Global Banking & Markets

- Non-interest revenues

- Net interest income

Asset & Wealth Management

Platform Solutions

Investment Banking

Investment Management

Commissions and Fees

Market Making

Other Principal Transactions

Total Revenue

71fbc5098e0290e76e5c36100e869db117ab261923a24ca2e98bfceecae864c6

| Metric [Unit: $ Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Americas                 | **6,920**  **[0001193125-23-008906_d387409dex991.htm:10]**  | **7,194**  **[0001193125-23-104264_d825833dex991.htm:5]**  | **6,801**  **[0001193125-23-189212_d523443dex991.htm:6]**  | **7,570**  **[0001193125-23-257291_d493068dex991.htm:5]**  | **7,770**  **[0001193125-24-008077_d615098dex991.htm:10]**  | **9,181**  **[0001193125-24-095511_d817877dex991.htm:5]**  | **8,125**  **[0001193125-24-178830_d839513dex991.htm:6]**  | **8,045**  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| EMEA                     | **2,406**  **[0001193125-23-008906_d387409dex991.htm:10]**  | **3,584**  **[0001193125-23-104264_d825833dex991.htm:5]**  | **2,868**  **[0001193125-23-189212_d523443dex991.htm:6]**  | **2,811**  **[0001193125-23-257291_d493068dex991.htm:5]**  | **2,481**  **[0001193125-24-008077_d615098dex991.htm:10]**  | **3,470**  **[0001193125-24-095511_d817877dex991.htm:5]**  | **2,931**  **[0001193125-24-178830_d839513dex991.htm:6]**  | **3,076**  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| Asia                     | **1,267**  **[0001193125-23-008906_d387409dex991.htm:10]**  | **1,446**  **[0001193125-23-104264_d825833dex991.htm:5]**  | **1,226**  **[0001193125-23-189212_d523443dex991.htm:6]**  | **1,436**  **[0001193125-23-257291_d493068dex991.htm:5]**  | **1,067**  **[0001193125-24-008077_d615098dex991.htm:10]**  | **1,562**  **[0001193125-24-095511_d817877dex991.htm:5]**  | **1,675**  **[0001193125-24-178830_d839513dex991.htm:6]**  | **1,578**  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| Total Net Revenues       | **10,593**  **[0001193125-23-008906_d387409dex991.htm:10]**  | **12,224**  **[0001193125-23-104264_d825833dex991.htm:5]**  | **10,895**  **[0001193125-23-189212_d523443dex991.htm:6]**  | **11,817**  **[0001193125-23-257291_d493068dex991.htm:5]**  | **11,318**  **[0001193125-24-008077_d615098dex991.htm:10]**  | **14,213**  **[0001193125-24-095511_d817877dex991.htm:5]**  | **12,731**  **[0001193125-24-178830_d839513dex991.htm:6]**  | **12,699**  **[0001193125-24-237206_d824176dex991.htm:5]**  |

f9b5e0117b6064a5d22c60a590dc274c048a92c1a3b278a7eac0899a61576e1e

9788724d677bd458a4984f730414b901636109135af77a3fa1152db6d7160461

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

9c779225bcf040e670fc808615f9482a63c8b7162c3f20bd34725924e33c5723

Goldman Sachs is a leading global financial institution that operates through three main business segments, providing a wide range of financial services and products **[0000886982-24-000006_gs-20231231.htm:3]** **[0000886982-24-000025_gs-20240930.htm:6]** **[0000886982-24-000006_gs-20231231.htm:239]** **[0000886982-24-000022_gs-20240630.htm:6]**. The company engages in strategic advisory, asset management, and consumer banking, catering to both institutional and individual clients **[0000886982-24-000025_gs-20240930.htm:6]** **[0000886982-24-000006_gs-20231231.htm:239]** **[0000886982-24-000022_gs-20240630.htm:6]**. Its offerings include investment products, wealth management solutions, and consumer banking services, with a significant focus on facilitating client transactions and market-making activities **[0000886982-24-000006_gs-20231231.htm:3]** **[0000886982-24-000025_gs-20240930.htm:6]** **[0000886982-24-000006_gs-20231231.htm:239]** **[0000886982-24-000022_gs-20240630.htm:6]**.

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 **[0000886982-24-000006_gs-20231231.htm:3]** **[0000886982-24-000025_gs-20240930.htm:6]** **[0000886982-24-000006_gs-20231231.htm:239]** **[0000886982-24-000022_gs-20240630.htm:6]**.
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 **[0000886982-24-000025_gs-20240930.htm:6]** **[0000886982-24-000006_gs-20231231.htm:239]** **[0000886982-24-000022_gs-20240630.htm:6]**.
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 **[0000886982-24-000025_gs-20240930.htm:6]** **[0000886982-24-000022_gs-20240630.htm:6]**.

