The firm completed the sale of GreenSky Holdings, LLC during the first quarter of 2024, which will impact future revenue and expense streams.

The firm has entered into an agreement with General Motors (GM) regarding a process to transition the GM credit card program to another issuer to be selected by GM, which will impact future revenue streams.

The firm's revenue from contracts with clients represents approximately 40% of total non-interest revenues for the three months ended March 2024, including approximately 85% of investment banking revenues, approximately 95% of investment management revenues and all commissions and fees, indicating a focus on client-driven activities.

The firm's efficiency ratio (total operating expenses divided by total net revenues) was 60.9% for the first quarter of 2024, compared with 68.7% for the first quarter of 2023, indicating improved operational efficiency.

Operating expenses increased by 3% year-over-year, primarily due to higher compensation and benefits expenses, reflecting improved operating performance.

Headcount decreased 2% compared with December 2023, primarily reflecting the impact of the sale of GreenSky Holdings, LLC.

The firm's operations are subject to market risk, which is impacted by ongoing geopolitical tensions, including tensions with China and the conflicts in Ukraine and the Middle East, which could impact net revenues and provision for credit losses.

The firm is subject to extensive regulation and supervision worldwide, and the full impact of regulatory reform will not be known until the rules are implemented and market practices develop under the final regulations.

The firm's future effective income tax rate may differ from anticipated rates due to changes in tax laws, earnings mix, profitability and other factors.

Market making revenues increased by 10% year-over-year, reflecting higher revenues in financing and intermediation, indicating a strong competitive position in these areas.

Investment banking revenues increased by 32% year-over-year, reflecting higher revenues in debt underwriting, advisory, and equity underwriting, indicating a strong position in investment banking.

The firm operates in a highly competitive environment, and faces competition from other financial institutions and asset managers, which could impact future performance.

The firm's efficiency ratio (total operating expenses divided by total net revenues) was 60.9% for the first quarter of 2024, compared with 68.7% for the first quarter of 2023, indicating improved operational efficiency.

Operating expenses increased by 3% year-over-year, primarily due to higher transaction based expenses, indicating increased business activity.

Operating expenses were partially offset by significantly lower impairments related to commercial real estate included in consolidated investment entities, indicating improved performance in this area.

The firm continues to invest in technology to support its business activities and improve operational efficiency, as evidenced by ongoing communications and technology expenses.

The firm acknowledges that new AI technologies may increase the frequency and severity of cybersecurity attacks, indicating a need for ongoing innovation and adaptation in this area.

The firm has established an Information Security and Cybersecurity Program, which is designed to identify, assess, document and mitigate threats, establish and evaluate compliance with information security mandates, and prevent, detect and respond to security incidents.

The firm repurchased $1.5 billion of common stock during the first quarter of 2024, reflecting its continued commitment to returning capital to shareholders.

The Board of Directors declared a dividend of $2.75 per common share to be paid on June 27, 2024, reflecting the firm's commitment to returning capital to shareholders.

The firm's capital allocation strategy is focused on prioritizing deployment of capital for clients where returns are attractive and distributing any excess capital to shareholders through dividends and share repurchases.

The firm is focused on sustainability and climate change, as evidenced by its ongoing efforts to integrate climate-related and environmental risks into existing risk disciplines and business considerations.

The firm is subject to new SEC rules requiring certain climate-related disclosures, including Scope 1 and Scope 2 greenhouse gas emissions, which will require additional reporting and compliance efforts.

The firm continues to focus on diversity and inclusion, as evidenced by its ongoing efforts to recruit and retain diverse talent.

The firm's operations are subject to the global economy, which is impacted by concerns about inflation, ongoing geopolitical tensions and central bank policy, creating uncertainty about future performance.

The firm's net revenues can vary over time due to fluctuations in U.S. and global economic and market conditions, which can impact client activity and market-making opportunities.

The firm is subject to regulatory capital requirements, which may change in the future, and could impact future capital levels and operations.