Exhibit 99.2 Third Quarter 2019 Earnings Results Presentation October 15, 2019 Exhibit 99.2 Third Quarter 2019 Earnings Results Presentation October 15, 2019

Results Snapshot Net Revenues Net Earnings EPS $4.79 3Q 3Q $1.88 billion 3Q $8.32 billion $16.32 3Q YTD 3Q YTD $6.55 billion 3Q YTD $26.59 billion 1 1 3Q19 Book Value Annualized ROTE Annualized ROE $218.82 BVPS 9.5% 9.0% 3Q 3Q 1 $205.59 TBVPS 11.0% 10.4% 3Q YTD 3Q YTD Highlights 2 #1 in Announced and Completed M&A Record quarterly management and other fees 2 3,4 #1 in Equity and equity-related offerings Record AUS Record NII in Debt I&L Successful launch of Apple Card 1 Results Snapshot Net Revenues Net Earnings EPS $4.79 3Q 3Q $1.88 billion 3Q $8.32 billion $16.32 3Q YTD 3Q YTD $6.55 billion 3Q YTD $26.59 billion 1 1 3Q19 Book Value Annualized ROTE Annualized ROE $218.82 BVPS 9.5% 9.0% 3Q 3Q 1 $205.59 TBVPS 11.0% 10.4% 3Q YTD 3Q YTD Highlights 2 #1 in Announced and Completed M&A Record quarterly management and other fees 2 3,4 #1 in Equity and equity-related offerings Record AUS Record NII in Debt I&L Successful launch of Apple Card 1

Macro Perspectives Constructive Fundamentals Macro Factors Continued positive global growth U.S. – China Trade Concerns 2020 GS Research U.S. Global Estimated GDP Brexit Deadline +2.1% +3.5% Growth: Supportive sentiment and fundamentals Idiosyncratic Events (Argentina & Oil Shock) Strong Consumer Low Global Low U.S. Sentiment Inflation Unemployment Accommodative Central Banks Mixed Backdrop in 3Q19 Continued U.S. Increased Inverted Market Central Bank Volatility Yield Curve Recovery Support Average VIX First inversion of S&P 500 and MSCI Two 25bp U.S. 2-yr vs. 10-yr World recovered interest rate cuts +43% in September from yield curve in August in the quarter August declines since 2007 vs. July 2 Macro Perspectives Constructive Fundamentals Macro Factors Continued positive global growth U.S. – China Trade Concerns 2020 GS Research U.S. Global Estimated GDP Brexit Deadline +2.1% +3.5% Growth: Supportive sentiment and fundamentals Idiosyncratic Events (Argentina & Oil Shock) Strong Consumer Low Global Low U.S. Sentiment Inflation Unemployment Accommodative Central Banks Mixed Backdrop in 3Q19 Continued U.S. Increased Inverted Market Central Bank Volatility Yield Curve Recovery Support Average VIX First inversion of S&P 500 and MSCI Two 25bp U.S. 2-yr vs. 10-yr World recovered interest rate cuts +43% in September from yield curve in August in the quarter August declines since 2007 vs. July 2

Financial Overview Financial Results 3Q19 YTD Net Revenue Mix by Segment vs. $ in millions, vs. vs. 3Q19 3Q18 except per share amounts 3Q19 2Q19 3Q18 YTD YTD Investment Banking $ 1,687 -9% -15% $ 5,360 -8% Investment Investment Institutional Client Services 3,287 -5% 6% 10,368 -6% Management Banking 18% 20% (Financial Investing & Lending 1,681 -34% -17% 6,048 -5% Advisory 9%) Investment Management 1,668 5% -2% 4,815 -9% (Underwriting 11%) Net revenues $ 8,323 -12% -6% $ 26,591 -7% Provision for credit losses 291 36% 67% 729 61% (Equity securities 12%) (FICC 18%) Operating expenses 5,616 -8% 1% 17,600 -4% Investing (Debt & Lending Pre-tax earnings 2,416 -23% -22% 8,262 -15% securities and 23% loans 11%) (Equities 21%) Provision for taxes 539 -24% -3% 1,713 -8% Institutional Net earnings 1,877 -22% -26% 6,549 -17% Client Services 39% Net earnings to common $ 1,793 -18% -27% $ 6,173 -18% Diluted EPS $ 4.79 -18% -24% $ 16.32 - 15% 1 ROE 9.0% -2.1pp -4.1pp 10.4% -3.3pp 1 ROTE 9.5% -2.2pp -4.3pp 11.0% -3.6pp 3 Financial Overview Financial Results 3Q19 YTD Net Revenue Mix by Segment vs. $ in millions, vs. vs. 3Q19 3Q18 except per share amounts 3Q19 2Q19 3Q18 YTD YTD Investment Banking $ 1,687 -9% -15% $ 5,360 -8% Investment Investment Institutional Client Services 3,287 -5% 6% 10,368 -6% Management Banking 18% 20% (Financial Investing & Lending 1,681 -34% -17% 6,048 -5% Advisory 9%) Investment Management 1,668 5% -2% 4,815 -9% (Underwriting 11%) Net revenues $ 8,323 -12% -6% $ 26,591 -7% Provision for credit losses 291 36% 67% 729 61% (Equity securities 12%) (FICC 18%) Operating expenses 5,616 -8% 1% 17,600 -4% Investing (Debt & Lending Pre-tax earnings 2,416 -23% -22% 8,262 -15% securities and 23% loans 11%) (Equities 21%) Provision for taxes 539 -24% -3% 1,713 -8% Institutional Net earnings 1,877 -22% -26% 6,549 -17% Client Services 39% Net earnings to common $ 1,793 -18% -27% $ 6,173 -18% Diluted EPS $ 4.79 -18% -24% $ 16.32 - 15% 1 ROE 9.0% -2.1pp -4.1pp 10.4% -3.3pp 1 ROTE 9.5% -2.2pp -4.3pp 11.0% -3.6pp 3

