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 Alternatives’ Growth Equity arm led a $435 million Pre-IPO financing round for Armis, lifting its valuation to $6.1 billion.
- The cybersecurity firm recently surpassed $300 million in annual recurring revenue (ARR), marking over 50% year-over-year growth.
- The new capital will support Armis’s push to $1 billion ARR, further product innovation, market expansion and IPO preparations.
- Goldman Sachs Alternatives’ Growth Equity led a $435 million funding round, valuing Armis at $6.1 billion.
- Armis recently exceeded $300 million in annual recurring revenue (ARR), marking over 50 % growth.
- Proceeds will fuel Armis’s three-year plan to reach $1 billion ARR and support its upcoming IPO.
- The company has completed three strategic acquisitions in cloud, AI and operational-technology security, already adding millions in revenue.
- Goldman Sachs Alternatives Growth Equity led a $435 million pre-IPO round in Armis at a $6.1 billion valuation, with participation from CapitalG and Evolution Equity Partners.
- Armis recently surpassed $300 million in annual recurring revenue, growing over 50%, and serves over 40% of the Fortune 100.
- Proceeds will fuel Armis’s push to $1 billion ARR, support IPO preparations, and fund product innovation, go-to-market expansion, and strategic acquisitions.
- GridStor, backed by Goldman Sachs Asset Management, inaugurated its first Texas project, the Hidden Lakes Reliability facility, on November 4, delivering 220 MW / 440 MWh of battery storage.
- The facility can power 140,000 average households during peak demand and participates in ERCOT to bolster grid reliability.
- Construction employed approximately 100 full-time skilled tradespeople and will generate tens of millions of dollars in sales/use and property tax revenue for Galveston County and Dickinson ISD.
- GridStor manages over 3 GW of battery storage projects in later-stage development or under construction across the western and central U.S..
- 15% minority, passive equity stake in Millennium Management sold for $2 billion, valuing the firm at $14 billion, executed via Goldman Sachs Asset Management’s Petershill Partners
- Millennium oversees $79 billion in assets across equities, fixed income, and commodities, supported by over 6,400 employees and 330 investment teams
- Since its 1989 inception, Millennium has averaged 14% annual returns and suffered a loss only once in 35 years
- The transaction is framed as a strategic evolution to prepare for future leadership transitions
- David Solomon warns US government debt surged from $7 trillion to nearly $40 trillion since 2008, accelerated by the pandemic, and is unsustainable without growth.
- He stressed the need for a growth-focused path rather than alarmist reactions to the debt trajectory.
- Despite a weaker dollar, he affirmed its global reserve status supported by ~50% of global capital inflows into the US.
- Goldman Sachs surpassed Wall Street profit expectations in Q3, driven by increased dealmaking activity.
- Bending Spoons has signed a definitive agreement to acquire AOL from Yahoo, with completion expected by year-end 2025 pending regulatory approvals.
- The acquisition is financed by a $2.8 billion debt package, including term loan A, term loan B, and revolving credit facilities provided by global banks such as Banco BPM, BNP Paribas, Crédit Agricole CIB, Goldman Sachs, and others.
- AOL serves approximately 8 million daily and 30 million monthly active users, ranking among the top ten email providers globally.
- Bending Spoons hat eine definitive Vereinbarung zur Übernahme von AOL von Yahoo unterzeichnet; Abschluss vor Jahresende erwartet, vorbehaltlich üblicher Genehmigungen.
- Die 2,8 Milliarden USD Fremdfinanzierung umfasst Term Loan A- und Term Loan B-Fazilitäten sowie revolvierende Kreditlinien, bereitgestellt von führenden Banken, darunter Goldman Sachs.
- Das Term Loan B-Syndikat wird in den USA von J.P. Morgan Chase Bank N.A. und in Europa von BNP Paribas, Crédit Agricole CIB, J.P. Morgan SE und UniCredit geführt.
- AOL zählt laut Schätzung zu den Top 10 E-Mail-Anbietern mit etwa 8 Mio. täglichen und 30 Mio. monatlichen aktiven Nutzern.
- Bending Spoons has signed a definitive agreement to acquire AOL from Yahoo, with the deal expected to close by year-end pending customary regulatory approvals.
- The acquisition is being financed through a $2.8 billion debt package comprising Term A and B loans plus a revolver.
- The credit facilities are syndicated by leading banks, including Banco BPM, BNP Paribas, Crédit Agricole CIB, Goldman Sachs, HSBC, Intesa Sanpaolo, J.P. Morgan, Mitsubishi UFJ, Mizuho, Société Générale, UniCredit and Wells Fargo.
- This transaction expands Bending Spoons’ digital portfolio and underscores its strategy of long-term ownership and investment in acquired brands.
- Recover™ has signed a multi-year agreement with H&M to integrate its RCotton recycled cotton fiber into H&M’s product lines.
- Joint product development since early 2024 enables the large-scale commercial introduction of mechanically recycled cotton in H&M collections.
- Recover™ operates five recycling centers across Europe, Asia and the Americas, leveraging over 75 years of textile recycling expertise to ensure traceability and consistent quality at scale.
- Backed by STORY3 Capital and Goldman Sachs, Recover™ aims to scale its proprietary technology and deliver a sustainable environmental impact in collaboration with industry partners.