Goldman Sachs is a leading global financial institution that operates through three main business segments, providing a wide range of financial services and products . The company engages in strategic advisory, asset management, and consumer banking, catering to both institutional and individual clients . Its offerings include investment products, wealth management solutions, and consumer banking services, with a significant focus on facilitating client transactions and market-making activities .
- Global Banking & Markets - Provides strategic advisory services, including mergers and acquisitions, divestitures, and restructurings, while facilitating client transactions and making markets in fixed income, equity, currency, and commodity products .
- Asset & Wealth Management - Manages assets and offers investment products across major asset classes, providing investing and wealth advisory solutions, financial planning, and brokerage transactions, while also issuing loans and accepting deposits through Marcus by Goldman Sachs .
- Platform Solutions - Focuses on consumer platforms and transaction banking, offering services like deposit-taking, payment solutions, credit card issuance through partnerships, and seller financing loans to small- and medium-sized retailers .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
David Solomon ExecutiveBoard | Chairman and CEO | Chair, Board of Trustees, Hamilton College; Member, Board of Directors, Robin Hood Foundation; Member, Executive Committee, Partnership for New York City; Member, Board of Trustees, NewYork-Presbyterian Hospital | David Solomon has been with Goldman Sachs since 1999, serving in various leadership roles before becoming CEO in October 2018 and Chairman in January 2019. | View Report → |
Carey Halio Executive | Global Treasurer | None | Carey Halio became Global Treasurer on May 1, 2024, with a transition period starting immediately prior. | |
Denis Coleman Executive | Chief Financial Officer | None | Denis Coleman joined Goldman Sachs in 1996 and became CFO in 2022. He has served in various roles within the firm. | |
John Waldron Executive | President and COO | None | John Waldron has been President and COO since October 2018, having previously co-headed the Investment Banking Division. | |
Kathryn Ruemmler Executive | Chief Legal Officer and General Counsel | None | Kathryn Ruemmler joined Goldman Sachs in April 2020 and became Chief Legal Officer in March 2021. She oversees all legal matters for the firm. | |
David Viniar Board | Independent Lead Director | None | David Viniar served as CFO from 1999 to 2013 and is now the Independent Lead Director. He has extensive experience in financial management and risk oversight. | |
Ellen Kullman Board | Independent Director | Amgen Inc.; Dell Technologies Inc. | Ellen Kullman has been an Independent Director since December 2016, with leadership experience at DuPont and Carbon 3D, Inc.. | |
Jan Tighe Board | Independent Director | Huntsman Corporation; IronNet, Inc.; Trustee, The MITRE Corporation; Strategic Advisory Committee, Idaho National Labs; Board Member, US Naval Academy Foundation; Strategic Advisory Group, Paladin Capital Group | Jan Tighe has been an Independent Director since December 2018, contributing expertise in technology risk and cybersecurity. | |
John B. Hess Board | Independent Director | None | John B. Hess joined the Board in June 2024, with a distinguished career at Hess Corporation and upcoming role at Chevron. | |
Kevin Johnson Board | Independent Director | None | Kevin Johnson joined the Board in October 2022, bringing significant experience as a technology and consumer leader, including roles at Starbucks, Microsoft, and Juniper Networks. | |
Kimberley Harris Board | Director, Chair of the Compensation Committee | Board of Directors, Advocates for Children of New York City; Co-Chair, Board of Directors, Brennan Center for Justice at NYU School of Law; Advisory Board, Yale Law School Center for the Study of Corporate Law; Board of Trustees, Mount Sinai Health System | Kimberley Harris joined the Board in May 2021 and chairs the Compensation Committee. She has extensive legal and regulatory experience. | |
Lakshmi Mittal Board | Independent Director | Executive Chairman, ArcelorMittal S.A.; Trustee, Cleveland Clinic; Member, Governing Board, Indian School of Business; Member, European Round Table for Industry; Chairman, Governing Council, LNM Institute of Information Technology; Member, Global Advisory Council, Harvard University | Lakshmi Mittal has been an Independent Director since June 2008, with extensive leadership experience in the steel and mining industry. | |
Mark Flaherty Board | Independent Director | None | Mark Flaherty has been an Independent Director since December 2014, bringing over 20 years of investment management experience. | |
Michele Burns Board | Independent Director | Anheuser-Busch InBev; Etsy, Inc.; Cisco Systems, Inc. | Michele Burns has been an Independent Director since October 2011, contributing her expertise in compensation, governance, and risk management. | |
Peter Oppenheimer Board | Independent Director, Chair of the Audit Committee | None | Peter Oppenheimer has been an Independent Director since March 2014, with extensive experience in financial management and technology oversight from his tenure at Apple. | |
Thomas Montag Board | Independent Director, Chair of the Risk Committee | CEO and Director, Rubicon Carbon, LLC; Board of Trustees, NYU Langone Medical Center; Board of Trustees, Northwestern University; Board of Directors, Hispanic Federation; Board of Directors, The Japan Society; Board of Directors, Deschutes Land Trust | Thomas Montag joined the Board in July 2023 and will chair the Risk Committee starting April 2024. He has over 35 years of financial services experience. |
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Given the ongoing regulatory uncertainty around Basel III proposals and potential impacts from upcoming elections, can you elaborate on why you believe a 90 basis point capital buffer is appropriate and how you plan to navigate potential changes in capital requirements?