b71327c2e56313d44ecb5e722b6da2ff754957564819ea69d7f65e9323019c1c

| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Global Banking & Markets** | **6,519**  **[0001193125-23-008906_d387409dex991.htm:10]**  | **8,440**  **[0001193125-23-104264_d825833dex991.htm:5]**  | **7,189**  **[0001193125-23-189212_d523443dex991.htm:6]**  | **8,010**  **[0001193125-23-257291_d493068dex991.htm:5]**  | **6,354**  **[0001193125-24-008077_d615098dex991.htm:10]**  | **9,730**  **[0001193125-24-095511_d817877dex991.htm:5]**  | **8,180**  **[0001193125-24-178830_d839513dex991.htm:6]**  | **8,550**  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| - Advisory | 1,408  **[0001193125-23-008906_d387409dex991.htm:10]**  | N/A | 645  **[GS_3383461_3]**  | 831  **[0001193125-23-257291_d493068dex991.htm:5]**  | 1,005  **[0001193125-24-008077_d615098dex991.htm:10]**  | 1,010  **[0001193125-24-095511_d817877dex991.htm:5]**  | 688  **[0001193125-24-178830_d839513dex991.htm:6]**  | 875  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| - Equity Underwriting | 183  **[0001193125-23-008906_d387409dex991.htm:10]**  | N/A | 338  **[GS_3383461_3]**  | 308  **[0001193125-23-257291_d493068dex991.htm:5]**  | 252  **[0001193125-24-008077_d615098dex991.htm:10]**  | 370  **[0001193125-24-095511_d817877dex991.htm:5]**  | 423  **[0001193125-24-178830_d839513dex991.htm:6]**  | 385  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| - Debt Underwriting | 282  **[0001193125-23-008906_d387409dex991.htm:10]**  | N/A | 448  **[0001193125-23-189212_d523443dex991.htm:6]**  | 415  **[0001193125-23-257291_d493068dex991.htm:5]**  | 395  **[0001193125-24-008077_d615098dex991.htm:10]**  | 699  **[0001193125-24-095511_d817877dex991.htm:5]**  | 622  **[0001193125-24-178830_d839513dex991.htm:6]**  | 605  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| - Investment Banking Fees | 1,873  **[0001193125-23-008906_d387409dex991.htm:10]**  | 1,580  **[0001193125-23-104264_d825833dex991.htm:5]**  | 1,430  **[0000886982-23-000008_gs-20230630.htm:186]**  | 1,550  **[0001193125-23-257291_d493068dex991.htm:5]**  | 1,652  **[0001193125-24-008077_d615098dex991.htm:10]**  | 2,080  **[0001193125-24-095511_d817877dex991.htm:5]**  | 1,730  **[0001193125-24-178830_d839513dex991.htm:6]**  | 1,870  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| - FICC Intermediation | 1,974  **[0001193125-23-008906_d387409dex991.htm:10]**  | 3,930  **[0001193125-23-104264_d825833dex991.htm:5]**  | 2,089  **[0001193125-23-189212_d523443dex991.htm:6]**  | 2,650  **[0001193125-23-257291_d493068dex991.htm:5]**  | 1,295  **[0001193125-24-008077_d615098dex991.htm:10]**  | 3,470  **[0001193125-24-095511_d817877dex991.htm:5]**  | 2,330  **[0001193125-24-178830_d839513dex991.htm:6]**  | 2,010  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| - FICC Financing | 713  **[0001193125-23-008906_d387409dex991.htm:10]**  | N/A | 622  **[GS_3383461_3]**  | 730  **[0001193125-23-257291_d493068dex991.htm:5]**  | 739  **[0001193125-24-008077_d615098dex991.htm:10]**  | 852  **[0001193125-24-095511_d817877dex991.htm:5]**  | 850  **[0001193125-24-178830_d839513dex991.htm:6]**  | 949  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| - Equities Intermediation | 1,109  **[0001193125-23-008906_d387409dex991.htm:10]**  | N/A | 1,533  **[0001193125-23-189212_d523443dex991.htm:6]**  | 1,710  **[0001193125-23-257291_d493068dex991.htm:5]**  | 1,502  **[0001193125-24-008077_d615098dex991.htm:10]**  | 1,990  **[0001193125-24-095511_d817877dex991.htm:5]**  | 1,790  **[0001193125-24-178830_d839513dex991.htm:6]**  | 2,210  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| - Equities Financing | 964  **[0001193125-23-008906_d387409dex991.htm:10]**  | N/A | 1,433  **[0001193125-23-189212_d523443dex991.htm:6]**  | 1,250  **[0001193125-23-257291_d493068dex991.htm:5]**  | 1,105  **[0001193125-24-008077_d615098dex991.htm:10]**  | 1,320  **[0001193125-24-095511_d817877dex991.htm:5]**  | 1,380  **[0001193125-24-178830_d839513dex991.htm:6]**  | 1,290  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| - Other | (114)  **[0001193125-23-008906_d387409dex991.htm:10]**  | N/A | N/A | 110  **[0001193125-23-257291_d493068dex991.htm:5]**  | N/A | 12  **[0001193125-24-095511_d817877dex991.htm:5]**  | N/A | 227  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| **Asset & Wealth Management** | **3,561**  **[0001193125-23-008906_d387409dex991.htm:10]**  | **3,220**  **[0001193125-23-104264_d825833dex991.htm:5]**  | **3,047**  **[0001193125-23-189212_d523443dex991.htm:6]**  | **3,230**  **[0001193125-23-257291_d493068dex991.htm:5]**  | **4,387**  **[0001193125-24-008077_d615098dex991.htm:10]**  | **3,790**  **[0001193125-24-095511_d817877dex991.htm:5]**  | **3,880**  **[0001193125-24-178830_d839513dex991.htm:6]**  | **3,750**  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| - Management and Other Fees | 2,248  **[0001193125-23-008906_d387409dex991.htm:10]**  | 2,280  **[0001193125-23-104264_d825833dex991.htm:5]**  | 2,354  **[0001193125-23-189212_d523443dex991.htm:6]**  | 2,410  **[0001193125-23-257291_d493068dex991.htm:5]**  | 2,445  **[0001193125-24-008077_d615098dex991.htm:10]**  | 2,450  **[0001193125-24-095511_d817877dex991.htm:5]**  | 2,540  **[0001193125-24-178830_d839513dex991.htm:6]**  | 2,620  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| - Incentive Fees | 39  **[0001193125-23-008906_d387409dex991.htm:10]**  | N/A | 25  **[0001193125-23-189212_d523443dex991.htm:6]**  | 24  **[0001193125-23-257291_d493068dex991.htm:5]**  | 59  **[0001193125-24-008077_d615098dex991.htm:10]**  | 88  **[0001193125-24-095511_d817877dex991.htm:5]**  | 46  **[0001193125-24-178830_d839513dex991.htm:6]**  | 85  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| - Private Banking and Lending | 753  **[0001193125-23-008906_d387409dex991.htm:10]**  | N/A | 874  **[GS_3383461_4]**  | 687  **[0001193125-23-257291_d493068dex991.htm:5]**  | 661  **[0001193125-24-008077_d615098dex991.htm:10]**  | 682  **[0001193125-24-095511_d817877dex991.htm:5]**  | 707  **[0001193125-24-178830_d839513dex991.htm:6]**  | 756  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| - Equity Investments | 287  **[0001193125-23-008906_d387409dex991.htm:10]**  | 119  **[0001193125-23-104264_d825833dex991.htm:5]**  | (403)  **[GS_3383461_4]**  | (212)  **[0001193125-23-257291_d493068dex991.htm:5]**  | 838  **[0001193125-24-008077_d615098dex991.htm:10]**  | 222  **[0001193125-24-095511_d817877dex991.htm:5]**  | 292  **[0001193125-24-178830_d839513dex991.htm:6]**  | 116  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| - Debt Investments | 234  **[0001193125-23-008906_d387409dex991.htm:10]**  | 408  **[0001193125-23-104264_d825833dex991.htm:5]**  | 197  **[GS_3383461_4]**  | 326  **[0001193125-23-257291_d493068dex991.htm:5]**  | 384  **[0001193125-24-008077_d615098dex991.htm:10]**  | 345  **[0001193125-24-095511_d817877dex991.htm:5]**  | 297  **[0001193125-24-178830_d839513dex991.htm:6]**  | 178  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| **Platform Solutions** | **513**  **[0001193125-23-008906_d387409dex991.htm:10]**  | **564**  **[0001193125-23-104264_d825833dex991.htm:5]**  | **659**  **[0001193125-23-189212_d523443dex991.htm:6]**  | **578**  **[0001193125-23-257291_d493068dex991.htm:5]**  | **577**  **[0001193125-24-008077_d615098dex991.htm:10]**  | **698**  **[0001193125-24-095511_d817877dex991.htm:5]**  | **669**  **[0001193125-24-178830_d839513dex991.htm:6]**  | **391**  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| - Consumer Platforms | 433  **[0001193125-23-008906_d387409dex991.htm:10]**  | N/A | 577  **[0001193125-23-189212_d523443dex991.htm:6]**  | 501  **[0001193125-23-257291_d493068dex991.htm:5]**  | 504  **[0001193125-24-008077_d615098dex991.htm:10]**  | 618  **[0001193125-24-095511_d817877dex991.htm:5]**  | 599  **[0001193125-24-178830_d839513dex991.htm:6]**  | 333  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| - Transaction Banking and Other | 80  **[0001193125-23-008906_d387409dex991.htm:10]**  | N/A | 82  **[0001193125-23-189212_d523443dex991.htm:6]**  | 77  **[0001193125-23-257291_d493068dex991.htm:5]**  | 73  **[0001193125-24-008077_d615098dex991.htm:10]**  | 80  **[0001193125-24-095511_d817877dex991.htm:5]**  | 70  **[0001193125-24-178830_d839513dex991.htm:6]**  | 58  **[0001193125-24-237206_d824176dex991.htm:5]**  |
| **Total Net Revenues** | **10,593**  **[0001193125-23-008906_d387409dex991.htm:10]**  | **12,220**  **[0001193125-23-104264_d825833dex991.htm:5]**  | **10,895**  **[0001193125-23-189212_d523443dex991.htm:6]**  | **11,820**  **[0001193125-23-257291_d493068dex991.htm:5]**  | **11,318**  **[0001193125-24-008077_d615098dex991.htm:10]**  | **14,218**  **[0001193125-24-095511_d817877dex991.htm:5]**  | **12,730**  **[0001193125-24-178830_d839513dex991.htm:6]**  | **12,700**  **[0001193125-24-237206_d824176dex991.htm:5]**  |

e08224cc657db3af10b9dfd9e8b48a73832927a28b03f76f73fbc5d117998e7d

e8ec8e2abe8bad21ed4728f5074926979af7a4b039ab072cb76059805b6fc7ec

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?

424da5be6eb6e389243800668db784c1b2e93a682f01ae06ffa82a1c0fa111cb

Level 3 assets in corporate debt securities (Million USD)

Level 3 assets in securities backed by real estate (Million USD)

Level 3 assets in other debt obligations (Million USD)

Level 3 assets in equity securities (Million USD)

