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GOLDMAN SACHS GROUP (GS)

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 .

  1. 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 .
  2. 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 .
  3. 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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NamePositionExternal RolesShort 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.

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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.

  1. 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?

  2. 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?

  3. 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?

  4. 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?

  5. 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?

Program DetailsProgram 1
Approval DateFebruary 2023
End Date/DurationNo expiration
Total additional amount$30 billion
Remaining authorization$18.204 billion
DetailsMaintain appropriate level of common equity; executed through open-market purchases, including Rule 10b5-1 and accelerated share repurchases.
YearAmount Due ($M)Debt TypeInterest Rate (%)% of Total Debt
202415,434Other Secured FinancingsN/A4.4% = (15,434 / 349,129) * 100
202475,371Unsecured Short-Term DebtN/A21.6% = (75,371 / 349,129) * 100
202450,352Time DepositsN/A14.4% = (50,352 / 349,129) * 100
202512,228Unsecured Long-Term Debt5.79 (Fixed: 4.49, Floating: 5.87) 3.5% = (12,228 / 349,129) * 100
20251,885Other Secured FinancingsN/A0.5% = (1,885 / 349,129) * 100
202634,312Unsecured Long-Term Debt5.79 (Fixed: 4.49, Floating: 5.87) 9.8% = (34,312 / 349,129) * 100
20263,302Other Secured FinancingsN/A0.9% = (3,302 / 349,129) * 100
202742,373Unsecured Long-Term Debt5.79 (Fixed: 4.49, Floating: 5.87) 12.1% = (42,373 / 349,129) * 100
2027512Other Secured FinancingsN/A0.1% = (512 / 349,129) * 100
202831,263Unsecured Long-Term Debt5.79 (Fixed: 4.49, Floating: 5.87) 9.0% = (31,263 / 349,129) * 100
20281,362Other Secured FinancingsN/A0.4% = (1,362 / 349,129) * 100
202931,592Unsecured Long-Term Debt5.79 (Fixed: 4.49, Floating: 5.87) 9.1% = (31,592 / 349,129) * 100
2029211Other Secured FinancingsN/A0.1% = (211 / 349,129) * 100
2030+98,482Unsecured Long-Term Debt5.79 (Fixed: 4.49, Floating: 5.87) 28.2% = (98,482 / 349,129) * 100
2030+802Other Secured FinancingsN/A0.2% = (802 / 349,129) * 100
NameStart DateEnd DateReason for Change
PricewaterhouseCoopers LLP1922 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