Investment Banking Financial Results Key Investment Banking Highlights vs. n Financial Advisory 3Q19 net revenues significantly lower YoY, vs. vs. 3Q19 3Q18 $ in millions reflecting a decrease in completed M&A transactions 3Q19 2Q19 3Q18 YTD YTD n Underwriting 3Q19 net revenues lower YoY due to a significant $ 716 -8% -22% $ 2,379 3% Financial Advisory decline in industry-wide IPOs and a decrease in industry-wide leveraged finance transactions; lower QoQ on lower equity 385 -20% -11% 1,138 -15% Equity underwriting underwriting, primarily from IPOs 3 n Overall backlog increased QoQ, reflecting higher advisory and debt Debt underwriting 586 -3% -7% 1,843 -15% underwriting backlog Total Underwriting 971 -11% -9% 2,981 -15% Investment Banking $ 1,687 -9% -15% $ 5,360 -8% 2 Investment Banking Net Revenues ($ in millions) Year-to-date Worldwide League Table Rankings $2,045 $2,044 $1,980 $1,863 #1 Announced M&A $1,810 $1,793 $1,687 $528 $752 $632 $605 #1 Completed M&A $652 $797 $586 $315 $432 #1 Equity & equity-related $489 $271 $482 $385 $410 #1 Common stock offerings $1,201 $916 $887 $804 $776 $716 $586 #1 Initial public offerings 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 #2 High-yield debt Financial Advisory Equity underwriting Debt underwriting 4 Investment Banking Financial Results Key Investment Banking Highlights vs. n Financial Advisory 3Q19 net revenues significantly lower YoY, vs. vs. 3Q19 3Q18 $ in millions reflecting a decrease in completed M&A transactions 3Q19 2Q19 3Q18 YTD YTD n Underwriting 3Q19 net revenues lower YoY due to a significant $ 716 -8% -22% $ 2,379 3% Financial Advisory decline in industry-wide IPOs and a decrease in industry-wide leveraged finance transactions; lower QoQ on lower equity 385 -20% -11% 1,138 -15% Equity underwriting underwriting, primarily from IPOs 3 n Overall backlog increased QoQ, reflecting higher advisory and debt Debt underwriting 586 -3% -7% 1,843 -15% underwriting backlog Total Underwriting 971 -11% -9% 2,981 -15% Investment Banking $ 1,687 -9% -15% $ 5,360 -8% 2 Investment Banking Net Revenues ($ in millions) Year-to-date Worldwide League Table Rankings $2,045 $2,044 $1,980 $1,863 #1 Announced M&A $1,810 $1,793 $1,687 $528 $752 $632 $605 #1 Completed M&A $652 $797 $586 $315 $432 #1 Equity & equity-related $489 $271 $482 $385 $410 #1 Common stock offerings $1,201 $916 $887 $804 $776 $716 $586 #1 Initial public offerings 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 #2 High-yield debt Financial Advisory Equity underwriting Debt underwriting 4

Institutional Client Services – FICC Financial Results Key FICC Highlights vs. n 3Q19 net revenues increased YoY, reflecting higher net revenues in vs. vs. 3Q19 3Q18 commodities, credit products, mortgages and interest rate products, $ in millions 3Q19 2Q19 3Q18 YTD YTD partially offset by lower net revenues in currencies $ 1,410 -4% 8% $ 4,718 -7% FICC — Our businesses broadly improved, reflecting the strength of our client-centric model and diversification of our global business Equities 1,877 -6% 5% 5,650 -6% n 3Q19 net revenues were slightly lower QoQ, but reflected solid client activity during the quarter ICS $ 3,287 -5% 6% $ 10,368 -6% n Continue to invest to serve our clients electronically, automate workflows and improve straight-through processing 3 FICC Net Revenues ($ in millions) 3Q19 YTD FICC Net Revenue Mix Financing $2,074 ~10% $1,839 $1,679 $1,469 $1,410 $1,307 $822 Market Intermediation ~90% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 5 Institutional Client Services – FICC Financial Results Key FICC Highlights vs. n 3Q19 net revenues increased YoY, reflecting higher net revenues in vs. vs. 3Q19 3Q18 commodities, credit products, mortgages and interest rate products, $ in millions 3Q19 2Q19 3Q18 YTD YTD partially offset by lower net revenues in currencies $ 1,410 -4% 8% $ 4,718 -7% FICC — Our businesses broadly improved, reflecting the strength of our client-centric model and diversification of our global business Equities 1,877 -6% 5% 5,650 -6% n 3Q19 net revenues were slightly lower QoQ, but reflected solid client activity during the quarter ICS $ 3,287 -5% 6% $ 10,368 -6% n Continue to invest to serve our clients electronically, automate workflows and improve straight-through processing 3 FICC Net Revenues ($ in millions) 3Q19 YTD FICC Net Revenue Mix Financing $2,074 ~10% $1,839 $1,679 $1,469 $1,410 $1,307 $822 Market Intermediation ~90% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 5

Institutional Client Services – Equities Financial Results Key Equities Highlights vs. n 3Q19 net revenues were higher YoY: vs. vs. 3Q19 3Q18 $ in millions — Commissions and fees were higher, reflecting increased client 3Q19 2Q19 3Q18 YTD YTD activity FICC $ 1,410 -4% 8% $ 4,718 -7% — Net revenues in securities services were higher, reflecting improved spreads Equities client execution 681 -12% -% 2,135 -12% — Net revenues in equities client execution were 728 -6% 8% 2,219 -2% Commissions and fees unchanged, reflecting significantly higher net revenues in cash products, offset by significantly lower net revenues in Securities services 468 2% 7% 1,296 -1% derivatives n 3Q19 net revenues decreased QoQ, reflecting significantly lower net Equities 1,877 -6% 5% 5,650 -6% revenues in derivatives within equities client execution ICS $ 3,287 -5% 6% $ 10,368 -6% 3 3Q19 YTD Equities Net Revenue Mix Equities Net Revenues ($ in millions) $2,311 $2,007 $432 Financing $1,891 $1,877 $1,794 ~40% $1,766 $458 $1,604 $437 $468 $439 $370 $817 $402 $777 $763 $714 $728 $674 $801 Market $1,062 Intermediation $772 $691 $681 $682 $681 ~60% $401 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 6 Equities client execution Commissions and fees Securities services Institutional Client Services – Equities Financial Results Key Equities Highlights vs. n 3Q19 net revenues were higher YoY: vs. vs. 