e49f3d6faf809eebf95776c60be0dedffdf2da48f695799bc73b39ea3ae15ccc

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q3 2025
- **Guidance**:
  1. **Earnings Per Share (EPS)**: $8.40, up 54% year-over-year  **[GS_3402833_3]** .
  2. **Return on Equity (ROE)**: 10.4%  **[GS_3402833_3]** .
  3. **Return on Tangible Equity (RoTE)**: 11.1%  **[GS_3402833_3]** .
  4. **Asset & Wealth Management Revenues**: $3.4 billion, up 9% versus last year, with expected high single-digit growth  **[GS_3402833_0]** .
  5. **Fundraising in Alternatives**: Over $50 billion year-to-date, expecting to exceed $60 billion in 2024  **[GS_3402833_0]** .
  6. **Assets Under Supervision**: $3.1 trillion  **[GS_3402833_3]** .
  7. **Management and Other Fees**: $10 billion annual target for 2024  **[GS_3402833_3]** .
  8. **Incentive Fees**: $1 billion annual target over the medium term  **[GS_3402833_3]** .
  9. **Effective Tax Rate**: Approximately 22% for the full year  **[GS_3402833_4]** .
  10. **Common Equity Tier 1 Ratio**: 14.6% with a requirement of 13.7% effective October 1  **[GS_3402833_4]** .
  11. **Capital Return**: $2 billion returned to shareholders  **[GS_3402833_4]** .
  12. **Pretax Margin in Asset & Wealth Management**: Mid-20s target  **[GS_3402833_0]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Tax Rate**: 21.6% for the first half, approximately 22% for the full year  **[GS_3393127_5]** .
  2. **Dividend**: 9% increase to $3 per share starting Q3  **[GS_3393127_5]** .
  3. **Capital Return**: Moderated stock buybacks due to higher SCB requirement  **[GS_3393127_5]** .
  4. **Efficiency Ratio**: 63.8% year-to-date, target of 60%  **[GS_3393127_13]** .
  5. **Asset & Wealth Management**: Continued momentum expected  **[GS_3393127_3]** .
  6. **Alternative Fundraising**: Expected to exceed $50 billion for the year  **[GS_3393127_1]** .
  7. **On-Balance Sheet Investments**: Target to sell down $12.6 billion by end of next year  **[GS_3393127_21]** .
  8. **Basel III and CET1**: Maintaining cushion for Basel III endgame  **[GS_3393127_18]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Asset & Wealth Management**: $1 billion in annual incentive fees over the medium term  **[GS_3379816_3]** .
  2. **Platform Solutions**: Pretax breakeven expected in 2025  **[GS_3379816_4]** .
  3. **Tax Rate**: Approximately 22% for the full year  **[GS_3379816_4]** .
  4. **Capital Deployment**: 170 basis point buffer above capital requirements  **[GS_3379816_4]** .
  5. **Fundraising in Alternatives**: $40 billion to $50 billion expected in 2024  **[GS_3379816_3]** .
  6. **Historical Principal Investments**: Reduce by $1.5 billion per quarter  **[GS_3402833_3]** **[GS_3370281_4]** .
  7. **Equity and Debt Investments**: $2 billion annually, $500 million per quarter  **[GS_3379816_20]** .
  8. **Transaction Banking**: Breakeven or profitability in 2025  **[GS_3379816_15]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Tax Rate**: 22% to 23%  **[GS_3370281_4]** .
  2. **Asset & Wealth Management Margin**: Improvement expected  **[GS_3370281_21]** .
  3. **Capital Management**: Flexible capital return strategy  **[GS_3370281_4]** .
  4. **Platform Solutions Drag**: Significant reduction expected  **[GS_3370281_13]** .
  5. **Alternatives Fundraising**: $40 billion to $50 billion expected in 2024  **[GS_3370281_16]** .
  6. **ROE Improvement**: Mid-teens returns over 3 to 5 years  **[GS_3370281_12]** .

1249900238102dd06e32eb6a8560db3b8b5df9dad200cc64b58a4b119964478c

Americas

EMEA

Asia

83f57fabe2f794c21ae1f2fbc1dde229e00ac10e2fb0fafb2ac6babb213974db

- Brokers and dealers
- Investment banking firms
- Commercial banks
- Credit card issuers
- Insurance companies
- Investment advisers
- Mutual funds
- Hedge funds
- Private equity funds
- Merchant banks
- Consumer finance companies
- Financial technology and other internet-based companies
- Smaller institutions offering targeted services, such as independent advisory firms  **[0000886982-24-000006_gs-20231231.htm:19]** 

455f394414fce03f5e4afe8cc0b278b73018f320727994d86c27feaa138ce829

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

| Name               | Position                                           | Start Date       | Short Bio                                                                                                                                                                                                 |
|--------------------|----------------------------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| David Solomon      | Chairman and Chief Executive Officer               | October 2018     | David Solomon has been the **Chairman of the Board** since **January 2019** and the **Chief Executive Officer** since **October 2018**. He previously served as President and Chief or Co-Chief Operating Officer  **[0000886982-24-000006_gs-20231231.htm:57]** **[0001193125-24-068743_d541341ddef14a.htm:15]** **[0001193125-23-073347_d353280ddef14a.htm:16]** .                  |
| John E. Waldron    | President and Chief Operating Officer              | October 2018     | John E. Waldron has been the **President and Chief Operating Officer** since **October 2018**. He was previously Co-Head of the Investment Banking Division from December 2014  **[0000886982-24-000006_gs-20231231.htm:57]** **[0000886982-23-000003_gs-20221231.htm:52]** .                                                          |
| Denis P. Coleman III | Chief Financial Officer                           | January 2022     | Denis P. Coleman III has been the **Chief Financial Officer** since **January 2022**. He joined Goldman Sachs in **1996** and served as Deputy Chief Financial Officer from **September 2021**  **[0000886982-24-000006_gs-20231231.htm:56]** **[GS_3411269_0]** .                                          |
| Kathryn H. Ruemmler | Chief Legal Officer, General Counsel, and Secretary | March 2021       | Kathryn H. Ruemmler has been serving as the **Chief Legal Officer, General Counsel, and Secretary** since **March 2021**. She was previously the Global Head of Regulatory Affairs from **April 2020**  **[0000886982-24-000006_gs-20231231.htm:57]** **[0000886982-23-000003_gs-20221231.htm:52]** .                                  |
| Philip R. Berlinski | Global Treasurer                                   | October 2021     | Philip R. Berlinski has been the **Global Treasurer** since **October 2021**. He also serves as the **Chief Executive Officer of Goldman Sachs Bank USA** and has been the interim Global Co-Head or Head of Platform Solutions since **June 2023**  **[0000886982-24-000006_gs-20231231.htm:56]** **[0000886982-23-000003_gs-20221231.htm:51]** . |
| Sheara J. Fredman  | Chief Accounting Officer                           | November 2019    | Sheara J. Fredman has been the **Chief Accounting Officer** since **November 2019**. She was previously Head of Regulatory Controllers from September 2017  **[0000886982-24-000006_gs-20231231.htm:56]** **[0000886982-23-000003_gs-20221231.htm:51]** .                                                                               |
| John B. Hess       | Independent Director of the Board                  | June 2024        | John B. Hess has been serving as an **Independent Director** of the Board since **June 2024**. He is also the **Chairman and Chief Executive Officer** of Hess Corporation  **[0000895345-24-000537_ff4083221_13da7-mirion.htm:7]** **[0001087997-24-000012_xslF345X02/wk-form3_1719518673.xml:0]** .                                                              |

33e811d23690d06545af82b0a65c94c021283226ee5a95e26d094ab6a3c16c77

| Program Details          | Program 1        |
|--------------------------|------------------|
| Approval Date            | February 2023  **[0000886982-24-000025_gs-20240930.htm:309]** |
| End Date/Duration        | No expiration  **[0000886982-24-000025_gs-20240930.htm:309]** |
| Total additional amount  | $30 billion  **[0000886982-24-000025_gs-20240930.htm:233]**   |
| Remaining authorization  | $18.204 billion  **[0000886982-24-000025_gs-20240930.htm:309]** |
| Details                  | Maintain appropriate level of common equity; executed through open-market purchases, including Rule 10b5-1 and accelerated share repurchases.  **[0000886982-23-000011_gs-20230930.htm:237]** **[0000886982-24-000022_gs-20240630.htm:224]** **[0000886982-24-000025_gs-20240930.htm:233]** **[0000886982-24-000016_gs-20240331.htm:197]** **[0000886982-23-000008_gs-20230630.htm:226]** **[0000886982-24-000006_gs-20231231.htm:348]** |

855e35402596d9bff73ee9ccc0db7311bc7ad98e55273dc400c88e2e6695cec4

Total Revenue (USD, millions)

Cost of Goods Sold (COGS) (USD, millions)

Selling, General, and Administrative Expenses (SG&A) (USD, millions)

Research and Development (R&D) (USD, millions)

Depreciation and Amortization (D&A) (USD, millions)

Interest Expense (USD, millions)

Operating Income (EBIT) (USD, millions)

Net Income (USD, millions)

Earnings Per Share (EPS) - Basic (USD)

Earnings Per Share (EPS) - Diluted (USD)

432b33788a52116e3d42272b2d8b2611c8d2efcea2d1f515064dcff9e9f708a4

Goldman sees tailwinds into 2025 and targets mid-teens ROE by scaling Asset & Wealth Management (fees growing at high single digits) and hitting a $1B incentive fee goal. Efficiency ratio rose 1200bps to 63% in 2024, although regulatory risks loom.

