GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1: 
PART I. FINANCIAL INFORMATION 


Item 1. Financial Statements (Unaudited) 



THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES


Consolidated Statements of Earnings

(Unaudited)
|    |                                                |                        |       |                      |        |       |       |        |    |        |    |       |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
|  2 |                                                | Three MonthsEnded June |       | Six MonthsEnded June |        |       |       |        |    |        |    |       |
|  3 | in millions, except per share amounts          | 2024                   |       | 2023                 |        | 2024  |       | 2023   |    |        |    |       |
|  4 | Revenues                                       |                        |       |                      |        |       |       |        |    |        |    |       |
|  5 | Investment banking                             | $                      | 1,733 |                      |        | $     | 1,432 |        | $  | 3,818  | $  | 3,010 |
|  6 | Investment management                          | 2,533                  |       |                      | 2,356  |       |       | 5,024  |    | 4,645  |    |       |
|  7 | Commissions and fees                           | 1,051                  |       |                      | 893    |       |       | 2,128  |    | 1,981  |    |       |
|  8 | Market making                                  | 4,225                  |       |                      | 4,351  |       |       | 10,217 |    | 9,784  |    |       |
|  9 | Other principal transactions                   | 947                    |       |                      | 179    |       |       | 1,907  |    | 234    |    |       |
| 10 | Total non-interest revenues                    | 10,489                 |       |                      | 9,211  |       |       | 23,094 |    | 19,654 |    |       |
| 12 | Interest income                                | 20,440                 |       |                      | 16,836 |       |       | 39,995 |    | 31,774 |    |       |
| 13 | Interest expense                               | 18,198                 |       |                      | 15,152 |       |       | 36,145 |    | 28,309 |    |       |
| 14 | Net interest income                            | 2,242                  |       |                      | 1,684  |       |       | 3,850  |    | 3,465  |    |       |
| 15 | Total net revenues                             | 12,731                 |       |                      | 10,895 |       |       | 26,944 |    | 23,119 |    |       |
| 16 | Provision for credit losses                    | 282                    |       |                      | 615    |       |       | 600    |    | 444    |    |       |
| 17 | Operating expenses                             |                        |       |                      |        |       |       |        |    |        |    |       |
| 18 | Compensation and benefits                      | 4,240                  |       |                      | 3,619  |       |       | 8,825  |    | 7,709  |    |       |
| 19 | Transaction based                              | 1,654                  |       |                      | 1,385  |       |       | 3,151  |    | 2,790  |    |       |
| 20 | Market development                             | 153                    |       |                      | 146    |       |       | 306    |    | 318    |    |       |
| 21 | Communications and technology                  | 500                    |       |                      | 482    |       |       | 970    |    | 948    |    |       |
| 22 | Depreciation and amortization                  | 646                    |       |                      | 1,594  |       |       | 1,273  |    | 2,564  |    |       |
| 23 | Occupancy                                      | 244                    |       |                      | 253    |       |       | 491    |    | 518    |    |       |
| 24 | Professional fees                              | 393                    |       |                      | 392    |       |       | 777    |    | 775    |    |       |
| 25 | Other expenses                                 | 703                    |       |                      | 673    |       |       | 1,398  |    | 1,324  |    |       |
| 26 | Total operating expenses                       | 8,533                  |       |                      | 8,544  |       |       | 17,191 |    | 16,946 |    |       |
| 28 | Pre-tax earnings                               | 3,916                  |       |                      | 1,736  |       |       | 9,153  |    | 5,729  |    |       |
| 29 | Provision for taxes                            | 873                    |       |                      | 520    |       |       | 1,978  |    | 1,279  |    |       |
| 30 | Net earnings                                   | 3,043                  |       |                      | 1,216  |       |       | 7,175  |    | 4,450  |    |       |
| 31 | Preferred stock dividends                      | 152                    |       |                      | 145    |       |       | 353    |    | 292    |    |       |
| 32 | Net earnings applicable to common shareholders | $                      | 2,891 |                      |        | $     | 1,071 |        | $  | 6,822  | $  | 4,158 |
| 34 | Earnings per common share                      |                        |       |                      |        |       |       |        |    |        |    |       |
| 35 | Basic                                          | $                      | 8.73  |                      |        | $     | 3.09  |        | $  | 20.44  | $  | 12.00 |
| 36 | Diluted                                        | $                      | 8.62  |                      |        | $     | 3.08  |        | $  | 20.21  | $  | 11.91 |
| 38 | Average common shares                          |                        |       |                      |        |       |       |        |    |        |    |       |
| 39 | Basic                                          | 329.8                  |       | 342.3                |        | 332.6 |       | 344.4  |    |        |    |       |
| 40 | Diluted                                        | 335.5                  |       | 347.2                |        | 337.5 |       | 349.2  |    |        |    |       |

