THE GOLDMAN SACHS GROUP, INC.

Annual Report
2024
 1

Fellow shareholders:
In my last letter, I wrote that 2023
was a year of execution, where we
made important progress on our
strategy and put the firm in a stronger
position going forward. I am pleased
to report that in 2024, we saw the
benefits of our continued investment
in our franchise and our people, which
helped us serve our clients with
excellence and deliver strong results
for shareholders.
In 2024, we increased our net revenues by 16 percent year-over-year to $53.5 billion; we grew
our earnings per share by 77 percent to $40.54; we improved our return on equity (ROE) by over
500 basis points to 12.7 percent; we improved our efficiency ratio by 11.5 percentage points to
63.1 percent; and we generated total shareholder return1 of 52 percent.

We have two world-class, interconnected franchises: Global Banking & Markets (GBM), which
comprises leading Investment banking, FICC and Equities franchises,2 and Asset & Wealth
Management (AWM), a leading global active asset manager with a top 5 alternatives business3
and a premier ultra–high net worth wealth management franchise. Both are well positioned
to continue to serve our clients and capture the improving opportunity set.
ANNUAL REPORT 2024 LET TER TO SHAREHOLDERS

Denis Coleman David Solomon John Waldron

Chief Financial Officer Chairman and Chief Executive Officer President and Chief Operating Officer
 3

In a dynamic operating environment, it is we have put ourselves on the path to generating

important that we remain focused on helping mid-teens returns through the cycle. Now we are
our clients advance their strategic objectives focused on setting up the firm for the next five years,
and solve their most consequential problems. and, alongside our leadership team and all our
Across GBM, we are advising our clients on people, I am excited for the work ahead.
transformational strategic transactions, providing
them access to financing to fund growth and
innovation, and helping them manage volatility Strengthening Our Core Businesses
by intermediating risk. At the same time, in AWM,
our clients continue to rely on us for our advice
and Growing the Firm
and investing acumen across wealth management,
Global Banking & Markets
solutions and alternative investments.
In 2024, our Global Banking & Markets franchise
Looking back at our journey over the past five continued to provide our clients world-class advice
years since our Investor Day in 2020, the path and risk intermediation. We have maintained our
has not been without its challenges, but I am position as the leading M&A advisor4 in Investment
proud of the progress we have made. We have banking and have improved our standing with
met or exceeded almost all the performance the top 150 clients in FICC and Equities over
targets that we set for ourselves. By investing the past five years.5 At the same time, we have
in our business and taking a long-term view, significantly increased our more durable FICC
financing and Equities financing net revenues,
which together have grown at a 15 percent
compounded annual growth rate since 2019
to a new record of $9.1 billion for 2024.

Total Shareholder Return (since Goldman Sachs IPO)1

~1,050%

~810%

~550%

~410%

~240%

~140%

~(60)%

GS Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6

ANNUAL REPORT 2024 LET TER TO SHAREHOLDERS

“The path has not

been without its
challenges, but
I am proud of
the progress we
have made.”
5
ANNUAL REPORT 2024 LET TER TO SHAREHOLDERS

+350bps
Wallet share gains
#1
in Advisory net revenues
>$10BN
Management and
in GBM since 20196 for 22 consecutive years7 other fees in 2024

Our diversified franchise has produced solid the Capital Solutions Group, which includes a more
results over time. Over the past five years, GBM comprehensive suite of all our financing, origination,
has produced average net revenues of $33 billion structuring and risk management solution activities.
and an average ROE of 16 percent across a variety
A more integrated set of these capabilities will allow
of market environments.
us to better serve our clients as these private markets
continue to grow. The combination of a preeminent
Capital Solutions Group
corporate franchise with a globally scaled investing
As we think about the future, we believe we platform allows us to identify the most compelling
are operating at the fulcrum of one of the most opportunities for our investing clients across private
important structural trends in finance today: credit, private equity and other assets.
the emergence and growth of private credit and
other assets that can be privately deployed. We While the Capital Solutions Group sits within GBM,
strongly believe that no other financial institution the ability to source these private asset opportunities
has the combination of an advisory franchise that provides both important capital for our banking
works with more than 10,000 companies across clients and unique investments for our Asset
the world, a deep and broad public and private-side management and Wealth management clients. This
origination business that is equally strong across is a great example of how our One Goldman Sachs
fixed income and equity, and an investing platform mindset advances our business.
that attracts and invests capital across the full
range of liquid and alternative asset classes. Asset & Wealth Management
In 2024, Asset & Wealth Management continued
To harness these strengths, capitalize on these
to deliver investment and advisory services for
trends, and build on the growing synergies between
the world’s leading institutions, financial advisors
our GBM and AWM clients, in 2025 we formed
and individuals. Our assets under supervision
reached another record, reflecting our 28th

Total Assets Under Supervision ($TN)

$3.1
$2.8
$2.5 $2.5

$2.1
$1.9

2019 2020 2021 2022 2023 2024

 7

“We have put ourselves on the path

to generating mid-teens returns through
the cycle.”
consecutive quarter of long-term fee-based net Running the Firm More Efficiently
inflows. In Wealth management, our total client When times are better, it is easy for institutions to
assets rose to approximately $1.6 trillion.8 lose sight of the importance of remaining focused
We also bolstered our more durable revenue on running their operations in a disciplined and
streams. In 2024, we surpassed our target of annual more efficient manner. In 2024, we launched a
Management and other fees of more than $10 billion. three-year program to optimize our organizational
Management and other fees and Private banking footprint, better manage our non-compensation
and lending net revenues together have grown at a expenses, and increase automation — ​and ultimately
compounded annual growth rate of 12 percent since productivity — ​including through the use of artificial
2019, and we continue to expect to drive high-single- intelligence solutions.
digit annual growth in the coming years. Today, many of our people have access to generative
In addition, we meaningfully improved our AWM AI-powered tools to help them be more efficient
pre-tax margin in 2024, achieving our medium- and increase productivity. These include a developer
term mid-twenties pre-tax margin target. We are copilot coding assistant, our natural-language GS
committed to driving the business toward mid- AI assistant, and other use cases we are developing
teens returns. across GBM and AWM.

In Alternatives, we are scaling our flagship fund Throughout 2025, we intend to continue increasing
programs and developing new strategies. We remain the use of these tools in day-to-day workflows. These
focused on penetrating the institutional client base efficiencies will allow us to further invest for growth
and expanding our wealth channel. We achieved and improve the client experience over time.
over $70 billion in alternatives fundraising in 2024,
and we expect fundraising in 2025 to be consistent
with levels achieved in recent years.

Growth in More Durable Revenues Within AWM ($BN)

Management and other fees Private banking and lending

Expect to drive high-

single-digit annual growth $13.3
CAGR: +12%
in medium term9 $12.1
$11.2 $2.9
$9.4 $2.6
$2.5
$8.1 $1.7
$7.7
$1.4
$1.5

$9.5 $10.4
$8.8
$7.8
$6.1 $6.8

2019 2020 2021 2022 2023 2024

ANNUAL REPORT 2024 LET TER TO SHAREHOLDERS
 9

“We have met

or exceeded
almost all the
performance
targets that
we set for
ourselves.”
ANNUAL REPORT 2024 LET TER TO SHAREHOLDERS

Investing in Our I saw the strength of our culture firsthand this past
February when we convened in Miami for our annual
People and Culture partners meeting, where we welcomed our 95
new partners. We are proud of the diversity of the
We also continue to invest in our most important
partner class of 2024.
asset: our people.
At the same time, we are also focused on adapting
We know that our partnership culture attracts
our leadership team to reflect the operating structure
quality talent. Many of our people have long
and growth of the firm. In January, we announced
careers at the firm — ​over 40 percent of our
several changes to our leadership of Investment
partners started as campus hires. Even those
banking, FICC, Equities and client coverage in
who leave for other opportunities often become
GBM. We have also added 18 new members to
important clients. More than 275 of our alumni are
our Management Committee.
in C-suite roles (including Managing Partners) at
companies with either a market cap of greater than When we looked at our leadership structure, we
$1 billion or AUM of over $5 billion. In addition, in wanted to address three needs: 1) to create more
2024, approximately 380 alumni came back to operating leverage for our senior leadership; 2) to
the firm as boomerang hires, including roughly give our people more responsibility and opportunities
25 partners and managing directors. for growth; 3) to ensure we have a strong group of
leaders who have been tested. Every one of these
leaders brings considerable experience and depth
of expertise to their expanded leadership roles,
and I am looking forward to working with them
to drive our organization forward.

“Now we are focused on

setting up the firm for the
next five years.”
11
ANNUAL REPORT 2024 LET TER TO SHAREHOLDERS

Looking Ahead: and others that could be less so. The discussion
around tariffs in particular may weigh on corporate
A Dynamic Environment sentiment, and the impact on bottom lines could
be significant.
Financial market participants continue to recognize
the competitiveness of the U.S. economy and the More broadly, the new administration in the U.S.
opportunities for sustained growth. But as we has started with a burst of activity, which has a
have seen in recent weeks, the environment can wide range of potential policy outcomes. While
shift quickly. Global growth has been hampered by policy uncertainty is to be expected within the first
inflation, an escalation in potential tariffs, and the few months of any administration, it’s important that
toll of geopolitical tensions and prolonged conflicts policy positions become clearer so that businesses
across multiple regions. are able to make the decisions they need for longer-
term planning and investment. Many CEOs I engage
Growth in Europe continues to lag behind the
with are evaluating the potential impact on their
United States. When we speak with leaders from
top and bottom lines, and as a result, we are seeing
the region, we hear a renewed sense of urgency
some of our corporate clients acting more cautiously
to unlock the forces of dynamism and innovation.
until they have more clarity.
My hope is that Europe’s leaders have the public
support and political will to make the necessary Whatever the future holds, I am very confident
structural reforms to increase growth. about the trajectory of Goldman Sachs. We are ready
to continue serving our clients and drive stronger
Over the past year, when I would talk with
returns for shareholders, as we execute with a
CEOs, almost all of them felt burdened by the
relentless emphasis on client service, partnership,
regulatory impact on their business. Following
integrity and excellence.
the results of the U.S. election last year, however,
there was a meaningful shift in CEO sentiment,
particularly in America. Given the expected
change in the regulatory environment, the appetite
for deal-making has increased, and that could
spur further capital markets activity in 2025.
The United States remains the most important David Solomon
growth engine for the global economy, with the Chairman and Chief Executive Officer
most dynamic and innovative global businesses,
fueled by the most liquid capital markets in the
world. At the same time, though 2025 began with
a lot of optimism, the environment is complex.
The ultimate direction of various policy items in
the U.S. remains unclear. I expect that there will
be many aspects that are supportive of growth,
 13

Our Core Values

We distilled our Business Principles into four core values that inform everything we do:

Partnership Client Integrity Excellence

Service

Goldman Sachs Business Principles

Our clients’ interests always We make an unusual effort to identify We consider our size an asset
come first. and recruit the very best person for that we try hard to preserve.
Our experience shows that if we serve our every job. We want to be big enough to undertake the
clients well, our own success will follow. Although our activities are measured in billions largest project that any of our clients could
of dollars, we select our people one by one. contemplate, yet small enough to maintain the
Our assets are our people, In a service business, we know that without the loyalty, the intimacy and the esprit de corps
capital and reputation. best people, we cannot be the best firm. that we all treasure and that contribute greatly
If any of these is ever diminished, the last is to our success.
the most difficult to restore. We are dedicated We offer our people the opportunity
to complying fully with the letter and spirit to move ahead more rapidly than is We constantly strive to anticipate
of the laws, rules and ethical principles that possible at most other places. the rapidly changing needs of our clients
govern us. Our continued success depends Advancement depends on merit and we and to develop new services to meet
upon unswerving adherence to this standard. have yet to find the limits to the responsibility those needs.
our best people are able to assume. For us We know that the world of finance will not
Our goal is to provide superior to be successful, our people must reflect the stand still and that complacency can lead
returns to our shareholders. diversity of the communities and cultures to extinction.
Profitability is critical to achieving superior in which we operate. That means we must
returns, building our capital, and attracting and attract, retain and motivate people from many We regularly receive confidential
keeping our best people. Significant employee backgrounds and perspectives. Being diverse information as part of our normal
stock ownership aligns the interests of our is not optional; it is what we must be. client relationships.
employees and our shareholders. To breach a confidence or to use confidential
We stress teamwork in information improperly or carelessly would
We take great pride in the professional everything we do. be unthinkable.
quality of our work. While individual creativity is always
We have an uncompromising determination to encouraged, we have found that team effort Our business is highly competitive,
achieve excellence in everything we undertake. often produces the best results. We have and we aggressively seek to expand our
Though we may be involved in a wide variety no room for those who put their personal client relationships.
and heavy volume of activity, we would, if it interests ahead of the interests of the firm However, we must always be fair competitors
came to a choice, rather be best than biggest. and its clients. and must never denigrate other firms.

We stress creativity and The dedication of our people to the Integrity and honesty are at the
imagination in everything we do. firm and the intense effort they give their heart of our business.
While recognizing that the old way may still jobs are greater than one finds in most We expect our people to maintain high
be the best way, we constantly strive to find a other organizations. ethical standards in everything they do,
better solution to a client’s problems. We pride We think that this is an important part both in their work for the firm and in their
ourselves on having pioneered many of the of our success. personal lives.
practices and techniques that have become
standard in the industry.
ANNUAL REPORT 2024 LET TER TO SHAREHOLDERS

NOTES ABOUT THE LETTER TO SHAREHOLDERS

Forward-Looking Statements
This letter contains forward-looking statements, including statements about our financial targets, business initiatives, the use of AI and other
productivity initiatives, capital markets and M&A activity levels, and the impact of potential changes to regulation and the regulatory environment.
You should read the cautionary notes on forward-looking statements in our Form 10-K for the year ended December 31, 2024. For information
about some of the risks and important factors that could affect the firm’s future results and the forward-looking statements, see “Risk Factors”
in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2024.
1. Total shareholder return includes dividends reinvested without payment of any commission. Total shareholder return for 2024 as of
December 31, 2024, growth vs. December 29, 2023 (last market day of 2023). Total shareholder return since GS IPO as of December 31, 2024,
growth vs. May 4, 1999.
2. Based on cumulative publicly disclosed net revenues (2020–2024) for Investment banking fees (consists of Advisory, Equity underwriting
and Debt underwriting), FICC and Equities. Peers include MS, JPM, BAC, C, BARC, DB, UBS, CS (through FY22).
3. Rankings based on assets as of 4Q24. Peer data compiled from publicly available company filings, earnings releases and supplements,
and websites, as well as eVestment databases and Morningstar Direct. GS total Alternatives Investments included Alternatives assets under
supervision and non-fee-earning Alternatives assets.
4. Source: Dealogic — January 1, 2024, through December 31, 2024. M&A refers to both announced and completed M&A.
5. Source: Top 150 client list and rankings compiled by GS through Client Ranking / Scorecard / Feedback and / or Coalition Greenwich 1H24
(latest available) and FY19 Institutional Client Analytics ranking.
6. GBM revenue wallet share since Investor Day 2020 (2024 vs. 2019) based on reported revenues for Advisory, Equity underwriting,
Debt underwriting, FICC and Equities. Total wallet includes MS, JPM, BAC, C, BARC, DB, UBS and CS (through FY22).
7. Ranking for Advisory net revenues based on reported revenues (2003–2024).
8. Consists of assets under supervision, brokerage assets and Marcus deposits.
9. “Medium term” refers to a 3- to 5-year time horizon from year-end 2022.
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2024 Commission File Number: 001-14965

The Goldman Sachs Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware 13-4019460
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

200 West Street, New York, NY 10282

(Address of principal executive offices) (Zip Code)
(212) 902-1000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Exchange
Trading on which
Title of each class Symbol registered
Common stock, par value $0.01 per share GS NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A GS PRA NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C GS PRC NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D GS PRD NYSE
5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II GS/43PE NYSE
Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III GS/43PF NYSE
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp. GS/31B NYSE
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp. GS/31X NYSE

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. ☐ Yes ☒ No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth
company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the
Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the
correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the
registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
As of June 30, 2024, the aggregate market value of the common stock of the registrant held by non-affiliates of the registrant was approximately $142.3 billion.
As of February 7, 2025, there were 312,039,033 shares of the registrant’s common stock outstanding.
Documents incorporated by reference: Portions of The Goldman Sachs Group, Inc.’s Proxy Statement for its 2025 Annual Meeting of Shareholders are incorporated by
reference in the Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14.
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024

INDEX
Form 10-K Item Number Page No. Page No.
PART I 1 Item 7
Item 1 Management’s Discussion and Analysis of Financial Condition
Business 1 and Results of Operations 62

Introduction 1 Introduction 62

Our Business Segments 1 Executive Overview 63

Global Banking & Markets 1 Business Environment 64

Asset & Wealth Management 4 Critical Accounting Policies 64

Platform Solutions 5 Use of Estimates 66

Business Continuity and Information Security 5 Recent Accounting Developments 67

Human Capital Management 6 Results of Operations 68

Sustainability 8 Balance Sheet and Funding Sources 83

Competition 9 Capital Management and Regulatory Capital 88

Regulation 10 Regulatory and Other Matters 93

Information about our Executive Officers 27 Off-Balance Sheet Arrangements 94

Available Information 28 Risk Management 95

Forward-Looking Statements 28 Overview and Structure of Risk Management 95

Item 1A Liquidity Risk Management 99

Risk Factors 31 Market Risk Management 106

Item 1B Credit Risk Management 111

Unresolved Staff Comments 60 Operational Risk Management 120

Item 1C Cybersecurity Risk Management 122

Cybersecurity 60 Model Risk Management 124

Item 2 Other Risk Management 125

Properties 60 Item 7A

Item 3 Quantitative and Qualitative Disclosures About Market Risk 127

Legal Proceedings 60
Item 4
Mine Safety Disclosures 60
PART II 61
Item 5
Market for Registrant's Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities 61

Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

INDEX
Page No. Page No.
Item 8 Supplemental Financial Information 235
Financial Statements and Supplementary Data 127 Common Stock Performance 235
Management’s Report on Internal Control over Financial Reporting 127 Statistical Disclosures 235
Report of Independent Registered Public Accounting Firm 128 Item 9
Consolidated Financial Statements 131 Changes in and Disagreements with Accountants on Accounting
Consolidated Statements of Earnings 131 and Financial Disclosure 240

Consolidated Statements of Comprehensive Income 131 Item 9A

Consolidated Balance Sheets 132 Controls and Procedures 240

Consolidated Statements of Changes in Shareholders’ Equity 133 Item 9B

Consolidated Statements of Cash Flows 134 Other Information 240

Notes to Consolidated Financial Statements 135 Item 9C

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 240
Note 1. Description of Business 135
PART III 240
Note 2. Basis of Presentation 136
Item 10
Note 3. Significant Accounting Policies 136
Directors, Executive Officers and Corporate Governance 240
Note 4. Fair Value Measurements 142
Item 11
Note 5. Fair Value Hierarchy 147
Executive Compensation 240
Note 6. Trading Assets and Liabilities 161
Item 12
Note 7. Derivatives and Hedging Activities 162
Security Ownership of Certain Beneficial Owners and
Note 8. Investments 168
Management and Related Stockholder Matters 241
Note 9. Loans 172
Item 13
Note 10. Fair Value Option 181 Certain Relationships and Related Transactions, and Director
Note 11. Collateralized Agreements and Financings 183 Independence 241
Note 12. Other Assets 186 Item 14
Note 13. Deposits 189 Principal Accountant Fees and Services 241
Note 14. Unsecured Borrowings 190 PART IV 241
Note 15. Other Liabilities 192 Item 15
Note 16. Securitization Activities 193 Exhibit and Financial Statement Schedules 241
Note 17. Variable Interest Entities 195 SIGNATURES 246
Note 18. Commitments, Contingencies and Guarantees 198
Note 19. Shareholders’ Equity 202
Note 20. Regulation and Capital Adequacy 205
Note 21. Earnings Per Common Share 211
Note 22. Transactions with Affiliated Funds 211
Note 23. Interest Income and Interest Expense 212
Note 24. Income Taxes 212
Note 25. Business Segments 215
Note 26. Credit Concentrations 217
Note 27. Legal Proceedings 218
Note 28. Employee Benefit Plans 230
Note 29. Employee Incentive Plans 231
Note 30. Parent Company 233

Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

PART I
Item 1. Business
Introduction The chart below presents our three business segments and
Goldman Sachs is a leading global financial institution that their revenue sources.
delivers a broad range of financial services to a large and
diversified client base that includes corporations, financial
institutions, governments and individuals. Our purpose is to
advance sustainable economic growth and financial
opportunity. Our goal, reflected in our One Goldman Sachs
initiative, is to deliver the full range of our services and
expertise to support our clients in a more accessible,
comprehensive and efficient manner, across businesses and
product areas.
When we use the terms “Goldman Sachs,” “we,” “us,” “our”
and "the firm," we mean The Goldman Sachs Group, Inc.
(Group Inc. or parent company), a Delaware corporation,
and its consolidated subsidiaries. When we use the term “our
subsidiaries,” we mean the consolidated subsidiaries of
Group Inc. References to “this Form 10-K” are to our Annual Global Banking & Markets
Report on Form 10-K for the year ended December 31, 2024. Global Banking & Markets serves public and private sector
All references to 2024, 2023 and 2022 refer to our years clients and we seek to develop and maintain long-term
ended, or the dates, as the context requires, December 31, relationships with a diverse global group of institutional
2024, December 31, 2023 and December 31, 2022, clients, including corporations, governments, states and
respectively. municipalities. Our goal is to deliver to our institutional
clients all of our resources in a seamless fashion, with our
Group Inc. is a bank holding company (BHC) and a financial advisory and underwriting activities serving as the main
holding company (FHC) regulated by the Board of Governors initial point of contact. We make markets and facilitate client
of the Federal Reserve System (FRB). Our U.S. depository transactions in fixed income, currency, commodity and
institution subsidiary, Goldman Sachs Bank USA (GS Bank equity products and offer market expertise on a global basis.
USA), is a New York State-chartered bank. In addition, we make markets in, and clear client transactions
on, major stock, options and futures exchanges worldwide.
Our Business Segments Our clients include companies that raise capital and funding
to grow and strengthen their businesses, and engage in
We manage and report our activities in three business
mergers and acquisitions, divestitures, corporate defense,
segments: Global Banking & Markets, Asset & Wealth
restructurings and spin-offs, as well as companies that are
Management and Platform Solutions. Global Banking &
professional market participants, who buy and sell financial
Markets generates revenues from investment banking fees,
products and manage risk, and investment entities whose
including advisory, and equity and debt underwriting fees,
ultimate clients include individual investors investing for
Fixed Income, Currency and Commodities (FICC)
their retirement, buying insurance or saving surplus cash.
intermediation and financing activities and Equities
intermediation and financing activities, as well as
relationship lending and acquisition financing (and related
hedges) and investing activities related to our Global Banking
& Markets activities. Asset & Wealth Management generates
revenues from management and other fees, incentive fees,
private banking and lending, equity investments and debt
investments. Platform Solutions generates revenues from
consumer platforms and transaction banking and other.

Goldman Sachs 2024 Form 10-K 1

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

As a market maker, we provide prices to clients globally Global Banking & Markets generates revenues from the
across thousands of products in all major asset classes and following:
markets. At times, we take the other side of transactions
Investment banking fees. We provide advisory and
ourselves if a buyer or seller is not readily available, and at
underwriting services and help companies raise capital to
other times we connect our clients to other parties who want
strengthen and grow their businesses.
to transact. Our willingness to make markets, commit capital
and take risk in a broad range of products is crucial to our Investment banking fees includes the following:
client relationships. Market makers provide liquidity and
• Advisory. We have been a leader for many years in
play a critical role in price discovery, which contributes to the
providing advisory services, including strategic advisory
overall efficiency of the capital markets. In connection with
assignments with respect to mergers and acquisitions,
our market-making activities, we maintain (i) market-making
divestitures, corporate defense activities, restructurings and
positions, typically for a short period of time, in response to,
spin-offs. In particular, we help clients execute large,
or in anticipation of, client demand, and (ii) positions to
complex transactions for which we provide multiple
actively manage our risk exposures that arise from these
services, including cross-border structuring expertise. We
market-making activities (collectively, inventory).
also assist our clients in managing their asset and liability
We execute a high volume of transactions for our clients in exposures and their capital.
large, highly liquid markets (such as markets for U.S.
• Underwriting. We help companies raise capital to fund
Treasury securities, stocks and certain agency mortgage pass-
their businesses. As a financial intermediary, our job is to
through securities). We also execute transactions for our
match the capital of our investing clients, who aim to grow
clients in less liquid markets (such as mid-cap corporate
the savings of millions of people, with the needs of our
bonds, emerging market currencies and certain non-agency
public and private sector clients, who need financing to
mortgage-backed securities) for spreads and fees that are
generate growth, create jobs and deliver products and
generally somewhat larger than those charged in more liquid
services. Our underwriting activities include public
markets. Additionally, we structure and execute transactions
offerings and private placements in both local and cross-
involving customized or tailor-made products that address
border transactions of a wide range of securities and other
our clients’ risk exposures, investment objectives or other
financial instruments, including acquisition financing.
complex needs, as well as derivative transactions related to
Underwriting consists of the following:
client advisory and underwriting activities.
Equity underwriting. We underwrite common stock,
Through our global sales force, we maintain relationships preferred stock, convertible securities and exchangeable
with our clients, receiving orders and distributing investment securities. We regularly receive mandates for large,
research, trading ideas, market information and analysis. complex transactions and have held a leading position in
Much of this connectivity between us and our clients is worldwide public common stock offerings and worldwide
maintained on technology platforms, including Marquee, and initial public offerings for many years.
operates globally where markets are open for trading.
Marquee provides institutional investors with market Debt underwriting. We originate and underwrite various
intelligence, risk analytics, proprietary datasets and trade types of debt instruments, including investment-grade and
execution across multiple asset classes. high-yield debt, bank and bridge loans, including in
connection with acquisition financing, and emerging- and
Our businesses are supported by our Global Investment growth-market debt, which may be issued by, among
Research business, which, as of December 2024, provided others, corporate, sovereign, municipal and agency issuers.
fundamental research on approximately 3,000 companies In addition, we underwrite and originate structured
worldwide and on approximately 50 national economies, as securities, which include mortgage-related securities and
well as on industries, currencies and commodities. other asset-backed securities.
Our activities are organized by asset class and include both
“cash” and “derivative” instruments. “Cash” refers to trading
the underlying instrument (such as a stock, bond or barrel of
oil). “Derivative” refers to instruments that derive their value
from underlying asset prices, indices, reference rates and
other inputs, or a combination of these factors (such as an
option, which is the right or obligation to buy or sell a certain
bond, stock or other asset on a specified date in the future at
a certain price, or an interest rate swap, which is the
agreement to convert a fixed rate of interest into a floating
rate or vice versa).

2 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

FICC. FICC generates revenues from intermediation and Equities. Equities generates revenues from intermediation
financing activities. and financing activities.
• FICC intermediation. Includes client execution activities • Equities intermediation. We make markets in equity
related to making markets in both cash and derivative securities and equity-related products, including ETFs,
instruments, as detailed below. convertible securities, options, futures and over-the-
counter (OTC) derivative instruments. As a principal, we
Interest Rate Products. Government bonds (including
facilitate client transactions by providing liquidity to our
inflation-linked securities) across maturities, other
clients, including by transacting in large blocks of stocks or
government-backed securities, and interest rate swaps,
derivatives, requiring the commitment of our capital.
options and other derivatives.
We also structure and make markets in derivatives on
Credit Products. Investment-grade and high-yield
indices, industry sectors, financial measures and individual
corporate securities, credit derivatives, exchange-traded
company stocks. We develop strategies and provide
funds (ETFs), bank and bridge loans, municipal securities,
information about portfolio hedging and restructuring and
distressed debt and trade claims.
asset allocation transactions for our clients. We also work
Mortgages. Commercial mortgage-related securities, with our clients to create specially tailored instruments to
loans and derivatives, residential mortgage-related enable sophisticated investors to establish or liquidate
securities, loans and derivatives (including U.S. government investment positions or undertake hedging strategies. We
agency-issued collateralized mortgage obligations and are one of the leading participants in the trading and
other securities and loans), and other asset-backed development of equity derivative instruments.
securities, loans and derivatives.
Our exchange-based market-making activities include
Currencies. Currency options, spot/forwards and other making markets in stocks and ETFs, futures and options on
derivatives on G-10 currencies and emerging-market major exchanges worldwide.
products.
In addition, we generate commissions and fees from
Commodities. Commodity derivatives and, to a lesser executing and clearing institutional client transactions on
extent, physical commodities, involving crude oil and major stock, options and futures exchanges worldwide, as
petroleum products, natural gas, agricultural, base, well as OTC transactions. We provide our clients with
precious and other metals, electricity, including renewable access to a broad spectrum of equity execution services,
power, environmental products and other commodity including electronic “low-touch” access and more complex
products. “high-touch” execution through both traditional and
electronic platforms.
• FICC financing. Includes (i) secured lending to our clients
through structured credit and asset-backed lending, • Equities financing. Includes prime financing, which
including warehouse loans backed by mortgages (including provides financing to our clients for their securities trading
residential and commercial mortgage loans), corporate activities through margin loans that are generally
loans and consumer loans (including auto loans and private collateralized by securities or cash. Prime financing also
student loans), (ii) financing through securities purchased includes services which involve lending securities to cover
under agreements to resell (resale agreements) and (iii) institutional clients’ short sales and borrowing securities to
commodity financing to clients through structured cover our short sales and to make deliveries into the
transactions. market. We are also an active participant in broker-to-
broker securities lending and third-party agency lending
activities. In addition, we execute swap transactions to
provide our clients with exposure to securities and indices.
Financing activities also include portfolio financing, which
clients can utilize to manage their investment portfolios,
and other equity financing activities, including securities-
based loans to individuals.
Other. We lend to corporate clients, including through
relationship lending and acquisition financing. The hedges
related to this lending and financing activity are also reported
as part of Other. Other also includes equity and debt
investing activities related to our Global Banking & Markets
activities.

Goldman Sachs 2024 Form 10-K 3

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Asset & Wealth Management

Asset & Wealth Management provides investment services to Asset & Wealth Management generates revenues from the
help clients preserve and grow their financial assets and following:
achieve their financial goals. We provide these services to our
• Management and other fees. We receive fees related to
clients, both institutional and individuals, including investors
managing assets for institutional and individual clients,
who primarily access our products through a network of
providing investing and wealth advisory solutions,
third-party distributors around the world.
providing financial planning and counseling services, and
We manage client assets across a broad range of investment executing brokerage transactions for wealth management
strategies and asset classes, including equity, fixed income clients. The vast majority of revenues in management and
and alternative investments. Alternative investments other fees consists of asset-based fees on client assets that
primarily includes hedge funds, credit funds, private equity, we manage. The fees that we charge vary by asset class,
real estate, currencies, commodities and asset allocation client channel and the types of services provided, and are
strategies. Our investment offerings include those managed affected by investment performance, as well as asset
on a fiduciary basis by our portfolio managers, as well as inflows and redemptions.
those managed by third-party managers. We offer our
• Incentive fees. In certain circumstances, we also receive
investment solutions in a variety of structures, including
incentive fees based on a percentage of a fund’s or a
separately managed accounts, mutual funds, private
separately managed account’s return, or when the return
partnerships and other commingled vehicles.
exceeds a specified benchmark or other performance
We also provide customized investment advisory solutions targets. Such fees include overrides, which consist of the
designed to address our clients’ investment needs. These increased share of the income and gains derived primarily
solutions begin with identifying clients’ objectives and from our private equity and credit funds when the return
continue through portfolio construction, ongoing asset on a fund’s investments over the life of the fund exceeds
allocation and risk management and investment realization. certain threshold returns.
We draw from a variety of third-party managers, as well as
• Private banking and lending. Our private banking and
our proprietary offerings, to implement solutions for clients.
lending activities include issuing loans to our wealth
We also provide tailored wealth advisory services, primarily management clients. Such loans are generally secured by
to ultra-high-net worth clients. We operate globally, serving commercial and residential real estate, securities or other
individuals, families, family offices, and foundations and assets. We also raise deposits from wealth management
endowments. Our relationships are established directly or clients, including through Marcus. Private banking and
introduced through companies that sponsor financial lending revenues include net interest income allocated to
wellness or financial planning programs for their employees, deposits and net interest income earned on loans to
as well as through corporate referrals. individual clients.
We offer personalized financial planning to individuals and
• Equity investments. Includes investing activities related
also provide customized investment advisory solutions, and
to our asset management activities primarily related to
offer structuring and execution capabilities in securities and
public and private equity investments in corporate, real
derivative products across all major global markets. In
estate and infrastructure assets. We also make investments
addition, we offer clients a full range of private banking
through consolidated investment entities, substantially all
services, including a variety of deposit alternatives and loans
of which are engaged in real estate investment activities. In
that our clients use to finance investments in both financial
addition, we make investments in connection with our
and nonfinancial assets, bridge cash flow timing gaps or
activities to satisfy requirements under the Community
provide liquidity and flexibility for other needs. We also raise
Reinvestment Act (CRA), primarily through our Urban
deposits from consumers through Marcus by Goldman Sachs
Investment Group.
(Marcus).
• Debt investments. Includes lending activities related to
We invest alongside our clients that invest in investment our asset management activities, including investing in
funds that we raise or manage. We also have investments in corporate debt, lending to middle-market clients, and
alternative assets across a range of asset classes. Our providing financing for real estate and other assets. These
investing activities, which are typically longer-term, include activities include investments in mezzanine debt, senior
investments in corporate equity, credit, real estate and debt and distressed debt securities.
infrastructure assets. See “Management’s Discussion and
Analysis of Financial Condition and Results of Operations —
Results of Operations — Asset & Wealth Management” in
Part II, Item 7 of this Form 10-K for information about our
targets to reduce our historical principal investments.

4 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Platform Solutions Business Continuity and Information Security

Platform Solutions includes our consumer platforms and
transaction banking and other. Business continuity and information security, including
cybersecurity, are high priorities for us. Their importance has
Platform Solutions generates revenues from the following: been highlighted by (i) numerous highly publicized events in
Consumer platforms. Our Consumer platforms business recent years, including cyber attacks against financial
issues credit cards, and raises deposits from Apple Card institutions, governmental agencies, large consumer-based
customers. Consumer platforms revenues primarily includes companies, software and information technology service
net interest income earned on credit card lending activities. providers and other organizations, some of which have
During 2024, we entered into an agreement to transition the resulted in the unauthorized access to or disclosure of
General Motors (GM) credit card program to another issuer. personal information and other sensitive or confidential
The transition is expected to be completed in the third information, the theft and destruction of corporate
quarter of 2025. information, requests for ransom payments, and disruptions
to organizations’ operations, (ii) extreme weather events and
Transaction banking and other. We provide transaction (iii) the COVID-19 pandemic. See “Management’s Discussion
banking and other services, such as deposit-taking, payment and Analysis of Financial Condition and Results of
solutions and other cash management services, for corporate Operations — Risk Management — Cybersecurity Risk
and institutional clients. Transaction banking revenues Management” in Part II, Item 7 of this Form 10-K for further
include net interest income attributed to transaction banking information about cybersecurity.
deposits.
Our Business Continuity & Technology Resilience Program
During 2023 and 2024, we narrowed our focus with respect to has been developed to provide reasonable assurance of
consumer-related activities by taking several actions. See business continuity in the event of disruptions at our critical
“Management’s Discussion and Analysis of Financial facilities or of our systems, and to comply with regulatory
Condition and Results of Operations — Regulatory and requirements, including those of FINRA. Because we are a
Other Matters — Other Matters — Narrowing our Focus on BHC, our Business Continuity & Technology Resilience
Consumer-Related Activities” for further information. Program is also subject to review by the FRB. The key
elements of the program are crisis management, business
continuity, technology resilience, business recovery,
assurance and verification, and process improvement. In the
area of information security, we have developed and
implemented a framework of principles, policies and
technology designed to protect the information provided to
us by our clients and our own information from cyber attacks
and other misappropriation, corruption or loss. Safeguards
are designed to maintain the confidentiality, integrity and
availability of information.

Goldman Sachs 2024 Form 10-K 5

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Human Capital Management

Our people are our greatest asset. We believe that a major Instilling our culture in all employees is a continuous process,
strength and principal reason for our success is the quality, in which training plays an important part. We offer our
dedication, determination and collaboration of our people, employees the opportunity to participate in ongoing
which enables us to serve our clients, generate long-term educational offerings and periodic seminars facilitated by our
value for our shareholders and contribute to the broader Learning & Engagement team. To accelerate their integration
community. into the firm and our culture, new hires have the opportunity
to receive training as soon as they start working via
Our Workforce
orientation programs that emphasize culture and networking,
Our goal is to attract, retain, and promote an exceptionally
and nearly all employees participate in at least one training
skilled workforce. We invest heavily in developing and
event each year. For our more senior employees, we provide
supporting our people throughout their careers, and we strive
guidance and training on how to manage people and projects
to maintain a work environment that fosters professionalism,
effectively, exhibit strong leadership and exemplify our
excellence, high standards of business ethics, teamwork and
culture. We are also focused on developing a high
cooperation among our employees worldwide.
performing, diverse leadership pipeline and career planning
We believe that the diversity of our workforce, including for our next generation of leaders. We maintain a variety of
diversity of perspectives, enhances our performance-based programs aimed at employees’ professional growth and
culture and is critical to our commercial success. We leadership development. For example, we are focused on
previously set forth five-year aspirational hiring and ensuring that vice presidents have the necessary coaching,
representation goals which expire in 2025, and we are proud sponsorship and advocacy to support their career trajectories
of the progress we have made. We remain focused on the and strengthen their leadership platforms. Many other career
importance of attracting and retaining diverse exceptional development initiatives are aimed at fostering talent at the
talent. In that connection, we will continue to develop analyst and associate levels. We also work closely with our
programs consistent with our fundamental commitment to leadership teams to promote diversity and inclusion. Our
inclusive merit-based promotion and in compliance with the global and regional Inclusion Networks and Interest Forums
law. are open to all of our professionals to promote and advance
these goals.
Talent Development and Retention
We seek to help our people achieve their full potential by Enhancing our people’s experience of internal mobility is a
investing in them and supporting a culture of continuous key focus, as we believe that this will inspire employees, help
development. Our goals are to maximize individual retain top talent and create diverse experiences to build
capabilities, increase commercial effectiveness and future leaders.
innovation, reinforce our culture, expand professional
Another important part of instilling our culture is our
opportunities, and help our people contribute positively to
employee performance review process. Employees are
their communities. As of December 2024, the average tenure
reviewed by supervisors, co-workers and employees whom
of the members of our Management Committee was
they supervise in a 360-degree review process that is integral
approximately 24 years, and that of all of our employees was
to our team approach and includes an evaluation of an
approximately 6 years. In addition, more than 40% of our
employee’s performance. Our approach to evaluating
partners were campus hires.
employee performance centers on providing robust, timely
and actionable feedback that facilitates professional
development. We have directed our managers, as leaders at
the firm, to take an active coaching role with their teams. We
also engage in “The Three Conversations at GS” through
which managers establish goals with their team members at
the start of the year, check in mid-year on progress and then
close out the year with a conversation on performance
against goals.

6 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

We believe that our people value opportunities to contribute We understand the crucial role caregiving plays in the lives of
to their communities and that these opportunities enhance our employees. To help enable employees to better balance
their job satisfaction. We also believe that being able to their roles at work and their responsibilities at home, we
volunteer together with colleagues and support community offer a variety of family-centered benefits, including adoption
organizations through completing local service projects and surrogacy stipends, as well as adult or childcare options
strengthens our people’s bond with us. Community to help our people navigate caregiving across various life
TeamWorks, our signature volunteering initiative, enables stages. Employees also have access to our family care
our people to participate in high-impact, team-based coordination services for comprehensive support and
volunteer opportunities, including projects coordinated with coaching across the caregiving continuum—from their
hundreds of nonprofit partner organizations worldwide. transition to new parenthood to care for adult family
During 2024, our people volunteered approximately 103,000 members.
hours of service globally through Community TeamWorks,
In addition, to support the financial wellness of our
with approximately 19,000 employees partnering with 660
employees, we offer a variety of resources that help them
nonprofit organizations on approximately 1,400 community
manage their personal financial health and decision-making,
projects.
including financial education information sessions, live and
Wellness on-demand webinars, articles and interactive digital tools.
We recognize that for our people to be successful in the Global Reach and Strategic Locations
workplace they need support in their personal, as well as As a firm with a global client base, we take a strategic
their professional, lives and that is why our wellness approach to attracting, developing and managing a global
framework is designed to promote health and fitness, workforce. Our clients are located worldwide and we are an
resilience, and work-life balance. We provide a number of active participant in financial markets around the world. As
policies for our employees that support taking time away of December 2024, we had headcount of 46,500, offices in
from the office when needed, including a minimum of 20 over 40 countries, and 50% of our headcount was based in
weeks of parental leave and up to four weeks of family care the Americas, 20% in Europe, Middle East and Africa
leave in order to assist with the care of family members with (EMEA) and 30% in Asia. Our employees come from over
a serious health condition, death of an immediate family 190 countries and speak more than 170 languages as of
member or miscarriage, in addition to bereavement leave. We December 2024.
allow managing directors to take time off without a fixed
vacation day entitlement, and have also set a minimum In addition to maintaining offices in major financial centers
annual expected vacation usage of 15 days for all employees. around the world, we have established key strategic
For longer-tenured employees, we offer an unpaid sabbatical locations, including in Bengaluru, Salt Lake City, Dallas,
Singapore, Warsaw, Birmingham and Hyderabad. We
leave.
continue to evaluate the expanded use of strategic locations,
We also continue to advance our resilience programs, including cities in which we do not currently have a presence.
offering our people a range of counseling, coaching, medical As of December 2024, 43% of our employees were working
advisory and personal wellness services. We have introduced in strategic locations. We believe our investment in these
and globally scaled the internationally recognized Mental strategic locations enables us to build centers of excellence
Health First Aid certification to our people. As of December around specific capabilities that support our business
2024, over 1,300 employees were certified across the firm, initiatives.
surpassing our goal to train 1,000 Mental Health First Aiders
by the end of 2024. We have evolved and strengthened virtual
offerings to enhance access to support, with the aim of
maintaining the physical and mental well-being of our
people, and enhancing their effectiveness and productivity.
We also launched a manager mental health training to help
support leaders globally, achieving a completion rate of
approximately 85%.

Goldman Sachs 2024 Form 10-K 7

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Sustainability
We have a long-standing commitment to sustainability. Our Relevant employees also receive training with respect to
two priorities in this area are helping clients across industries environmental and social risks, including for sectors and
decarbonize their businesses to support their transitions to a industries that we believe have higher potential for these
low-carbon economy (Climate Transition) and to advance risks. See “Management’s Discussion and Analysis of
solutions that expand access, increase affordability, and drive Financial Condition and Results of Operations — Risk
outcomes to support sustainable economic growth (Inclusive Management — Other Risk Management — Climate-Related
Growth). Our strategy is to advance these two priorities and Environmental Risk Management” in Part II, Item 7 of
through our work with our clients, and with strategic this Form 10-K for further information about our climate-
partners whose strengths and areas of focus complement our related and environmental risk management.
own, as well as through our supply chain.
As a leading financial institution, we acknowledge the
Our Sustainable Finance Group serves as the centralized importance of Climate Transition and Inclusive Growth for
group that drives our sustainability strategy and related our business. We have completed sustainability debt
efforts across our firm, including the commercial approach issuances, which align with our sustainable finance
alongside our businesses, to advance Climate Transition and framework and fund a range of on-balance sheet sustainable
Inclusive Growth. Our sustainable finance-related efforts finance activity. We believe we can advance sustainability by
continue to evolve. For example, within Global Banking & partnering with our clients across our businesses, including
Markets, we established the Sustainable Banking Group, a by developing new sustainability-linked financing solutions,
group focused on delivering analysis, advice, and capital offering strategic advice, or co-investing alongside our clients
solutions for clients focused on their sustainability objectives. in energy companies. We have announced a target to deploy
Within Asset & Wealth Management, we provide clients $750 billion in sustainable financing, investing and advisory
sustainability-related capabilities, across public and private activity by the beginning of 2030. As of December 2024, we
markets and open architecture, proprietary and third-party achieved over 80% of that goal, with the majority dedicated
products, portfolio strategy and implementation, and to Climate Transition.
specialist sustainability teams and strategies.
With respect to Climate Transition, we have announced our
Our activities relating to sustainability present both financial goal to align our financing activities with a net-zero-by-2050
and nonfinancial risks, and we have processes for managing pathway. We have an initial set of 2030 targets for our
these risks, similar to the other risks we face. We have energy, power and auto manufacturing portfolios, three
integrated oversight of climate-related risks into our risk sectors where we see an opportunity to proactively engage
management governance structure, from senior management our clients and investors, deploy capital required for
to our Board and its committees, including the Risk and transition, and invest in new commercial solutions to
Public Responsibilities committees. The Risk Committee of facilitate decarbonization in the real economy. Carbon
the Board oversees firmwide financial and nonfinancial risks, neutrality is also a priority for the operation of our firm. We
which include climate risk, and, as part of its oversight, have been carbon neutral in our operations and business
receives updates on our risk management approach to climate travel since 2015 through a combination of emissions
risk. The Public Responsibilities Committee of the Board reduction efforts and the procurement of Energy Attribute
assists the Board in its oversight of our firmwide Certificates and third-party-verified carbon offsets. We have
sustainability strategy and sustainability issues affecting us, since expanded our operational carbon commitment to
including with respect to climate change. As part of its include our supply chain, prioritizing emissions reductions.
oversight, the Public Responsibilities Committee receives
periodic updates on our sustainability strategy and
disclosures, and also periodically reviews our governance and
related policies and processes for climate and other
sustainability-related matters. We have also implemented the
Environmental & Social Due Diligence Guidelines to guide
our overall risk-based due diligence approach when
evaluating relevant transactions for environmental and social
risks and impacts.

8 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

In addition to Climate Transition, our approach to Consolidation and convergence have significantly increased
sustainability also centers on Inclusive Growth where we seek the capital base and geographic reach of some of our
to help drive solutions that expand access, increase competitors and have also hastened the globalization of the
affordability, and support outcomes to advance sustainable securities and other financial services markets. As a result, we
economic growth. Commercial solutions that seek to support have had to commit capital to support our international
Inclusive Growth include, among others, those of our Urban operations and to execute large global transactions. To
Investment Group and our Sustainable Investing Group. We capitalize on some of our most significant opportunities, we
also seek to support Inclusive Growth through our corporate will have to compete successfully with financial institutions
engagement programs, such as 10,000 Small Businesses, that are larger and have more capital and that may have a
10,000 Women and One Million Black Women. These efforts stronger local presence and longer operating history outside
are further strengthened by strategic partnerships that we the U.S.
have established in areas where we have identified gaps or
We also compete with smaller institutions that offer more
believe we are able to drive even greater impact through
targeted services, such as independent advisory firms. Some
collaboration. We believe our ability to achieve our
clients may perceive these firms to be less susceptible to
sustainability objectives is critically dependent on the
potential conflicts of interest than we are, and, as described
strengths and talents of our people. See “Business — Human
below, our ability to effectively compete with them could be
Capital Management” for information about our human
affected by regulations and limitations on activities that
capital management programs and policies.
apply to us but may not apply to them.
A number of our businesses are subject to intense price
Competition competition. Efforts by our competitors to gain market share
The financial services industry and all of our businesses are have resulted in pricing pressure in our investment banking,
intensely competitive, and we expect them to remain so. Our market-making, consumer, wealth management and asset
competitors provide investment banking, market-making and management businesses. For example, the increasing volume
asset management services, private banking and lending, of trades executed electronically, through the internet and
commercial lending, credit cards, transaction banking, through alternative trading systems, has increased the
deposit-taking and other banking products and services, and pressure on trading commissions, in that commissions for
make investments in securities, commodities, derivatives, real electronic trading are generally lower than those for non-
estate, loans and other financial assets. Our competitors electronic trading. It appears that this trend toward low-
include brokers and dealers, investment banking firms, commission trading will continue. Price competition has also
commercial banks, credit card issuers, insurance companies, led to compression in the difference between the price at
investment advisers, mutual funds, hedge funds, private which a market participant is willing to sell an instrument
equity funds, private credit funds, merchant banks and and the price at which another market participant is willing
financial technology and other internet-based companies. to buy it (i.e., bid/offer spread), which has affected our
Some of our competitors operate globally and others market-making businesses. The increasing prevalence of
regionally, and we compete based on a number of factors, passive investment strategies that typically have lower fees
including transaction execution, client experience, products than other strategies we offer has affected the competitive
and services, innovation, reputation and price. and pricing dynamics for our asset management products and
We have faced, and expect to continue to face, pressure to services. In addition, we believe that we will continue to
retain market share by committing capital to businesses or experience competitive pressures in these and other areas in
transactions on terms that offer returns that may not be the future as some of our competitors seek to obtain market
commensurate with their risks. In particular, corporate share by further reducing prices, and as we enter into or
clients seek such commitments (such as agreements to expand our presence in markets that rely more heavily on
participate in their loan facilities) from financial services electronic trading and execution. We and other banks also
firms in connection with investment banking and other compete for deposits on the basis of the rates we offer.
assignments. Higher short-term interest rates in recent years have resulted
in and may continue to result in more intense competition in
deposit pricing, as well as competition from non-deposit
financial products.