5d0b3032795ab813081eae8c1c8079381c5f9b010bfab68bafc6a09de6a101ae

**Annual guidance for FY 2025:**
- **Asset & Wealth Management (AWM) Management and Other Fees Growth**: Expect high single-digit annual growth  **[GS_3412551_20]** **[GS_3412551_2]**  (no prior guidance)  
- **Incentive Fees**: $1 billion annual target in 2025  **[GS_3412551_5]** **[GS_3412551_18]**  (no change from prior guidance  **[GS_3402833_3]** )  
- **Fundraising in Alternatives**: Expect levels in 2025 to be consistent with recent years ($72 billion in 2024)  **[GS_3412551_6]**  (raised from exceeding $60 billion in 2024  **[GS_3402833_0]** )  
- **Tax Rate**: 20%  **[GS_3412551_6]**  (lowered from 22%  **[GS_3402833_4]** )  
- **Platform Solutions**: Targeting pretax breakeven in 2025  **[GS_3412551_3]**  (no prior guidance)  
- **Operating Efficiencies**: Implementing a 3-year program to manage expenses, optimize footprint, and leverage AI  **[GS_3412551_3]**  (no prior guidance)

c18f71f19f2cd0367f569ea975de139ebcae7acb4109cce132e44e55e0f91b87

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP   | 1922  **[0000886982-24-000006_gs-20231231.htm:233]**    | Present  | Current auditor   |

c6955fc5966b103ee2811782dd0391e397ff4b60b5e7d3f4a6d554ba2b12433a

4099e1058f4a70de0ac20c6db38cdd4e623a7d814afedaf8dbd9a30d5ee1fe18

1. **Regulatory Outlook and Capital Impact**  
   **Q:** How will regulations affect capital markets business?  
   **A:** David Solomon noted that while it's hard to speculate, there could be constructive discussions about improving transparency and consistency around capital regulations, which would be very good for the system and capital markets. He mentioned the industry's belief that CCAR isn't working appropriately, and changes in administration might lead to a different approach to Basel III.  **[GS_3412551_7]** ,  **[GS_3412551_8]** 

2. **Path to Mid-Teens ROE**  
   **Q:** What's the plan to reach 15% ROE?  
   **A:** David Solomon explained that focusing on Global Banking & Markets and Asset & Wealth Management will drive mid-teens returns. Improving Asset & Wealth Management returns through scaling and freeing up capital from legacy investments, and reducing the **75 to 100 basis point** ROE drag from Platform Solutions will help achieve mid-teens ROE.  **[GS_3412551_9]** 

3. **Platform Solutions Drag on ROE**  
   **Q:** How will Platform Solutions' ROE drag improve?  
   **A:** The primary focus is on the Apple partnership within Platform Solutions. The Apple Card continues to improve performance, driving toward profitability. This improvement will reduce the ROE drag in **2025 and 2026**. Ultimately, Platform Solutions will not be a long-term business for the firm, allowing them to exit and return capital.  **[GS_3412551_11]** 

4. **Capital Return and Investment Balance**  
   **Q:** How will you balance capital returns with investment opportunities?  
   **A:** Denis Coleman stated they have **130 basis points** of capital cushion and see opportunities to deploy capital to support clients and invest in the business. They are committed to sustainably growing the dividend and returning excess capital to shareholders. In **2024**, they returned record levels of capital while growing the firm.  **[GS_3412551_9]** 

5. **Operating Efficiencies and Margins**  
   **Q:** How will expenses and efficiencies affect margins in 2025?  
   **A:** Denis Coleman said they aim to scale the firm and deliver incremental operating leverage. In **2024**, the efficiency ratio improved by **1200 basis points** to about **63%**, moving closer to their **60%** target. They plan to fund investments by driving efficiencies across the firm, focusing on spend processes and accountability.  **[GS_3412551_14]** 

6. **Alternative Asset Management Growth**  
   **Q:** What's the outlook for alts fundraising and performance fees?  
   **A:** Denis Coleman mentioned they've had success in fundraising across various asset classes, surpassing targets. They expect to continue raising funds with similar fee structures. As the environment improves, deployment will increase, leading to growth in AUS and performance fees. They aim to make progress toward their **$1 billion** annual incentive fee target in **2025**.  **[GS_3412551_18]** ,  **[GS_3412551_19]** 

7. **Sponsor Activity and Market Share**  
   **Q:** How will you increase market share with sponsor clients?  
   **A:** David Solomon said they have leading share with sponsors and expect a more constructive environment for sponsor activity in the next **24 months**. Organizational changes, such as forming the Capital Solutions group, will strengthen their position to capture more than their fair share of activity.  **[GS_3412551_8]** ,  **[GS_3412551_17]** 

8. **Lending Growth in Wealth Management**  
   **Q:** What's the plan for lending growth in wealth management?  
   **A:** Denis Coleman noted they are relatively underpenetrated in lending within wealth management. They grew private wealth lending balances by **$5 billion** in **2024** and are committed to increasing penetration over multiple years, seeing significant room for improvement.  **[GS_3412551_13]** 

9. **Strategic Acquisitions in Alts and Wealth**  
   **Q:** Any thoughts on acquisitions to accelerate growth?  
   **A:** David Solomon acknowledged they consider opportunities, especially in Asset & Wealth Management. However, the bar for doing deals is high, and they are focused on organic execution. He noted that these businesses are sold, not bought, and market valuations are high.  **[GS_3412551_10]** 

10. **Risks to Positive Outlook**  
    **Q:** What risks could derail the optimistic outlook?  
    **A:** David Solomon emphasized that while the current environment is constructive, uncertainties exist such as policy changes, geopolitical events, and potential shifts in market sentiment. The firm is focused on risk management and prepared for unexpected changes.  **[GS_3412551_21]** ,  **[GS_3412551_15]** 

11. **Use of AI and Operational Efficiency**  
    **Q:** When will AI impact earnings?  
    **A:** David Solomon stated they are having early success with AI and are focused on making the firm more productive. While not specifying an exact impact on earnings, they continue to use technology to improve efficiency and serve clients better.  **[GS_3412551_22]** 

12. **Platform Solutions Strategy**  
    **Q:** Why is Platform Solutions still around?  
    **A:** David Solomon reiterated they have a journey around consumer platforms. The firm continues to improve the Apple Card's performance, working towards reducing the drag. Ultimately, Platform Solutions will not be a long-term business for the firm.  **[GS_3412551_11]** ,  **[GS_3412551_16]** 

a0c66ea2b7faa58afb0c1e2e4a3c24c7f9380a0feebe3fedb3b17d0ba9b9fb66

44b81c87fa0dcf45cb13fc5f7e09255c3b6a4f9f05750346d8c96bc50f7456c1

| Year | Amount Due ($M) | Debt Type               | Interest Rate (%)       | % of Total Debt                                                                 |
|----------|----------------------|-----------------------------|-----------------------------|------------------------------------------------------------------------------------|
| 2024     | 15,434              | Other Secured Financings    | N/A                         | 4.4% = (15,434 / 349,129) * 100 **[0000886982-24-000025_gs-20240930.htm:95]** **[0000886982-24-000025_gs-20240930.htm:3]**                                   |
| 2024     | 75,371              | Unsecured Short-Term Debt   | N/A                         | 21.6% = (75,371 / 349,129) * 100 **[0000886982-24-000025_gs-20240930.htm:226]** **[0000886982-24-000025_gs-20240930.htm:3]**                                  |
| 2024     | 50,352              | Time Deposits               | N/A                         | 14.4% = (50,352 / 349,129) * 100 **[0000886982-24-000025_gs-20240930.htm:101]** **[0000886982-24-000025_gs-20240930.htm:3]**                                  |
| 2025     | 12,228              | Unsecured Long-Term Debt    | 5.79 (Fixed: 4.49, Floating: 5.87) **[0000886982-24-000025_gs-20240930.htm:104]** **[0000886982-24-000025_gs-20240930.htm:103]** | 3.5% = (12,228 / 349,129) * 100 **[0000886982-24-000025_gs-20240930.htm:104]** **[0000886982-24-000025_gs-20240930.htm:103]**                                   |
| 2025     | 1,885               | Other Secured Financings    | N/A                         | 0.5% = (1,885 / 349,129) * 100 **[0000886982-24-000025_gs-20240930.htm:95]** **[0000886982-24-000025_gs-20240930.htm:3]**                                    |
| 2026     | 34,312              | Unsecured Long-Term Debt    | 5.79 (Fixed: 4.49, Floating: 5.87) **[0000886982-24-000025_gs-20240930.htm:104]** **[0000886982-24-000025_gs-20240930.htm:103]** | 9.8% = (34,312 / 349,129) * 100 **[0000886982-24-000025_gs-20240930.htm:104]** **[0000886982-24-000025_gs-20240930.htm:103]**                                   |
| 2026     | 3,302               | Other Secured Financings    | N/A                         | 0.9% = (3,302 / 349,129) * 100 **[0000886982-24-000025_gs-20240930.htm:95]** **[0000886982-24-000025_gs-20240930.htm:3]**                                    |
| 2027     | 42,373              | Unsecured Long-Term Debt    | 5.79 (Fixed: 4.49, Floating: 5.87) **[0000886982-24-000025_gs-20240930.htm:104]** **[0000886982-24-000025_gs-20240930.htm:103]** | 12.1% = (42,373 / 349,129) * 100 **[0000886982-24-000025_gs-20240930.htm:104]** **[0000886982-24-000025_gs-20240930.htm:103]**                                  |
| 2027     | 512                 | Other Secured Financings    | N/A                         | 0.1% = (512 / 349,129) * 100 **[0000886982-24-000025_gs-20240930.htm:95]** **[0000886982-24-000025_gs-20240930.htm:3]**                                      |
| 2028     | 31,263              | Unsecured Long-Term Debt    | 5.79 (Fixed: 4.49, Floating: 5.87) **[0000886982-24-000025_gs-20240930.htm:104]** **[0000886982-24-000025_gs-20240930.htm:103]** | 9.0% = (31,263 / 349,129) * 100 **[0000886982-24-000025_gs-20240930.htm:104]** **[0000886982-24-000025_gs-20240930.htm:103]**                                   |
| 2028     | 1,362               | Other Secured Financings    | N/A                         | 0.4% = (1,362 / 349,129) * 100 **[0000886982-24-000025_gs-20240930.htm:95]** **[0000886982-24-000025_gs-20240930.htm:3]**                                    |
| 2029     | 31,592              | Unsecured Long-Term Debt    | 5.79 (Fixed: 4.49, Floating: 5.87) **[0000886982-24-000025_gs-20240930.htm:104]** **[0000886982-24-000025_gs-20240930.htm:103]** | 9.1% = (31,592 / 349,129) * 100 **[0000886982-24-000025_gs-20240930.htm:104]** **[0000886982-24-000025_gs-20240930.htm:103]**                                   |
| 2029     | 211                 | Other Secured Financings    | N/A                         | 0.1% = (211 / 349,129) * 100 **[0000886982-24-000025_gs-20240930.htm:95]** **[0000886982-24-000025_gs-20240930.htm:3]**                                      |
| 2030+    | 98,482              | Unsecured Long-Term Debt    | 5.79 (Fixed: 4.49, Floating: 5.87) **[0000886982-24-000025_gs-20240930.htm:104]** **[0000886982-24-000025_gs-20240930.htm:103]** | 28.2% = (98,482 / 349,129) * 100 **[0000886982-24-000025_gs-20240930.htm:104]** **[0000886982-24-000025_gs-20240930.htm:103]**                                  |
| 2030+    | 802                 | Other Secured Financings    | N/A                         | 0.2% = (802 / 349,129) * 100 **[0000886982-24-000025_gs-20240930.htm:95]** **[0000886982-24-000025_gs-20240930.htm:3]**                                      |

