Exhibit 99.2 First Quarter 2020 Earnings Results Presentation April 15, 2020Exhibit 99.2 First Quarter 2020 Earnings Results Presentation April 15, 2020

COVID-19 Firm Response Our response to COVID-19 reinforces our core values of partnership, client service, integrity, and excellence Employees and Vendors Clients Communities n Activated global Business Continuity Plan, withn Announced a COVID-19 Customer Assistance n Announced a $550 million commitment to ~98% of global employees working remotely Program, giving customers in our Consumer COVID-19 relief efforts including: business the flexibility to: — $500 million of emergency loan capital for n Extended 10 days of family leave to our people underserved small businesses through — Defer a Marcus loan or Apple Card payment globally to care for family members due to Community Development Financial Institutions for up to two months at no cost to customers COVID-19 related illness or childcare needs (CDFIs) and other mission-driven lenders — Access funds in Marcus CDs early with no across the US n Introduced telemedicine benefit to employees penalty — $25 million in grants to CDFIs and mission- and covered dependents; waiving all costs for driven lending partners to enable them to hire 2020n Leveraging digital banking model to provide necessary staff and set up additional uninterrupted customer service, including rapid n Providing access to global patient advocacy operations response times through virtual call centers teams to help employees and their families gain — $30 million COVID-19 relief effort n Continuing to provide savings products with access to appropriate care for COVID-19 — Announced city / state specific COVID-19 attractive interest rates public-private partnerships in New York, n Partnering with our vendors to ensure that n Led $15+ billion of“Fight COVID-19” bonds Texas, Ohio, Rhode Island, Chicago, Baltimore workers dedicated to Goldman Sachs continue to receive their full pay and benefits, even if theirn Funded $19 billion of loans to corporate clients n Launched a U.S. Small Business Resource shifts are temporarily reduced or eliminated Center and emergency coaching sessions to n Bookrunner on $200+ billion of total investment 10,000 Small Businesses and 10,000 Women grade issuance in Q1 n Launched virtual volunteer opportunities for graduates our people to support their communities remotely n Working in partnership with central banks, n Donated over 2.5 million surgical masks and governments, and regulators to support financial n Honoring the full financial commitment to our 700,000 N95 masks across the U.S. and Europe system 2,800 summer interns who will have a truncated n Working with the NHS to deliver technical and program data support related to the spread of COVID-19 1COVID-19 Firm Response Our response to COVID-19 reinforces our core values of partnership, client service, integrity, and excellence Employees and Vendors Clients Communities n Activated global Business Continuity Plan, withn Announced a COVID-19 Customer Assistance n Announced a $550 million commitment to ~98% of global employees working remotely Program, giving customers in our Consumer COVID-19 relief efforts including: business the flexibility to: — $500 million of emergency loan capital for n Extended 10 days of family leave to our people underserved small businesses through — Defer a Marcus loan or Apple Card payment globally to care for family members due to Community Development Financial Institutions for up to two months at no cost to customers COVID-19 related illness or childcare needs (CDFIs) and other mission-driven lenders — Access funds in Marcus CDs early with no across the US n Introduced telemedicine benefit to employees penalty — $25 million in grants to CDFIs and mission- and covered dependents; waiving all costs for driven lending partners to enable them to hire 2020n Leveraging digital banking model to provide necessary staff and set up additional uninterrupted customer service, including rapid n Providing access to global patient advocacy operations response times through virtual call centers teams to help employees and their families gain — $30 million COVID-19 relief effort n Continuing to provide savings products with access to appropriate care for COVID-19 — Announced city / state specific COVID-19 attractive interest rates public-private partnerships in New York, n Partnering with our vendors to ensure that n Led $15+ billion of“Fight COVID-19” bonds Texas, Ohio, Rhode Island, Chicago, Baltimore workers dedicated to Goldman Sachs continue to receive their full pay and benefits, even if theirn Funded $19 billion of loans to corporate clients n Launched a U.S. Small Business Resource shifts are temporarily reduced or eliminated Center and emergency coaching sessions to n Bookrunner on $200+ billion of total investment 10,000 Small Businesses and 10,000 Women grade issuance in Q1 n Launched virtual volunteer opportunities for graduates our people to support their communities remotely n Working in partnership with central banks, n Donated over 2.5 million surgical masks and governments, and regulators to support financial n Honoring the full financial commitment to our 700,000 N95 masks across the U.S. and Europe system 2,800 summer interns who will have a truncated n Working with the NHS to deliver technical and program data support related to the spread of COVID-19 1

Results Snapshot Net Revenues EPS Net Earnings $8.74 billion $1.21 billion 1Q20 1Q20 $3.11 1Q20 1 1 Annualized ROE 1Q20 Book Value Annualized ROTE $228.21 BVPS 5.7% 1Q20 1Q20 6.0% 1 TBVPS $214.69 Highlights Strong quarterly Investment Banking net revenues Continued growth in Consumer & Wealth Management net revenues 2 $12 billion increase in quarterly consumer deposits #1 in Announced and Completed M&A 3 4 Strong quarterly Global Markets net revenues Highly liquid balance sheet with average GCLA of $243 billion 2Results Snapshot Net Revenues EPS Net Earnings $8.74 billion $1.21 billion 1Q20 1Q20 $3.11 1Q20 1 1 Annualized ROE 1Q20 Book Value Annualized ROTE $228.21 BVPS 5.7% 1Q20 1Q20 6.0% 1 TBVPS $214.69 Highlights Strong quarterly Investment Banking net revenues Continued growth in Consumer & Wealth Management net revenues 2 $12 billion increase in quarterly consumer deposits #1 in Announced and Completed M&A 3 4 Strong quarterly Global Markets net revenues Highly liquid balance sheet with average GCLA of $243 billion 2