Consolidated Statements of Comprehensive Income 

(Unaudited)
|    |                                                            |                        |       |                      |       |      |       |       |    |       |    |       |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
|  2 |                                                            | Three MonthsEnded June |       | Six MonthsEnded June |       |      |       |       |    |       |    |       |
|  3 | $ in millions                                              | 2024                   |       | 2023                 |       | 2024 |       | 2023  |    |       |    |       |
|  4 | Net earnings                                               | $                      | 3,043 |                      |       | $    | 1,216 |       | $  | 7,175 | $  | 4,450 |
|  5 | Other comprehensive income/(loss) adjustments, net of tax: |                        |       |                      |       |      |       |       |    |       |    |       |
|  6 | Currency translation                                       | (4)                    |       |                      | (12)  |      |       | 22    |    | (43)  |    |       |
|  7 | Debt valuation adjustment                                  | 268                    |       |                      | (610) |      |       | (288) |    | (611) |    |       |
|  8 | Pension and postretirement liabilities                     | 6                      |       |                      | 10    |      |       | 22    |    | 24    |    |       |
|  9 | Available-for-sale securities                              | 147                    |       |                      | (24)  |      |       | 262   |    | 403   |    |       |
| 10 | Other comprehensive income/(loss)                          | 417                    |       |                      | (636) |      |       | 18    |    | (227) |    |       |
| 11 | Comprehensive income                                       | $                      | 3,460 |                      |       | $    | 580   |       | $  | 7,193 | $  | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.

|    |    |                                   |
|---:|---:|:----------------------------------|
|  1 |  1 | Goldman Sachs June 2024 Form 10-Q |

, Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49: 
|    |                                                                |
|---:|:---------------------------------------------------------------|
|  1 | Item 1. Financial Statements                                   |
|  2 | The Bank of New York Mellon Corporation (and its subsidiaries) |


Consolidated Income Statement (unaudited)