Goldman Sachs 2024 Form 10-K 9

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

We also compete on the basis of the types of financial Regulation

products and client experiences that we and our competitors
offer. In some circumstances, our competitors may offer As a participant in the global financial services industry, we
financial products that we do not offer and that our clients are subject to extensive regulation and supervision
may prefer, including cryptocurrencies and other digital worldwide. The regulatory regimes applicable to our
assets that we cannot or may choose not to provide. Our operations have been, and continue to be, subject to
competitors may also develop technology platforms that significant changes.
provide a better client experience. New regulations have been adopted or are being considered
The provisions of the U.S. Dodd-Frank Wall Street Reform by regulators and policy makers worldwide, as described
and Consumer Protection Act (Dodd-Frank Act), the below. The impacts of any changes to the regulations
requirements promulgated by the Basel Committee on affecting our businesses, including as a result of the proposals
Banking Supervision (Basel Committee) and other financial described below, are uncertain and will not be known until
regulations could affect our competitive position to the such changes are finalized and market practices and
extent that limitations on activities, increased fees and structures develop under the revised regulations.
compliance costs or other regulatory requirements do not Group Inc. is a BHC under the U.S. Bank Holding Company
apply, or do not apply equally, to all of our competitors or Act of 1956 (BHC Act) and an FHC under amendments to the
are not implemented uniformly across different jurisdictions. BHC Act effected by the U.S. Gramm-Leach-Bliley Act of
For example, the provisions of the Dodd-Frank Act that 1999 (GLB Act), and is subject to supervision and
prohibit proprietary trading and restrict investments in examination by the FRB, which is our primary regulator.
certain hedge and private equity funds differentiate between
U.S.-based and non-U.S.-based banking organizations and Under the system of “functional regulation” established
give non-U.S.-based banking organizations greater flexibility under the GLB Act, the primary regulators of our U.S. non-
to trade outside of the U.S. and to form and invest in funds bank subsidiaries directly regulate the activities of those
outside the U.S. subsidiaries, with the FRB exercising a supervisory role. Such
“functionally regulated” subsidiaries include broker-dealers
Likewise, the obligations with respect to derivative and security-based swap dealers registered with the SEC,
transactions under Title VII of the Dodd-Frank Act depend, such as our principal U.S. broker-dealer, entities registered
in part, on the location of the counterparties to the with or regulated by the CFTC with respect to futures-related
transaction. The impact of regulatory developments on our and swaps-related activities and investment advisers
competitive position has depended and will continue to registered with the SEC with respect to their investment
depend to a large extent on the manner in which the required advisory activities.
rulemaking and regulatory guidance evolve, the extent of
international convergence, and the development of market Our principal subsidiaries operating in the U.S. include GS
practice and structures under the evolving regulatory regimes, Bank USA, Goldman Sachs & Co., LLC (GS&Co.), J. Aron
as described further in “Regulation” below. & Company LLC (J. Aron) and Goldman Sachs Asset
Management, L.P.
We also face intense competition in attracting and retaining
qualified employees. Our ability to continue to compete GS Bank USA is our principal U.S. bank subsidiary and is
effectively has depended and will continue to depend upon supervised and regulated by the FRB, the FDIC, the New
our ability to attract new employees, retain and motivate our York State Department of Financial Services (NYDFS) and
existing employees and to continue to compensate employees the Consumer Financial Protection Bureau (CFPB). GS Bank
competitively amid intense public and regulatory scrutiny on USA also has a London branch, which is regulated by the
the compensation practices of large financial institutions, FCA and PRA. We conduct a number of our activities
including in jurisdictions such as New York State where we partially or entirely through GS Bank USA and its
are required to publish certain compensation information as subsidiaries, including: corporate loans (including leveraged
part of the employee hiring process. Our pay practices and lending); securities-based and collateralized loans; credit card
those of certain of our competitors are subject to review by, loans; residential mortgages; transaction banking; deposit-
and the standards of, the FRB and other regulators inside and taking; interest rate, credit, currency and other derivatives;
outside the U.S., including the Prudential Regulation and agency lending.
Authority (PRA) and the Financial Conduct Authority (FCA)
in the U.K. We also compete for employees with institutions
whose pay practices are not subject to regulatory oversight.
See “Regulation — Compensation Practices” and “Risk
Factors — Competition — Our businesses would be
adversely affected if we are unable to hire and retain qualified
employees” in Part I, Item 1A of this Form 10-K for further
information about such regulation.

10 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

GS&Co. is our principal U.S. broker-dealer and is registered Our principal subsidiary operating in Asia is Goldman Sachs
as a broker-dealer, a security-based swap dealer, a municipal Japan Co., Ltd. (GSJCL). GSJCL is our regulated Japanese
advisor and an investment adviser with the SEC and as a broker-dealer subsidiary and is regulated by Japan’s
broker-dealer in all 50 states and the District of Columbia. Financial Services Agency, the Tokyo Stock Exchange, the
U.S. self-regulatory organizations, such as FINRA and the Bank of Japan and the Ministry of Finance, among others.
NYSE, have adopted rules that apply to broker-dealers, such
Banking Supervision and Regulation
as GS&Co.
The Basel Committee is the primary global standard setter
Our principal subsidiaries operating in Europe include: for prudential bank regulation. However, the Basel
Goldman Sachs International (GSI), Goldman Sachs Committee’s standards do not become effective in a
International Bank (GSIB), Goldman Sachs Asset jurisdiction until the relevant regulators have adopted rules
Management International (GSAMI), Goldman Sachs Bank to implement its standards. The implications of Basel
Europe SE (GSBE), Goldman Sachs Asset Management B.V., Committee standards and related regulations for our
and Goldman Sachs Paris Inc. et Cie (GSPIC). businesses depend to a large extent on their implementation
by the relevant regulators globally, and the market practices
Our E.U. subsidiaries are subject to various E.U. regulations,
and structures that develop.
as well as national laws, including those implementing
European directives. GSBE is directly supervised by the Capital and Liquidity Requirements. We and GS Bank
European Central Bank (ECB) and additionally by BaFin and USA are subject to risk-based regulatory capital and leverage
Deutsche Bundesbank in the context of the E.U. Single requirements that are calculated in accordance with the
Supervisory Mechanism. GSBE engages in certain activities regulations of the FRB (Capital Framework). The Capital
primarily in the E.U., including underwriting and market Framework is largely based on the Basel Committee’s
making in debt and equity securities and derivatives, framework for strengthening the regulation, supervision and
investment, asset and wealth management services, deposit- risk management of banks (Basel III) and also implements
taking, lending (including securities lending), and financial certain provisions of the Dodd-Frank Act. Under the U.S.
advisory services. GSBE is also registered with the CFTC as a federal bank regulatory agencies’ tailoring framework, we
swap dealer and with the SEC as a security-based swap dealer and GS Bank USA are subject to “Category I” standards
and as a primary dealer for government bonds issued by E.U. because we have been designated as a global systemically
sovereigns. Like our other foreign bank subsidiaries, GSBE is important bank (G-SIB). Accordingly, we and GS Bank USA
subject to limits on the nature and scope of its activities under are “Advanced approach” banking organizations. Under the
the FRB’s Regulation K, including limits on its underwriting Capital Framework, we and GS Bank USA must meet specific
and market making in equity securities based on GSBE’s and/ regulatory capital requirements that involve quantitative
or GS Bank USA’s capital. measures of assets, liabilities and certain off-balance sheet
items. The sufficiency of our capital levels is also subject to
GSPIC is an investment firm under the French Prudential
qualitative judgments by regulators. We and GS Bank USA
Supervision and Resolution Authority and the French
are also subject to liquidity requirements established by the
Financial Markets Authority. GSPIC’s activities include
U.S. federal bank regulatory agencies.
certain activities that GSBE is prevented from undertaking.
GSPIC is subject to the E.U. Investment Firm Regulation, the GSBE is subject to capital and liquidity requirements
prudential regime for E.U. investment firms. prescribed in the E.U. Capital Requirements Regulation, as
amended (CRR), and the E.U. Capital Requirements
GSI is a U.K. broker-dealer and a designated investment firm,
Directive, as amended (CRD), which are largely based on
and GSIB is a U.K. bank. Both GSI and GSIB are regulated by
Basel III.
the PRA and the FCA. As a designated investment firm, GSI
is subject to prudential requirements similar to those GSI and GSIB are subject to the U.K. capital and liquidity
applicable to banks, including capital and liquidity frameworks prescribed in the PRA Rulebook and the U.K.
requirements. GSI provides broker-dealer services in and Capital Requirements Regulation, which are also largely
from the U.K. and is registered with the CFTC as a swap based on Basel III and are generally aligned with the E.U.
dealer and with the SEC as a security-based swap dealer. capital and liquidity frameworks.
GSIB engages in lending (including securities lending) and
deposit-taking activities (including by taking retail deposits)
and is a primary dealer for U.K. government bonds. GSI and
GSIB maintain branches outside of the U.K. and are subject
to the laws and regulations of the jurisdictions where they are
located.

Goldman Sachs 2024 Form 10-K 11

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Risk-Based Capital Ratios. As Advanced approach The Basel Committee standards include guidelines for
banking organizations, we and GS Bank USA calculate risk- calculating incremental capital ratio requirements for
based capital ratios in accordance with both the Standardized banking institutions that are systemically significant from a
and Advanced Capital Rules. Both the Standardized and domestic but not global perspective (D-SIBs). Depending on
Advanced Capital Rules include minimum risk-based capital how these guidelines are implemented by national regulators,
requirements and additional capital conservation buffer they may apply to certain subsidiaries of G-SIBs. These
requirements that must be satisfied solely with Common guidelines are in addition to the framework for G-SIBs, but
Equity Tier 1 (CET1) capital. Failure to satisfy a buffer are more principles-based. The U.S. federal bank regulatory
requirement in full would result in constraints on capital agencies have not designated any D-SIBs. The CRD and CRR
distributions and discretionary executive compensation. The provide that institutions that are systemically important at
severity of the constraints would depend on the amount of the E.U. or member state level, known as other systemically
the shortfall and the organization’s “eligible retained important institutions (O-SIIs), may be subject to additional
income,” defined as the greater of (i) net income for the four capital ratio requirements, according to their degree of
preceding quarters, net of distributions and associated tax systemic importance (O-SII buffers). BaFin has identified
effects not reflected in net income; and (ii) the average of net GSBE as an O-SII in Germany and set an O-SII buffer.
income over the preceding four quarters. For Group Inc., the
In the U.K., the PRA has identified Goldman Sachs Group
capital conservation buffer requirements consist of a 2.5%
UK Limited (GSG UK), the parent company of GSI and GSIB,
buffer (under the Advanced Capital Rules), a stress capital
as an O-SII but has not applied an O-SII buffer.
buffer (SCB) (under the Standardized Capital Rules), and
both a countercyclical buffer and the G-SIB surcharge (under The Basel Committee has finalized revisions to the Basel III
both Capital Rules). For GS Bank USA, the capital Capital Requirements (Basel III Revisions), and in 2023, the
conservation buffer requirements consist of a 2.5% buffer U.S. federal bank regulatory agencies proposed a rule
and the countercyclical capital buffer. implementing the Basel III Revisions, including the
Fundamental Review of the Trading Book (FRTB). The
In 2023, the FRB issued a proposal to implement a revised G-
FRTB, among other things, revises the standardized and
SIB assessment methodology and to revise certain systemic
internal model-based approaches used to calculate market
indicators to be based on daily or monthly average values
risk requirements and clarifies the scope of positions subject
during each year, instead of year-end values.
to market risk capital requirements.
The SCB is based on the results of the Federal Reserve’s
The U.S. proposal has a three-year transition period for the
supervisory stress tests and our planned common stock
calculation of Expanded Risk-Based approach risk-weighted
dividends and can change significantly over time based on the
assets (RWAs). The proposal includes the replacement of the
results of the annual supervisory stress tests. See “Stress Tests
Advanced approach with an Expanded Risk-Based approach,
and Capital Planning” below. The countercyclical capital
which eliminates the use of internal models to calculate
buffer is designed to counteract systemic vulnerabilities and
RWAs for credit and operational risk. The proposal
currently applies only to banking organizations subject to
incorporates the application of the SCB requirements in the
Category I, II or III standards, including us and GS Bank
Expanded Risk-Based approach. The credit risk component
USA. Several other national supervisors also require
of the Expanded Risk-Based approach would include new
countercyclical capital buffers. The G-SIB surcharge and
risk weights for many counterparty and exposure types, a
countercyclical capital buffer applicable to us may change in
revised collateral haircut approach for certain collateralized
the future, including due to additional guidance from our
transactions and additional restrictions for recognizing
regulators and/or positional changes. As a result, the
collateral in certain securities financing transactions. Under
minimum capital ratios to which we are subject are likely to
the proposed rules, the RWAs for operational risk would be
change over time.
calculated primarily based on revenues and historical losses.
The capital requirements applicable to GSBE, GSI and GSIB In addition, the proposal introduces the FRTB, which would
include both minimum requirements and buffers. See replace the market risk rule for both the Standardized and
“Management’s Discussion and Analysis of Financial Expanded Risk-Based approaches and introduce a new credit
Condition and Results of Operations — Capital valuation adjustment (CVA) risk RWA calculation for the
Management and Regulatory Capital” in Part II, Item 7 of Expanded Risk-Based approach. The FRB has indicated that
this Form 10-K and Note 20 to the consolidated financial it expects to work with the other U.S. federal bank regulatory
statements in Part II, Item 8 of this Form 10-K for agencies in 2025 on a revised proposal.
information about our capital ratios and those of GS Bank
USA, GSBE, GSI and GSIB.

12 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

In 2024, the E.U. adopted rules to implement the Basel III Liquidity Ratios. The Basel Committee’s framework for
Revisions through amendments to the CRR and the CRD, liquidity risk measurement, standards and monitoring
referred to as CRR III and CRD VI. The amendments include requires banking organizations to measure their liquidity
the FRTB rules, revised rules for credit risk capital, a new against two specific liquidity tests: the Liquidity Coverage
standardized approach for operational risk and CVA risk Ratio (LCR) and the Net Stable Funding Ratio (NSFR).
capital and a floor on internally modeled capital
The LCR rule issued by the U.S. federal bank regulatory
requirements at a percentage of the capital requirements
agencies and applicable to both us and GS Bank USA is
under the standardized approach, commonly known as the
generally consistent with the Basel Committee’s framework
“output floor.” Substantial parts of these rules became
and is designed to ensure that a banking organization
effective in January 2025, though certain provisions applied
maintains an adequate level of unencumbered, high-quality
beginning in July 2024. The FRTB rules are currently
liquid assets equal to or greater than the expected net cash
expected to apply from January 2026.
outflows under an acute short-term liquidity stress scenario.
The PRA issued near final rules with a proposed effective We and GS Bank USA are required to maintain a minimum
date of January 1, 2027, implementing Basel III Revisions, LCR of 100%.
including new rules covering the FRTB, credit risk,
GSBE is subject to the LCR rule approved by the European
counterparty credit risk, CVA risk and operational risk for
Parliament and Council, and GSI and GSIB are subject to the
the U.K. Under the PRA near final rules, our U.K.
U.K. regulatory authorities’ LCR rules, which are generally
subsidiaries are not expected to be subject to a floor on
consistent with the Basel Committee’s framework.
internally modeled capital requirements.
The NSFR is designed to promote medium- and long-term
The Basel Committee has published an updated securitization
stable funding of the assets and off-balance sheet activities of
framework and a revised G-SIB assessment methodology.
banking organizations over a one-year time horizon. The
The U.S. federal bank regulatory agencies’ July 2023
Basel Committee’s NSFR framework requires banking
proposal would implement the updated securitization
organizations to maintain a minimum NSFR of 100%. We
framework. The updated securitization framework has been
and GS Bank USA are subject to the U.S. NSFR rule.
implemented in the E.U. and U.K.
The CRR implements the NSFR for certain E.U. financial
The Basel Committee has also published a final standard on
institutions, including GSBE. The NSFR requirement
the prudential treatment of cryptoasset exposures. The Basel
implemented in the U.K. is applicable to both GSI and GSIB.
Committee contemplates that national regulators will have
incorporated the standard into local capital requirements by The FRB’s enhanced prudential standards require BHCs with
January 1, 2026. U.S. federal bank regulatory agencies and $100 billion or more in total consolidated assets to comply
E.U. and U.K. authorities have not yet proposed rules with enhanced liquidity and overall risk management
implementing the standards. standards, which include maintaining a level of highly liquid
assets based on projected funding needs for 30 days, and
Leverage Ratios. Under the Capital Framework, we and GS
increased involvement by boards of directors in liquidity and
Bank USA are subject to Tier 1 leverage ratios and overall risk management. Although the liquidity requirement
supplementary leverage ratios (SLRs) established by the FRB. under these rules has some similarities to the LCR, it is a
As a G-SIB, the SLR requirements applicable to us include separate requirement. GSBE also has its own liquidity
both a minimum requirement and a buffer requirement, planning process, which incorporates internally designed
which operates in the same manner as the risk-based buffer stress tests and those required under German regulatory
requirements described above. requirements and the ECB Guide to Internal Liquidity
GSBE and certain of our U.K. entities are also subject to Adequacy Assessment Process (ILAAP). GSI and GSIB have
requirements relating to leverage ratios, which are generally their own liquidity planning processes, which incorporate
based on the Basel Committee leverage ratio standards. internally designed stress tests developed in accordance with
the guidelines of the PRA’s ILAAP.
See “Management’s Discussion and Analysis of Financial
Condition and Results of Operations — Capital See “Available Information” below and “Management’s
Management and Regulatory Capital” in Part II, Item 7 of Discussion and Analysis of Financial Condition and Results
this Form 10-K and Note 20 to the consolidated financial of Operations — Risk Management — Overview and
statements in Part II, Item 8 of this Form 10-K for Structure of Risk Management” and “— Liquidity Risk
information about our and GS Bank USA’s Tier 1 leverage Management — Liquidity Regulatory Framework” in Part II,
ratios and SLRs, and GSI’s leverage ratio. Item 7 of this Form 10-K for information about the LCR and
NSFR, as well as our risk management practices and
liquidity.

Goldman Sachs 2024 Form 10-K 13

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Stress Tests and Capital Planning. The FRB’s U.S. depository institutions with total consolidated assets of
Comprehensive Capital Analysis and Review (CCAR) is $250 billion or more that are subsidiaries of U.S. G-SIBs, such
designed to ensure that large BHCs, including us, have as GS Bank USA, are required to submit annual company-run
sufficient capital to permit continued operations during times stress test results to the FRB. GSBE also has its own capital
of economic and financial stress. As required by the FRB, we and stress testing process, which incorporates internally
perform an annual capital stress test and incorporate the designed stress tests and those required under German
results into an annual capital plan, which we submit to the regulatory requirements and the ECB Guide to Internal
FRB for review. See “Management’s Discussion and Analysis Capital Adequacy Assessment Process (ICAAP). In addition,
of Financial Condition and Results of Operations — Capital GSI and GSIB have their own capital planning and stress
Management and Regulatory Capital — Capital testing processes, which incorporate internally designed stress
Management — Capital Planning and Stress Testing Process” tests developed in accordance with the PRA’s ICAAP
in Part II, Item 7 of this Form 10-K for further information guidelines.
about our annual capital plan. As described in “Available
Limitations on the Payment of Dividends. U.S. federal
Information” below, summary results of the annual stress test
and state laws impose limitations on the payment of
are published on our website.
dividends by U.S. depository institutions, such as GS Bank
As part of the CCAR process, the FRB evaluates our plan to USA. In general, the amount of dividends that may be paid by
make capital distributions across a range of macroeconomic GS Bank USA is limited to the lesser of the amounts
and company-specific assumptions, based on our and the calculated under a recent earnings test and an undivided
FRB’s own stress tests. In December 2024 and February 2025, profits test. Under the recent earnings test, a dividend may
the FRB indicated that it intends to propose significant not be paid if the total of all dividends declared by the entity
changes to the stress test framework in 2025 and, for the 2025 in any calendar year is in excess of the current year’s net
stress test, take steps to reduce the volatility of results and to income combined with the retained net income of the two
begin to improve model transparency. Also in December preceding years, unless the entity obtains regulatory
2024, trade groups representing major U.S. banks, including approval. Under the undivided profits test, a dividend may
us, filed a lawsuit against the FRB concerning certain not be paid in excess of the entity’s undivided profits
inadequacies with its stress testing process. (generally, accumulated net profits that have not been paid
out as dividends or transferred to surplus), unless the entity
Under the FRB’s rule applicable to BHCs with $100 billion or
receives regulatory and stockholder approval.
more in total consolidated assets, including us, the SCB
applies to the Standardized approach capital requirements. The applicable U.S. banking regulators have authority to
The SCB reflects stressed losses estimated under the prohibit or limit the payment of dividends if, in the banking
supervisory severely adverse scenario of the CCAR stress regulator’s opinion, payment of a dividend would constitute
tests, as calculated by the FRB, and includes four quarters of an unsafe or unsound practice in light of the financial
planned common stock dividends. The SCB, which is subject condition of the banking organization.
to a 2.5% floor, is generally effective on October 1 of each
Source of Strength. The Dodd-Frank Act requires BHCs to
year and remains in effect until October 1 of the following
act as a source of strength to their U.S. bank subsidiaries and
year, unless it is reset in connection with the resubmission of
to commit capital and financial resources to support those
a capital plan. See “Available Information” below and
subsidiaries. This support may be required by the FRB at
“Management’s Discussion and Analysis of Financial
times when BHCs might otherwise determine not to provide
Condition and Results of Operations — Capital
it. Capital loans by a BHC to a U.S. subsidiary bank are
Management and Regulatory Capital” in Part II, Item 7 of
subordinate in right of payment to deposits and to certain
this Form 10-K for information about our SCB requirement.
other indebtedness of the subsidiary bank. In addition, if a
The SCB rule requires a BHC to receive the FRB’s approval BHC commits to a U.S. federal bank regulatory agency that it
for any dividend, stock repurchase or other capital will maintain the capital of its bank subsidiary, whether in
distribution, other than a capital distribution on a newly response to the FRB’s invoking its source-of-strength
issued capital instrument, if the BHC is required to resubmit authority or in response to other regulatory measures, that
its capital plan, which may occur if the BHC determines there commitment will be assumed by the bankruptcy trustee for
has been or will be a “material change” in its risk profile, the BHC and the bank will be entitled to priority payment in
financial condition or corporate structure since the plan was respect of that commitment, ahead of other creditors of the
last submitted, or if the FRB directs the BHC to revise and BHC.
resubmit its capital plan.

14 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Transactions Between Affiliates. Transactions between We are also required by the FRB to submit, on a periodic
GS Bank USA or its subsidiaries, including GSBE, and Group basis, a global recovery plan that outlines the steps that we
Inc. or its other subsidiaries and affiliates are subject to could take to reduce risk, maintain sufficient liquidity and
restrictions under the Federal Reserve Act and regulations conserve capital in times of prolonged stress. Certain of our
issued by the FRB. These laws and regulations generally limit subsidiaries are also subject to similar recovery plan
the types and amounts of transactions (such as loans and requirements in their local jurisdictions.
other credit extensions, including credit exposure arising GS Bank USA is required to provide a resolution plan to the
from resale agreements, securities borrowing and derivative FDIC that must, among other things, demonstrate that it is
transactions, from GS Bank USA or its subsidiaries to Group adequately protected from risks arising from our other
Inc. or its other subsidiaries and affiliates and purchases of entities. GS Bank USA’s most recent resolution plan was
assets by GS Bank USA or its subsidiaries from Group Inc. or submitted in December 2023. In June 2024, the FDIC adopted
its other subsidiaries and affiliates) that may take place and revisions to its rule that requires the submission of resolution
generally require those transactions, to the extent permitted, plans by insured depository institutions (IDIs) with $50
to be on market terms or better to GS Bank USA or its billion or more in total assets. These revisions modify the
subsidiaries. These laws and regulations generally do not requirements regarding the content and timing of resolution
apply to transactions between GS Bank USA and its submissions, as well as interim supplements to those
subsidiaries. Similarly, German regulatory requirements submissions provided to the FDIC. IDIs with $100 billion or
provide that certain transactions between GSBE and GS Bank more in total assets, including GS Bank USA, are required to
USA or its other affiliates, including Group Inc., must be on submit full resolution plans biennially. GS Bank USA’s next
market terms and are subject to special internal approval required full submission is due by July 1, 2026.
requirements. PRA rules also provide requirements for
transactions between GSI and GSIB and their respective The U.S. federal bank regulatory agencies have adopted rules
affiliates. imposing restrictions on qualified financial contracts (QFCs)
entered into by G-SIBs. The rules are intended to facilitate
Resolution and Recovery Plans. We are required by the the orderly resolution of a failed G-SIB by limiting the ability
FRB and the FDIC to submit a periodic plan for our rapid of the G-SIB to enter into a QFC unless (i) the counterparty
and orderly resolution in the event of material financial waives certain default rights in such contract arising upon the
distress or failure (resolution plan). If these regulators jointly entry of the G-SIB or one of its affiliates into resolution, (ii)
determine that an institution has failed to remediate the contract does not contain enumerated prohibitions on the
identified deficiencies in its resolution plan or that its transfer of such contract and/or any related credit
resolution plan, after any permitted resubmission, is not enhancement, and (iii) the counterparty agrees that the
credible or would not facilitate an orderly resolution under contract will be subject to the special resolution regimes set
the U.S. Bankruptcy Code, they may jointly impose more forth in the Dodd-Frank Act orderly liquidation authority
stringent capital, leverage or liquidity requirements or (OLA) and the Federal Deposit Insurance Act (FDIA),
restrictions on growth, activities or operations, or may jointly described below. GS Bank USA has achieved compliance by
order the institution to divest assets or operations, in order to adhering to the International Swaps and Derivatives
facilitate orderly resolution in the event of failure. The FRB Association Universal Resolution Stay Protocol (ISDA
and FDIC require U.S. G-SIBs to submit resolution plans Universal Protocol) and International Swaps and Derivatives
every two years (alternating between submissions of full Association 2018 U.S. Resolution Stay Protocol (U.S. ISDA
plans and targeted plans that include only select Protocol) described below.
information). We submitted our 2023 resolution plan, which
was a full submission, in June 2023. In June 2024, the FRB Certain of our other subsidiaries also adhere to these
and the FDIC provided feedback on our 2023 resolution plan protocols. The ISDA Universal Protocol imposes a stay on
and identified one shortcoming, other areas for additional certain cross-default and early termination rights within
focus to address resolution readiness and additional standard ISDA derivative contracts and securities financing
information required to be included in our 2025 resolution transactions between adhering parties in the event that one of
plan. In August 2024, we submitted a description of our key them is subject to resolution in its home jurisdiction,
actions to address the shortcoming. Our next required including a resolution under OLA or the FDIA in the U.S.
submission is a targeted submission by July 1, 2025. See The U.S. ISDA Protocol, which was based on the ISDA
“Risk Factors — Legal and Regulatory — The application of Universal Protocol, was created to allow market participants
Group Inc.’s proposed resolution strategy could result in to comply with the final QFC rules adopted by the federal
greater losses for Group Inc.’s security holders” in Part I, bank regulatory agencies.
Item 1A of this Form 10-K and “Available Information” in
Part I, Item 1 of this Form 10-K for further information about
our resolution plan.

Goldman Sachs 2024 Form 10-K 15

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

The E.U. Bank Recovery and Resolution Directive (BRRD), Total Loss-Absorbing Capacity (TLAC). The FRB’s TLAC
as amended by the BRRD II, establishes a framework for the rule, among other things, establishes minimum TLAC
recovery and resolution of financial institutions in the E.U., requirements and establishes minimum requirements for
such as GSBE. The BRRD provides national supervisory “eligible long-term debt” (i.e., debt that is unsecured, has a
authorities with tools and powers to pre-emptively address maturity of at least one year from issuance and satisfies
potential financial crises in order to promote financial certain additional criteria). In 2023, the FRB proposed to
stability and minimize taxpayers’ exposure to losses. The introduce a minimum denomination requirement for eligible
BRRD requires E.U. member states to grant certain long-term debt, among other changes.
resolution powers to national and, where relevant, E.U.
resolution authorities, including the power to impose a The rule also prohibits a BHC that has been designated as a
temporary stay, and to recapitalize a failing entity by writing U.S. G-SIB from (i) guaranteeing subsidiaries’ liabilities that
down its unsecured debt or converting its unsecured debt into are subject to early termination provisions if the BHC enters
equity. Financial institutions in the E.U. must provide that into an insolvency or receivership proceeding, subject to an
contracts governed by non-E.U. law recognize those exception for guarantees permitted by rules of the U.S.
temporary stay and bail-in powers unless doing so would be federal bank regulatory agencies imposing restrictions on
impracticable. GSBE is under the direct authority of the QFCs; (ii) incurring liabilities guaranteed by subsidiaries; (iii)
Single Resolution Board for resolution planning. E.U. law issuing short-term debt to third parties; or (iv) entering into
requires financial institutions in the E.U., including derivatives and certain other financial contracts with external
subsidiaries of non-E.U. groups, to submit recovery plans and counterparties.
to assist the relevant resolution authority in constructing Additionally, the rule caps, at 5% of the value of the parent
resolution plans for the E.U. entities. GSBE’s primary company’s eligible TLAC, the amount of unsecured non-
regulator with respect to recovery planning is the ECB, and it contingent third-party liabilities that are not eligible long-
is also regulated by BaFin and Deutsche Bundesbank. term debt that could rank equally with or junior to eligible
The U.K. Special Resolution Regime confers substantially the long-term debt.
same powers on the Bank of England, as the U.K. resolution The CRR, the BRRD and U.K. financial services regime also
authority, and substantially the same requirements on U.K. impose minimum TLAC requirements on G-SIBs. For
financial institutions. Further, certain U.K. financial example, the CRR requires E.U. subsidiaries of a non-E.U. G-
institutions, including GSI and GSIB, are required to meet the SIB that exceed the threshold of 5% of the G-SIB’s RWAs,
Bank of England’s expectations contained in the U.K. operating income or leverage exposure, such as GSBE, to
Resolution Assessment Framework, including with respect to meet requirements for the issuance of instruments to
loss absorbency, contractual stays, operational continuity qualifying affiliates (internal TLAC) in order to be able to
and funding in resolution. They are also required by the PRA transfer losses or otherwise recapitalize those subsidiaries.
to submit solvent wind-down plans on how they could be Under the U.K. financial services regime, GSG UK exceeds
wound down in a stressed environment. The PRA is also the the applicable thresholds and therefore, it is subject to
regulatory authority in the U.K. that supervises recovery internal TLAC requirements.
planning, and GSI and GSIB are each required to submit
recovery plans to the PRA. The CRD requires a non-E.U. group with more than €40
billion of assets in the E.U., such as us, to have an E.U.
intermediate holding company (E.U. IHC) if it has, as in our
case, two or more of certain types of E.U. financial institution
subsidiaries, including broker-dealers and banks. The ECB
granted GSBE and GSPIC an exemption to operate under two
E.U. IHCs. The CRR requires E.U. IHCs to satisfy capital
and liquidity requirements, a minimum requirement for own
funds and eligible liabilities (MREL), and certain other
prudential requirements at a consolidated level. The U.K. has
not implemented a similar requirement to establish an IHC;
however, the PRA requires that certain U.K. financial holding
companies or a designated U.K. group entity be responsible
for the U.K. group’s regulatory compliance. We have
designated GSI for that responsibility.

16 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

The BRRD II and the U.K. resolution regime subject Under the FDIA, if the FDIC is appointed as conservator or
institutions to a MREL, which is generally consistent with receiver for an IDI such as GS Bank USA, upon its insolvency
the Financial Stability Board’s (FSB’s) TLAC standard. The or in certain other events, the FDIC has broad powers,
Single Resolution Board imposes internal MREL including the power:
requirements applicable to GSBE. GSI is required to maintain
• To transfer any of the IDI’s assets and liabilities to a new
a minimum level of internal MREL and provide the Bank of
obligor, including a newly formed “bridge” bank, without
England the right to exercise bail-in triggers over certain
the approval of the depository institution’s creditors;
intercompany regulatory capital and senior debt instruments
issued by GSI. These triggers enable the Bank of England to • To enforce the IDI’s contracts pursuant to their terms
write down such instruments or convert such instruments to without regard to any provisions triggered by the
equity. The triggers can be exercised by the Bank of England appointment of the FDIC in that capacity; or
if it determines that GSI has reached the point of non-
• To repudiate or disaffirm any contract or lease to which
viability and the FRB and the FDIC have not objected to the
the IDI is a party, the performance of which is determined
bail-in or if Group Inc. enters bankruptcy or similar
by the FDIC to be burdensome and the repudiation or
proceedings.
disaffirmance of which is determined by the FDIC to
Insolvency of a BHC or IDI. The Dodd-Frank Act created a promote the orderly administration of the IDI.
resolution regime, OLA, for BHCs and their affiliates that are
In addition, the claims of holders of domestic deposit
systemically important. Under OLA, the FDIC may be
liabilities and certain claims for administrative expenses
appointed as receiver for the systemically important
against an IDI would be afforded a priority over other
institution and its failed non-bank subsidiaries if, upon the
general unsecured claims, including deposits at non-U.S.
recommendation of applicable regulators, the U.S. Secretary
branches and claims of debtholders of the IDI, in the
of the Treasury determines, among other things, that the
“liquidation or other resolution” of such an institution by
institution is in default or in danger of default, that the
any receiver. As a result, whether or not the FDIC ever
institution’s failure would have serious adverse effects on the
sought to repudiate any debt obligations of GS Bank USA,
U.S. financial system and that resolution under OLA would
the debtholders (other than depositors at U.S. branches)
avoid or mitigate those effects.
would be treated differently from, and could receive, if
If the FDIC is appointed as receiver under OLA, then the anything, substantially less than, the depositors at U.S.
powers of the receiver, and the rights and obligations of branches of GS Bank USA.
creditors and other parties who have dealt with the
institution, would be determined under OLA, and not under Deposit Insurance. Deposits at GS Bank USA have the
the bankruptcy or insolvency law that would otherwise benefit of FDIC insurance up to the applicable limits. The
apply. The powers of the receiver under OLA are generally FDIC’s Deposit Insurance Fund is funded by assessments on
based on the powers of the FDIC as receiver for depository IDIs. GS Bank USA’s assessment (subject to adjustment by
institutions under the FDIA, described below. the FDIC) is currently based on its average total consolidated
assets less its average tangible equity during the assessment
Substantial differences in the rights of creditors exist between period, its supervisory ratings and specified forward-looking
OLA and the U.S. Bankruptcy Code, including the right of financial measures used to calculate the assessment rate. In
the FDIC under OLA to disregard the strict priority of addition, the FDIC must recover, by special assessment,
creditor claims in some circumstances, the use of an losses to the FDIC deposit insurance fund as a result of the
administrative claims procedure to determine creditors’ FDIC’s use of the systemic risk exception to the least cost
claims (as opposed to the judicial procedure utilized in resolution test under the FDIA. See “Management’s
bankruptcy proceedings), and the right of the FDIC to Discussion and Analysis of Financial Condition and Results
transfer claims to a “bridge” entity. In addition, OLA limits of Operations — Results of Operations — Operating
the ability of creditors to enforce certain contractual cross- Expenses” in Part II, Item 7 of this Form 10-K for
defaults against affiliates of the institution in receivership. information about the estimated impact of the FDIC special
The FDIC has issued a notice that it would likely resolve a assessment fee. The deposits of GSBE are covered by the
failed FHC by transferring its assets to a “bridge” holding German statutory deposit protection program to the extent
company under its “single point of entry” or “SPOE” strategy provided by law. In addition, GSBE has elected to participate
pursuant to OLA. in the German voluntary deposit protection program which
provides further insurance for certain eligible deposits
beyond the coverage of the German statutory deposit
program. Eligible deposits at GSIB and the London branch of
GS Bank USA are covered by the U.K. Financial Services
Compensation Scheme up to the applicable limits.

Goldman Sachs 2024 Form 10-K 17

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Prompt Corrective Action. The U.S. Federal Deposit In addition, the Volcker Rule limits the sponsorship of, and
Insurance Corporation Improvement Act of 1991 (FDICIA) investment in, “covered funds” (as defined in the rule) by
requires the U.S. federal bank regulatory agencies to take banking entities, including us. It also limits certain types of
“prompt corrective action” in respect of depository transactions between us and our sponsored and advised
institutions that do not meet specified capital requirements. funds, similar to the limitations on transactions between
FDICIA establishes five capital categories for FDIC-insured depository institutions and their affiliates. Covered funds
banks, such as GS Bank USA: well-capitalized, adequately include our private equity funds, certain of our credit and real
capitalized, undercapitalized, significantly undercapitalized estate funds, our hedge funds and certain other investment
and critically undercapitalized. structures. The limitation on investments in covered funds
requires us to limit our investment in each such fund to 3%
An institution may be downgraded to, or deemed to be in, a or less of the fund’s net asset value, and to limit our aggregate
capital category that is lower than is indicated by its capital investment in all such funds to 3% or less of our Tier 1
ratios if it is determined to be in an unsafe or unsound capital.
condition or if it receives an unsatisfactory examination
rating with respect to certain matters. FDICIA imposes Other Restrictions. FHCs generally can engage in a broader
progressively more restrictive constraints on operations, range of financial and related activities than are otherwise
management and capital distributions, as the capital category permissible for BHCs as long as they continue to meet the
of an institution declines. Failure to meet the capital eligibility requirements for FHCs. The broader range of
requirements could also require a depository institution to permissible activities for FHCs includes underwriting, dealing
raise capital. Ultimately, critically undercapitalized and making markets in securities and making investments in
institutions are subject to the appointment of a receiver or non-FHCs (merchant banking activities). In addition, certain
conservator, as described in “Insolvency of an IDI or a BHC” FHCs, including us, are permitted to engage in certain
above. commodities activities in the U.S. that may otherwise be
impermissible for BHCs, so long as the assets held pursuant
The prompt corrective action regulations do not apply to
to these activities do not equal 5% or more of their
BHCs. However, the FRB is authorized to take appropriate
consolidated assets.
action at the BHC level, based upon the undercapitalized
status of the BHC’s depository institution subsidiaries. In The FRB, however, has the authority to limit an FHC’s
certain instances, relating to an undercapitalized depository ability to conduct activities that would otherwise be
institution subsidiary, the BHC would be required to permissible, and will likely do so if the FHC does not
guarantee the performance of the undercapitalized satisfactorily meet certain requirements of the FRB. For
subsidiary’s capital restoration plan and might be liable for example, if an FHC or any of its U.S. depository institution
civil money damages for failure to fulfill its commitments on subsidiaries ceases to maintain its status as well-capitalized or
that guarantee. Furthermore, in the event of the bankruptcy well-managed, the FRB may impose corrective capital and/or
of the BHC, the guarantee would take priority over the managerial requirements, as well as additional limitations or
BHC’s general unsecured creditors, as described in “Source of conditions. If the deficiencies persist, the FHC may be
Strength” above. required to divest its U.S. depository institution subsidiaries
or to cease engaging in activities other than the business of
Volcker Rule and Other Restrictions on Activities. As a
banking and certain closely related activities.
BHC, we are subject to limitations on the types of business
activities in which we may engage. In addition, we are required to obtain prior FRB approval
before certain acquisitions and before engaging in certain
Volcker Rule. The Volcker Rule prohibits “proprietary
banking and other financial activities both within and outside
trading,” but permits activities such as underwriting, market the U.S.
making and risk-mitigation hedging, requires an extensive
compliance program and includes additional reporting and U.S. G-SIBs, like us, are also required to comply with a rule
record-keeping requirements. regarding single counterparty credit limits, which imposes
more stringent requirements for credit exposures to major
financial institutions.
The New York State banking law imposes lending limits
(which take into account credit exposure from derivative
transactions) and other requirements that have in the past
impacted and could in the future impact the manner and
scope of GS Bank USA’s activities.

18 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

The U.S. federal bank regulatory agencies have issued The CRA does not establish specific lending requirements or
guidance that focuses on transaction structures and risk programs for financial institutions nor does it limit an
management frameworks and that outlines high-level institution’s discretion to develop the types of products and
principles for safe-and-sound leveraged lending, including services that it believes are best suited to its particular
underwriting standards, valuation and stress testing. This community, but depository institutions may only receive
guidance has, among other things, limited the percentage CRA credit for certain types of lending and for lending,
amount of debt that can be included in certain transactions. investments and services that support community
development, as defined in the CRA regulations. The CRA
As a German credit institution, GSBE is subject to Volcker
and its regulations require each appropriate federal bank
Rule-type prohibitions under German banking law and
regulatory agency, in connection with its examination of a
regulations because its financial assets exceed certain
depository institution, to assess such institution’s record of
thresholds. Prohibited activities include (i) proprietary
meeting the credit needs of the communities served by that
trading, (ii) high-frequency trading at a German trading
institution, including the needs of low- and moderate-income
venue, and (iii) lending and guarantee businesses with
borrowers and neighborhoods, and to make such assessment
German hedge funds, German funds of hedge funds or any
available to the public.
non-German substantially leveraged alternative investment
funds, unless an exclusion or an exemption applies. The assessment also is part of the FRB’s consideration of
applications to acquire, merge or consolidate with another
As part of its implementation of the Basel III Revisions, the
banking institution or its holding company, to assume
E.U. introduced new restrictions on the provision of certain
“core” banking services (i.e., deposit-taking, lending and the deposits of or acquire assets from another depository
provision of commitments and guarantees) cross-border into institution, to establish a new domestic branch office that
the E.U. Contracts in place before June 2026 will be subject will raise deposits, or to relocate an office. In the case of a
to a “grandfathering” provision and new core banking BHC applying for approval to acquire a bank or another
services will need to be executed out of our subsidiaries BHC, the FRB will assess the records of performance under
established in the E.U., including GSBE. the CRA of the IDIs involved in the transaction, and such
records may be the basis for denying the application.
U.K. banks that have over £35 billion of core retail deposits
are required to separate their retail banking services from If GS Bank USA fails to maintain at least a “satisfactory”
their investment and international banking activities, rating under the CRA, we would be subject to restrictions on
commonly known as “ring-fencing.” GSIB is not currently certain new activities and acquisitions.
subject to the ring-fencing requirement.
We are also subject to provisions of the New York Banking
CRA. In 2023, GS Bank USA ceased to be assessed as a Law that impose continuing and affirmative obligations upon
“wholesale bank” for CRA and New York Community New York State-chartered banks, such as GS Bank USA, to
Reinvestment Act (NYCRA) compliance purposes. GS Bank serve the credit needs of its local community (NYCRA). Such
USA instead adopted a strategic plan that was approved by obligations are substantially similar to those imposed by the
the FRB and NYDFS. The 2023 strategic plan will be in effect CRA. The NYCRA requires the NYDFS to make a periodic
through 2028. While the plan is in effect, its terms will not be written assessment of an institution’s compliance with the
impacted by the revised federal CRA regulations, jointly NYCRA, and to make such assessment available to the
published by the FDIC, FRB, and OCC in 2023. The revised public. The NYCRA also requires the NYDFS to consider the
federal CRA regulations tailor CRA evaluations to bank size NYCRA rating when reviewing an application to engage in
and type, with many of the changes applying only to banks certain transactions, including mergers, asset purchases and
with over $2 billion in assets and several applying only to the establishment of domestic branch offices, and provides
banks with over $10 billion in assets, including GS Bank that such assessment may serve as a basis for the denial of
USA. A court has issued a preliminary injunction enjoining any such application.
the U.S. federal bank regulatory agencies from enforcing the
revised regulations pending resolution of the lawsuit
challenging the regulations.

Goldman Sachs 2024 Form 10-K 19

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Broker-Dealer and Securities Regulation

Our broker-dealer subsidiaries, including GS&Co., are The SEC, FINRA and regulators in various non-U.S.
subject to regulations that cover all aspects of the securities jurisdictions have imposed both conduct-based and
business, including sales methods, trade practices, the use and disclosure-based requirements with respect to research
safekeeping of clients’ funds and securities, capital structure, reports and research analysts and may impose additional
record-keeping, the financing of clients’ purchases, and the regulations.
conduct of directors, officers and employees. In the U.S., the
SEC is the federal agency responsible for the administration The SEC prohibits participants involved in the creation of
of the federal securities laws. asset-backed securities, including any underwriter, placement
agent, initial purchaser or sponsor of an asset-backed security
U.S. state securities and other U.S. regulators also have (or any affiliate or subsidiary), from engaging in any
regulatory or oversight authority over GS&Co. For a transaction that involves or results in a material conflict of
description of net capital requirements applicable to interest between the securitization participant and an investor
GS&Co., see “Management’s Discussion and Analysis of in an asset-backed security, including reducing its exposure to
Financial Condition and Results of Operations — Capital the asset-backed securities, subject to certain exceptions.
Management and Regulatory Capital — Subsidiary Capital
Requirements — U.S. Regulated Broker-Dealer Subsidiaries” The SEC requires that SEC-registered clearing agencies set up
in Part II, Item 7 of this Form 10-K. policies and procedures that would, among other things,
require many market participants to clear cash and
The SEC requires lenders of securities to provide the material repurchase transactions involving U.S. Treasury securities
terms of securities lending transactions to FINRA and for through such a clearing agency by December 2025 for cash
FINRA to make certain terms publicly available. Reporting transactions and by June 2026 for repurchase transactions.
under this requirement will begin in January 2026. GS&Co. and other U.S. subsidiaries are also subject to rules
The SEC requires broker-dealers to act in the best interest of adopted by U.S. federal agencies pursuant to the Dodd-Frank
their retail customers. SEC rules require broker-dealers to Act that require any person who organizes or initiates certain
provide a standardized, short-form disclosure highlighting asset-backed securities transactions to retain a portion
services offered, applicable standards of conduct, fees and (generally, at least five percent) of any credit risk that the
costs, the differences between brokerage and advisory person conveys to a third party. For certain securitization
services, and any conflicts of interest. In addition, several transactions, retention by third-party purchasers may satisfy
states have adopted or proposed adopting uniform fiduciary this requirement.
duty standards applicable to broker-dealers. In Europe, we provide broker-dealer services, including
The SEC has proposed four rules to reform the U.S. equity through GSBE, GSPIC and GSI, that are subject to oversight
market structure, two of which have been adopted. In 2024, by European and national regulators. These services are
the SEC adopted a rule, effective December 2025, to revise regulated in accordance with E.U., U.K. and other national
and expand reporting and disclosure requirements relating to laws and regulations. These laws require, among other
execution quality. In 2024, the SEC also adopted a rule to things, compliance with certain capital adequacy and
update the minimum pricing increments, with variable price liquidity standards, customer protection requirements and
increments based on the trading characteristics of stocks. In market conduct and trade reporting rules. Certain of our
December 2024, the SEC stayed the implementation of this European subsidiaries are also regulated by the securities,
rule, which would apply starting in November 2025, pending derivatives and commodities exchanges of which they are
the outcome of litigation challenging the rule. members.

20 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

In the E.U. and the U.K., the Markets in Financial Swaps, Derivatives and Commodities Regulation
Instruments Directives (MiFID II) and the Markets in The commodity futures, commodity options and swaps
Financial Instruments Regulations (MiFIR) (as amended industry in the U.S. is subject to regulation under the U.S.
from time to time, including the proposed amendments to Commodity Exchange Act (CEA). The CFTC is the U.S.
MiFID II and MiFIR), have established trading venue federal agency charged with the administration of the CEA.
categories for the purposes of discharging the obligation to In addition, the SEC is the U.S. federal agency charged with
trade OTC derivatives on a trading platform, established the regulation of security-based swaps. The rules and
enhanced pre- and post-trade transparency covering a wide regulations of various self-regulatory organizations, such as
range of financial instruments, placed volume caps on non- the Chicago Mercantile Exchange, other futures exchanges
transparent liquidity trading for equities trading venues, and the National Futures Association (NFA), also govern
limited the use of broker-dealer equities crossing networks commodity futures, commodity options and swaps activities.
and created a regime for systematic internalizers in certain
The terms “swaps” and “security-based swaps” include a
financial instruments (which are investment firms that
wide variety of derivative instruments in addition to those
execute transactions outside a trading venue). Additional
conventionally referred to as swaps (including certain
control requirements apply to algorithmic trading, high
forward contracts and options), and relate to a wide variety
frequency trading and direct electronic access. Commodities
of underlying assets or obligations, including currencies,
trading firms are required to calculate their positions and
commodities, interest or other monetary rates, yields, indices,
adhere to specific position limits. MiFID II and MiFIR also
securities, credit events, loans and other financial obligations.
require transaction reporting, transparency on costs and
charges to clients for portfolio management and investment CFTC rules require registration of swap dealers, mandatory
advice services, restrictions on the way investment managers clearing and execution of interest rate and credit default
can pay for the receipt of investment research, rules limiting swaps and real-time public reporting and adherence to
the payment and receipt of soft commissions and other forms business conduct standards for all in-scope swaps. A number
of inducements, and rules addressing bundling for broker- of these requirements, particularly those regarding
dealers between execution and other major services. Certain recordkeeping and reporting, also apply to transactions that
of our non-U.S. subsidiaries, including GSBE, GSI and GSIB, do not involve a registered swap dealer. GS&Co. and other
are subject to E.U. and U.K. regulation applicable to subsidiaries, including GS Bank USA, GSBE, GSI and J.
securitization activities, which will require them to conduct Aron, are registered with the CFTC as swap dealers. The
upfront due diligence and ongoing monitoring in connection CFTC has rules establishing capital requirements for swap
with their investment in securitization positions and may dealers that are not subject to the capital rules of a prudential
impose ongoing risk retention and transparency requirements regulator, such as the FRB. The CFTC also has financial
where they are acting as a sponsor, original lender or reporting requirements for covered swap entities and capital
originator in respect of any E.U. or U.K. securitizations. rules for CFTC-registered futures commission merchants that
provide explicit capital requirements for proprietary
GSJCL, our regulated Japanese broker-dealer, is subject to
positions in swaps and security-based swaps that are not
capital requirements imposed by Japan’s Financial Services
cleared by a clearing organization. Certain of our registered
Agency. GSJCL is also regulated by the Tokyo Stock
swap dealers, including J. Aron, are subject to the CFTC’s
Exchange, the Bank of Japan and the Ministry of Finance,
capital requirements.
among others.
Our affiliates registered as swap dealers are subject to the
The Securities and Futures Commission in Hong Kong, the
margin rules issued by the CFTC (in the case of our non-bank
China Securities Regulatory Commission, the Reserve Bank
swap dealers) and the FRB (in the case of GS Bank USA and
of India, the Securities and Exchange Board of India, the
GSBE). Inter-affiliate transactions under the CFTC and FRB
Australian Securities and Investments Commission, the
margin rules are generally exempt from initial margin
Australian Securities Exchange, the Monetary Authority of
requirements.
Singapore, the Korean Financial Supervisory Service and the
Central Bank of Brazil, among others, regulate various of our Our affiliates registered as swap dealers are also subject to
subsidiaries and also have capital standards and other NFA regulation, including requirements pertaining to
requirements comparable to the rules of the U.S. regulators. cybersecurity and supervision, and the NFA examines them
for compliance with these requirements as well as compliance
Our exchange-based market-making activities are subject to
with CFTC rules.
extensive regulation by a number of securities exchanges. As
a market maker on exchanges, we are required to maintain
orderly markets in the securities to which we are assigned.