Macro Perspectives Economic Fundamentals Macro Factors Near-Term Contraction Opened the Quarter with Strong Economic Forecast GDP Growth: U.S. Global 2020 | 2021 -6.2% | +5.5% -2.5% | +6.6% COVID-19 Outbreak & Resulting Economic Shock Rapid Shift in Sentiment and Fundamentals Expected GDP Rising Lower Consumer & Unprecedented Monetary and Rebound as Unemployment Business Confidence Fiscal Response Economy Reopens Evolving Operating Backdrop with Significant Volatility in Latter Half of the Quarter Pronounced Equity & Credit Positive Markets in Volatility & Volumes Significant Central Bank Market Reactions in March January/February Jump Support U.S. HY Z-Spread: +375bps QoQ S&P 500 +5% Rate Cuts, Funding VIX: +290% QoQ U.S. IG Z-Spread: +150bps QoQ (Jan 1 - Feb 19) Programs, and Open- U.S. Cash Equity Volumes: Reaching an All-Time High Market Operations S&P 500: -20% QoQ +45% YoY Goldman Sachs remains well-positioned to help our clients navigate these volatile markets 3 2020 and 2021 estimated real gross domestic product (GDP) growth per Goldman Sachs Research. Macro Perspectives Economic Fundamentals Macro Factors Near-Term Contraction Opened the Quarter with Strong Economic Forecast GDP Growth: U.S. Global 2020 | 2021 -6.2% | +5.5% -2.5% | +6.6% COVID-19 Outbreak & Resulting Economic Shock Rapid Shift in Sentiment and Fundamentals Expected GDP Rising Lower Consumer & Unprecedented Monetary and Rebound as Unemployment Business Confidence Fiscal Response Economy Reopens Evolving Operating Backdrop with Significant Volatility in Latter Half of the Quarter Pronounced Equity & Credit Positive Markets in Volatility & Volumes Significant Central Bank Market Reactions in March January/February Jump Support U.S. HY Z-Spread: +375bps QoQ S&P 500 +5% Rate Cuts, Funding VIX: +290% QoQ U.S. IG Z-Spread: +150bps QoQ (Jan 1 - Feb 19) Programs, and Open- U.S. Cash Equity Volumes: Reaching an All-Time High Market Operations S&P 500: -20% QoQ +45% YoY Goldman Sachs remains well-positioned to help our clients navigate these volatile markets 3 2020 and 2021 estimated real gross domestic product (GDP) growth per Goldman Sachs Research.

Financial Overview Financial Overview Highlights Financial Results vs. vs. $ in millions, except per share amounts 1Q20 4Q19 1Q19 n During the quarter, the firm successfully executed on its Business Continuity Planning strategy amid the global COVID-19 pandemic, providing clients with advice, execution and liquidity. The Investment Banking $ 2,184 6% 25% firm generated $8.74 billion in quarterly net revenues during the first quarter of 2020, reflecting strength in franchise activity Global Markets 5,163 48% 28% n 1Q20 net revenues were essentially unchanged YoY, reflecting significantly lower net revenues in Asset Management, largely offset by significantly higher net revenues in Global Markets, Asset Management -96 N.M. N.M. Investment Banking and Consumer & Wealth Management Consumer & Wealth Management 1,492 6% 21% n 1Q20 provision for credit losses were significantly higher YoY, reflecting the challenging economic environment, loan growth and the impact of accounting for credit losses under the 5 CECL standard Net revenues $ 8,743 -12% -1% n 1Q20 operating expenses increased YoY, primarily due to significantly higher expenses related Provision for credit losses 937 179% N.M to brokerage, clearing, exchange and distribution fees, higher net provisions for litigation and regulatory proceedings, and higher expenses related to consolidated investments Operating expenses 6,458 -12% 10% Pre-tax earnings 1,348 -42% -50% Net earnings 1,213 -37% -46% Net earnings to common $ 1,123 -35% -49% Diluted EPS $ 3.11 -34% -46% 1 ROE 5.7% -3.0pp -5.4pp 1 ROTE 6.0% -3.2pp -5.7pp 4Financial Overview Financial Overview Highlights Financial Results vs. vs. $ in millions, except per share amounts 1Q20 4Q19 1Q19 n During the quarter, the firm successfully executed on its Business Continuity Planning strategy amid the global COVID-19 pandemic, providing clients with advice, execution and liquidity. The Investment Banking $ 2,184 6% 25% firm generated $8.74 billion in quarterly net revenues during the first quarter of 2020, reflecting strength in franchise activity Global Markets 5,163 48% 28% n 1Q20 net revenues were essentially unchanged YoY, reflecting significantly lower net revenues in Asset Management, largely offset by significantly higher net revenues in Global Markets, Asset Management -96 N.M. N.M. Investment Banking and Consumer & Wealth Management Consumer & Wealth Management 1,492 6% 21% n 1Q20 provision for credit losses were significantly higher YoY, reflecting the challenging economic environment, loan growth and the impact of accounting for credit losses under the 5 CECL standard Net revenues $ 8,743 -12% -1% n 1Q20 operating expenses increased YoY, primarily due to significantly higher expenses related Provision for credit losses 937 179% N.M to brokerage, clearing, exchange and distribution fees, higher net provisions for litigation and regulatory proceedings, and higher expenses related to consolidated investments Operating expenses 6,458 -12% 10% Pre-tax earnings 1,348 -42% -50% Net earnings 1,213 -37% -46% Net earnings to common $ 1,123 -35% -49% Diluted EPS $ 3.11 -34% -46% 1 ROE 5.7% -3.0pp -5.4pp 1 ROTE 6.0% -3.2pp -5.7pp 4

