Exhibit 99.2 Third Quarter 2020 Earnings Results Presentation October 14, 2020Exhibit 99.2 Third Quarter 2020 Earnings Results Presentation October 14, 2020

Results Snapshot Net Revenues Net Earnings EPS 3Q $10.78 billion 3Q $3.62 billion 3Q $9.68 3Q YTD 3Q YTD 3Q YTD $32.82 billion $5.20 billion $13.34 1 1 Annualized ROE Annualized ROTE 3Q20 Book Value 3Q 17.5% 3Q 18.6% BVPS $229.49 3Q YTD 3Q YTD YTD Growth 8.0% 8.5% 5.0% Highlights Record quarterly diluted EPS Asset Management net revenues of $2.77 billion Highest quarterly ROE since 2010 Strong results in Equity investments 2 #1 in Announced and Completed M&A Consumer & Wealth Management net revenues of $1.49 billion 2 #1 in Equity and equity-related offerings Record Consumer banking, strength in Wealth management Global Markets net revenues of $4.55 billion 3 4 Standardized CET1 ratio increased 120bps QoQ to 14.5% Continued strength in FICC and Equities 1Results Snapshot Net Revenues Net Earnings EPS 3Q $10.78 billion 3Q $3.62 billion 3Q $9.68 3Q YTD 3Q YTD 3Q YTD $32.82 billion $5.20 billion $13.34 1 1 Annualized ROE Annualized ROTE 3Q20 Book Value 3Q 17.5% 3Q 18.6% BVPS $229.49 3Q YTD 3Q YTD YTD Growth 8.0% 8.5% 5.0% Highlights Record quarterly diluted EPS Asset Management net revenues of $2.77 billion Highest quarterly ROE since 2010 Strong results in Equity investments 2 #1 in Announced and Completed M&A Consumer & Wealth Management net revenues of $1.49 billion 2 #1 in Equity and equity-related offerings Record Consumer banking, strength in Wealth management Global Markets net revenues of $4.55 billion 3 4 Standardized CET1 ratio increased 120bps QoQ to 14.5% Continued strength in FICC and Equities 1

Macro Perspectives Macro Factors Economic Fundamentals Near term Contraction Followed by Recovery COVID-19 GDP Growth: U.S. Global 2020 | 2021 -3.4% | +5.8% -3.9% | +6.6% Monetary & Fiscal Stimulus Improving Fundamentals Rising CEO Lower U.S. Improving & Consumer Pace of Economic Recovery Unemployment Operating Backdrop Confidence Market resilience despite continued COVID-19 uncertainty Tighter Credit U.S. Stocks Higher on Interest Rates Volumes & Volatility Spreads in Recovery Optimism Low for Longer Remain Elevated U.S. and Europe S&P 500: +8% in 3Q20 U.S. HY Z-Spread: -90bps QoQ 10-Yr Yields flat QoQ Avg. VIX: -25% QoQ | +62% YoY EUR HY Z-Spread: -40bps QoQ UST: 0.68% | UK Gilt: 0.23% NYSE Volumes: +44% YoY MSCI World: +8% in 3Q20 2 2020 and 2021 estimated real gross domestic product (GDP) growth per Goldman Sachs ResearchMacro Perspectives Macro Factors Economic Fundamentals Near term Contraction Followed by Recovery COVID-19 GDP Growth: U.S. Global 2020 | 2021 -3.4% | +5.8% -3.9% | +6.6% Monetary & Fiscal Stimulus Improving Fundamentals Rising CEO Lower U.S. Improving & Consumer Pace of Economic Recovery Unemployment Operating Backdrop Confidence Market resilience despite continued COVID-19 uncertainty Tighter Credit U.S. Stocks Higher on Interest Rates Volumes & Volatility Spreads in Recovery Optimism Low for Longer Remain Elevated U.S. and Europe S&P 500: +8% in 3Q20 U.S. HY Z-Spread: -90bps QoQ 10-Yr Yields flat QoQ Avg. VIX: -25% QoQ | +62% YoY EUR HY Z-Spread: -40bps QoQ UST: 0.68% | UK Gilt: 0.23% NYSE Volumes: +44% YoY MSCI World: +8% in 3Q20 2 2020 and 2021 estimated real gross domestic product (GDP) growth per Goldman Sachs Research