Goldman Sachs 2024 Form 10-K 21

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

SEC rules govern the registration and regulation of security- The CFTC has adopted rules that limit the size of positions
based swap dealers. Security-based swaps are defined as in physical commodity derivatives that can be held by any
swaps on single securities, single loans or narrow-based entity, or any group of affiliates or other parties trading
baskets or indices of securities. The SEC has adopted a under common ownership or control. The CFTC position
number of rules for security-based swap dealers, including (i) limits apply to futures on physical commodities and options
capital, margin and segregation requirements; (ii) record- on such futures, apply to both physically and cash settled
keeping, financial reporting and notification requirements; positions and to swaps that are economically equivalent to
(iii) business conduct standards; (iv) regulatory and public such futures and options. The position limit rules initially
trade reporting; and (v) the application of risk mitigation impose limits in the spot month only (i.e., during the delivery
techniques to uncleared portfolios of security-based swaps. period for the physical commodities, which is typically a
GS&Co., GS Bank USA, GSI, GSBE and Goldman Sachs period of several days).
Financial Markets, L.P. (GSFM) are registered with the SEC
J. Aron is authorized by the U.S. Federal Energy Regulatory
as security-based swap dealers and subject to the SEC’s
Commission (FERC) to sell wholesale physical power at
regulations regarding security-based swaps. The SEC has
market-based rates. As a FERC-authorized power marketer,
proposed additional regulations regarding security-based
J. Aron is subject to regulation under the U.S. Federal Power
swaps that would, among other things, require public
Act and FERC regulations and to the oversight of FERC. As a
reporting of large positions in security-based swaps.
result of our investing activities, Group Inc. is also an
GS Bank USA and GSBE are also subject to the FRB’s swaps “exempt holding company” under the U.S. Public Utility
margin rules. These rules require the exchange of initial and Holding Company Act of 2005 and applicable FERC rules.
variation margin in connection with transactions in swaps
In addition, as a result of our power-related and commodities
and security-based swaps that are not cleared through a
activities, we are subject to energy, environmental and other
registered or exempt clearinghouse. GS Bank USA and GSBE
governmental laws and regulations, as described in “Risk
are required to post and collect margin in connection with
Factors — Legal and Regulatory — Our commodities
transactions with swap dealers, security-based swap dealers,
activities, particularly our physical commodities activities,
major swap participants and major security-based swap
subject us to extensive regulation and involve certain
participants, or financial end users.
potential risks, including environmental, reputational and
The CFTC and the SEC have adopted rules relating to cross- other risks that may expose us to significant liabilities and
border regulation of swaps and security-based swaps, and costs” in Part I, Item 1A of this Form 10-K.
business conduct and registration requirements. The CFTC
GS&Co. is registered with the CFTC as a futures commission
and the SEC have entered into agreements with certain non-
merchant, and several of our subsidiaries, including GS&Co.,
U.S. regulators regarding the cross-border regulation of
are registered with the CFTC and act as commodity pool
derivatives and the mutual recognition of cross-border
operators and commodity trading advisors. GSFM is
execution facilities and clearinghouses, and have approved
registered with the SEC as an OTC derivatives dealer.
substituted compliance with certain non-U.S. regulations
related to certain business conduct requirements and margin Asset Management and Wealth Management
rules, among other requirements. The U.S. prudential Regulation
regulators have not yet made a determination with respect to Our asset management and wealth management businesses
substituted compliance for transactions subject to non-U.S. are subject to extensive oversight by regulators around the
margin rules. world relating to, among other things, the fair treatment of
clients, safeguarding of client assets, offerings of funds,
Similar types of regulation have been proposed or adopted in
marketing activities, transactions among affiliates and our
jurisdictions outside the U.S., including in the E.U. and
management of client funds.
Japan. Under the European Market Infrastructure Regulation
(EMIR), for example, the E.U. and the U.K. have established The federal securities laws impose fiduciary duties on
regulatory requirements relating to portfolio reconciliation investment advisers, including GS&Co., Goldman Sachs
and reporting, clearing certain OTC derivatives and Asset Management, L.P. and our other U.S. registered
margining for uncleared derivatives activities. In addition, investment adviser subsidiaries, and SEC rules prescribe
under the European Markets in Financial Instruments mandatory disclosures.
Directive and Regulation, transactions in certain types of
The SEC requires certain institutional investment managers
derivatives are required to be executed on regulated
that meet or exceed certain specified reporting thresholds to
platforms or exchanges.
report on a monthly basis specific short position data and
short activity data for equity securities. Reporting under this
rule was required beginning in January 2025.

22 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

In 2024, the SEC issued guidance addressing the rules Compensation Practices
governing liquidity risk management of open-end Our compensation practices are subject to oversight by the
management investment companies, such as mutual funds, FRB and, with respect to some of our subsidiaries and
and adopted amendments to the reporting requirements for employees, by other regulatory bodies worldwide.
certain registered investment companies, requiring such
The FSB has released standards for implementation by local
investment companies to, among other things, file reports
regulators that are designed to encourage sound
about their portfolios and each of their portfolio holdings on
compensation practices at banks and other financial
a monthly basis within 30 days of the end of each month companies. The U.S. federal bank regulatory agencies have
(compared to 60 days of the end of the fiscal quarter under also provided guidance designed to ensure that incentive
the previous rule) and, for open-end management investment compensation arrangements at banking organizations take
companies such as mutual funds, to identify and provide into account risk and are consistent with safe and sound
certain information about the service providers used to fulfill practices. The guidance sets forth the following three key
the rules governing liquidity risk management. Compliance principles with respect to incentive compensation
with these amendments is required by November 17, 2025. arrangements: (i) the arrangements should provide employees
Timely compliance with these accelerated or new reporting with incentives that appropriately balance risk and financial
requirements will require us to enhance systems and results in a manner that does not encourage employees to
disclosure controls and procedures. expose their organizations to imprudent risk; (ii) the
arrangements should be compatible with effective controls
Certain of our European subsidiaries, including GSBE in the
and risk management; and (iii) the arrangements should be
E.U. and GSAMI in the U.K., are subject to MiFID II and/or supported by strong corporate governance. The guidance
related regulations (including the U.K. legislation making provides that supervisory findings with respect to incentive
such regulations part of U.K. law), which govern the compensation will be incorporated, as appropriate, into the
approval, organizational, marketing and reporting organization’s supervisory ratings, which can affect its ability
requirements of E.U. or U.K.-based investment managers and to make acquisitions or perform other actions. The guidance
the ability of investment fund managers located outside the also notes that enforcement actions may be taken against a
E.U. or the U.K. to access those markets. Goldman Sachs banking organization if its incentive compensation
Asset Management BV is subject to similar requirements as a arrangements or related risk management, control or
management company licensed under the E.U. Undertakings governance processes pose a risk to the organization’s safety
for Collective Investment in Transferable Securities (UCITS) and soundness.
Directive and the E.U. Alternative Investment Fund
The Dodd-Frank Act requires U.S. financial regulators,
Managers (AIFM) Directive with additional authorizations
including the FRB and SEC, to adopt rules on incentive-based
for certain activities regulated under MiFID II. Our asset
payment arrangements at specified regulated entities having
management business in the E.U. and the U.K. significantly
at least $1 billion in total assets. The U.S. financial regulators
depends on our ability to delegate parts of our activities to
proposed revised rules in 2016, which have not been finalized.
other affiliates.
In accordance with an SEC rule, securities exchanges have
GSAMI is also subject to the prudential regime for U.K. adopted rules mandating, in the case of a restatement, the
investment firms, the Investment Firms Prudential Regime, recovery or “clawback” of excess incentive-based
which governs the prudential requirements for U.K. compensation paid to current or former executive officers
investment firms prudentially regulated by the FCA. and requiring listed issuers to disclose any recovery analysis
where recovery is triggered by a restatement.
Consumer Regulation
Our U.S. consumer-oriented activities are subject to The NYDFS’ guidance emphasizes that any incentive
supervision and regulation by the CFPB with respect to compensation arrangements tied to employee performance
federal consumer protection laws, including laws relating to indicators at banking institutions regulated by the NYDFS,
fair lending and the prohibition of unfair, deceptive or including GS Bank USA, must be subject to effective risk
abusive acts or practices in connection with the offer, sale or management, oversight and control.
provision of consumer financial products and services. Our
In the E.U., certain provisions in the CRR and CRD are
consumer-oriented activities are also subject to various state
designed to meet the FSB’s compensation standards. These
and local consumer protection laws, rules and regulations,
provisions limit the ratio of variable to fixed compensation of
which, among other things, impose obligations relating to
all employees at GSBE and of certain employees at our other
marketing, origination, servicing and collections activities in
operating subsidiaries in the E.U., including those employees
our consumer businesses. In addition, our U.K. consumer
identified as having a material impact on the risk profile of
deposit-taking activities are subject to U.K. consumer
regulated entities. CRR II and CRD V amended certain
protection laws and regulations.
aspects of these rules, including, by increasing minimum
variable compensation deferral periods.

Goldman Sachs 2024 Form 10-K 23

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

The E.U. and the U.K. have each also introduced investment The Corporate Transparency Act (CTA) was enacted in 2021
firm regimes, including rules regulating compensation for as part of the AMLA and designed to establish beneficial
certain persons providing services to certain investment ownership information reporting requirements for certain
funds. types of entities, and in 2024, FinCEN’s rule implementing
the reporting requirements of the CTA became effective.
Anti-Money Laundering and Anti-Bribery Rules and
Under the rule, domestic companies formed before 2024
Regulations
would be required to file their initial report by January 1,
The U.S. Bank Secrecy Act, as amended (BSA), including by
2025 and domestic companies formed in or after 2024 would
the USA PATRIOT Act of 2001 and the Anti-Money
be required to file their initial report within, respectively, 90
Laundering Act of 2020 (AMLA), contains anti-money
or 30 days of their formation, in each case subject to certain
laundering and financial transparency laws and authorizes or
exemptions. On February 19, 2025, FinCEN announced that
mandates the promulgation of various regulations applicable
the earliest initial reporting deadline is March 21, 2025.
to financial institutions, including standards for verifying
client identification at account opening, and obligations to In 2024, FinCEN and the SEC proposed a rule that would
monitor client transactions and report suspicious activities. require certain investment advisers to implement reasonable
Through these and other provisions, the BSA seeks, among procedures to identify and verify the identities of their
other things, to promote the identification of parties that may customers. In 2024, FinCEN proposed to amend the anti-
be involved in terrorism, money laundering or other money laundering/countering the financing of terrorism
suspicious activities. (AML/CFT) program requirements for all financial
institutions subject to the BSA that have AML/CFT program
The AMLA was intended to comprehensively reform and
obligations, including us. The proposal would, among other
modernize U.S. anti-money laundering laws. Among other
things, require a financial institution’s risk assessment
things, the AMLA codifies a risk-based approach to anti-
process to identify, evaluate and document the financial
money laundering compliance for financial institutions;
institution’s money laundering, terrorist financing and other
requires the U.S. Department of the Treasury to periodically
illicit activity risks, and update such risk assessments on a
promulgate priorities for anti-money laundering and
periodic basis. In 2024, the U.S. federal bank regulatory
countering the financing of terrorism; requires the
agencies proposed amendments to their respective BSA
development of standards by the U.S. Department of the
program rules to align those rules with the FinCEN proposal.
Treasury for testing technology and internal processes for
FinCEN has also adopted a rule, effective on January 1, 2026,
BSA compliance; expands enforcement- and investigation-
that includes certain investment advisers, such as us, in the
related authority, including a significant expansion in the
definition of “financial institutions” under FinCEN’s rules
available sanctions for certain BSA violations; and expands
implementing the BSA and, among other things, prescribes
BSA whistleblower incentives and protections. Certain
minimum standards for AML/CFT programs to be
statutory provisions in the AMLA require rulemakings
established by such investment advisers and requires them to
beyond those that have already been finalized, reports and
report suspicious activity to FinCEN.
other measures. The impact of the AMLA will depend on,
among other things, these additional rulemakings and We are subject to other laws and regulations worldwide
implementation guidance. The Financial Crimes Enforcement relating to anti-money laundering and financial transparency,
Network (FinCEN), a bureau of the U.S. Department of including the E.U. Anti-Money Laundering Directives. In
Treasury, has issued the priorities for anti-money laundering addition, we are subject to the U.S. Foreign Corrupt Practices
and countering the financing of terrorism, as required under Act (FCPA), the U.K. Bribery Act and other laws and
the AMLA. The priorities include: corruption, cybercrime, regulations worldwide regarding corrupt and illegal
terrorist financing, fraud, transnational crime, drug payments, or providing anything of value, for the benefit of
trafficking organization activity, human trafficking and government officials and others. The scope of the types of
proliferation financing. payments or other benefits covered by these laws is very
broad. These laws and regulations include requirements
relating to the identification of clients, monitoring for and
reporting suspicious transactions, monitoring direct and
indirect payments to politically exposed persons, providing
information to regulatory authorities and law enforcement
agencies, and sharing information with other financial
institutions.

24 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Privacy and Cybersecurity Regulation

Our businesses are subject to numerous laws and regulations Our businesses are also subject to laws and regulations
relating to the privacy of information regarding clients, governing cybersecurity and related risks, and which require
employees and others. These include, but are not limited to, regulatory disclosures, and, in some instances, individual
the GLB Act, the California Consumer Privacy Act of 2018, disclosures, of certain security incidents. These include, but
as amended by the California Privacy Rights Act of 2020 are not limited to, the NYDFS Cybersecurity Requirements
(CCPA), the E.U.’s General Data Protection Regulation for Financial Services Companies. The NYDFS also requires
(GDPR), the U.K.’s Data Protection Act 2018 and U.K. financial institutions regulated by the NYDFS, including GS
GDPR, the Swiss Federal Data Protection Act, the Japanese Bank USA, to, among other things, (i) establish and maintain
Personal Information Protection Act, the Personal a cybersecurity program designed to ensure the
Information Protection Law of the People’s Republic of confidentiality, integrity and availability of their information
China, the Australian Privacy Act 1988, and India’s Digital systems; (ii) implement and maintain a written cybersecurity
Personal Data Protection Act. Generally, privacy laws impose policy setting forth policies and procedures for the protection
obligations with regard to the collection, use and disclosure of their information systems and nonpublic information; and
of personal information and require public disclosure of (iii) designate a Chief Information Security Officer. In 2023,
privacy practices. Some privacy laws offer individuals certain the NYDFS adopted amendments to its cybersecurity
rights about how their personal information is processed, regulations that will impose heightened or additional
provide for significant penalties for non-compliance, and, requirements with respect to cybersecurity incident
under certain circumstances, impose requirements for notifications, risk management and governance. Most of
transfers of personal data across national borders. these amendments became effective in 2024 although certain
amendments have a longer transition period and become
In 2023, the SEC proposed to amend Regulation Systems
effective in 2025.
Compliance and Integrity (SCI). The proposed amendments
to Regulation SCI would, among other things, expand the In 2023, the E.U. Digital Operational Resilience Act (DORA)
types of entities covered by the regulation, require additional became effective and applies from January 2025. DORA
policies and procedures to address cybersecurity risks, and requires E.U. financial entities, such as GSBE, to have a
require disclosure of additional types of cybersecurity events comprehensive governance and control framework for the
to the SEC. management of information and communications technology
risk. In addition, in 2024, the E.U. Artificial Intelligence Act
In 2024, the SEC amended Regulation S-P that implements
(E.U. AI Act) became effective. Certain provisions of the E.U.
the GLB Act. The amendments to Regulation S-P require
AI Act apply from February 2025, with other provisions
broker-dealers, investment companies and investment
applying between August 2025 and August 2027. The E.U. AI
advisers registered with the SEC to adopt written policies and
Act establishes rules for placing on the market, putting into
procedures for incident response programs to address
service, and using artificial intelligence systems in the E.U.
unauthorized access to or use of customer information. The
amended Regulation S-P requires covered entities to notify In 2024, the CFPB adopted a rule regarding personal financial
within 30 days individuals affected by an incident involving data rights that requires financial institutions that offer
sensitive customer information and provide them with details consumer deposit accounts and issue credit cards, such as GS
about the incident and other information intended to help Bank USA, to provide consumers electronic access to at least
affected individuals respond appropriately. Larger covered 24 months of transaction data and certain account
entities, such as GS&Co., will have until December 2025, and information and are prohibited from imposing any fees or
smaller covered entities will have until June 2026, to comply charges for maintaining or providing access to such data. The
with the amended Regulation S-P. In 2024, the California rule also imposes data accuracy, retention and other
Privacy Protection Agency proposed regulations under the obligations, and data use limitations and other obligations on
CCPA relating to cybersecurity audits, risk assessments, and entities obtaining access to such personal financial data, such
automated decision-making technology. as GS&Co. The current compliance deadline for large
financial institutions, including GS Bank USA, is April 1,
2026. However, this timeline is potentially subject to change
as a result of CFPB action or currently pending litigation.
See “Management’s Discussion and Analysis of Financial
Condition and Results of Operations — Risk Management
— Cybersecurity Risk Management” in Part II, Item 7 of this
Form 10-K for further information about our cybersecurity
risk management, strategy and governance.

Goldman Sachs 2024 Form 10-K 25

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Environmental, Social and Governance (ESG)

Policymakers, lawmakers and regulators in the U.S. and Certain states have also enacted, or are considering enacting,
other jurisdictions have recently increased their focus on “fair access” statutes that generally prohibit financial
ESG-related risk oversight, disclosure, and practices at institutions from denying or canceling services on the basis of
financial institutions and other companies. factors, such as political opinions, religious beliefs, “social
credit scores,” or any factor that is not quantitative,
In 2023, the federal bank regulatory agencies jointly issued impartial, and risk-based.
principles for climate-related financial risk management for
large financial institutions, which apply to regulated financial Certain of our entities are expected to be subject, in varying
institutions with more than $100 billion in total consolidated degrees, to sustainability-related laws being implemented
assets, including us. The principles are intended to support across certain jurisdictions, including by E.U. member states.
efforts by large financial institutions to focus on key aspects E.U. rules include directives, such as the Corporate
of climate-related financial risk management and consist of Sustainability Reporting Directive (CSRD) and the Corporate
six general principles: (1) governance; (2) policies, Sustainability Due Diligence Directive (CSDDD), both of
procedures, and limits; (3) strategic planning; (4) risk which would, if implemented in current form, significantly
management; (5) data, risk measurement, and reporting; and expand the scope of ESG disclosure requirements applicable
(6) scenario analysis. In 2023, the SEC adopted amendments to us. There remains uncertainty around timing, scope and
to Rule 35d-1 (Names Rule) under the Investment Company impacts to us, as numerous member states have not yet
Act of 1940. The previous Names Rule generally required a transposed some of these directives into national law, and the
fund with a name suggesting a focus in a particular type of European Commission stated its intention to revisit these
investment, or in investments in a particular industry or directives, among potentially others, with a desire to pursue
geographic region, to adopt a policy to invest at least 80% of an Omnibus package, which could impact us. Our regulated
the value of its assets in the type of investment, or in banking subsidiaries in the E.U. are also subject to
investments in the industry, country or geographic region, supervisory expectations and potential enforcement actions
suggested by its name. The amendments expand such 80% for, among others, the management of climate-related
investment policy to apply to any fund name with terms financial risks and related disclosure.
suggesting that the fund focuses in investments that have, or The CRR and the E.U. member states’ legislation
investments whose issuers have, particular characteristics, implementing CRD require large institutions with securities
including names that suggest the fund incorporates ESG traded on a regulated market of a member state to make
factors in its investment decisions. In 2022, the SEC proposed qualitative and quantitative disclosures relating to
a rule that would require enhanced disclosures by certain environmental, social and governance risks on a semi-annual
investment advisers and investment companies about their basis. GSBE is expected to become subject to this requirement
ESG investment practices. in January 2026.
In 2024, the SEC adopted final rules requiring registrants to In 2021, the FCA introduced mandatory Taskforce on
provide certain climate-related disclosures, including Scope 1 Climate-related Financial Disclosures (TCFD)-aligned
and Scope 2 greenhouse gas emissions to the extent they are disclosure requirements for certain FCA-regulated firms,
material. These rules require certain disclosures related to including GSI and GSAMI. These entities are also subject to
severe weather events and other natural conditions in the climate-related financial disclosures required under the U.K.
notes to audited financial statements. These disclosures are Companies Act. In addition, during 2024, new FCA rules on
required to be phased-in over multiple years beginning with sustainability requirements and investment labels became
fiscal year 2025 for large accelerated filers like us. However, effective. We continue to assess the impact of other ESG-
the SEC has stayed the implementation of these rules, related regulatory frameworks that will, or are proposed to,
pending the outcome of litigation challenging the rules. in the future apply to our FCA- and/or PRA-regulated
Several states in which we operate have enacted or proposed subsidiaries. Our PRA-regulated banking subsidiaries are
statutes, regulations or guidance addressing climate change also subject to the PRA’s supervisory expectations for the
and other ESG issues, including climate disclosure laws and management of climate-related financial risks, including with
climate-related financial risk management guidance. For respect to governance, risk management, scenario analysis
example, in 2023, the NYDFS issued guidance on climate- and disclosure.
related financial risk management applicable to NYDFS-
regulated banking and mortgage organizations, including GS
Bank USA. The guidance addresses material financial risks
related to climate change faced by these organizations in the
context of risk assessment, risk management, and risk
appetite setting.

26 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Information about our Executive Officers

Set forth below are the name, age, present title, principal John F.W. Rogers, 68
occupation and certain biographical information for the Mr. Rogers has been an Executive Vice President since April
executive officers who have been appointed by, and serve at 2011 and Secretary to the Board since December 2001. He
the pleasure of, Group Inc.’s Board. also served as Chief of Staff from December 2001 to
Denis P. Coleman III, 51
September 2023.
Mr. Coleman has been Chief Financial Officer since January Kathryn H. Ruemmler, 53
2022. He had previously served as Deputy Chief Financial Ms. Ruemmler has been the Chief Legal Officer, General
Officer from September 2021 and, prior to that, Co-Head of Counsel and Secretary since March 2021, and was previously
the Global Financing Group from June 2018 to September Global Head of Regulatory Affairs from April 2020. From
2021. From 2016 to June 2018, he was Head of the EMEA June 2014 to April 2020, Ms. Ruemmler was a Litigation
Financing Group, and from 2009 to 2016 he was Head of Partner at Latham & Watkins LLP, a global law firm, where
EMEA Credit Finance in London. she was Global Chair of the White Collar Defense and
Sheara J. Fredman, 49
Investigations practice.
Ms. Fredman has been Controller and Chief Accounting David Solomon, 63
Officer since November 2019. She had previously served as Mr. Solomon has been Chairman of the Board since January
Head of Regulatory Controllers from September 2017 and, 2019 and Chief Executive Officer and a director since
prior to that, she had served as Global Product Controller. October 2018. He had previously served as President and
Alex Golten, 49
Chief or Co-Chief Operating Officer from January 2017 and
Mr. Golten has been Chief Risk Officer since January 2025. Co-Head of the Investment Banking Division from July 2006
He had previously served as Head of Finance Risk from July to December 2016.
2024 to December 2024, as Head of Enterprise Risk from John E. Waldron, 55
June 2022 to July 2024 and as Chief Market Risk Officer Mr. Waldron has been President and Chief Operating Officer
from November 2020 to January 2025. Prior to that, he was since October 2018. He had previously served as Co-Head of
Chief Credit Risk Officer from January 2018 to April 2021. the Investment Banking Division from December 2014. Prior
Carey Halio, 51
to that he was Global Head of Investment Banking Services/
Ms. Halio has been Global Treasurer since May 2024. She Client Coverage for the Investment Banking Division and had
had previously served as Chief Strategy Officer from October oversight of the Investment Banking Services Leadership
2022 to June 2024, and as Global Head of Investor Relations Group, and from 2007 to 2009 was Global Co-Head of the
from May 2021 to April 2024. Prior to that, she was Chief Financial Sponsors Group.
Executive Officer of GS Bank USA from October 2018 to
May 2021, Deputy Treasurer from September 2019 to May
2021 and Chief Financial Officer of GS Bank USA from June
2014 to September 2018.

Goldman Sachs 2024 Form 10-K 27

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Available Information Investor Relations can be contacted at The Goldman Sachs

Group, Inc., 200 West Street, 29th Floor, New York, New
Our internet address is www.goldmansachs.com and the York 10282, Attn: Investor Relations, telephone:
investor relations section of our website is located at 212-902-0300, e-mail: [email protected]. We use
www.goldmansachs.com/investor-relations, where we make the following, as well as other social media channels, to
available, free of charge, our annual reports on Form 10-K, disclose public information to investors, the media and
quarterly reports on Form 10-Q and current reports on Form others:
8-K and amendments to those reports filed or furnished
• Our website (www.goldmansachs.com);
pursuant to Section 13(a) or 15(d) of the Exchange Act, as
well as proxy statements, as soon as reasonably practicable • Our X, formerly known as Twitter, account (x.com/
after we electronically file such material with, or furnish it to, GoldmanSachs); and
the SEC. Also posted on our website, and available in print
• Our Instagram account (instagram.com/GoldmanSachs).
upon request of any shareholder to our Investor Relations
Department (Investor Relations), are our certificate of Our officers may use similar social media channels to disclose
incorporation and by-laws, charters for our Audit, Risk, public information. It is possible that certain information we
Compensation, Corporate Governance and Nominating, and or our officers post on our website and on social media could
Public Responsibilities Committees, our Policy Regarding be deemed material, and we encourage investors, the media
Director Independence Determinations, our Policy on and others interested in Goldman Sachs to review the
Reporting of Concerns Regarding Accounting and Other business and financial information we or our officers post on
Matters, our Corporate Governance Guidelines and our our website and on the social media channels identified
Code of Business Conduct and Ethics governing our above. The information on our website and those social
directors, officers and employees. Within the time period media channels is not incorporated by reference into this
required by the SEC, we will post on our website any Form 10-K.
amendment to the Code of Business Conduct and Ethics and
any waiver applicable to any executive officer, director or
senior financial officer. Forward-Looking Statements
Our website also includes information about (i) purchases We have included in this Form 10-K, and our management
and sales of our equity securities by our executive officers and may make, statements that constitute “forward-looking
directors; (ii) disclosure relating to certain non-GAAP statements” within the meaning of the safe harbor provisions
financial measures (as defined in the SEC’s Regulation G) of the U.S. Private Securities Litigation Reform Act of 1995.
that we may make public orally, telephonically, by webcast, Forward-looking statements are not historical facts or
by broadcast or by other means; (iii) our U.S. Dodd-Frank statements of current conditions, but instead represent only
Wall Street Reform and Consumer Protection Act Stress our beliefs regarding future events, many of which, by their
Tests results; (iv) the public portion of our and GS Bank nature, are inherently uncertain and outside our control.
USA’s resolution plan submissions; (v) our Pillar 3 disclosure; By identifying these statements for you in this manner, we are
(vi) our average daily LCR; (vii) our average daily NSFR; alerting you to the possibility that our actual results, financial
(viii) our People Strategy Report; (ix) our Sustainability condition, liquidity and capital actions may differ, possibly
Report; and (x) our TCFD Report. materially, from the anticipated results, financial condition,
liquidity and capital actions in these forward-looking
statements. Important factors that could cause our results,
financial condition, liquidity and capital actions to differ
from those in these statements include, among others, those
described below and in “Risk Factors” in Part I, Item 1A of
this Form 10-K.

28 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

These statements may relate to, among other things, (i) our Statements about our target ROE, ROTE, efficiency ratio
future plans and results, including our target return on and expense savings, and how they can be achieved, are
average common shareholders’ equity (ROE), return on based on our current expectations regarding our business
average tangible common shareholders’ equity (ROTE), prospects and are subject to the risk that we may be unable to
efficiency ratio, CET1 capital ratio and firmwide total credit achieve our targets due to, among other things, changes in
alternative assets, and how they can be achieved, (ii) trends in our business mix and inability to grow our businesses and
or growth opportunities for our businesses, including the execute our strategy.
timing, costs, profitability, benefits and other aspects of Statements about our target ROE, ROTE and CET1 capital
business and strategic initiatives and their impact on our ratio, and how they can be achieved, are based on our current
efficiency ratio, as well as the opportunities and challenges expectations regarding the capital requirements applicable to
presented by artificial intelligence (AI), (iii) our level of future us and are subject to the risk that our actual capital
compensation expense, (iv) our Investment banking fees requirements may be higher than currently anticipated
backlog and future advisory and capital markets results, (v) because of, among other factors, changes in the regulatory
our expected interest income and interest expense, (vi) our capital requirements applicable to us resulting from changes
expense savings and strategic locations initiatives, (vii) in regulations, including as a result of any revisions to the
expenses we may incur, including future litigation expense, U.S. bank regulatory capital rules, or the interpretation or
(viii) the projected growth of our deposits and other funding, application of existing regulations or changes in the nature
asset liability management and funding strategies and related and composition of our activities.
interest expense savings, (ix) our business initiatives, (x) our
Statements about our total credit alternative assets targets are
planned 2025 benchmark debt issuances, (xi) the amount,
based on our current expectations regarding our fundraising
composition and location of global core liquid assets (GCLA)
prospects and are subject to the risk that actual inflows may
we expect to hold, (xii) our credit exposures, (xiii) our
be lower than expected due to, among other factors,
expected provision for credit losses, (xiv) the adequacy of our
competition from other asset managers, changes in
allowance for credit losses, (xv) the narrowing of our
investment preferences and changes in economic or market
consumer business, (xvi) the objectives and effectiveness of
conditions.
our business continuity planning (BCP), information security
program, risk management and liquidity policies, (xvii) our Statements about the timing, costs, profitability, benefits and
resolution plan and its implications for stakeholders, (xviii) other aspects of business and expense savings initiatives, the
the design and effectiveness of our resolution capital and level and composition of more durable revenues and increases
liquidity models and triggers and alerts framework, (xix) the in market share and the narrowing of our consumer business
results of stress tests, the effect of changes to regulations, and are based on our current expectations regarding our ability to
our future status, activities or reporting under banking and implement these initiatives, and actual results may differ,
financial regulation, (xx) our expected tax rate, (xxi) the possibly materially, from our current expectations due to,
future state of our liquidity and regulatory capital ratios, and among other things, a delay in the timing of these initiatives,
our prospective capital distributions (including dividends and increased competition and an inability to reduce expenses
repurchases), (xxii) our expected SCB and G-SIB surcharge, and grow businesses with more durable revenues or to exit
(xxiii) legal proceedings, governmental investigations or certain consumer businesses.
other contingencies, (xxiv) the asset recovery guarantee and
Statements about the level of future compensation expense,
our remediation activities related to our 1Malaysia
including as a percentage of both operating expenses and net
Development Berhad (1MDB) settlements, (xxv) the
revenues, net of provision for credit losses, and our efficiency
effectiveness of our management of our human capital, (xxvi)
ratio are subject to the risks that the compensation and other
our sustainability and carbon neutrality targets and goals,
costs to operate our businesses may be greater than currently
(xxvii) future inflation, (xxviii) the impact of Russia’s
expected.
invasion of Ukraine and related sanctions and other
developments on our business, results and financial position,
(xxix) our ability to sell, and the terms of any proposed sales
of, Asset & Wealth Management historical principal
investments and our ability to transition the GM credit card
program to another issuer, (xxx) the impact of the conflicts
in the Middle East, (xxxi) our ability to manage our
commercial real estate exposures, (xxxii) the profitability of
Platform Solutions and (xxxiii) the effectiveness of our
cybersecurity risk management process.

Goldman Sachs 2024 Form 10-K 29

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Statements about our Investment banking fees backlog and Statements about our future effective income tax rate are
future advisory and capital market results are subject to the subject to the risk that it may differ from the anticipated rate
risk that advisory and capital market activity may not indicated in such statements, possibly materially, due to,
increase as the firm expects or that such transactions may be among other things, changes in the tax rates applicable to us,
modified or may not be completed at all, and related net changes in our earnings mix, our profitability and entities in
revenues may not be realized or may be materially less than which we generate profits, the assumptions we have made in
expected. Important factors that could have such a result forecasting our expected tax rate, the interpretation or
include, for underwriting transactions, a decline or weakness
application of existing tax statutes and regulations, as well as
in general economic conditions, an outbreak or worsening of
hostilities, including those in Ukraine and the Middle East, any corporate tax legislation that may be enacted or any
continuing volatility in the securities markets or an adverse guidance that may be issued by the U.S. Internal Revenue
development with respect to the issuer of the securities and, Service or in the other jurisdictions in which we operate
for advisory transactions, a decline in the securities markets, (including Global Anti-Base Erosion (Pillar II) guidance).
an inability to obtain adequate financing, an adverse Statements about the future state of our liquidity and
development with respect to a party to the transaction or a
regulatory capital ratios (including our SCB and G-SIB
failure to obtain a required regulatory approval.
surcharge), and our prospective capital distributions
Statements about the projected growth of our deposits and (including dividends and repurchases), are subject to the risk
other funding, asset liability management and funding that our actual liquidity, regulatory capital ratios and capital
strategies and related interest expense savings, and our distributions may differ, possibly materially, from what is
platform solutions business, are subject to the risk that actual currently expected due to, among other things, the need to
growth, savings and profitability may differ, possibly use capital to support clients, increased regulatory
materially, from that currently anticipated due to, among requirements resulting from changes in regulations or the
other things, changes in interest rates and competition from interpretation or application of existing regulations, results of
other similar products. applicable supervisory stress tests, changes to the
Statements about planned 2025 benchmark debt issuances composition of our balance sheet and our results of
and the amount, composition and location of GCLA we operations. Statements about the estimated impact of
expect to hold are subject to the risk that actual issuances and proposed, but not finalized, capital rules are subject to
GCLA levels may differ, possibly materially, from that change as the proposed rules may change, the final rules may
currently expected due to changes in market conditions, differ from the proposed rules and our balance sheet
business opportunities or our funding and projected liquidity composition will change. As a consequence, we may
needs. underestimate the actual impact of the final rules.

Statements about our expected provision for credit losses are Statements about the risk exposure related to the asset
subject to the risk that actual credit losses may differ and our recovery guarantee provided to the Government of Malaysia
expectations may change, possibly materially, from that are subject to the risk that we may be unsuccessful in our
currently anticipated due to, among other things, changes to arbitration against the Government of Malaysia. Statements
the composition of our loan portfolio and changes in the about the progress or the status of remediation activities
economic environment in future periods and our forecasts of relating to 1MDB are based on our expectations regarding
future economic conditions, as well as changes in our models, our current remediation plans. Accordingly, our ability to
policies and other management judgments. complete the remediation activities may change, possibly
materially, from what is currently expected.

30 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Statements about our objectives in management of our Item 1A. Risk Factors
human capital are based on our current expectations and are
subject to the risk that we may not achieve these objectives. We face a variety of risks that are substantial and inherent in
our businesses.
Statements about our sustainability and carbon neutrality,
net-zero or other sustainability-related targets and goals are The following is a summary of some of the more important
based on our current expectations and are subject to the risk factors that could affect our businesses:
that we may not achieve these targets and goals due to, Market
among other things, global socio-demographic and economic • Our businesses have been and may in the future be
trends, energy prices, lack of technological innovations, adversely affected by conditions in the global financial
climate-related conditions and weather events, legislative and markets and broader economic conditions.
regulatory changes, consumer behavior and demand, and
• Our businesses have been and may in the future be
other unforeseen events or conditions.
adversely affected by declining asset values, particularly
Statements about future inflation are subject to the risk that where we have net “long” positions, receive fees based on
actual inflation may differ, possibly materially, due to, the value of assets managed, or receive or post collateral.
among other things, changes in economic growth,
• Our market-making activities have been and may in the
unemployment or consumer demand.
future be affected by changes in the levels of market
Statements about the impact of Russia’s invasion of Ukraine volatility.
and related sanctions, the impact of the conflicts in the
• Our investment banking, client intermediation, asset
Middle East and other developments on our business, results
management and wealth management businesses have been
and financial position are subject to the risks that hostilities
adversely affected and may in the future be adversely
may escalate and expand, that sanctions may increase and
affected by market uncertainty or lack of confidence
that the actual impact may differ, possibly materially, from
among investors and CEOs due to declines in economic
what is currently expected.
activity and other unfavorable economic, geopolitical or
Statements about the proposed sales of Asset & Wealth market conditions.
Management historical principal investments are subject to
• Our asset management and wealth management businesses
the risks that buyers may not bid on these assets or bid at
have been and may in the future be adversely affected by
levels, or with terms, that are unacceptable to us, and that the
the poor investment performance of our investment
performance of these activities may deteriorate as a result of
products or a client preference for products other than
the proposed sales, and statements about our ability to
those which we offer or for products that generate lower
transition the GM credit card program to another issuer are
fees.
subject to the risk that the transaction may not close on the
anticipated timeline or at all, including due to a failure to • Inflation has had, and could continue to have, a negative
obtain requisite regulatory approval. effect on our business, results of operations and financial
condition.
Statements about the effectiveness of our cybersecurity risk
management process are subject to the risk that measures we Liquidity
have implemented to safeguard our systems (and third parties • Our liquidity, profitability and businesses may be adversely
that we interface with) may not be sufficient to prevent a affected by an inability to access the debt capital markets
successful cybersecurity attack or a material security breach or to sell assets.
that results in the disclosure of confidential information or • Our businesses have been and may in the future be
otherwise disrupts our operations. adversely affected by disruptions or lack of liquidity in the
credit markets, including reduced access to credit and
higher costs of obtaining credit.
• Reductions in our credit ratings or an increase in our credit
spreads may adversely affect our liquidity and cost of
funding.
• Group Inc. is a holding company and its liquidity depends
on payments and loans from its subsidiaries, many of
which are subject to legal, regulatory and other restrictions
on providing funds or assets to Group Inc.

Goldman Sachs 2024 Form 10-K 31

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Credit • The application of Group Inc.’s proposed resolution

• Our businesses, profitability and liquidity may be adversely strategy could result in greater losses for Group Inc.’s
affected by deterioration in the credit quality of or defaults security holders.
by third parties.
• Our commodities activities, particularly our physical
• Concentration of risk increases the potential for significant commodities activities, subject us to extensive regulation
losses in our market-making, underwriting, investing and and involve certain potential risks, including
financing activities. environmental, reputational and other risks that may
• Derivative transactions and delayed documentation or expose us to significant liabilities and costs.
settlements expose us to credit risk, unexpected risks and Competition
potential losses. • Our results have been and may in the future be adversely
affected by the composition of our client base.
Operational
• A failure in our or third-party operational systems or • The financial services industry is highly competitive.
human error, malfeasance or other misconduct, could
impair our liquidity, disrupt our businesses, result in the • The growth of electronic trading and the introduction of
disclosure of confidential information, damage our new products and technologies, including trading and
reputation and cause losses. distributed ledger technologies, such as cryptocurrencies,
and AI technologies, has increased competition.
• A failure or disruption in our infrastructure, or in the
operational systems or infrastructure of third parties, could • Our businesses would be adversely affected if we are
impair our liquidity, disrupt our businesses, damage our unable to hire and retain qualified employees.
reputation and cause losses. Market Developments and General Business
Environment
• The development and use of AI present risks and challenges • Our businesses, financial condition, liquidity and results of
that may adversely impact our business. operations have been and may in the future be adversely
• A failure to protect our computer systems, networks and affected by unforeseen or catastrophic events, including
information, and our clients’ information, against cyber pandemics, terrorist attacks, wars, extreme weather events
attacks and similar threats could impair our ability to or other natural disasters.
conduct our businesses, result in the disclosure, theft or • Climate change could disrupt our businesses and adversely
destruction of confidential information, damage our affect client activity levels and the creditworthiness of our
reputation and cause losses. clients and counterparties, and our actual or perceived
• We have in the past incurred and may in the future incur action or inaction relating to climate change could result in
losses as a result of ineffective risk management processes damage to our reputation.
and strategies. • Our business, financial condition, liquidity and results of
Legal and Regulatory operations have been adversely affected by disruptions in
• Our businesses and those of our clients are subject to the global economy caused by conflicts, and related
extensive and pervasive regulation around the world. sanctions and other developments.
• A failure to appropriately identify and address potential • Certain of our businesses and our funding instruments may
conflicts of interest has in the past and may in the future be adversely affected by changes in reference rates,
adversely affect our businesses. currencies, indexes, baskets or ETFs to which products we
offer or funding that we raise are linked.
• We may be adversely affected by increased governmental
and regulatory scrutiny or negative publicity. • Our business, financial condition, liquidity and results of
operations may be adversely affected by disruptions in the
• Substantial civil or criminal liability or significant
global economy caused by escalating tensions between the
regulatory action against us has in the past had and may in
the future have material adverse financial effects and U.S. and China.
significant reputational consequences, which in turn could • We face enhanced risks as we operate in new locations and
seriously harm our business prospects. transact with a broader array of clients and counterparties.
• In conducting our businesses around the world, we are • We may not be able to fully realize the expected benefits or
subject to political, legal, regulatory, tax and other risks synergies from acquisitions or other business initiatives in
that are inherent in operating in many countries. the time frames we expect, or at all.
• The application of regulatory strategies and requirements
in the U.S. and in non-U.S. jurisdictions to facilitate the
orderly resolution of large financial institutions could
create greater risk of loss for Group Inc.’s security holders.
32 Goldman Sachs 2024 Form 10-K
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

The following are detailed descriptions of our Risk Factors The financial services industry and the securities and other
summarized above: financial markets have been materially and adversely affected
in the past by significant declines in the values of nearly all
Market asset classes, by a severe lack of liquidity and by high levels of
Our businesses have been and may in the future be borrower defaults. In addition, concerns about actual or
adversely affected by conditions in the global financial potential increases in interest rates, inflation and other
markets and broader economic conditions. borrowing costs, a public health emergency, sovereign debt
Many of our businesses, by their nature, do not produce risk and its impact on the relevant sovereign banking system,
predictable earnings, and all of our businesses are materially and limitations on international trade, have, at times,
affected by conditions in the global financial markets and negatively impacted the levels of client activity.
economic conditions generally, both directly and through
General uncertainty about economic, political and market
their impact on client activity levels and creditworthiness.
These conditions can change suddenly and negatively. activities, and the scope, timing and impact of regulatory
reform, as well as weak consumer, investor and CEO
Our financial performance is highly dependent on the confidence resulting in large part from such uncertainty, has
environment in which our businesses operate. A favorable in the past negatively impacted client activity, which has in
business environment is generally characterized by, among the past adversely affected and could in the future adversely
other factors, high global gross domestic product growth, affect many of our businesses. Periods of low volatility and
regulatory and market conditions that result in transparent, periods of high volatility combined with a lack of liquidity
liquid and efficient capital markets, low inflation, business, have at times had an unfavorable impact on our market-
consumer and investor confidence, stable geopolitical making businesses.
conditions and strong business earnings.
Changes, or proposed changes, to U.S. international trade
Unfavorable or uncertain economic and market conditions and investment policies, particularly with important trading
can be caused by: low levels of or declines in economic partners, have in recent years negatively impacted financial
growth, business activity or investor, business or consumer markets. Continued or escalating tensions may result in
confidence; concerns over a potential recession; changes in further actions taken by the U.S. or other countries that could
consumer spending or borrowing patterns; pandemics; disrupt international trade and investment and adversely
limitations on the availability or increases in the cost of credit affect financial markets. Those actions could include, among
and capital; illiquid markets; increases in inflation, interest others, the implementation of or increase in sanctions, tariffs
rates, exchange rate or basic commodity price volatility or or foreign exchange measures, the large-scale sale of U.S.
default rates; high levels of inflation or stagflation; concerns Treasury securities or other restrictions on cross-border
about U.S. and other sovereign defaults; uncertainty trade, investment, or transfer of information or technology.
concerning fiscal or monetary policy, government shutdowns, Such developments have in the past affected and could in the
debt ceilings or funding; the extent of and uncertainty about future adversely affect our or our clients’ businesses.
potential changes in tax rates and regulatory changes;
limitations on international trade and travel; changes in Financial institution returns may be negatively impacted by
immigration policies; laws and regulations that limit trading increased funding costs due in part to the lack of perceived
in, or the issuance of, securities of issuers outside their government support of such institutions in the event of future
domestic markets; outbreaks or worsening of domestic or financial crises relative to financial institutions in countries in
international tensions or hostilities, terrorism, nuclear which governmental support is maintained. In addition,
proliferation, cybersecurity threats or attacks and other liquidity in the financial markets has in the past been, and
forms of disruption to or curtailment of global could in the future be, negatively impacted as market
communication, energy transmission or transportation participants and market practices and structures adjust to
networks or other geopolitical instability or uncertainty; evolving regulatory frameworks.
corporate, political or other scandals that reduce investor
confidence in capital markets; extreme weather events or
other natural disasters; or a combination of these or other
factors.

Goldman Sachs 2024 Form 10-K 33

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

In 2023, the U.S. federal government suspended the federal Our businesses have been and may in the future be
debt limit until 2025. If Congress does not raise the debt adversely affected by declining asset values,
ceiling, the U.S. could default on its obligations, including particularly where we have net “long” positions,
Treasury securities that play an integral role in financial receive fees based on the value of assets managed, or
markets. A default by the U.S. could result in unprecedented receive or post collateral.
market volatility and illiquidity, heightened operational risks Many of our businesses have net “long” positions in debt
relating to the clearance and settlement of transactions, securities, loans, derivatives, mortgages, equities (including
margin and other disputes with clients and counterparties, an private equity and real estate) and most other asset classes.
adverse impact to investors including money market funds These include positions we take when we act as a principal to
that invest in U.S. Treasuries, downgrades in the U.S. credit facilitate our clients’ activities, including our exchange-based
rating, further increases in interest rates and borrowing costs market-making activities, or commit large amounts of capital
to maintain positions in interest rate and credit products, as
and a recession in the U.S. or other economies. Continued
well as through our currencies, commodities, equities and
uncertainty relating to the debt ceiling could result in mortgage-related activities. In addition, we invest in similar
downgrades of the U.S. credit rating, which could adversely asset classes. Substantially all of our investing and market-
affect market conditions, lead to margin disputes, increases in making positions and a portion of our loans are marked-to-
interest rates and borrowing costs and necessitate significant market on a daily or other periodic basis and declines in asset
operational changes among market participants, including us. values directly and promptly impact our earnings, unless we
A downgrade of the U.S. federal government’s credit rating have effectively “hedged” our exposures to those declines.
could also materially and adversely affect the market for In certain circumstances, it may not be possible or economic
repurchase agreements, securities borrowing and lending, and to hedge our exposures and, to the extent that we do so, the
other financings typically collateralized by U.S. Treasury or hedge may be ineffective or may greatly reduce our ability to
agency obligations. Further, the fair value, liquidity and profit from increases in the values of the assets. This is
credit ratings of securities issued by, or other obligations of, particularly the case for credit products, including leveraged
agencies of the U.S. government or related to the U.S. loans, and private equities or other securities that are not
government or its agencies, as well as municipal bonds could freely tradable or lack established and liquid trading markets.
be similarly adversely affected. An increasing frequency of Sudden declines and significant volatility in the prices of
government shutdowns, or near shutdowns, in the U.S. could assets have in the past substantially curtailed or eliminated,
also lead to uncertainty as to the continued funding of the and may in the future substantially curtail or eliminate, the
U.S. government, which could, in turn, adversely affect the trading markets for certain assets, which may make it
credit ratings of the U.S. and the market for U.S. Treasury or difficult to sell, hedge or value such assets. We may incur
agency obligations. losses from time to time as trading markets deteriorate or
In 2024, numerous elections were held globally, including the cease to function, including with respect to loan
recent U.S. presidential election. The outcomes of the commitments we have made or securities offerings we have
elections are expected to result in changes in policy, which underwritten. The inability to sell or effectively hedge assets
could also have adverse effects on us or the business reduces our ability to limit losses in such positions and the
environment in which we operate more generally. For difficulty in valuing assets has in the past negatively affected,
example, the new U.S. presidential administration has and may in the future negatively affect, our capital, liquidity
imposed or increased tariffs, including on imports from or leverage ratios, our funding costs and our ability to deploy
China, and proposed imposing or increasing tariffs on U.S. capital.
trading partners, which could adversely affect markets, the In our exchange-based market-making activities, we are
business environment and some of our businesses. obligated by stock exchange rules to maintain an orderly
market, including by purchasing securities in a declining
market. In markets where asset values are declining and in
volatile markets, this results in losses and an increased need
for liquidity.
We receive asset-based management fees based on the value
of our clients’ portfolios or investment in funds managed by
us and, in some cases, we also receive incentive fees based on
increases in the value of such investments. Declines in asset
values would ordinarily reduce the value of our clients’
portfolios or fund assets, which in turn would typically
reduce the fees we earn for managing such assets.