3Q19 3Q18 $ in millions — Commissions and fees were higher, reflecting increased client 3Q19 2Q19 3Q18 YTD YTD activity FICC $ 1,410 -4% 8% $ 4,718 -7% — Net revenues in securities services were higher, reflecting improved spreads Equities client execution 681 -12% -% 2,135 -12% — Net revenues in equities client execution were 728 -6% 8% 2,219 -2% Commissions and fees unchanged, reflecting significantly higher net revenues in cash products, offset by significantly lower net revenues in Securities services 468 2% 7% 1,296 -1% derivatives n 3Q19 net revenues decreased QoQ, reflecting significantly lower net Equities 1,877 -6% 5% 5,650 -6% revenues in derivatives within equities client execution ICS $ 3,287 -5% 6% $ 10,368 -6% 3 3Q19 YTD Equities Net Revenue Mix Equities Net Revenues ($ in millions) $2,311 $2,007 $432 Financing $1,891 $1,877 $1,794 ~40% $1,766 $458 $1,604 $437 $468 $439 $370 $817 $402 $777 $763 $714 $728 $674 $801 Market $1,062 Intermediation $772 $691 $681 $682 $681 ~60% $401 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 6 Equities client execution Commissions and fees Securities services

Investing & Lending – Equity Securities Financial Results Key Equity I&L Highlights vs. vs. vs. 3Q19 3Q18 n 3Q19 net revenues were significantly lower QoQ and YoY, reflecting $ in millions 3Q19 significantly lower net gains from investments in private equities as 2Q19 3Q18 YTD YTD well as net losses from investments in public equities Equity securities $ 662 -57% -40% $ 3,050 -12% — 3Q19 net losses of $267 million from investments in public equities, primarily from investments in Uber, Avantor and Tradeweb 1,019 3% 10% 2,998 4% Debt securities and loans n Our global equity portfolio has a total carrying value of $22 billion 5 Investing & Lending $ 1,681 -34% -17% $ 6,048 -5% n In addition, our consolidated investment entities have a carrying value of $16 billion, funded with liabilities of approximately $9 billion, substantially all of which were nonrecourse Equity I&L Net Revenues ($ in millions) 4,6 Equity I&L Asset Mix $1,541 $ in billions $ in billions 3Q19 3Q19 Public equity $ 2 Corporate $ 18 $1,281 27% Private equity 20 Real estate 4 $1,111 Total $ 22 Total $ 22 $1,069 $994 40% Vintage Geographic $847 30% 41% 52% $662 41% 2016 – 2012 or Asia Present Earlier 73% 32% Americas 37% 32% 52% 60% 70% 88% 2013 – 59% EMEA 2015 59% 48% 16% 31% 12% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Corporate Real Estate 7 Investing & Lending – Equity Securities Financial Results Key Equity I&L Highlights vs. vs. vs. 3Q19 3Q18 n 3Q19 net revenues were significantly lower QoQ and YoY, reflecting $ in millions 3Q19 significantly lower net gains from investments in private equities as 2Q19 3Q18 YTD YTD well as net losses from investments in public equities Equity securities $ 662 -57% -40% $ 3,050 -12% — 3Q19 net losses of $267 million from investments in public equities, primarily from investments in Uber, Avantor and Tradeweb 1,019 3% 10% 2,998 4% Debt securities and loans n Our global equity portfolio has a total carrying value of $22 billion 5 Investing & Lending $ 1,681 -34% -17% $ 6,048 -5% n In addition, our consolidated investment entities have a carrying value of $16 billion, funded with liabilities of approximately $9 billion, substantially all of which were nonrecourse Equity I&L Net Revenues ($ in millions) 4,6 Equity I&L Asset Mix $1,541 $ in billions $ in billions 3Q19 3Q19 Public equity $ 2 Corporate $ 18 $1,281 27% Private equity 20 Real estate 4 $1,111 Total $ 22 Total $ 22 $1,069 $994 40% Vintage Geographic $847 30% 41% 52% $662 41% 2016 – 2012 or Asia Present Earlier 73% 32% Americas 37% 32% 52% 60% 70% 88% 2013 – 59% EMEA 2015 59% 48% 16% 31% 12% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Corporate Real Estate 7

Investing & Lending – Debt Securities and Loans Key Debt I&L Highlights Financial Results vs. vs. vs. 3Q19 3Q18 n Record net interest income in 3Q19 of $891 million (~$3.6 billion $ in millions 3Q19 2Q19 3Q18 YTD YTD annual pace) Equity securities $ 662 -57% -40% $ 3,050 -12% n As of 3Q19, ~84% of total loans were secured — Annualized net charge-off rate of 0.5% for 3Q19 1,019 3% 10% 2,998 4% Debt securities and loans Investing & Lending $ 1,681 -34% -17% $ 6,048 -5% 4,6 Debt I&L Asset Mix $ in billions 3Q19 2Q19 Corporate loans $ 41 $ 43 Debt I&L Net Revenues ($ in millions) PWM loans 18 17 18 17 Real estate loans $1,062 $1,019 6 5 $990 $989 Consumer loans $924 $912 $897 Other loans 4 3 Allowance for loan losses (1) (1) Loans receivable 86 84 14 14 Loans, at fair value $891 $872 $835 ~$800 Total loans 100 98 ~$700 ~$625 ~$550 Debt securities 14 13 Other 6 9 Total $ 120 $ 120 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Net interest income Other net revenues 8 Investing & Lending – Debt Securities and Loans Key Debt I&L Highlights Financial Results vs. vs. vs. 3Q19 3Q18 n Record net interest income in 3Q19 of $891 million (~$3.6 billion $ in millions 3Q19 2Q19 3Q18 YTD YTD annual pace) Equity securities $ 662 -57% -40% $ 3,050 -12% n As of 3Q19, ~84% of total loans were secured — Annualized net charge-off rate of 0.5% for 3Q19 1,019 3% 10% 2,998 4% Debt securities and loans Investing & Lending $ 1,681 -34% -17% $ 6,048 -5% 4,6 Debt I&L Asset Mix $ in billions 3Q19 2Q19 Corporate loans $ 41 $ 43 Debt I&L Net Revenues ($ in millions) PWM loans 18 17 18 17 Real estate loans $1,062 $1,019 6 5 $990 $989 Consumer loans $924 $912 $897 Other loans 4 3 Allowance for loan losses (1) (1) Loans receivable 86 84 14 14 Loans, at fair value $891 $872 $835 ~$800 Total loans 100 98 ~$700 ~$625 ~$550 Debt securities 14 13 Other 6 9 Total $ 120 $ 120 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Net interest income Other net revenues 8