Financial Overview Financial Results Financial Overview Highlights vs. n 3Q20 net revenues were significantly higher YoY $ in millions, vs. vs. 3Q20 3Q19 except per share amounts 3Q20 2Q20 3Q19 YTD YTD — Higher net revenues across all segments, including significant increases in Asset Management and Global Markets Investment Banking $ 1,969 -26% 7% $ 6,810 23% n 3Q20 provision for credit losses was slightly lower YoY (and meaningfully lower QoQ) Global Markets 4,553 -37% 29% 16,892 49% — Reserve reductions from paydowns on loans — Partially offset by reserve increases from individual impairments related to wholesale loans Asset Management 2,768 32% 71% 4,773 -20% and growth in credit card loans Consumer & Wealth Management 1,491 10% 13% 4,344 14%n 3Q20 operating expenses increased YoY — Higher compensation and benefits expenses (reflecting significantly higher net revenues) Net revenues $ 10,781 -19% 30% $ 32,819 23% — Slightly lower non-compensation expenses Provision for credit losses 278 -83% -4% 2,805 N.M. n 3Q20 diluted EPS more than doubled YoY, while ROE increased nearly 2x n 3Q20 YTD litigation expenses increased the efficiency ratio by 9.6pp Operating expenses 5,954 -43% 6% 22,826 30% Pre-tax earnings 4,549 N.M. 88% 7,188 -13% Net earnings 3,617 N.M. 93% 5,203 -21% 3Q20 Net earnings to common $ 3,483 N.M. 94% $ 4,803 -22% Litigation Impact YTD Diluted EPS $ 9.68 N.M. 102% $ 13.34 -18% Diluted EPS $ -8.77 1 ROE 17.5% 16.5pp 8.5pp 8.0% -2.4pp ROE -5.1pp 1 ROTE 18.6% 17.6pp 9.1pp 8.5% -2.5pp ROTE -5.4pp 3 Efficiency Ratio 55.2% -23.1pp -12.3pp 69.6% 3.4pp Efficiency Ratio +9.6pp 3Financial Overview Financial Results Financial Overview Highlights vs. n 3Q20 net revenues were significantly higher YoY $ in millions, vs. vs. 3Q20 3Q19 except per share amounts 3Q20 2Q20 3Q19 YTD YTD — Higher net revenues across all segments, including significant increases in Asset Management and Global Markets Investment Banking $ 1,969 -26% 7% $ 6,810 23% n 3Q20 provision for credit losses was slightly lower YoY (and meaningfully lower QoQ) Global Markets 4,553 -37% 29% 16,892 49% — Reserve reductions from paydowns on loans — Partially offset by reserve increases from individual impairments related to wholesale loans Asset Management 2,768 32% 71% 4,773 -20% and growth in credit card loans Consumer & Wealth Management 1,491 10% 13% 4,344 14%n 3Q20 operating expenses increased YoY — Higher compensation and benefits expenses (reflecting significantly higher net revenues) Net revenues $ 10,781 -19% 30% $ 32,819 23% — Slightly lower non-compensation expenses Provision for credit losses 278 -83% -4% 2,805 N.M. n 3Q20 diluted EPS more than doubled YoY, while ROE increased nearly 2x n 3Q20 YTD litigation expenses increased the efficiency ratio by 9.6pp Operating expenses 5,954 -43% 6% 22,826 30% Pre-tax earnings 4,549 N.M. 88% 7,188 -13% Net earnings 3,617 N.M. 93% 5,203 -21% 3Q20 Net earnings to common $ 3,483 N.M. 94% $ 4,803 -22% Litigation Impact YTD Diluted EPS $ 9.68 N.M. 102% $ 13.34 -18% Diluted EPS $ -8.77 1 ROE 17.5% 16.5pp 8.5pp 8.0% -2.4pp ROE -5.1pp 1 ROTE 18.6% 17.6pp 9.1pp 8.5% -2.5pp ROTE -5.4pp 3 Efficiency Ratio 55.2% -23.1pp -12.3pp 69.6% 3.4pp Efficiency Ratio +9.6pp 3

Investment Banking Investment Banking Highlights Financial Results vs. n 3Q20 net revenues were higher YoY vs. vs. 3Q20 3Q19 $ in millions 3Q20 2Q20 3Q19 YTD YTD — Financial advisory net revenues were significantly lower, reflecting a decrease in industry- wide completed mergers and acquisitions transactions $ 507 -26% -27% $ 1,974 -16% Financial advisory — Underwriting net revenues were significantly higher, due to significantly higher net revenues in Equity underwriting, primarily reflecting a significant increase in industry-wide initial public Equity underwriting 856 -19% 134% 2,291 108% offerings, and higher net revenues in Debt underwriting, driven by asset-backed and investment-grade activity Debt underwriting 571 -42% 9% 2,144 41% — Corporate lending net revenues were significantly lower, primarily reflecting lower results for relationship lending activities, including the impact of changes in credit spreads on hedges Underwriting 1,427 -30% 60% 4,435 69% n 3Q20 provision for credit losses was higher YoY, reflecting higher impairments, partially offset by reserve reductions from paydowns on corporate lines of credit Corporate lending 35 N.M. -86% 401 -30% 3 n Overall backlog increased significantly QoQ, across advisory, equity underwriting and debt underwriting Net revenues 1,969 -26% 7% 6,810 23% Provision for credit losses 171 -79% 88% 1,612 N.M. Investment Banking Net Revenues ($ in millions) Operating expenses 942 -65% -3% 4,815 59% $2,657 $ 856 N.M. 10% $ 383 -83% Pre-tax earnings $2,184 $2,064 $990 $1,969 $1,841 $442 $232 $35 $254 $571 $ 562 N.M. -7% $ 277 -84% Net earnings $599 $583 $524 $1,057 $378 $378 $856 $366 $ 545 N.M. -9% $ 226 -87% Net earnings to common $855 $781 $697 $686 $507 Average common equity $ 11,280 2% -10% $ 11,254 1% $(76) 4Q19 1Q20 3Q20 3Q19 2Q20 Financial advisory Equity underwriting Debt underwriting Corporate lending Return on average common equity 19.3% 43.2pp 0.2pp 2.7% -18.1pp 4Investment Banking Investment Banking Highlights Financial Results vs. n 3Q20 net revenues were higher YoY vs. vs. 3Q20 3Q19 $ in millions 3Q20 2Q20 3Q19 YTD YTD — Financial advisory net revenues were significantly lower, reflecting a decrease in industry- wide completed mergers and acquisitions transactions $ 507 -26% -27% $ 1,974 -16% Financial advisory — Underwriting net revenues were significantly higher, due to significantly higher net revenues in Equity underwriting, primarily reflecting a significant increase in industry-wide initial public Equity underwriting 856 -19% 134% 2,291 108% offerings, and higher net revenues in Debt underwriting, driven by asset-backed and investment-grade activity Debt underwriting 571 -42% 9% 2,144 41% — Corporate lending net revenues were significantly lower, primarily reflecting lower results for relationship lending activities, including the impact of changes in credit spreads on hedges Underwriting 1,427 -30% 60% 4,435 69% n 3Q20 provision for credit losses was higher YoY, reflecting higher impairments, partially offset by reserve reductions from paydowns on corporate lines of credit Corporate lending 35 N.M. -86% 401 -30% 3 n Overall backlog increased significantly QoQ, across advisory, equity underwriting and debt underwriting Net revenues 1,969 -26% 7% 6,810 23% Provision for credit losses 171 -79% 88% 1,612 N.M. Investment Banking Net Revenues ($ in millions) Operating expenses 942 -65% -3% 4,815 59% $2,657 $ 856 N.M. 10% $ 383 -83% Pre-tax earnings $2,184 $2,064 $990 $1,969 $1,841 $442 $232 $35 $254 $571 $ 562 N.M. -7% $ 277 -84% Net earnings $599 $583 $524 $1,057 $378 $378 $856 $366 $ 545 N.M. -9% $ 226 -87% Net earnings to common $855 $781 $697 $686 $507 Average common equity $ 11,280 2% -10% $ 11,254 1% $(76) 4Q19 1Q20 3Q20 3Q19 2Q20 Financial advisory Equity underwriting Debt underwriting Corporate lending Return on average common equity 19.3% 43.2pp 0.2pp 2.7% -18.1pp 4

