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1、Third Quarter 2025Earnings Results PresentationOctober 14,20251Annualized ROE1Annualized ROTE1Book Value Per Share$in millions,except per share amounts3Q253Q25 YTDPre-tax earnings:AWM historical principal investments5$38$(158)GM Card/Seller financing(27)(62)Total impact to pre-tax earnings$11$(220)I

2、mpact to net earnings$8$(172)Impact to EPS$0.02$(0.54)Impact to ROE0.0pp(0.3)pp Selected Items4Quarterly Highlights 3Q253Q25 YTD 14.2%14.6%3Q253Q25 YTD 15.2%15.6%3Q25 YTD Growth$353.795.1%Results Snapshot3rd highest quarterly net revenues#1 in announced and completed M&A;#2 in high-yield debt and le

3、veraged loan offerings2;Strong Investment banking fees and Equities net revenues,incl.record Equities financingRecord Management and other fees;Record Private banking and lending net revenuesRecord AUS3 of$3.45 trillion;31st consecutive quarter of long-term fee-based net inflows“This quarters result

4、s reflect the strength of our client franchise and focus on executing our strategic priorities in an improved market environment.Across our business,clients continue to turn to us for their most complex and consequential matters.We know that conditions can change quickly and so we remain focused on

5、strong risk management.Longer term,we are prioritizing the need to operate more efficiently to seamlessly deliver the firm to our clients helped by new AI technologies.”David Solomon,Chairman and Chief Executive OfficerNet RevenuesNet EarningsEPS3Q253Q25 YTD$15.18 billion$44.83 billion3Q253Q25 YTD$4

6、.10 billion$12.56 billion3Q25 3Q25 YTD$12.25$37.33Completed the sale of the General Motors(GM)credit card program in 3Q25Financial OverviewFinancial ResultsFinancial Overview Highlights 3Q25 results included EPS of$12.25 and ROE of 14.2%3Q25 net revenues were significantly higher YoY,reflecting high