451b259ef95e6fb0da1e4f45907cc0094b1713d91c0899a38be012c08ad3c071

1. **Investment Banking Outlook**  
   **Q:** How is the investment banking pipeline and outlook?  
   **A:** CEO David Solomon expressed optimism about improving investment banking activity, noting that capital markets and M&A levels have been depressed but saw real improvement in the second half of the year. The M&A backlog had a **strong replenishment** in Q4, with **$1 billion** of M&A revenue replaced plus growth. He expects more meaningful IPOs in 2024 and increased activity across debt and equity issuance. Despite being cautious due to global uncertainties, he feels the firm is well-leveraged to this pickup.  **[GS_3370281_6]** 

2. **Reducing On-Balance Sheet Investments**  
   **Q:** Why is balance sheet reduction of investments slower?  
   **A:** David Solomon acknowledged significant progress in reducing on-balance sheet investments last year, including pulling forward some monetizations into 2023. The firm aims to get these investments to zero as quickly as possible, with a clear target over the next **three years**, but managing expectations appropriately. He believes they have a good shot at executing this quicker than planned.  **[GS_3370281_7]** 

3. **FICC Trading Outlook**  
   **Q:** Are FICC revenues at trough levels?  
   **A:** Solomon noted that FICC revenues were quiet in Q4, especially in the back half, with intermediation activity down as clients were less active. He doesn't expect this subdued level to continue and mentioned that the first few weeks of the new year are showing more activity. Overall, he believes the environment in 2024 feels better for their mix of businesses than in 2023.  **[GS_3370281_8]** **[GS_3370281_14]** 

4. **Exit from Apple Partnership Impact**  
   **Q:** What is the impact of exiting the Apple relationship?  
   **A:** David Solomon stated they have no updates on the credit card partnerships beyond prior statements. They continue to work with Apple to serve customers and reduce the drag from the partnership. The drag in 2024 will be **materially less**.  **[GS_3370281_10]** 

5. **Deposit Platform Strategy**  
   **Q:** How are Marcus deposit betas and strategy?  
   **A:** Denis Coleman emphasized that the Marcus deposit platform has been a strategic advantage for firm-wide funding. They have maintained pricing at the higher end to sustain and grow balances. They haven't adjusted their strategy and saw good growth, with overall deposits up over **$40 billion** in the year. They continue to focus on driving growth across strategic channels while being mindful of the overall funding mix.  **[GS_3370281_11]** 

6. **ROE Improvement Targets**  
   **Q:** How will you reach 15% ROE from 10%?  
   **A:** David Solomon attributed the lower ROE to a challenging environment, particularly low investment banking activity. He expects improvement as investment banking normalizes. The banking and markets business had a **12% ROE** on a fully allocated basis in this environment and aims for mid-teens through the cycle. They continue to reduce the balance sheet in Asset & Wealth Management, which will drive ROE higher. Reduction of other drags, such as platforms, will also contribute to ROE improvement over the next **three to five years**.  **[GS_3370281_12]** 

7. **Impact of Basel III Endgame**  
   **Q:** How will Basel Endgame affect ROTCE targets?  
   **A:** Solomon expressed significant concerns with the proposed rules, believing they should be withdrawn and reproposed. He stated it's premature to speculate on the impact, but the firm has capital flexibility and can adjust businesses or pricing to adapt. They will continue to be highly engaged with regulators.  **[GS_3370281_17]** 

8. **Expense Management and Efficiency Ratios**  
   **Q:** What is the outlook for expense growth and efficiency?  
   **A:** Denis Coleman stated they are laser-focused on achieving a **60% efficiency ratio**. They have implemented structured processes to manage non-compensation expenses, reviewing each category for efficiency. They acknowledge the impact of inflation and will mitigate it through process improvements. Compensation expense is performance-based and variable, and they will maintain a pay-for-performance orientation.  **[GS_3370281_18]** **[GS_3370281_24]** 

9. **Private Credit Growth Strategy**  
   **Q:** What is the strategy for growing in private credit?  
   **A:** David Solomon highlighted that they surpassed fundraising targets in alternatives and plan to raise another **$40–$50 billion** in 2024. They focus on private credit, already managing over **$110 billion**. They see opportunities to grow given their platform and origination connection with their banking business, providing a unique competitive advantage. They plan to continue investing in partnerships with capital allocators worldwide.  **[GS_3370281_16]** 

10. **Capital Allocation Priorities**  
    **Q:** How are you thinking about capital allocation?  
    **A:** David Solomon stated that their primary focus is allocating capital to support clients. They have increased capital allocated to client franchises over the last five years. They generate a lot of capital from earnings and will return excess capital to shareholders if they don't see deployment opportunities. They are taking a conservative posture given uncertainties around Basel III Endgame but have proven nimble in capital deployment. They plan to continue growing the dividend.  **[GS_3370281_20]** 

11. **Commercial Real Estate Exposure**  
    **Q:** What's the status of commercial real estate exposure?  
    **A:** Denis Coleman noted significant progress in reducing CRE positions over 2023, with office exposures marked down to roughly **50%**. They believe the portfolio sits at the right place after impairments and marks. In 2024, they expect further dispositions but will be thoughtful to support client relationships and maintain franchise value.  **[GS_3370281_15]** 

12. **Wealth Management Alternatives Inflows**  
    **Q:** Is the 40% wealth channel inflow sustainable?  
    **A:** David Solomon explained that historically, a higher percentage of alternative fundraising came from Private Wealth. As they invest in broad institutional partnerships, the percentage from wealth may decrease. The economics are attractive across channels but may vary slightly. They have margin targets and see opportunities as they build distribution channels for their Asset & Wealth Management platform.  **[GS_3370281_19]** 

13. **Competition in Financing & Client Relationships**  
    **Q:** What drives success in FICC & Equities financing?  
    **A:** Solomon attributed success to the firm's scale and the One GS ethos, promoting an integrated approach in serving clients. They have increased financing activities with clients, leading to strengthened relationships and increased wallet share. Taking a long-term view and being there for clients, even in less economically attractive activities, has also contributed to growth.  **[GS_3370281_22]** 

14. **Compensation Expenses and Margins**  
    **Q:** How will comp expenses grow with revenues?  
    **A:** Denis Coleman emphasized their focus on driving operating leverage and scale while maintaining a pay-for-performance culture. The ultimate compensation payout will depend on business mix and the appropriate amount to retain talent and serve clients while delivering results for shareholders. They aim to balance talent retention with operating leverage.  **[GS_3370281_25]** 

15. **Investment Banking Activity by Geography**  
    **Q:** Where are you seeing the best IB potential?  
    **A:** David Solomon mentioned that the Americas is the largest part of activity, with significant pickup due to U.S. economic resilience. Europe is seeing increased strategic dialogue. Asia, particularly China, remains slower in both M&A and capital markets due to economic conditions.  **[GS_3370281_23]** 