Global Markets Global Markets Highlights Financial Results vs. vs. vs. 3Q20 3Q19n 3Q20 net revenues were significantly higher YoY $ in millions 3Q20 2Q20 3Q19 YTD YTD — FICC net revenues were significantly higher, reflecting significantly higher intermediation net FICC intermediation revenues, partially offset by lower financing net revenues $ 2,170 -43% 65% $ 8,493 84% — Equities net revenues were higher, reflecting significantly higher intermediation net FICC financing 332 -26% -9% 1,213 22% revenues, partially offset by significantly lower financing net revenues n 3Q20 ROE more than doubled YoY FICC 2,502 -41% 49% 9,706 73% Equities intermediation 1,466 -33% 36% 5,193 53% Equities financing 585 -21% -25% 1,993 -13% Equities 2,051 -30% 10% 7,186 27% Global Markets Net Revenues ($ in millions) Net revenues 4,553 -37% 29% 16,892 49% Provision for credit losses -15 N.M. N.M. 236 N.M. $7,176 Operating expenses 2,417 -53% 2% 10,443 34% $2,941 $5,163 $4,553 Pre-tax earnings $ 2,151 19% 87% $ 6,213 79% $2,194 $3,543 $3,480 $2,051 Net earnings $ 2,055 N.M. 130% $ 4,497 63% $1,864 $1,711 $4,235 Net earnings to common $ 1,967 N.M. 134% $ 4,236 70% $2,969 $2,502 $1,769 $1,679 Average common equity $ 39,993 -6% 3% $ 40,557 -% 3Q19 4Q19 1Q20 2Q20 3Q20 FICC Equities Return on average common equity 19.7% 16.8pp 11.1pp 13.9% 5.7pp 5Global Markets Global Markets Highlights Financial Results vs. vs. vs. 3Q20 3Q19n 3Q20 net revenues were significantly higher YoY $ in millions 3Q20 2Q20 3Q19 YTD YTD — FICC net revenues were significantly higher, reflecting significantly higher intermediation net FICC intermediation revenues, partially offset by lower financing net revenues $ 2,170 -43% 65% $ 8,493 84% — Equities net revenues were higher, reflecting significantly higher intermediation net FICC financing 332 -26% -9% 1,213 22% revenues, partially offset by significantly lower financing net revenues n 3Q20 ROE more than doubled YoY FICC 2,502 -41% 49% 9,706 73% Equities intermediation 1,466 -33% 36% 5,193 53% Equities financing 585 -21% -25% 1,993 -13% Equities 2,051 -30% 10% 7,186 27% Global Markets Net Revenues ($ in millions) Net revenues 4,553 -37% 29% 16,892 49% Provision for credit losses -15 N.M. N.M. 236 N.M. $7,176 Operating expenses 2,417 -53% 2% 10,443 34% $2,941 $5,163 $4,553 Pre-tax earnings $ 2,151 19% 87% $ 6,213 79% $2,194 $3,543 $3,480 $2,051 Net earnings $ 2,055 N.M. 130% $ 4,497 63% $1,864 $1,711 $4,235 Net earnings to common $ 1,967 N.M. 134% $ 4,236 70% $2,969 $2,502 $1,769 $1,679 Average common equity $ 39,993 -6% 3% $ 40,557 -% 3Q19 4Q19 1Q20 2Q20 3Q20 FICC Equities Return on average common equity 19.7% 16.8pp 11.1pp 13.9% 5.7pp 5

Global Markets – FICC & Equities FICC Highlights Equities Highlights n 3Q20 net revenues were significantly higher YoYn 3Q20 net revenues were higher YoY — FICC intermediation net revenues were significantly higher, reflecting significantly higher net — Equities intermediation net revenues were significantly higher, reflecting significantly higher revenues in interest rate products, mortgages, commodities, and credit products, while net net revenues in derivatives, partially offset by lower net revenues in cash products revenues in currencies were essentially unchanged — Equities financing net revenues were significantly lower, due to higher net funding costs, — FICC financing net revenues were lower, reflecting lower net revenues in structured credit including the impact of lower yields on the firm’s global core liquid assets financing and repurchase agreements n 3Q20 operating environment was characterized by continued strong client activity, as volatility n 3Q20 operating environment was characterized by a decline in client volumes following a strong remained elevated and global equity prices were generally higher compared to 2Q20 1H20, while interest rates remained low and credit spreads tightened during the quarter Equities Net Revenues ($ in millions) FICC Net Revenues ($ in millions) $4,235 $2,941 $449 $742 $2,194 $2,969 $2,051 $1,864 $432 $2,502 $1,711 $666 $585 $332 $1,769 $784 $1,679 $732 $3,786 $387 $2,199 $364 $2,537 $2,170 $1,528 $1,466 $1,080 $1,382 $979 $1,315 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Intermediation Financing Intermediation Financing 6Global Markets – FICC & Equities FICC Highlights Equities Highlights n 3Q20 net revenues were significantly higher YoYn 3Q20 net revenues were higher YoY — FICC intermediation net revenues were significantly higher, reflecting significantly higher net — Equities intermediation net revenues were significantly higher, reflecting significantly higher revenues in interest rate products, mortgages, commodities, and credit products, while net net revenues in derivatives, partially offset by lower net revenues in cash products revenues in currencies were essentially unchanged — Equities financing net revenues were significantly lower, due to higher net funding costs, — FICC financing net revenues were lower, reflecting lower net revenues in structured credit including the impact of lower yields on the firm’s global core liquid assets financing and repurchase agreements n 3Q20 operating environment was characterized by continued strong client activity, as volatility n 3Q20 operating environment was characterized by a decline in client volumes following a strong remained elevated and global equity prices were generally higher compared to 2Q20 1H20, while interest rates remained low and credit spreads tightened during the quarter Equities Net Revenues ($ in millions) FICC Net Revenues ($ in millions) $4,235 $2,941 $449 $742 $2,194 $2,969 $2,051 $1,864 $432 $2,502 $1,711 $666 $585 $332 $1,769 $784 $1,679 $732 $3,786 $387 $2,199 $364 $2,537 $2,170 $1,528 $1,466 $1,080 $1,382 $979 $1,315 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Intermediation Financing Intermediation Financing 6