|    |                                                                                                           |               |                |               |    |               |               |    |        |       |    |       |    |       |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
|  1 |                                                                                                           | Quarter ended |                | Year-to-date  |    |               |               |    |        |       |    |       |    |       |
|  2 |                                                                                                           | June 30, 2024 | March 31, 2024 | June 30, 2023 |    | June 30, 2024 | June 30, 2023 |    |        |       |    |       |    |       |
|  3 | (in millions)                                                                                             |               |                |               |    |               |               |    |        |       |    |       |    |       |
|  4 | Fee and other revenue                                                                                     |               |                |               |    |               |               |    |        |       |    |       |    |       |
|  5 | Investment services fees                                                                                  | $             | 2,359          |               | $  | 2,278         |               | $  | 2,252  |       | $  | 4,637 | $  | 4,371 |
|  6 | Investment management and performance fees                                                                | 761           |                | 776           |    | 762           |               |    | 1,537  | 1,538 |    |       |    |       |
|  7 | Foreign exchange revenue                                                                                  | 184           |                | 152           |    | 158           |               |    | 336    | 334   |    |       |    |       |
|  8 | Financing-related fees                                                                                    | 53            |                | 57            |    | 50            |               |    | 110    | 102   |    |       |    |       |
|  9 | Distribution and servicing fees                                                                           | 41            |                | 42            |    | 35            |               |    | 83     | 68    |    |       |    |       |
| 10 | Total fee revenue                                                                                         | 3,398         |                | 3,305         |    | 3,257         |               |    | 6,703  | 6,413 |    |       |    |       |
| 11 | Investment and other revenue (a)                                                                          | 169           |                | 182           |    | 147           |               |    | 351    | 278   |    |       |    |       |
| 12 | Total fee and other revenue (a)                                                                           | 3,567         |                | 3,487         |    | 3,404         |               |    | 7,054  | 6,691 |    |       |    |       |
| 13 | Net interest income                                                                                       |               |                |               |    |               |               |    |        |       |    |       |    |       |
| 14 | Interest income                                                                                           | 6,392         |                | 6,096         |    | 5,224         |               |    | 12,488 | 9,166 |    |       |    |       |
| 15 | Interest expense                                                                                          | 5,362         |                | 5,056         |    | 4,124         |               |    | 10,418 | 6,938 |    |       |    |       |
| 16 | Net interest income                                                                                       | 1,030         |                | 1,040         |    | 1,100         |               |    | 2,070  | 2,228 |    |       |    |       |
| 17 | Total revenue (a)                                                                                         | 4,597         |                | 4,527         |    | 4,504         |               |    | 9,124  | 8,919 |    |       |    |       |
| 18 | Provision for credit losses                                                                               | -             |                | 27            |    | 5             |               |    | 27     | 32    |    |       |    |       |
| 19 | Noninterest expense                                                                                       |               |                |               |    |               |               |    |        |       |    |       |    |       |
| 20 | Staff                                                                                                     | 1,720         |                | 1,857         |    | 1,718         |               |    | 3,577  | 3,509 |    |       |    |       |
| 21 | Software and equipment                                                                                    | 476           |                | 475           |    | 450           |               |    | 951    | 879   |    |       |    |       |
| 22 | Professional, legal and other purchased services                                                          | 374           |                | 349           |    | 378           |               |    | 723    | 753   |    |       |    |       |
| 23 | Net occupancy                                                                                             | 134           |                | 124           |    | 121           |               |    | 258    | 240   |    |       |    |       |
| 24 | Sub-custodian and clearing                                                                                | 134           |                | 119           |    | 119           |               |    | 253    | 237   |    |       |    |       |
| 25 | Distribution and servicing                                                                                | 88            |                | 96            |    | 93            |               |    | 184    | 178   |    |       |    |       |
| 26 | Business development                                                                                      | 50            |                | 36            |    | 47            |               |    | 86     | 86    |    |       |    |       |
| 27 | Bank assessment charges                                                                                   | (7)           |                | 17            |    | 41            |               |    | 10     | 81    |    |       |    |       |
| 29 | Amortization of intangible assets                                                                         | 13            |                | 12            |    | 14            |               |    | 25     | 28    |    |       |    |       |
| 30 | Other                                                                                                     | 88            |                | 91            |    | 130           |               |    | 179    | 220   |    |       |    |       |
| 31 | Total noninterest expense                                                                                 | 3,070         |                | 3,176         |    | 3,111         |               |    | 6,246  | 6,211 |    |       |    |       |
| 32 | Income                                                                                                    |               |                |               |    |               |               |    |        |       |    |       |    |       |
| 33 | Income before income taxes (a)                                                                            | 1,527         |                | 1,324         |    | 1,388         |               |    | 2,851  | 2,676 |    |       |    |       |
| 34 | Provision for income taxes (a)                                                                            | 357           |                | 297           |    | 315           |               |    | 654    | 621   |    |       |    |       |
| 35 | Net income (a)                                                                                            | 1,170         |                | 1,027         |    | 1,073         |               |    | 2,197  | 2,055 |    |       |    |       |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2)           |                | (2)           |    | (1)           |               |    | (4)    | (1)   |    |       |    |       |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)                      | 1,168         |                | 1,025         |    | 1,072         |               |    | 2,193  | 2,054 |    |       |    |       |
| 38 | Preferred stock dividends                                                                                 | (25)          |                | (72)          |    | (36)          |               |    | (97)   | (107) |    |       |    |       |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)               | $             | 1,143          |               | $  | 953           |               | $  | 1,036  |       | $  | 2,096 | $  | 1,947 |
(a)    Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.

BNY 49







Question: How did the provisions for credit losses for Goldman Sachs and Bank of New York Mellon differ for the six months ended June 30, 2024?
Answer: In the first half of 2024, Goldman Sachs' provision for credit losses was $600 million, up from $444 million in the first half of 2023, marking a 35.1% increase. Bank of New York Mellon's provision for credit losses was $27 million in the first half of 2024, down from $32 million in the first half of 2023, marking a 15.6% decrease.