During 2023 and 2024, the company narrowed its focus with respect to consumer-related activities by selling the Marcus loan portfolio, GreenSky, and entering an agreement to transition the GM credit card program.

In January 2025, the company formed the Capital Solutions Group to provide a more comprehensive suite of financing, origination, structuring and risk management offerings across both public and private markets.

The company has announced a target to deploy $750 billion in sustainable financing, investing and advisory activity by the beginning of 2030.

During 2024, the company returned a total of $11.80 billion of capital to common shareholders, including $8.00 billion of common share repurchases and $3.80 billion of common stock dividends.

As of December 2024, 43% of the company's employees were working in strategic locations. The company believes its investment in these strategic locations enables it to build centers of excellence around specific capabilities that support its business initiatives.

Enhancing our people's experience of internal mobility is a key focus, as we believe that this will inspire employees, help retain top talent and create diverse experiences to build future leaders.

Our businesses have been and may in the future be adversely affected by conditions in the global financial markets and broader economic conditions.

Our liquidity, profitability and businesses may be adversely affected by an inability to access the debt capital markets or to sell assets.

A failure to protect our computer systems, networks and information, and our clients' information, against cyber attacks and similar threats could impair our ability to conduct our businesses, result in the disclosure, theft or destruction of confidential information, damage our reputation and cause losses.

A number of our businesses are subject to intense price competition. Efforts by our competitors to gain market share have resulted in pricing pressure in our investment banking, market-making, consumer, wealth management and asset management businesses.

We also face intense competition in attracting and retaining qualified employees. Our ability to continue to compete effectively has depended and will continue to depend upon our ability to attract new employees, retain and motivate our existing employees and to continue to compensate employees competitively.

In some circumstances, our competitors may offer financial products that we do not offer and that our clients may prefer, including cryptocurrencies and other digital assets that we cannot or may choose not to provide.

As of December 2024, 43% of our employees were working in strategic locations. We believe our investment in these strategic locations enables us to build centers of excellence around specific capabilities that support our business initiatives.

The development and use of AI present risks and challenges that may adversely impact our business.

During 2023 and 2024, we narrowed our focus with respect to consumer-related activities by taking several actions.

Our Business Continuity & Technology Resilience Program has been developed to provide reasonable assurance of business continuity in the event of disruptions at our critical facilities or of our systems, and to comply with regulatory requirements, including those of FINRA.

In the area of information security, we have developed and implemented a framework of principles, policies and technology designed to protect the information provided to us by our clients and our own information from cyber attacks and other misappropriation, corruption or loss.

Cloud technologies are also critical to the operation of our systems and platforms and our reliance on cloud technologies is growing.

In 2023, our Board approved a share repurchase program authorizing repurchases of up to $30 billion of our common stock.

We may issue, redeem or repurchase our preferred stock and subordinated debt or other forms of capital as business conditions warrant.

We are subject to risk-based regulatory capital and leverage requirements that are calculated in accordance with the regulations of the FRB (Capital Framework).

We have a long-standing commitment to sustainability. Our two priorities in this area are helping clients across industries decarbonize their businesses to support their transitions to a low-carbon economy (Climate Transition) and to advance solutions that expand access, increase affordability, and drive outcomes to support sustainable economic growth (Inclusive Growth).

We have integrated oversight of climate-related risks into our risk management governance structure, from senior management to our Board and its committees, including the Risk and Public Responsibilities committees.

We have announced a target to deploy $750 billion in sustainable financing, investing and advisory activity by the beginning of 2030. As of December 2024, we achieved over 80% of that goal, with the majority dedicated to Climate Transition.

The financial services industry and all of our businesses are intensely competitive, and we expect them to remain so.

Our businesses have been and may in the future be adversely affected by conditions in the global financial markets and broader economic conditions.

Our businesses and those of our clients are subject to extensive and pervasive regulation around the world.