16. **Lead Independent Director Transition**  
    **Q:** What's the plan for the Lead Independent Director?  
    **A:** David Solomon acknowledged that Bayo Ogunlesi sold his business to BlackRock, which will create a transition in the Lead Director position. The deal won't close until the third or fourth quarter. They have a governance process in place, and at the appropriate time, they will announce the transition. Currently, Bayo remains the Lead Director.  **[GS_3370281_26]** 

f68e4603f47f1acdfac69360d8fea1e92246e8517dd29daff4e40344ee67c47f

1. **GBM ROE Sustainability**  
   **Q:** Is the 18% ROE in GBM sustainable?  
   **A:** Management described the 18% ROE in Global Banking & Markets as a strong quarter but not the expected average. They target **mid-teens returns through the cycle** and noted that this quarter was higher due to client activity and market opportunities. They emphasized that while they capture opportunities when available, they do not expect this elevated level every quarter.  **[GS_3379816_9]** 

2. **Capital Management & Buybacks**  
   **Q:** Can we expect increased buybacks given capital flexibility?  
   **A:** Management acknowledged increased capital flexibility due to favorable developments in Basel III proposals but reiterated their capital deployment hierarchy. They prioritize supporting client activities and maintaining a **sustainable and growing dividend**, and will consider buybacks after these needs. They conducted **$1.5 billion** in buybacks this quarter and will adjust based on client activity and capital requirements.  **[GS_3379816_18]** **[GS_3379816_23]** 

3. **AI Impact on Business**  
   **Q:** How will AI affect Goldman Sachs and its efficiency?  
   **A:** Management sees AI as offering **enormous opportunities for productivity gains** and efficiency. They focus on using AI to enhance productivity, allowing employees to spend more time with clients and deliver value-added services, rather than solely seeking cost reductions. They believe AI will help scale their smartest people and improve client experiences.  **[GS_3379816_7]** 

4. **Asset Management Growth Strategy**  
   **Q:** Is inorganic growth part of the asset management strategy?  
   **A:** While emphasizing progress on organic execution, management did not rule out inorganic growth in asset management. They are focused on **high single-digit growth** with margin improvement and less capital density over time. Management is open to opportunities that could accelerate growth but currently concentrates on executing existing plans.  **[GS_3379816_8]** 

5. **M&A Activity Outlook**  
   **Q:** When will sponsor M&A activity ramp up?  
   **A:** Management noted that sponsor activity remains muted but is picking up, with increased engagement in the first quarter compared to 2023. They expect activity to increase in coming quarters as sponsors face pressure to return capital to investors. An uptick in sponsor M&A would be a significant tailwind for their business.  **[GS_3379816_13]** 

6. **Wallet Share and Market Position**  
   **Q:** Where can you still improve wallet share in trading?  
   **A:** Management highlighted progress in serving the top **150 clients**, aiming to be top 3 with a larger percentage of them. They recognize opportunities to improve rankings where they are currently third and continue to focus on expanding share across all products by enhancing client experiences and addressing feedback.  **[GS_3379816_19]** 

7. **Non-Comp Expense Sustainability**  
   **Q:** Are lower non-comp expenses sustainable going forward?  
   **A:** Management is focused on containing non-comp expenses, acknowledging inflationary pressures but pleased with the sequential and year-over-year decreases. They consider this quarter's expenses more normalized after prior periods with non-recurring items and plan to manage expenses in a disciplined fashion.  **[GS_3379816_6]** 

8. **Transaction Banking Strategy**  
   **Q:** Are you pulling back ambitions in transaction banking?  
   **A:** Management remains committed to transaction banking but has narrowed ambitions to ensure profitable growth. They've adjusted their global footprint due to execution costs and regulatory changes, focusing on the U.S. and Europe. They aim to deliver profitability and integrate transaction banking with their client offerings.  **[GS_3379816_15]** **[GS_3379816_16]** 

9. **Wealth Management Growth**  
   **Q:** Can you sustain high organic growth in wealth management?  
   **A:** Management attributes strong growth in wealth management, with **$17 billion** in inflows equating to **9% organic growth**, to focusing on the ultra-high-net-worth segment and offering a differentiated, open architecture platform. They believe there's room for continued growth due to wealth accumulation globally and their unique client offerings.  **[GS_3379816_10]** 

10. **Equity Investments Performance**  
    **Q:** What is a normal revenue expectation for equity investments?  
    **A:** Management indicated that the equity investments line is stabilizing, with performance in the private portfolio aligning with expectations. They referenced a medium-term guidance of **about $2 billion** in annual revenue from equity and debt investments, or roughly **$500 million** per quarter, acknowledging market conditions will influence results.  **[GS_3379816_20]** 

11. **Alts Revenue and AUS Trends**  
    **Q:** Why is alts revenue down and AUS growth modest despite fundraising?  
    **A:** Management explained that while they've had success fundraising, not all capital raised becomes Assets Under Supervision immediately due to deployment timing. The sequential decrease in alts revenue was partly due to lower placement fees from third-party funds compared to the previous quarter. They expect AUS to grow as capital is deployed.  **[GS_3379816_14]** 

fdad706e5be9d313fb3e0e2afb3ba9f0316b8f26f265dae5bd835f252b37d1cf

- **Slowing Growth in Consumer Revenues Due to Underwriting Adjustments:** The firm's consumer platform fees decreased sequentially due to the absence of the GreenSky contribution. Although there is growth across the card portfolio, **the level of growth has slowed** as the firm has implemented **several rounds of underwriting adjustments** to card originations, leading to expectations of **more muted period-over-period growth**.  **[GS_3393127_17]**
- **Return on Equity (ROE) Below Target Amid Operational Challenges:** Despite highlighting revenue growth and record performances in certain areas, the firm reported an **ROE of 11%**, which is **below the 15% target**. Management acknowledged a **disconnect** due to ongoing **drag from enterprise platforms**, and noted that the Asset & Wealth Management (AWM) ROE is still around **10%**, indicating challenges in achieving desired return levels.  **[GS_3393127_14]**
- **Regulatory Capital Constraints Limiting Capital Management Flexibility:** The firm is facing higher-than-expected regulatory capital requirements resulting from stress test processes that are **opaque and lack transparency**, contributing to **excess volatility in capital requirements** and making prudent capital management difficult. Management expressed concerns that the results do not reflect significant business changes, potentially impacting the firm's ability to manage capital effectively.  **[GS_3393127_16]**

8d57f9a42e1d4f3a8acd5b37dcb33606feebe622d20576eae18bc27d54100e77

- **Goldman Sachs is experiencing strong growth in its FICC & Equities financing businesses**, with opportunities to further increase activities in 2024 and 2025, enhancing client relationships and gaining market share.  **[GS_3370281_22]** **[GS_3370281_9]**
- **The firm is well-positioned to benefit from a pickup in investment banking activity**, with a strong replenishment of their M&A backlog despite generating $1 billion in M&A revenue in the fourth quarter. Capital markets activity has materially improved, and they anticipate more meaningful IPOs in 2024.  **[GS_3370281_6]** **[GS_3370281_23]**
- **Goldman Sachs is reducing drag from non-core businesses**, expecting a significant reduction in the drag from Platform Solutions in 2024, and making progress in reducing on-balance sheet principal investments, leading to improved operating leverage and margin improvement in Asset & Wealth Management.  **[GS_3370281_10]** **[GS_3370281_13]** **[GS_3370281_21]** **[GS_3370281_7]**

029fe3814c6d8dffb69495e61575b1abf4ea183358f31b917e09ba1c264330d0

- **Strong growth in Asset & Wealth Management business**: Goldman Sachs reported **record assets under supervision of $2.8 trillion** and had **$24 billion of long-term net inflows**, marking the **25th consecutive quarter of long-term fee-based net inflows**. The Wealth Management division saw **$17 billion of inflows**, equating to approximately **9% organic growth**, which is considered **best-in-class**. The firm is focused on ultra-high-net-worth clients and sees significant room for further expansion in this fragmented market.  **[GS_3379816_10]** ,  **[GS_3379816_8]**
- **Well-positioned to benefit from the transformative potential of AI**: Goldman Sachs sees significant demand for AI-related infrastructure and financing, which will be a tailwind for its business. The firm is at the forefront of advising clients on AI topics and expects AI to create a **constructive runway of opportunity** over the next **5 to 10 years**. Additionally, GS anticipates **enormous opportunities for productivity gains and efficiency** in its own operations through AI.  **[GS_3379816_7]**
- **Anticipated increase in M&A activity among financial sponsors**: Engagement with financial sponsors has **meaningfully improved**, and Goldman Sachs expects M&A activity to pick up, particularly among sponsors. This increase in deal activity would be a significant tailwind for GS's business across banking and markets, and the firm is well-positioned to capitalize on this opportunity.  **[GS_3379816_13]**