Asset Management Asset Management Highlights Financial Results vs. n 3Q20 net revenues were significantly higher YoY vs. vs. 3Q20 3Q19 $ in millions 3Q20 2Q20 3Q19 YTD YTD — Equity investments net revenues reflected net gains from investments in public equities in 3Q20 compared with net losses in 3Q19, partially offset by significantly lower net gains from Management and other fees $ 728 6% 10% $ 2,052 6% investments in private equities vs. 3Q19 o Public: 3Q20 ~$780 million; 3Q19 ~$(270) million Incentive fees 28 -18% 17% 216 154% o Private: 3Q20 ~$640 million; 3Q19 ~$865 million — Lending and debt investments net revenues were significantly higher, due to higher net Equity investments 1,423 54% 139% 2,325 -20% gains, reflecting tighter corporate credit spreads during the quarter — Management and other fees from institutional and third-party distribution asset management Lending and debt investments 589 28% 73% 180 -83% clients were higher, reflecting the impact of higher average AUS, partially offset by a lower average effective management fee due to shifts in the mix of client assets and strategies n 3Q20 operating expenses were higher YoY, primarily reflecting higher compensation and Net revenues 2,768 32% 71% 4,773 -20% benefits expenses Provision for credit losses 70 -74% -14% 420 173% Asset Management Net Revenues ($ in millions) 1,359 2% 16% 3,889 10% Operating expenses $3,003 $2,768 $427 Pre-tax earnings $ 1,339 169% N.M. $ 464 -80% $589 $2,101 $1,621 $459 $1,865 $ 862 21% N.M. $ 336 -81% Net earnings $341 $1,423 $924 $(96) $596 $34 $28 $45 $154 $24 Net earnings to common $ 843 23% N.M. $ 277 -84% $728 $660 $666 $684 $640 $(22) $(868) Average common equity $ 20,005 4% -10% $ 20,338 -4% 3Q19 4Q19 1Q20 2Q20 3Q20 Return on average common equity 16.9% 2.7pp 12.2pp 1.8% -9.2pp Management and other fees Incentive fees Equity investments Lending and debt investments 7Asset Management Asset Management Highlights Financial Results vs. n 3Q20 net revenues were significantly higher YoY vs. vs. 3Q20 3Q19 $ in millions 3Q20 2Q20 3Q19 YTD YTD — Equity investments net revenues reflected net gains from investments in public equities in 3Q20 compared with net losses in 3Q19, partially offset by significantly lower net gains from Management and other fees $ 728 6% 10% $ 2,052 6% investments in private equities vs. 3Q19 o Public: 3Q20 ~$780 million; 3Q19 ~$(270) million Incentive fees 28 -18% 17% 216 154% o Private: 3Q20 ~$640 million; 3Q19 ~$865 million — Lending and debt investments net revenues were significantly higher, due to higher net Equity investments 1,423 54% 139% 2,325 -20% gains, reflecting tighter corporate credit spreads during the quarter — Management and other fees from institutional and third-party distribution asset management Lending and debt investments 589 28% 73% 180 -83% clients were higher, reflecting the impact of higher average AUS, partially offset by a lower average effective management fee due to shifts in the mix of client assets and strategies n 3Q20 operating expenses were higher YoY, primarily reflecting higher compensation and Net revenues 2,768 32% 71% 4,773 -20% benefits expenses Provision for credit losses 70 -74% -14% 420 173% Asset Management Net Revenues ($ in millions) 1,359 2% 16% 3,889 10% Operating expenses $3,003 $2,768 $427 Pre-tax earnings $ 1,339 169% N.M. $ 464 -80% $589 $2,101 $1,621 $459 $1,865 $ 862 21% N.M. $ 336 -81% Net earnings $341 $1,423 $924 $(96) $596 $34 $28 $45 $154 $24 Net earnings to common $ 843 23% N.M. $ 277 -84% $728 $660 $666 $684 $640 $(22) $(868) Average common equity $ 20,005 4% -10% $ 20,338 -4% 3Q19 4Q19 1Q20 2Q20 3Q20 Return on average common equity 16.9% 2.7pp 12.2pp 1.8% -9.2pp Management and other fees Incentive fees Equity investments Lending and debt investments 7

Asset Management – Asset Mix 4 4 3Q20 Equity Investments of $19 Billion 3Q20 Lending and Debt Investments of $31 Billion $16 Billion Private, $3 Billion Public $17 Billion Loans (88% Secured) $14 Billion Debt Investments By Geography By Vintage 2013 or 2017– Asia Earlier Present 32% 32% 33% Americas 52% By Accounting Classification By Geography 2014 – EMEA 2016 16% Loans 35% at FV 13% Natural Resources Financials Healthcare Asia & Utilities 20% Loans at amortized Americas By Sector 7% 32% 23% 18% 8% 7% 5% Debt cost 42% 47% EMEA Investments 33% at FV 45% Other Real Estate Industrials TMT (Mixed Use 6%, Office 3%, Multifamily 2%, Other 7%) 5 n In addition, the firm’s consolidated investment entities have a carrying value of $21 billion, funded with liabilities of approximately $12 billion, substantially all of which were nonrecourse Natural Industrials TMT Healthcare Resources By Geography By Asset Class & Utilities (Net of Financing) (Net of Financing) By Sector 34% 15% 14% 13% 8% 8% 4% 4% Senior Housing Office Industrials Retail Asia 17% EMEA Real Estate Other Financials Consumer Americas 12% 9% 8% 7% 6% 4% 30% 24% 21% 62% Multifamily Other Student Hospitality 8 HousingAsset Management – Asset Mix 4 4 3Q20 Equity Investments of $19 Billion 3Q20 Lending and Debt Investments of $31 Billion $16 Billion Private, $3 Billion Public $17 Billion Loans (88% Secured) $14 Billion Debt Investments By Geography By Vintage 2013 or 2017– Asia Earlier Present 32% 32% 33% Americas 52% By Accounting Classification By Geography 2014 – EMEA 2016 16% Loans 35% at FV 13% Natural Resources Financials Healthcare Asia & Utilities 20% Loans at amortized Americas By Sector 7% 32% 23% 18% 8% 7% 5% Debt cost 42% 47% EMEA Investments 33% at FV 45% Other Real Estate Industrials TMT (Mixed Use 6%, Office 3%, Multifamily 2%, Other 7%) 5 n In addition, the firm’s consolidated investment entities have a carrying value of $21 billion, funded with liabilities of approximately $12 billion, substantially all of which were nonrecourse Natural Industrials TMT Healthcare Resources By Geography By Asset Class & Utilities (Net of Financing) (Net of Financing) By Sector 34% 15% 14% 13% 8% 8% 4% 4% Senior Housing Office Industrials Retail Asia 17% EMEA Real Estate Other Financials Consumer Americas 12% 9% 8% 7% 6% 4% 30% 24% 21% 62% Multifamily Other Student Hospitality 8 Housing