Investment Banking Investment Banking Highlights Financial Results n 1Q20 net revenues were significantly higher YoY vs. vs. $ in millions 1Q20 4Q19 1Q19 — Financial advisory net revenues were lower, reflecting a decrease in industry-wide completed mergers and acquisitions transactions Financial advisory $ 781 -9% -11% — Underwriting net revenues were significantly higher, reflecting higher net revenues from IPOs and convertible offerings, as well as asset-backed and leveraged finance activity Equity underwriting 378 -% 44% — Corporate lending net revenues were significantly higher, due to significantly higher net Debt underwriting 583 -3% 21% revenues related to relationship lending activities, reflecting the impact of changes in credit spreads on hedges 2 961 -2% 29% Underwritingn Remained ranked #1 in worldwide announced and completed M&A for the year-to-date 3 n Overall backlog decreased QoQ, reflecting decreases in advisory and debt underwriting 442 91% N.M. Corporate lending backlog, partially offset by an increase in equity underwriting backlog; backlog increased YoY 2,184 6% 25% Net revenues Investment Banking Net Revenues ($ in millions) Provision for credit losses 622 N.M. N.M. $2,184 $2,064 $1,948 $1,841 Operating expenses 1,169 -29% 16% $442 $232 $1,746 $187 $254 $128 $599 $514 Pre-tax earnings $ 393 19% -40% $583 $482 $524 $378 $476 Net earnings $ 354 26% -35% $262 $378 $366 Net earnings to common $ 343 33% -36% $874 $855 $771 $781 $697 Average common equity $ 11,308 1% -2% 1Q19 2Q19 3Q19 4Q19 1Q20 Financial advisory Equity underwriting Debt underwriting Corporate lending Return on average common equity 12.1% +2.9pp -6.5pp 5Investment Banking Investment Banking Highlights Financial Results n 1Q20 net revenues were significantly higher YoY vs. vs. $ in millions 1Q20 4Q19 1Q19 — Financial advisory net revenues were lower, reflecting a decrease in industry-wide completed mergers and acquisitions transactions Financial advisory $ 781 -9% -11% — Underwriting net revenues were significantly higher, reflecting higher net revenues from IPOs and convertible offerings, as well as asset-backed and leveraged finance activity Equity underwriting 378 -% 44% — Corporate lending net revenues were significantly higher, due to significantly higher net Debt underwriting 583 -3% 21% revenues related to relationship lending activities, reflecting the impact of changes in credit spreads on hedges 2 961 -2% 29% Underwritingn Remained ranked #1 in worldwide announced and completed M&A for the year-to-date 3 n Overall backlog decreased QoQ, reflecting decreases in advisory and debt underwriting 442 91% N.M. Corporate lending backlog, partially offset by an increase in equity underwriting backlog; backlog increased YoY 2,184 6% 25% Net revenues Investment Banking Net Revenues ($ in millions) Provision for credit losses 622 N.M. N.M. $2,184 $2,064 $1,948 $1,841 Operating expenses 1,169 -29% 16% $442 $232 $1,746 $187 $254 $128 $599 $514 Pre-tax earnings $ 393 19% -40% $583 $482 $524 $378 $476 Net earnings $ 354 26% -35% $262 $378 $366 Net earnings to common $ 343 33% -36% $874 $855 $771 $781 $697 Average common equity $ 11,308 1% -2% 1Q19 2Q19 3Q19 4Q19 1Q20 Financial advisory Equity underwriting Debt underwriting Corporate lending Return on average common equity 12.1% +2.9pp -6.5pp 5

Global Markets - FICC Financial Results FICC Highlights vs. vs. n 1Q20 net revenues were significantly higher YoY $ in millions 1Q20 4Q19 1Q19 — FICC intermediation net revenues were significantly higher, reflecting significantly higher net FICC intermediation $ 2,537 84% 36% revenues in currencies and credit products, higher net revenues in commodities and slightly higher net revenues in interest rate products, partially offset by significantly lower net revenues 432 12% 18% FICC financing in mortgages — FICC financing net revenues were higher, driven by repurchase agreements FICC 2,969 68% 33% n 1Q20 operating environment was characterized by strong client activity, particularly in interest rate products, currencies and credit products, and higher levels of volatility, while interest rates 1,528 56% 32% Equities intermediation decreased and credit spreads widened during the quarter Equities financing 666 -9% 4% 2,194 28% 22% Equities Net revenues 5,163 48% 28% FICC Net Revenues ($ in millions) 68 N.M. N.M. Provision for credit losses $2,969 $432 Operating expenses 2,847 -6% 4% $2,238 $ 2,248 N.M. 74% Pre-tax earnings $366 $1,769 $1,702 $1,679 $262 $387 $364 Net earnings $ 2,023 N.M. 89% $2,537 $1,872 $ 1,964 N.M. 93% Net earnings to common $1,440 $1,382 $1,315 Average common equity $ 39,797 4% -2% 1Q19 2Q19 3Q19 4Q19 1Q20 19.7% +17.3pp +9.7pp Return on average common equity 6 Intermediation FinancingGlobal Markets - FICC Financial Results FICC Highlights vs. vs. n 1Q20 net revenues were significantly higher YoY $ in millions 1Q20 4Q19 1Q19 — FICC intermediation net revenues were significantly higher, reflecting significantly higher net FICC intermediation $ 2,537 84% 36% revenues in currencies and credit products, higher net revenues in commodities and slightly higher net revenues in interest rate products, partially offset by significantly lower net revenues 432 12% 18% FICC financing in mortgages — FICC financing net revenues were higher, driven by repurchase agreements FICC 2,969 68% 33% n 1Q20 operating environment was characterized by strong client activity, particularly in interest rate products, currencies and credit products, and higher levels of volatility, while interest rates 1,528 56% 32% Equities intermediation decreased and credit spreads widened during the quarter Equities financing 666 -9% 4% 2,194 28% 22% Equities Net revenues 5,163 48% 28% FICC Net Revenues ($ in millions) 68 N.M. N.M. Provision for credit losses $2,969 $432 Operating expenses 2,847 -6% 4% $2,238 $ 2,248 N.M. 74% Pre-tax earnings $366 $1,769 $1,702 $1,679 $262 $387 $364 Net earnings $ 2,023 N.M. 89% $2,537 $1,872 $ 1,964 N.M. 93% Net earnings to common $1,440 $1,382 $1,315 Average common equity $ 39,797 4% -2% 1Q19 2Q19 3Q19 4Q19 1Q20 19.7% +17.3pp +9.7pp Return on average common equity 6 Intermediation Financing