34 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

We post collateral to support our obligations and receive Our investment banking, client intermediation, asset
collateral that supports the obligations of our clients and management and wealth management businesses
counterparties. When the value of the assets posted as have been adversely affected and may in the future be
collateral or the credit ratings of the party posting collateral adversely affected by market uncertainty or lack of
decline, the party posting the collateral may need to provide confidence among investors and CEOs due to
additional collateral or, if possible, reduce its trading declines in economic activity and other unfavorable
position. An example of such a situation is a “margin call” in economic, geopolitical or market conditions.
connection with a brokerage account. Therefore, declines in
the value of asset classes used as collateral mean that either Our investment banking business has been and may in the
the cost of funding positions is increased or the size of future be adversely affected by market conditions. Poor
positions is decreased. If we are the party providing economic conditions and other uncertain geopolitical
collateral, this can increase our costs and reduce our conditions may adversely affect and have in the past
profitability and if we are the party receiving collateral, this adversely affected investor and CEO confidence, resulting in
can also reduce our profitability by reducing the level of significant industry-wide declines in the size and number of
business done with our clients and counterparties.
underwritings and of advisory transactions, which would
In addition, volatile or less liquid markets increase the likely have, and have in the past had, an adverse effect on our
difficulty of valuing assets, which can lead to costly and time- revenues and our profit margins. In particular, because a
consuming disputes over asset values and the level of required significant portion of our investment banking revenues is
collateral, as well as increased credit risk to the recipient of derived from our participation in large transactions, a decline
the collateral due to delays in receiving adequate collateral. In in the number of large transactions has in the past and would
cases where we foreclose on collateral, sudden declines in the in the future adversely affect our investment banking
value or liquidity of the collateral have in the past resulted in, business. Similarly, in recent years, cross-border initial public
and may in the future result in, significant losses to us, offerings and other securities offerings have accounted for a
especially where there is a single type of collateral supporting significant proportion of new issuance activity. Legislative,
the obligation. In addition, we have been and may in the regulatory or other changes that limit trading in, or the
future be subject to claims that the foreclosure was not issuance of, securities outside the issuers’ domestic markets,
permitted under the legal documents, was conducted in an that result in or could result in the delisting or removal of
improper manner, including in violation of law, or caused a securities from exchanges or indices, have in the past
client or counterparty to incur significant losses or go out of adversely affected and would in the future adversely affect
business. our underwriting and client intermediation businesses.
Furthermore, changes, or proposed changes, to international
Our market-making activities have been and may in
the future be affected by changes in the levels of trade and investment policies of the U.S. and other countries
market volatility. could negatively affect market activity levels and our
revenues.
Certain of our market-making activities depend on market
volatility to provide trading and arbitrage opportunities to In certain circumstances, market uncertainty or general
our clients, and decreases in volatility have reduced and may declines in market or economic activity may adversely affect
in the future reduce these opportunities and the level of client our client intermediation businesses by decreasing levels of
activity associated with them and have adversely affected and overall activity or by decreasing volatility.
may in the future adversely affect the results of these
activities. While increased volatility can increase trading Market uncertainty, volatility and adverse economic
volumes and spreads, it also increases risk as measured by conditions, as well as declines in asset values, may cause our
Value-at-Risk (VaR) and increases risks in connection with clients to transfer their assets out of our funds or other
our market-making activities and can cause us to reduce our products or their brokerage accounts and result in reduced
inventory. Limiting the size of our market-making positions net revenues, principally in our asset management and wealth
can adversely affect our profitability. In periods when management businesses. Even if clients do not withdraw their
volatility is increasing, but asset values are declining funds, they may invest them in products that generate less fee
significantly, it may not be possible to sell assets at all or it income.
may only be possible to do so at steep discounts. In those
circumstances, we have been and may in the future be forced
to either take on additional risk or to realize losses in order to
decrease our VaR. In addition, increases in volatility increase
the level of our RWAs, which increases the amount of capital
that we are required to hold, and this can reduce our
profitability and reduce our ability to distribute capital to our
shareholders. For example, in August 2024, market volatility
increased significantly, which adversely affected activity
levels, increased our market RWAs and adversely impacted
our results on some days.

Goldman Sachs 2024 Form 10-K 35

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Our asset management and wealth management Liquidity

businesses have been and may in the future be
adversely affected by the poor investment Our liquidity, profitability and businesses may be
performance of our investment products or a client adversely affected by an inability to access the debt
preference for products other than those which we capital markets or to sell assets.
offer or for products that generate lower fees. Liquidity is essential to our businesses. It is of critical
Poor investment returns in our asset management and wealth importance to us, as most of the failures of financial
management businesses, due to either general market institutions have occurred in large part due to insufficient
liquidity. Our liquidity may be impaired by an inability to
conditions or underperformance (relative to our competitors
access secured and/or unsecured debt markets, an inability to
or to benchmarks) by funds or accounts that we manage or raise or retain deposits, an inability to access funds from our
investment products that we design or sell, affect our ability subsidiaries or otherwise allocate liquidity optimally, an
to retain existing assets and to attract new clients or inability to sell assets or redeem our investments, lack of
additional assets from existing clients. This could affect the timely settlement of transactions, unusual deposit outflows,
management and incentive fees that we earn on assets under or other unforeseen outflows of cash or collateral. This
supervision (AUS) or the commissions and net spreads that situation may arise due to circumstances that we may be
we earn for selling other investment products. To the extent unable to control, such as a general market or economic
that our clients choose to invest in products that we do not disruption or an operational problem that affects third
currently offer, we will suffer outflows and a loss of parties or us, or even by the perception among market
participants that we, or other market participants, are
management fees. Further, if, due to changes in investor
experiencing greater liquidity risk.
sentiment or the relative performance of certain asset classes
or otherwise, clients continue to invest in products that We employ structured products to benefit our clients and
generate lower fees (e.g., passively managed or fixed income hedge our own risks. The financial instruments that we hold
products), our average effective management fee will decline and the contracts to which we are a party are often complex,
further and our asset management and wealth management and these complex structured products often do not have
readily available markets to access in times of liquidity stress.
businesses could be adversely affected.
Our investing and financing activities may lead to situations
Inflation has had, and could continue to have, a where the holdings from these activities represent a
negative effect on our business, results of operations significant portion of specific markets, which could restrict
and financial condition. liquidity for our positions.
Inflationary pressures in recent years have affected Further, our ability to sell assets may be impaired if there is
economies, financial markets and market participants not generally a liquid market for such assets, as well as in
worldwide. Inflationary pressures in recent years have circumstances where other market participants are seeking to
increased certain of our operating expenses, and have sell similar otherwise generally liquid assets at the same time,
adversely affected consumer sentiment and CEO confidence. as is likely to occur in a liquidity or other market crisis or in
Central bank responses to inflationary pressures in recent response to changes to rules or regulations. For example, in
years have also resulted in higher market interest rates, 2021, an investment management firm with large positions
which, in turn, have contributed to lower activity levels with several financial institutions defaulted, resulting in
across financial markets, in particular for debt underwriting rapidly declining prices in the securities underlying those
transactions and mortgage originations, and resulted in lower positions. In addition, clearinghouses, exchanges and other
values for certain financial assets which have adversely financial institutions with which we interact may exercise set-
affected our equity and debt investments. Higher interest off rights or the right to require additional collateral,
rates increase our borrowing costs and have in recent years including in difficult market conditions, which could further
required us to increase interest paid on our deposits. If impair our liquidity.
inflationary pressures increase, our expenses may increase; Numerous regulations impose stringent liquidity
we may be unable to achieve our efficiency ratio target; requirements on large financial institutions, including us.
activity levels for certain of our businesses, in particular debt These regulations require us to hold large amounts of highly
underwriting and mortgages, may decline; our interest liquid assets and reduce our flexibility to source and deploy
expense could increase faster than our interest income, funding. In addition, our need to manage our operations in
reducing our net interest income and net interest margin; light of certain regulatory requirements when applicable
certain of our investments could incur losses or generally low thresholds are met has in the past limited and may in the
levels of returns; AUS could decline, or the composition of future limit our ability to raise deposits in GSIB or other
our AUS could shift to lower fee products, reducing funding, which could adversely affect our liquidity or ability
management and other fees; economies worldwide could to respond efficiently to liquidity stress.
experience recessions; and we could continue to operate in a
generally unfavorable economic and market environment.

36 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Our businesses have been and may in the future be Reductions in our credit ratings or an increase in our
adversely affected by disruptions or lack of liquidity in credit spreads may adversely affect our liquidity and
the credit markets, including reduced access to credit cost of funding.
and higher costs of obtaining credit. Our credit ratings are important to our liquidity. A reduction
Widening credit spreads, as well as significant declines in the in our credit ratings could adversely affect our liquidity and
availability of credit, have in the past adversely affected our competitive position, increase our borrowing costs, limit our
ability to borrow on a secured and unsecured basis and may access to the capital markets or trigger our obligations under
do so in the future. We fund ourselves on an unsecured basis certain provisions in some of our trading and collateralized
by primarily issuing long-term debt and commercial paper, financing contracts. Under these provisions, counterparties
by raising deposits at our bank subsidiaries, by issuing hybrid could be permitted to terminate contracts with us or require
financial instruments and by obtaining loans or lines of credit us to post additional collateral. Termination of our trading
from commercial or other banking entities. We seek to and collateralized financing contracts could cause us to
finance many of our assets on a secured basis. Any sustain losses and impair our liquidity by requiring us to find
disruptions in the credit markets may make it harder and other sources of financing or to make significant cash
more expensive to obtain funding for our businesses. If our payments or securities movements.
available funding is limited or we are forced to fund our As of December 2024, our counterparties could have called
operations at a higher cost, these conditions may require us for additional collateral or termination payments related to
to curtail our business activities and increase our cost of our net derivative liabilities under bilateral agreements in an
funding, both of which could reduce our profitability,
aggregate amount of $315 million in the event of a one-notch
particularly in our businesses that involve investing, lending
and market making. downgrade of our credit ratings and $1.20 billion in the event
of a two-notch downgrade of our credit ratings. A
Our clients engaging in mergers, acquisitions and other types downgrade by any one rating agency, depending on the
of strategic transactions often rely on access to the secured agency’s relative ratings of us at the time of the downgrade,
and unsecured credit markets to finance their transactions. A may have an impact which is comparable to the impact of a
lack of available credit or an increased cost of credit can
downgrade by all rating agencies. For further information
adversely affect the size, volume and timing of our clients’
mergers and acquisitions transactions, particularly large about our credit ratings, see “Management’s Discussion and
transactions, and adversely affect our advisory and Analysis of Financial Condition and Results of Operations —
underwriting businesses. Risk Management — Liquidity Risk Management — Credit
Ratings” in Part II, Item 7 of this Form 10-K.
Our credit businesses have been and may in the future be
negatively affected by a lack of liquidity in credit markets. A Our cost of obtaining long-term unsecured funding is directly
lack of liquidity reduces price transparency, increases price related to our credit spreads (the amount in excess of the
volatility and decreases transaction volumes and size, all of interest rate of benchmark securities that we need to pay).
which can increase transaction risk or decrease the Increases in our credit spreads can significantly increase our
profitability of these businesses. cost of this funding. Changes in credit spreads are
continuous, market-driven, and subject at times to
unpredictable and highly volatile movements. Our credit
spreads are also influenced by market perceptions of our
creditworthiness and movements in the costs to purchasers of
credit default swaps referenced to our long-term debt. The
market for credit default swaps has proven to be extremely
volatile and at times has lacked a high degree of transparency
or liquidity.

Goldman Sachs 2024 Form 10-K 37

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Group Inc. is a holding company and its liquidity Furthermore, Group Inc. has guaranteed the payment
depends on payments and loans from its subsidiaries, obligations of certain of its subsidiaries, including GS&Co.
many of which are subject to legal, regulatory and and GS Bank USA, subject to certain exceptions. In addition,
other restrictions on providing funds or assets to Group Inc. guarantees many of the obligations of its other
Group Inc. consolidated subsidiaries on a transaction-by-transaction
Group Inc. is a holding company and, therefore, depends on basis, as negotiated with counterparties. These guarantees
dividends, distributions, loans and other payments from its may require Group Inc. to provide substantial funds or assets
subsidiaries to fund share repurchases and dividend payments to its subsidiaries or their creditors or counterparties at a
and to fund payments on its obligations, including debt time when Group Inc. is in need of liquidity to fund its own
obligations. Many of our subsidiaries, including our broker- obligations.
dealer and bank subsidiaries, are subject to laws that restrict The requirements for us and certain of our subsidiaries to
dividend payments or authorize regulatory bodies to block or develop and submit recovery and resolution plans to
reduce the flow of funds from those subsidiaries to Group regulators, and the incorporation of feedback received from
Inc. regulators, may require us to increase capital or liquidity
In addition, our broker-dealer and bank entities and their levels or issue additional long-term debt at Group Inc. or
subsidiaries are subject to restrictions on their ability to lend particular subsidiaries or otherwise incur additional or
or transact with affiliates and to minimum regulatory capital duplicative operational or other costs at multiple entities, and
and other requirements, as well as restrictions on their ability may reduce our ability to provide Group Inc. guarantees of
to use funds deposited with them in brokerage or bank the obligations of our subsidiaries or raise debt at Group Inc.
accounts to fund their businesses. Additional restrictions on Resolution planning may also impair our ability to structure
related-party transactions, increased capital and liquidity our intercompany and external activities in a manner that we
requirements and additional limitations on the use of funds may otherwise deem most operationally efficient.
on deposit in bank or brokerage accounts, as well as lower Furthermore, arrangements to facilitate our resolution
earnings, can reduce the amount of funds available to meet planning may cause us to be subject to additional taxes. Any
the obligations of Group Inc., including under the FRB’s such limitations or requirements would be in addition to the
source of strength requirement, and even require Group Inc. legal and regulatory restrictions described above on our
to provide additional funding to such subsidiaries. ability to engage in capital actions or make intercompany
Restrictions or regulatory action of that kind could impede dividends or payments.
access to funds that Group Inc. needs to make payments on See “Business — Regulation” in Part I, Item 1 of this Form
its obligations, including debt obligations, or dividend 10-K for further information about regulatory restrictions.
payments. In addition, Group Inc.’s right to participate in a
distribution of assets upon a subsidiary’s liquidation or Credit
reorganization is subject to the prior claims of the Our businesses, profitability and liquidity may be
subsidiary’s creditors. adversely affected by deterioration in the credit quality
There has been a trend towards increased regulation and of or defaults by third parties.
supervision of our branches and subsidiaries by the We are exposed to the risk that third parties that owe us
governments and regulators in the countries in which those money, securities or other assets will not perform their
branches and subsidiaries are located or do business. obligations. These parties may default on their obligations to
Concerns about protecting clients and creditors of branches us due to bankruptcy, lack of liquidity, operational failure or
and subsidiaries of financial institutions that are located other reasons. A failure of a significant market participant, or
outside of the country in which such branches or subsidiaries even concerns about a default by such an institution, has in
are located or do business have caused or may cause a the past and could in the future lead to significant liquidity
number of governments and regulators to take additional problems, losses or defaults by other institutions, which in
steps to “ring fence” or require internal total loss-absorbing turn could adversely affect us. We are also exposed to the risk
capacity (which may also be subject to “bail-in” powers, as of a special assessment, including under the FDIA or OLA in
described below) at those branches and subsidiaries in order the event of the failure of a bank or non-bank financial
to protect clients and creditors of those branches and institution, which have in the past, and may in the future,
subsidiaries in the event of financial difficulties involving adversely affect our results of operations.
those branches and subsidiaries. The result has been and may
continue to be additional limitations on our ability to
efficiently move capital and liquidity among our affiliated
entities, or to Group Inc., including in times of stress, thereby
increasing the overall level of capital and liquidity required
by us on a consolidated basis.

38 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

We are also subject to the risk that our rights against third Rules adopted under the Dodd-Frank Act, and similar rules
parties may not be enforceable in all circumstances. In adopted in other jurisdictions, require issuers of certain asset-
addition, deterioration in the credit quality of third parties backed securities and any person who organizes and initiates
whose securities or obligations we hold, including a certain asset-backed securities transactions to retain
deterioration in the value of collateral posted by third parties economic exposure to the asset, which has affected the cost of
to secure their obligations to us, including under derivative and structures used in connection with these securitization
contracts and loan agreements, could result in losses and/or activities. Our inability to reduce our credit risk by selling,
adversely affect our ability to rehypothecate or otherwise use syndicating or securitizing these positions, including during
those securities or obligations for liquidity purposes. periods of market stress, has in the past negatively affected
and may in the future negatively affect our results of
A significant downgrade in the credit ratings of our
operations due to a decrease in the fair value of the positions,
counterparties could also have a negative impact on our
including due to the insolvency or bankruptcy of borrowers,
results. While in many cases we are permitted to require
as well as the loss of revenues associated with selling such
additional collateral from counterparties that experience
securities or loans.
financial difficulty, disputes may arise as to the amount of
collateral we are entitled to receive and the value of pledged In the ordinary course of business, we are at times subject to
assets. The termination of contracts and the foreclosure on a concentration of credit risk to a particular counterparty,
collateral may subject us to claims for the improper exercise borrower, issuer (including sovereign issuers) or geographic
of our rights. Default rates, downgrades and disputes with area or group of related countries, such as the E.U., and a
counterparties as to the valuation of collateral typically failure or downgrade of, or default by, such entity could
increase significantly in times of market stress, increased negatively impact our businesses, perhaps materially, and the
volatility and illiquidity. systems by which we set limits and monitor the level of our
credit exposure to individual entities, industries, countries
As part of our clearing and prime financing activities, we
and regions may not function as we have anticipated.
finance our clients’ positions, and we could be held
Regulatory reform, including the Dodd-Frank Act, has led to
responsible for the defaults or misconduct of our clients.
increased centralization of trading activity through particular
Default risk may arise from events or circumstances that are
clearinghouses, agent banks or exchanges, which has
difficult to detect or foresee.
significantly increased our concentration of risk with respect
Concentration of risk increases the potential for to these entities. While our activities expose us to many
significant losses in our market-making, underwriting, different industries, counterparties and countries, we
investing and financing activities. routinely execute a high volume of transactions with
Concentration of risk increases the potential for significant counterparties engaged in financial services activities,
losses in our market-making, underwriting, investing and including brokers and dealers, commercial banks,
financing activities. The number and size of these clearinghouses, exchanges and investment funds. This has
transactions has affected and may in the future affect our resulted in significant credit concentration with respect to
results of operations in a given period. Moreover, because of these counterparties.
concentrated risk, we may suffer losses even when economic
and market conditions are generally favorable for our
competitors. Disruptions in the credit markets can make it
difficult to hedge these credit exposures effectively or
economically. In addition, we extend large commitments as
part of our credit origination activities. Disruptions in the
credit markets have in the past substantially curtailed or
eliminated, and may in the future substantially curtail or
eliminate, the trading markets for loans we originate. These
disruptions have in the past made, and may in the future
make, it difficult for us to sell or value such assets, which
have in the past resulted, and may in the future result, in
losses for us.

Goldman Sachs 2024 Form 10-K 39

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Derivative transactions and delayed documentation or Operational

settlements expose us to credit risk, unexpected risks
and potential losses. A failure in our or third-party operational systems or
human error, malfeasance or other misconduct, could
We are party to a large number of derivative transactions, impair our liquidity, disrupt our businesses, result in
including credit derivatives. Many of these derivative the disclosure of confidential information, damage our
instruments are individually negotiated and non- reputation and cause losses.
standardized, which can make exiting, transferring or settling
positions difficult. Many credit derivatives require that we Our businesses are highly dependent on our ability to process
deliver to the counterparty the underlying security, loan or and monitor, on a daily basis, a very large number of
other obligation in order to receive payment. In a number of transactions, many of which are highly complex and occur at
cases, we do not hold the underlying security, loan or other high volumes and frequencies, across numerous and diverse
obligation and may not be able to obtain the underlying markets in many currencies. These transactions, as well as
security, loan or other obligation. This could cause us to the information technology services we provide to clients,
forfeit the payments due to us under these contracts or result often must adhere to client-specific guidelines, as well as legal
in settlement delays with the attendant credit and operational and regulatory standards.
risk, as well as increased costs to us. Many rules and regulations worldwide govern our
Derivative transactions also involve the risk that obligations to execute transactions and report transactions
documentation has not been properly executed, that executed and other information to regulators, exchanges and investors.
agreements may not be enforceable against the counterparty, Compliance with these legal and reporting requirements can
or that obligations under such agreements may not be able to be challenging, and we have been and may in the future be
be “netted” against other obligations with such counterparty. subject to regulatory fines and penalties for failing to follow
In addition, counterparties may claim that such transactions these rules or to report timely, accurate and complete
were not appropriate or authorized. information in accordance with these rules.

As a signatory to the ISDA Universal Protocol or U.S. ISDA As the volume, speed, frequency and complexity of
Protocol (ISDA Protocols) and being subject to the FRB’s and transactions, especially electronic transactions (as well as the
FDIC’s rules on QFCs and similar rules in other jurisdictions, requirements to report such transactions on a real-time basis
we may not be able to exercise remedies against to clients, regulators and exchanges) increase, developing and
counterparties and, as this regime has not yet been tested, we maintaining our operational systems and infrastructure has
may suffer risks or losses that we would not have expected to become more challenging, and the risk of systems or human
suffer if we could immediately close out transactions upon a error by us or our third-party service providers in connection
termination event. The ISDA Protocols and these rules and with such transactions has increased, as have the potential
regulations extend to repurchase agreements and other consequences of errors due to the speed and volume of
instruments that are not derivative contracts. transactions involved and the potential difficulty associated
with discovering errors quickly enough to limit the resulting
Derivative contracts and other transactions, including consequences. For example, the transition to a T+1
secondary bank loan purchases and sales, entered into with settlement timeframe in the U.S. in 2024 has subjected us to,
third parties are not always confirmed by the counterparties and will continue to subject us to, increased operational risks
or settled on a timely basis. While the transaction remains with respect to reporting and timely settlement of
unconfirmed or during any delay in settlement, we are subject transactions. These risks are exacerbated in times of
to heightened credit and operational risk and in the event of a increased volatility. As with other similarly situated
default may find it more difficult to enforce our rights. institutions, we utilize credit underwriting models in
In addition, as new complex derivative products are created, connection with our businesses, including our consumer-
covering a wider array of underlying credit and other oriented activities. Allegations or publicity, whether or not
instruments, disputes about the terms of the underlying accurate, that our underwriting decisions do not treat
contracts could arise, which could impair our ability to consumers or clients fairly, or comply with the applicable law
effectively manage our risk exposures from these products or regulation, have in the past resulted and may in the future
and subject us to increased costs. The provisions of the result in negative publicity, reputational damage and
Dodd-Frank Act requiring central clearing of credit governmental and regulatory scrutiny, investigations and
derivatives and other OTC derivatives, or a market shift enforcement actions.
toward standardized derivatives, could reduce the risk
associated with these transactions, but under certain
circumstances could also limit our ability to develop
derivatives that best suit the needs of our clients and to hedge
our own risks, and could adversely affect our profitability. In
addition, these provisions have increased our credit exposure
to central clearing platforms.

40 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Our financial, accounting, data processing or other Notwithstanding the proliferation of technology and
operational systems and facilities have in the past not technology-based risk and control systems, our businesses
operated properly in certain respects and may in the future ultimately rely on people as our greatest resource, and, from
not operate properly or become disabled as a result of events time to time, they have in the past and may in the future
that are wholly or partially beyond our control, such as a make mistakes or engage in violations of applicable policies,
spike in transaction volume or an operational disruption at a laws, rules or procedures that are not always caught
third-party service provider, adversely affecting our ability to immediately by our technological processes or by our
process these transactions or provide these services. We must controls and other procedures, which are intended to prevent
continuously update our systems to support our operations and detect such errors or violations. These have in the past
and growth and to respond to changes in regulations and and may in the future include calculation errors, mistakes in
markets, and invest heavily in systemic controls and training addressing emails, errors in software or model development
to pursue our objective of ensuring that such transactions do or implementation, or simple errors in judgment, as well as
not violate applicable rules and regulations or, due to errors intentional efforts to ignore or circumvent applicable policies,
in processing such transactions, adversely affect markets, our laws, rules or procedures. Human errors, malfeasance and
clients and counterparties or us. Enhancements and updates other misconduct, including the intentional misuse of client
to systems, as well as the requisite training, including in information in connection with insider trading or for other
connection with the integration of new businesses, entail purposes, even if promptly discovered and remediated, has in
significant costs and create risks associated with the past resulted and may in the future result in reputational
implementing new systems and integrating them with damage and losses and liabilities for us.
existing ones.
The majority of the employees in our primary locations,
The use of computing devices, phones and other mobile including the New York metropolitan area, London,
devices is critical to the work done by our employees and the Bengaluru, Hyderabad, Hong Kong, Tokyo, Salt Lake City,
operation of our systems and businesses and those of our Dallas, Singapore, Warsaw and Birmingham, work in close
clients and our third-party service providers and vendors. proximity to one another. Our headquarters is located in the
Their importance has continued to increase, for both our New York metropolitan area, and we have our largest
regular operations and business continuity plans. Computers employee concentration occupying two principal office
and computer networks are subject to various risks, buildings near the Hudson River waterfront. They are subject
including, among others, cyber attacks, inherent to potential catastrophic events, including, but not limited to,
technological defects, system disruptions and failures and terrorist attacks, extreme weather, or other hostile events
human error. For example, fundamental security flaws in that could negatively affect our business. Notwithstanding
computer chips found in many types of these computing our efforts to maintain business continuity, business
devices and phones have been reported in the past and may disruptions impacting our offices and employees could lead
occur in the future, and in July 2024 there was a widely to our employees’ inability to occupy the offices,
publicized information technology outage as a result of a communicate with or travel to other office locations or work
faulty update to a cybersecurity software product that remotely. As a result, our ability to service and interact with
affected many businesses worldwide. The use of personal clients may be adversely impacted, due to our failure or
devices by our employees or by our vendors for work-related inability to successfully implement business contingency
activities also presents risks related to potential violations of plans.
record retention and other requirements. Cloud technologies
are also critical to the operation of our systems and platforms
and our reliance on cloud technologies is growing. Service
disruptions have resulted, and may result in the future, in
delays in accessing, or the loss of, data that is important to
our businesses and may hinder our clients’ access to our
platforms. There have been a number of widely publicized
cases of outages in connection with access to cloud
computing providers. Addressing these and similar issues
could be costly and affect the performance of these businesses
and systems. Applying fixes can introduce operational risks,
and, despite the fixes, there may still be residual security
risks.

Goldman Sachs 2024 Form 10-K 41

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

A failure or disruption in our infrastructure, or in the Despite our resiliency plans and facilities, our ability to
operational systems or infrastructure of third parties, conduct business may be adversely impacted by a disruption
could impair our liquidity, disrupt our businesses, in the infrastructure that supports our businesses and the
damage our reputation and cause losses. communities where we are located. This may include a
We face the risk of operational failure or significant disruption involving electrical, satellite, undersea cable or
operational delay, termination or capacity constraints of any other communications, internet, transportation or other
of the clearing agents, exchanges, clearinghouses or other facilities used by us, our employees or third parties with
financial intermediaries we use to facilitate our securities and which we conduct business, including cloud service
derivatives transactions, and as our interconnectivity with providers. These disruptions may occur as a result of events
our clients grows, we increasingly face the risk of operational that affect only our buildings or systems or those of third
failure or significant operational delay with respect to our parties, or as a result of events with a broader impact
clients’ systems. globally, regionally or in the cities where those buildings or
There has been significant consolidation among clearing systems are located, including, but not limited to, natural
agents, exchanges and clearinghouses and an increasing disasters, war, civil unrest, terrorism, economic or political
number of derivative transactions are cleared on exchanges, developments, pandemics and weather events.
which has increased our exposure to operational failure or
In addition, although we seek to diversify our third-party
significant operational delay, termination or capacity vendors to increase our resiliency, we are exposed to risks if
constraints of the particular financial intermediaries that we our vendors operate in the same area and are also exposed to
use and could affect our ability to find adequate and cost- the risk that a disruption or other information technology
effective alternatives in the event of any such failure, delay, event at a common service provider to our vendors could
termination or constraint. Industry consolidation, whether impede their ability to provide products or services to us. We
among market participants or financial intermediaries, may not be able to effectively monitor or mitigate operational
increases the risk of operational failure or significant risks relating to our vendors’ use of common service
operational delay as disparate complex systems need to be providers.
integrated, often on an accelerated basis. Additionally, although the prevalence and scope of
The interconnectivity of multiple financial institutions with applications of distributed ledger technology, cryptocurrency
agent banks, exchanges and clearinghouses, and the increased and similar technologies is growing, the technology is nascent
centrality of these entities, increases the risk that an and may be vulnerable to cyber attacks or have other
operational failure at one institution or entity may cause an inherent weaknesses. We are exposed to risks, and may
industry-wide operational failure that could materially become exposed to additional risks, related to distributed
impact our ability to conduct business. Interconnectivity of ledger technology, including through our facilitation of
financial institutions with other companies through, among clients’ activities involving financial products that use
other things, application programming interfaces or APIs distributed ledger technology, such as blockchain,
presents similar risks. Any such failure, termination or cryptocurrencies or other digital assets, our investments in
constraint could adversely affect our ability to effect companies that seek to develop platforms based on
transactions, service our clients, manage our exposure to risk distributed ledger technology, the use of distributed ledger
or expand our businesses or result in financial loss or liability technology by third-party vendors, clients, counterparties,
to our clients, impairment of our liquidity, disruption of our clearinghouses and other financial intermediaries, and the
businesses, regulatory intervention or reputational damage. receipt of cryptocurrencies or other digital assets as
collateral. Market volatility of financial products using
distributed ledger technology may increase these risks.

42 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

The development and use of AI present risks and A failure to protect our computer systems, networks
challenges that may adversely impact our business. and information, and our clients’ information, against
We or our third-party vendors, clients or counterparties have cyber attacks and similar threats could impair our
in the past developed or incorporated, and may in the future ability to conduct our businesses, result in the
develop or incorporate, AI technology in certain business disclosure, theft or destruction of confidential
information, damage our reputation and cause losses.
processes, services or products. The development and use of
AI present a number of risks and challenges to our business. Our operations rely on the secure processing, storage and
The legal and regulatory environment relating to AI is transmission of confidential and other information in our
uncertain and rapidly evolving, both in the U.S. and computer systems and networks and those of our vendors.
internationally, and includes regulation targeted specifically There have been a number of highly publicized cases
at AI as well as provisions in intellectual property, privacy, involving financial services companies, consumer-based
consumer protection, employment and other laws applicable companies, software and information technology service
to the use of AI. These evolving laws and regulations could providers, governmental agencies and other organizations
require changes in our implementation of AI technology and reporting the unauthorized access or disclosure of client,
increase our compliance costs and the risk of non- customer or other confidential information in recent years, as
compliance. AI models, particularly generative AI models, well as cyber attacks involving the dissemination, theft and
may produce output or take action that is incorrect, that destruction of corporate information or other assets, as a
result in the release of private, confidential or proprietary result of inadequate procedures or the failure to follow
information, that reflect biases included in the data on which procedures by employees or contractors or as a result of
they are trained, infringe on the intellectual property rights of actions by third parties, including actions by foreign
others, or that is otherwise harmful. In addition, the governments. There have also been a number of highly
complexity of many AI models makes it challenging to publicized cases where hackers have requested “ransom”
understand why they are generating particular outputs. This payments in exchange for not disclosing customer
limited transparency increases the challenges associated with information or for restoring access to information or systems.
assessing the proper operation of AI models, understanding
We are regularly the target of attempted cyber attacks,
and monitoring the capabilities of the AI models, reducing
including denial-of-service attacks, and must continuously
erroneous output, eliminating bias and complying with
monitor and develop our systems to protect the integrity and
regulations that require documentation or explanation of the
functionality of our technology infrastructure and access to
basis on which decisions are made. Further, we may rely on
and the security of our data. We have faced a high volume of
AI models developed by third parties, and, to that extent,
cyber attacks as we expand our mobile- and other internet-
would be dependent in part on the manner in which those
based products and services, as well as our usage of mobile
third parties develop and train their models, including risks
and cloud technologies, and as we provide these services to
arising from the inclusion of any unauthorized material in the
individual consumers. Further, the use of AI by
training data for their models, and the effectiveness of the
cybercriminals may increase the frequency and severity of
steps these third parties have taken to limit the risks
cybersecurity attacks against us or our third-party vendors
associated with the output of their models, matters over
and clients. The use of employee-owned devices presents
which we may have limited visibility. Additionally, we are
additional risks of cyber attacks, as do hybrid work
exposed to risks related to the use of AI technologies by
arrangements. In addition, due to our interconnectivity with
third-party vendors, clients, counterparties, clearinghouses
third-party vendors (and their respective service providers),
and other financial intermediaries. Any of these risks could
agent banks, exchanges, clearinghouses and other financial
expose us to liability or adverse legal or regulatory
institutions, we could be adversely impacted if any of them is
consequences and harm our reputation and the public
subject to a successful cyber attack or other information
perception of our business or the effectiveness of our security
security event. These impacts could include the loss of access
measures.
to information or services from the third party subject to the
In addition to our use of AI technologies, we are exposed to cyber attack or other information security event or could
risks arising from the use of AI technologies by bad actors to result in unauthorized access to or disclosure of client,
commit fraud and misappropriate funds and to facilitate customer or other confidential information, which could, in
cyberattacks. Generative AI, if used to perpetrate fraud or turn, interrupt certain of our businesses or adversely affect
launch cyberattacks, could result in losses, liquidity outflows our results of operations and reputation.
or other adverse effects at a particular financial institution or
exchange.

Goldman Sachs 2024 Form 10-K 43

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Despite our efforts to ensure the integrity of our systems and We have expended, and expect to continue to expend,
information, we may not be able to anticipate, detect or significant resources on an ongoing basis to modify our
implement effective preventive measures against all cyber protective measures and to investigate and remediate
threats, including because the techniques used are vulnerabilities or other exposures, but these measures may be
increasingly sophisticated, change frequently and are often ineffective and we may be subject to legal or regulatory
not recognized until launched. Cyber attacks can originate action, as well as financial losses that are either not insured
from a variety of sources, including third parties who are against or not fully covered through any insurance
affiliated with or sponsored by foreign governments or are maintained by us. Regulatory agencies have become
involved with organized crime or terrorist organizations. increasingly focused on cybersecurity incidents.
Third parties may also attempt to place individuals in our
Our clients’ confidential information may also be at risk
offices or induce employees, clients or other users of our
from the compromise of clients’ accounts, including as a
systems to disclose sensitive information or provide access to
result of a data security breach at an unrelated company.
our data or that of our clients, and these types of risks may be
Losses due to unauthorized account activity could harm our
difficult to detect or prevent.
reputation and may have adverse effects on our business,
Although we take protective measures proactively and financial condition and results of operations.
endeavor to modify them as circumstances warrant, our
The increased use of mobile and cloud technologies heightens
computer systems, software and networks may be vulnerable
these and other operational risks, as do hybrid work
to unauthorized access, misuse, computer viruses or other
arrangements. Certain aspects of the security of these
malicious code, cyber attacks on our vendors and other
technologies are unpredictable or beyond our control, and
events that could have a security impact. Risks relating to
the failure by mobile technology and cloud service providers
cyber attacks on our vendors have been increasing given the
to adequately safeguard their systems and prevent cyber
greater frequency and severity in recent years of supply chain
attacks could disrupt our operations and result in
attacks affecting software and information technology service
misappropriation, corruption or loss of confidential and
providers. Due to the complexity and interconnectedness of
other information. In addition, there is a risk that encryption
our systems, the process of enhancing our protective
and other protective measures, despite their sophistication,
measures can itself create a risk of systems disruptions and
may be defeated, particularly to the extent that new
security issues. In addition, protective measures that we
computing technologies, such as quantum computing, vastly
employ to compartmentalize our data may reduce our
increase the speed and computing power available.
visibility into, and adversely affect our ability to respond to,
cyber threats and issues with our systems. We routinely transmit and receive personal, confidential and
proprietary information by email and other electronic means.
If one or more of these types of events occur, it potentially
We have discussed and worked with clients, vendors, service
could jeopardize our, our clients’, our counterparties’ or third
providers, counterparties and other third parties to develop
parties’ confidential and other information processed, stored
secure transmission capabilities and protect against cyber
in, or transmitted through our computer systems and
attacks, but we do not have, and may be unable to put in
networks, or otherwise cause interruptions or malfunctions
place, secure capabilities with all of our clients, vendors,
in our operations or those of our clients, counterparties or
service providers, counterparties and other third parties and
third parties, which could impact their ability to transact
we may not be able to ensure that these third parties have
with us or otherwise result in legal or regulatory action,
appropriate controls in place to protect the confidentiality of
significant losses or reputational damage. In addition, such
the information. An interception, misuse or mishandling of
an event could persist for an extended period of time before
personal, confidential or proprietary information being sent
being properly detected or escalated, and, following detection
to or received from a client, vendor, service provider,
or escalation, it could take considerable time for us to obtain
counterparty or other third party could result in legal
full and reliable information about the extent, amount and
liability, regulatory action and reputational harm.
type of information compromised. During the course of an
investigation, we may not know the full impact of the event
and how to remediate it, and actions, decisions and mistakes
that are taken or made may further increase the negative
effects of the event on our business, results of operations and
reputation. Moreover, regulations require us to disclose
information on a timely basis about material cybersecurity
incidents, including those that may not have been resolved or
fully investigated at the time of disclosure.

44 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

We have in the past incurred and may in the future To the extent that we have positions through our market-
incur losses as a result of ineffective risk management making or origination activities or we make investments
processes and strategies. directly through our investing activities, including private
We seek to monitor and control our risk exposure through a equity or private credit, that do not have an established liquid
risk and control framework encompassing a variety of trading market or are otherwise subject to restrictions on sale
separate but complementary financial, credit, operational, or hedging, we may not be able to reduce our positions and
compliance and legal systems, internal controls, management therefore reduce our risk associated with those positions. In
review processes and other mechanisms. Our risk addition, to the extent permitted by applicable law and
management process seeks to balance our ability to profit regulation, we invest our own capital in private equity,
from market-making, investing or lending positions, and credit, real estate and hedge funds that we manage and
underwriting activities, with our exposure to potential losses. limitations on our ability to withdraw some or all of our
While we employ a broad and diversified set of risk investments in these funds, whether for legal, reputational or
monitoring and risk mitigation techniques, those techniques other reasons, may make it more difficult for us to control
and the judgments that accompany their application cannot the risk exposures relating to these investments.
anticipate every economic and financial outcome or the Prudent risk management, as well as regulatory restrictions,
specifics and timing of such outcomes. Thus, in the course of may cause us to limit our exposure to counterparties,
our activities, we have incurred and may in the future incur geographic areas or markets, which may limit our business
losses. Market conditions in recent years have involved opportunities and increase the cost of our funding or hedging
unprecedented dislocations and highlight the limitations activities.
inherent in using historical data to manage risk.
Our consumer offerings present us with different risks, and
The models that we use to assess and control our risk we have needed and continue to need to expand and adapt
exposures reflect assumptions about the degrees of our risk monitoring and mitigation activities to account for
correlation or lack thereof among prices of various asset these business activities. A failure to adequately assess and
classes or other market indicators. In times of market stress control such risk exposures has in the past resulted and could
or other unforeseen circumstances, previously uncorrelated in the future result in losses to us.
indicators may become correlated, or conversely previously
For further information about our risk management policies
correlated indicators may move in different directions. These
and procedures, see “Management’s Discussion and Analysis
types of market movements have at times limited the
of Financial Condition and Results of Operations — Risk
effectiveness of our hedging strategies and have caused us to
Management” in Part II, Item 7 of this Form 10-K.
incur significant losses, and they may do so in the future.
These changes in correlation have been and may in the future
be exacerbated where other market participants are using risk
or trading models with assumptions or algorithms that are
similar to ours. In these and other cases, it may be difficult to
reduce our risk positions due to the activity of other market
participants or widespread market dislocations, including
circumstances where asset values are declining significantly
or no market exists for certain assets.
In addition, the use of models in connection with risk
management and numerous other critical activities presents
risks that the models may be ineffective, either because of
poor design, ineffective testing, or improper or flawed inputs,
as well as unpermitted access to the models resulting in
unapproved or malicious changes to the model or its inputs.

Goldman Sachs 2024 Form 10-K 45

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Legal and Regulatory

Our businesses and those of our clients are subject to If there are new laws or regulations or changes in the
extensive and pervasive regulation around the world. interpretation or enforcement of existing laws or regulations
As a participant in the financial services industry and a applicable to our businesses or those of our clients, including
systemically important financial institution, we are subject to capital, liquidity, leverage, long-term debt, total loss-
extensive regulation in jurisdictions around the world. We absorbing capacity and margin requirements, restrictions on
face the risk of significant intervention by law enforcement, leveraged lending or other business practices, reporting
regulatory and taxing authorities, as well as private litigation, requirements, requirements relating to recovery and
in all jurisdictions in which we conduct our businesses. In resolution planning, tax burdens and compensation
many cases, our activities have been and may continue to be restrictions, that are imposed on a limited subset of financial
subject to overlapping and divergent regulation in different institutions (whether based on size, method of funding,
jurisdictions. Among other things, as a result of law activities, geography or other criteria), compliance with these
enforcement authorities, regulators or private parties new laws or regulations, or changes in the enforcement of
challenging our compliance with existing laws and existing laws or regulations, could adversely affect our ability
regulations, we or our employees have been, and could be, to compete effectively with other institutions that are not
fined, criminally charged or sanctioned; prohibited from affected in the same way. In addition, regulation imposed on
engaging in some of our business activities; subjected to financial institutions or market participants generally, such
limitations or conditions on our business activities, including as taxes on stock transfers, share repurchases and other
higher capital requirements; or subjected to new or financial transactions, could adversely impact levels of
substantially higher taxes or other governmental charges in market activity more broadly, and thus impact our
connection with the conduct of our businesses or with respect businesses. Changes to laws or regulations, such as tax laws,
to our employees. These limitations or conditions may limit could also have a disproportionate impact on us, based on
our business activities and negatively impact our the way those laws or regulations are applied to financial
profitability. services and financial firms or due to our corporate structure
or where or how we provide these services. Recent political
In addition to the impact on the scope and profitability of our developments have added additional uncertainty with respect
business activities, day-to-day compliance with existing laws to new laws and regulations or changes in the interpretations
and regulations has involved and will continue to involve or enforcement of existing laws and regulations.
significant amounts of time, including that of our senior
leaders and that of a large number of dedicated compliance These developments could impact our profitability in the
and other reporting and operational personnel, in connection affected jurisdictions, or even make it uneconomic for us to
with which we expect to continue to add personnel, all of continue to conduct all or certain of our businesses in those
which may negatively impact our profitability. jurisdictions, or could cause us to incur significant costs
associated with changing our business practices, restructuring
Our revenues and profitability and those of our competitors our businesses, moving all or certain of our businesses and
have been and will continue to be impacted by requirements our employees to other locations or complying with
relating to capital, leverage, liquidity and long-term funding applicable capital requirements, including reducing dividends
levels, requirements related to resolution and recovery or share repurchases, liquidating assets or raising capital in a
planning, derivatives clearing and margin rules and levels of manner that adversely increases our funding costs or
regulatory oversight, as well as limitations on which and, if otherwise adversely affects our shareholders and creditors.
permitted, how certain business activities may be carried out
by financial institutions. The laws, regulations and
accounting standards, that apply to our businesses are often
complex and, in many cases, we must make interpretive
decisions regarding the application of those laws, regulations
and accounting standards to our business activities. Changes
in interpretations, whether in response to regulatory
guidance, industry conventions, our own reassessments or
otherwise, could adversely affect our businesses, results of
operations or ability to satisfy applicable regulatory
requirements, such as capital or liquidity requirements.

46 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

U.S. and non-U.S. regulatory developments, in particular the As described in “Business — Regulation — Banking
Dodd-Frank Act and Basel III, have significantly altered the Supervision and Regulation — Risk-Based Capital Ratios” in
regulatory framework within which we operate and have Part I, Item 1 of this Form 10-K, the SCB has replaced the
adversely affected and may in the future adversely affect our capital conservation buffer under the Standardized Capital
profitability. Among the aspects of the Dodd-Frank Act that Rules and resulted in higher and more volatile Standardized
have affected or may in the future affect our businesses are: capital ratio requirements. Failure to comply with these
increased capital, liquidity and reporting requirements; requirements could limit our ability to, among other things,
limitations on activities in which we may engage; increased repurchase shares, pay dividends and make certain
regulation of and restrictions on OTC derivatives markets discretionary compensation payments. In addition, if we are
and transactions; limitations on incentive compensation; required to resubmit our capital plan, we generally may not
limitations on affiliate transactions; requirements to make capital distributions, such as share repurchases or
reorganize or limit activities in connection with recovery and dividends, without the prior approval of the FRB. Dividends
resolution planning; increased deposit insurance assessments; and repurchases are also subject to oversight by the FRB,
and increased standards of care for broker-dealers and which can result in limitations. Limitations on our ability to
investment advisers in dealing with clients. The make capital distributions could, among other things, prevent
implementation of higher capital requirements, more us from returning capital to our shareholders and impact our
stringent requirements relating to liquidity, long-term debt return on equity. Additionally, as a G-SIB, we are subject to
and total loss-absorbing capacity and the prohibition on the G-SIB surcharge. Our G-SIB surcharge is updated
proprietary trading and the sponsorship of, or investment in, annually based on financial data from the prior year.
covered funds by the Volcker Rule may continue to adversely Expansion of our businesses, growth in our balance sheet and
affect our profitability and competitive position, particularly increased reliance on short-term wholesale funding have
where these requirements do not apply equally to our resulted in increases and in the future may result in further
competitors. We may become subject to higher and more increases in our G-SIB surcharge and a corresponding
stringent capital and other regulatory requirements as a result increase in our capital requirements. Effective on January 1,
of the implementation of the Basel Committee’s finalization 2026, our G-SIB surcharge is expected to increase from 3.0%
of the post-crisis regulatory capital reforms as well as future to 3.5%. The July 2023 proposal from the FRB would
Basel Committee standards. Substantial parts of the E.U. introduce additional granularity in the surcharge buckets and
rules implementing the Basel III Revisions became effective increase the amount of financial data used in the calculation
on January 1, 2025; the E.U. has delayed implementation of of the G-SIB surcharge based on averages over the year, as
the FRTB rules to January 1, 2026; the U.K. issued near final opposed to period-end values, which could increase our G-
rules implementing the Basel III revisions with a proposed SIB surcharge.
effective date of January 1, 2027; and the FRB has indicated
We are also subject to laws and regulations, such as the
that it expects to work with the other U.S. federal bank
GDPR and the California Consumer Privacy Act, relating to
regulatory agencies in 2025 on a revised proposal. See
the privacy of the information of clients, employees or others,
“Business — Regulation — Banking Supervision and
and any failure to comply with these laws and regulations
Regulation — Risk-Based Capital Ratios” in Part I, Item 1 of
could expose us to liability and/or reputational damage. As
this Form 10-K for further information about proposed and
new privacy-related laws and regulations are implemented,
adopted regulatory requirements.
the time and resources needed for us to comply with such
laws and regulations, as well as our potential liability for
non-compliance and reporting obligations in the case of data
breaches, may significantly increase.
In addition, our businesses are increasingly subject to laws
and regulations relating to surveillance, encryption and data
on-shoring in the jurisdictions in which we operate.
Compliance with these laws and regulations may require us
to change our policies, procedures and technology for
information security, which could, among other things, make
us more vulnerable to cyber attacks and misappropriation,
corruption or loss of information or technology.

Goldman Sachs 2024 Form 10-K 47

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Our consumer-oriented deposit-taking and credit card A failure to appropriately identify and address
businesses subject us to numerous additional regulations in potential conflicts of interest has in the past and may
the jurisdictions in which these businesses operate. Not only in the future adversely affect our businesses.
are these regulations extensive, but they involve types of Due to the broad scope of our businesses and our client base,
regulations and supervision, as well as regulatory compliance we regularly address potential conflicts of interest, including
risks, that have not historically applied to us. The level of situations where our services to a particular client or our own
regulatory scrutiny and the scope of regulations affecting investments or other interests conflict, or are perceived to
financial interactions with consumers is often much greater conflict, with the interests of that client or another client, as
than that associated with doing business with institutions and well as situations where one or more of our businesses have
high-net-worth individuals. Complying with these regulations access to material non-public information that may not be
is time-consuming, costly and presents new and increased shared with our other businesses and situations where we
risks. may be a creditor of an entity with which we also have an
GS Bank USA is assessed pursuant to a strategic plan for advisory or other relationship.
CRA compliance purposes. Any failure to comply with CRA In addition, our status as a BHC subjects us to heightened
requirements could negatively impact GS Bank USA’s CRA regulation and increased regulatory scrutiny by the FRB with
ratings, cause reputational harm and result in limits on our respect to transactions between GS Bank USA and its
ability to make future acquisitions or engage in certain new subsidiaries and entities that are or could be viewed as
activities. affiliates of ours and, under the Volcker Rule, transactions
Increasingly, regulators and courts have sought to hold between us and covered funds.
financial institutions liable for the misconduct of their clients We have extensive procedures and controls that are designed
where they have determined that the financial institution to identify and address conflicts of interest, including those
should have detected that the client was engaged in designed to prevent the improper sharing of information
wrongdoing, even though the financial institution had no among our businesses. However, appropriately identifying
direct knowledge of the activities engaged in by its client. and dealing with conflicts of interest is complex and difficult,
Regulators and courts have also increasingly found liability and our reputation, which is one of our most important
as a “control person” for activities of entities in which assets, could be damaged and the willingness of clients to
financial institutions or funds controlled by financial enter into transactions with us may be adversely affected if
institutions have an investment, but which they do not we fail, or appear to fail, to identify, disclose and deal
actively manage. In addition, regulators and courts continue appropriately with conflicts of interest. In addition, potential
to seek to establish “fiduciary” obligations to counterparties or perceived conflicts have in the past and may in the future
to which no such duty had been thought to exist. To the give rise to litigation, government investigations or
extent that such efforts are successful, the cost of, and enforcement actions. Additionally, our One Goldman Sachs
liabilities associated with, engaging in brokerage, clearing, initiative, as well as the alignment of our businesses, aim to
market-making, prime financing, investing and other similar increase collaboration among our businesses, which may
activities could increase significantly. To the extent that we increase the potential for actual or perceived conflicts of
have fiduciary obligations in connection with acting as a interest and improper information sharing.
financial adviser or investment adviser or in other roles for
individual, institutional, sovereign or investment fund clients,
any breach, or even an alleged breach, of such obligations
could have materially negative legal, regulatory and
reputational consequences.
For information about the extensive regulation to which our
businesses are subject, see “Business — Regulation” in Part I,
Item 1 of this Form 10-K.

48 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

We may be adversely affected by increased The financial services industry generally and our businesses
governmental and regulatory scrutiny or negative in particular have been subject to negative publicity. Our
publicity. reputation and businesses may be adversely affected by
Governmental scrutiny from regulators, legislative bodies negative publicity or information regarding our businesses,
and law enforcement agencies with respect to matters relating personnel, corporate engagement programs and other
to compensation, our business practices, our past actions and initiatives, whether or not accurate or true, that may be
other matters remains at high levels. Political and public posted on social media or other internet forums or published
sentiment regarding financial institutions has in the past by news organizations. Postings on these types of forums may
resulted and may in the future result in a significant amount also adversely impact risk positions of our clients and other
of adverse press coverage, as well as adverse statements or parties that owe us money, securities or other assets and
charges by regulators or other government officials. Press increase the chance that they will not perform their
coverage and other public statements that assert some form obligations to us or reduce the revenues we receive from their
of wrongdoing (including, in some cases, press coverage and use of our services. The speed and pervasiveness with which
public statements that do not directly involve us) often result information can be disseminated through these channels, in
in some type of investigation by regulators, legislators and particular social media, may magnify risks relating to
law enforcement officials or in lawsuits. negative publicity.