Consumer & Wealth Management Financial Results Consumer & Wealth Management Highlights vs. n 3Q20 net revenues were higher YoY vs. vs. 3Q20 3Q19 $ in millions 3Q20 2Q20 3Q19 YTD YTD — Wealth management net revenues were higher, due to higher Management and other fees, primarily reflecting the impact of higher average AUS and higher transaction volumes, Management and other fees $ 957 2% 9% $ 2,854 14% partially offset by a lower average effective management fee due to shifts in the mix of client assets and strategies Incentive fees 7 -30% -67% 86 39% — Consumer banking net revenues were significantly higher, primarily reflecting higher credit card loan balances Private banking and lending 201 30% 1% 538 -9% n 3Q20 provision for credit losses was lower YoY, reflecting reserve reductions from paydowns on consumer installment loans, partially offset by growth in credit card loans 1,165 6% 6% 3,478 10% Wealth management n 3Q20 operating expenses were higher YoY, primarily reflecting higher compensation and benefits expenses Consumer banking 326 26% 50% 866 36% 4 n Consumer deposits grew to $96 billion in 3Q20 Net revenues 1,491 10% 13% 4,344 14% Consumer & Wealth Management Net Revenues ($ in millions) Provision for credit losses 52 -84% -50% 537 78% $1,491 $1,492 $1,408 $1,361 $1,318 Operating expenses 1,236 3% 13% 3,679 14% $282 $326 $228 $258 $217 $182 $194 $201 Pre-tax earnings $ 203 N.M. 64% $ 128 -50% $155 $199 $69 $19 $7 $10 $21 $ 138 N.M. 42% $ 93 -54% Net earnings $967 $959 $957 $938 $881 $ 128 N.M. 38% $ 64 -65% Net earnings to common Average common equity $ 8,523 14% 37% $ 7,716 28% 3Q19 4Q19 1Q20 2Q20 3Q20 Management and other fees Incentive fees Private banking and lending Consumer banking Return on average common equity 6.0% 12.9pp - pp 1.1% -2.9pp 9Consumer & Wealth Management Financial Results Consumer & Wealth Management Highlights vs. n 3Q20 net revenues were higher YoY vs. vs. 3Q20 3Q19 $ in millions 3Q20 2Q20 3Q19 YTD YTD — Wealth management net revenues were higher, due to higher Management and other fees, primarily reflecting the impact of higher average AUS and higher transaction volumes, Management and other fees $ 957 2% 9% $ 2,854 14% partially offset by a lower average effective management fee due to shifts in the mix of client assets and strategies Incentive fees 7 -30% -67% 86 39% — Consumer banking net revenues were significantly higher, primarily reflecting higher credit card loan balances Private banking and lending 201 30% 1% 538 -9% n 3Q20 provision for credit losses was lower YoY, reflecting reserve reductions from paydowns on consumer installment loans, partially offset by growth in credit card loans 1,165 6% 6% 3,478 10% Wealth management n 3Q20 operating expenses were higher YoY, primarily reflecting higher compensation and benefits expenses Consumer banking 326 26% 50% 866 36% 4 n Consumer deposits grew to $96 billion in 3Q20 Net revenues 1,491 10% 13% 4,344 14% Consumer & Wealth Management Net Revenues ($ in millions) Provision for credit losses 52 -84% -50% 537 78% $1,491 $1,492 $1,408 $1,361 $1,318 Operating expenses 1,236 3% 13% 3,679 14% $282 $326 $228 $258 $217 $182 $194 $201 Pre-tax earnings $ 203 N.M. 64% $ 128 -50% $155 $199 $69 $19 $7 $10 $21 $ 138 N.M. 42% $ 93 -54% Net earnings $967 $959 $957 $938 $881 $ 128 N.M. 38% $ 64 -65% Net earnings to common Average common equity $ 8,523 14% 37% $ 7,716 28% 3Q19 4Q19 1Q20 2Q20 3Q20 Management and other fees Incentive fees Private banking and lending Consumer banking Return on average common equity 6.0% 12.9pp - pp 1.1% -2.9pp 9

