Net revenues were $12.93 billion for the first quarter of 2022, 27% lower than the first quarter of 2021 and 2% higher than the fourth quarter of 2021. The decrease compared with the first quarter of 2021 reflected significantly lower net revenues in Asset Management and Investment Banking, partially offset by higher net revenues in Consumer & Wealth Management and Global Markets.
Net revenues in Investment Banking were $2.41 billion for the first quarter of 2022, 36% lower compared with both a strong first quarter of 2021 and fourth quarter of 2021. The decrease compared with the first quarter of 2021 reflected significantly lower net revenues in Underwriting.
Net revenues in Asset Management were $546 million for the first quarter of 2022, 88% lower than the first quarter of 2021 and 81% lower than the fourth quarter of 2021, primarily reflecting net losses in Equity investments and significantly lower net revenues in Lending and debt investments.
Provision for credit losses was $561 million for the first quarter of 2022, compared with a net benefit of $70 million in the first quarter of 2021 and net provisions of $344 million in the fourth quarter of 2021. Provisions for the first quarter of 2022 primarily reflected portfolio growth (primarily in credit cards), the impact of macroeconomic and geopolitical concerns, and individual impairments on wholesale loans. The net benefit for the first quarter of 2021 reflected reserve reductions as the broader economic environment continued to improve following the initial impact of the COVID-19 pandemic, partially offset by portfolio growth.
The firm’s allowance for credit losses was $4.75 billion as of March 31, 2022.
Net revenues in Investment Banking were $2.41 billion for the first quarter of 2022, 36% lower compared with both a strong first quarter of 2021 and fourth quarter of 2021. The decrease compared with the first quarter of 2021 reflected significantly lower net revenues in Underwriting.
Net revenues in Asset Management were $546 million for the first quarter of 2022, 88% lower than the first quarter of 2021 and 81% lower than the fourth quarter of 2021, primarily reflecting net losses in Equity investments and significantly lower net revenues in Lending and debt investments.
Provision for credit losses was $561 million for the first quarter of 2022, compared with a net benefit of $70 million in the first quarter of 2021 and net provisions of $344 million in the fourth quarter of 2021. Provisions for the first quarter of 2022 primarily reflected portfolio growth (primarily in credit cards), the impact of macroeconomic and geopolitical concerns, and individual impairments on wholesale loans. The net benefit for the first quarter of 2021 reflected reserve reductions as the broader economic environment continued to improve following the initial impact of the COVID-19 pandemic, partially offset by portfolio growth.
The firm’s allowance for credit losses was $4.75 billion as of March 31, 2022.
https://www.sec.gov/Archives/edgar/data/886982/000119312522104958/d340081dex991.htm?source=patrick.net