Responding to these investigations and lawsuits, regardless of In 2023, the rapid dissemination of negative information
the ultimate outcome of the proceeding, is time-consuming through social media, in part, is believed to have led to the
and expensive and can divert the time and effort of our senior collapse of Silicon Valley Bank (SVB). SVB suffered a level of
management from our business. Penalties and fines sought by deposit withdrawals within a time period not previously
regulatory authorities have increased substantially and experienced by a financial institution. We could also be
certain regulators have been more likely in recent years to subject to rapid deposit withdrawals or other outflows as a
commence enforcement actions or to support legislation result of negative social media posts or other negative
targeted at the financial services industry. Governmental publicity.
authorities may also be more likely to pursue criminal or Substantial civil or criminal liability or significant
other actions, including seeking admissions of wrongdoing or regulatory action against us has in the past had and
guilty pleas, in connection with the resolution of an inquiry may in the future have material adverse financial
or investigation to the extent a company is viewed as having effects and significant reputational consequences,
previously engaged in criminal, regulatory or other which in turn could seriously harm our business
misconduct. Adverse publicity, governmental scrutiny and prospects.
legal and enforcement proceedings can also have a negative We face significant legal risks in our businesses, and the
impact on our reputation and on the morale and performance volume of claims and amount of damages and penalties
of our employees, which could adversely affect our businesses claimed in litigation and regulatory proceedings against
and results of operations. Further, we are subject to financial institutions remain high. See Notes 18 and 27 to the
regulatory settlements, orders and feedback that require consolidated financial statements in Part II, Item 8 of this
significant remediation activities and enhancements to Form 10-K for information about certain of our legal and
existing controls, systems and procedures, which has required regulatory proceedings and investigations. We have seen legal
and will require us to commit significant resources, including claims by consumers and clients increase in a market
hiring, as well as testing the operation and effectiveness of downturn and employment-related claims increase following
new controls, policies and procedures. The failure to periods in which we have reduced our headcount.
complete these remediation activities in a timely manner Additionally, governmental entities have been plaintiffs and
could lead to higher operating expenses, reputational damage are parties in certain of our legal proceedings, and we may
and other negative consequences. face future civil or criminal actions or claims by the same or
other governmental entities, as well as follow-on civil
litigation that is often commenced after regulatory
settlements.

Goldman Sachs 2024 Form 10-K 49

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Significant settlements by large financial institutions, In conducting our businesses around the world, we
including, in some cases, us, with governmental entities have are subject to political, legal, regulatory, tax and other
become common. The trend of large settlements with risks that are inherent in operating in many countries.
governmental entities may adversely affect the outcomes for In conducting our businesses and supporting our global
other financial institutions, including, in some cases, us, in operations, we are subject to risks of possible nationalization,
similar actions, especially where governmental officials have expropriation, price controls, capital controls, exchange
announced that the large settlements will be used as the basis controls, communications and other content restrictions, and
or a template for other settlements. The uncertain regulatory other restrictive governmental actions. For example,
enforcement environment makes it difficult to estimate sanctions have been imposed by the U.S. and the E.U. on
probable losses, which can lead to substantial disparities certain individuals and companies in Russia and Venezuela.
between legal reserves and subsequent actual settlements or In many countries, the laws and regulations applicable to the
penalties. securities and financial services industries and many of the
Claims of collusion or anti-competitive conduct have become transactions in which we are involved are uncertain and
more common. Financial institutions (including us) have been evolving, and it may be difficult for us to determine the exact
subject to civil cases and investigatory demands relating to requirements of local laws in every market. We have been, in
alleged bid-rigging, group boycotts or other anti-competitive some cases, subject to divergent and conflicting laws and
practices. Antitrust laws generally provide for joint and regulations across markets, and we are increasingly subject to
several liability and treble damages. These claims have the risk that the jurisdictions in which we operate have
resulted in significant settlements and fines for us in the past implemented or may implement laws and regulations that
and may do so in the future. directly conflict with those of another jurisdiction. Any
determination by local regulators that we have not acted in
We are subject to laws and regulations worldwide, including
compliance with the application of local laws in a particular
the FCPA and the U.K. Bribery Act, relating to corrupt and
market or our failure to develop effective working
illegal payments to, and hiring practices with regard to,
relationships with local regulators could have a significant
government officials and others. Violation of these or similar
and negative effect not only on our businesses in that market,
laws and regulations have in the past resulted in and could in
but also on our reputation generally. Further, in some
the future result in significant monetary penalties. Such
jurisdictions a failure, or alleged failure, to comply with laws
violations could also result in severe restrictions on our
and regulations has subjected and may in the future subject
activities and damage to our reputation.
us and our personnel not only to civil actions, but also
Certain law enforcement authorities have recently required criminal actions and other sanctions. We are also subject to
admissions of wrongdoing, and, in some cases, criminal the enhanced risk that transactions we structure might not be
pleas, as part of the resolutions of matters brought against legally enforceable in all cases.
financial institutions or their employees. See for example,
While business and other practices throughout the world
“1MDB-Related Matters” in Note 27 to the consolidated
differ, our principal entities are subject in their operations
financial statements in Part II, Item 8 of this Form 10-K. Any
worldwide to rules and regulations relating to corrupt and
such resolution of a criminal matter involving us or our
illegal payments, hiring practices and money laundering, as
employees could lead to increased exposure to civil litigation,
well as laws relating to doing business with certain
could adversely affect our reputation, could result in
individuals, groups and countries, such as the FCPA, the BSA
penalties or limitations on our ability to conduct our
and the U.K. Bribery Act. While we have invested and
activities generally or in certain circumstances and could have
continue to invest significant resources in training and in
other negative effects. Further, as a result of this type of
compliance monitoring, the geographical diversity of our
settlement, we are no longer a “well-known seasoned issuer,”
operations, employees, clients and consumers, as well as the
which places limitations on the manner in which we can
vendors and other third parties that we deal with, greatly
market our securities.
increases the risk that we may be found in violation of such
rules or regulations and such violations have in the past and
could in the future subject us to significant penalties or
adversely affect our reputation. See for example, “1MDB-
Related Matters” in Note 27 to the consolidated financial
statements in Part II, Item 8 of this Form 10-K.

50 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

In addition, there have been a number of highly publicized Assuming Group Inc. entered resolution proceedings and
cases around the world, involving actual or alleged fraud or support from Group Inc. or other resources available to its
other misconduct by employees in the financial services subsidiaries was sufficient to enable the subsidiaries to
industry, and we have had and may in the future have remain solvent, losses at the subsidiary level would be
employee misconduct. This misconduct has included and transferred to Group Inc. and ultimately borne by Group
may also in the future include intentional efforts to ignore or Inc.’s security holders, third-party creditors of Group Inc.’s
circumvent applicable policies, rules or procedures or subsidiaries would receive full recoveries on their claims, and
misappropriation of funds and the theft of proprietary Group Inc.’s security holders (including our shareholders,
information, including proprietary software. It is not always debtholders and other unsecured creditors) could face
possible to deter or prevent employee misconduct and the significant and possibly complete losses. In that case, Group
precautions we take to prevent and detect this activity have Inc.’s security holders would face losses while the third-party
not been and may not be effective in all cases, as reflected by creditors of Group Inc.’s subsidiaries would incur no losses
the settlements relating to 1MDB. because the subsidiaries would continue to operate and
would not enter resolution or bankruptcy proceedings. In
The application of regulatory strategies and
addition, holders of Group Inc.’s eligible long-term debt and
requirements in the U.S. and in non-U.S. jurisdictions
to facilitate the orderly resolution of large financial
holders of Group Inc.’s other debt securities could face losses
institutions could create greater risk of loss for Group ahead of its other similarly situated creditors in a resolution
Inc.’s security holders. under OLA if the FDIC exercised its right, described above,
to disregard the priority of creditor claims.
As described in “Business — Regulation — Banking
Supervision and Regulation — Insolvency of an IDI or a OLA also provides the FDIC with authority to cause
BHC,” if the FDIC is appointed as receiver under OLA, the creditors and shareholders of the financial company in
rights of Group Inc.’s creditors would be determined under receivership to bear losses before taxpayers are exposed to
OLA, and substantial differences exist in the rights of such losses, and amounts owed to the U.S. government would
creditors between OLA and the U.S. Bankruptcy Code, generally receive a statutory payment priority over the claims
including the right of the FDIC under OLA to disregard the of private creditors, including senior creditors.
strict priority of creditor claims in some circumstances, which In addition, under OLA, claims of creditors (including
could have a material adverse effect on our debtholders. debtholders) could be satisfied through the issuance of equity
The FDIC has announced that a single point of entry strategy or other securities in a bridge entity to which Group Inc.’s
may be a desirable strategy under OLA to resolve a large assets are transferred. If such a securities-for-claims exchange
financial institution in a manner that would, among other were implemented, there can be no assurance that the value
things, impose losses on shareholders, debtholders and other of the securities of the bridge entity would be sufficient to
creditors of the top-tier BHC (in our case, Group Inc.), while repay or satisfy all or any part of the creditor claims for
the BHC’s subsidiaries may continue to operate. It is possible which the securities were exchanged. While the FDIC has
that the application of the single point of entry strategy under issued regulations to implement OLA, not all aspects of how
OLA, in which Group Inc. would be the only entity to enter the FDIC might exercise this authority are known and
resolution proceedings (and its material broker-dealer, bank additional rulemaking is possible.
and other operating entities would not enter resolution
proceedings), would result in greater losses to Group Inc.’s
security holders (including holders of our fixed rate, floating
rate and indexed debt securities), than the losses that would
result from the application of a bankruptcy proceeding or a
different resolution strategy, such as a multiple point of entry
resolution strategy for Group Inc. and certain of its material
subsidiaries.

Goldman Sachs 2024 Form 10-K 51

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

In addition, certain jurisdictions, including the U.K. and the We also put in place a Capital and Liquidity Support
E.U., have implemented resolution regimes to provide Agreement (CLSA) among Group Inc., Funding IHC and our
resolution authorities with the ability to recapitalize a failing major subsidiaries. Under the CLSA, Funding IHC has
entity by writing down its unsecured debt or converting its provided Group Inc. with a committed line of credit that
unsecured debt into equity. Such “bail-in” powers are allows Group Inc. to draw sufficient funds to meet its cash
intended to enable the recapitalization of a failing institution needs during the ordinary course of business. In addition, if
by allocating losses to its shareholders and unsecured our financial resources deteriorate so severely that resolution
debtholders. For example, the Bank of England requires a may be imminent, (i) the committed line of credit will
certain amount of intercompany funding that we provide to automatically terminate and the unsecured subordinated
our material U.K. subsidiaries to contain a contractual trigger funding note will automatically be forgiven, (ii) all
to expressly permit the Bank of England to exercise such intercompany receivables owed by the major subsidiaries to
“bail-in” powers in certain circumstances. If the Group Inc. will be transferred to Funding IHC or their
intercompany funding we provide to our subsidiaries is maturities will be extended to five years, (iii) Group Inc. will
“bailed in,” Group Inc.’s claims on its subsidiaries would be be obligated to transfer substantially all of its remaining
subordinated to the claims of the subsidiaries’ third-party intercompany receivables and GCLA (other than an amount
creditors or written down. U.S. regulators are considering to fund anticipated bankruptcy expenses) to Funding IHC,
and non-U.S. authorities have adopted requirements that and (iv) Funding IHC will be obligated to provide capital and
certain subsidiaries of large financial institutions maintain liquidity support to the major subsidiaries. Group Inc.’s and
minimum amounts of total loss-absorbing capacity that Funding IHC’s obligations under the CLSA are secured
would pass losses up from the subsidiaries to the top-tier pursuant to a related security agreement. Such actions would
BHC and, ultimately, to security holders of the top-tier BHC materially and adversely affect Group Inc.’s liquidity. As a
in the event of failure. result, during a period of severe stress, Group Inc. might
commence bankruptcy proceedings at an earlier time than it
The application of Group Inc.’s proposed resolution
otherwise would if the CLSA and related security agreement
strategy could result in greater losses for Group Inc.’s
security holders.
had not been implemented.

In our resolution plan, Group Inc. would be resolved under If Group Inc.’s proposed resolution strategy were successful,
the U.S. Bankruptcy Code. The strategy described in our Group Inc.’s security holders could face losses while the
resolution plan is a variant of the single point of entry third-party creditors of Group Inc.’s major subsidiaries
strategy: Group Inc. and Goldman Sachs Funding LLC would incur no losses because those subsidiaries would
(Funding IHC), a wholly-owned, direct subsidiary of Group continue to operate and not enter resolution or bankruptcy
Inc., would recapitalize and provide liquidity to certain major proceedings. As part of the strategy, Group Inc. could also
subsidiaries, including through the forgiveness of seek to elevate the priority of its guarantee obligations
intercompany indebtedness, the extension of the maturities of relating to its major subsidiaries’ derivative contracts or
intercompany indebtedness and the extension of additional transfer them to another entity so that cross-default and early
intercompany loans. If this strategy were successful, creditors termination rights would be stayed under the ISDA
of some or all of Group Inc.’s major subsidiaries would Protocols, as applicable, which would result in holders of
receive full recoveries on their claims, while Group Inc.’s Group Inc.’s eligible long-term debt and holders of Group
security holders could face significant and possibly complete Inc.’s other debt securities incurring losses ahead of the
losses. beneficiaries of those guarantee obligations. It is also possible
that holders of Group Inc.’s eligible long-term debt and other
To facilitate the execution of our resolution plan, we formed debt securities could incur losses ahead of other similarly
Funding IHC. In exchange for an unsecured subordinated situated creditors of Group Inc.’s major subsidiaries.
funding note and equity interest, Group Inc. transferred
certain intercompany receivables and substantially all of its If Group Inc.’s proposed resolution strategy were not
GCLA to Funding IHC, and agreed to transfer additional successful, Group Inc.’s financial condition would be
GCLA above prescribed thresholds. adversely impacted and Group Inc.’s security holders,
including debtholders, may as a consequence be in a worse
position than if the strategy had not been implemented. In all
cases, any payments to debtholders are dependent on our
ability to make such payments and are therefore subject to
our credit risk.

52 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

As a result of our recovery and resolution planning processes, Commodities involved in our intermediation activities and
including incorporating feedback from our regulators, we investments are also subject to the risk of unforeseen or
may incur increased operational, funding or other costs and catastrophic events, which are likely to be outside of our
face limitations on our ability to structure our internal control, including those arising from the breakdown or
organization or engage in internal or external activities in a failure of third-party or service providers' transport vessels,
manner that we may otherwise deem most operationally storage facilities or other equipment or processes or other
efficient. mechanical malfunctions, fires, leaks, spills or release of
hazardous substances, performance below expected levels of
Our commodities activities, particularly our physical
output or efficiency, terrorist attacks, extreme weather events
commodities activities, subject us to extensive
regulation and involve certain potential risks,
or other natural disasters or other hostile or catastrophic
including environmental, reputational and other risks events. In addition, we rely on third-party suppliers or service
that may expose us to significant liabilities and costs. providers to perform their contractual obligations and any
failure on their part, including the failure to supply or to
As part of our commodities business, we purchase and sell safely transport or store commodities, could expose us to
certain physical commodities, arrange for their storage and costs or losses. Also, while we seek to insure against potential
transport, and engage in market making of commodities. The risks, we do not have insurance to cover some of these risks
commodities involved in these activities may include crude and the insurance that we have may be inadequate to cover
oil, refined oil products, natural gas, liquefied natural gas, our losses.
electric power, agricultural products, base, precious and
other metals, minerals (including unenriched uranium), The occurrence of any of such events may prevent us from
emission credits, coal, freight and related products and performing under our agreements with clients, may impair
indices. our operations or financial results and may result in
litigation, regulatory action, negative publicity or other
We make investments in and finance entities that engage in reputational harm.
the production, storage and transportation of numerous
commodities, including many of the commodities referenced We have made changes to and may also be required to divest
above. or discontinue certain of these activities for regulatory or
legal reasons or due to the transition to a less carbon-
These activities subject us and/or the entities in which we dependent economy in response to climate change.
invest to extensive and evolving federal, state and local
energy, environmental, antitrust and other governmental Competition
laws and regulations worldwide, including environmental Our results have been and may in the future be
laws and regulations relating to, among others, air quality, adversely affected by the composition of our client
water quality, waste management, transportation of base.
hazardous substances, natural resources, site remediation and
health and safety. Additionally, rising climate change Our client base is not the same as that of our major
concerns have led to additional laws and regulations, competitors. Our businesses may have a higher or lower
regulatory scrutiny and disclosure obligations that have percentage of clients in certain industries or markets than
increased and could further increase the operating costs and some or all of our competitors. Therefore, unfavorable
could adversely affect the profitability of certain of our industry developments or market conditions affecting certain
investments and activities. industries or markets have resulted in the past and may result
in the future in our businesses underperforming relative to
There may be substantial costs in complying with current or similar businesses of a competitor if our businesses have a
future laws and regulations relating to our commodities- higher concentration of clients in such industries or markets.
related activities and investments. Compliance with these For example, our market-making businesses have a higher
laws and regulations requires significant commitments of percentage of clients with actively managed assets than some
capital toward environmental and operational monitoring, of our competitors and these clients have in the past been and
development of appropriate operational and supervisory may in the future be disproportionately affected by low
procedures and processes, payment of emission fees and volatility.
carbon or other taxes, and application for, and holding of,
permits and licenses.

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Correspondingly, favorable or simply less adverse The financial services industry is highly interrelated in that a
developments or market conditions involving industries or significant volume of transactions occur among a limited
markets in a business where we have a lower concentration number of members of that industry. Many transactions are
of clients in that industry or market have also resulted in the syndicated to other financial institutions, and financial
past and may result in the future in our underperforming institutions are often counterparties in transactions. This has
relative to a similar business of a competitor that has a higher led to claims by other market participants and regulators that
concentration of clients in that industry or market. For such institutions have colluded in order to manipulate
example, we have a smaller corporate client base in our markets or market prices, including allegations that antitrust
market-making businesses than some of our peers and laws have been violated. While we have extensive procedures
therefore those competitors may benefit more from increased and controls that are designed to identify and prevent such
activity by corporate clients. Similarly, we have not activities, they may not be effective. Allegations of such
historically engaged in retail equities intermediation to the activities, particularly by regulators, can have a negative
same extent as other financial institutions, which has in the reputational impact and can subject us to large fines and
past affected and could in the future adversely affect our settlements, and potentially significant penalties, including
market share in equities execution. treble damages.
The financial services industry is highly competitive. The growth of electronic trading and the introduction
of new products and technologies, including trading
The financial services industry and all of our businesses are
and distributed ledger technologies, such as
intensely competitive, and we expect them to remain so. We
cryptocurrencies, and AI technologies, has increased
compete on the basis of a number of factors, including competition.
transaction execution, our products and services, innovation,
reputation, creditworthiness and price. There has been Technology is fundamental to our business and our industry.
substantial consolidation and convergence among companies The growth of electronic trading and the introduction of new
in the financial services industry. This has hastened the technologies is changing our businesses and presenting us
globalization of the securities and other financial services with new challenges. Securities, futures and options
markets. As a result, we have had to commit capital to transactions are increasingly occurring electronically, both on
support our international operations and to execute large our own systems and through other alternative trading
global transactions. As we have expanded into new business systems, and it appears that the trend toward alternative
areas and new geographic regions, we have faced competitors trading systems will continue. Some of these alternative
with more experience and more established relationships trading systems compete with us, particularly our exchange-
with clients, regulators and industry participants in the based market-making activities, and we may experience
relevant market, which could adversely affect our ability to continued competitive pressures in these and other areas. In
expand our businesses. addition, the increased use by our clients of low-cost
electronic trading systems and direct electronic access to
Governments and regulators have adopted regulations, trading markets has caused and could continue to cause a
imposed taxes, adopted compensation restrictions or reduction in commissions and spreads. As our clients
otherwise put forward various proposals that have impacted increasingly use our systems to trade directly in the markets,
or may impact our ability to conduct certain of our we may incur liabilities as a result of their use of our order
businesses in a cost-effective manner or at all in certain or all routing and execution infrastructure.
jurisdictions, including proposals relating to restrictions on
the type of activities in which financial institutions are We have invested significant resources into the development
permitted to engage. These or other similar rules, many of of electronic trading systems and expect to continue to do so,
which do not apply to all our U.S. or non-U.S. competitors, but there is no assurance that the revenues generated by these
could impact our ability to compete effectively. systems will yield an adequate return, particularly given the
generally lower commissions arising from electronic trades.
Pricing and other competitive pressures in our businesses
have continued to increase, particularly in situations where
some of our competitors may seek to increase market share
by reducing prices. For example, in connection with
investment banking and other assignments, in response to
competitive pressure we have experienced, we have extended
and priced credit at levels that, in some cases, have not fully
compensated us for the risks we undertook.

54 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

In addition, the emergence, adoption and evolution of new Competition from within the financial services industry and
technologies, including distributed ledgers, such as digital from businesses outside the financial services industry,
assets and blockchain, and AI technologies, have required us including the technology industry, for qualified employees
to invest resources to adapt our existing products and has often been intense. We have experienced increased
services, and we expect to continue to make such competition in hiring and retaining employees to address the
investments, which could be material. The adoption and demands of our consumer-oriented businesses and our
evolution of such new technologies may also increase our technology initiatives. This is also the case in emerging and
compliance and regulatory costs. Further, technologies, such growth markets, where we are often competing for qualified
as those based on distributed ledgers, that do not require employees with entities that have a significantly greater
intermediation could also significantly disrupt payments presence or more extensive experience in the region.
processing and other financial services. Regulatory
Laws or regulations in jurisdictions in which our operations
limitations on our involvement in products and platforms
are located that affect taxes on our employees’ income or the
involving digital assets and distributed ledger technologies amount or composition of compensation, or that require us
may not apply equally or, in some cases, at all to certain of to disclose our or our competitors’ compensation practices,
our competitors. We may not be as timely or successful in may also adversely affect our ability to hire and retain
developing or integrating, or even able to develop or qualified employees in those jurisdictions.
integrate, new products and technologies, such as those built
As described further in “Business — Regulation —
on distributed ledgers or AI technologies, into our existing
Compensation Practices” in Part I, Item 1 of this Form 10-K,
products and services, adapting to changes in client
our compensation practices are subject to review by, and the
preferences or achieving market acceptance of our products
standards of, the FRB. As a large global financial and
and services., For example, our competitors may be more
banking institution, we are subject to limitations on
timely or successful in developing or integrating AI
compensation practices (which may or may not affect the
technologies to increase their productivity and reduce their
companies with which we compete for talent) by the FRB, the
costs or to provide better transaction execution or improved
PRA, the FCA, the FDIC and other regulators worldwide.
products and services to clients. Any of the foregoing could
These limitations have shaped our compensation practices,
affect our ability to attract or retain clients, cause us to lose
which has, in some cases, adversely affected our ability to
market share or result in service disruptions and in turn
attract and retain talented employees, in particular in relation
reduce our revenues or otherwise adversely affect us.
to companies not subject to these limitations, and future
Our businesses would be adversely affected if we are legislation or regulation may have similar adverse effects.
unable to hire and retain qualified employees.
Our operating expenses and efficiency ratio depend, in part,
Our performance is largely dependent on the talents and on our overall headcount and the proportion of our
efforts of highly skilled people; therefore, our continued employees located in strategic locations. Our future human
ability to compete effectively in our businesses, to manage capital resource requirements and the benefits provided by
our businesses effectively and to expand into new businesses strategic locations are uncertain, and we may not realize the
and geographic areas depends on our ability to attract and benefits we anticipate.
retain a talented workforce. Factors that affect our ability to
attract and retain such employees include the level and
composition of our compensation and benefits, our
reputation as a successful business with a culture of fairly
hiring, training and promoting qualified employees and
government policies, including immigration policy. As a
significant portion of the compensation that we pay to our
employees is in the form of year-end discretionary
compensation, a significant portion of which is in the form of
deferred equity-related awards, declines in our profitability,
or in the outlook for our future profitability, as well as
regulatory limitations on compensation levels and terms, can
negatively impact our ability to hire and retain highly
qualified employees.

Goldman Sachs 2024 Form 10-K 55

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Market Developments and General Business

Environment
Our businesses, financial condition, liquidity and We are also exposed to risks resulting from changes in public
results of operations have been and may in the future policy, laws and regulations, or market and public
be adversely affected by unforeseen or catastrophic perceptions and preferences in connection with the transition
events, including pandemics, terrorist attacks, wars, to a less carbon-dependent economy. These changes could
extreme weather events or other natural disasters. adversely affect our business, results of operations and
reputation. In addition, due to divergent stakeholder views
The occurrence of unforeseen or catastrophic events, regarding climate change, we are at increased risk that any
including pandemics or other widespread health emergencies actual or perceived action, or lack thereof, by us in
(or concerns over the possibility of such an emergency), connection with the transition to a less carbon-dependent
terrorist attacks, wars, extreme weather events, solar events economy will be perceived negatively by some stakeholders
or other natural disasters, could adversely affect our business, and adversely affect our business and reputation. If our
financial condition, liquidity and results of operations. These response to climate change is subject to criticism, our
events could have such effects through economic or financial business, reputation and efforts to recruit and retain
market disruptions or challenging economic or market employees may suffer.
conditions more generally, the deterioration of our
New laws, regulations or guidance relating to climate change,
creditworthiness or that of our counterparties, changes in
as well as the perspectives of government officials, regulators,
consumer sentiment and consumer borrowing, spending and
shareholders, employees and other stakeholders regarding
savings patterns, liquidity stress, or operational difficulties
climate change, may affect whether and on what terms and
(such as travel limitations and limitations on occupancy in
conditions we engage in certain activities or offer certain
our offices) that impair our ability to manage our businesses.
products. Federal and state, and non-U.S. banking regulators
Climate change could disrupt our businesses and and supervisory authorities, shareholders and other
adversely affect client activity levels and the stakeholders have increasingly viewed financial institutions
creditworthiness of our clients and counterparties, as playing an important role in helping to address risks
and our actual or perceived action or inaction relating related to climate change, both directly and with respect to
to climate change could result in damage to our
their clients, which may result in financial institutions coming
reputation.
under increased requirements and expectations regarding the
Climate change may cause or be a contributing factor to disclosure and management of their climate risks and related
extreme weather events that disrupt operations at one or lending, investment and advisory activities. For example, in
more of our primary locations, which may negatively affect 2023 we participated in a pilot climate scenario analysis
our ability to service and interact with our clients, adversely exercise conducted by the FRB, the results of which were
affect the value of our investments, including our real estate released in 2024. We are also subject to interagency guidance
investments, and reduce the availability or increase the cost jointly issued by the FRB, FDIC, and OCC in 2023 regarding
of insurance. Climate change and the transition to a less principles for climate-related financial risk management for
carbon-dependent economy may also have a negative impact large financial institutions. In addition, in 2023, the NYDFS
on the operations or financial condition of our clients and issued guidance on the management of material financial
counterparties, which may decrease revenues from those risks from climate change, which applies to New York State-
clients and counterparties and increase the credit risk regulated banking and mortgage institutions, including GS
associated with loans and other credit exposures to those Bank USA. Additionally, certain states in which we operate
clients and counterparties. In addition, climate change may have enacted or proposed laws or regulations regarding ESG
impact the broader economy. matters, including laws or regulations that require climate-
related disclosures, that address the consideration of ESG
factors in state investments or contracting, and that require
financial institutions to broadly provide customers with
access to financial services, many of which may have broad,
extraterritorial application.

56 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

In the E.U., certain of our entities are expected to be subject The escalation or continuation of these conflicts or other
in varying degrees to sustainability-related laws being hostilities could result in, among other things, an increased
implemented, including directives, such as the CSRD and the risk of cyber attacks, an increased frequency and volume of
CSDDD, which would significantly expand the scope of ESG failures to settle securities transactions, supply chain
disclosure requirements applicable to us and impose stringent disruptions, higher inflation, lower consumer demand and
due diligence requirements with respect to adverse human increased volatility in commodity, currency and other
rights and environmental impacts in our upstream business financial markets. The extent and duration of the conflicts,
partners’ operations, as well as require us to put into effect a sanctions and resulting market disruptions are impossible to
climate transition plan. predict, and the consequences for our business could be
significant. If international political instability and
These, as well as any additional or heightened laws,
geopolitical tensions continue or increase in any region in
regulations, guidance and expectations, have in the past
which we do business, our business and results of operations
subjected and may in the future, subject us to different and
could be harmed. See “Management’s Discussion and
potentially conflicting requirements and expectations in the
Analysis of Financial Condition and Results of Operations —
various jurisdictions in which we operate, and have in the
Risk Management — Credit Risk Management — Selected
past resulted in and could in the future result in increased
Exposures — Country Exposures” for further information
regulatory, compliance or other costs or higher capital
about our credit exposure to Russia and Ukraine.
requirements. The risks associated with, and the perspective
of government officials, regulators, shareholders, employees Certain of our businesses and our funding
and other stakeholders regarding, climate change are instruments may be adversely affected by changes in
continuing to evolve rapidly, which can make it difficult to reference rates, currencies, indexes, baskets or ETFs
assess the ultimate impact on us of climate change-related to which products we offer or funding that we raise are
linked.
risks and uncertainties, but we expect that climate change-
related risks will increase over time. Many of the products that we own or that we offer, such as
structured notes, warrants, swaps or security-based swaps,
Our business, financial condition, liquidity and results
pay interest or determine the principal amount to be paid at
of operations have been adversely affected by
maturity or in the event of default by reference to rates or by
disruptions in the global economy caused by conflicts,
reference to an index, currency, basket, ETF or other
and related sanctions and other developments.
financial metric (the underlier). In the event that the
The conflict between Russia and Ukraine has negatively composition of the underlier is significantly changed, by
affected the global economy. Governments around the world reference to rules governing such underlier or otherwise, the
have responded to Russia’s invasion by imposing economic underlier ceases to exist (for example, in the event that a
sanctions and export controls on certain industry sectors, country withdraws from the Euro or links its currency to or
including price caps on Russian oil, and on Russian delinks its currency from another currency or benchmark, an
businesses and persons. Compliance with economic sanctions index or ETF sponsor materially alters the composition of an
and restrictions imposed by governments has increased our index or ETF, or stocks in a basket are delisted or become
costs and otherwise adversely affected our business and may impermissible to be included in the index or ETF), the
continue to do so. Russia has responded with its own underlier ceases to be recognized as an acceptable market
restrictions against investors and countries outside Russia benchmark or there are legal or regulatory constraints on
and has proposed additional measures aimed at non-Russian linking a financial instrument to the underlier, we may
owned businesses. Businesses in the U.S. and globally have experience adverse effects.
experienced shortages in materials and increased costs for
transportation, energy, and raw materials due in part to the
negative effects of the conflict on the global economy.
The conflicts in the Middle East could also affect and harm
our business and increase market uncertainty. The impact of
these conflicts on our business and operations is uncertain
and therefore cannot be predicted.

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Our business, financial condition, liquidity and results We face enhanced risks as we operate in new
of operations may be adversely affected by locations and transact with a broader array of clients
disruptions in the global economy caused by and counterparties.
escalating tensions between the U.S. and China.
Our businesses, have in the past, and may in the future, bring
Continued or escalating tensions between the U.S. and China us into contact, directly or indirectly, with individuals and
have resulted in and may result in additional changes to U.S. entities that are not within our traditional client and
international trade and investment policies, which could counterparty base, expose us to new asset classes and new
disrupt international trade and investment, adversely affect markets, and present us with integration challenges. For
financial markets, including market activity levels, and example, we continue to transact business and invest in new
adversely impact our revenues. Continued or escalating regions, including a wide range of emerging and growth
tensions may also lead to the U.S., China or other countries markets, and we expect this trend to continue. Various
taking other actions, which could include the implementation emerging and growth market countries have experienced
of sanctions, tariffs or foreign exchange measures, the large- severe economic and financial disruptions, including
scale sale of U.S. Treasury securities or restrictions on cross- significant devaluations of their currencies, defaults or
border trade, investment or transfer of information or threatened defaults on sovereign debt, capital and currency
technology. Any such developments could adversely affect exchange controls, and low or negative growth rates in their
our or our clients’ businesses, as well as our financial economies. The possible effects of any of these conditions
condition, liquidity and results of operations, possibly include an adverse impact on our businesses and increased
materially. volatility in financial markets generally.
A conflict, or concerns about a potential conflict, involving In our consumer-oriented activities, we have faced and
China and Taiwan, the U.S. or other countries could continue to face compliance, legal and regulatory risk,
negatively impact financial markets and our or our clients’ increased reputational risk and increased operational risk due
businesses. Trade restrictions by the U.S. or other countries to, among other things, higher transaction volumes and
in response to a conflict or potential conflict involving China, significantly increased retention and transmission of
including financial and economic sanctions and export consumer and client information. We are also subject to
controls against certain organizations or individuals, or additional legal requirements, including with respect to
actions taken by China in response to trade restrictions, suitability and consumer protection (for example, Regulation
could negatively impact our or our clients’ ability to conduct Best Interest, fair lending laws and regulations and privacy
business in certain countries or with certain counterparties laws and regulations). Further, identity fraud may increase
and could negatively impact regional and global financial and credit reporting practices may change in a manner that
markets and economic conditions. Any of the foregoing could makes it more difficult for financial institutions, such as us,
adversely affect our business, financial condition, liquidity to evaluate the creditworthiness of consumers.
and results of operations, possibly materially.
In connection with our transaction banking activities, we face
compliance, legal and regulatory risk, including with respect
to know-your-customer, anti-money laundering and
reporting requirements and prohibitions on transfers of
property belonging to countries, entities and individuals
subject to sanctions by U.S. or other governmental
authorities. We are making significant enhancements to
existing controls, systems and procedures to manage these
risks.

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

New business initiatives expose us to new and enhanced We may not be able to fully realize the expected
risks, including risks associated with dealing with benefits or synergies from acquisitions or other
governmental entities, reputational concerns arising from business initiatives in the time frames we expect, or at
dealing with different types of clients, business partners, all.
counterparties and investors, greater regulatory scrutiny of We have engaged in selective acquisitions and may continue
these activities, increased credit-related, market, sovereign to do so in the future and these acquisitions may, individually
and operational risks, risks arising from accidents or acts of or in the aggregate, be material to us. Any future acquisitions
terrorism, and reputational concerns with the manner in could involve the issuance of common stock and/or the
which certain assets are being operated or held or in which payment of cash as consideration. The success of our
we interact with these clients, business partners, acquisitions will depend, in part, on our ability to integrate
counterparties and investors. Legal, regulatory and the acquired businesses and realize anticipated synergies, cost
reputational risks may also exist in connection with activities savings and growth opportunities. For example, in 2024, we
and transactions involving new products or markets where sold GreenSky Holdings, LLC, which we had previously
there is regulatory uncertainty or where there are different or acquired, and in connection with the disposition we incurred
conflicting regulations depending on the regulator or the a write-down of intangible assets and goodwill. Also in 2024,
jurisdiction involved, particularly where transactions in such we entered into an agreement to transition the GM credit
products may involve multiple jurisdictions. card program to another issuer and have incurred a write-
We have developed and pursued new business and strategic down of intangible assets in connection with that transaction.
initiatives, including acquisitions, and may continue to do so. In any future acquisitions, we may face numerous risks and
If and to the extent we are unable to successfully execute uncertainties in combining and integrating the relevant
those initiatives, we may incur unanticipated costs and losses, businesses and systems, including the need to combine or
and face other adverse consequences, such as negative separate accounting and data processing systems and
reputational effects. In addition, the actual effects of pursuing management controls and to integrate relationships with
those initiatives may differ, possibly materially, from the clients, counterparties, regulators and others in connection
benefits that we expect to realize from them, such as with acquisitions. Integration of acquired businesses is time-
generating additional revenues, achieving expense savings, consuming and could disrupt our ongoing businesses,
reducing operational risk exposures or using capital and produce unforeseen regulatory or operating difficulties, cause
funding more efficiently. Engaging in new activities exposes us to incur incremental expenses or require incremental
us to a variety of risks, including that we may be unable to financial, management and other resources. It is also possible
successfully develop new, competitive, efficient and effective that an acquisition, once announced, may not close due to the
systems and processes, and hire and retain the necessary failure to satisfy applicable closing conditions, such as the
personnel. Due to our lack of historical experience with receipt of necessary shareholder or regulatory approvals.
unsecured consumer lending, our loan loss assumptions may There is no assurance that any of our acquisitions will be
prove to be incorrect and we may incur losses significantly successfully integrated or yield all of the expected benefits
above those which we originally anticipated in entering the and synergies in the time frames that we expect, or at all. If
business. we are not able to integrate our acquisitions successfully, our
In recent years, we have invested, and may continue to invest, results of operations, financial condition and cash flows
more in businesses that we expect will generate a higher level could be adversely affected.
of more consistent revenues. Such investments and
acquisitions may not be successful or have returns similar to
our other businesses.

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Item 1B. Unresolved Staff Comments Item 3. Legal Proceedings

There are no material unresolved written comments that We are involved in a number of judicial, regulatory and
were received from the SEC staff 180 days or more before the arbitration proceedings concerning matters arising in
end of our fiscal year relating to our periodic or current connection with the conduct of our businesses. Many of these
reports under the Exchange Act. proceedings are in early stages, and many of these cases seek
an indeterminate amount of damages. We have estimated the
upper end of the range of reasonably possible aggregate loss
Item 1C. Cybersecurity for matters where we have been able to estimate a range and
See “Management’s Discussion and Analysis of Financial we believe, based on currently available information, that the
Condition and Results of Operations — Risk Management results of matters where we have not been able to estimate a
— Cybersecurity Risk Management” in Part II, Item 7 of this range of reasonably possible loss, in the aggregate, will not
Form 10-K for further information about cybersecurity. have a material adverse effect on our financial condition, but
may be material to our operating results in a given period.
Given the range of litigation and investigations presently
Item 2. Properties under way, our litigation expenses may remain high. See
“Management’s Discussion and Analysis of Financial
In the U.S. and elsewhere in the Americas, we have offices Condition and Results of Operations — Use of Estimates” in
consisting of approximately 6.3 million square feet of leased Part II, Item 7 of this Form 10-K. See Notes 18 and 27 to the
and owned space. Our principal executive offices are located consolidated financial statements in Part II, Item 8 of this
at 200 West Street, New York, New York and consist of Form 10-K for information about our reasonably possible
approximately 2.1 million square feet. The building is located aggregate loss estimate and judicial, regulatory and legal
on a parcel leased from Battery Park City Authority pursuant proceedings.
to a ground lease. Under the lease, Battery Park City
Authority holds title to all improvements, including the office
building, subject to our right of exclusive possession and use Item 4. Mine Safety Disclosures
until June 2069, the expiration date of the lease. Under the
terms of the ground lease, we made a lump sum ground rent Not applicable.
payment in June 2007 of $161 million for rent through the
term of the lease.
In Europe, the Middle East and Africa, we have offices
consisting of approximately 1.8 million square feet of leased
and owned space. Our European headquarters is located in
London at Plumtree Court, consisting of approximately
826,000 square feet under a lease which can be terminated in
2039.
In Asia, Australia and New Zealand, we have offices
consisting of approximately 2.9 million square feet, including
our offices in India, and regional headquarters in Tokyo and
Hong Kong. In India, we have offices with approximately 1.9
million square feet, the majority of which have leases that
will expire starting in 2028.
In the preceding paragraphs, square footage figures are
provided only for properties that are used in the operation of
our businesses. We regularly evaluate our space capacity in
relation to current and projected headcount. We may incur
exit costs in the future if we (i) reduce our space capacity or
(ii) commit to, or occupy, new properties in locations in
which we operate and dispose of existing space that had been
held for potential growth. These costs may be material to our
operating results in a given period.

60 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

PART II
Item 5. Market for Registrant’s
Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity
Securities
The principal market on which our common stock is traded In 2023, our Board approved a share repurchase program
is the NYSE under the symbol “GS.” Information relating to authorizing repurchases of up to $30 billion of our common
the performance of our common stock from December 31, stock. This program replaced our previous share repurchase
2019 through December 31, 2024 is set forth in program and has no set expiration or termination date. The
“Supplemental Financial Information — Common Stock share repurchases are effected primarily through regular
Performance” in Part II, Item 8 of this Form 10-K. As of open-market purchases (which may include repurchase plans
February 7, 2025, there were 5,251 holders of record of our designed to comply with Rule 10b5-1 and accelerated share
common stock. repurchases), the amounts and timing of which are
determined primarily by our current and projected capital
The table below presents purchases made by or on behalf of
position, and capital deployment opportunities, but which
Group Inc. or any “affiliated purchaser” (as defined in Rule
may also be influenced by the evolution of current and future
10b-18(a)(3) under the Exchange Act) of our common stock
regulatory capital requirements, general market conditions
during the fourth quarter of 2024.
and the prevailing price and trading volumes of our common
Total Shares Dollar Value of stock. See “Management’s Discussion and Analysis of
Purchased as Remaining Financial Condition and Results of Operations — Capital
Total Average Part of a Publicly Authorized
Shares Price Paid Announced Repurchases Management and Regulatory Capital — Capital
Purchased Per Share Program ($ in millions) Management — Share Repurchase Program” in Part II, Item
October 1,146,242 $ 523.45 1,146,242 $ 17,604 7 of this Form 10-K for further information.
November 1,717,264 $ 582.31 1,717,264 $ 16,604
December 668,161 $ 598.52 668,161 $ 16,204 Information relating to compensation plans under which our
Total 3,531,667 3,531,667 equity securities are authorized for issuance is presented in
Part III, Item 12 of this Form 10-K.

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Item 7. Management’s Discussion and

Analysis of Financial Condition and
Results of Operations
Introduction
The Goldman Sachs Group, Inc. (Group Inc. or parent In this discussion and analysis of our financial condition and
company), a Delaware corporation, together with its results of operations, we have included information that
consolidated subsidiaries, is a leading global financial constitutes “forward-looking statements” within the meaning
institution that delivers a broad range of financial services to of the safe harbor provisions of the U.S. Private Securities
a large and diversified client base that includes corporations, Litigation Reform Act of 1995. Forward-looking statements
financial institutions, governments and individuals. Founded are not historical facts or statements of current conditions,
in 1869, we are headquartered in New York and maintain but instead represent only our beliefs regarding future events,
offices in all major financial centers around the world. We many of which, by their nature, are inherently uncertain and
manage and report our activities in three business segments: outside our control.
Global Banking & Markets, Asset & Wealth Management
By identifying these statements for you in this manner, we are
and Platform Solutions. See “Results of Operations” for
alerting you to the possibility that our actual results, financial
further information about our business segments.
condition, liquidity and capital actions may differ, possibly
When we use the terms “we,” “us” and “our,” we mean materially, from the anticipated results, financial condition,
Group Inc. and its consolidated subsidiaries. When we use liquidity and capital actions in these forward-looking
the term “our subsidiaries,” we mean the consolidated statements. Important factors that could cause our results,
subsidiaries of Group Inc. References to “this Form 10-K” are financial condition, liquidity and capital actions to differ
to our Annual Report on Form 10-K for the year ended from those in these statements include, among others, those
December 31, 2024. All references to “the consolidated described in “Risk Factors” in Part I, Item 1A of this Form
financial statements” or “Supplemental Financial 10-K and “Forward-Looking Statements” in Part I, Item 1 of
Information” are to Part II, Item 8 of this Form 10-K. All this Form 10-K.
references to 2024, 2023 and 2022 refer to our years ended, or
the dates, as the context requires, December 31, 2024,
December 31, 2023 and December 31, 2022, respectively. Any
reference to a future year refers to a year ending on December
31 of that year. Certain reclassifications have been made to
previously reported amounts to conform to the current
presentation.
Group Inc. is a bank holding company and a financial
holding company regulated by the Board of Governors of the
Federal Reserve System (FRB).

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

These statements may relate to, among other things, (i) our Executive Overview
future plans and results, including our target return on
average common shareholders’ equity (ROE), return on We generated net earnings of $14.28 billion for 2024,
average tangible common shareholders’ equity (ROTE), compared with $8.52 billion for 2023. Diluted earnings per
efficiency ratio, Common Equity Tier 1 (CET1) capital ratio common share (EPS) was $40.54 for 2024, compared with
and firmwide total credit alternative assets, and how they can $22.87 for 2023. ROE was 12.7% for 2024, compared with
be achieved, (ii) trends in or growth opportunities for our 7.5% for 2023. Book value per common share was $336.77 as
businesses, including the timing, costs, profitability, benefits of December 2024, 7.4% higher compared with December
and other aspects of business and strategic initiatives and 2023.
their impact on our efficiency ratio, as well as the Net revenues were $53.51 billion for 2024, 16% higher than
opportunities and challenges presented by artificial 2023, primarily reflecting higher net revenues in Global
intelligence (AI), (iii) our level of future compensation Banking & Markets and Asset & Wealth Management. The
expense, (iv) our Investment banking fees backlog and future increase in net revenues in Global Banking & Markets
advisory and capital markets results, (v) our expected interest primarily reflected higher net revenues in Equities,
income and interest expense, (vi) our expense savings and significantly higher Investment banking fees and higher net
strategic locations initiatives, (vii) expenses we may incur, revenues in Fixed Income, Currency and Commodities
including future litigation expense, (viii) the projected growth (FICC). The increase in net revenues in Asset & Wealth
of our deposits and other funding, asset liability management Management primarily reflected significantly higher net
and funding strategies and related interest expense savings, revenues in Equity investments and higher Management and
(ix) our business initiatives, (x) our planned 2025 benchmark other fees. Net revenues in Platform Solutions were slightly
debt issuances, (xi) the amount, composition and location of higher.
global core liquid assets (GCLA) we expect to hold, (xii) our
Provision for credit losses was $1.35 billion for 2024,
credit exposures, (xiii) our expected provision for credit
compared with $1.03 billion for 2023. Provisions for 2024
losses, (xiv) the adequacy of our allowance for credit losses,
reflected net provisions related to the credit card portfolio
(xv) the narrowing of our consumer business, (xvi) the
(primarily driven by net charge-offs). Provisions for 2023
objectives and effectiveness of our business continuity
reflected net provisions related to both the credit card
planning (BCP), information security program, risk
portfolio (primarily driven by net charge-offs) and wholesale
management and liquidity policies, (xvii) our resolution plan
loans (primarily driven by impairments), partially offset by
and its implications for stakeholders, (xviii) the design and
reserve reductions related to the transfer of the GreenSky
effectiveness of our resolution capital and liquidity models
loan portfolio to held for sale and the sale of substantially all
and triggers and alerts framework, (xix) the results of stress
of the Marcus by Goldman Sachs (Marcus) loan portfolio.
tests, the effect of changes to regulations, and our future
status, activities or reporting under banking and financial Operating expenses were $33.77 billion for 2024, 2% lower
regulation, (xx) our expected tax rate, (xxi) the future state than 2023, reflecting decreases driven by significantly lower
of our liquidity and regulatory capital ratios, and our expenses, including impairments, related to commercial real
prospective capital distributions (including dividends and estate in consolidated investment entities (CIEs) and other
repurchases), (xxii) our expected stress capital buffer (SCB) significant expenses recognized in the prior year, including
and global systemically important bank (G-SIB) surcharge, the write-down of identifiable intangible assets related to
(xxiii) legal proceedings, governmental investigations or GreenSky Holdings, LLC (GreenSky), an impairment of
other contingencies, (xxiv) the asset recovery guarantee and goodwill related to Consumer platforms and the FDIC
our remediation activities related to our 1Malaysia special assessment fee. These decreases were partially offset
Development Berhad (1MDB) settlements, (xxv) the by higher compensation and benefits expenses (reflecting
effectiveness of our management of our human capital, (xxvi) improved operating performance) and higher transaction
our sustainability and carbon neutrality targets and goals, based expenses. Our efficiency ratio (total operating expenses
(xxvii) future inflation, (xxviii) the impact of Russia’s divided by total net revenues) was 63.1% for 2024, compared
invasion of Ukraine and related sanctions and other with 74.6% for 2023.
developments on our business, results and financial position,
During 2024, we returned a total of $11.80 billion of capital
(xxix) our ability to sell, and the terms of any proposed sales
to common shareholders, including $8.00 billion of common
of, Asset & Wealth Management historical principal
share repurchases and $3.80 billion of common stock
investments, and our ability to transition the General Motors
dividends. As of December 2024, our CET1 capital ratio was
(GM) credit card program, (xxx) the impact of the conflicts
15.0% under the Standardized Capital Rules and 15.3%
in the Middle East, (xxxi) our ability to manage our
under the Advanced Capital Rules. See Note 20 to the
commercial real estate exposures, (xxxii) the profitability of
consolidated financial statements for further information
Platform Solutions and (xxxiii) the effectiveness of our
about our capital ratios.
cybersecurity risk management process.

Goldman Sachs 2024 Form 10-K 63

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Business Environment The fair value of a financial instrument is the amount that
would be received to sell an asset or paid to transfer a
In 2024, the global economy grew, but was impacted liability in an orderly transaction between market
throughout the year by broad macroeconomic and participants at the measurement date. We measure certain
geopolitical concerns. Concerns regarding inflation and financial assets and liabilities as a portfolio (i.e., based on its
ongoing geopolitical stresses, including tensions with China net exposure to market and/or credit risks). In determining
and the conflicts in Ukraine and the Middle East, remained fair value, the hierarchy under U.S. generally accepted
elevated. Despite these concerns, the economy in the U.S. has accounting principles (U.S. GAAP) gives (i) the highest
remained resilient and equity markets have reacted favorably priority to unadjusted quoted prices in active markets for
to the outcomes of national elections. Additionally, markets identical, unrestricted assets or liabilities (level 1 inputs), (ii)
were focused on policy interest rate cuts by several central the next priority to inputs other than level 1 inputs that are
banks, including the first rate cut by U.S. Federal Reserve observable, either directly or indirectly (level 2 inputs), and
since it began increasing the rate in 2022. (iii) the lowest priority to inputs that cannot be observed in
There remains uncertainty and concerns about geopolitical market activity (level 3 inputs). In evaluating the significance
risks, central bank policy and inflation. See “Results of of a valuation input, we consider, among other factors, a
Operations — Segment Assets and Operating Results — portfolio’s net risk exposure to that input. Assets and
Segment Operating Results” for further information about liabilities are classified in their entirety based on the lowest
the operating environment for each of our business segments. level of input that is significant to their fair value
measurement.