Firmwide Assets Under Supervision 3,4 3,4 Firmwide Assets Under Supervision Assets Under Supervision Highlights By Segment vs. vs. n Firmwide AUS decreased $21 billion during the quarter to $2.04 trillion, including Asset $ in billions 3Q20 2Q20 3Q19 2Q20 3Q19 Management AUS decreasing $38 billion and Consumer & Wealth Management AUS increasing $17 billion Asset Management $ 1,461 $ 1,499 $ 1,232 -3% 19% — Net market appreciation of $51 billion, primarily in equity and fixed income assets Consumer & Wealth Management 575 558 530 3% 8% — Liquidity products net outflows of $90 billion, following strong net inflows in 1H20 Firmwide AUS $ 2,036 $ 2,057 $ 1,762 -1% 16% — Long-term net inflows of $18 billion, driven by fixed income assets By Asset Class vs. vs. $ in billions 3Q20 2Q20 3Q19 2Q20 3Q19 Alternative investments $ 182 $ 179 $ 182 2% -% Equity 421 394 392 7% 7% Fixed income 856 817 784 5% 9% 3,4 Long-term AUS 1,459 1,390 1,358 5% 7% 3Q20 AUS Mix Liquidity products 577 667 404 -13% 43% Distribution Asset Vehicle Channel Region Class Firmwide AUS $ 2,036 $ 2,057 $ 1,762 -1% 16% Private Alternative 8% Asia 9% 12% funds investments Wealth and other 28% EMEA 15% management Equity 3,4 21% Organic Long-Term Net Flows ($ in billions) Public 33% (Excludes Acquisitions) funds Liquidity $42 28% Institutional 36% products $37 $36 $27 77% $25 Americas Separate 55% Fixed Third-party accounts 42% income 36% distributed 10 2016 2017 2018 2019 2020 YTDFirmwide Assets Under Supervision 3,4 3,4 Firmwide Assets Under Supervision Assets Under Supervision Highlights By Segment vs. vs. n Firmwide AUS decreased $21 billion during the quarter to $2.04 trillion, including Asset $ in billions 3Q20 2Q20 3Q19 2Q20 3Q19 Management AUS decreasing $38 billion and Consumer & Wealth Management AUS increasing $17 billion Asset Management $ 1,461 $ 1,499 $ 1,232 -3% 19% — Net market appreciation of $51 billion, primarily in equity and fixed income assets Consumer & Wealth Management 575 558 530 3% 8% — Liquidity products net outflows of $90 billion, following strong net inflows in 1H20 Firmwide AUS $ 2,036 $ 2,057 $ 1,762 -1% 16% — Long-term net inflows of $18 billion, driven by fixed income assets By Asset Class vs. vs. $ in billions 3Q20 2Q20 3Q19 2Q20 3Q19 Alternative investments $ 182 $ 179 $ 182 2% -% Equity 421 394 392 7% 7% Fixed income 856 817 784 5% 9% 3,4 Long-term AUS 1,459 1,390 1,358 5% 7% 3Q20 AUS Mix Liquidity products 577 667 404 -13% 43% Distribution Asset Vehicle Channel Region Class Firmwide AUS $ 2,036 $ 2,057 $ 1,762 -1% 16% Private Alternative 8% Asia 9% 12% funds investments Wealth and other 28% EMEA 15% management Equity 3,4 21% Organic Long-Term Net Flows ($ in billions) Public 33% (Excludes Acquisitions) funds Liquidity $42 28% Institutional 36% products $37 $36 $27 77% $25 Americas Separate 55% Fixed Third-party accounts 42% income 36% distributed 10 2016 2017 2018 2019 2020 YTD

Net Interest Income and Loans 4 Net Interest Income by Segment ($ in millions) Loans Metrics $ in billions 3Q20 2Q20 3Q19 $1,084 $944 $1,008 Corporate $ 52 $ 59 $ 46 3.7% ALLL to Total 30 28 26 Wealth management $397 $508 Gross Loans, at $425 Amortized Cost Commercial real estate 18 17 16 $51 Residential real estate 5 5 7 2.8% $124 ALLL to Gross Installment 4 5 5 Wholesale Loans, at $629 $316 $460 Amortized Cost 3 2 1 Credit cards 16.1% $143 $65 Other 4 5 5 ALLL to Gross $(75) $(7) IB Consumer Loans, at Allowance for loan losses (4) (4) (1) Amortized Cost 3Q19 2Q20 3Q20 Total Loans $ 112 $ 117 $ 105 Investment Banking Global Markets Asset Management Consumer & Wealth Management Net Interest Income Highlights Lending Highlights n Total loans decreased $5 billion, down 4% QoQ, primarily reflecting paydowns on committed n 3Q20 net interest income increased $76 million YoY corporate lines n The YoY increase in net interest income was driven by an increase in interest earning assets n Total allowance was $4.33 billion (including $3.71 billion for funded loans), down $0.06 billion QoQ — $3.20 billion for wholesale loans, $1.13 billion for consumer loans n Provision for credit losses of $278 million in 3Q20, down from $1.59 billion in 2Q20 n 3Q20 net charge-offs of $340 million for an annualized net charge-off rate of 1.3%, up 40 bps QoQ — Wholesale annualized net charge-off rate of 1.2%, up 50bps QoQ — Consumer annualized net charge-off rate of 3.7%, down 140bps QoQ 11Net Interest Income and Loans 4 Net Interest Income by Segment ($ in millions) Loans Metrics $ in billions 3Q20 2Q20 3Q19 $1,084 $944 $1,008 Corporate $ 52 $ 59 $ 46 3.7% ALLL to Total 30 28 26 Wealth management $397 $508 Gross Loans, at $425 Amortized Cost Commercial real estate 18 17 16 $51 Residential real estate 5 5 7 2.8% $124 ALLL to Gross Installment 4 5 5 Wholesale Loans, at $629 $316 $460 Amortized Cost 3 2 1 Credit cards 16.1% $143 $65 Other 4 5 5 ALLL to Gross $(75) $(7) IB Consumer Loans, at Allowance for loan losses (4) (4) (1) Amortized Cost 3Q19 2Q20 3Q20 Total Loans $ 112 $ 117 $ 105 Investment Banking Global Markets Asset Management Consumer & Wealth Management Net Interest Income Highlights Lending Highlights n Total loans decreased $5 billion, down 4% QoQ, primarily reflecting paydowns on committed n 3Q20 net interest income increased $76 million YoY corporate lines n The YoY increase in net interest income was driven by an increase in interest earning assets n Total allowance was $4.33 billion (including $3.71 billion for funded loans), down $0.06 billion QoQ — $3.20 billion for wholesale loans, $1.13 billion for consumer loans n Provision for credit losses of $278 million in 3Q20, down from $1.59 billion in 2Q20 n 3Q20 net charge-offs of $340 million for an annualized net charge-off rate of 1.3%, up 40 bps QoQ — Wholesale annualized net charge-off rate of 1.2%, up 50bps QoQ — Consumer annualized net charge-off rate of 3.7%, down 140bps QoQ 11