Investment Management Financial Results Key Investment Management Highlights vs. n 3Q19 net revenues increased QoQ, driven by management and other vs. vs. 3Q19 3Q18 fees, primarily reflecting the impact of the acquisition of United $ in millions 3Q19 2Q19 3Q18 YTD YTD Capital; decreased slightly YoY on significantly lower incentive fees $ 1,457 4% 5% $ 4,184 3% Management and other fees 3,4 n AUS increased $102 billion in 3Q19 to a record $1.76 trillion Incentive fees 45 2% -70% 147 -78% — Net inflows of $86 billion 7 • Includes $58 billion from acquisitions of S&P’s Investment Transaction revenues 166 8% -5% 484 -15% Advisory Services and United Capital Investment Management $ 1,668 5% -2% $ 4,815 -9% • Organic liquidity products net inflows of $16 billion • Organic long-term AUS net inflows of $12 billion, primarily in 3,4 Assets Under Supervision alternative investment and fixed income assets vs. vs. $ in billions — Net market appreciation of $16 billion 3Q19 2Q19 3Q18 2Q19 3Q18 Long-term AUS $ 1,358 $ 1,273 $ 1,192 7% 14% n Over the past five years, total cumulative organic long-term AUS net inflows of ~$195 billion Liquidity products 404 387 358 4% 13% $ 1,762 $ 1,660 $ 1,550 6% 14% 3,4 Total AUS 3Q19 AUS Mix Asset Distribution Region Vehicle Class 3,4,7,8 Channel Long-Term AUS Net Flows ($ in billions) Private Alternative 9% 10% 10% Asia funds investments High-net- and other 30% worth 15% $69 EMEA 22% Equity individuals 31% Public funds Liquidity 23% 31% Third-party products distributed 76% Americas 59% Separate $20 $17 Fixed accounts 45% $13 $13 income 39% Institutional $8 $3 9 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Investment Management Financial Results Key Investment Management Highlights vs. n 3Q19 net revenues increased QoQ, driven by management and other vs. vs. 3Q19 3Q18 fees, primarily reflecting the impact of the acquisition of United $ in millions 3Q19 2Q19 3Q18 YTD YTD Capital; decreased slightly YoY on significantly lower incentive fees $ 1,457 4% 5% $ 4,184 3% Management and other fees 3,4 n AUS increased $102 billion in 3Q19 to a record $1.76 trillion Incentive fees 45 2% -70% 147 -78% — Net inflows of $86 billion 7 • Includes $58 billion from acquisitions of S&P’s Investment Transaction revenues 166 8% -5% 484 -15% Advisory Services and United Capital Investment Management $ 1,668 5% -2% $ 4,815 -9% • Organic liquidity products net inflows of $16 billion • Organic long-term AUS net inflows of $12 billion, primarily in 3,4 Assets Under Supervision alternative investment and fixed income assets vs. vs. $ in billions — Net market appreciation of $16 billion 3Q19 2Q19 3Q18 2Q19 3Q18 Long-term AUS $ 1,358 $ 1,273 $ 1,192 7% 14% n Over the past five years, total cumulative organic long-term AUS net inflows of ~$195 billion Liquidity products 404 387 358 4% 13% $ 1,762 $ 1,660 $ 1,550 6% 14% 3,4 Total AUS 3Q19 AUS Mix Asset Distribution Region Vehicle Class 3,4,7,8 Channel Long-Term AUS Net Flows ($ in billions) Private Alternative 9% 10% 10% Asia funds investments High-net- and other 30% worth 15% $69 EMEA 22% Equity individuals 31% Public funds Liquidity 23% 31% Third-party products distributed 76% Americas 59% Separate $20 $17 Fixed accounts 45% $13 $13 income 39% Institutional $8 $3 9 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Expenses Financial Results Key Expense Highlights n 3Q19YTD total operating expenses decreased YoY, reflecting: vs. vs. vs. 3Q19 3Q18 — Lower compensation and benefits expenses $ in millions 3Q19 2Q19 3Q18 YTD YTD — Partially offset by higher non-compensation expenses, which included: Compensation and benefits $ 2,731 -18% -10% $ 9,307 -11% • Higher expenses related to consolidated investments and Brokerage, clearing, exchange technology (primarily reflected in depreciation and 853 4% 19% 2,438 3% and distribution fees amortization, occupancy, communications and technology, and other expenses) Market development 169 -9% 1% 539 1% • Higher expenses related to the firm’s credit card activities (primarily reflected in professional fees and other expenses) Communications and 283 -2% 13% 859 13% technology • Partially offset by lower net provisions for litigation and regulatory proceedings Depreciation and amortization 473 19% 49% 1,240 30% 3 n YTD efficiency ratio higher YoY, reflecting lower net revenues, partially offset by a decrease in operating expenses Occupancy 252 8% 24% 711 20% n 3Q19YTD effective income tax rate of 20.7%, up from 20.1% for 2Q19YTD, primarily due to a decrease in the impact of permanent tax Professional fees 350 16% 13% 950 6% benefits in the first nine months of 2019 compared with the first half of 2019 Other