89ebc7e9330a1ab2cf33297f67e67fbff532bb3fc1b2204a8b9b55e48b8d577e

- **Regulatory uncertainty** and potential for increased capital requirements under CCAR, Basel III, and G-SIB could negatively impact Goldman's profitability. The CEO acknowledged that changes in administration and leadership at the Fed make it hard to predict future regulations, which could affect the firm's capital markets business.  **[GS_3412551_7]**
- **Challenges with Platform Solutions**, including the Apple partnership, may continue to be a drag on return on equity (ROE). The CEO mentioned that while the Apple Card is improving towards profitability, there is uncertainty around its future contribution, and it may not be a long-term business for the firm.  **[GS_3412551_16]** **[GS_3412551_11]**
- **Uncertainty in policy initiatives** and potential shifts in market sentiment due to geopolitical risks, changes in immigration, trade, tax, and energy policies, or cyber risks could negatively impact Goldman's business outlook. The CEO emphasized that the world is a complicated place with lots of uncertainties that could derail optimism for the business.  **[GS_3412551_21]** **[GS_3412551_15]**

d4643eadd6f56a37ca266d4ab98c8efd4de6c4c7e2b3ee31676b471f9ad2fd64

1. **Path to Mid-Teens ROE**  
   **Q:** What needs to happen for Goldman to achieve a 15% ROE?  
   **A:** David Solomon explained that to reach a mid-teens ROE, Goldman Sachs needs continued execution over time. This involves leveraging their Global Banking and Markets business, which has shown strong performance over the past five years.  **[GS_3402833_8]**  They also aim to improve margins and returns in Asset & Wealth Management, bringing it to mid-teens returns in the next few years.  **[GS_3402833_8]**  Additionally, narrowing the consumer footprint will reduce drag on returns.  **[GS_3402833_8]** 

2. **M&A Outlook and Sponsor Activity**  
   **Q:** Could there be an M&A super cycle due to sponsor dry powder?  
   **A:** David Solomon noted that while M&A volumes are still **13% below 10-year averages**, there's potential for increase due to sponsor activity.  **[GS_3402833_12]**  Sponsors have been slower to deploy capital than expected but should accelerate over the next 6–24 months, which could boost M&A volumes above historical averages.  **[GS_3402833_12]** 

3. **Capital Allocation and Buyback Strategy**  
   **Q:** How are you approaching buybacks and capital allocation at current valuations?  
   **A:** Denis Coleman stated that while they prioritize organic growth opportunities, especially in areas like acquisition financing, they remain committed to sustainably growing the dividend and believe it's important to return capital to shareholders through buybacks, even at higher valuations.  **[GS_3402833_18]** 

4. **Private Credit Opportunities**  
   **Q:** How does Goldman plan to approach private credit growth?  
   **A:** David Solomon highlighted that Goldman Sachs has a unique and differentiated credit platform with **$140 billion** in private credit assets.  **[GS_3402833_16]**  They have strong origination channels across their businesses, positioning them well to capture growth as private credit continues to expand.  **[GS_3402833_16]** 

5. **Return Impact from Noncore Activities**  
   **Q:** What's the drag on returns from noncore activities?  
   **A:** Denis Coleman indicated there's an approximate **80 basis point** drag on ROE from consumer-related activities and highlighted the potential capital relief from reducing historical principal investments and consumer exposures.  **[GS_3402833_17]** 

6. **AWM Margin Expansion Outlook**  
   **Q:** How high can Asset & Wealth Management margins go?  
   **A:** Denis Coleman noted they've reached their mid-20s margin target and see opportunities to drive margins higher through scaling revenue, improving the mix of alternatives, and operational efficiencies. While competitors have margins above **30%**, Goldman aims to balance margin improvement with long-term growth investments.  **[GS_3402833_25]** 

7. **Trading Business Competitive Landscape**  
   **Q:** Are competitors affecting your trading market share?  
   **A:** David Solomon stated that while market shares fluctuate quarterly, over the last five years, Goldman has taken a step up in market share.  **[GS_3402833_9]**  He doesn't see fundamental changes affecting their leading position despite competition.  **[GS_3402833_9]** 

8. **Equity Capital Markets and IPO Outlook**  
   **Q:** What's the outlook for ECM and IPOs with sponsor re-engagement?  
   **A:** David Solomon mentioned that equity activity has picked up, though volumes are still **25% below 10-year averages**, with IPOs even lower.  **[GS_3402833_15]**  He expects activity to accelerate, especially with sponsors increasing their participation.  **[GS_3402833_15]** 

9. **Wealth Management Adviser Growth**  
   **Q:** How are you investing in adviser growth in wealth management?  
   **A:** Denis Coleman emphasized a sustained investment in advisers over multiple years to grow their premier ultra-high net worth business. They believe investing in adviser footprint is an attractive opportunity for long-term value.  **[GS_3402833_22]** 

10. **RWA Impact of Loan Growth vs. HPI Reduction**  
    **Q:** How does loan growth affect RWAs compared to HPI reduction?  
    **A:** Denis Coleman explained that reducing HPI, which has higher capital density, and increasing asset and wealth loans, which have lower density due to being heavily collateralized, is capital efficient and improves return on RWAs.  **[GS_3402833_13]** 

11. **Performance Fees Outlook**  
    **Q:** When will you reach the $1 billion performance fee goal?  
    **A:** Denis Coleman stated that with **$4 billion** of unrecognized gains, they expect to move towards the $1 billion run-rate target over the next several years as monetization activity improves with market conditions.  **[GS_3402833_21]** 

12. **Consumer Business and Apple Card**  
    **Q:** What's happening with the Apple Card and consumer exit?  
    **A:** David Solomon mentioned they're continuing to narrow their consumer footprint, including running and improving the Apple Card, but didn't provide specifics on exiting or taking charges.  **[GS_3402833_11]** 

13. **Private Banking Growth Drivers**  
    **Q:** What's driving strong growth in private banking?  
    **A:** David Solomon attributed the growth to a strategic focus on lending to ultra-high net worth clients, moving from an underinvested position to offering competitive products, which strengthens client relationships.  **[GS_3402833_10]** 

14. **Alternative Asset Management Fee Rates**  
    **Q:** What's impacting fee rates in alternative asset management?  
    **A:** Denis Coleman explained that fee rates are mix-dependent, with some assets like OCIO offerings having lower fees compared to Goldman Sachs funds. They focus on scaling the business for efficiency and returns.  **[GS_3402833_19]** 

15. **GM Card Sale Timing and Financial Impact**  
    **Q:** When will the GM Card sale close, and what's the impact?  
    **A:** Denis Coleman stated the sale is expected to close in **Q3 of 2025**.  **[GS_3402833_14]**  Until then, they will continue to incur operating losses of approximately **$50–$60 million per quarter** associated with the business.  **[GS_3402833_14]** 

16. **Electronic Trading Contributions**  
    **Q:** How significant is electronic trading revenue today?  
    **A:** Denis Coleman noted that they use a multichannel approach, integrating both voice and electronic trading across equities and FICC. Electronic trading is a key component, optimizing market-making and client solutions.  **[GS_3402833_20]** 

17. **Capital Allocation and Regulatory Uncertainty**  
    **Q:** How are you handling capital amid regulatory uncertainty?  
    **A:** Denis Coleman said they maintain a **90 basis point** capital buffer to support client opportunities and unexpected developments, including regulatory changes. They adjust activities as needed based on regulatory feedback.  **[GS_3402833_26]** 

18. **HPI Revenue Outlook as Portfolio Shrinks**  
    **Q:** How will HPI revenue trend as the portfolio shrinks?  
    **A:** Denis Coleman acknowledged that as they reduce the balance of historical principal investments, associated revenues will decrease. However, they will still generate revenue from co-invest positions retained to grow their third-party fund management business.  **[GS_3402833_6]** 

19. **Trading Business Outlook and Regulatory Environment**  
    **Q:** How do trading results affect regulatory perceptions?  
    **A:** David Solomon stated that while it's hard to predict regulatory responses, Goldman Sachs adapts to regulatory environments. Their markets business remains strong due to deep client relationships and investments that have made it more durable and resilient.  **[GS_3402833_5]** 

20. **Competitors in Private Credit**  
    **Q:** Who are your main competitors in private credit?  
    **A:** David Solomon explained that competition varies by activity. In leveraged finance, they compete with banks like JPMorgan; in direct lending, with firms like HPS and Ares; and in investment-grade lending, with players like Apollo.  **[GS_3402833_24]** 