Expenses Expense Highlights Financial Results vs. n 3Q20 total operating expenses increased YoY vs. vs. 3Q20 3Q19 $ in millions 3Q20 2Q20 3Q19 YTD YTD — Higher compensation and benefits expenses (reflecting significantly higher net revenues) — Slightly lower non-compensation expenses, which included: Compensation and benefits $ 3,117 -30% 14% $ 10,830 16% o Lower travel and entertainment expenses (included in market development expenses), Brokerage, clearing, exchange and professional fees, occupancy-related expenses, and net provisions for litigation and 911 -4% 7% 2,831 16% distribution fees regulatory proceedings o Higher technology expenses and brokerage, clearing, exchange and distribution fees Market development 70 -21% -59% 312 -42% n 3Q20 YTD effective income tax rate was 27.6%, down from 39.9% for the first half of 2020, primarily due to a decrease in the impact of non-deductible litigation in the first nine months of Communications and technology 340 -1% 20% 1,006 17% 2020 compared with the first half of 2020 Depreciation and amortization 468 -6% -1% 1,404 13% 3 Occupancy 235 1% -7% 706 -1% Efficiency Ratio 78.3% Professional fees 298 -4% -15% 956 1% 67.5% 69.6% 66.2% +0.6pp +22.2pp +0.6pp +9.6pp 55.2% Other expenses 515 -85% 2% 4,781 N.M. +0.0pp Total operating expenses $ 5,954 -43% 6% $ 22,826 30% Provision for taxes $ 932 2% 73% $ 1,985 16% Effective Tax Rate 27.6% 6.9pp 3Q19 2Q20 3Q20 3Q19 YTD 3Q20 YTD Impact of Litigation Impact of Litigation 12Expenses Expense Highlights Financial Results vs. n 3Q20 total operating expenses increased YoY vs. vs. 3Q20 3Q19 $ in millions 3Q20 2Q20 3Q19 YTD YTD — Higher compensation and benefits expenses (reflecting significantly higher net revenues) — Slightly lower non-compensation expenses, which included: Compensation and benefits $ 3,117 -30% 14% $ 10,830 16% o Lower travel and entertainment expenses (included in market development expenses), Brokerage, clearing, exchange and professional fees, occupancy-related expenses, and net provisions for litigation and 911 -4% 7% 2,831 16% distribution fees regulatory proceedings o Higher technology expenses and brokerage, clearing, exchange and distribution fees Market development 70 -21% -59% 312 -42% n 3Q20 YTD effective income tax rate was 27.6%, down from 39.9% for the first half of 2020, primarily due to a decrease in the impact of non-deductible litigation in the first nine months of Communications and technology 340 -1% 20% 1,006 17% 2020 compared with the first half of 2020 Depreciation and amortization 468 -6% -1% 1,404 13% 3 Occupancy 235 1% -7% 706 -1% Efficiency Ratio 78.3% Professional fees 298 -4% -15% 956 1% 67.5% 69.6% 66.2% +0.6pp +22.2pp +0.6pp +9.6pp 55.2% Other expenses 515 -85% 2% 4,781 N.M. +0.0pp Total operating expenses $ 5,954 -43% 6% $ 22,826 30% Provision for taxes $ 932 2% 73% $ 1,985 16% Effective Tax Rate 27.6% 6.9pp 3Q19 2Q20 3Q20 3Q19 YTD 3Q20 YTD Impact of Litigation Impact of Litigation 12

Capital and Balance Sheet 3,4 Capital Capital and Balance Sheet Highlights n Both Standardized and Advanced CET1 ratios increased QoQ 3Q20 2Q20 3Q19 $ in billions — Increase in CET1 capital reflected net earnings in excess of dividends Common equity tier 1 (CET1) capital $ 77.8 $ 74.7 $ 75.7 — Decrease in RWAs reflected lower credit RWAs, reflecting reduced exposure, and lower Standardized RWAs $ 535 $ 563 $ 557 market RWAs, reflecting decreased market volatility n Returned $448 million of capital in common stock dividends Standardized CET1 capital ratio 14.5% 13.3% 13.6% 3 — The firm did not repurchase any shares in 3Q20 and will not in 4Q20 Advanced RWAs $ 600 $ 628 $ 566 n The firm’s balance sheet decreased $10 billion QoQ Advanced CET1 capital ratio 13.0% 11.9% 13.4% 3 4 — Maintained highly liquid balance sheet as GCLA averaged $302 billion for 3Q20 n BVPS increased 3.6% QoQ and 4.9% YoY, driven by net earnings Supplementary leverage ratio 6.8% 6.6% 6.2% 4 Selected Balance Sheet Data Book Value $ in billions In millions, except per share amounts 3Q20 2Q20 3Q19 3Q20 2Q20 3Q19 3 Total assets Basic shares 356.0 355.8 $ 1,132 $ 1,142 $ 1,007 369.3 Deposits $ 261 $ 269 $ 183 Book value per common share $ 229.49 $ 221.55 $ 218.82 1 Unsecured long-term borrowings $ 214 $ 223 $ 217 Tangible book value per common share $ 215.54 $ 208.08 $ 205.59 Shareholders’ equity $ 93 $ 90 $ 92 3 Average GCLA $ 302 $ 290 $ 238 13Capital and Balance Sheet 3,4 Capital Capital and Balance Sheet Highlights n Both Standardized and Advanced CET1 ratios increased QoQ 3Q20 2Q20 3Q19 $ in billions — Increase in CET1 capital reflected net earnings in excess of dividends Common equity tier 1 (CET1) capital $ 77.8 $ 74.7 $ 75.7 — Decrease in RWAs reflected lower credit RWAs, reflecting reduced exposure, and lower Standardized RWAs $ 535 $ 563 $ 557 market RWAs, reflecting decreased market volatility n Returned $448 million of capital in common stock dividends Standardized CET1 capital ratio 14.5% 13.3% 13.6% 3 — The firm did not repurchase any shares in 3Q20 and will not in 4Q20 Advanced RWAs $ 600 $ 628 $ 566 n The firm’s balance sheet decreased $10 billion QoQ Advanced CET1 capital ratio 13.0% 11.9% 13.4% 3 4 — Maintained highly liquid balance sheet as GCLA averaged $302 billion for 3Q20 n BVPS increased 3.6% QoQ and 4.9% YoY, driven by net earnings Supplementary leverage ratio 6.8% 6.6% 6.2% 4 Selected Balance Sheet Data Book Value $ in billions In millions, except per share amounts 3Q20 2Q20 3Q19 3Q20 2Q20 3Q19 3 Total assets Basic shares 356.0 355.8 $ 1,132 $ 1,142 $ 1,007 369.3 Deposits $ 261 $ 269 $ 183 Book value per common share $ 229.49 $ 221.55 $ 218.82 1 Unsecured long-term borrowings $ 214 $ 223 $ 217 Tangible book value per common share $ 215.54 $ 208.08 $ 205.59 Shareholders’ equity $ 93 $ 90 $ 92 3 Average GCLA $ 302 $ 290 $ 238 13

