The company repurchased $4.36 billion of its common stock during the quarter ended March 31, 2025, signaling a continued commitment to returning capital to shareholders. This reflects management's view that shares are undervalued.

The Board of Directors declared a dividend of $3.00 per common share, demonstrating confidence in the company's financial health and commitment to shareholder returns. The dividend is payable on June 27, 2025.

The firm is involved in numerous legal proceedings, and management estimates the upper end of reasonably possible aggregate loss for certain matters to be approximately $1.7 billion in excess of aggregate reserves. The outcome of these proceedings could be material to operating results.

The firm acknowledges the ongoing threat of cybersecurity attacks and emphasizes the importance of robust controls, training, and resource allocation to mitigate these risks. The firm cannot eliminate all cybersecurity risks.

The preparation of consolidated financial statements requires management to make certain estimates and assumptions, the most important of which relate to fair value measurements, the allowance for credit losses on loans and lending commitments accounted for at amortized cost, discretionary compensation accruals, accounting for goodwill and identifiable intangible assets, provisions for losses that may arise from litigation and regulatory proceedings (including governmental investigations), and accounting for income taxes.

Investment Banking revenues declined 8% due to significantly lower revenues in advisory compared with a strong prior year period, partially offset by higher revenues in debt underwriting, primarily driven by asset-backed and investment-grade activity.

Net interest income in the consolidated statements of earnings was $2.90 billion for the first quarter of 2025, 111% higher than the first quarter of 2024, reflecting a decrease in interest expense, partially offset by a decrease in interest income.