expenses 505 -11% -14% 1,556 -10% — 2019 effective tax rate expected to be ~22% Operating expenses $ 5,616 -8% 1% $ 17,600 -4% Provision for taxes $ 539 -24% -3% $ 1,713 -8% 3 Efficiency Ratio 67.5% 2.8pp 4.4pp 66.2% 2.0pp 10 Expenses Financial Results Key Expense Highlights n 3Q19YTD total operating expenses decreased YoY, reflecting: vs. vs. vs. 3Q19 3Q18 — Lower compensation and benefits expenses $ in millions 3Q19 2Q19 3Q18 YTD YTD — Partially offset by higher non-compensation expenses, which included: Compensation and benefits $ 2,731 -18% -10% $ 9,307 -11% • Higher expenses related to consolidated investments and Brokerage, clearing, exchange technology (primarily reflected in depreciation and 853 4% 19% 2,438 3% and distribution fees amortization, occupancy, communications and technology, and other expenses) Market development 169 -9% 1% 539 1% • Higher expenses related to the firm’s credit card activities (primarily reflected in professional fees and other expenses) Communications and 283 -2% 13% 859 13% technology • Partially offset by lower net provisions for litigation and regulatory proceedings Depreciation and amortization 473 19% 49% 1,240 30% 3 n YTD efficiency ratio higher YoY, reflecting lower net revenues, partially offset by a decrease in operating expenses Occupancy 252 8% 24% 711 20% n 3Q19YTD effective income tax rate of 20.7%, up from 20.1% for 2Q19YTD, primarily due to a decrease in the impact of permanent tax Professional fees 350 16% 13% 950 6% benefits in the first nine months of 2019 compared with the first half of 2019 Other expenses 505 -11% -14% 1,556 -10% — 2019 effective tax rate expected to be ~22% Operating expenses $ 5,616 -8% 1% $ 17,600 -4% Provision for taxes $ 539 -24% -3% $ 1,713 -8% 3 Efficiency Ratio 67.5% 2.8pp 4.4pp 66.2% 2.0pp 10

Capital 3,4 Financial Metrics Key Capital Highlights $ in billions n CET1 capital ratios decreased QoQ 3Q19 2Q19 — Increase in Standardized RWAs reflects higher credit RWAs Common equity tier 1 (CET1) capital $ 75.7 $ 75.6 — Increase in Basel III Advanced RWAs reflects higher credit RWAs, partially offset by lower operational RWAs Standardized RWAs $ 557 $ 548 n Returned $1.14 billion of capital during the quarter Standardized CET1 capital ratio 13.6% 13.8% — Repurchased 3.1 million shares of common stock, for a total cost of $673 million Basel III Advanced RWAs $ 566 $ 559 — Paid $466 million in common stock dividends, reflecting a dividend of $1.25 per common share Basel III Advanced CET1 capital ratio 13.4% 13.5% 3 n Record low basic shares of 369.3 million n Book value per common share increased ~11% YoY to $218.82 Supplementary leverage ratio 6.2% 6.4% In millions, except per share amounts 3Q19 2Q19 3 Basic shares 369.3 372.2 Book value per common share $ 218.82 $ 214.10 1 Tangible book value per common share $ 205.59 $ 203.05 11 Capital 3,4 Financial Metrics Key Capital Highlights $ in billions n CET1 capital ratios decreased QoQ 3Q19 2Q19 — Increase in Standardized RWAs reflects higher credit RWAs Common equity tier 1 (CET1) capital $ 75.7 $ 75.6 — Increase in Basel III Advanced RWAs reflects higher credit RWAs, partially offset by lower operational RWAs Standardized RWAs $ 557 $ 548 n Returned $1.14 billion of capital during the quarter Standardized CET1 capital ratio 13.6% 13.8% — Repurchased 3.1 million shares of common stock, for a total cost of $673 million Basel III Advanced RWAs $ 566 $ 559 — Paid $466 million in common stock dividends, reflecting a dividend of $1.25 per common share Basel III Advanced CET1 capital ratio 13.4% 13.5% 3 n Record low basic shares of 369.3 million n Book value per common share increased ~11% YoY to $218.82 Supplementary leverage ratio 6.2% 6.4% In millions, except per share amounts 3Q19 2Q19 3 Basic shares 369.3 372.2 Book value per common share $ 218.82 $ 214.10 1 Tangible book value per common share $ 205.59 $ 203.05 11

Balance Sheet & Liquidity 4,6 Balance Sheet Allocation Key Balance Sheet & Liquidity Highlights n The firm’s balance sheet increased by $62 billion QoQ, reflecting $ in billions 3Q19 2Q19 client demand, notably in Repo and Equities GCLA, segregated assets and other $ 298 $ 293 n Maintained highly liquid balance sheet and robust liquidity metrics Secured client financing 134 132 3 4 — GCLA averaged $238 billion for 3Q19 398 344 Institutional Client Services n Deposits increased more than $30 billion YoY to $183 billion, with consumer deposits of $55 billion now representing the firm’s Investing & Lending 142 142 largest source of deposit funding n Continue to expect benchmark maturities to significantly outpace Other assets 35 34 benchmark issuance in 2019 Total assets $ 1,007 $ 945 4 Balance Sheet Assets 4 Sources of Funding ($ in billions) $ in billions 3Q19 2Q19 $684 $638 $625 $610 $ 94 $ 91 Cash and cash equivalents $183 $151 $158 Collateralized agreements 279 276 $139 Receivables 169 168 $140 $129 $124 $112 $41 $42 $52 $47 Financial instruments owned 425 371 40 39 Other assets $224 $229 $217 $218 Total assets $ 1,007 $ 945 $92 $90 $87 $82 2017 2018 3Q18 3Q19 Shar eholders' Equi ty Unsecured LT Debt Unsecured ST Debt Secured Funding Deposits 12 Balance Sheet & Liquidity 4,6 Balance Sheet Allocation