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Exhibit 99.1
Full Year and
Fourth Quarter 2020
Earnings Results
Media Relations: Jake Siewert 212-902-5400 Investor Relations: Heather Kennedy Miner 212-902-0300
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The Goldman Sachs Group, Inc. 200 West Street | New York, NY 10282
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AND SUBSIDIARIES Management's Discussion and Analysis The Board receives regular briefings on firmwide risks, including liquidity risk, market risk, credit risk, operational risk and model risk from our independent risk oversight and control functions, including the chief risk officer, and on compliance risk and conduct risk from Compliance, on legal and regulatory enforcement matters from the general counsel, and on other matters impacting our reputation from the chair of our Firmwide Client and Business Standards Committee and our Firmwide Reputational Risk Committee.
Categories of market risk include the following: Interest rate risk: results from exposures to changes in the level, slope and curvature of yield curves, the volatilities of interest rates, prepayment speeds and credit spreads; Equity price risk: results from exposures to changes in prices and volatilities of individual equities, baskets of equities and equity indices; Currency rate risk: results from exposures to changes in spot prices, forward prices and volatilities of currency rates; and Commodity price risk: results from exposures to changes in spot prices, forward prices and volatilities of commodities, such as crude oil, petroleum products, natural gas, electricity, and precious and base metals.
For example, a decrease in liquidity in the market could have the impact of (i) increasing our bid/offer spread, (ii) decreasing investor confidence and thereby decreasing client activity levels, and (iii) widening of credit spreads on our inventory positions.
Commissions and fees in the consolidated statements of earnings were $3.55 billion for 2020, 19% higher than 2019, reflecting an increase in our listed cash equity volumes, generally consistent with market volumes.
The net cash provided by financing activities primarily reflected an increase in consumer deposits, partially offset by net repayments of unsecured long-term borrowings and common stock repurchases.
Compliance Risk Management Compliance risk...Read more
Inherent limitations to VaR include:...Read more
When operational risk events are...Read more
As part of the review...Read more
Diluted earnings per common share...Read more
The FRB also modified the...Read more
Market making revenues in the...Read more
The allocation of assets includes...Read more
AND SUBSIDIARIES Management's Discussion and...Read more
In addition to the estimates...Read more
The related gains and losses...Read more
Net revenues in Equities were...Read more
We seek to minimize exposures...Read more
Operational Risk, which is independent...Read more
Failure to comply with the...Read more
Effective on January 1, 2021,...Read more
AND SUBSIDIARIES Management's Discussion and...Read more
Net revenues in Wealth management...Read more
non-convertible COVID-19 In the future,...Read more
We strictly limit our GCLA...Read more
We have also established our...Read more
In addition, transaction based expenses...Read more
Introduction The Goldman Sachs Group,...Read more
See "Critical Accounting Policies -...Read more
If we experience a prolonged...Read more
pre-funding The contingency funding plan...Read more
Model Risk, which is independent...Read more
Credit Risk Management Process Our...Read more
AND SUBSIDIARIES Management's Discussion and...Read more
In addition, the FRB evaluates...Read more
Net revenues in Consumer &...Read more
available-for-sale Our cash and cash...Read more
AND SUBSIDIARIES Management's Discussion and...Read more
Book value per common share...Read more
We leverage a broad, open-architecture...Read more
The implementation of our risk...Read more
Consumer & Wealth Management Consumer...Read more
Our contingency capital plan provides...Read more
Operational Risk Management Process Our...Read more
The following provides information about...Read more
Our risk assessment process for...Read more
The net cash used for...Read more
We issue in different tenors,...Read more
Non-Interest Investment banking revenues in...Read more
Market-led In October 2020, the...Read more
However, there were temporary increases...Read more
As part of our comprehensive...Read more
Our CET1 capital ratios under...Read more
We maintain various processes that...Read more
Net revenues in Investment Banking...Read more
We had no outstanding borrowings...Read more
This plan is reviewed quarterly...Read more
AND SUBSIDIARIES Management's Discussion and...Read more
An impairment is recognized if...Read more
Personnel within our independent risk...Read more
As part of our performance...Read more
COVID-19 COVID-19 Net revenues in...Read more
Investment management revenues in the...Read more
The increase in Incentive fees...Read more
The decrease in Financial advisory...Read more
These scenarios are characterized by...Read more
Both counterparties will have to...Read more
one-year The following provides information...Read more
Net revenues in FICC were...Read more
AND SUBSIDIARIES Management's Discussion and...Read more
Net revenues in Consumer banking...Read more
Forward-looking statements are not historical...Read more
In addition, net revenues in...Read more
Our stress testing process is...Read more
AND SUBSIDIARIES Management's Discussion and...Read more
Net revenues were $44.56 billion...Read more
bid-ask COVID-19 bid-ask Net revenues...Read more
This requirement is subject to...Read more
Our centralized LIBOR transition program...Read more
The table below presents our...Read more
Other principal transactions revenues in...Read more
Our consolidated balance sheet plan,...Read more
Firmwide stress tests are performed...Read more
We also utilize these stress...Read more
Our review and reward processes...Read more
In the table above, total...Read more
Sensitivity Measures Certain portfolios and...Read more
The model validation process incorporates...Read more
Certain level 2 and level...Read more
We do so because we...Read more
We reinforce a culture of...Read more
Funding is also raised at...Read more
As credit risk is an...Read more
Our market risk management systems...Read more
The increase in FICC intermediation...Read more
AND SUBSIDIARIES Management's Discussion and...Read more
AND SUBSIDIARIES Management's Discussion and...Read more
To comprehensively capture our exposures...Read more
non-GAAP non-GAAP The table below...Read more
In the table above: Equity...Read more
Other Market Risk Considerations available-for-sale,...Read more
AND SUBSIDIARIES Management's Discussion and...Read more
Certain agreements are subject to...Read more
AND SUBSIDIARIES Management's Discussion and...Read more
Independent risk oversight and control...Read more
As of December 2020, the...Read more
Judgment is required to evaluate...Read more
We determine the country of...Read more
See Note 9 to the...Read more
Given its reliance on historical...Read more
one-day non-sovereign Unlike VaR measures,...Read more
Liquidity Risk, which is independent...Read more
Market Risk, which is independent...Read more
Credit Risk, which is independent...Read more
The weighted average maturity of...Read more
Our independent risk oversight and...Read more
The securitization vehicles that purchase...Read more
The Board reviews our strategic...Read more
In addition, we offer clients...Read more
Regulatory action of that kind...Read more
The decrease in Equity investments...Read more
AND SUBSIDIARIES Management's Discussion and...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
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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: 0001193125-21-049380
Submitted to the SEC: Fri Feb 19 2021 9:16:45 PM EST
Accepted by the SEC: Mon Feb 22 2021
Period: Thursday, December 31, 2020
Industry: Security Brokers Dealers And Flotation Companies