Critical Accounting Policies The fair values for substantially all of our financial assets and
liabilities are based on observable prices and inputs and are
Fair Value classified in levels 1 and 2 of the fair value hierarchy. Certain
Fair Value Hierarchy. Trading assets and liabilities, certain level 2 and level 3 financial assets and liabilities may require
investments and loans, and certain other financial assets and appropriate valuation adjustments that a market participant
liabilities, are included in our consolidated balance sheets at would require to arrive at fair value for factors, such as
fair value (i.e., marked-to-market), with related gains or counterparty and our credit quality, funding risk, transfer
losses generally recognized in our consolidated statements of restrictions, liquidity and bid/offer spreads.
earnings. The use of fair value to measure financial
instruments is fundamental to our risk management practices Instruments classified in level 3 of the fair value hierarchy are
and is our most critical accounting policy. those which require one or more significant inputs that are
not observable. Level 3 financial assets represented 1.2% as
of December 2024 and 1.5% as of December 2023 of our total
assets. See Notes 4 and 5 to the consolidated financial
statements for further information about level 3 financial
assets, including changes in level 3 financial assets and related
fair value measurements. Absent evidence to the contrary,
instruments classified in level 3 of the fair value hierarchy are
initially valued at transaction price, which is considered to be
the best initial estimate of fair value. Subsequent to the
transaction date, we use other methodologies to determine
fair value, which vary based on the type of instrument.
Estimating the fair value of level 3 financial instruments
requires judgments to be made. These judgments include:
• Determining the appropriate valuation methodology and/
or model for each type of level 3 financial instrument;
• Determining model inputs based on an evaluation of all
relevant empirical market data, including prices evidenced
by market transactions, interest rates, credit spreads,
volatilities and correlations; and
• Determining appropriate valuation adjustments, including
those related to illiquidity or counterparty credit quality.
Regardless of the methodology, valuation inputs and
assumptions are only changed when corroborated by
substantive evidence.

64 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Controls Over Valuation of Financial Instruments. • Backtesting. Valuations are corroborated by comparison
Market makers and investment professionals in our revenue- to values realized upon sales.
producing units are responsible for pricing our financial
instruments. Our control infrastructure is independent of the See Note 4 to the consolidated financial statements for
revenue-producing units and is fundamental to ensuring that further information about fair value measurements.
all of our financial instruments are appropriately valued at Review of Net Revenues. We seek to ensure adherence to
market-clearing levels. In the event that there is a difference our pricing policy through a combination of daily
of opinion in situations where estimating the fair value of procedures, including the explanation and attribution of net
financial instruments requires judgment (e.g., calibration to revenues based on the underlying factors. Through this
market comparables or trade comparison, as described process, we independently validate net revenues, identify and
below), the final valuation decision is made by senior resolve potential fair value or trade booking issues on a
managers in our independent price verification function
timely basis and seek to ensure that risks are being properly
within Controllers. This independent price verification is
categorized and quantified.
critical to ensuring that our financial instruments are
properly valued. Review of Valuation Models. Our independent model risk
Price Verification. All financial instruments at fair value management group (Model Risk), consisting of quantitative
classified in levels 1, 2 and 3 of the fair value hierarchy are professionals who are separate from model developers,
subject to our independent price verification process. The performs an independent model review and validation
objective of price verification is to have an informed and process of our valuation models. New or changed models are
independent opinion with regard to the valuation of financial reviewed and approved prior to implementation. Models are
instruments under review. Instruments that have one or more reviewed annually to assess the impact of any changes in the
significant inputs which cannot be corroborated by external product or market and any market developments in pricing
market data are classified in level 3 of the fair value theories. See “Risk Management — Model Risk
hierarchy. Price verification strategies utilized by our Management” for further information about the review and
independent price verification function within Controllers validation of our valuation models.
include: Allowance for Credit Losses
• Trade Comparison. Analysis of trade data (both internal We estimate and record an allowance for credit losses related
and external, where available) is used to determine the to our loans held for investment that are accounted for at
most relevant pricing inputs and valuations. amortized cost. To determine the allowance for credit losses,
we classify our loans accounted for at amortized cost into
• External Price Comparison. Valuations and prices are wholesale and consumer portfolios. These portfolios
compared to pricing data obtained from third parties (e.g., represent the level at which we have developed and
brokers or dealers, S&P Global Services, Bloomberg, ICE documented our methodology to determine the allowance for
Data Services, Pricing Direct, TRACE). Data obtained credit losses. The allowance for credit losses is measured on a
from various sources is compared to ensure consistency
collective basis for loans that exhibit similar risk
and validity. When broker or dealer quotations or third-
characteristics using a modeled approach and on an asset-
party pricing vendors are used for valuation or price
verification, greater priority is generally given to executable specific basis for loans that do not share similar risk
quotations. characteristics.

• Calibration to Market Comparables. Market-based

transactions are used to corroborate the valuation of
positions with similar characteristics, risks and
components.
• Relative Value Analyses. Market-based transactions are
analyzed to determine the similarity, measured in terms of
risk, liquidity and return, of one instrument relative to
another or, for a given instrument, of one maturity relative
to another.
• Collateral Analyses. Margin calls on derivatives are
analyzed to determine implied values, which are used to
corroborate our valuations.
• Execution of Trades. Where appropriate, market-making
desks are instructed to execute trades in order to provide
evidence of market-clearing levels.

Goldman Sachs 2024 Form 10-K 65

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

The allowance for credit losses takes into account the Our estimate of credit losses entails judgment about
weighted average of a range of forecasts of future economic collectability at the reporting dates, and there are
conditions over the expected life of the loans and lending uncertainties inherent in those judgments. The allowance for
commitments. The expected life of each loan or lending credit losses is subject to a governance process that involves
commitment is determined based on the contractual term senior management within Risk and Controllers. Personnel
adjusted for extension options or demand features, or is within Risk are responsible for forecasting the economic
variables that underlie the economic scenarios that are used
modeled in the case of revolving credit card loans. The
in the modeling of expected credit losses. While we use the
forecasts include baseline, favorable and adverse economic best information available to determine this estimate, future
scenarios over a three-year period. For loans with expected adjustments to the allowance may be necessary based on,
lives beyond three years, the model reverts to historical loss among other things, changes in the economic environment or
information based on a non-linear modeled approach. We variances between actual results and the original assumptions
apply judgment in weighting individual scenarios each used. Loans are charged off against the allowance for loan
quarter based on a variety of factors, including our internally losses when deemed to be uncollectible.
derived economic outlook, market consensus, recent We also record an allowance for credit losses on lending
macroeconomic conditions and industry trends. The commitments which are held for investment that are
forecasted economic scenarios consider a number of risk accounted for at amortized cost. Such allowance is
factors relevant to the wholesale and consumer portfolios. determined using the same methodology as the allowance for
Risk factors for wholesale loans include internal credit loan losses, while also taking into consideration the
ratings, industry default and loss data, expected life, probability of drawdowns or funding, and whether such
macroeconomic indicators (e.g., unemployment rates and commitments are cancellable by us.
GDP), the borrower’s capacity to meet its financial
To estimate the potential impact of an adverse
obligations, the borrower’s country of risk and industry, loan
macroeconomic environment on our allowance for credit
seniority and collateral type. In addition, for loans backed by losses, we, among other things, compared the expected credit
real estate, risk factors include the loan-to-value ratio, debt losses under the weighted average forecast used in the
service ratio and home price index. The allowance for loan calculation of allowance for credit losses as of December
losses for wholesale loans that do not share similar risk 2024 (which was weighted towards the baseline and adverse
characteristics, such as nonaccrual loans, is calculated using economic scenarios) to the expected credit losses under a
the present value of expected future cash flows discounted at 100% weighted adverse economic scenario. The adverse
the loan’s effective rate, the observable market price of the economic scenario of the forecast model reflects a global
loan, or, in the case of collateral dependent loans, the fair recession in the first quarter of 2025 through the first quarter
value of the collateral less estimated costs to sell, if of 2026, resulting in an economic contraction and rising
applicable. Risk factors for installment and credit card loans unemployment rates. A 100% weighting to the adverse
economic scenario would have resulted in an approximate
include Fair Isaac Corporation (FICO) credit scores,
$0.9 billion increase in our allowance for credit losses as of
delinquency status, loan vintage and macroeconomic December 2024. This hypothetical increase does not take into
indicators. consideration any potential adjustments to qualitative
The allowance for credit losses also includes qualitative reserves. The forecasts of macroeconomic conditions are
components which allow management to reflect the uncertain inherently uncertain and do not take into account any other
offsetting or correlated effects. The actual credit loss in an
nature of economic forecasting, capture uncertainty
adverse macroeconomic environment may differ significantly
regarding model inputs, and account for model imprecision from this estimate. See Note 9 to the consolidated financial
and concentration risk. The qualitative factors considered by statements for further information about the allowance for
management include, among others, changes and trends in credit losses.
loan portfolios, uncertainties associated with the
macroeconomic and geopolitical environments, credit
concentrations, changes in volume and severity of past due Use of Estimates
and criticized loans, idiosyncratic events and deterioration U.S. GAAP requires us to make certain estimates and
within an industry or region. assumptions. In addition to the estimates we make in
connection with fair value measurements and the allowance
for credit losses on loans and lending commitments held for
investment and accounted for at amortized cost, the use of
estimates and assumptions is also important in determining
the accounting for goodwill and identifiable intangible assets,
provisions for losses that may arise from litigation and
regulatory proceedings (including governmental
investigations), and accounting for income taxes.

66 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Goodwill is assessed for impairment annually in the fourth We also estimate and provide for potential losses that may
quarter or more frequently if events occur or circumstances arise out of litigation and regulatory proceedings to the
change that indicate an impairment may exist. When extent that such losses are probable and can be reasonably
assessing goodwill for impairment, first, a qualitative estimated. In addition, we estimate the upper end of the
assessment can be made to determine whether it is more range of reasonably possible aggregate loss in excess of the
likely than not that the estimated fair value of a reporting related reserves for litigation and regulatory proceedings
unit is less than its carrying value. If the results of the where we believe the risk of loss is more than slight. See
qualitative assessment are not conclusive, a quantitative Notes 18 and 27 to the consolidated financial statements for
goodwill test is performed. Alternatively, a quantitative information about certain judicial, litigation and regulatory
goodwill test can be performed without performing a proceedings. Significant judgment is required in making these
qualitative assessment. Estimating the fair value of our estimates and our final liabilities may ultimately be
reporting units requires judgment. Critical inputs to the fair materially different. Our total estimated liability in respect of
value estimates include projected earnings, allocated equity, litigation and regulatory proceedings is determined on a case-
price-to-earnings multiples and price-to-book multiples. by-case basis and represents an estimate of probable losses
There is inherent uncertainty in the projected earnings. The after considering, among other factors, the progress of each
carrying value of each reporting unit reflects an allocation of case, proceeding or investigation, our experience and the
total shareholders’ equity and represents the estimated experience of others in similar cases, proceedings or
amount of total shareholders’ equity required to support the investigations, and the opinions and views of legal counsel.
activities of the reporting unit under currently applicable
In accounting for income taxes, we recognize tax positions in
regulatory capital requirements. During the third quarter of
the financial statements only when it is more likely than not
2024, in connection with the planned sale of our seller
that the position will be sustained on examination by the
financing loan portfolio, we performed a quantitative
relevant taxing authority based on the technical merits of the
goodwill test and determined that the goodwill associated
position. As of December 2024, our liability for unrecognized
with Transaction banking and other was impaired, and
tax benefits was $2.16 billion. We use estimates to recognize
accordingly, recorded a $14 million impairment. In the fourth
current and deferred income taxes in the U.S. federal, state
quarter of 2024, we performed our annual assessment of
and local and non-U.S. jurisdictions in which we operate.
goodwill for impairment, for each of our reporting units with
The income tax laws in these jurisdictions are complex and
goodwill, by performing a qualitative assessment. As a result
can be subject to different interpretations between taxpayers
of the annual assessment, we determined that it was more
and taxing authorities. Disputes may arise over these
likely than not that the estimated fair value of each reporting
interpretations and can be settled by audit, administrative
unit with goodwill exceeded its respective carrying value.
appeals or judicial proceedings. We do not expect that the
Therefore, we determined that goodwill for each reporting
resolution of any such dispute will have a material impact on
unit was not impaired and that a quantitative goodwill test
our financial condition, but it may be material to the
was not required. See Note 12 to the consolidated financial
operating results for a particular period, depending, in part,
statements for further information about our annual
on the operating results for that period. Our interpretations
assessment of goodwill for impairment. If we experience a
are reevaluated quarterly based on guidance currently
prolonged or severe period of weakness in the business
available, tax examination experience and the opinions of
environment, financial markets, the performance of one or
legal counsel, among other factors. We recognize deferred
more of our reporting units or our common stock price, or
taxes based on the amount that will more likely than not be
additional increases in capital requirements, our goodwill
realized in the future based on enacted income tax laws. As of
could be impaired in the future.
December 2024, we had $11.01 billion of deferred tax assets
Identifiable intangible assets are tested for impairment when with a related valuation allowance of $2.06 billion. Our
events or changes in circumstances suggest that an asset’s or estimate for deferred taxes includes estimates for future
asset group’s carrying value may not be fully recoverable. taxable earnings, including the level and character of those
Judgment is required to evaluate whether indications of earnings, and various tax planning strategies. See Note 24 to
potential impairment have occurred, and to test identifiable the consolidated financial statements for further information
intangible assets for impairment, if required. An impairment about income taxes.
is recognized if the estimated undiscounted cash flows
relating to the asset or asset group is less than the
corresponding carrying value. During 2024, in connection Recent Accounting Developments
with the planned transition of the GM credit card program to
See Note 3 to the consolidated financial statements for
another issuer, we classified the GM credit card program to
information about Recent Accounting Developments.
held for sale and recognized a $72 million write-down of
identifiable intangible assets. See Note 12 to the consolidated
financial statements for further information about
identifiable intangible assets.

Goldman Sachs 2024 Form 10-K 67

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Results of Operations
The composition of our net revenues has varied over time as The table below presents our average equity and the
financial markets and the scope of our operations have reconciliation of average common shareholders’ equity to
changed. The composition of net revenues can also vary over average tangible common shareholders’ equity.
the shorter term due to fluctuations in U.S. and global
economic and market conditions. See “Risk Factors” in Part
Average for the Year Ended December
I, Item 1A of this Form 10-K for further information about $ in millions 2024 2023 2022
the impact of economic and market conditions on our results Total shareholders’ equity $ 119,204 $ 116,699 $115,990
of operations. For a discussion of our 2023 financial results Preferred stock (12,430) (10,895) (10,703)
compared with 2022, see Part II, Item 7 “Management’s Common shareholders’ equity 106,774 105,804 105,287
Discussion and Analysis of Financial Condition and Results Goodwill (5,895) (6,147) (5,726)
Identifiable intangible assets (1,003) (1,736) (1,583)
of Operations” in our Annual Report on Form 10-K for the
Tangible common shareholders’ equity $ 99,876 $ 97,921 $ 97,978
year ended December 31, 2023.
Financial Overview • Net earnings to average assets is calculated by dividing net
The table below presents an overview of our financial results earnings by average total assets.
and selected financial ratios.
• Return on shareholders’ equity is calculated by dividing net
Year Ended December
earnings by average monthly shareholders’ equity.
$ in millions, except per share amounts 2024 2023 2022
Net revenues $ 53,512 $ 46,254 $ 47,365 • Average equity to average assets is calculated by dividing
Pre-tax earnings $ 18,397 $ 10,739 $ 13,486 average total shareholders’ equity by average total assets.
Net earnings $ 14,276 $ 8,516 $ 11,261
Net earnings to common $ 13,525 $ 7,907 $ 10,764 • Dividend payout ratio is calculated by dividing dividends
Diluted EPS $ 40.54 $ 22.87 $ 30.06
ROE 12.7% 7.5% 10.2%
declared per common share by diluted EPS.
ROTE 13.5% 8.1% 11.0%
Net Revenues
Net earnings to average assets 0.9% 0.5% 0.7%
Return on shareholders’ equity 12.0% 7.3% 9.7% The table below presents our net revenues by line item.
Average equity to average assets 7.1% 7.5% 7.5% Year Ended December
Dividend payout ratio 28.4% 45.9% 29.9% $ in millions 2024 2023 2022
Investment banking $ 7,738 $ 6,218 $ 7,360
Our target (through-the-cycle) is to achieve ROE within a Investment management 10,596 9,532 9,005
range of 14% to 16% and ROTE within a range of 15% to Commissions and fees 4,086 3,789 4,034
17%. Market making 18,390 18,238 18,634
Other principal transactions 4,646 2,126 654
In the table above: Total non-interest revenues 45,456 39,903 39,687
Interest income 81,397 68,515 29,024
• Net earnings to common represents net earnings applicable Interest expense 73,341 62,164 21,346
to common shareholders, which is calculated as net Net interest income 8,056 6,351 7,678
Total net revenues $ 53,512 $ 46,254 $ 47,365
earnings less preferred stock dividends.
• ROE is calculated by dividing net earnings to common by In the table above:
average monthly common shareholders’ equity. • Investment banking consists of revenues (excluding net
interest) from financial advisory and underwriting
• ROTE is calculated by dividing net earnings to common by
assignments. These activities are included in Global
average monthly tangible common shareholders’ equity.
Banking & Markets.
Tangible common shareholders’ equity is calculated as
total shareholders’ equity less preferred stock, goodwill • Investment management consists of revenues (excluding net
and identifiable intangible assets. We believe that tangible interest) from providing asset management and wealth
common shareholders’ equity is meaningful because it is a advisory services across all major asset classes to a diverse
measure that we and investors use to assess capital set of clients. These activities are included in Asset &
adequacy and that ROTE is meaningful because it Wealth Management.
measures the performance of businesses consistently,
• Commissions and fees consists of revenues from executing
whether they were acquired or developed internally.
and clearing client transactions on major stock, options
Tangible common shareholders’ equity and ROTE are
and futures exchanges worldwide, as well as over-the-
non-GAAP measures and may not be comparable to similar
counter (OTC) transactions. Substantially all of these
non-GAAP measures used by other companies.
activities are included in Global Banking & Markets.

68 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

• Market making consists of revenues (excluding net interest) 2024 versus 2023
from client execution activities related to making markets Net revenues in the consolidated statements of earnings were
in interest rate products, credit products, mortgages, $53.51 billion for 2024, 16% higher than 2023, primarily
currencies, commodities and equity products. These reflecting significantly higher other principal transactions
activities are included in Global Banking & Markets. revenues, net interest income and investment banking
revenues and higher investment management revenues.
• Other principal transactions consists of revenues
(excluding net interest) from our equity investing activities, Non-Interest Revenues. Investment banking revenues in
including revenues related to our consolidated investments the consolidated statements of earnings were $7.74 billion for
(included in Asset & Wealth Management), and debt 2024, 24% higher than 2023, primarily reflecting significantly
investing and lending activities (included across our three higher revenues in debt underwriting, primarily driven by
segments). leveraged finance activity, and in equity underwriting,
primarily driven by secondary and initial public offerings. In
Operating Environment. During 2024, the operating
addition, revenues in advisory were higher, reflecting an
environment was generally characterized by continued broad
increase in completed mergers and acquisitions transactions.
macroeconomic concerns, including concerns and uncertainty
about inflation, ongoing geopolitical tensions, central bank Investment management revenues in the consolidated
policy and the potential outcome of national elections. In statements of earnings were $10.60 billion for 2024, 11%
investment banking, industry-wide underwriting volumes higher than 2023, primarily due to higher management and
increased compared with 2023, driven by strong levels of debt other fees, primarily reflecting the impact of higher average
offerings and improved levels of equity offerings, while assets under supervision (AUS).
industry-wide completed mergers and acquisitions volumes
Commissions and fees in the consolidated statements of
remained below historical averages. In market making,
earnings were $4.09 billion for 2024, 8% higher than 2023,
activity levels were mixed, as activity levels in fixed income-
due to higher commissions and fees in Equities, reflecting
related products decreased compared with the prior year,
generally higher market volumes and increased transaction
while activity levels in equity-related products increased.
fees, partially offset by a loss related to the planned transition
Global equity prices were generally higher compared with the
of the GM credit card program to another issuer.
end of 2023, and concerns about the commercial real estate
market persisted. In the U.S., the rate of unemployment Market making revenues in the consolidated statements of
remained low and the pace of growth in consumer spending earnings were $18.39 billion for 2024, essentially unchanged
increased slightly compared with 2023. compared with 2023. Market making revenues from
intermediation activities were slightly higher, primarily
If uncertainty and concerns about geopolitical tensions and
reflecting significantly higher revenues in equity cash
the economic outlook remain elevated or grow, including
products, currencies and mortgages, offset by significantly
those about central bank policy, inflation and the commercial
lower revenues in commodities and equity derivatives.
real estate sector, it may lead to a decline in asset prices, a
Market making revenues from financing activities were
decline in market-making activity levels, a decline in
essentially unchanged, reflecting significantly lower revenues
industry-wide investment banking volumes, and net revenues
in FICC financing, offset by significantly higher revenues
and provision for credit losses would likely be negatively
from Equities financing.
impacted. See “Segment Assets and Operating Results —
Segment Operating Results” for information about the Other principal transactions revenues in the consolidated
operating environment and material trends and uncertainties statements of earnings were $4.65 billion for 2024, 119%
that may impact our results of operations. higher than 2023, primarily reflecting significantly higher net
gains from investments in private equities, significantly
higher net gains from derivatives related to our funding
activities, the impact of the sale of the Marcus loan portfolio
in 2023 (including net revenues of approximately $(370)
million related to the sale of substantially all of the portfolio)
and significantly lower net losses on hedges related to our
relationship lending portfolio.

Goldman Sachs 2024 Form 10-K 69

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Net Interest Income. Net interest income in the The table below presents our operating expenses by line item
consolidated statements of earnings was $8.06 billion for and headcount.
2024, 27% higher than 2023, reflecting an increase in interest Year Ended December
income, partially offset by an increase in interest expense. $ in millions 2024 2023 2022
Compensation and benefits $ 16,706 $ 15,499 $ 15,148
The increase in interest income primarily related to trading
Transaction based 6,724 5,698 5,312
assets and investments (each reflecting the impact of higher Market development 646 629 812
average balances and higher average interest rates), Communications and technology 1,991 1,919 1,808
collateralized agreements and other interest-earning assets Depreciation and amortization 2,392 4,856 2,455
Occupancy 973 1,053 1,026
(each reflecting the impact of higher average interest rates), Professional fees 1,652 1,623 1,887
partially offset by a decrease in interest income related to Other expenses 2,683 3,210 2,716
deposits with banks (reflecting the impact of lower average p
Total operatingg expenses
p $ 33,767 $ 34,487 $ 31,164
balances). The increase in interest expense primarily related Headcount at period-end 46,500 45,300 48,500
to collateralized financings and deposits (each reflecting the
impact of higher average balances and higher average interest 2024 versus 2023. Operating expenses in the consolidated
rates) and other interest-bearing liabilities (reflecting the statements of earnings were $33.77 billion for 2024, 2% lower
impact of higher average interest rates). See “Supplemental than 2023. Our efficiency ratio was 63.1% for 2024,
Financial Information — Statistical Disclosures — compared with 74.6% for 2023.
Distribution of Assets, Liabilities and Shareholders’ Equity”
Operating expenses, compared with 2023, reflected decreases
for further information about our sources of net interest
driven by significantly lower expenses, including impairments
income.
($1.46 billion recognized in 2023), related to commercial real
Provision for Credit Losses estate in CIEs (largely in depreciation and amortization) and
Provision for credit losses consists of provision for credit other significant expenses recognized in the prior year,
losses on financial assets and commitments accounted for at including the write-down of identifiable intangible assets
amortized cost, including loans and lending commitments related to GreenSky of $506 million and an impairment of
held for investment. See Note 9 to the consolidated financial goodwill related to Consumer platforms of $504 million
statements for further information about the provision for (both in depreciation and amortization), and the FDIC
credit losses on loans and lending commitments. special assessment fee of $529 million (in other expenses).
These decreases were partially offset by higher compensation
The table below presents our provision for credit losses.
and benefits expenses (reflecting improved operating
Year Ended December performance) and higher transaction based expenses. An
$ in millions 2024 2023 2022 incremental expense for the FDIC special assessment fee of
Provision for credit losses $ 1,348 $ 1,028 $ 2,715 $71 million was recognized in 2024, as the FDIC notified
banks subject to the special assessment fee of the updated
2024 versus 2023. Provision for credit losses in the estimated cost to the Deposit Insurance Fund resulting from
consolidated statements of earnings was $1.35 billion for
the closures in 2023 of Silicon Valley Bank and Signature
2024, compared with $1.03 billion for 2023. Provisions for
Bank. Net provisions for litigation and regulatory
2024 reflected net provisions related to the credit card
portfolio (primarily driven by net charge-offs). Provisions for proceedings were $166 million for 2024 compared with $115
2023 reflected net provisions related to both the credit card million for 2023.
portfolio (primarily driven by net charge-offs) and wholesale As of December 2024, headcount increased 3% compared
loans (primarily driven by impairments), partially offset by with December 2023, primarily due to increases in Asset &
reserve reductions of $637 million related to the transfer of Wealth Management, Risk and Compliance, partially offset
the GreenSky loan portfolio to held for sale and $442 million
by the impact of the sale of GreenSky.
related to the sale of substantially all of the Marcus loan
portfolio. Provision for Taxes
Operating Expenses The effective income tax rate for 2024 was 22.4%, up from
Our operating expenses are primarily influenced by the full year income tax rate of 20.7% for 2023, primarily due
compensation, headcount and levels of business activity. to a decrease in the impact of permanent tax benefits for 2024
Compensation and benefits includes salaries, year-end compared with 2023, partially offset by changes in the
discretionary compensation, amortization of equity awards geographic mix of earnings.
and other items such as benefits. Discretionary compensation
is significantly impacted by, among other factors, the level of
net revenues, net of provision for credit losses, overall
financial performance, prevailing labor markets, business
mix, the structure of our share-based awards and the external
environment.

70 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

The Organisation for Economic Co-operation and Segment Operating Results. The table below presents our
Development (OECD) Global Anti-Base Erosion Model segment operating results.
Rules (Pillar II) aim to ensure that multinationals with Year Ended December
revenues in excess of EUR 750 million pay a minimum $ in millions 2024 2023 2022
effective corporate tax rate of 15% (minimum tax) in each Global Banking & Markets
Net revenues $ 34,943 $ 29,996 $ 32,487
jurisdiction in which they operate. The U.K. and other Provision for credit losses 40 401 468
jurisdictions in which we operate have adopted certain
Compensation and benefits expenses 9,426 8,571 8,661
portions of the OECD directive (Pillar II legislation) effective Other operating expenses 10,554 9,469 9,190
beginning in calendar year 2024. The Pillar II legislation did Total operating expenses 19,980 18,040 17,851
not have a material impact on our effective tax rate for 2024. Pre-tax earnings $ 14,923 $ 11,555 $ 14,168
Net earnings to common $ 10,998 $ 8,703 $ 11,458
We expect additional guidance or legislation to be issued by
Average common equity $ 75,796 $ 71,863 $ 69,951
the OECD and various jurisdictions during 2025 which could g common equity
Return on average y 14.5% 12.1% 16.4%
impact any minimum tax we owe in future periods, possibly Asset & Wealth Management
materially, and our effective tax rate could increase in 2025 Net revenues $ 16,142 $ 13,880 $ 13,376
and thereafter. This minimum tax, if any, will be recognized Provision for credit losses (232) (508) 519
in the period in which it is incurred. Compensation and benefits expenses 6,595 6,144 5,927
Other operating expenses 5,230 6,885 5,623
On August 26, 2024, the U.S. Tax Court issued a decision in Total operating expenses 11,825 13,029 11,550
Varian Medical Systems, Inc. v. Commissioner (Varian Pre-tax earnings $ 4,549 $ 1,359 $ 1,307
decision). The Varian decision reduced the U.S. tax on the Net earnings to common $ 3,386 $ 952 $ 979
Average common equity $ 26,405 $ 30,078 $ 31,762
deemed repatriation of unremitted foreign earnings of g common equity
Return on average y 12.8% 3.2% 3.1%
applicable non-U.S. subsidiaries in the transition year of the
Platform Solutions
Tax Cuts and Jobs Act. We are monitoring the Varian Net revenues $ 2,427 $ 2,378 $ 1,502
decision and evaluating its impact, which could be a material Provision for credit losses 1,540 1,135 1,728
income tax benefit, on the deemed repatriation tax we Compensation and benefits expenses 685 784 560
incurred for the 2018 tax year. No income tax benefit has Other operating expenses 1,277 2,634 1,203
been recognized in the provision for income taxes as a result Total operating expenses 1,962 3,418 1,763
Pre-tax earnings/(loss) $ (1,075) $ (2,175) $ (1,989)
of the Varian decision as of December 2024.
Net earnings/(loss) to common $ (859) $ (1,748) $ (1,673)
We expect our 2025 annual effective tax rate to be Average common equity $ 4,573 $ 3,863 $ 3,574
g common equity
Return on average y (18.8)% (45.2)% (46.8)%
approximately 21%.
Total
Segment Assets and Operating Results Net revenues $ 53,512 $ 46,254 $ 47,365
Segment Assets. The table below presents assets by Provision for credit losses 1,348 1,028 2,715

segment. Compensation and benefits expenses 16,706 15,499 15,148

Other operating expenses 17,061 18,988 16,016
As of December Total operating expenses 33,767 34,487 31,164
$ in millions 2024 2023 Pre-tax earnings $ 18,397 $ 10,739 $ 13,486
Global Banking & Markets $ 1,420,142 $1,381,247 Net earnings to common $ 13,525 $ 7,907 $ 10,764
Asset & Wealth Management 193,328 191,863 Average common equity $106,774 $105,804 $105,287
Platform Solutions 62,502 68,484 g common equity
Return on average y 12.7% 7.5% 10.2%
Total $ 1,675,972 $1,641,594
Net revenues in our segments include allocations of interest
The allocation process for segment assets is based on the income and expense based on the funding generated by, or
activities of these segments. The allocation of assets includes the funding and liquidity requirements of, the respective
allocation of GCLA (which consists of unencumbered, highly segments. See Note 25 to the consolidated financial
liquid securities and cash), which is included within cash and statements for further information about our business
cash equivalents, collateralized agreements, trading assets segments.
and investments on our balance sheet. Due to the integrated
The allocation of common shareholders’ equity and preferred
nature of these segments, estimates and judgments are made
stock dividends to each segment is based on the estimated
in allocating these assets. See “Risk Management —
amount of equity required to support the activities of the
Liquidity Risk Management” for further information about
segment under relevant regulatory capital requirements. Net
our GCLA.
earnings for each segment is calculated by applying the
firmwide tax rate to each segment’s pre-tax earnings.

Goldman Sachs 2024 Form 10-K 71

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Compensation and benefits expenses within our segments • FICC financing. Includes (i) secured lending to our clients
reflect, among other factors, our overall performance, as well through structured credit and asset-backed lending,
as the performance of individual businesses. Consequently, including warehouse loans backed by mortgages (including
pre-tax margins in one segment of our business may be residential and commercial mortgage loans), corporate
significantly affected by the performance of our other loans and consumer loans (including auto loans and private
business segments. A description of segment operating results student loans), (ii) financing through securities purchased
follows. under agreements to resell (resale agreements) and (iii)
commodity financing to clients through structured
Global Banking & Markets
transactions.
Global Banking & Markets generates revenues from the
following: Equities. Equities generates revenues from intermediation
Investment banking fees. We provide advisory and and financing activities.
underwriting services and help companies raise capital to • Equities intermediation. We make markets in equity
strengthen and grow their businesses. Investment banking securities and equity-related products, including ETFs,
fees includes the following: convertible securities, options, futures and OTC derivative
• Advisory. Includes strategic advisory assignments with instruments. We also structure and make markets in
respect to mergers and acquisitions, divestitures, corporate derivatives on indices, industry sectors, financial measures
defense activities, restructurings and spin-offs. and individual company stocks. Our exchange-based
market-making activities include making markets in stocks
• Underwriting. Includes public offerings and private and ETFs, futures and options on major exchanges
placements in both local and cross-border transactions of a worldwide. In addition, we generate commissions and fees
wide range of securities and other financial instruments, from executing and clearing institutional client transactions
including acquisition financing. on major stock, options and futures exchanges worldwide,
FICC. FICC generates revenues from intermediation and as well as OTC transactions.
financing activities. • Equities financing. Includes prime financing, which
• FICC intermediation. Includes client execution activities provides financing to our clients for their securities trading
related to making markets in both cash and derivative activities through margin loans that are generally
instruments, as detailed below. collateralized by securities or cash. Prime financing also
includes services which involve lending securities to cover
Interest Rate Products. Government bonds (including institutional clients’ short sales and borrowing securities to
inflation-linked securities) across maturities, other cover our short sales and to make deliveries into the
government-backed securities, and interest rate swaps, market. We are also an active participant in broker-to-
options and other derivatives. broker securities lending and third-party agency lending
Credit Products. Investment-grade and high-yield activities. In addition, we execute swap transactions to
corporate securities, credit derivatives, exchange-traded provide our clients with exposure to securities and indices.
funds (ETFs), bank and bridge loans, municipal securities, Financing activities also include portfolio financing, which
distressed debt and trade claims. clients can utilize to manage their investment portfolios,
and other equity financing activities, including securities-
Mortgages. Commercial mortgage-related securities, based loans to individuals.
loans and derivatives, residential mortgage-related
securities, loans and derivatives (including U.S. government Market-Making Activities
agency-issued collateralized mortgage obligations and As a market maker, we facilitate transactions in both liquid
other securities and loans), and other asset-backed and less liquid markets, primarily for institutional clients,
such as corporations, financial institutions, investment funds
securities, loans and derivatives.
and governments, to assist clients in meeting their investment
Currencies. Currency options, spot/forwards and other objectives and in managing their risks. In this role, we seek to
derivatives on G-10 currencies and emerging-market earn the difference between the price at which a market
products. participant is willing to sell an instrument to us and the price
at which another market participant is willing to buy it from
Commodities. Commodity derivatives and, to a lesser us, and vice versa (i.e., bid/offer spread). In addition, we
extent, physical commodities, involving crude oil and maintain (i) market-making positions, typically for a short
petroleum products, natural gas, agricultural, base, period of time, in response to, or in anticipation of, client
precious and other metals, electricity, including renewable demand, and (ii) positions to actively manage our risk
power, environmental products and other commodity exposures that arise from these market-making activities
products. (collectively, inventory). Our inventory is recorded in trading
assets (long positions) or trading liabilities (short positions)
in our consolidated balance sheets.

72 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Our results are influenced by a combination of The table below presents our Global Banking & Markets
interconnected drivers, including (i) client activity levels and assets.
transactional bid/offer spreads (collectively, client activity),
As of December
and (ii) changes in the fair value of our inventory and interest $ in millions 2024 2023
income and interest expense related to the holding, hedging Cash and cash equivalents $ 129,687 $ 168,857
and funding of our inventory (collectively, market-making Collateralized agreements 356,637 401,554
Customer and other receivables 113,646 117,633
inventory changes). Due to the integrated nature of our
Trading assets 508,379 435,275
market-making activities, disaggregation of net revenues into Investments 161,381 122,350
client activity and market-making inventory changes is Loans 130,670 117,464
judgmental and has inherent complexities and limitations. Other assets 19,742 18,114
Total $ 1,420,142 $ 1,381,247
The amount and composition of our net revenues vary over
time as these drivers are impacted by multiple interrelated The table below presents details about our Global Banking &
factors affecting economic and market conditions, including Markets loans.
volatility and liquidity in the market, changes in interest As of December
rates, currency exchange rates, credit spreads, equity prices $ in millions 2024 2023
and commodity prices, investor confidence, and other Corporate $ 22,595 $ 24,159
Real estate 37,705 34,813
macroeconomic concerns and uncertainties.
Securities-based 4,279 3,758
In general, assuming all other market-making conditions Other collateralized 67,080 55,527
Installment 70 173
remain constant, increases in client activity levels or bid/offer Other 128 475
spreads tend to result in increases in net revenues, and Loans, gross 131,857 118,905
decreases tend to have the opposite effect. However, changes Allowance for loan losses (1,187) (1,441)
Total loans $ 130,670 $ 117,464
in market-making conditions can materially impact client
activity levels and bid/offer spreads, as well as the fair value Our average Global Banking & Markets gross loans were
of our inventory. For example, a decrease in liquidity in the $126.87 billion for 2024 and $112.07 billion for 2023.
market could have the impact of (i) increasing our bid/offer
spread, (ii) decreasing investor confidence and thereby The table below presents our Global Banking & Markets
decreasing client activity levels, and (iii) widening of credit operating results.
spreads on our inventory positions.
Year Ended December
Other. We lend to corporate clients, including through $ in millions 2024 2023 2022
Advisory $ 3,534 $ 3,299 $ 4,704
relationship lending and acquisition financing. The hedges
Equity underwriting 1,677 1,153 848
related to this lending and financing activity are also reported Debt underwriting 2,521 1,764 1,808
as part of Other. Other also includes equity and debt Investment banking fees 7,732 6,216 7,360
investing activities related to our Global Banking & Markets FICC intermediation 9,564 9,318 11,890
activities. FICC financing 3,640 2,742 2,786
FICC 13,204 12,060 14,676

Equities intermediation 7,937 6,489 6,662

Equities financing 5,494 5,060 4,326
Equities 13,431 11,549 10,988

Other 576 171 (537)

Total net revenues 34,943 29,996 32,487
Provision for credit losses 40 401 468

Compensation and benefits expenses 9,426 8,571 8,661

Other operating expenses 10,554 9,469 9,190
Total operating expenses 19,980 18,040 17,851
Pre-tax earnings 14,923 11,555 14,168
Provision for taxes 3,343 2,392 2,338
Net earnings 11,580 9,163 11,830
Preferred stock dividends 582 460 372
Net earningsg to common $10,998 $ 8,703 $11,458
Average common equity $75,796 $71,863 $69,951
Return on average common equity 14.5% 12.1% 16.4%

Goldman Sachs 2024 Form 10-K 73

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

The table below presents our FICC and Equities net revenues • Announced and completed mergers and acquisitions
by line item in the consolidated statements of earnings. volumes are based on full credit to each of the advisors in a
transaction. Equity and equity-related and debt offerings
$ in millions FICC Equities are based on full credit for single book managers and equal
Year Ended December 2024 credit for joint book managers. Transaction volumes may
Market making $ 9,020 $ 9,370
Commissions and fees – 4,289
not be indicative of net revenues in a given period. In
Other principal transactions 1,203 68 addition, transaction volumes for prior periods may vary
Net interest income 2,981 (296) from amounts previously reported due to the subsequent
Total $13,204 $ 13,431 withdrawal or a change in the value of a transaction.
Year Ended December 2023
• Equity and equity-related offerings includes Rule 144A and
Market making $10,632 $ 7,606
Commissions and fees – 3,736
public common stock offerings, convertible offerings and
Other principal transactions 656 81 rights offerings.
Net interest income 772 126
• Debt offerings includes non-convertible preferred stock,
Total $12,060 $ 11,549
mortgage-backed securities, asset-backed securities and
Year Ended December 2022
taxable municipal debt. It also includes publicly registered
Market making $12,422 $ 6,212
Commissions and fees – 3,791 and Rule 144A issues and excludes leveraged loans.
Other principal transactions 377 41
Net interest income 1,877 944
In January 2025, we formed the Capital Solutions Group in
Total $14,676 $ 10,988 Global Banking & Markets, which provides a more
comprehensive suite of our financing, origination, structuring
In the table above: and risk management offerings across both public and private
markets. This group includes the current capabilities of our
• See “Net Revenues” for information about market making
financing group and expands its coverage to financial
revenues, commissions and fees, other principal
sponsors and alternative asset management firms. It also
transactions revenues and net interest income. See Note 25
includes an alternatives origination group focused on
to the consolidated financial statements for net interest
sourcing, to provide seamless coverage to our private credit
income by segment. and private equity clients. We believe that a more integrated
• The primary driver of net revenues for FICC set of these capabilities will allow us to better serve our
intermediation for all periods was client activity. clients as these private markets continue to grow.
• The increase in net interest income within FICC for 2024 Operating Environment. During 2024, Global Banking &
compared with 2023 reflected an increase in interest- Markets operated in an environment generally characterized
earning assets. Due to the nature of activities within FICC by continued broad macroeconomic concerns, including
and Equities and the composition of their associated concerns and uncertainty about inflation, prolonged
balance sheet, we assess the performance of these geopolitical stresses and central bank policy, and the
businesses based on total net revenues, as offsets can occur potential outcomes of the national elections.
across revenue line items. For example, cash instruments In investment banking, industry-wide debt underwriting
that generate interest income are, in some cases, hedged or volumes for the year increased significantly compared with
funded by derivatives for which changes in fair value are the prior year, driven by strong levels of leveraged finance
reflected in market making revenues. Also, certain activities and investment-grade offerings. However, industry-wide
produce market making revenues but incur interest expense equity underwriting volumes, despite improving year-over-
related to the funding of the related inventory. year, and industry-wide completed mergers and acquisitions
The table below presents our financial advisory and volumes remained below historical averages.
underwriting transaction volumes. In interest rates, the yields on 10-year U.S. and U.K.
Year Ended December government bonds increased during the year. In equities, the
$ in billions 2024 2023 2022 S&P 500 Index increased by 23% and the MSCI World Index
Announced mergers and acquisitions $ 1,037 $ 933 $ 1,173 increased by 16% compared with the end of 2023.
Completed mergers and acquisitions $ 901 $ 1,012 $ 1,356
Equity and equity-related offerings $ 57 $ 43 $ 33 In the future, if market and economic conditions deteriorate,
Debt offerings $ 295 $ 209 $ 223 and market-making activity levels decline, industry-wide
investment banking volumes decline, or credit spreads related
In the table above: to hedges on our relationship lending portfolio tighten, net
• Volumes are per Dealogic. revenues in Global Banking & Markets would likely be
negatively impacted. In addition, if economic conditions
deteriorate or if the creditworthiness of borrowers
deteriorates, provision for credit losses would likely be
negatively impacted.

74 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

2024 versus 2023. Net revenues in Global Banking & Net revenues in Equities were $13.43 billion, 16% higher than
Markets were $34.94 billion for 2024, 16% higher than 2023. 2023, reflecting significantly higher net revenues in Equities
intermediation, primarily driven by derivatives, and higher
Investment banking fees were $7.73 billion, 24% higher than
net revenues in Equities financing, driven by prime financing.
2023, primarily reflecting significantly higher net revenues in
Debt underwriting, primarily driven by leveraged finance Net revenues in Other were $576 million for 2024, compared
activity, and in Equity underwriting, primarily driven by with $171 million for 2023, with the increase primarily
secondary and initial public offerings. In addition, net reflecting significantly lower net losses on hedges.
revenues in Advisory were higher, reflecting an increase in
Provision for credit losses was $40 million for 2024,
completed mergers and acquisitions transactions.
compared with $401 million for 2023. Provisions for 2023
As of December 2024, our Investment banking fees backlog primarily reflected net provisions related to the commercial
increased compared with the end of 2023, primarily reflecting real estate portfolio.
higher estimated net revenues from potential advisory
Operating expenses were $19.98 billion for 2024, 11% higher
transactions.
than 2023, primarily due to significantly higher transaction
Our backlog represents an estimate of our net revenues from based expenses and higher compensation and benefits
future transactions where we believe that future revenue expenses (reflecting improved operating performance). Pre-
realization is more likely than not. We believe changes in our tax earnings were $14.92 billion for 2024, 29% higher than
backlog may be a useful indicator of client activity levels 2023.
which, over the long term, impact our net revenues.
Asset & Wealth Management
However, the time frame for completion and corresponding
Asset & Wealth Management provides investment services to
revenue recognition of transactions in our backlog varies
help clients preserve and grow their financial assets and
based on the nature of the assignment, as certain transactions
achieve their financial goals. We provide these services to our
may remain in our backlog for longer periods of time. In
clients, both institutional and individuals, including investors
addition, our backlog is subject to certain limitations, such as
who primarily access our products through a network of
assumptions about the likelihood that individual client
third-party distributors around the world.
transactions will occur in the future. Transactions may be
cancelled or modified, and transactions not included in the We manage client assets across a broad range of investment
estimate may also occur. strategies and asset classes, including equity, fixed income
and alternative investments. We provide investment
Net revenues in FICC were $13.20 billion, 9% higher than
solutions, including those managed on a fiduciary basis by
2023, primarily reflecting significantly higher net revenues in
our portfolio managers, as well as those managed by third-
FICC financing, primarily driven by mortgages and
party managers. We offer our investment solutions in a
structured lending. Net revenues in FICC intermediation
variety of structures, including separately managed accounts,
were slightly higher, driven by significantly higher net
mutual funds, private partnerships and other commingled
revenues in currencies, mortgages and credit products, largely
vehicles.
offset by lower net revenues in interest rate products and
We also provide tailored wealth advisory services, primarily
significantly lower net revenues in commodities.
to ultra-high-net worth clients. We operate globally, serving
The increase in FICC intermediation net revenues reflected individuals, families, family offices, and foundations and
the impact of improved market-making conditions on our endowments. Our relationships are established directly or
inventory, partially offset by lower client activity. The introduced through companies that sponsor financial
following provides information about our FICC wellness or financial planning programs for their employees,
intermediation net revenues by business, compared with as well as through corporate referrals.
results for 2023: We offer personalized financial planning to individuals and
also provide customized investment advisory solutions, and
• Net revenues in currencies, mortgages and credit products
offer structuring and execution capabilities in securities and
reflected the impact of improved market-making
derivative products across all major global markets. In
conditions on our inventory.
addition, we offer clients a full range of private banking
• Net revenues in interest rate products and commodities services, including a variety of deposit alternatives and loans
primarily reflected lower client activity. that our clients use to finance investments in both financial
and nonfinancial assets, bridge cash flow timing gaps or
provide liquidity and flexibility for other needs. We also raise
deposits from consumers through Marcus.

Goldman Sachs 2024 Form 10-K 75

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

We invest alongside our clients that invest in investment The table below presents our Asset & Wealth Management
funds that we raise or manage. We also have investments in assets.
alternative assets across a range of asset classes. Our As of December
investing activities, which are typically longer-term, include $ in millions 2024 2023
investments in corporate equity, credit, real estate and Cash and cash equivalents $ 36,364 $ 48,677
Collateralized agreements 12,126 14,020
infrastructure assets. Customer and other receivables 19,999 14,859
Asset & Wealth Management generates revenues from the Trading assets 41,724 27,324
Investments 23,130 24,487
following: Loans 46,694 45,866
Other assets 13,291 16,630
• Management and other fees. We receive fees related to Total $ 193,328 $ 191,863
managing assets for institutional and individual clients,
providing investing and wealth advisory solutions, The table below presents details about our Asset & Wealth
providing financial planning and counseling services, and Management loans.
executing brokerage transactions for wealth management As of December
clients. The vast majority of revenues in management and $ in millions 2024 2023
other fees consists of asset-based fees on client assets that Corporate $ 7,377 $ 11,715
Real estate 18,053 16,603
we manage. For further information about assets under Securities-based 12,198 10,863
supervision, see “Assets Under Supervision” below. The Other collateralized 8,027 6,698
fees that we charge vary by asset class, client channel and Other 1,951 1,121
the types of services provided, and are affected by Loans, gross 47,606 47,000
Allowance for loan losses (912) (1,134)
investment performance, as well as asset inflows and Total loans $ 46,694 $ 45,866
redemptions.
In the table above, gross loans included $38 billion of loans as
• Incentive fees. In certain circumstances, we also receive
of December 2024 and $33 billion of loans as of December
incentive fees based on a percentage of a fund’s or a
2023 that were related to Private banking and lending.
separately managed account’s return, or when the return
exceeds a specified benchmark or other performance The average Asset & Wealth Management gross loans were
targets. Such fees include overrides, which consist of the $45.84 billion for 2024 and $51.98 billion for 2023.
increased share of the income and gains derived primarily
The table below presents our Asset & Wealth Management
from our private equity and credit funds when the return
operating results.
on a fund’s investments over the life of the fund exceeds
Year Ended December
certain threshold returns. $ in millions 2024 2023 2022
• Private banking and lending. Our private banking and Management and other fees $ 10,425 $ 9,486 $ 8,781
Incentive fees 393 161 359
lending activities include issuing loans to our wealth Private banking and lending 2,881 2,576 2,458
management clients. Such loans are generally secured by Equity investments 1,359 342 610
commercial and residential real estate, securities or other Debt investments 1,084 1,315 1,168
Total net revenues 16,142 13,880 13,376
assets. We also raise deposits from wealth management
Provision for credit losses (232) (508) 519
clients, including through Marcus. Private banking and
Compensation and benefits expenses 6,595 6,144 5,927
lending revenues include net interest income allocated to
Other operating expenses 5,230 6,885 5,623
deposits and net interest income earned on loans to Total operating expenses 11,825 13,029 11,550
individual clients. Pre-tax earnings 4,549 1,359 1,307
Provision for taxes 1,019 281 215
• Equity investments. Includes investing activities related Net earnings 3,530 1,078 1,092
to our asset management activities primarily related to Preferred stock dividends 144 126 113
public and private equity investments in corporate, real Net earningsg to common $ 3,386 $ 952 $ 979

estate and infrastructure assets. We also make investments Average common equity $ 26,405 $ 30,078 $31,762
through CIEs, substantially all of which are engaged in real Return on average common equity 12.8% 3.2% 3.1%

estate investment activities. In addition, we make In the table above, Management and other fees included fees
investments in connection with our activities to satisfy from alternatives of $2.18 billion for 2024, $2.13 billion for
requirements under the Community Reinvestment Act, 2023 and $1.85 billion for 2022.
primarily through our Urban Investment Group.
In 2024, we surpassed our target to achieve annual firmwide
• Debt investments. Includes lending activities related to management and other fees of more than $10 billion,
our asset management activities, including investing in including more than $2 billion from alternatives.
corporate debt, lending to middle-market clients, and
providing financing for real estate and other assets. These
activities include investments in mezzanine debt, senior
debt and distressed debt securities.
76 Goldman Sachs 2024 Form 10-K
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

In 2024, we achieved our target of pre-tax margins in the Operating Environment. During 2024, Asset & Wealth
mid-twenties for Asset & Wealth Management. We also have Management operated in an environment generally
a target to achieve ROE in the mid-teens within the medium characterized by continued broad macroeconomic concerns,
term (three to five year time horizon from year-end 2022) for including persistent concerns about the commercial real
Asset & Wealth Management. The pre-tax margin for Asset estate market. However, global equity prices were generally
& Wealth Management was 28% for 2024, including the higher compared with the end of 2023, positively affecting
positive impact of 4 percentage points from the results of assets under supervision.
historical principal investments.
In the future, if market and economic conditions deteriorate,
The table below presents our Asset management and Wealth it may lead to a decline in asset prices, or investors
management net revenues by line item in Asset & Wealth transitioning to asset classes that typically generate lower fees
Management. or withdrawing their assets, and net revenues in Asset &
Asset Wealth Asset & Wealth
Wealth Management would likely be negatively impacted.
$ in millions management management Management
2024 versus 2023. Net revenues in Asset & Wealth
Year Ended December 2024
Management and other fees $ 4,576 $ 5,849 $ 10,425
Management were $16.14 billion for 2024, 16% higher than
Incentive fees 393 – 393 2023, primarily reflecting significantly higher net revenues in
Private banking and lending – 2,881 2,881 Equity investments and higher Management and other fees.
Equity investments 1,357 2 1,359 In addition, net revenues in Private banking and lending and
Debt investments 1,084 – 1,084
Total $ 7,410 $ 8,732 $ 16,142
Incentive fees were higher, while net revenues in Debt
Year Ended December 2023
investments were lower.
Management and other fees $ 4,207 $ 5,279 $ 9,486 The increase in Equity investments net revenues primarily
Incentive fees 161 – 161
reflected significantly higher net gains from investments in
Private banking and lending – 2,576 2,576
Equity investments (7) 349 342 private equities (largely reflecting the impact of net losses in
Debt investments 1,315 – 1,315 real estate investments in the prior year). The increase in
Total $ 5,676 $ 8,204 $ 13,880 Management and other fees primarily reflected the impact of
Year Ended December 2022 higher average assets under supervision. The increase in
Management and other fees $ 3,817 $ 4,964 $ 8,781 Private banking and lending net revenues primarily reflected
Incentive fees 359 – 359
Private banking and lending – 2,458 2,458
the impact of the sale of the Marcus loan portfolio in 2023
Equity investments 610 – 610 (including net revenues of approximately $(370) million
Debt investments 1,168 – 1,168 related to the sale of substantially all of the portfolio) and the
Total $ 5,954 $ 7,422 $ 13,376 impact of higher direct-to-consumer deposit balances. The
The table below presents our Equity investments net revenues increase in Incentive fees was driven by harvesting. The
by equity type and asset class. decrease in Debt investments net revenues reflected lower net
interest income due to a reduction in the debt investments
Year Ended December
$ in millions 2024 2023 2022
balance sheet, partially offset by net gains in the current year
Equity Type compared with net losses (particularly in real estate
Private equity $ 1,303 $ 361 $ 2,078 investments) in the prior year.
Public equity 56 (19) (1,468)
Total $ 1,359 $ 342 $ 610 Provision for credit losses was a net benefit of $232 million
Asset Class for 2024, compared with a net benefit of $508 million for
Real estate $ 289 $ (181) $ 1,482 2023. The net benefit for 2024 reflected a net benefit related
Corporate 1,070 523 (872) to the wholesale portfolio (driven by paydowns). The net
Total $ 1,359 $ 342 $ 610
benefit for 2023 primarily reflected reserve reductions related
The table below presents details about our Debt investments to the sale of substantially all of the Marcus loan portfolio
net revenues. and lower balances in corporate loans, partially offset by
Year Ended December
impairments.
$ in millions 2024 2023 2022 Operating expenses were $11.83 billion for 2024, 9% lower
Fair value net gains/(losses) $ 154 $ (61) $ (415)
Net interest income 930 1,376 1,583
than 2023, due to significantly lower expenses, including
Total $ 1,084 $ 1,315 $ 1,168 impairments, related to commercial real estate in CIEs,
partially offset by higher compensation and benefits expenses
(reflecting improved operating performance). Pre-tax
earnings were $4.55 billion for 2024, compared with $1.36
billion for 2023.