21. **Private Credit Benefits for Clients**  
    **Q:** What are the benefits of private credit for clients?  
    **A:** David Solomon highlighted that clients seek capital structures that meet their specific needs. Goldman Sachs is well-positioned to offer a range of solutions, including syndication, underwriting, distribution, and direct lending, tailored to client requirements.  **[GS_3402833_23]** 

fc3f3e0c3f21d64ec82774086aeb8ba831a739e5d1cc6b87d7c9c43e9cea35f6

- **Goldman Sachs has a strong position in private credit, managing $140 billion in private credit assets**, and is **well-positioned to capitalize on the continued growth in private credit**, particularly in leveraged finance.  **[GS_3402833_23]** **[GS_3402833_16]**
- **Private Banking revenues grew by 10%**, driven by **strong organic flows in the high single-digit range**, as Goldman Sachs invests in lending to ultra-high-net-worth clients, an area where they see significant growth opportunities.  **[GS_3402833_10]**
- **Goldman Sachs is on track to achieve mid-teens ROE**, through continued strength in their **Global Banking and Markets business**, progress in **Asset & Wealth Management**, and narrowing their consumer footprint. They see **tailwinds in investment banking activity**, as M&A volumes and equity volumes are still below 10-year averages, providing room for growth.  **[GS_3402833_8]**

35c7d533f97e280a0d0110be95125f3bc6ae424b34558969dcdf31fc7a606124

- The high Return on Equity (ROE) of **18%** in Global Banking & Markets in **Q1 2024** may not be sustainable, as management indicated this performance was strong but not expected to be an average quarter, with future returns expected to be in the mid-teens through the cycle.  **[GS_3379816_5]** ,  **[GS_3379816_9]**
- Potential regulatory uncertainties, including the impact of **Basel III** proposals, may challenge Goldman Sachs' financing business by affecting their ability to grow financing revenues and possibly requiring adjustments to pricing or the business mix, which could impact profitability.  **[GS_3379816_23]** ,  **[GS_3379816_22]**
- Despite narrowing their strategic focus, Goldman Sachs still faces losses from previous consumer initiatives, with **Platform Solutions** recording a pretax net loss of **$117 million** in **Q1 2024** and not expected to reach profitability until **2025**, indicating ongoing challenges in these areas.  **[GS_3379816_16]** ,  **[GS_3379816_15]**

3af58174dc6c7aabe57cb50610ea1c1fae2f7633405ec0cadaf1961dd772fa92

- **Uncertainty in leadership due to upcoming transition of the Lead Independent Director**: The current Lead Independent Director, Bayo, is expected to transition out following the sale of his firm to BlackRock, leading to potential uncertainty in governance. David Solomon stated, "We have a governance process in place... At the appropriate time, we'll make announcement as to the transition."  **[GS_3370281_26]**
- **Potential revenue impact from exiting key consumer partnerships**: The company is working on exiting the General Motors credit card partnership and is "continuing to work with Apple on a partnership with them to serve our customers and to continue to reduce the drag from the partnership."  **[GS_3370281_10]**  This could affect the **drag in Platform Solutions**, which, although expected to be "materially less" in 2024, remains a concern.  **[GS_3370281_13]**
- **Decline in Fixed Income, Currency, and Commodities (FICC) revenues to pre-COVID levels**: FICC revenues have returned to pre-COVID levels, with intermediation activity being "quiet, particularly in the back half of the quarter, kind of late November and December."  **[GS_3370281_8]**  This decline may indicate challenges in revenue generation in this segment.

d85d34bbc322b9b5181c1aae0441710bdcd877dbed1f62873ed0204d351ed3d5

- **Goldman Sachs anticipates a significant increase in M&A activity**, which is expected to drive revenues and **positive operating leverage** due to their solid backlog and leading market position.  **[GS_3393127_11]** **[GS_3393127_15]**
- **Strong growth in financing revenues**, particularly in **FICC financing up 37% year-over-year**, indicates durable and growing revenue streams. The firm sees continued opportunity for growth in these areas, driven by client demand and market conditions.  **[GS_3393127_28]**
- **Goldman Sachs maintains a strong competitive position** in investment banking and markets, with **leading market share in M&A and capital raising**. They are confident in their ability to continue investing and strengthening their franchise despite the competitive landscape.  **[GS_3393127_23]**

3d75c13e7e490134f0d4cc89ab943faa0271d1201e132895f7f1dbd79b9b6f81

- **Regulatory uncertainty surrounding potential Basel III revisions may adversely impact Goldman's capital allocation and profitability.** The CFO acknowledged they cannot predict the timing or impact of regulatory changes on their capital position, which may affect future capital returns to shareholders.  **[GS_3402833_26]**
- **Despite some improvement, Goldman's investment banking revenues remain below 10-year averages, with M&A volumes 13% below and equity volumes 27% below historical averages.** This lag may delay the firm's goal of achieving mid-teens ROE on a recurring basis.  **[GS_3402833_8]** **[GS_3402833_15]**
- **Intensifying competition in trading businesses may pressure Goldman's market share and profitability.** The firm's trading market share appeared to peak in 2022 and has since been choppy, with potential signs of competitors regaining ground.  **[GS_3402833_9]**

cc7bf1a3c7dad02947b69fa7995e8c604ec1e048f7e8dfb41d5702f682d52c7b

- **Goldman Sachs anticipates tailwinds going into 2025, with expectations of increased capital markets activity and CEO confidence, leading to a more constructive environment and potential normalization or improvement over historical averages.**  **[GS_3412551_15]** ,  **[GS_3412551_21]** ,  **[GS_3412551_17]**
- **Strong performance and fundraising in Alternative Asset Management, with expectations to make progress towards the $1 billion annual incentive fee target in 2025 as the market environment improves and capital is deployed.**  **[GS_3412551_18]**
- **Asset & Wealth Management is expected to grow management and other fees at high single digits over the next several years, supported by opportunities in wealth lending and scaling of flagship products in alternatives.**  **[GS_3412551_20]** ,  **[GS_3412551_13]**

36b009e2d2fd304a3c4d637d633bde3839b020f5918ead62a64fd978f36cc875

1. **M&A Outlook and Sponsor Activity**  
   **Q:** Is private equity M&A activity nearing an inflection point?  
   **A:** Management sees momentum picking up in sponsor-led M&A but notes that activity levels are still significantly below 10-year averages, needing another **10–20%** increase to reach those levels.  **[GS_3393127_6]**  They expect a reacceleration of sponsor activity over the next few quarters into **2025**, bolstered by their strong position in leveraged finance and private credit platforms.  **[GS_3393127_6]** **[GS_3393127_9]** 

2. **Capital Requirements Impact**  
   **Q:** Does the SCB increase affect financing business and capital plans?  
   **A:** The firm maintains ample capital, operating with a **90 basis point** cushion above requirements, and doesn't foresee changes to the financing business.  **[GS_3393127_8]**  They may moderate share repurchases but have flexibility to support clients and return capital to shareholders.  **[GS_3393127_8]** **[GS_3393127_18]**  Management is engaging with regulators to address the opaque stress test process, aiming to reduce future capital requirements.  **[GS_3393127_16]** 

3. **Return on Equity Below Target**  
   **Q:** Why aren't returns meeting the **15%** ROE target?  
   **A:** ROE was **11%** in Q2 and **12.8%** for the first half, affected by residual drag from enterprise platforms and below-average investment banking activity.  **[GS_3393127_14]**  Management anticipates improved returns as they wind down non-core operations and investment banking normalizes.  **[GS_3393127_14]** **[GS_3393127_15]**  Enhancing the Asset & Wealth Management (AWM) segment, currently at a **10%** ROE, is key to achieving targets.  **[GS_3393127_14]** 

4. **Financing Revenue Growth and Rate Sensitivity**  
   **Q:** How sustainable is financing revenue amid potential rate cuts?  
   **A:** Record financing revenue reflects disciplined growth and strong client relationships across diversified sub-asset classes.  **[GS_3393127_12]**  Management believes they can continue to grow despite varying rate environments, focusing on attractive risk-adjusted returns.  **[GS_3393127_12]** **[GS_3393127_28]** 

5. **Asset & Wealth Management Progress, Alts Business**  
   **Q:** What's the outlook for the alternatives business in AWM?  
   **A:** The firm has surpassed fundraising targets, expecting to exceed **$50 billion** this year and grow total alternatives AUM beyond **$300 billion**.  **[GS_3393127_19]** **[GS_3393127_21]**  With **$3.8 billion** in unrealized incentive fees, they anticipate significant future contributions as assets are harvested.  **[GS_3393127_19]**  Scaling across asset classes like equity, credit, real estate, and infrastructure is expected to improve margins beyond the current **23%**.  **[GS_3393127_20]** **[GS_3393127_22]** 

6. **Expense Management and Efficiency Ratio**  
   **Q:** Will revenue growth improve the efficiency ratio?  
   **A:** Year-to-date efficiency ratio improved to **63.8%**, nearly **10 points** better year-over-year, but still above the **60%** target.  **[GS_3393127_13]**  Management expects further improvement with revenue growth and cost reductions, including moving out of certain exposures.  **[GS_3393127_10]** **[GS_3393127_13]**  Positive operating leverage is anticipated if performance aligns with expectations.  **[GS_3393127_11]** 

1103338a92309689f338e919e5a972347dc644541288508487187cf534707dbf

Goldman Sachs Group Inc (GS)

Financials