Global Markets - Equities Financial Results Equities Highlights vs. vs. n 1Q20 net revenues were significantly higher YoY $ in millions 1Q20 4Q19 1Q19 — Equities intermediation net revenues were significantly higher, driven by strength in derivatives; FICC intermediation $ 2,537 84% 36% worked with clients to navigate the more volatile and dislocated market backdrop — Equities financing net revenues were slightly higher, reflecting higher average customer balances FICC financing 432 12% 18% n 1Q20 operating environment was characterized by strong client activity, higher levels of volatility and lower global equity prices, compared with 4Q19 FICC 2,969 68% 33% Equities intermediation 1,528 56% 32% Equities financing 666 -9% 4% Equities 2,194 28% 22% Equities Net Revenues ($ in millions) Net revenues 5,163 48% 28% $2,194 Provision for credit losses 68 N.M. N.M. $2,014 $1,864 $1,802 $1,711 $666 Operating expenses 2,847 -6% 4% $860 $641 $784 Pre-tax earnings $ 2,248 N.M. 74% $732 Net earnings $ 2,023 N.M. 89% $1,528 Net earnings to common $ 1,964 N.M. 93% $1,161 $1,154 $1,080 $979 Average common equity $ 39,797 4% -2% 1Q19 2Q19 3Q19 4Q19 1Q20 Return on average common equity 19.7% +17.3pp +9.7pp Intermediation Financing 7Global Markets - Equities Financial Results Equities Highlights vs. vs. n 1Q20 net revenues were significantly higher YoY $ in millions 1Q20 4Q19 1Q19 — Equities intermediation net revenues were significantly higher, driven by strength in derivatives; FICC intermediation $ 2,537 84% 36% worked with clients to navigate the more volatile and dislocated market backdrop — Equities financing net revenues were slightly higher, reflecting higher average customer balances FICC financing 432 12% 18% n 1Q20 operating environment was characterized by strong client activity, higher levels of volatility and lower global equity prices, compared with 4Q19 FICC 2,969 68% 33% Equities intermediation 1,528 56% 32% Equities financing 666 -9% 4% Equities 2,194 28% 22% Equities Net Revenues ($ in millions) Net revenues 5,163 48% 28% $2,194 Provision for credit losses 68 N.M. N.M. $2,014 $1,864 $1,802 $1,711 $666 Operating expenses 2,847 -6% 4% $860 $641 $784 Pre-tax earnings $ 2,248 N.M. 74% $732 Net earnings $ 2,023 N.M. 89% $1,528 Net earnings to common $ 1,964 N.M. 93% $1,161 $1,154 $1,080 $979 Average common equity $ 39,797 4% -2% 1Q19 2Q19 3Q19 4Q19 1Q20 Return on average common equity 19.7% +17.3pp +9.7pp Intermediation Financing 7

Asset Management Financial Results Asset Management Highlights vs. vs. n 1Q20 net revenues were significantly lower YoY, as macroeconomic concerns resulting from the $ in millions 1Q20 4Q19 1Q19 challenging operating environment led to decreased global equity prices, wider credit spreads and uncertainty in the economic outlook Management and other fees $ 640 -4% 5% — Management and other fees from our institutional and third-party distribution asset management clients were higher, reflecting higher average AUS, partially offset by a lower average effective Incentive fees 154 N.M. N.M. fee due to shifts in the mix of client assets and strategies — Incentive fees were significantly higher, driven by harvesting Equity investments -22 N.M. N.M. — Equity investments results reflected net gains from pending and completed sales of ~$775 million and operating net revenues from consolidated investment entities of ~$200 million, offset by mark-downs on our private equity portfolio of ~$500 million and mark-to-market net losses on our Lending and debt investments -868 N.M. N.M. public equity portfolio of ~$500 million — Lending and debt investments results reflected significant net losses across debt securities Net revenues -96 N.M. N.M. Provision for credit losses 79 -34% N.M. Asset Management Net Revenues ($ in millions) 1,198 -7% 9% Operating expenses $3,003 $2,548 $427 Pre-tax earnings $ -1,373 N.M. N.M. $351 $1,793 $1,621 $1,865 $351 $ -1,236 N.M. N.M. Net earnings $1,499 $341 -$96 $805 $596 $24 $45 Net earnings to common $ -1,250 N.M. N.M. $31 $30 $154 $667 $660 $666 $607 $640 -$22 Average common equity $ 21,156 -8% 4% -$868 Return on average common equity -23.6% -45.6pp -34.4pp 1Q19 2Q19 3Q19 4Q19 1Q20 8 Management and other fees Incentive fees Equity investments Lending and debt investmentsAsset Management Financial Results Asset Management Highlights vs. vs. n 1Q20 net revenues were significantly lower YoY, as macroeconomic concerns resulting from the $ in millions 1Q20 4Q19 1Q19 challenging operating environment led to decreased global equity prices, wider credit spreads and uncertainty in the economic outlook Management and other fees $ 640 -4% 5% — Management and other fees from our institutional and third-party distribution asset management clients were higher, reflecting higher average AUS, partially offset by a lower average effective Incentive fees 154 N.M. N.M. fee due to shifts in the mix of client assets and strategies — Incentive fees were significantly higher, driven by harvesting Equity investments -22 N.M. N.M. — Equity investments results reflected net gains from pending and completed sales of ~$775 million and operating net revenues from consolidated investment entities of ~$200 million, offset by mark-downs on our private equity portfolio of ~$500 million and mark-to-market net losses on our Lending and debt investments -868 N.M. N.M. public equity portfolio of ~$500 million — Lending and debt investments results reflected significant net losses across debt securities Net revenues -96 N.M. N.M. Provision for credit losses 79 -34% N.M. Asset Management Net Revenues ($ in millions) 1,198 -7% 9% Operating expenses $3,003 $2,548 $427 Pre-tax earnings $ -1,373 N.M. N.M. $351 $1,793 $1,621 $1,865 $351 $ -1,236 N.M. N.M. Net earnings $1,499 $341 -$96 $805 $596 $24 $45 Net earnings to common $ -1,250 N.M. N.M. $31 $30 $154 $667 $660 $666 $607 $640 -$22 Average common equity $ 21,156 -8% 4% -$868 Return on average common equity -23.6% -45.6pp -34.4pp 1Q19 2Q19 3Q19 4Q19 1Q20 8 Management and other fees Incentive fees Equity investments Lending and debt investments

