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April 2024
April 2024
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April 2024
April 2024
April 2024
March 2024
February 2024
January 2024
January 2024
Exhibit 99.1
Full Year and
Fourth Quarter 2023
Earnings Results
Media Relations: Tony Fratto 212-902-5400 Investor Relations: Carey Halio 212-902-0300
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The Goldman Sachs Group, Inc. 200 West Street | New York, NY 10282
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Goldman Sachs Group Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2024 10-K Annual Report includes:
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If uncertainty and concerns about geopolitical tensions and the economic outlook remain elevated or grow, including those about global central bank policy, inflation, the commercial real estate sector, and potential increases in regulatory capital requirements, it may lead to a decline in asset prices, a further decline in market-making activity levels, or a further decline in investment banking activity levels, and net revenues and provision for credit losses would likely be negatively impacted.
In interest rates, the yields on 10-year U.S. and U.K government bonds increased during the middle of the year before declining to yields near where they ended in 2022.
The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities, primarily due to net losses from real estate investments, partially offset by significantly lower net losses from investments in public equities.
In the future, if market and economic conditions deteriorate, and market-making activity levels decline further or investment banking activity levels decline further, or credit spreads related to hedges on our relationship lending portfolio tighten, net revenues in Global Banking & Markets would likely be negatively impacted.
In the future, if market and economic conditions deteriorate, it may lead to a decline in asset prices, or investors transitioning to asset classes that typically generate lower fees or withdrawing their assets, and net revenues in Asset & Wealth Management would likely be negatively impacted.
In addition, if economic conditions...Read more
However, the time frame for...Read more
The decrease in FICC intermediation...Read more
We provide transaction banking and...Read more
The increase in Management and...Read more
The increase in Consumer platforms...Read more
We offer personalized financial planning...Read more
The decrease in Incentive fees...Read more
Investment banking fees were $6.22...Read more
The effective income tax rate...Read more
In addition, our backlog is...Read more
In equities, the S&P 500...Read more
The increase from financing activities...Read more
Provisions for 2022 primarily reflected...Read more
•Debt offerings includes non-convertible preferred...Read more
Discretionary compensation is significantly impacted...Read more
Our Consumer platforms business issues...Read more
Year Ended DecemberEffective fees (bps)202320222021Alternative...Read more
We make markets in equity...Read more
•Non-fee-earning alternative assets primarily includes...Read more
In the future, if economic...Read more
The allocation of assets includes...Read more
We provide advisory and underwriting...Read more
During 2023, the operating environment...Read more
Asset & Wealth Management provides...Read more
The composition of net revenues...Read more
The increase in Debt investments...Read more
In addition, we execute swap...Read more
Tangible common shareholders’ equity is...Read more
Provisions for 2023 primarily reflected...Read more
We believe that tangible common...Read more
Includes public offerings and private...Read more
•Historical principal investments includes our...Read more
Provisions for 2022 primarily reflected...Read more
Net revenues in Platform Solutions...Read more
Includes investing activities related to...Read more
Commercial mortgage-related securities, loans and...Read more
The legislation extends the temporary...Read more
During 2023, Global Banking &...Read more
Includes client execution activities related...Read more
•Average equity to average assets...Read more
We provide these services to...Read more
We operate globally, serving individuals,...Read more
In the fourth quarter of...Read more
We lend to corporate clients,...Read more
The decrease from intermediation activities...Read more
•Net revenues in mortgages and...Read more
However, changes in market-making conditions...Read more
•Net revenues in currencies, commodities...Read more
The average Platform Solutions gross...Read more
Financing activities also include portfolio...Read more
•Investment management consists of revenues...Read more
The average Asset & Wealth...Read more
Our target is to achieve...Read more
In investment banking, industry-wide completed...Read more
We receive fees related to...Read more
Platform Solutions includes our consumer...Read more
Net revenues in our segments...Read more
The increase in Private banking...Read more
•Net earnings to average assets...Read more
We announced a strategic objective...Read more
Provisions for 2022 primarily reflected...Read more
During 2023, Asset & Wealth...Read more
Commodity derivatives and, to a...Read more
In addition, we offer clients...Read more
Our private banking and lending...Read more
We manage client assets across...Read more