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With the sale of the GM credit card business not expected to close until Q3 2025 and continued operating losses of $50–$60 million per quarter until then, how will you address the ongoing drag on earnings, and are there any additional financial obligations or impacts we should anticipate post-closing?
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While you've made progress in expanding lending within your Private Banking and Wealth Management segments, how will you sustain this growth amid competitive pressures, and what investments are you making to ensure your adviser base can support long-term expansion?
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Your stock is trading at 1.6 times book value, reflecting market expectations for mid-teens ROE, yet current returns are around 12–13%; what concrete steps are you taking to consistently achieve mid-teens returns, and what are the main challenges you foresee in reaching this target?
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In the trading business, with market share having peaked in 2022 and signs of increasing competition, how do you plan to maintain or grow your market share, and are specific competitors making significant inroads into your core areas?
Research analysts who have asked questions during GOLDMAN SACHS GROUP earnings calls.
Betsy Graseck
Morgan Stanley
4 questions for GS
Devin Ryan
Citizens JMP
4 questions for GS
Ebrahim Poonawala
Bank of America Securities
4 questions for GS
Gerard Cassidy
RBC Capital Markets
4 questions for GS
Chinedu Bolu
Autonomous Research
3 questions for GS
Daniel Fannon
Jefferies Financial Group Inc.
3 questions for GS
Glenn Schorr
Evercore ISI
3 questions for GS
Michael Mayo
Wells Fargo
3 questions for GS
Saul Martinez
HSBC
3 questions for GS
Steven Chubak
Wolfe Research
3 questions for GS
Brennan Hawken
UBS Group AG
2 questions for GS
Erika Najarian
UBS
2 questions for GS
Christopher McGratty
Keefe, Bruyette & Woods
1 question for GS
Dan Fannon
Jefferies & Company Inc.
1 question for GS
James Mitchell
Seaport Global Holdings LLC
1 question for GS
Matthew O'Connor
Deutsche Bank
1 question for GS
Mike Mayo
Wells Fargo
1 question for GS
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
21-building logistics portfolio | 2025 | Acquired by Goldman Sachs Alternatives and Dalfen Industrial, this off-market deal involved a portfolio of 21 buildings (2.1 million square feet) located in Dallas, Las Vegas, Cincinnati, and Pennsylvania with 92% occupancy by prominent tenants like Amazon, aligning with trends in e-commerce and supply chain disaggregation. |
NN Investment Partners | 2022 | Completed in April 2022 via an all-cash transaction valued at approximately $1.82 billion, this acquisition enhanced Goldman Sachs’ asset management strategy by adding significant assets under supervision and detailed allocations in goodwill, intangible, and tangible assets. |
GreenSky, Inc. | 2022 | Finalized in March 2022 through an all-stock transaction valued at about $1.73 billion, the deal bolstered Goldman Sachs' consumer banking capabilities by expanding its point-of-sale financing offering and involved a merger into a GS Bank USA subsidiary with conversion of common units into GS shares. |
Recent press releases and 8-K filings for GS.
- Goldman Sachs is establishing a specialized team within its global banking and markets division to expand financing of AI infrastructure projects, particularly data centers.
- The team will focus on lending to institutions and investors developing AI data centers, renewable energy, traditional infrastructure, and defense-related equipment globally.
- AI-related infrastructure spending is forecast to reach nearly $400 billion in 2025, driven by investments from Microsoft, Amazon, Alphabet, and Meta.
- Goldman’s global banking and markets division posted a 42% increase in investment banking fees in Q3 FY2025, fueled by M&A activity and debt underwriting.
- Goldman Sachs launched OneGS 3.0, a multi-year, AI-driven overhaul to “rewire” operations and boost productivity across sales, client onboarding, lending, regulatory reporting and vendor management.
- The bank will constrain headcount growth through year-end with a limited reduction in roles, yet still expects a net increase in overall staff by reinvesting efficiency gains from the transformation.
- In Q3, Goldman delivered $15 billion in revenue, $12.25 EPS and about $4.1 billion in net profit, outperforming Wall Street forecasts.