Asset Management – Asset Mix 4 4 Lending and Debt Investments Asset Mix Equity Investments Asset Mix $ in billions $ in billions $ in billions $ in billions 1Q20 4Q19 1Q20 4Q19 1Q20 4Q19 1Q20 4Q19 Public equity $ 2 $ 2 Corporate $ 16 $ 17 Debt securities $ 13 $ 15 Amortized cost $ 12 $ 13 Private equity 19 20 Real estate 5 5 Loans 16 17 Fair value 17 19 $ 21 $ 22 $ 21 $ 22 $ 29 $ 32 $ 29 $ 32 Total Total Total Total 1Q20 Vintage 1Q20 Loans 1Q20 Loans and Debt securities Unsecured 2017– 14% 2013 or Present Real estate Earlier 27% 38% 36% Corporate Secured 62% 2014 – 86% 2016 37% 6 n In addition, the firm’s consolidated investment entities have a carrying value of $19 billion, funded with liabilities of approximately $11 billion, substantially all of which were nonrecourse 9Asset Management – Asset Mix 4 4 Lending and Debt Investments Asset Mix Equity Investments Asset Mix $ in billions $ in billions $ in billions $ in billions 1Q20 4Q19 1Q20 4Q19 1Q20 4Q19 1Q20 4Q19 Public equity $ 2 $ 2 Corporate $ 16 $ 17 Debt securities $ 13 $ 15 Amortized cost $ 12 $ 13 Private equity 19 20 Real estate 5 5 Loans 16 17 Fair value 17 19 $ 21 $ 22 $ 21 $ 22 $ 29 $ 32 $ 29 $ 32 Total Total Total Total 1Q20 Vintage 1Q20 Loans 1Q20 Loans and Debt securities Unsecured 2017– 14% 2013 or Present Real estate Earlier 27% 38% 36% Corporate Secured 62% 2014 – 86% 2016 37% 6 n In addition, the firm’s consolidated investment entities have a carrying value of $19 billion, funded with liabilities of approximately $11 billion, substantially all of which were nonrecourse 9

Consumer & Wealth Management Financial Results Consumer & Wealth Management Highlights vs. vs. n 1Q20 net revenues were significantly higher YoY $ in millions 1Q20 4Q19 1Q19 — Wealth management net revenues were higher, due to significantly higher Management and Management and other fees $ 959 -1% 21% other fees, primarily reflecting higher average AUS and higher transaction volumes, and higher Incentive fees Incentive fees 69 N.M. 146% — Consumer banking net revenues were higher, driven by higher net interest income, primarily reflecting an increase in deposit balances and credit card loans 182 -6% -10% Private banking and lending n Continued to scale the digital consumer deposit platforms, as consumer deposits increased by a 4 record $12 billion in 1Q20 to $72 billion Wealth management 1,210 3% 18% n The firm announced support to Marcus and Apple Card consumers by offering flexibility to defer payments without incurring any charges Consumer banking 282 24% 39% Net revenues 1,492 6% 21% Consumer & Wealth Management Net Revenues ($ in millions) Provision for credit losses 168 39% 38% $1,492 $1,408 $1,318 $1,249 $282 Operating expenses 1,244 -5% 23% $1,228 $228 $217 $216 $203 $182 $194 $ 80 N.M. -18% Pre-tax earnings $199 $69 $19 $187 $203 $21 $13 $28 $ 72 N.M. -11% Net earnings $967 $959 $881 $833 $794 Net earnings to common $ 66 N.M. -15% Average common equity $ 7,002 -3% 20% 1Q19 2Q19 3Q19 4Q19 1Q20 Return on average common equity 3.8% +5.1pp -1.5pp Management and other fees Incentive fees Private banking and lending Consumer banking 10Consumer & Wealth Management Financial Results Consumer & Wealth Management Highlights vs. vs. n 1Q20 net revenues were significantly higher YoY $ in millions 1Q20 4Q19 1Q19 — Wealth management net revenues were higher, due to significantly higher Management and Management and other fees $ 959 -1% 21% other fees, primarily reflecting higher average AUS and higher transaction volumes, and higher Incentive fees Incentive fees 69 N.M. 146% — Consumer banking net revenues were higher, driven by higher net interest income, primarily reflecting an increase in deposit balances and credit card loans 182 -6% -10% Private banking and lending n Continued to scale the digital consumer deposit platforms, as consumer deposits increased by a 4 record $12 billion in 1Q20 to $72 billion Wealth management 1,210 3% 18% n The firm announced support to Marcus and Apple Card consumers by offering flexibility to defer payments without incurring any charges Consumer banking 282 24% 39% Net revenues 1,492 6% 21% Consumer & Wealth Management Net Revenues ($ in millions) Provision for credit losses 168 39% 38% $1,492 $1,408 $1,318 $1,249 $282 Operating expenses 1,244 -5% 23% $1,228 $228 $217 $216 $203 $182 $194 $ 80 N.M. -18% Pre-tax earnings $199 $69 $19 $187 $203 $21 $13 $28 $ 72 N.M. -11% Net earnings $967 $959 $881 $833 $794 Net earnings to common $ 66 N.M. -15% Average common equity $ 7,002 -3% 20% 1Q19 2Q19 3Q19 4Q19 1Q20 Return on average common equity 3.8% +5.1pp -1.5pp Management and other fees Incentive fees Private banking and lending Consumer banking 10