Key Balance Sheet & Liquidity Highlights n The firm’s balance sheet increased by $62 billion QoQ, reflecting $ in billions 3Q19 2Q19 client demand, notably in Repo and Equities GCLA, segregated assets and other $ 298 $ 293 n Maintained highly liquid balance sheet and robust liquidity metrics Secured client financing 134 132 3 4 — GCLA averaged $238 billion for 3Q19 398 344 Institutional Client Services n Deposits increased more than $30 billion YoY to $183 billion, with consumer deposits of $55 billion now representing the firm’s Investing & Lending 142 142 largest source of deposit funding n Continue to expect benchmark maturities to significantly outpace Other assets 35 34 benchmark issuance in 2019 Total assets $ 1,007 $ 945 4 Balance Sheet Assets 4 Sources of Funding ($ in billions) $ in billions 3Q19 2Q19 $684 $638 $625 $610 $ 94 $ 91 Cash and cash equivalents $183 $151 $158 Collateralized agreements 279 276 $139 Receivables 169 168 $140 $129 $124 $112 $41 $42 $52 $47 Financial instruments owned 425 371 40 39 Other assets $224 $229 $217 $218 Total assets $ 1,007 $ 945 $92 $90 $87 $82 2017 2018 3Q18 3Q19 Shar eholders' Equi ty Unsecured LT Debt Unsecured ST Debt Secured Funding Deposits 12

Cautionary Note on Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these statements. For information about some of the risks and important factors that could affect the firm’s future results and financial condition and the forward-looking statements below, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2018. Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets (GCLA) consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements regarding (i) the firm’s planned 2019 benchmark issuances, (ii) the firm’s expected 2019 effective income tax rate, (iii) estimated GDP growth, (iv) the timing and profitability of business initiatives, (v) the level of future compensation expense as a percentage of operating expenses, and (vi) the firm’s investment banking transaction backlog are forward-looking statements. Statements regarding the firm’s planned 2019 benchmark issuances are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm’s funding needs. Statements about the firm's expected 2019 effective income tax rate are subject to the risk that the firm's 2019 effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the firm's earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm’s expected tax rate and potential future guidance from the U.S. IRS. Statements regarding estimated GDP growth are subject to the risk that actual GDP growth may differ, possibly materially, due to, among other things, changes in general economic conditions. Statements about the timing and benefits of business initiatives are based on the firm’s current expectations regarding our ability to implement these initiatives and may change, possibly materially, from what is currently expected. Statements about the level of compensation expense, including as a percentage of operating expenses, as the firm's platform business initiatives reach scale are subject to the risks that the compensation costs to operate the firm's businesses, including platform initiatives, may be greater than currently expected. Statements about the firm’s investment banking transaction backlog are subject to the risk that transactions may be modified or not completed at all and associated net revenues may not be realized or may be materially less than those currently expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, outbreak of hostilities, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. 13 Cautionary Note on Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these statements. For information about some of the risks and important factors that could affect the firm’s future results and financial condition and the forward-looking statements below, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2018. Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets (GCLA) consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements regarding (i) the firm’s planned 2019 benchmark issuances, (ii) the firm’s expected 2019 effective income tax rate, (iii) estimated GDP growth, (iv) the timing and profitability of business initiatives, (v) the level of future compensation expense as a percentage of operating expenses, and (vi) the firm’s investment banking transaction backlog are forward-looking statements. Statements regarding the firm’s planned 2019 benchmark issuances are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm’s funding needs. Statements about the firm's expected 2019 effective income tax rate are subject to the risk that the firm's 2019 effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the firm's earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm’s expected tax rate and potential future guidance from the U.S. IRS. Statements regarding estimated GDP growth are subject to the risk that actual GDP growth may differ, possibly materially, due to, among other things, changes in general economic conditions. Statements about the timing and benefits of business initiatives are based on the firm’s current expectations regarding our ability to implement these initiatives and may change, possibly materially, from what is currently expected. Statements about the level of compensation expense, including as a percentage of operating expenses, as the firm's platform business initiatives reach scale are subject to the risks that the compensation costs to operate the firm's businesses, including platform initiatives, may be greater than currently expected. Statements about the firm’s investment banking transaction backlog are subject to the risk that transactions may be modified or not completed at all and associated net revenues may not be realized or may be materially less than those currently expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, outbreak of hostilities, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. 13