Goldman Sachs 2024 Form 10-K 77

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Assets Under Supervision. AUS includes our institutional The table below presents changes in our AUS.
clients’ assets, assets sourced through third-party distributors
Year Ended December
and high-net-worth clients’ assets where we earn a fee for
$ in billions 2024 2023 2022
managing assets on a discretionary basis. This includes net Beginning balance $ 2,812 $ 2,547 $ 2,470
assets in our mutual funds, hedge funds, credit funds, private Net inflows/(outflows):
equity funds, real estate funds, and separately managed Alternative investments 38 25 19
Equity 15 (3) 13
accounts for institutional and individual investors. AUS also
Fixed income 53 52 18
includes client assets invested with third-party managers, Total long-term AUS net inflows/(outflows) 106 74 50
private bank deposits and advisory relationships where we Liquidity products 108 27 16
earn a fee for advisory and other services, but do not have Total AUS net inflows/(outflows) 214 101 66
Acquisitions/(dispositions) – (23) 316
investment discretion. AUS does not include the self-directed Net market appreciation/(depreciation) 111 187 (305)
brokerage assets of our clients. Ending g balance $ 3,137 $ 2,812 $ 2,547

The table below presents information about our firmwide In the table above:
period-end AUS by asset class, client channel, region and
vehicle. • During 2024, our AUS increased $325 billion due to net
inflows (across all asset classes) and net market
As of December
$ in billions 2024 2023 2022
appreciation (primarily in equity assets).
Asset Class • During 2023, our AUS increased $265 billion due to net
Alternative investments $ 336 $ 295 $ 263
Equity 772 658 563 market appreciation (primarily in equity and fixed income
Fixed income 1,184 1,122 1,010 assets) and net inflows (driven by fixed income assets,
Total long-term AUS 2,292 2,075 1,836 liquidity products and alternative investments assets),
Liquidity products 845 737 711
partially offset by the impact of dispositions (related to the
Total AUS $ 3,137 $ 2,812 $ 2,547
sale of Personal Financial Management (PFM)).
Client Channel
Institutional $ 1,078 $ 1,033 $ 905 • During 2022, our AUS increased $77 billion due to the
Wealth management 929 798 712 impact of acquisitions (primarily related to the acquisition
Third-party distributed 1,130 981 930
Total AUS $ 3,137 $ 2,812 $ 2,547
of NN Investment Partners) and net inflows (across all
asset classes), partially offset by net market depreciation
Region
(primarily in fixed income and equity assets).
Americas $ 2,235 $ 1,951 $ 1,806
EMEA 683 653 548 The table below presents information about our total AUS
Asia 219 208 193
Total AUS $ 3,137 $ 2,812 $ 2,547
net inflows/(outflows) by client channel.
Year Ended December
Vehicle
Separate accounts $ 1,687 $ 1,557 $ 1,388 $ in billions 2024 2023 2022
Public funds 1,004 901 862 Institutional $ 38 $ 38 $ 16
Private funds and other 446 354 297 Wealth management 61 31 39
Total AUS $ 3,137 $ 2,812 $ 2,547 Third-party distributed 115 32 11
Total AUS net inflows/(outflows) $ 214 $ 101 $ 66
In the table above:
• Liquidity products includes money market funds and
private bank deposits.
• EMEA represents Europe, Middle East and Africa.
Total wealth management client assets (consisting of AUS,
brokerage assets and Marcus deposits) were approximately
$1.6 trillion as of December 2024.

78 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

The table below presents information about our average The table below presents details about our monthly average
monthly firmwide AUS by asset class. AUS for alternative investments and the average effective
management fee we earned on such assets.
Average for the
Year Ended December Direct Fund of
$ in billions 2024 2023 2022 $ in billions strategies funds Total
Asset Class Year Ended December 2024
Alternative investments $ 314 $ 269 $ 253 Average AUS
Equity 731 610 581 Corporate equity $ 34 $ 84 $ 118
Fixed income 1,164 1,050 992 Credit 48 12 60
Total long-term AUS 2,209 1,929 1,826 Real estate 13 14 27
Liquidity products 751 749 693 Hedge funds and other 45 26 71
Total AUS $ 2,960 $ 2,678 $ 2,519 Funds and discretionary accounts $ 140 $ 136 $ 276
Advisory accounts 38
Total average
g AUS for alternative investments $ 314
In addition to our AUS, we have discretion over alternative Effective Fees (bps)
investments where we currently do not earn management fees Corporate equity 122 55 75
(non-fee-earning alternative assets). Credit 82 10 71
Real estate 88 32 58
We earn management fees on client assets that we manage Hedge funds and other 68 45 59
Funds and discretionary accounts 88 47 68
and also receive incentive fees based on a percentage of a Advisory accounts 17
fund’s or a separately managed account’s return, or when the Total average
g effective fee 62
return exceeds a specified benchmark or other performance Year Ended December 2023
targets. These incentive fees are recognized when it is Average AUS
Corporate equity $ 29 $ 70 $ 99
probable that a significant reversal of such fees will not Credit 44 2 46
occur. Our estimated unrecognized incentive fees were Real estate 11 9 20
$4.12 billion as of December 2024 and $3.77 billion as of Hedge funds and other 42 22 64
Funds and discretionary accounts $ 126 $ 103 $ 229
December 2023. Such amounts are based on the completion Advisory accounts 40
of the funds’ financial statements, which is generally one Total average
g AUS for alternative investments $ 269
quarter in arrears. These fees will be recognized, assuming no Effective Fees (bps)
Corporate equity 125 61 80
decline in fair value, if and when it is probable that a Credit 80 37 78
significant reversal of such fees will not occur, which is Real estate 82 42 64
Hedge funds and other 67 53 62
generally when such fees are no longer subject to fluctuations Funds and discretionary accounts 86 57 73
in the market value of the assets. Advisory accounts 16
g effective fee
Total average 64
The table below presents our average effective management
Year Ended December 2022
fee (which excludes non-asset-based fees) earned on our Average AUS
firmwide AUS by asset class. Corporate equity $ 27 $ 61 $ 88
Credit 36 2 38
Year Ended December Real estate 10 8 18
Effective fees (bps) 2024 2023 2022 Hedge funds and other 45 22 67
Alternative investments 62 64 64 Funds and discretionary accounts $ 118 $ 93 $ 211
Equity 55 57 57 Advisory accounts 42
Fixed income 17 17 17 Total average
g AUS for alternative investments $ 253
Effective Fees (bps)
Liquidity products 15 15 14
Corporate equity 133 61 83
Total averageg effective fee 31 31 31
Credit 81 51 80
Real estate 87 50 70
Hedge funds and other 64 49 59
Funds and discretionary accounts 87 57 74
Advisory accounts 16
Total average
g effective fee 64

In the table above, direct strategies primarily includes our

private equity, growth equity, private credit, liquid
alternatives and real estate strategies. Fund of funds primarily
includes our business which invests in leading private equity,
hedge fund, real estate and credit third-party managers as a
limited partner, secondary-market investor, co-investor or
management company partner.

Goldman Sachs 2024 Form 10-K 79

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

The table below presents information about our period-end In the table above, commitments included in non-fee-earning
AUS for alternative investments, non-fee-earning alternative alternative assets included approximately $61 billion, which
investments and total alternative investments. will begin to earn fees (and become AUS) if and when the
Non-fee-earning Total commitments are drawn and assets are invested. In 2024, we
alternative alternative raised $72 billion in third-party commitments in our
$ in billions AUS assets assets alternatives business, including $28 billion in corporate
As of December 2024
Corporate equity $ 131 $ 73 $ 204
equity, $19 billion in credit, $6 billion in real estate and $19
Credit 62 79 141 billion in hedge funds and other. Since 2019, we have raised
Real estate 30 24 54 $323 billion of third-party commitments in our alternatives
Hedge funds and other 76 3 79 business and expect fundraising in 2025 to be consistent with
Funds and discretionary accounts 299 179 478
Advisory accounts 37 2 39
levels achieved in recent years.
Total alternative investments $ 336 $ 181 $ 517
The table below presents information about alternative
As of December 2023 investments in Asset & Wealth Management that we hold on
Corporate equity $ 109 $ 77 $ 186 our balance sheet by asset type.
Credit 55 75 130
Real estate 22 32 54 As of December
Hedge funds and other 66 3 69 $ in billions 2024 2023
Funds and discretionary accounts 252 187 439 Loans $ 8.5 $ 12.9
Advisory accounts 43 3 46 Debt securities 9.0 10.8
Total alternative investments $ 295 $ 190 $ 485 Equity securities 13.4 13.2
As of December 2022 Other 5.6 9.3
Corporate equity $ 94 $ 76 $ 170 Total $ 36.5 $ 46.2
Credit 44 73 117
Real estate 18 36 54 The table below presents further information about our
Hedge funds and other 65 2 67 alternative investments in Asset & Wealth Management that
Funds and discretionary accounts 221 187 408 we hold on our balance sheet.
Advisory accounts 42 – 42
As of December
Total alternative investments $ 263 $ 187 $ 450
$ in billions 2024 2023
Client co-invest $ 18.4 $ 21.3
In the table above: Firmwide initiatives 8.7 8.6
Historical principal investments:
• Corporate equity primarily includes private equity.
Loans 1.6 3.5
• Total alternative assets included uncalled capital that is Debt securities 2.6 3.6
Equity securities 3.5 4.0
available for future investing of $61 billion as of December Other 1.7 5.2
2024 and $58 billion as of December 2023. Total historical principal investments 9.4 16.3
Total $ 36.5 $ 46.2
• Non-fee-earning alternative assets primarily includes
investments that we hold on our balance sheet, our In the table above:
unfunded commitments, unfunded commitments of our
• Client co-invest primarily includes our investments in funds
clients (where we do not charge fees on commitments),
that we raise and manage or where we have invested
credit facilities collateralized by fund assets and employee
alongside our clients.
funds. Our calculation of non-fee-earning alternative assets
may not be comparable to similar calculations used by • Firmwide initiatives primarily includes our investments
other companies. related to the Community Reinvestment Act and our
corporate engagement programs, such as One Million
• Non-fee-earning alternative assets primarily includes our
Black Women.
direct investing strategies, including private equity, growth
equity, private credit and real estate strategies. • Historical principal investments includes our remaining
balance sheet alternative investments portfolio that we plan
Our target is to grow our total credit alternative assets to
to reduce. This portfolio was approximately $30 billion as
$300 billion by the end of 2028.
of December 2022 and we expect to sell down the vast
The table below presents information about third-party majority of this portfolio by the end of 2026. The impact of
commitments raised in our alternatives business from the historical principal investments to our pre-tax earnings was
beginning of 2020 through 2024. $939 million for 2024. Attributed equity associated with
As of
historical principal investments was approximately
$ in billions December 2024 $4.0 billion as of December 2024.
Included in AUS $ 242
Included in non-fee-earning alternative assets 81
p y commitments raised
Third-party $ 323

80 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

The table below presents the rollforward of our alternative Equity Securities. The table below presents the
investments categorized as historical principal investments concentration of equity securities within our alternative
for 2024. investments by region and industry.
Historical As of December
principal $ in billions 2024 2023
$ in billions investments q y securities
Equity $ 13.4 $ 13.2
Beginning balance $ 16.3
Additions 0.7 Region
Dispositions (7.9) Americas 68% 70%
Net markups/(markdowns) 0.3 EMEA 17% 15%
Endingg balance $ 9.4 Asia 15% 15%
Total 100% 100%
In the table above, dispositions included approximately $400 Industry
million of investments that were transferred out of historical Consumer & Retail 5% 6%
Financial Institutions 15% 11%
principal investments into client co-invest.
Healthcare 6% 6%
Loans and Debt Securities. The table below presents the Industrials 7% 10%
Natural Resources & Utilities 14% 13%
concentration of loans and debt securities within our Real Estate 27% 30%
alternative investments by accounting classification, region Technology, Media & Telecommunications 24% 22%
and industry. Other 2% 2%
Total 100% 100%
As of December
$ in billions 2024 2023 In the table above:
Loans $ 8.5 $ 12.9
Debt securities 9.0 10.8 • Equity securities included $12.6 billion as of December
Total $ 17.5 $ 23.7 2024 and $12.1 billion as of December 2023 of private
Accounting Classification equity positions, and $0.8 billion as of December 2024 and
Debt securities at fair value 51% 45% $1.1 billion as of December 2023 of public equity positions
Loans at amortized cost 45% 49%
that converted from private equity upon the initial public
Loans at fair value 3% 3%
Loans held for sale 1% 3% offerings of the underlying companies.
Total 100% 100%
• The concentrations for real estate equity securities as of
Region December 2024 were 14% for multifamily (13% as of
Americas 54% 52% December 2023), 5% for mixed use (8% as of December
EMEA 35% 37%
Asia 11% 11%
2023), 3% for industrials (3% as of December 2023), 2%
Total 100% 100% for office (2% as of December 2023) and 3% for other real
estate equity securities (4% as of December 2023).
Industry
Consumer & Retail 11% 11% The table below presents the concentration of equity
Financial Institutions 9% 6% securities within our alternative investments by vintage.
Healthcare 12% 15%
Industrials 14% 18% Vintage
Natural Resources & Utilities 2% 2%
As of December 2024
Real Estate 13% 11%
2017 or earlier 22%
Technology, Media & Telecommunications 29% 28%
Other 10% 9% 2018 - 2020 28%
Total 100% 100% 2021 - thereafter 50%
Total 100%

As of December 2023
2016 or earlier 25%
2017 - 2019 26%
2020 - thereafter 49%
Total 100%

Goldman Sachs 2024 Form 10-K 81

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Other. Other investments include tax credit investments Platform Solutions

(accounted for under the proportional amortization method Platform Solutions includes our consumer platforms and
of accounting) of $3.2 billion as of December 2024 and transaction banking and other.
$3.4 billion as of December 2023. Additionally, other
Platform Solutions generates revenues from the following:
investments includes CIEs, which held assets (generally
accounted for at historical cost less depreciation) of Consumer platforms. Our Consumer platforms business
$2.4 billion as of December 2024 and $5.9 billion as of issues credit cards, and raises deposits from Apple Card
December 2023, and were funded with liabilities of customers. Consumer platforms revenues primarily includes
approximately $1.2 billion as of December 2024 and net interest income earned on credit card lending activities.
$3.5 billion as of December 2023. Substantially all such See “Regulatory and Other Matters — Other Matters —
liabilities were nonrecourse, thereby reducing our equity at Narrowing our Focus on Consumer-Related Activities” for
risk. further information.
The table below presents the concentration of CIE assets, net Transaction banking and other. We provide transaction
of financings, within our alternative investments by region banking and other services, such as deposit-taking, payment
and asset class. solutions and other cash management services, for corporate
and institutional clients. Transaction banking revenues
As of December
$ in billions 2024 2023
include net interest income attributed to transaction banking
CIE assets, net of financings $ 1.2 $ 2.4 deposits. See “Regulatory and Other Matters — Other
Matters — Narrowing our Focus on Consumer-Related
Region
Activities” for further information.
Americas 72% 61%
EMEA 15% 25% The table below presents our Platform Solutions assets.
Asia 13% 14%
Total 100% 100% As of December
$ in millions 2024 2023
Asset Class
Cash and cash equivalents $ 16,041 $ 24,043
Hospitality 7% 6% Collateralized agreements 5,944 7,651
Industrials 23% 16% Customer and other receivables 72 3
Multifamily 15% 13% Trading assets 20,452 14,911
Office 29% 24% Investments 3 2
Retail 6% 7% Loans 18,836 20,028
Senior Housing 4% 15% Other assets 1,154 1,846
Student Housing 1% 7% Total $ 62,502 $ 68,484
Other 15% 12%
Total 100% 100%
The table below presents details about our Platform
Solutions loans.
The table below presents the concentration of CIE assets, net
of financings, within our alternative investments by vintage. As of December
$ in millions 2024 2023
Vintage Installment $ – $ 3,125
As of December 2024 Credit cards 21,403 19,361
2017 or earlier 29% Other – 17
2018 - 2020 37% Loans, gross 21,403 22,503
2021 - thereafter 34% Allowance for loan losses (2,567) (2,475)
Total 100% Total loans $ 18,836 $ 20,028
As of December 2023
2016 or earlier 12%
The average Platform Solutions gross loans were $20.48
2017 - 2019 57% billion for 2024 and $21.48 billion for 2023.
2020 - thereafter 31%
Total 100%

82 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

The table below presents our Platform Solutions operating Provision for credit losses was $1.54 billion for 2024,
results. compared with $1.14 billion for 2023. Provisions for 2024
reflected net provisions related to the credit card portfolio
Year Ended December
(primarily driven by net charge-offs). The net provision for
$ in millions 2024 2023 2022
Consumer platforms $ 2,147 $ 2,072 $ 1,176
2023 reflected net provisions related to the credit card
Transaction banking and other 280 306 326 portfolio (primarily driven by net charge-offs), partially
Total net revenues 2,427 2,378 1,502 offset by a net release related to the GreenSky loan portfolio
Provision for credit losses 1,540 1,135 1,728 (including a reserve reduction related to the transfer of the
Compensation and benefits expenses 685 784 560 portfolio to held for sale).
Other operating expenses 1,277 2,634 1,203
Total operating expenses 1,962 3,418 1,763 Operating expenses were $1.96 billion for 2024, 43% lower
Pre-tax earnings/(loss) (1,075) (2,175) (1,989) than 2023, primarily due to the write-down of identifiable
Provision/(benefit) for taxes (241) (450) (328) intangible assets related to GreenSky and an impairment of
Net earnings/(loss) (834) (1,725) (1,661)
Preferred stock dividends 25 23 12
goodwill related to Consumer platforms in the prior year
g
Net earnings/(loss) to common $ (859) $ (1,748) $ (1,673) period. Pre-tax loss was $1.08 billion for 2024, compared
Average common equity $ 4,573 $ 3,863 $ 3,574 with a pre-tax loss of $2.18 billion for 2023.
Return on average common equity (18.8)% (45.2)% (46.8)%
Geographic Data
Our target is to achieve pre-tax breakeven by the end of 2025 See Note 25 to the consolidated financial statements for a
for Platform Solutions. summary of our total net revenues, pre-tax earnings and net
earnings by geographic region.
Operating Environment. The operating environment for
Platform Solutions is mainly impacted by the economic
environment in the U.S., which, during 2024, was generally Balance Sheet and Funding Sources
characterized by concerns about inflation (although some
Balance Sheet Management
measures had begun to improve), a continued low rate of
unemployment and a slight increase in the pace of growth in One of our risk management disciplines is our ability to
consumer spending compared with 2023. manage the size and composition of our balance sheet. While
our asset base changes due to client activity, market
In the future, if economic conditions deteriorate, it may lead fluctuations and business opportunities, the size and
to a decrease in consumer spending or a deterioration in composition of our balance sheet also reflects factors,
consumer credit, and net revenues and provision for credit including (i) our overall risk tolerance, (ii) the amount of
losses in Platform Solutions would likely be negatively capital we hold and (iii) our funding profile, among other
impacted. factors. See “Capital Management and Regulatory Capital —
2024 versus 2023. Net revenues in Platform Solutions were Capital Management” for information about our capital
$2.43 billion for 2024, 2% higher than 2023. management process.

Notwithstanding our strategic decision to narrow the focus Although our balance sheet fluctuates on a day-to-day basis,
on consumer-related activities, Consumer platforms net our total assets at quarter-end are generally not materially
revenues were slightly higher compared with 2023, reflecting different from those occurring within our reporting periods.
higher average credit card balances and higher average In order to ensure appropriate risk management, we seek to
deposit balances, largely offset by the impact of the planned maintain a sufficiently liquid balance sheet and have
transition of the GM credit card program to another issuer. processes in place to dynamically manage our assets and
Transaction banking and other net revenues were lower, liabilities, which include (i) balance sheet planning, (ii)
primarily reflecting lower net revenues related to the seller setting balance sheet targets, (iii) monitoring of key metrics
financing loan portfolio that was sold during 2024. See and (iv) scenario analyses.
“Regulatory and Other Matters — Other Matters —
Narrowing our Focus on Consumer-Related Activities” for
further information.

Goldman Sachs 2024 Form 10-K 83

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Balance Sheet Planning. We prepare a balance sheet plan Monitoring of Key Metrics. We monitor key balance sheet
that combines our projected total assets and composition of metrics both by business and on a consolidated basis,
assets with our expected funding sources over a three-year including asset and liability size and composition, target
time horizon. This plan is reviewed quarterly and may be utilization and risk measures. We attribute assets to
adjusted in response to changing business needs or market businesses and review and analyze movements resulting from
conditions. The objectives of this planning process are: new business activity, as well as market fluctuations.
• To develop our balance sheet projections, taking into Scenario Analyses. We conduct various scenario analyses,
account the general state of the financial markets and including as part of the Comprehensive Capital Analysis and
expected business activity levels, as well as regulatory Review (CCAR) and U.S. Dodd-Frank Wall Street Reform
requirements; and Consumer Protection Act Stress Tests (DFAST), as well
as our resolution and recovery planning. See “Capital
• To allow Corporate Treasury to evaluate balance sheet
Management and Regulatory Capital — Capital
targets of our revenue-producing units and requests to
Management” for further information about these scenario
change such targets in the context of our overall balance
analyses. These scenarios cover short- and long-term time
sheet constraints, including our liability profile and capital
horizons using various macroeconomic and firm-specific
levels, and key metrics; and
assumptions, based on a range of economic scenarios. We use
• To inform the target amount, tenor and type of funding to these analyses to assist us in developing our longer-term
raise, based on our projected assets and contractual balance sheet management strategy, including the level and
maturities. composition of assets, funding and capital. Additionally,
these analyses help us develop approaches for maintaining
Corporate Treasury and Risk, along with our revenue-
appropriate funding, liquidity and capital across a variety of
producing units, review current and prior period information
situations, including a severely stressed environment.
and expectations for the year to prepare our balance sheet
plan. The specific information reviewed includes asset and Balance Sheet Analysis and Metrics
liability size and composition, target utilization, risk and As of December 2024, total assets in our consolidated balance
performance measures, and capital usage. sheets were $1.68 trillion, an increase of $34.38 billion from
December 2023, reflecting increases in trading assets of
Our consolidated balance sheet plan, including our balance
$93.05 billion (primarily due to an increase in government
sheets by business, funding projections and projected key
obligations, reflecting the impact of our and our clients’
metrics, is reviewed and approved by the Firmwide Asset
activities), investments of $37.68 billion (primarily due to an
Liability Committee. See “Risk Management — Overview
increase in U.S. government obligations accounted for as
and Structure of Risk Management” for an overview of our
available-for-sale) and loans of $12.84 billion (primarily
risk management structure.
reflecting our clients’ activities), partially offset by decreases
Setting Balance Sheet Targets. We set balance sheet in cash and cash equivalents of $59.49 billion (primarily
targets with the aim of ensuring that our consolidated reflecting our activity) and collateralized agreements of
balance sheet, as well as the balance sheets for our businesses $48.52 billion (primarily reflecting our activity). See
remain within our risk appetite. The Firmwide Asset Liability “Liquidity Risk Management — Cash Flows” for further
Committee has the responsibility to review and approve information about cash and cash equivalents.
balance sheet targets at least quarterly. Our balance sheet
As of December 2024, total liabilities in our consolidated
targets are set at levels which are close to actual operating
balance sheets were $1.55 trillion, an increase of $29.29
levels, rather than at levels which reflect our maximum risk
billion from December 2023, primarily reflecting increases in
appetite, in order to ensure prompt escalation and discussion
collateralized financings of $35.03 billion (reflecting the
among our revenue-producing units, Corporate Treasury and
impact of our and our clients’ activities), and deposits of
Risk. Requests for changes in targets are evaluated after
$4.60 billion (due to an increase in consumer deposits,
giving consideration to their impact on our key metrics.
partially offset by decreases in transaction banking deposits
Compliance with targets is monitored by our revenue-
and other deposits), partially offset by decreases in customer
producing units, Corporate Treasury and Risk.
and other payables of $7.47 billion (primarily reflecting our
clients’ activities) and borrowings of $5.48 billion (driven by
net maturities).

84 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Our total securities sold under agreements to repurchase The table below presents information about our
(repurchase agreements), accounted for as collateralized shareholders’ equity and book value per common share,
financings, were $274.38 billion as of December 2024 and including the reconciliation of common shareholders’ equity
$249.89 billion as of December 2023, which were 5% higher to tangible common shareholders’ equity.
as of December 2024 and 21% higher as of December 2023
As of December
than the average daily amount of repurchase agreements over $ in millions, except per share amounts 2024 2023
the respective quarters, and 9% higher as of December 2024 Total shareholders’ equity $ 121,996 $ 116,905
and 26% higher as of December 2023 than the average daily Preferred stock (13,253) (11,203)
Common shareholders’ equity 108,743 105,702
amount of repurchase agreements over the respective years.
Goodwill (5,853) (5,916)
As of December 2024, the increase in our repurchase Identifiable intangible assets (847) (1,177)
agreements relative to the average daily amount of g
Tangible q y
common shareholders’ equity $ 102,043 $ 98,609
repurchase agreements during the quarter and year resulted Book value per common share $ 336.77 $ 313.56
from lower levels of our and our clients’ activities at the end Tangible book value per common share $ 316.02 $ 292.52
of the period.
In the table above:
The level of our repurchase agreements fluctuates between
and within periods, primarily due to providing clients with • Tangible common shareholders’ equity is calculated as
access to highly liquid collateral, such as certain government total shareholders’ equity less preferred stock, goodwill
and agency obligations, through collateralized financing and identifiable intangible assets. We believe that tangible
activities. common shareholders’ equity is meaningful because it is a
measure that we and investors use to assess capital
The table below presents information about our balance adequacy. Tangible common shareholders’ equity is a non-
sheet and leverage ratios. GAAP measure and may not be comparable to similar non-
As of December GAAP measures used by other companies.
$ in millions 2024 2023
Total assets $ 1,675,972 $ 1,641,594
• Book value per common share and tangible book value per
Unsecured long-term borrowings $ 242,634 $ 241,877 common share are based on common shares outstanding
Total shareholders’ equity $ 121,996 $ 116,905 and restricted stock units granted to employees with no
Leverage ratio 13.7x 14.0x future service requirements and not subject to performance
Debt-to-equity ratio 2.0x 2.1x
or market conditions (collectively, basic shares) of 322.9
In the table above: million as of December 2024 and 337.1 million as of
December 2023. We believe that tangible book value per
• The leverage ratio equals total assets divided by total common share (tangible common shareholders’ equity
shareholders’ equity and measures the proportion of equity divided by basic shares) is meaningful because it is a
and debt we use to finance assets. This ratio is different
measure that we and investors use to assess capital
from the leverage ratios included in Note 20 to the
adequacy. Tangible book value per common share is a non-
consolidated financial statements.
GAAP measure and may not be comparable to similar non-
• The debt-to-equity ratio equals unsecured long-term GAAP measures used by other companies.
borrowings divided by total shareholders’ equity.

Goldman Sachs 2024 Form 10-K 85

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Funding Sources
Our primary sources of funding are deposits, collateralized Deposits. Our deposits provide us with a diversified source
financings, unsecured short- and long-term borrowings, and of funding and reduce our reliance on wholesale funding. We
shareholders’ equity. We seek to maintain broad and raise deposits, including savings, demand and time deposits,
diversified funding sources globally across products, from consumers, private bank clients, through internal and
programs, markets, currencies and creditors to avoid funding third-party broker-dealers, transaction banking clients and
concentrations. other institutional clients. Substantially all of our deposits are
raised through Goldman Sachs Bank USA (GS Bank USA),
The table below presents information about our funding
Goldman Sachs International Bank (GSIB) and Goldman
sources.
Sachs Bank Europe SE (GSBE).
As of December
$ in millions 2024 2023
The table below presents the types and sources of deposits.
Deposits $ 433,013 35% $ 428,417 36% Savings and
Collateralized financings 358,590 29% 323,564 27% $ in millions Demand Time Total
Unsecured short-term borrowings 69,709 6% 75,945 6% As of December 2024
Unsecured long-term borrowings 242,634 20% 241,877 21% Consumer $ 126,694 $ 54,541 $ 181,235
Total shareholders’ equity 121,996 10% 116,905 10% Private bank 90,013 6,489 96,502
Total $ 1,225,942 100% $ 1,186,708 100% Brokered certificates of deposit – 41,014 41,014
Deposit sweep programs 30,927 – 30,927
Our funding is primarily raised in U.S. dollar, Euro, British Transaction banking 60,925 1,820 62,745
pound and Japanese yen. We generally distribute our funding Other 1,776 18,814 20,590
products through our own sales force and third-party Total $ 310,335 $ 122,678 $ 433,013

distributors to a large, diverse creditor base in a variety of As of December 2023

markets in the Americas, Europe and Asia. We believe that Consumer $ 120,211 $ 36,903 $ 157,114
Private bank 86,457 6,855 93,312
our relationships with our creditors are critical to our Brokered certificates of deposit – 46,860 46,860
liquidity. Our creditors include banks, governments, Deposit sweep programs 31,916 – 31,916
securities lenders, corporations, pension funds, insurance Transaction banking 68,177 3,643 71,820
companies, mutual funds and individuals. We have imposed Other 1,568 25,827 27,395
Total $ 308,329 $ 120,088 $ 428,417
various internal guidelines to monitor creditor concentration
across our funding programs. In the table above:
• Savings and demand accounts consist of money market
deposit accounts, negotiable order of withdrawal accounts
and demand deposit accounts that have no stated maturity
or expiration date.
• Time deposits had a weighted average maturity of
approximately 0.6 years as of both December 2024 and
December 2023.
• Consumer deposits consist of deposits from both Marcus
and Apple Card customers.
• Deposit sweep programs include contractual agreements
with U.S. broker-dealers who sweep client cash to FDIC-
insured deposits.
• Transaction banking deposits consist of deposits that we
raised through our cash management services business for
corporate and other institutional clients.
• Other deposits are substantially all from institutional
clients.
• Deposits insured by the FDIC were $234.54 billion as of
December 2024 and $221.52 billion as of December 2023.
• Deposits insured by non-U.S. insurance programs were
$25.98 billion as of December 2024 and $26.00 billion as of
December 2023.

86 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

See Note 13 to the consolidated financial statements for Unsecured Short-Term Borrowings. A significant portion
further information about our deposits, including a maturity of our unsecured short-term borrowings was originally long-
profile of our time deposits. term debt that is scheduled to mature within one year of the
reporting date. We use unsecured short-term borrowings,
Secured Funding. We fund a significant amount of
including U.S. and non-U.S. hybrid financial instruments and
inventory and a portion of investments on a secured basis.
commercial paper, to finance liquid assets and for other cash
Secured funding includes collateralized financings in the
management purposes. In accordance with regulatory
consolidated balance sheets. See Note 11 to the consolidated
requirements, Group Inc. does not issue debt with an original
financial statements for further information about our
maturity of less than one year, other than to its subsidiaries.
collateralized financings, including its maturity profile. We
See Note 14 to the consolidated financial statements for
may also pledge our inventory and investments as collateral
further information about our unsecured short-term
for securities borrowed under a securities lending agreement.
borrowings.
We also use our own inventory and investments to cover
transactions in which we or our clients have sold securities Unsecured Long-Term Borrowings. Unsecured long-term
that have not yet been purchased. Secured funding is less borrowings, including structured notes, are raised through
sensitive to changes in our credit quality than unsecured syndicated U.S. registered offerings, U.S. registered and Rule
funding, due to our posting of collateral to our lenders. 144A medium-term note programs, offshore medium-term
Nonetheless, we analyze the refinancing risk of our secured note offerings and other debt offerings. We issue in different
funding activities, taking into account trade tenors, maturity tenors, currencies and products to maximize the
profiles, counterparty concentrations, collateral eligibility diversification of our investor base.
and counterparty rollover probabilities. We seek to mitigate
The table below presents our quarterly unsecured long-term
our refinancing risk by executing term trades with staggered
borrowings maturity profile.
maturities, diversifying counterparties, raising excess secured
funding and pre-funding residual risk through our GCLA. First Second Third Fourth
$ in millions Quarter Quarter Quarter Quarter Total
We seek to raise secured funding with a term appropriate for As of December 2024
the liquidity of the assets that are being financed, and we seek 2026 $ 10,016 $ 6,947 $ 8,179 $ 11,788 $ 36,930
longer maturities for secured funding collateralized by asset 2027 $ 13,058 $ 8,700 $ 8,091 $ 11,289 41,138
2028 $ 11,495 $ 6,191 $ 4,542 $ 6,976 29,204
classes that may be harder to fund on a secured basis, 2029 $ 4,490 $ 10,308 $ 6,912 $ 11,026 32,736
especially during times of market stress. Our secured funding, 2030 - thereafter 102,626
excluding funding collateralized by liquid government and Total $ 242,634
agency obligations, is primarily executed for tenors of one
month or greater and is primarily executed through term The weighted average maturity of our unsecured long-term
repurchase agreements and securities loaned contracts. borrowings as of December 2024 was approximately seven
years. To mitigate refinancing risk, we seek to limit the
Assets that may be harder to fund on a secured basis during principal amount of debt maturing over the course of any
times of market stress include certain financial instruments in monthly, quarterly, semi-annual or annual time horizon. We
the following categories: mortgage- and other asset-backed enter into interest rate swaps to convert a portion of our
loans and securities, non-investment-grade corporate debt unsecured long-term borrowings into floating-rate
securities, equity securities and emerging market securities. obligations to manage our exposure to interest rates. See
We also raise financing through other types of collateralized Note 14 to the consolidated financial statements for further
financings, such as secured loans and notes. GS Bank USA information about our unsecured long-term borrowings.
has access to funding from the Federal Home Loan Bank. Shareholders’ Equity. Shareholders’ equity is a stable and
Our outstanding borrowings from the Federal Home Loan perpetual source of funding. See Note 19 to the consolidated
Bank were $5.04 billion as of December 2024 and we had no financial statements for further information about our
outstanding borrowings as of December 2023. Additionally, shareholders’ equity.
we have access to funding through the Federal Reserve
discount window, but we do not rely on this funding in our
liquidity planning and stress testing.

Goldman Sachs 2024 Form 10-K 87

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Capital Management and Regulatory Capital

Capital adequacy is of critical importance to us. We have in Our stress tests incorporate our internally designed stress
place a comprehensive capital management policy that scenarios, including our internally developed severely adverse
provides a framework, defines objectives and establishes scenario, and those required by the FRB, and are designed to
guidelines to assist us in maintaining the appropriate level capture our specific vulnerabilities and risks. We provide
and composition of capital in both business-as-usual and further information about our stress test processes and a
stressed conditions. summary of the results on our website as described in
“Business — Available Information” in Part I, Item 1 of this
Capital Management
Form 10-K.
We determine the appropriate amount and composition of
our capital by considering multiple factors, including our As required by the FRB’s CCAR rules, we submit an annual
current and future regulatory capital requirements, the results capital plan for review by the FRB. The purpose of the FRB’s
of our capital planning and stress testing process, the results review is to ensure that we have a robust, forward-looking
of resolution capital models and other factors, such as rating capital planning process that accounts for our unique risks
agency guidelines, subsidiary capital requirements, the and that permits continued operation during times of
business environment and conditions in the financial economic and financial stress.
markets.
The FRB evaluates us based, in part, on whether we have the
We manage our capital requirements and the levels of our capital necessary to continue operating under the baseline
capital usage principally by setting targets on our balance and severely adverse scenarios provided by the FRB and those
sheet and risk-weighted assets (RWAs), in each case at both developed internally. This evaluation also takes into account
the firmwide and business levels. our process for identifying risk, our controls and governance
for capital planning, and our guidelines for making capital
We principally manage the level and composition of our
planning decisions. In addition, the FRB evaluates our plan to
capital through issuances and repurchases of our common
make capital distributions (i.e., dividend payments and
stock.
repurchases or redemptions of stock, subordinated debt or
We may issue, redeem or repurchase our preferred stock and other capital securities) and issue capital, across the range of
subordinated debt or other forms of capital as business macroeconomic scenarios and firm-specific assumptions. The
conditions warrant. Prior to such redemptions or FRB determines the SCB applicable to us based on its own
repurchases, we must receive approval from the FRB. See annual stress test. The SCB under the Standardized approach
Notes 14 and 19 to the consolidated financial statements for is calculated as (i) the difference between our starting and
further information about our subordinated debt and minimum projected CET1 capital ratios under the
preferred stock. supervisory severely adverse scenario and (ii) our planned
common stock dividends for each of the fourth through
Capital Planning and Stress Testing Process. As part of
seventh quarters of the planning horizon, expressed as a
capital planning, we project sources and uses of capital given
percentage of RWAs.
a range of business environments, including stressed
conditions. Our stress testing process is designed to identify Based on our 2024 CCAR submission, the FRB increased our
and measure material risks associated with our business SCB from 5.5% to 6.2%, resulting in a Standardized CET1
activities, including market risk, credit risk, operational risk capital ratio requirement of 13.7% for the period from
and liquidity risk, as well as our ability to generate revenues. October 1, 2024 through September 30, 2025. See “Share
Repurchase Program” for further information about common
Our capital planning process incorporates an internal capital
stock repurchases and dividends and “Consolidated
adequacy assessment with the objective of ensuring that we
Regulatory Capital” for further information about the G-SIB
are appropriately capitalized relative to the risks in our
surcharge. We published a summary of our annual DFAST
businesses. We incorporate stress scenarios into our capital
results in June 2024. See “Business — Available Information”
planning process with a goal of holding sufficient capital to
in Part I, Item 1 of this Form 10-K.
ensure we remain adequately capitalized after experiencing a
severe stress event. Our assessment of capital adequacy is GS Bank USA is required to conduct stress tests on an annual
viewed in tandem with our assessment of liquidity adequacy basis and publish a summary of certain results. GS Bank USA
and is integrated into our overall risk management structure, published a summary of its annual DFAST results in June
governance and policy framework. 2024. See “Business — Available Information” in Part I, Item
1 of this Form 10-K.

88 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Goldman Sachs International (GSI), GSIB and GSBE also In 2023, the Board approved a share repurchase program
have their own capital planning and stress testing processes, authorizing repurchases of up to $30 billion of our common
which incorporate internally designed stress tests developed stock. The program has no set expiration or termination
in accordance with the guidelines of their respective date. See “Market for Registrant’s Common Equity, Related
regulators. Stockholder Matters and Issuer Purchases of Equity
Securities” in Part II, Item 5 of this Form 10-K and Note 19 to
Contingency Capital Plan. As part of our comprehensive
the consolidated financial statements for further information
capital management policy, we maintain a contingency
about our share repurchase program, and see above for
capital plan. Our contingency capital plan provides a
information about our capital planning and stress testing
framework for analyzing and responding to a perceived or
process.
actual capital deficiency, including, but not limited to,
identification of drivers of a capital deficiency, as well as During 2024, we returned a total of $11.80 billion of capital
mitigants and potential actions. It outlines the appropriate to common shareholders, including $8.00 billion of common
communication procedures to follow during a crisis period, share repurchases and $3.80 billion of common stock
including internal dissemination of information, as well as dividends. Consistent with our capital management
timely communication with external stakeholders. philosophy, we will continue prioritizing deployment of
capital for our clients where returns are attractive and
Capital Attribution. We assess the capital usage of each of
distribute any excess capital to shareholders through
our businesses based on our attributed equity framework.
dividends and share repurchases, while targeting a 50 to 100
This framework considers many factors, including our
basis point buffer above our capital requirement.
internal assessment of risks as well as the regulatory capital
requirements related to our business activities. We are subject to a one percent non-deductible federal excise
tax (buyback tax) that is applicable to the fair market value
We review and make any necessary adjustments to our
of certain corporate share repurchases. The fair market value
attributed equity in January each year, to reflect, among
of share repurchases subject to the tax is reduced by the fair
other things, our most recent stress test results and changes to
market value of any applicable stock issued during the
our regulatory capital requirements. On January 1, 2024, our
calendar year, including stock issued to employees. The
allocation of attributed equity changed (relative to the
buyback tax did not have a material impact on our financial
allocation as of December 2023) as follows: attributed equity
condition, results of operations or cash flows for 2024.
increased by approximately $1.6 billion for Platform
Solutions, while attributed equity decreased by Resolution Capital Models. In connection with our
approximately $1.2 billion for Asset & Wealth Management resolution planning efforts, we have established a Resolution
and approximately $0.4 billion for Global Banking & Capital Adequacy and Positioning framework, which is
Markets. On January 1, 2025, our allocation of attributed designed to ensure that our major subsidiaries (GS Bank
equity changed (relative to the allocation as of December USA, Goldman Sachs & Co. LLC (GS&Co.), GSI, GSIB,
2024) as follows: attributed equity increased by GSBE, Goldman Sachs Japan Co., Ltd. (GSJCL), Goldman
approximately $0.4 billion for Global Banking & Markets, Sachs Asset Management, L.P. and Goldman Sachs Asset
while attributed equity decreased by approximately $0.3 Management International) have access to sufficient loss-
billion for Asset & Wealth Management and approximately absorbing capacity (in the form of equity, subordinated debt
$0.1 billion for Platform Solutions. See “Results of and unsecured senior debt) so that they are able to wind
Operations — Segment Assets and Operating Results — down following a Group Inc. bankruptcy filing in accordance
Segment Operating Results” for information about our with our preferred resolution strategy.
average quarterly attributed equity by segment.
In addition, we have established a triggers and alerts
Share Repurchase Program. We use our share repurchase framework, which is designed to provide the Board with
program to help maintain the appropriate level of common information needed to make an informed decision on
equity. On an annual basis, we submit a Board of Directors whether and when to commence bankruptcy proceedings for
of Group Inc. (Board) approved capital plan to the Federal Group Inc.
Reserve, which includes planned share repurchases for each
quarter. The share repurchases are effected primarily through
regular open-market purchases (which may include
repurchase plans designed to comply with Rule 10b5-1 and
accelerated share repurchases), the amounts and timing of
which are determined primarily by our current and projected
capital position, and capital deployment opportunities, but
which may also be influenced by general market conditions
and the prevailing price and trading volumes of our common
stock.

Goldman Sachs 2024 Form 10-K 89

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Rating Agency Guidelines Total Loss-Absorbing Capacity (TLAC)

The credit rating agencies assign credit ratings to the We are also subject to the FRB’s TLAC and related
obligations of Group Inc., which directly issues or guarantees requirements. Failure to comply with the TLAC and related
substantially all of our senior unsecured debt obligations. requirements would result in restrictions being imposed by
GS&Co. and GSI have been assigned long- and short-term the FRB and could limit our ability to repurchase shares, pay
issuer ratings by certain credit rating agencies. GS Bank USA, dividends and make certain discretionary compensation
GSIB and GSBE have also been assigned long- and short-term payments.
issuer ratings, as well as ratings on their long- and short-term
The table below presents TLAC and external long-term debt
bank deposits. In addition, credit rating agencies have
requirements.
assigned ratings to debt obligations of certain other
As of December
subsidiaries of Group Inc. 2024 2023
TLAC to RWAs 22.0% 22.0%
The level and composition of our capital are among the many TLAC to leverage exposure 9.5% 9.5%
factors considered in determining our credit ratings. Each External long-term debt to RWAs 9.0% 9.0%
agency has its own definition of eligible capital and External long-term debt to leverage exposure 4.5% 4.5%
methodology for evaluating capital adequacy, and
assessments are generally based on a combination of factors In the table above:
rather than a single calculation. See “Risk Management — • The TLAC to RWAs requirement included (i) the 18%
Liquidity Risk Management — Credit Ratings” for further minimum, (ii) the 2.5% buffer, (iii) the countercyclical
information about credit ratings of Group Inc., GS Bank capital buffer, which the FRB has set to zero percent and
USA, GSIB, GSBE, GS&Co. and GSI. (iv) the 1.5% G-SIB surcharge (Method 1).
Consolidated Regulatory Capital • The TLAC to leverage exposure requirement includes (i)
We are subject to consolidated regulatory capital the 7.5% minimum and (ii) the 2.0% leverage exposure
requirements which are calculated in accordance with the buffer.
regulations of the FRB (Capital Framework). Under the
• The external long-term debt to RWAs requirement
Capital Framework, we are an “Advanced approaches”
includes (i) the 6% minimum and (ii) the 3.0% G-SIB
banking organization and have been designated as a G-SIB. In
surcharge (Method 2).
managing our capital, we consider a number of different
capital requirements, the most binding of which can vary • The external long-term debt to total leverage exposure is
over time. the 4.5% minimum.
The capital requirements calculated under the Capital The table below presents information about our TLAC and
Framework include the capital conservation buffer external long-term debt ratios.
requirements, which are comprised of a 2.5% buffer (under
For the Three Months
the Advanced Capital Rules), the SCB (under the Ended or as of December
Standardized Capital Rules), a countercyclical capital buffer $ in millions 2024 2023
(under both Capital Rules) and the G-SIB surcharge (under TLAC $ 275,904 $ 278,188
both Capital Rules). Our G-SIB surcharge is 3.0% for both External long-term debt $ 150,682 $ 154,300
RWAs $ 688,541 $ 692,737
2024 and 2025 and is expected to be 3.5% beginning in 2026.
Leverage exposure $ 2,120,756 $ 1,995,756
The G-SIB surcharge and countercyclical capital buffer in the
future may differ due to additional guidance from our TLAC to RWAs 40.1% 40.2%
TLAC to leverage exposure 13.0% 13.9%
regulators and/or positional changes, and our SCB can External long-term debt to RWAs 21.9% 22.3%
change significantly from year to year based on the results of External long-term debt to leverage exposure 7.1% 7.7%
the annual supervisory stress tests. Our target is to maintain
capital ratios equal to the regulatory requirements plus a In the table above:
buffer of 50 to 100 basis points. • TLAC includes common and preferred stock, and eligible
See Note 20 to the consolidated financial statements for long-term debt issued by Group Inc. Eligible long-term
further information about our risk-based capital ratios and debt represents unsecured debt, which has a remaining
leverage ratios, and the Capital Framework. maturity of at least one year and satisfies additional
requirements.
• External long-term debt consists of eligible long-term debt
subject to a haircut if it is due to be paid between one and
two years.

