• We are a leading global financial services firm with assets of $2.4 trillion.
• We operate in more than 60 countries. • We have over 240,000 employees.
• We serve millions of consumers, small businesses and many of the world's most prominent
corporate, institutional and government clients.
• We are a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management.
• Our stock is a component of the Dow Jones Industrial Average.
In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s results, including the overhead ratio, and the results of the lines of business on a “managed” basis, which is a non-GAAP financial measure. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the business segments) on a fully taxable-equivalent (“FTE”) basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable securities and investments. This nonGAAP financial measure allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.
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