Firmwide Assets Under Supervision 3,4 3,4 Firmwide Assets Under Supervision Assets Under Supervision Highlights By Segment n Firmwide AUS decreased $41 billion during the quarter to $1.82 trillion, including Consumer & Wealth vs. vs. $ in billions Management decreasing $52 billion and Asset Management AUS increasing $11 billion 1Q20 4Q19 1Q19 4Q19 1Q19 Asset Management $ 1,309 $ 1,298 $ 1,117 1% 17% — Net market depreciation of $114 billion, primarily in equity assets — Liquidity products net inflows of $72 billion Consumer & Wealth Management 509 561 482 -9% 6% — Long-term net inflows of $1 billion $ 1,818 $ 1,859 $ 1,599 -2% 14% Firmwide AUS n Over past five years, total cumulative organic long-term AUS net inflows of ~$190 billion By Asset Class vs. vs. $ in billions 1Q20 4Q19 1Q19 4Q19 1Q19 $ 178 $ 185 $ 172 -4% 3% Alternative investments 3,4 1Q20 AUS Mix Equity 335 423 335 -21% -% Asset Distribution Fixed income 771 789 717 -2% 8% Region Vehicle Class Channel Long-term AUS 1,284 1,397 1,224 -8% 5% Liquidity products 534 462 375 16% 42% Alternative Private 9% Asia 10% investments 11% funds and other $ 1,818 $ 1,859 $ 1,599 -2% 14% Wealth Firmwide AUS 28% 14% management EMEA 19% Equity Public 34% funds 3,4,7 Long-Term AUS Net Flows ($ in billions) Liquidity 29% Third-party products 36% $69 distributed 77% Americas Separate 55% Fixed accounts $20 income 42% $17 Institutional 36% $2 $1 11 1Q19 2Q19 3Q19 4Q19 1Q20Firmwide Assets Under Supervision 3,4 3,4 Firmwide Assets Under Supervision Assets Under Supervision Highlights By Segment n Firmwide AUS decreased $41 billion during the quarter to $1.82 trillion, including Consumer & Wealth vs. vs. $ in billions Management decreasing $52 billion and Asset Management AUS increasing $11 billion 1Q20 4Q19 1Q19 4Q19 1Q19 Asset Management $ 1,309 $ 1,298 $ 1,117 1% 17% — Net market depreciation of $114 billion, primarily in equity assets — Liquidity products net inflows of $72 billion Consumer & Wealth Management 509 561 482 -9% 6% — Long-term net inflows of $1 billion $ 1,818 $ 1,859 $ 1,599 -2% 14% Firmwide AUS n Over past five years, total cumulative organic long-term AUS net inflows of ~$190 billion By Asset Class vs. vs. $ in billions 1Q20 4Q19 1Q19 4Q19 1Q19 $ 178 $ 185 $ 172 -4% 3% Alternative investments 3,4 1Q20 AUS Mix Equity 335 423 335 -21% -% Asset Distribution Fixed income 771 789 717 -2% 8% Region Vehicle Class Channel Long-term AUS 1,284 1,397 1,224 -8% 5% Liquidity products 534 462 375 16% 42% Alternative Private 9% Asia 10% investments 11% funds and other $ 1,818 $ 1,859 $ 1,599 -2% 14% Wealth Firmwide AUS 28% 14% management EMEA 19% Equity Public 34% funds 3,4,7 Long-Term AUS Net Flows ($ in billions) Liquidity 29% Third-party products 36% $69 distributed 77% Americas Separate 55% Fixed accounts $20 income 42% $17 Institutional 36% $2 $1 11 1Q19 2Q19 3Q19 4Q19 1Q20

Net Interest Income and Loans 4 Loans Net Interest Income by Segment ($ in millions) $ in billions 1Q20 4Q19 1Q19 Corporate $ 68 $ 46 $ 45 $1,313 $1,218 Commercial real estate 17 17 15 $1,065 Residential real estate 4 7 7 $493 $395 Real estate 21 24 22 $444 $147 $171 29 28 24 Wealth management Consumer 5 5 5 $165 $557 $511 2 2 - Credit cards $314 Other 6 5 4 $142 $138 $119 Allowance for loan and lease losses (3) (1) (1) 1Q19 4Q19 1Q20 Total Loans $ 128 $ 109 $ 99 Investment Banking Global Markets Asset Management Consumer & Wealth Management Net Interest Income Highlights Loan Highlights n Total loans increased $19 billion, up 17% QoQ, reflecting draws on committed corporate lines n 1Q20 net interest income increased $95 million YoY n Provision for credit losses was $937 million for 1Q20, significantly higher YoY, primarily due to n The YoY increase in net interest income reflects the continued shift to lower cost deposit funding significantly higher provisions related to corporate loans as a result of continued pressure in the from wholesale funding energy sector and the impact of COVID-19 on the broader economic environment. In addition, 1Q20 included provisions related to growth in corporate loans and credit card loans, and the 5 impact of accounting for credit losses under the CECL standard n Allowance for credit losses was $3.20 billion as of March 31, 2020 12 n 1Q20 annualized firmwide net charge-off rate was 0.5%Net Interest Income and Loans 4 Loans Net Interest Income by Segment ($ in millions) $ in billions 1Q20 4Q19 1Q19 Corporate $ 68 $ 46 $ 45 $1,313 $1,218 Commercial real estate 17 17 15 $1,065 Residential real estate 4 7 7 $493 $395 Real estate 21 24 22 $444 $147 $171 29 28 24 Wealth management Consumer 5 5 5 $165 $557 $511 2 2 - Credit cards $314 Other 6 5 4 $142 $138 $119 Allowance for loan and lease losses (3) (1) (1) 1Q19 4Q19 1Q20 Total Loans $ 128 $ 109 $ 99 Investment Banking Global Markets Asset Management Consumer & Wealth Management Net Interest Income Highlights Loan Highlights n Total loans increased $19 billion, up 17% QoQ, reflecting draws on committed corporate lines n 1Q20 net interest income increased $95 million YoY n Provision for credit losses was $937 million for 1Q20, significantly higher YoY, primarily due to n The YoY increase in net interest income reflects the continued shift to lower cost deposit funding significantly higher provisions related to corporate loans as a result of continued pressure in the from wholesale funding energy sector and the impact of COVID-19 on the broader economic environment. In addition, 1Q20 included provisions related to growth in corporate loans and credit card loans, and the 5 impact of accounting for credit losses under the CECL standard n Allowance for credit losses was $3.20 billion as of March 31, 2020 12 n 1Q20 annualized firmwide net charge-off rate was 0.5%

