on trust and long-term performance. We are pleased to have closed the acquisition of Innovator in the second quarter, which adds an additional $31 billion in assets under supervision. across a suite of over 170 ETFs focused on defi

Jul 14, 2026 / receipt

We're at a point in the cycle where, as an example, it's more important to feed some T&E capacity into the firm to get people front-footed and meeting face-to-face with clients than it is to overly constrain that expenditure.

Jan 15, 2026 / receipt, needs a key / Dennis, CFO | earnings call 2026-01-15 | transcript 726e8e40-22b8-4425-aaba-68053afef5c1 | chars 58060-58285 | segment 59

That's much more meaningful than intermediation revenues Dennis can expand a little bit more on how we think about that from a risk in a capital perspective short So that that is the strategic direction of travel You know, we are allocating a lot of time and resources human capital financial capital to grow those activities, you know equities financing revenues are are nearly 50% of overall equities revenues this quarter, and that's something that has been growing. Even the combined FIC and equities financing as a percentage of FIC and equities continue to grow. So we remain very focused on prioritizing activities in that space with clients, and we're also observing that there's a virtuous reinforcement of our commitments to grow market share, and to cover clients more holistically over a multi-year period. It's paying dividends both across dividend and intermediation.

Jul 19, 2023 / receipt, needs a key / Dennis, CFO | earnings call 2023-07-19 | transcript dbf07577-21d2-461b-8984-273ea9e47b30 | chars 30869-31750 | segment 31

But I think, you know, the direction of travel for us and our commitment to reducing those exposures is completely unchanged.

Aug 5, 2022 / receipt, needs a key / David, CEO | earnings call 2022-08-05 | transcript b6a7c5a2-b341-49a9-a6b8-4a4b5a80816a | chars 54383-54508 | segment 56

And there are other items in non-compensation expense, occupancy as an example, or travel expenses where we actually see the impact of inflation impacting the overall level of expense. And so, you know, that's just going to require us to work harder to manage towards our overall efficiency target, which is, I think, the comments and references that both David and I have made. with respect to our orientation on the expense front.

Aug 5, 2022 / receipt, needs a key / Dennis, CFO | earnings call 2022-08-05 | transcript b6a7c5a2-b341-49a9-a6b8-4a4b5a80816a | chars 40119-40551 | segment 41

In addition, over the last few months, I've also been able to travel around to spend time with our employees and clients in person, which has been invigorating.

Nov 6, 2021 / receipt, needs a key / David Solomon, CEO | earnings call 2021-11-06 | transcript 238800e8-89d6-4475-827f-2e7de3346d1f | chars 1601-1761 | segment 1

We remain focused on the $1.3 billion expense efficiency target announced at Investor Day. As we noted at a recent industry conference, we also see increased opportunity for further expense efficiencies beyond the medium term, which permits us to fund investments in growth initiatives and in the talent of the firm.

Jul 13, 2021 / receipt, needs a key / Stephen, other | earnings call 2021-07-13 | transcript f7fa7803-f6c0-435c-a185-4e716bd0c35e | chars 22744-23060 | segment 23

First, On the $1.3 billion expense initiative, we are as ever confident in the achievement of that. And you all may have heard at a recent industry conference, John Waldron indicated that we have further confidence to about $400 million above and beyond that to be achieved outside the 2022 timeline that we set for the achievement of the $1.3 billion. So confident in the existing number. and giving and offering kind of a forward indication of where we can take it up from there. Again, all of this, you know, consistent actually with some of the prior questions, are about creating capacity for further investment in the firm and in its people. And so that's where we stand as it relates to the expense initiatives.

Jul 13, 2021 / receipt, needs a key / Stephen, other | earnings call 2021-07-13 | transcript f7fa7803-f6c0-435c-a185-4e716bd0c35e | chars 58140-58858 | segment 59

Non-compensation expenses were up only 5% versus last year as an increase in transaction-based and technology expenses was largely offset by a decline in litigation and travel and entertainment expenses, as well as lower expenses related to our consolidated investment entities.

Apr 14, 2021 / receipt, needs a key / Stephen Scherr, CFO | earnings call 2021-04-14 | transcript b6e2e6a2-b6c5-449a-af74-a7ef393a9251 | chars 25672-25950 | segment 26

On the non-compensation front, consolidation of offices in London and Bengaluru, focus on transaction-based expenses, and more centralized expense management processes have all contributed to early success.

Jan 19, 2021 / receipt, needs a key / Stephen, CFO | earnings call 2021-01-19 | transcript 4d9def42-2d1a-4214-b4df-3be950af6f5b | chars 28617-28823 | segment 28

Growth was partially offset by efficiency savings and lower travel and entertainment costs due to the circumstances of COVID-19.

Jan 19, 2021 / receipt, needs a key / Stephen Scherr, CFO | earnings call 2021-01-19 | transcript 4d9def42-2d1a-4214-b4df-3be950af6f5b | chars 43698-43826 | segment 44

While we benefited from lower expenses of approximately $100 million from the temporary reduction in travel, entertainment, and advertising expenses due to COVID-19, we also saw an approximately $90 million reduction in litigation and professional fees and a roughly $50 million reduction in double occupancy related costs from our new facilities in London and Bangalore.

Nov 6, 2020 / receipt, needs a key / CFO, CFO | earnings call 2020-11-06 | transcript 41e9d937-1076-49eb-80f1-6debf45fec45 | chars 28448-28819 | segment 29

2Q26 total operating expenses were significantly higher YoY

ir_statement / Sep 15, 2026 / receipt

Non-compensation expenses were significantly higher, primarily reflecting significantly higher transaction based expenses

ir_statement / Sep 15, 2026 / receipt

‐ Compensation and benefits expenses were significantly higher, reflecting improved operating performance

ir_statement / Sep 3, 2026 / receipt

‐ Non-compensation expenses were significantly higher, primarily reflecting significantly higher transaction based expenses

ir_statement / Sep 3, 2026 / receipt

■2Q26 total operating expenses were significantly higher YoY

ir_statement / Sep 3, 2026 / receipt

Includes $31 billion of inflows in long-term assets under supervision (in equity assets) in connection with the acquisition of Innovator Capital Management, partially offset by $15 billion of outflows

ir_statement / Sep 3, 2026 / receipt

Includes $5 billion of inflows in long-term assets under supervision (in alternative investments) in connection with the acquisition of Industry Ventures for the three months ended March 31, 2026.

ir_statement / Sep 3, 2026 / receipt

Momentum has accelerated throughout our businesses.

ir_statement / Sep 3, 2026 / receipt

Net revenues were a record and significantly higher YoY, primarily reflecting significantly higher net revenues in Global Banking & Markets

ir_statement / Sep 3, 2026 / receipt

Operating expenses were significantly higher YoY, primarily reflecting significantly higher compensation and benefits expenses (reflecting improved operating performance) and transaction based expense

ir_statement / Sep 3, 2026 / receipt