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, 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 indicated in these 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 II, Item 1A of the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2020 and in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2019. 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, (ii) the impact of the COVID-19 pandemic on the firm’s business, results, financial position and liquidity, (iii) the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of medium- and long-term targets and goals, (iv) the future state of the firm’s liquidity and regulatory capital ratios, (v) the firm’s prospective capital distributions (including dividends), (vi) the firm’s future effective income tax rate, and (vii) the firm’s investment banking transaction backlog are forward-looking statements. Statements regarding estimated GDP growth are subject to the risk that actual GDP growth may differ, possibly materially, due to, among other things, changes in general economic conditions. Statements about the effects of the COVID-19 pandemic on the firm’s business, results, financial position and liquidity are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Statements about the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of medium and long-term targets and goals are based on the firm’s current expectations regarding our ability to implement these initiatives 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, as well as its prospective capital distributions, 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 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. Statements about the firm’s investment banking transaction backlog are subject to the risk that transactions may be modified or not completed at all and associated net revenues may not be realized or may be materially less than those currently expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak of hostilities, 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. 14Cautionary 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, 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 indicated in these 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 II, Item 1A of the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2020 and in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2019. 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, (ii) the impact of the COVID-19 pandemic on the firm’s business, results, financial position and liquidity, (iii) the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of medium- and long-term targets and goals, (iv) the future state of the firm’s liquidity and regulatory capital ratios, (v) the firm’s prospective capital distributions (including dividends), (vi) the firm’s future effective income tax rate, and (vii) the firm’s investment banking transaction backlog are forward-looking statements. Statements regarding estimated GDP growth are subject to the risk that actual GDP growth may differ, possibly materially, due to, among other things, changes in general economic conditions. Statements about the effects of the COVID-19 pandemic on the firm’s business, results, financial position and liquidity are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Statements about the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of medium and long-term targets and goals are based on the firm’s current expectations regarding our ability to implement these initiatives 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, as well as its prospective capital distributions, 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 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. Statements about the firm’s investment banking transaction backlog are subject to the risk that transactions may be modified or not completed at all and associated net revenues may not be realized or may be materially less than those currently expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak of hostilities, 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. 14

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 NINE MONTHS ENDED Unaudited, $ in millions SEPTEMBER 30, 2020 SEPTEMBER 30, 2020 SEPTEMBER 30, 2020 JUNE 30, 2020 SEPTEMBER 30, 2019 Total shareholders’ equity $ 91,004 $ 91,068 $ 92,900 $ 90,029 $ 92,012 Preferred stock (11,203) (11,203) (11,203) (11,203) (11,203) Common shareholders’ equity 79,801 79,865 81,697 78,826 80,809 Goodwill and identifiable intangible assets (4,835) (4,825) (4,965) (4,792) (4,886) Tangible common shareholders’ equity $ 74,966 $ 75,040 $ 76,732 $ 74,034 $ 75,923 2. Dealogic – January 1, 2020 through September 30, 2020. 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, 2020: (i) investment banking transaction backlog – see “Results of Operations – Investment Banking” (ii) assets under supervision – see “Results of Operations – 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 “Equity Capital Management and Regulatory Capital – Equity Capital Management” and (vi) global core liquid assets – see “Risk Management – Liquidity Risk Management.” For information about risk-based capital ratios and the supplementary leverage ratio, see Note 20 “Regulation and Capital Adequacy” in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2020. 4. Represents a preliminary estimate for the third quarter of 2020 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2020. 5. Includes consolidated investment entities, substantially all of which related to entities engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation. 15Footnotes 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 NINE MONTHS ENDED Unaudited, $ in millions SEPTEMBER 30, 2020 SEPTEMBER 30, 2020 SEPTEMBER 30, 2020 JUNE 30, 2020 SEPTEMBER 30, 2019 Total shareholders’ equity $ 91,004 $ 91,068 $ 92,900 $ 90,029 $ 92,012 Preferred stock (11,203) (11,203) (11,203) (11,203) (11,203) Common shareholders’ equity 79,801 79,865 81,697 78,826 80,809 Goodwill and identifiable intangible assets (4,835) (4,825) (4,965) (4,792) (4,886) Tangible common shareholders’ equity $ 74,966 $ 75,040 $ 76,732 $ 74,034 $ 75,923 2. Dealogic – January 1, 2020 through September 30, 2020. 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, 2020: (i) investment banking transaction backlog – see “Results of Operations – Investment Banking” (ii) assets under supervision – see “Results of Operations – 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 “Equity Capital Management and Regulatory Capital – Equity Capital Management” and (vi) global core liquid assets – see “Risk Management – Liquidity Risk Management.” For information about risk-based capital ratios and the supplementary leverage ratio, see Note 20 “Regulation and Capital Adequacy” in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2020. 4. Represents a preliminary estimate for the third quarter of 2020 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2020. 5. Includes consolidated investment entities, substantially all of which related to entities engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation. 15