Expenses Expense Highlights Financial Results vs. vs. n 1Q20 total operating expenses increased YoY, reflecting: 1Q20 4Q19 1Q19 $ in millions — Higher non-compensation expenses, which included: Compensation and benefits $ 3,235 6% -1% o Significantly higher expenses related to brokerage, clearing, exchange and distribution fees, reflecting an increase in activity levels Brokerage, clearing, exchange and distribution 975 20% 28% o Higher net provisions for litigation and regulatory proceedings fees o Higher expenses related to consolidated investments, including impairments Market development 153 -24% -17% o Remainder of the increase primarily attributable to higher expenses related to technology, professional fees and the firm’s credit card activities, and expenses related to the Communications and technology 321 4% 12% consolidation of United Capital, partially offset by lower market development expenses — Compensation and benefits expenses were essentially unchanged Depreciation and amortization 437 -6% 19% n 1Q20 effective income tax rate of 10.0%, down from the full year rate of 20.0% for 2019, primarily due to tax benefits on the settlement of employee share-based awards and the impact of lower pre-tax earnings on permanent tax benefits in 1Q20 Occupancy 238 -25% 6% 347 -5% 16% Professional fees Other expenses 752 -58% 56% 3 Efficiency Ratio 74% Total operating expenses $ 6,458 -12% 10% 67% Provision for taxes $ 135 -67% -71% Effective Tax Rate 10.0% 13 1Q19 1Q20Expenses Expense Highlights Financial Results vs. vs. n 1Q20 total operating expenses increased YoY, reflecting: 1Q20 4Q19 1Q19 $ in millions — Higher non-compensation expenses, which included: Compensation and benefits $ 3,235 6% -1% o Significantly higher expenses related to brokerage, clearing, exchange and distribution fees, reflecting an increase in activity levels Brokerage, clearing, exchange and distribution 975 20% 28% o Higher net provisions for litigation and regulatory proceedings fees o Higher expenses related to consolidated investments, including impairments Market development 153 -24% -17% o Remainder of the increase primarily attributable to higher expenses related to technology, professional fees and the firm’s credit card activities, and expenses related to the Communications and technology 321 4% 12% consolidation of United Capital, partially offset by lower market development expenses — Compensation and benefits expenses were essentially unchanged Depreciation and amortization 437 -6% 19% n 1Q20 effective income tax rate of 10.0%, down from the full year rate of 20.0% for 2019, primarily due to tax benefits on the settlement of employee share-based awards and the impact of lower pre-tax earnings on permanent tax benefits in 1Q20 Occupancy 238 -25% 6% 347 -5% 16% Professional fees Other expenses 752 -58% 56% 3 Efficiency Ratio 74% Total operating expenses $ 6,458 -12% 10% 67% Provision for taxes $ 135 -67% -71% Effective Tax Rate 10.0% 13 1Q19 1Q20

Capital and Balance Sheet 3,4 Capital Capital and Balance Sheet Highlights n Both Standardized and Advanced CET1 ratios decreased QoQ 1Q20 4Q19 1Q19 $ in billions — Increase in both Standardized and Advanced RWAs reflected higher market and credit RWAs Common equity tier 1 (CET1) capital $ 74.6 $ 74.9 $ 74.7 driven by market volatility and increased exposure — Decrease in CET1 capital reflected common stock repurchases and dividends in excess of net $ 544 Standardized RWAs $ 595 $ 564 earnings Standardized CET1 capital ratio 12.5% 13.3% 13.7%n Returned $2.38 billion of capital to common shareholders during the quarter — Paid $449 million in common stock dividends Advanced RWAs $ 606 $ 545 $ 557 3 — Repurchased 8.2 million shares of common stock, for a total cost of $1.93 billion 13.4% Advanced CET1 capital ratio 12.3% 13.7% n The firm’s balance sheet increased $97 billion QoQ, reflecting client demand 3 4 Supplementary leverage ratio 5.9% 6.2% 6.4% — Maintained highly liquid balance sheet as GCLA averaged $243 billion for 1Q20 — Deposits increased $30 billion QoQ, reflecting an increase in consumer, institutional and transaction banking deposits 4 Selected Balance Sheet Data n BVPS increased 4.4% QoQ, primarily due to debt valuation adjustment $ in billions 1Q20 4Q19 1Q19 $ 1,090 $ 993 $ 925 Total assets Book Value Deposits 220 190 164 In millions, except per share amounts 1Q20 4Q19 1Q19 3 Unsecured long-term borrowings 226 207 224 378.2 Basic shares 355.7 361.8 92 90 90 Shareholders’ equity $ 209.07 Book value per common share $ 228.21 $ 218.52 3 Average GCLA 243 237 234 1 $ 198.25 Tangible book value per common share $ 214.69 $ 205.15 14Capital and Balance Sheet 3,4 Capital Capital and Balance Sheet Highlights n Both Standardized and Advanced CET1 ratios decreased QoQ 1Q20 4Q19 1Q19 $ in billions — Increase in both Standardized and Advanced RWAs reflected higher market and credit RWAs Common equity tier 1 (CET1) capital $ 74.6 $ 74.9 $ 74.7 driven by market volatility and increased exposure — Decrease in CET1 capital reflected common stock repurchases and dividends in excess of net $ 544 Standardized RWAs $ 595 $ 564 earnings Standardized CET1 capital ratio 12.5% 13.3% 13.7%n Returned $2.38 billion of capital to common shareholders during the quarter — Paid $449 million in common stock dividends Advanced RWAs $ 606 $ 545 $ 557 3 — Repurchased 8.2 million shares of common stock, for a total cost of $1.93 billion 13.4% Advanced CET1 capital ratio 12.3% 13.7% n The firm’s balance sheet increased $97 billion QoQ, reflecting client demand 3 4 Supplementary leverage ratio 5.9% 6.2% 6.4% — Maintained highly liquid balance sheet as GCLA averaged $243 billion for 1Q20 — Deposits increased $30 billion QoQ, reflecting an increase in consumer, institutional and transaction banking deposits 4 Selected Balance Sheet Data n BVPS increased 4.4% QoQ, primarily due to debt valuation adjustment $ in billions 1Q20 4Q19 1Q19 $ 1,090 $ 993 $ 925 Total assets Book Value Deposits 220 190 164 In millions, except per share amounts 1Q20 4Q19 1Q19 3 Unsecured long-term borrowings 226 207 224 378.2 Basic shares 355.7 361.8 92 90 90 Shareholders’ equity $ 209.07 Book value per common share $ 228.21 $ 218.52 3 Average GCLA 243 237 234 1 $ 198.25 Tangible book value per common share $ 214.69 $ 205.15 14