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-backed Petershill Partners to delist, return $921 million to shareholders
·$GS
Delisting/Listing Issues
Debt Issuance
Dividends
  • 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 $287.4 million and total income grew 29%, yet the stock traded at a valuation discount.
  • The 35% premium payout (420.2 cents per share) will be funded via cash reserves, deferred disposal proceeds, and new debt.
  • Approximately 80% of shares, held by affiliated closed-end funds, back the delisting proposal, with a shareholder vote expected in early November.
Sep 25, 2025, 8:06 AM
Goldman Sachs raises S&P 500 2025 target
·$GS
Guidance Update
  • Goldman Sachs raised its 2025 year-end S&P 500 price target to 6,800 (from 6,600), driven by a dovish Fed outlook and resilient corporate earnings.
  • The bank sees the index climbing 5% in six months and 8% over a year, with longer-term ambitions of 7,000 and 7,200 points.
  • The Fed’s first rate cut since December 2024, plus anticipated further cuts in October and December, underpins the bullish outlook.
  • Strong tech performance, notably Nvidia—which has doubled since April—was bolstered by its $5 billion investment in Intel, contributing to market strength.
Sep 22, 2025, 1:19 AM
Goldman Sachs shares hit record high amid sector rally
·$GS
  • Goldman Sachs stock reached an all-time high, joining Morgan Stanley and select regionals in leading the financials rally.
  • Panelists cite a forward P/E of ~15x for Goldman, noting valuations are approaching historical levels but remain supported by earnings growth.
  • Steepening yield curve and an active IPO/M&A calendar are seen as key tailwinds for Goldman Sachs’s profitability and share performance.
  • Portfolio managers on the panel maintain positions in Goldman, expecting further upside over the next 18 months despite near-term pacing uncertainty.
Aug 27, 2025, 5:23 PM
Goldman Sachs offers stakes in Millennium Management
·$GS
New Projects/Investments
  • Goldman Sachs is offering investors a 10–15% equity stake in Millennium Management, valuing the hedge fund at $14 billion, with individual commitments of $1 million to $20 million.
  • Goldman’s Petershill unit is expected to take about half of the stake; investors through Petershill pay a 1% management fee and 10% carry, while direct institutional buyers avoid these fees.
  • Millennium Management oversees over $78 billion in assets across more than 320 teams and has delivered consistent returns since 1990, with losses only in 2008.
  • Analysts maintain a consensus 'Outperform' rating on Goldman Sachs (average rating 2.5), despite a GF Value suggesting a potential 27.74% downside to $539.92.
Aug 14, 2025, 9:41 PM
Goldman Sachs stands by tariff cost distribution study
·$GS
  • Goldman Sachs economists affirm their analysis showing US consumers have absorbed 22% of tariff costs through June and could bear 67% of recent tariffs if trends hold.
  • The team estimates that, to date, US businesses have borne the bulk of tariff costs, but by fall consumers may shoulder two-thirds, exporters one quarter, and businesses less than 10%.
  • They attribute the muted impact on headline inflation so far to implementation lags, finding tariffs have added 0.3% to core consumer prices, with most effects still ahead.
  • Despite public criticism from President Trump, the economics team will continue publishing research and defend their methodology.
Aug 13, 2025, 3:01 PM
Goldman Sachs upgrades Clearwater Analytics to Buy
·$GS
Guidance Update
  • Goldman Sachs upgraded Clearwater Analytics (NYSE:CWAN) to Buy with a $27 price target, implying over 46% upside, based on strong core business growth and free cash flow exceeding 20% annually.
  • The firm believes acquisition risks—such as integrating Enfusion (≈13% of run-rate sales)—are now priced in; excluding Enfusion, Clearwater’s core business trades at about 31x free cash flow.
  • GS projects three consecutive 25 bps rate cuts starting in September, which should lift fixed-income asset prices (≈80% of client AUM) and support revenue via Clearwater’s AUM-linked pricing model.
  • Every Wall Street analyst covering Clearwater rates it a buy, with a consensus price target of $31 (≈70% upside), and shares rose nearly 6% premarket following the upgrade.
Aug 11, 2025, 11:53 PM
Goldman Sachs says big tech firms are driving S&P 500 returns
·$GS
Earnings
Guidance Update
  • Two-thirds of S&P companies beat earnings, with the Magnificent 6 (excluding NVIDIA) delivering 26% YoY earnings growth versus 4% for the rest of the index, a 22 ppt surprise over expectations.
  • 60% of companies plan to raise prices and 75% will push back on suppliers to offset tariffs, with management confident in maintaining margins.
  • The Mag 7 account for one-third of S&P market cap but have driven a disproportionate share of recent returns, fueled by AI-related investments.
  • Goldman Sachs projects the S&P 500 to reach 6,000 by year-end (≈5% upside) and 6,900 in 12 months (≈10% upside), supported by 7% earnings growth and valuations at 23× forward earnings.
Aug 5, 2025, 3:04 PM
Goldman Sachs sees Fed likely to cut rates in September
·$GS
  • Jan Hatzius highlights July payroll revisions and household‐survey softness pointing to a labor market slowdown, with GDP growth just above 1%, a “stall speed” scenario.
  • These softer labor‐market data make a 25 bp Fed rate cut in September, followed by additional cuts in October and December, increasingly likely to move policy back to neutral (~3%).
  • Goldman Sachs projects a 30% probability of recession over the next 12 months—double the historical average—while still expecting modest economic expansion.
  • Consumer real spending has been flat for six months, and failure to resume growth would be a significant warning sign for the economy.
Aug 1, 2025, 3:12 PM
Goldman Sachs announces majority investment in Mace Consult
·$GS
M&A
New Projects/Investments
  • Private Equity at Goldman Sachs Alternatives secures a majority stake in Mace Consult from Mace Group, carving out the consultancy to back its independent growth.
  • Mace Consult delivered £687 million (US$859 million) in revenue in 2024 and has a workforce of over 5,200 across Europe, the Americas, Asia Pacific and MEA.
  • The deal, expected to close in 2025 pending regulatory approval, leaves Mace Group executives retaining minority stakes and joining the new board under Chair Mark Reynolds.
  • GS Alternatives, part of Goldman Sachs Asset Management, manages $3.3 trillion in assets globally and over $500 billion in alternatives, leveraging 30+ years’ experience in private equity.
Jul 23, 2025, 3:11 PM
Goldman Sachs reports robust capital markets activity
·$GS
Debt Issuance
  • Goldman Sachs’ investment-grade credit desks in the US and euro markets are running at or near record issuance levels, with the euro market’s share of global financing at historic highs.
  • The firm’s full suite of capital markets franchises—including leveraged finance and US IPOs—has seen consistent, robust activity year-to-date.
  • A term premium of around 80–85 bps in the US 10-year Treasury is acting as a “tax” on corporate and mortgage borrowing, driven by elevated debt supply and uncertainty over Fed leadership.
  • Markets are pricing in a few Fed rate cuts by year-end and more in 2026, but issuers remain cautious amid still-high long-term yields.
  • Growing dissent risk on the Federal Open Market Committee post-Powell may lift volatility and risk premiums, with term premium potentially rising by 20–25 bps due to policy uncertainty.
Jul 22, 2025, 3:05 PM