Provisions for 2022 primarily reflected...Read more
We provide investment solutions, including...Read more
In certain circumstances, we also...Read more
Our relationships are established directly...Read more
We offer our investment solutions...Read more
Our average Global Banking &...Read more
Includes prime financing, which provides...Read more
Operating expenses were $13.03 billion...Read more
Includes lending activities related to...Read more
The increase in interest expense...Read more
Due to the integrated nature...Read more
We also provide tailored wealth...Read more
•Announced and completed mergers and...Read more
However, improvements in the outlook...Read more
•Return on shareholders’ equity is...Read more
Our target is to achieve...Read more
•Equity and equity-related offerings includes...Read more
Transaction banking and other net...Read more
Net revenues in FICC were...Read more
•Firmwide initiatives primarily includes our...Read more
It also includes publicly registered...Read more
•Commissions and fees consists of...Read more
In addition, we generate commissions...Read more
Prime financing also includes services...Read more
Our exchange-based market-making activities include...Read more
Provision for credit losses consists...Read more
These incentive fees are recognized...Read more
Other also includes equity and...Read more
•Investment banking consists of revenues...Read more
These net provisions were partially...Read more
•Market making consists of revenues...Read more
Our calculation of non-fee-earning alternative...Read more
The allocation process for segment...Read more
However, improvements in the outlook...Read more
We also structure and make...Read more
•ROTE is calculated by dividing...Read more
We also make investments through...Read more
Government bonds (including inflation-linked securities)...Read more
Our backlog represents an estimate...Read more
Equity and equity-related and debt...Read more
In addition to our AUS,...Read more
Transactions may be cancelled or...Read more
The hedges related to this...Read more
Acquisitions for 2022 included inflows...Read more
The vast majority of revenues...Read more
For further information about assets...Read more
Provision for credit losses was...Read more
Provision for credit losses was...Read more
During the first half of...Read more
As of December 2023, headcount...Read more
In February 2023, the U.S....Read more
We invest alongside our clients...Read more
•ROE is calculated by dividing...Read more
Net earnings for each segment...Read more
In December 2023, the New...Read more
We are also an active...Read more
AUS also includes client assets...Read more
In this role, we seek...Read more
The U.K. and other jurisdictions...Read more
Due to the integrated nature...Read more
Consequently, pre-tax margins in one...Read more
Net provisions for litigation and...Read more
We believe changes in our...Read more
Fund of funds primarily includes...Read more
Transaction banking revenues include net...Read more
The allocation of common shareholders’...Read more
In the U.S., inflationary measures...Read more
In the fourth quarter of...Read more
•Dividend payout ratio is calculated...Read more
Consumer platforms revenues primarily includes...Read more
Our investing activities, which are...Read more
Compensation and benefits expenses within...Read more
These factors weighed on industry-wide...Read more
•Client co-invest primarily includes our...Read more
The operating environment for Platform...Read more
Net revenues in Global Banking...Read more
Includes strategic advisory assignments with...Read more
•The primary driver of net...Read more
We earn management fees on...Read more
The composition of our net...Read more
This includes net assets in...Read more
Provision for credit losses was...Read more
Net revenues in Asset &...Read more
We expect our 2024 tax...Read more
The net benefit for 2023...Read more
AUS includes our institutional clients’...Read more
These activities include investments in...Read more
Compensation and benefits includes salaries,...Read more
•Non-fee-earning alternative assets primarily includes...Read more
Such fees include overrides, which...Read more
Such amounts are based on...Read more
As a market maker, we...Read more
Our operating expenses are primarily...Read more
Substantially all such liabilities were...Read more
In general, assuming all other...Read more
Private banking and lending revenues...Read more
These factors weighed on industry-wide...Read more
The legislation and final regulations...Read more
•Net earnings to common represents...Read more
The amount and composition of...Read more
Investment-grade and high-yield corporate securities,...Read more
The fees that we charge...Read more
In addition, transaction volumes for...Read more
In addition, we make investments...Read more
Operating expenses were $18.04 billion...Read more
Our target is to achieve...Read more
•Office-related equity securities and CIE...Read more
These fees will be recognized,...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Goldman Sachs Group Inc provided additional information to their SEC Filing as exhibits
Ticker: GS
CIK: 886982
Form Type: 10-K Annual Report
Accession Number: 0000886982-24-000006
Submitted to the SEC: Thu Feb 22 2024 8:39:25 PM EST
Accepted by the SEC: Fri Feb 23 2024
Period: Sunday, December 31, 2023
Industry: Security Brokers Dealers And Flotation Companies