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 Item 8.01 of the firm’s Report on Form 8-K dated April 15, 2020 and “Risk Factors” 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 our business, results, financial position and liquidity, (iii) the timing and profitability 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, (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 and benefits 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. 15Cautionary 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 Item 8.01 of the firm’s Report on Form 8-K dated April 15, 2020 and “Risk Factors” 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 our business, results, financial position and liquidity, (iii) the timing and profitability 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, (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 and benefits 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. 15

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. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. 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 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 average and ending equity, and 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 Unaudited, $ in millions MARCH 31, 2020 MARCH 31, 2020 DECEMBER 31, 2019 MARCH 31, 2019 Total shareholders’ equity $ 90,466 $ 92,379 $ 90,265 $ 90,273 Preferred stock (11,203) (11,203) (11,203) (11,203) Common shareholders’ equity 79,263 81,176 79,062 79,070 Goodwill and identifiable intangible assets (4,821) (4,810) (4,837) (4,092) Tangible common shareholders’ equity $ 74,442 $ 76,366 $ 74,225 $ 74,978 2. Dealogic – January 1, 2020 through March 31, 2020. 3. For information about the following items, see the referenced sections in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2019: (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 supplementary leverage ratio, see Note 20 “Regulation and Capital Adequacy” in Part II, Item 8 “Financial Statements and Supplementary Data” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2019. 4. Represents a preliminary estimate for the first quarter of 2020 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2020. 5. In the first quarter of 2020, the firm adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments, which amends several aspects of the measurement of credit losses on certain financial instruments, including replacing the existing incurred credit loss model and other models with the Current Expected Credit Losses (CECL) model. For further information about ASU No. 2016-13, see Note 3 Significant Accounting Policies in Part II, Item 8 Financial Statements and Supplementary Data in the firm's Annual Report on Form 10-K for the year ended December 31, 2019. 6. Includes consolidated investment entities reported in “Other assets” in the consolidated balance sheets, substantially all of which related to entities engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation. 7. Net inflows in assets under supervision for the third quarter of 2019 included $58 billion of inflows in connection with the acquisitions of both Standard & Poor’s Investment Advisory Services (SPIAS) and United Capital Financial Partners, Inc. (United Capital) and for the second quarter of 2019 included $13 billion of inflows in connection with Rocaton Investment Advisors (Rocaton). SPIAS and Rocaton were included in the Asset Management segment and United Capital was included in the Consumer & Wealth Management segment. 16Footnotes 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. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. 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 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 average and ending equity, and 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 Unaudited, $ in millions MARCH 31, 2020 MARCH 31, 2020 DECEMBER 31, 2019 MARCH 31, 2019 Total shareholders’ equity $ 90,466 $ 92,379 $ 90,265 $ 90,273 Preferred stock (11,203) (11,203) (11,203) (11,203) Common shareholders’ equity 79,263 81,176 79,062 79,070 Goodwill and identifiable intangible assets (4,821) (4,810) (4,837) (4,092) Tangible common shareholders’ equity $ 74,442 $ 76,366 $ 74,225 $ 74,978 2. Dealogic – January 1, 2020 through March 31, 2020. 3. For information about the following items, see the referenced sections in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2019: (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 supplementary leverage ratio, see Note 20 “Regulation and Capital Adequacy” in Part II, Item 8 “Financial Statements and Supplementary Data” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2019. 4. Represents a preliminary estimate for the first quarter of 2020 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2020. 5. In the first quarter of 2020, the firm adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments, which amends several aspects of the measurement of credit losses on certain financial instruments, including replacing the existing incurred credit loss model and other models with the Current Expected Credit Losses (CECL) model. For further information about ASU No. 2016-13, see Note 3 Significant Accounting Policies in Part II, Item 8 Financial Statements and Supplementary Data in the firm's Annual Report on Form 10-K for the year ended December 31, 2019. 6. Includes consolidated investment entities reported in “Other assets” in the consolidated balance sheets, substantially all of which related to entities engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation. 7. Net inflows in assets under supervision for the third quarter of 2019 included $58 billion of inflows in connection with the acquisitions of both Standard & Poor’s Investment Advisory Services (SPIAS) and United Capital Financial Partners, Inc. (United Capital) and for the second quarter of 2019 included $13 billion of inflows in connection with Rocaton Investment Advisors (Rocaton). SPIAS and Rocaton were included in the Asset Management segment and United Capital was included in the Consumer & Wealth Management segment. 16