$119,463$118,546$116,905Preferred stock(12,366)(11,867)(12,753)(11,203)(11,203)Common shareholders equity106,476106,189106,710107,343105,702Goodwill(5,895)(5,899)(5,893)(5,897)(5,916)Identifiable intangible assets(1,006)(1,071)(992)(1,021)(1,177)Ta

87、ngible common shareholders equity$99,575$99,219$99,825$100,425$98,6095.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 deposit

88、s.7.Includes CIEs and other investments.CIEs are generally accounted for at historical cost less depreciation.Substantially all of the firms CIEs are engaged in commercial real estate investment activities.Assets held by CIEs of$4 billion as of June 30,2024 were funded with liabilities of approximately$2 billion as of June 30,2024.Substantially all such liabilities are nonrecourse,thereby reducing the firms equity at risk.8.Includes approximately$0.2 billion of investments that were transferred from historical principal investments to client co-invest.Footnotes-Continued 14