Footnotes 1. Annualized return on average common shareholders’ equity (ROE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. Annualized return on average tangible common shareholders’ equity (ROTE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly tangible common shareholders’ equity. Tangible book value per common share (TBVPS) is calculated by dividing tangible common shareholders’ equity by basic shares. Management believes that tangible common shareholders’ equity and TBVPS are meaningful because they are measures that the firm and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders’ equity, ROTE and TBVPS are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. The table below presents average and ending equity, and a reconciliation of average and ending common shareholders’ equity to average and ending tangible common shareholders’ equity: AVERAGE FOR THE AS OF THREE MONTHS ENDED NINE MONTHS ENDED Unaudited, $ in millions SEPTEMBER 30, 2019 SEPTEMBER 30, 2019 SEPTEMBER 30, 2019 JUNE 30, 2019 Total shareholders’ equity $ 91,054 $ 90,265 $ 92,012 $ 90,892 Preferred stock (11,203) (11,203) (11,203) (11,203) Common shareholders’ equity 79,851 79,062 80,809 79,689 Goodwill and identifiable intangible assets (4,704) (4,347) (4,886) (4,114) Tangible common shareholders’ equity $ 75,147 $ 74,715 $ 75,923 $ 75,575 2. Dealogic – January 1, 2019 through September 30, 2019. 3. For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2019: (i) investment banking transaction backlog – see “Results of Operations – Investment Banking” (ii) financing net revenues in FICC and Equities – see “Results of Operations – Institutional Client Services” (iii) assets under supervision – see “Results of Operations – Investment Management” (iv) efficiency ratio – see “Results of Operations – Operating Expenses” (v) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” (vi) share repurchase program – see “Equity Capital Management and Regulatory Capital – Equity Capital Management” and (vii) global core liquid assets – see “Risk Management – Liquidity Risk Management.” For information about risk-based capital ratios and supplementary leverage ratio, see Note 20 “Regulation and Capital Adequacy” in Part I, Item 1 “Financial Statements” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2019. 4. Represents a preliminary estimate for the third quarter of 2019 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2019. 5. Includes consolidated investment entities reported in “Other assets” in the consolidated statements of financial condition, substantially all of which related to entities engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation. 14 Footnotes 1. Annualized return on average common shareholders’ equity (ROE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. Annualized return on average tangible common shareholders’ equity (ROTE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly tangible common shareholders’ equity. Tangible book value per common share (TBVPS) is calculated by dividing tangible common shareholders’ equity by basic shares. Management believes that tangible common shareholders’ equity and TBVPS are meaningful because they are measures that the firm and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders’ equity, ROTE and TBVPS are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. The table below presents average and ending equity, and a reconciliation of average and ending common shareholders’ equity to average and ending tangible common shareholders’ equity: AVERAGE FOR THE AS OF THREE MONTHS ENDED NINE MONTHS ENDED Unaudited, $ in millions SEPTEMBER 30, 2019 SEPTEMBER 30, 2019 SEPTEMBER 30, 2019 JUNE 30, 2019 Total shareholders’ equity $ 91,054 $ 90,265 $ 92,012 $ 90,892 Preferred stock (11,203) (11,203) (11,203) (11,203) Common shareholders’ equity 79,851 79,062 80,809 79,689 Goodwill and identifiable intangible assets (4,704) (4,347) (4,886) (4,114) Tangible common shareholders’ equity $ 75,147 $ 74,715 $ 75,923 $ 75,575 2. Dealogic – January 1, 2019 through September 30, 2019. 