- Earlier this year, Goldman accelerated its typical September staffing cuts into Q2 targeting a 3–5% reduction and made key leadership appointments, including new co-heads and six additions to the management committee.
- Net revenues of $15.18 billion and net earnings of $4.10 billion, with EPS of $12.25 and annualized ROE of 14.2% for Q3 2025
- By segment, Global Banking & Markets generated $10.12 billion (+18% YoY), Asset & Wealth Management $4.40 billion (+17%), and Platform Solutions $0.67 billion (+71%)
- Operating expenses of $9.45 billion and an efficiency ratio of 62.3% reflected higher compensation and transaction-based costs
- Returned $3.25 billion of capital to shareholders (2.8 million shares repurchased for $2.00 billion and $1.25 billion in dividends); CET1 ratio of 14.4% and BVPS at $353.79
- Goldman Sachs generated $15.2 billion net revenues, $12.25 EPS, and 14.2% ROE in Q3 2025.
- Global Banking & Markets revenues reached $10.1 billion, with advisory up 60% YoY and continued leadership in M&A.
- Asset & Wealth Management posted $4.4 billion revenues, achieved a record $3.5 trillion AUM, and raised $33 billion in alternatives during the quarter.
- Returned $3.3 billion to shareholders (dividends of $1.3 billion; share repurchases of $2.0 billion); CET1 ratio stood at 14.4%.
- Management anticipates regulatory relief, a constructive investment banking cycle, and is launching One Goldman Sachs 3.0 (AI-driven) to drive efficiency.
- Q3 profit rose 37% to $4.1 billion ( $12.25 per share ), above analyst estimates of $11.03 per share
- Investment banking fees climbed to $2.7 billion, driven by a 60% jump in M&A revenue amid a revived dealmaking environment
- Equities trading revenue increased by 7%, benefiting from heightened investor risk appetite and market volatility
- Asset and wealth management revenues grew 17%, with client assets under supervision reaching $3.45 trillion
- Net revenues of $15.18 billion, up 20% YoY and 4% QoQ; net earnings of $4.10 billion; EPS of $12.25 (3Q25)
- Annualized ROE of 14.2% and book value per share of $353.79, up 1.2% in the quarter
- Declared dividend of $4.00 per share and repurchased $2.00 billion of stock, returning $3.25 billion of capital to shareholders in 3Q25
- Goldman Sachs will pay an upfront $665 million and up to $300 million in earn-outs through 2030, for a total consideration of $965 million for Industry Ventures.
- Industry Ventures manages $7 billion in assets and has achieved an 18% net IRR and a 2.2× multiple on invested capital since 2000.
- The deal adds over 10,000 portfolio holdings and partnerships with more than 325 venture firms to Goldman’s External Manager Platform, which oversees $4 billion.
- All 45 Industry Ventures employees, including founder Hans Swildens, will join Goldman Sachs, reporting to Michael Brandmeyer to ensure leadership continuity.
- Goldman Sachs concludes the current U.S. tech and AI rally is supported by robust earnings growth and healthy balance sheets, rather than irrational speculation.
- The 10 largest U.S. tech stocks now account for 24.5% of global equity value (about $25 trillion), reflecting very high market concentration.
- Despite vendor financing in AI evoking late-1990s dynamics, Goldman views it as insufficient to define a bubble on its own.
- The bank advises investors to diversify amid elevated concentration and AI competition, noting a 0.7 correlation between tech equities and Bitcoin in recent quarters.
- Firefly Aerospace will acquire SciTec for $855 million, comprising $300 million in cash and $555 million in stock at $50 per share.
- SciTec adds advanced defense software analytics, missile warning, tracking, intelligence, surveillance, and autonomous command capabilities to Firefly’s launch, lunar, and in-space services.
- The transaction is expected to close by year-end, positioning Firefly to capitalize on national security missions amid rising geopolitical tensions.
- CEO Jason Kim stated SciTec’s big data processing and low-latency software will enable rapid threat detection and decision-making for critical defense programs like Golden Dome.
- Petershill Partners will delist from the London Stock Exchange and return $921 million to shareholders as a capital distribution.
- Assets under management rose from $187 billion in 2021 to $351 billion in 2025, but the shares fell by about one-third over the same period.
- In the six months to June 30, 2025, pretax profit jumped 75% to $287.4 million and total income grew 29%, yet the stock traded at a valuation discount.
- The 35% premium payout (420.2 cents per share) will be funded via cash reserves, deferred disposal proceeds, and new debt.
- Approximately 80% of shares, held by affiliated closed-end funds, back the delisting proposal, with a shareholder vote expected in early November.