3. For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2019: (i) investment banking transaction backlog – see “Results of Operations – Investment Banking” (ii) financing net revenues in FICC and Equities – see “Results of Operations – Institutional Client Services” (iii) assets under supervision – see “Results of Operations – Investment Management” (iv) efficiency ratio – see “Results of Operations – Operating Expenses” (v) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” (vi) share repurchase program – see “Equity Capital Management and Regulatory Capital – Equity Capital Management” and (vii) global core liquid assets – see “Risk Management – Liquidity Risk Management.” For information about risk-based capital ratios and supplementary leverage ratio, see Note 20 “Regulation and Capital Adequacy” in Part I, Item 1 “Financial Statements” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2019. 4. Represents a preliminary estimate for the third quarter of 2019 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2019. 5. Includes consolidated investment entities reported in “Other assets” in the consolidated statements of financial condition, substantially all of which related to entities engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation. 14

Footnotes 6. In addition to preparing the firm’s consolidated statements of financial condition in accordance with U.S. GAAP, the firm prepares a balance sheet that generally allocates assets to the firm’s businesses, which is a non-GAAP presentation and may not be comparable to similar non-GAAP presentations used by other companies. The firm believes that presenting the firm’s assets on this basis is meaningful because it is consistent with the way management views and manages risks associated with the firm’s assets and better enables investors to assess the liquidity of the firm’s assets. For further information about the firm's balance sheet allocation, see “Balance Sheet and Funding Sources – Balance Sheet Allocation in Part I, Item 2 “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the firm's Quarterly Report on Form 10-Q for the period ended June 30, 2019. The table below presents the reconciliations of the balance sheet allocation to the firm’s businesses to the firm’s U.S. GAAP balance sheet: GCLA, segregated Secured Institutional Investing & Other Unaudited, $ in billions assets and other client financing Client Services Lending assets Total As of September 30, 2019 Cash and cash equivalents $ 94 $ – $ – $ – $ – $ 94 113 103 63 – – 279 Collateralized agreements – 31 46 92 – 169 Receivables Financial instruments owned 86 – 289 50 – 425 5 – – – 35 40 Other assets Total assets $ 298 $ 134 $ 398 $ 142 $ 35 $ 1,007 As of June 30, 2019 $ 91 $ – $ – $ – $ – $ 91 Cash and cash equivalents Collateralized agreements 120 96 60 – – 276 Receivables – 36 39 93 – 168 77 – 245 49 – 371 Financial instruments owned Other assets 5 – – – 34 39 Total assets $ 293 $ 132 $ 344 $ 142 $ 34 $ 945 7. 3Q19 includes $58 billion of inflows in assets under supervision (substantially all in equity and fixed income assets) in connection with the acquisitions of Standard & Poor’s Investment Advisory Services and United Capital Financial Partners, Inc. 8. 2Q19 includes $13 billion of inflows in assets under supervision (substantially all in equity and fixed income assets) in connection with the acquisition of Rocaton Investment Advisors. 15 Footnotes 6. In addition to preparing the firm’s consolidated statements of financial condition in accordance with U.S. GAAP, the firm prepares a balance sheet that generally allocates assets to the firm’s businesses, which is a non-GAAP presentation and may not be comparable to similar non-GAAP presentations used by other companies. The firm believes that presenting the firm’s assets on this basis is meaningful because it is consistent with the way management views and manages risks associated with the firm’s assets and better enables investors to assess the liquidity of the firm’s assets. For further information about the firm's balance sheet allocation, see “Balance Sheet and Funding Sources – Balance Sheet Allocation in Part I, Item 2 “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the firm's Quarterly Report on Form 10-Q for the period ended June 30, 2019. The table below presents the reconciliations of the balance sheet allocation to the firm’s businesses to the firm’s U.S. GAAP balance sheet: GCLA, segregated Secured Institutional Investing & Other Unaudited, $ in billions assets and other client financing Client Services Lending assets Total As of September 30, 2019 Cash and cash equivalents $ 94 $ – $ – $ – $ – $ 94 113 103 63 – – 279 Collateralized agreements – 31 46 92 – 169 Receivables Financial instruments owned 86 – 289 50 – 425 5 – – – 35 40 Other assets Total assets $ 298 $ 134 $ 398 $ 142 $ 35 $ 1,007 As of June 30, 2019 $ 91 $ – $ – $ – $ – $ 91 Cash and cash equivalents Collateralized agreements 120 96 60 – – 276 Receivables – 36 39 93 – 168 77 – 245 49 – 371 Financial instruments owned Other assets 5 – – – 34 39 Total assets $ 293 $ 132 $ 344 $ 142 $ 34 $ 945 7. 3Q19 includes $58 billion of inflows in assets under supervision (substantially all in equity and fixed income assets) in connection with the acquisitions of Standard & Poor’s Investment Advisory Services and United Capital Financial Partners, Inc. 8. 2Q19 includes $13 billion of inflows in assets under supervision (substantially all in equity and fixed income assets) in connection with the acquisition of Rocaton Investment Advisors. 15