90 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

• In accordance with the TLAC rules, the higher of In the table above, the risk-based capital ratios as of
Standardized or Advanced RWAs are used in the December 2024 reflected profits that are still subject to
calculation of TLAC and external long-term debt ratios annual audit by GSIB’s external auditors and approval by
and applicable requirements. RWAs represent Standardized GSIB’s Board of Directors for inclusion in risk-based
RWAs as of both December 2024 and December 2023. capital. These profits contributed 213 basis points to the
CET1 capital ratio as of December 2024.
• Leverage exposure consists of average adjusted total assets
and certain off-balance sheet exposures. The table below presents GSIB’s leverage ratio requirement
and leverage ratio.
See “Business — Regulation” in Part I, Item 1 of this Form
10-K for further information about TLAC. As of December
2024 2023
Subsidiary Capital Requirements Leverage ratio requirement 3.7% 3.6%
Many of our subsidiaries, including our bank and broker- Leverage ratio 8.9% 7.4%
dealer subsidiaries, are subject to separate regulation and
In the table above, the leverage ratio as of December 2024
capital requirements of the jurisdictions in which they
reflected profits that are still subject to annual audit by
operate.
GSIB’s external auditors and approval by GSIB’s Board of
Bank Subsidiaries. GS Bank USA is our primary U.S. Directors for inclusion in risk-based capital. These profits
banking subsidiary and GSIB and GSBE are our primary non- contributed 87 basis points to the leverage ratio as of
U.S. banking subsidiaries. These entities are subject to December 2024.
regulatory capital requirements. See Note 20 to the
GSIB is subject to minimum reserve requirements at central
consolidated financial statements for further information
banks in certain of the jurisdictions in which it operates. As
about the regulatory capital requirements for GS Bank USA.
of both December 2024 and December 2023, GSIB was in
• GSIB. GSIB is our U.K. bank subsidiary regulated by the compliance with these requirements.
Prudential Regulation Authority (PRA) and the Financial
• GSBE. GSBE is our German bank subsidiary supervised by
Conduct Authority (FCA). GSIB is subject to the U.K.
the European Central Bank, BaFin and Deutsche
capital framework, which is largely based on the Basel
Bundesbank. GSBE is a non-U.S. banking subsidiary of GS
Committee on Banking Supervision’s (Basel Committee)
Bank USA and is also subject to standalone regulatory
capital framework for strengthening international capital
capital requirements noted below. GSBE is subject to the
standards (Basel III). The eligible retail deposits of GSIB
capital requirements prescribed in the amended E.U.
are covered by the U.K. Financial Services Compensation
Capital Requirements Directive (CRD) and E.U. Capital
Scheme to the extent provided by law.
Requirements Regulation (CRR), which are largely based
The table below presents GSIB’s risk-based capital on Basel III. The deposits of GSBE are covered by the
requirements. German statutory deposit protection program to the extent
As of December provided by law. In addition, GSBE has elected to
2024 2023 participate in the German voluntary deposit protection
Risk-based capital requirements
CET1 capital ratio 11.9% 10.1%
program which provides further insurance for certain
Tier 1 capital ratio 14.7% 12.4% eligible deposits beyond the coverage of the German
Total capital ratio 18.4% 15.4% statutory deposit program.
The table below presents information about GSIB’s risk- The table below presents GSBE’s risk-based capital
based capital ratios. requirements.
As of December As of December
$ in millions 2024 2023 2024 2023
Risk-based capital and risk-weighted assets Risk-based capital requirements
CET1 capital $ 4,336 $ 3,936 CET1 capital ratio 10.3% 10.0%
Tier 1 capital $ 4,336 $ 3,936 Tier 1 capital ratio 12.3% 12.1%
Tier 2 capital $ 826 $ 826 Total capital ratio 15.0% 14.8%
Total capital $ 5,162 $ 4,762
RWAs $ 17,767 $ 16,546

Risk-based capital ratios

CET1 capital ratio 24.4% 23.8%
Tier 1 capital ratio 24.4% 23.8%
Total capital ratio 29.1% 28.8%

Goldman Sachs 2024 Form 10-K 91

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

The table below presents information about GSBE’s risk- U.S. Regulated Broker-Dealer Subsidiaries. GS&Co.,
based capital ratios. our primary U.S. regulated broker-dealer subsidiary, is also a
registered futures commission merchant and a registered
As of December
$ in millions 2024 2023 swap dealer with the CFTC, and a registered security-based
Risk-based capital and risk-weighted assets swap dealer with the SEC, and therefore is subject to
CET1 capital $ 13,871 $ 14,212 regulatory capital requirements imposed by the SEC, the
Tier 1 capital $ 13,871 $ 14,212
Financial Industry Regulatory Authority, Inc., the CFTC, the
Tier 2 capital $ 21 $ 22
Total capital $ 13,892 $ 14,234 Chicago Mercantile Exchange and the National Futures
RWAs $ 43,426 $ 39,797 Association. Rule 15c3-1 of the SEC and Rules 1.17 and Part
Risk-based capital ratios 23 Subpart E of the CFTC specify uniform minimum net
CET1 capital ratio 31.9% 35.7% capital requirements, as defined, for their registrants, and
Tier 1 capital ratio 31.9% 35.7% also effectively require that a significant part of the
Total capital ratio 32.0% 35.8%
registrants’ assets be kept in relatively liquid form. GS&Co.
In the table above, the risk-based capital ratios as of has elected to calculate its SEC minimum capital
December 2024 reflected profits that are still subject to requirements in accordance with the “Alternative Net Capital
annual audit by GSBE’s external auditors and approval by Requirement” as permitted by Rule 15c3-1 of the SEC.
GSBE’s shareholder (GS Bank USA) for inclusion in risk- GS&Co. had regulatory net capital, as defined by Rule
based capital. These profits contributed 151 basis points to 15c3-1 of the SEC, of $21.31 billion as of December 2024 and
the CET1 capital ratio as of December 2024. $20.25 billion as of December 2023, which exceeded the
The table below presents GSBE’s leverage ratio greater of the minimum amounts required under Rule 15c3-1
requirement and leverage ratio. of the SEC and Rules 1.17 and Part 23 Subpart E of the CFTC
by $15.87 billion as of December 2024 and $15.07 billion as of
As of December December 2023. In addition to its alternative minimum net
2024 2023
Leverage ratio requirement 3.0% 3.0%
capital requirements, GS&Co. is also required to hold
Leverage ratio 9.8% 11.4% tentative net capital in excess of $5 billion and net capital in
excess of $1 billion in accordance with Rule 15c3-1. GS&Co.
In the table above, the leverage ratio as of December 2024 is also required to notify the SEC in the event that its
reflected profits that are still subject to annual audit by tentative net capital is less than $6 billion. As of both
GSBE’s external auditors and approval by GSBE’s December 2024 and December 2023, GS&Co. had tentative
shareholder (GS Bank USA) for inclusion in risk-based net capital and net capital in excess of both the minimum and
capital. These profits contributed 54 basis points to the the notification requirements.
leverage ratio as of December 2024.
Non-U.S. Regulated Broker-Dealer Subsidiaries. Our
GSBE is subject to minimum reserve requirements at principal non-U.S. regulated broker-dealer subsidiaries
central banks in certain of the jurisdictions in which it include GSI and GSJCL.
operates. As of both December 2024 and December 2023,
GSBE was in compliance with these requirements. GSI, our U.K. broker-dealer, is regulated by the PRA and the
FCA. GSI is subject to the U.K. capital framework, which is
GSBE is a registered swap dealer with the CFTC and a largely based on Basel III.
registered security-based swap dealer with the SEC. As of
both December 2024 and December 2023, GSBE was The table below presents GSI’s risk-based capital
subject to and in compliance with applicable capital requirements.
requirements for swap dealers and security-based swap As of December
dealers. 2024 2023
Risk-based capital requirements
CET1 capital ratio 9.1% 9.1%
Tier 1 capital ratio 11.0% 11.0%
Total capital ratio 13.6% 13.7%

92 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

The table below presents information about GSI’s risk-based Regulatory and Other Matters
capital ratios.
Regulatory Matters
As of December Our businesses are subject to extensive regulation and
$ in millions 2024 2023 supervision worldwide. Regulations have been adopted or are
Risk-based capital and risk-weighted assets
CET1 capital $ 32,697 $ 32,403
being considered by regulators and policy makers worldwide.
Tier 1 capital $ 38,197 $ 37,903 Given that many of the new and proposed rules are highly
Tier 2 capital $ 6,874 $ 6,877 complex, the full impact of regulatory reform will not be
Total capital $ 45,071 $ 44,780 known until the rules are implemented and market practices
RWAs $ 265,944 $ 257,956
develop under the final regulations.
Risk-based capital ratios
CET1 capital ratio 12.3% 12.6% See “Business — Regulation” in Part I, Item 1 of this Form
Tier 1 capital ratio 14.4% 14.7% 10-K for further information about the laws, rules and
Total capital ratio 16.9% 17.4%
regulations and proposed laws, rules and regulations that
In the table above, the risk-based capital ratios as of apply to us and our operations.
December 2024 reflected profits that are still subject to Other Matters
annual audit by GSI's external auditors and approval by Narrowing our Focus on Consumer-Related Activities.
GSI’s Board of Directors for inclusion in risk-based capital. During 2023 and 2024, we narrowed our focus with respect to
These profits contributed 14 basis points to the CET1 capital consumer-related activities by taking the following actions:
ratio as of December 2024.
• We completed the sale of substantially all of the Marcus
The table below presents GSI’s leverage ratio requirement loan portfolio in 2023 (included within Asset & Wealth
and leverage ratio. Management).
As of December • We sold our PFM business in 2023 (included within Asset
2024 2023 & Wealth Management).
Leverage ratio requirement 3.5% 3.5%
Leverage ratio 5.3% 4.9% • We sold the majority of the GreenSky loan portfolio in
2023 and, during 2024, completed the sale of GreenSky
In the table above, the leverage ratio as of December 2024
(included within Platform Solutions).
reflected profits that are still subject to annual audit by GSI’s
external auditors and approval by GSI’s Board of Directors • During 2024, we entered into an agreement to transition
for inclusion in risk-based capital. These profits contributed the GM credit card program (included within Platform
3 basis points to the leverage ratio as of December 2024. Solutions) to another issuer. The transition is expected to
be completed in the third quarter of 2025.
GSI is a registered swap dealer with the CFTC and a
registered security-based swap dealer with the SEC. As of • During 2024, we sold our seller financing loan portfolio
both December 2024 and December 2023, GSI was subject to (included within Platform Solutions). This portfolio
and in compliance with applicable capital requirements for consisted of loans that were extended to small- and
swap dealers and security-based swap dealers. medium-sized retailers.

GSJCL, our Japanese broker-dealer, is regulated by Japan’s We remain committed to supporting the products and
Financial Services Agency. GSJCL and certain other non-U.S. servicing customers through the various transition
subsidiaries are also subject to capital requirements arrangements for our consumer-related activities.
promulgated by authorities of the countries in which they
operate. As of both December 2024 and December 2023,
these subsidiaries were in compliance with their local capital
requirements.

Goldman Sachs 2024 Form 10-K 93

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

The table below presents the impact to pre-tax earnings of Off-Balance Sheet Arrangements
the items that we sold or have announced the decision to sell
(with respect to the narrowing of our focus on consumer- In the ordinary course of business, we enter into various types
related activities). of off-balance sheet arrangements. Our involvement in these
arrangements can take many different forms, including:
Year Ended December
$ in millions 2024 2023 • Purchasing or retaining residual and other interests in
Marcus loan portfolio $ – $ 233 special purpose entities, such as mortgage-backed and
PFM – 276 other asset-backed securitization vehicles;
GreenSky (27) (1,227)
GM credit card program (557) (65) • Holding senior and subordinated debt, interests in limited
Seller financing loan portfolio (84) (28) and general partnerships, and preferred and common stock
Total $ (668) $ (811)
in other nonconsolidated vehicles;
In the table above, pre-tax earnings related to GreenSky, the • Entering into interest rate, foreign currency, equity,
GM credit card program and the seller financing loan commodity and credit derivatives, including total return
portfolio were included within Platform Solutions and the swaps; and
pre-tax earnings related to the Marcus loan portfolio and
PFM were included within Asset & Wealth Management. • Providing guarantees, indemnifications, commitments,
letters of credit and representations and warranties.
We have the following remaining consumer-related activities
within Platform Solutions: We enter into these arrangements for a variety of business
purposes, including securitizations. The securitization
• We issue credit cards to and raise deposits from Apple vehicles that purchase mortgages, corporate bonds and other
Card customers. types of financial assets are critical to the functioning of
• We will continue to support existing GM customers and several significant investor markets, including the mortgage-
issue credit cards to new GM customers until the transition backed and other asset-backed securities markets, since they
of the GM credit card program to another issuer is offer investors access to specific cash flows and risks created
completed. through the securitization process.

Future decisions we may make in connection with the We also enter into these arrangements to underwrite client
narrowing of our focus on consumer-related activities could securitization transactions; provide secondary market
have a material impact on our results of operations in the liquidity; make investments in performing and
period such decisions are made. nonperforming debt, distressed loans, power-related assets,
equity securities, real estate and other assets; and provide
See “Results of Operations — Platform Solutions” for the investors with credit-linked and asset-repackaged notes.
drivers of changes in our net revenues for Consumer
platforms. The table below presents where information about our
various off-balance sheet arrangements may be found in this
Impact of Los Angeles County Wildfires. In January
Form 10-K. In addition, see Note 3 to the consolidated
2025, a series of wildfires started in Los Angeles County that
financial statements for information about our consolidation
spread throughout the region. We are in ongoing dialogue
policies.
with key stakeholders to assess the health and safety
conditions of our office locations and the well-being of our Off-Balance Sheet Arrangement Disclosure in Form 10-K
employees. We are monitoring the ongoing developments of
Variable interests and other See Note 17 to the consolidated
the wildfires and the potential impact on the broader obligations, including contingent financial statements.
economy. As of the date of this filing, the wildfires did not obligations, arising from variable
have a material impact on our results of operations. interests in nonconsolidated
variable interest entities

Guarantees, and lending and other See Note 18 to the consolidated

commitments financial statements.

Derivatives See “Risk Management —

Credit Risk Management —
Credit Exposures — OTC
Derivatives” and Notes 4, 5, 7
and 18 to the consolidated
financial statements.

94 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Risk Management The Board, including through its committees, receives regular
briefings on firmwide risks, including liquidity risk, market
Risks are inherent in our businesses and include liquidity,
risk, credit risk, operational risk, model risk and climate risk,
market, credit, operational, cybersecurity, model, legal,
from our chief risk officer, on cybersecurity threats and risks
compliance, conduct, regulatory and reputational risks. For
from our chief information security officer (CISO), on
further information about our risk management processes,
compliance risk and conduct risk from our chief compliance
see “Overview and Structure of Risk Management,” and for
officer, on legal and regulatory enforcement matters from our
information about our areas of risk, see “Liquidity Risk
chief legal officer, and on other matters impacting our
Management,” “Market Risk Management,” “Credit Risk
reputation from the chair and/or vice-chairs of our Firmwide
Management,” “Operational Risk Management,”
Reputational Risk Committee. The chief risk officer reports
“Cybersecurity Risk Management,” “Model Risk
to our chief executive officer and to the Risk Committee of
Management” and “Other Risk Management,” as well as
the Board. As part of the review of the firmwide risk
“Risk Factors” in Part I, Item 1A of this Form 10-K.
portfolio, the chief risk officer regularly advises the Risk
Committee of the Board of relevant risk metrics and material
Overview and Structure of Risk Management exposures, including risk limits and thresholds established in
our risk appetite statement.
Overview
Enterprise Risk, which reports to our chief risk officer, is
Effective risk management is critical to our success. responsible for ensuring that our enterprise risk management
Accordingly, we have established an enterprise risk framework provides the Board, our risk committees and
management framework that employs a comprehensive, senior management with a consistent and integrated
integrated approach to risk management and is designed to approach to managing our various risks in a manner
enable comprehensive risk management processes through consistent with our risk appetite.
which we identify, assess, monitor and manage the risks we
assume in conducting our activities. Our risk management Our first line of defense consists of our revenue-producing
structure is built around three core components: governance, units, Conflicts Resolution, Controllers, Engineering,
Corporate Treasury and certain other corporate functions.
processes and people.
The first line of defense is responsible for its risk-generating
Governance. Risk management governance starts with the activities, as well as for the design and execution of controls
Board, which both directly and through its committees, to mitigate such risks.
including its Risk Committee, oversees our approach to Our Risk and Compliance functions are considered our
managing our risks through the enterprise risk management second line of defense and provide independent assessment,
framework. The Board is also responsible for the annual oversight and challenge of the risks taken by our first line of
review and approval of our risk appetite statement. The risk defense, as well as lead and participate in firmwide risk
appetite statement describes the levels and types of risk we committees.
are willing to accept or to avoid in order to achieve our
Internal Audit is considered our third line of defense, and our
objectives included in our strategy and business plan, while
director of Internal Audit reports to the Audit Committee of
remaining in compliance with regulatory requirements. The
the Board and administratively to our chief executive officer.
Board reviews our strategy and business plan and is
Internal Audit includes professionals with a broad range of
ultimately responsible for overseeing and providing direction
audit and industry experience, including risk management
about our strategy and risk appetite.
expertise. Internal Audit is responsible for independently
assessing and validating the effectiveness of key controls,
including those within the risk management framework, and
providing timely reporting to the Audit Committee of the
Board, senior management and regulators.
The three lines of defense structure promotes the
accountability of first line risk takers, provides a framework
for effective challenge by the second line and empowers
independent review from the third line.

Goldman Sachs 2024 Form 10-K 95

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Processes. We maintain various processes that are critical We maintain a daily discipline of marking substantially all
components of our risk management framework, including of our inventory to current market levels. We carry our
(i) risk identification and assessment, (ii) risk appetite, limits, inventory at fair value, with changes in valuation reflected
thresholds and alerts, (iii) control monitoring and testing, immediately in our risk management systems and in net
and (iv) risk reporting. revenues. We do so because we believe this discipline is one
• Risk Identification and Assessment. We believe the of the most effective tools for assessing and managing risk
identification and assessment of our risks is a critical step and that it provides transparent and realistic insight into
in providing our Board and senior management our inventory exposures.
transparency and insight into the range and materiality of • Risk Appetite, Limits, Thresholds and Alerts. We
our risks. We have a comprehensive data collection apply risk limits, thresholds and alerts to control and
process, including firmwide policies and procedures that monitor risk across transactions, products, businesses and
require all employees to report and escalate risk events. markets. The Board, directly or indirectly through its Risk
Our approach for risk identification and assessment is Committee, approves limits, thresholds and alerts included
comprehensive across all risk types, is dynamic and in our risk appetite statement at firmwide, business and
forward-looking to reflect and adapt to our changing risk product levels. In addition, the Firmwide Risk Appetite
profile and business environment, leverages subject matter Committee, through delegated authority from the
expertise, and allows for prioritization of our most critical Firmwide Enterprise Risk Committee, is responsible for
risks. We perform risk assessments periodically with the approving our risk limits, thresholds and alerts policy,
aim of ensuring that our material financial and subject to the overall limits directly or indirectly approved
nonfinancial risks are mitigated through controls to an by the Board, and monitoring these limits.
acceptable tolerance level in accordance with our risk
appetite. Our risk assessments include, among other things, The Firmwide Risk Appetite Committee is responsible for
the use of stress testing as well as an assessment of our approving and monitoring limits at firmwide, business and
internal control processes designed to mitigate such risks. product levels. Certain limits may be set at levels that will
require periodic adjustment, rather than at levels that
Firmwide stress testing is an important part of our risk reflect our maximum risk appetite. This fosters an ongoing
management process. It allows us to quantify our exposure dialogue about risk among our first and second lines of
to tail risks, highlight potential loss concentrations, defense, committees and senior management, as well as
undertake risk/reward analysis, and assess and mitigate our rapid escalation of risk-related matters. The Firmwide Risk
risk positions. Firmwide stress tests are performed on a Appetite Committee also authorizes Risk to set limits and
regular basis and are designed to ensure a comprehensive thresholds to support monitoring and oversight at a more
analysis of our vulnerabilities and idiosyncratic risks granular level. For example, Market Risk sets limits at
combining financial and nonfinancial risks, including, but certain product and desk levels, and Credit Risk sets limits
not limited to, credit, market, liquidity and funding, for individual counterparties and their subsidiaries,
operational and compliance, strategic, systemic and industries and countries. Limits are reviewed regularly and
emerging risks into our stress scenarios. We also perform amended on a permanent or temporary basis to reflect
ad hoc stress tests in anticipation of market events or changes to our strategic business plan, as well as changing
conditions. Stress tests are also used to assess capital market conditions, business conditions or risk tolerance.
adequacy as part of our capital planning and stress testing Risks limits are monitored by the respective Risk functions.
process. See “Capital Management and Regulatory Capital
— Capital Management” for further information.

96 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

• Control Monitoring and Testing. We perform control We make extensive use of risk committees and councils
monitoring and testing to measure the effectiveness of our that meet regularly and serve as an important means to
key controls and to ensure that we are in compliance with facilitate and foster ongoing discussions to manage and
policies, codes of conduct, control standards and mitigate risks.
regulatory requirements. Monitoring and testing is
We maintain strong and proactive communication about
performed by dedicated teams within the first and second
risk and we have a culture of collaboration in decision-
lines of defense. These teams establish procedures, develop
making among our first and second lines of defense,
risk-based annual plans, perform control testing and
committees and senior management. While our first line of
escalate identified issues.
defense is accountable and responsible for management of
Issues identified by the dedicated teams, as well as self- their risk, we dedicate extensive resources to our second
identified issues by our employees, are assessed for line of defense in order to reinforce the importance of
appropriate escalation and resolution. Where material or having effective oversight and challenge, and a strong
thematic issues exist, we develop a plan to remediate them, culture of escalation and accountability across all
as appropriate, and monitor the remediation activities. functions.
• Risk Reporting. Effective risk reporting depends on our People. Even the best technology serves only as a tool for
ability to get the right information to the right people at the helping to make informed decisions in real time about the
right time. Risk reporting is designed to be both forward- risks we are taking. Ultimately, effective risk management
and backward-looking and consider detailed information requires our people to interpret our risk data on an ongoing
on existing and emerging risk exposures. Risk reporting and timely basis and adjust risk positions accordingly. The
may include stress testing and scenario analysis, experience of our professionals, and their understanding of
information about the risk profiles for financial and the nuances and limitations of each risk measure, guides us in
nonfinancial risks, utilization of risk limits and thresholds, assessing exposures and maintaining them within prudent
details of new and emerging risks identified through our levels.
risk identification processes, details of issues, significant
We reinforce a culture of effective risk management,
internal and external events, and information related to the
consistent with our risk appetite, in our training and
effectiveness of our controls and remediation plans. As
development programs, as well as in the way we evaluate
such, we focus on the rigor and effectiveness of our risk
performance, and recognize and reward our people. Our
systems, with the objective of ensuring that our risk
training and development programs, including certain
management technology systems provide us with complete,
sessions led by our most senior leaders, are focused on the
accurate and timely information. Our risk reporting
importance of risk management, client relationships and
process is designed to take into account information about
reputational excellence. As part of our performance review
both existing and emerging risks, thereby enabling our risk
process, we assess reputational excellence, including how an
committees and senior management to perform their
employee exercises good risk management and reputational
responsibilities with the appropriate level of insight into
judgment, and adheres to our code of conduct and
risk exposures.
compliance policies. Our review and reward processes are
designed to communicate and reinforce to our professionals
the link between behavior and how people are recognized,
the need to focus on our clients and our reputation, and the
need to always act in accordance with our highest standards.

Goldman Sachs 2024 Form 10-K 97

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Structure
Ultimate oversight of risk is the responsibility of our Board. Firmwide Enterprise Risk Committee. The Firmwide
The Board oversees risk both directly and through its Enterprise Risk Committee is responsible for overseeing all of
committees, including its Risk Committee. We also have a our financial and nonfinancial risks. As part of such
series of committees that generally consist of senior oversight, the committee is responsible for the ongoing
managers, including from both our first and second lines of review, approval and monitoring of our enterprise risk
defense, with specific risk management mandates that have management framework, as well as our risk limits, and
oversight or decision-making responsibilities for risk thresholds and alerts policy, through delegated authority to
management activities. We have an established policy for the Firmwide Risk Appetite Committee. The Firmwide
these committees so that appropriate information barriers are Enterprise Risk Committee also reviews new significant
in place. Our primary risk committees, most of which also strategic business initiatives to determine whether they are
have additional sub-committees, councils or working groups, consistent with our risk appetite and risk management
are described below. In addition to these committees, we capabilities. Additionally, the Firmwide Enterprise Risk
have other risk committees that provide oversight for Committee performs enhanced reviews of significant risk
different businesses, activities, products, regions and entities. events, the top residual and emerging risks, and the overall
All of our committees have responsibility for considering the risk and control environment in each of our business units in
impact on our reputation of the transactions and activities order to propose uplifts, identify elements that are common
that they oversee. to all business units and analyze the consolidated residual
risks that we face. This committee, which reports to the
Membership of our risk committees is reviewed regularly and
Management Committee, is co-chaired by our president and
updated to reflect changes in the responsibilities of the
chief operating officer and our chief risk officer, who are
committee members. Accordingly, the length of time that
appointed as chairs by our chief executive officer, and the
members serve on the respective committees varies as
vice-chair is our chief financial officer, who is appointed as
determined by the committee chairs and based on the
vice-chair by the chairs of the Firmwide Enterprise Risk
responsibilities of the members.
Committee. The Firmwide Enterprise Risk Committee also
The chart below presents an overview of our risk periodically provides updates to, and receives guidance from,
management governance structure. the Risk Committee of the Board. The following are the
primary committees that report to the Firmwide Enterprise
Risk Committee:
• Firmwide New Activity Committee. The Firmwide
New Activity Committee is responsible for reviewing new
activities and, upon referral by the Firmwide Enterprise
Risk Committee, significant strategic business initiatives.
Additionally, the Firmwide New Activity Committee may
review previously approved activities that are significant
and/or that have changed in complexity and/or structure or
present different reputational and suitability concerns over
time to consider whether these activities remain
appropriate. This committee is chaired by our controller
and chief accounting officer, who is appointed as chair by
Management Committee. The Management Committee
the chairs of the Firmwide Enterprise Risk Committee.
oversees our global activities. It provides this oversight
directly and through delegated authority. This committee • Firmwide Technology Risk Committee. The Firmwide
consists of our most senior leaders, and is chaired by our Technology Risk Committee is responsible for reviewing
chief executive officer. Most members of the Management matters related to the design, development, deployment
Committee are also members of other committees. The and use of technology. This committee oversees
following are the committees that are principally involved in cybersecurity matters, as well as technology risk
firmwide risk management. management frameworks and methodologies, and
monitors their effectiveness. This committee is co-chaired
by our CISO and our chief technology officer, who are
appointed as chairs by the chairs of the Firmwide
Enterprise Risk Committee. To assist the Firmwide
Technology Risk Committee in carrying out its mandate,
the Firmwide Artificial Intelligence Risk and Controls
Committee, which oversees risks associated with the use of
AI, reports to the Firmwide Technology Risk Committee.

98 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

• Firmwide Compliance and Operational Risk • Firmwide Data Governance Committee. The Firmwide
Committee. The Firmwide Compliance and Operational Data Governance Committee is responsible for overseeing
Risk Committee is responsible for overseeing compliance the firmwide data governance framework, and its
and operational risk. This committee is co-chaired by our implementation, to help ensure that data governance and
chief administrative officer for EMEA, our head of data quality are appropriate. This committee is co-chaired
Operational Risk, and our chief compliance officer, who by our chief information officer and our chief risk officer,
are appointed as chairs by the chairs of the Firmwide who are appointed as chairs by the chairs of the Firmwide
Enterprise Risk Committee. Enterprise Risk Committee.
• Firmwide Risk Appetite Committee. The Firmwide Firmwide Asset Liability Committee. The Firmwide
Risk Appetite Committee (through delegated authority Asset Liability Committee reviews and approves the strategic
from the Firmwide Enterprise Risk Committee) is direction for our financial resources, including capital,
responsible for the ongoing approval and monitoring of liquidity, funding and balance sheet. This committee has
risk frameworks, policies and parameters related to our oversight responsibility for asset liability management,
risk management processes, as well as limits, thresholds including interest rate and currency risk, funds transfer
and alerts, at firmwide, business and product levels. In pricing, capital allocation and incentives, and credit ratings.
addition, this committee is responsible for overseeing our This committee makes recommendations as to any
financial and model risks and reviews the results of stress adjustments to asset liability management and financial
tests and scenario analyses. To assist the Firmwide Risk resource allocation in light of current events, risks,
Appetite Committee in carrying out its mandate, a number exposures, and regulatory requirements and approves related
of other risk committees with dedicated oversight for stress policies. This committee is co-chaired by our chief financial
testing, model risks, Volcker Rule compliance, as well as officer and our global treasurer, who are appointed as chairs
our investments or other capital commitments that may by our chief executive officer, and reports to the
give rise to financial risk, report into the Firmwide Risk Management Committee.
Appetite Committee. This committee is chaired by our
chief risk officer, who is appointed as chair by the chairs of
the Firmwide Enterprise Risk Committee. The Firmwide Liquidity Risk Management
Capital Committee and Firmwide Commitments Overview
Committee report to the Firmwide Risk Appetite
Liquidity risk is the risk that we will be unable to fund
Committee.
ourselves or meet our liquidity needs in the event of firm-
• Firmwide Reputational Risk Committee. The specific, broader industry or market liquidity stress events.
Firmwide Reputational Risk Committee is responsible for We have in place a comprehensive and conservative set of
assessing reputational risks arising from opportunities that liquidity and funding policies. Our principal objective is to be
have been identified as having potential heightened able to fund ourselves and to enable our core businesses to
reputational risk, including transactions identified continue to serve clients and generate revenues, even under
pursuant to the criteria established by the Firmwide adverse circumstances.
Reputational Risk Committee and as determined by Corporate Treasury is responsible for our liquidity, including
committee leadership. This committee is also responsible developing and executing our liquidity and funding strategy.
for overseeing client-related business standards and
addressing client-related reputational risk. This committee Liquidity Risk, which is part of our second line of defense
is chaired by our president and chief operating officer, who and reports to our chief risk officer, has primary
is appointed as chair by our chief executive officer, and the responsibility for assessing, monitoring and managing our
vice-chairs are our chief legal officer and the head of liquidity risk by providing independent firmwide oversight
Conflicts Resolution, who are appointed as vice-chairs by and challenge across our global businesses. Liquidity Risk is
the chair of the Firmwide Reputational Risk Committee. also responsible for the establishment of stress testing and
This committee periodically provides updates to, and limits frameworks.
receives guidance from, the Public Responsibilities
Committee of the Board. The Firmwide Suitability
Committee reports to the Firmwide Reputational Risk
Committee.

Goldman Sachs 2024 Form 10-K 99

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Liquidity Risk Management Principles

We manage liquidity risk according to three principles: (i) Asset-Liability Management. Our liquidity risk
hold sufficient excess liquidity in the form of GCLA to cover management policies are designed to ensure we have a
outflows during a stressed period, (ii) maintain appropriate sufficient amount of financing, even when funding markets
Asset-Liability Management and (iii) maintain a viable experience persistent stress. We manage the maturities and
Contingency Funding Plan. diversity of our funding across markets, products and
counterparties, and seek to maintain a diversified funding
GCLA. GCLA is liquidity that we maintain to meet a broad
profile with an appropriate tenor, taking into consideration
range of potential cash outflows and collateral needs in a
the characteristics and liquidity profile of our assets.
stressed environment. A primary liquidity principle is to pre-
fund our estimated potential cash and collateral needs during Our approach to asset-liability management includes:
a liquidity crisis and hold this liquidity in the form of
• Conservatively managing the overall characteristics of our
unencumbered, highly liquid securities and cash. We believe
funding book, with a focus on maintaining long-term,
that the securities held in our GCLA would be readily
diversified sources of funding in excess of our current
convertible to cash in a matter of days, through liquidation,
requirements. See “Balance Sheet and Funding Sources —
by entering into repurchase agreements or from maturities of
Funding Sources” for further information;
resale agreements, and that this cash would allow us to meet
immediate obligations without needing to sell other assets or • Actively managing and monitoring our asset base, with
depend on additional funding from credit-sensitive markets. particular focus on the liquidity, holding period and ability
to fund assets on a secured basis. We assess our funding
Our GCLA reflects the following principles:
requirements and our ability to liquidate assets in a stressed
• The first days or weeks of a liquidity crisis are the most environment while appropriately managing risk. This
critical to a company’s survival; enables us to determine the most appropriate funding
products and tenors. See “Balance Sheet and Funding
• Focus must be maintained on all potential cash and
Sources — Balance Sheet Management” for further
collateral outflows, not just disruptions to financing flows.
information about our balance sheet management process
Our businesses are diverse, and our liquidity needs are
and “— Funding Sources — Secured Funding” for further
determined by many factors, including market movements,
information about asset classes that may be harder to fund
collateral requirements and client commitments, all of
on a secured basis; and
which can change dramatically in a difficult funding
environment; • Raising secured and unsecured financing that has a long
tenor relative to the liquidity profile of our assets. This
• During a liquidity crisis, credit-sensitive funding, including
reduces the risk that our liabilities will come due in
unsecured debt, certain deposits and some types of secured
advance of our ability to generate liquidity from the sale of
financing agreements, may be unavailable, and the terms
our assets. Because we maintain a highly liquid balance
(e.g., interest rates, collateral provisions and tenor) or
sheet, the holding period of certain of our assets may be
availability of other types of secured financing may change
materially shorter than their contractual maturity dates.
and certain deposits may be withdrawn; and
Our goal is to ensure that we maintain sufficient liquidity to
• As a result of our policy to pre-fund liquidity that we
fund our assets and meet our contractual and contingent
estimate may be needed in a crisis, we hold more
obligations in normal times, as well as during periods of
unencumbered securities and have larger funding balances
market stress. Through our dynamic balance sheet
than our businesses would otherwise require. We believe
management process, we use actual and projected asset
that our liquidity is stronger with greater balances of highly
balances to determine secured and unsecured funding
liquid unencumbered securities, even though it increases
requirements. Funding plans are reviewed and approved by
our total assets and our funding costs.
the Firmwide Asset Liability Committee. In addition, Risk
We maintain our GCLA across Group Inc., Goldman Sachs and the Firmwide Asset Liability Committee review our total
Funding LLC (Funding IHC) and Group Inc.’s major broker- unsecured long-term borrowings and total shareholders’
dealer and bank subsidiaries, asset types and clearing agents equity to help ensure that we maintain a level of long-term
with the goal of providing us with sufficient operating funding that is sufficient to meet our long-term financing
liquidity to ensure timely settlement in all major markets, requirements. In a liquidity crisis, we would begin by
even in a difficult funding environment. In addition to the liquidating and monetizing our GCLA before selling other
GCLA, we maintain cash balances and securities in several of assets. However, we recognize that orderly asset sales may be
our other entities, primarily for use in specific currencies, prudent or necessary in a severe or persistent liquidity crisis.
entities or jurisdictions where we do not have immediate
access to parent company liquidity.

100 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Subsidiary Funding Policies Contingency Funding Plan. We maintain a contingency

The majority of our unsecured borrowings is raised by Group funding plan to provide a framework for analyzing and
Inc., which provides the necessary funds to Funding IHC and responding to a liquidity crisis situation or periods of market
other subsidiaries, some of which are regulated, to meet their stress. Our contingency funding plan outlines a list of
asset financing, liquidity and capital requirements. In potential risk factors, key reports and metrics that are
addition, Group Inc. provides its regulated subsidiaries with reviewed on an ongoing basis to assist in assessing the
the necessary capital to meet their regulatory requirements. severity of, and managing through, a liquidity crisis and/or
The benefits of this approach to subsidiary funding are market dislocation. The contingency funding plan also
enhanced control and greater flexibility to meet the funding describes in detail our potential responses if our assessments
requirements of our subsidiaries. Funding is also raised at the indicate that we have entered a liquidity crisis, which include
subsidiary level through a variety of products, including pre-funding for what we estimate will be our potential cash
deposits, secured funding and unsecured borrowings. and collateral needs, as well as utilizing secondary sources of
liquidity. Mitigants and action items to address specific risks
Our intercompany funding policies assume that a subsidiary’s
which may arise are also described and assigned to
funds or securities are not freely available to its parent,
individuals responsible for execution.
Funding IHC or other subsidiaries unless (i) legally provided
for and (ii) there are no additional regulatory, tax or other The contingency funding plan identifies key groups of
restrictions. In particular, many of our subsidiaries are individuals and their responsibilities, which include fostering
subject to laws that authorize regulatory bodies to block or effective coordination, control and distribution of
reduce the flow of funds from those subsidiaries to Group information, implementing liquidity maintenance activities
Inc. or Funding IHC. Regulatory action of that kind could and managing internal and external communication, all of
impede access to funds that Group Inc. needs to make which are critical in the management of a crisis or period of
payments on its obligations. Accordingly, we assume that the market stress.
capital provided to our regulated subsidiaries is not available
Stress Tests
to Group Inc. or other subsidiaries and any other financing
In order to determine the appropriate size of our GCLA, we
provided to our regulated subsidiaries is not available to
model liquidity outflows over a range of scenarios and time
Group Inc. or Funding IHC until the maturity of such
horizons. One of our primary internal liquidity risk models,
financing.
referred to as the Modeled Liquidity Outflow, quantifies our
Group Inc. has provided substantial amounts of equity and liquidity risks over a 30-day stress scenario. We also consider
subordinated indebtedness, directly or indirectly, to its other factors, including, but not limited to, an assessment of
regulated subsidiaries. For example, as of December 2024, our potential intraday liquidity needs through an additional
Group Inc. had $38.69 billion of equity and subordinated internal liquidity risk model, referred to as the Intraday
indebtedness invested in GS&Co., its principal U.S. Liquidity Model, the results of our long-term stress testing
registered broker-dealer; $47.21 billion invested in GSI, a models, our resolution liquidity models and other applicable
regulated U.K. broker-dealer; $2.08 billion invested in regulatory requirements and a qualitative assessment of our
GSJCL, a regulated Japanese broker-dealer; $62.81 billion condition, as well as the financial markets. The results of the
invested in GS Bank USA, a regulated New York State- Modeled Liquidity Outflow, the Intraday Liquidity Model,
chartered bank; and $5.30 billion invested in GSIB, a the long-term stress testing models and the resolution
regulated U.K. bank. Group Inc. also provides financing, liquidity models are reported to senior management on a
directly or indirectly, in the form of: $131.82 billion of regular basis. We also perform firmwide stress tests. See
unsubordinated loans (including secured loans of “Overview and Structure of Risk Management” for
$59.97 billion) and $32.92 billion of collateral and cash information about firmwide stress tests.
deposits to these entities as of December 2024. In addition, as
of December 2024, Group Inc. had significant amounts of
capital invested in and loans to its other regulated
subsidiaries.

Goldman Sachs 2024 Form 10-K 101

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Modeled Liquidity Outflow. Our Modeled Liquidity Long-Term Stress Testing. We utilize longer-term stress
Outflow is based on conducting multiple scenarios that tests to take a forward view on our liquidity position through
include combinations of market-wide and firm-specific stress. prolonged stress periods in which we experience a severe
These scenarios are characterized by the following qualitative liquidity stress and recover in an environment that continues
elements: to be challenging. We are focused on ensuring conservative
asset-liability management to prepare for a prolonged period
• Severely challenged market environments, which include
of potential stress, seeking to maintain a diversified funding
low consumer and corporate confidence, financial and
profile with an appropriate tenor, taking into consideration
political instability, and adverse changes in market values,
the characteristics and liquidity profile of our assets.
including potential declines in equity markets and widening
of credit spreads; and Resolution Liquidity Models. In connection with our
resolution planning efforts, we have established our
• A firm-specific crisis potentially triggered by material
Resolution Liquidity Adequacy and Positioning framework,
losses, reputational damage (including, as a result of, the
which estimates liquidity needs of our major subsidiaries in a
dissemination of negative information through social
stressed environment. The liquidity needs are measured using
media), litigation and/or a ratings downgrade.
our Modeled Liquidity Outflow assumptions and include
The following are key modeling elements of our Modeled certain additional inter-affiliate exposures. We have also
Liquidity Outflow: established our Resolution Liquidity Execution Need
framework, which measures the liquidity needs of our major
• Liquidity needs over a 30-day scenario;
subsidiaries to stabilize and wind down following a Group
• A two-notch downgrade of our long-term senior unsecured Inc. bankruptcy filing in accordance with our preferred
credit ratings; resolution strategy.
• Changing conditions in funding markets, which limit our In addition, we have established a triggers and alerts
access to unsecured and secured funding; framework, which is designed to provide the Board with
information needed to make an informed decision on
• No support from additional government funding facilities.
whether and when to commence bankruptcy proceedings for
Although we have access to various central bank funding
Group Inc.
programs, we do not assume reliance on additional sources
of funding in a liquidity crisis; and Limits
• A combination of contractual outflows and contingent We use liquidity risk limits at various levels and across
outflows arising from both our on- and off-balance sheet liquidity risk types to manage the size of our liquidity
arrangements. Contractual outflows include, among other exposures. Limits are measured relative to acceptable levels
things, upcoming maturities of unsecured debt, term of risk given our liquidity risk tolerance. See “Overview and
deposits and secured funding. Contingent outflows include, Structure of Risk Management” for information about the
among other things, the withdrawal of customer credit limit approval process.
balances in our prime brokerage business, increase in Limits are monitored by Corporate Treasury and Liquidity
variation margin requirements due to adverse changes in Risk. Liquidity Risk is responsible for identifying and
the value of our exchange-traded and OTC-cleared escalating to senior management and/or the appropriate risk
derivatives, draws on unfunded commitments and committee, on a timely basis, instances where limits have
withdrawals of deposits that have no contractual maturity. been exceeded.
See notes to the consolidated financial statements for
GCLA and Unencumbered Metrics
further information about contractual outflows, including
Note 11 for collateralized financings, Note 13 for deposits, GCLA. Based on the results of our internal liquidity risk
Note 14 for unsecured long-term borrowings and Note 15 models, described above, as well as our consideration of
for operating lease payments, and “Off-Balance Sheet other factors, including, but not limited to, a qualitative
Arrangements” for further information about our various assessment of our condition, as well as the financial markets,
types of off-balance sheet arrangements. we believe our liquidity position as of both December 2024
and December 2023 was appropriate. We strictly limit our
Intraday Liquidity Model. Our Intraday Liquidity Model GCLA to a narrowly defined list of securities and cash
measures our intraday liquidity needs in a scenario where because they are highly liquid, even in a difficult funding
access to sources of intraday liquidity may become environment. We do not include other potential sources of
constrained. The intraday liquidity model considers a variety excess liquidity in our GCLA, such as less liquid
of factors, including historical settlement activity. unencumbered securities or committed credit facilities.

102 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

The table below presents information about our GCLA. Other Unencumbered Assets. In addition to our GCLA,
Average for the we have a significant amount of other unencumbered cash
Three Months Year Ended and financial instruments, including other government
Ended December December obligations, high-grade money market securities, corporate
$ in millions 2024 2023 2024 2023 obligations, marginable equities, loans and cash deposits not
Denomination
U.S. dollar $ 311,839 $ 282,414 $ 300,535 $ 282,307
included in our GCLA. The fair value of our unencumbered
Non-U.S. dollar 110,252 131,176 128,645 124,691 assets averaged $295.49 billion for the three months ended
Total $ 422,091 $ 413,590 $ 429,180 $ 406,998 December 2024, $286.51 billion for the three months ended
Asset Class
December 2023, $292.22 billion for the year ended December
Overnight cash deposits $ 143,563 $ 204,929 $ 184,370 $ 231,066 2024 and $281.95 billion for the year ended December 2023.
U.S. government obligations 177,721 150,806 163,983 133,000 We do not consider these assets liquid enough to be eligible
U.S. agency obligations 46,979 22,895 32,102 16,387 for our GCLA.
Non-U.S. government obligations 53,828 34,960 48,725 26,545
Total $ 422,091 $ 413,590 $ 429,180 $ 406,998 Liquidity Regulatory Framework
Entity Type We are subject to a minimum Liquidity Coverage Ratio
Group Inc. and Funding IHC $ 60,609 $ 65,952 $ 65,965 $ 66,803 (LCR) under the LCR rule approved by the U.S. federal bank
Major broker-dealer subsidiaries 113,996 117,818 117,204 114,824 regulatory agencies. The LCR rule requires organizations to
Major bank subsidiaries 247,486 229,820 246,011 225,371 maintain an adequate ratio of eligible high-quality liquid
Total $ 422,091 $ 413,590 $ 429,180 $ 406,998 assets (HQLA) to expected net cash outflows under an acute,
short-term liquidity stress scenario. Eligible HQLA excludes
In the table above: HQLA held by subsidiaries that is in excess of their minimum
• The U.S. dollar-denominated GCLA consists of (i) requirement and is subject to transfer restrictions. We are
unencumbered U.S. government and agency obligations required to maintain a minimum LCR of 100%. We expect
(including highly liquid U.S. agency mortgage-backed that fluctuations in client activity, business mix and the
market environment will impact our LCR.
obligations), all of which are eligible as collateral in Federal
Reserve open market operations and (ii) certain overnight The table below presents information about our average
U.S. dollar cash deposits. daily LCR.
Average for the
• The non-U.S. dollar-denominated GCLA consists of non- Three Months Ended
U.S. government obligations (only unencumbered German, December September December
French, Japanese and U.K. government obligations) and $ in millions 2024 2024 2023
certain overnight cash deposits in highly liquid currencies. Total HQLA $407,348 $434,256 $ 401,721
Eligible HQLA $352,494 $369,119 $ 326,181
We maintain our GCLA to enable us to meet current and Net cash outflows $279,368 $277,825 $ 255,106
potential liquidity requirements of our parent company, LCR 126% 133% 128%
Group Inc., and its subsidiaries. Our Modeled Liquidity
Outflow and Intraday Liquidity Model incorporate a In the table above, our average quarterly LCR represents the
requirement for Group Inc., as well as a standalone average of our daily LCRs during the quarter.
requirement for each of our major broker-dealer and bank We are also subject to a minimum Net Stable Funding Ratio
subsidiaries. Funding IHC is required to provide the (NSFR) under the NSFR rule approved by the U.S. federal
necessary liquidity to Group Inc. during the ordinary course bank regulatory agencies. The NSFR rule requires large U.S.
of business, and is also obligated to provide capital and banking organizations to maintain available stable funding
liquidity support to major subsidiaries in the event of our (ASF) above their required stable funding (RSF) over a one-
material financial distress or failure. Liquidity held directly in year time horizon. Total ASF excludes ASF held by
each of our major broker-dealer and bank subsidiaries is subsidiaries that is in excess of their minimum requirement
and is subject to transfer restrictions. We are required to
intended for use only by that subsidiary to meet its liquidity
maintain a minimum NSFR of 100%. We expect that
requirements and is assumed not to be available to Group fluctuations in client activity, business mix and the market
Inc. or Funding IHC unless (i) legally provided for and (ii) environment will impact our NSFR.
there are no additional regulatory, tax or other restrictions.
In addition, the Modeled Liquidity Outflow and Intraday The table below presents information about our average
Liquidity Model also incorporate a broader assessment of daily NSFR.
Average for the
standalone liquidity requirements for other subsidiaries and Three Months Ended
we hold a portion of our GCLA directly at Group Inc. or December September December
Funding IHC to support such requirements. $ in millions 2024 2024 2023
Total ASF $692,474 $673,860 $628,734
Total RSF $595,352 $577,525 $542,089
NSFR 116% 117% 116%

In the table above, our average quarterly NSFR represents the

average of our daily NSFRs during the quarter.
Goldman Sachs 2024 Form 10-K 103
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

The following provides information about our subsidiary The table below presents the unsecured credit ratings and
liquidity regulatory requirements: outlook of Group Inc.
• GS Bank USA. GS Bank USA is subject to a minimum As of December 2024
LCR of 100% under the LCR rule approved by the U.S. DBRS Fitch Moody’s R&I S&P
Short-term debt R-1 (middle) F1 P-1 a-1 A-2
federal bank regulatory agencies. As of December 2024, GS Long-term debt A (high) A A2 A BBB+
Bank USA’s LCR exceeded the minimum requirement. The Subordinated debt A BBB+ Baa2 A- BBB
NSFR requirement described above also applies to GS Trust preferred A BBB- Baa3 N/A BB+
Bank USA. As of December 2024, GS Bank USA’s NSFR Preferred stock BBB (high) BBB- Ba1 N/A BB+
Ratings outlook Stable Stable Stable Stable Stable
exceeded the minimum requirement.
• GSI and GSIB. GSI and GSIB are subject to a minimum In the table above:
LCR of 100% under the LCR rule approved by the U.K. • The ratings and outlook are by DBRS, Inc. (DBRS), Fitch,
regulatory authorities. GSI’s and GSIB’s average monthly Inc. (Fitch), Moody’s Investors Service (Moody’s), Rating
LCR for the trailing twelve-month period ended December and Investment Information, Inc. (R&I), and Standard &
2024 exceeded the minimum requirement. GSI and GSIB Poor’s Ratings Services (S&P).
are subject to the applicable NSFR requirement in the U.K.
As of December 2024, both GSI’s and GSIB’s NSFR • The ratings for trust preferred relate to the guaranteed
exceeded the minimum requirement. preferred beneficial interests issued by Goldman Sachs
Capital I.
• GSBE. GSBE is subject to a minimum LCR of 100% under
the LCR rule approved by the European Parliament and • The DBRS, Fitch, Moody’s and S&P ratings for preferred
Council. GSBE’s average monthly LCR for the trailing stock include the APEX issued by Goldman Sachs Capital
twelve-month period ended December 2024 exceeded the II and Goldman Sachs Capital III.
minimum requirement. GSBE is subject to the applicable The table below presents the unsecured credit ratings and
NSFR requirement in the E.U. As of December 2024, outlook of GS Bank USA, GSIB, GSBE, GS&Co. and GSI.
GSBE’s NSFR exceeded the minimum requirement.
As of December 2024
• Other Subsidiaries. We monitor local regulatory Fitch Moody’s S&P
liquidity requirements of our subsidiaries to ensure GS Bank USA
Short-term debt F1 P-1 A-1
compliance. For many of our subsidiaries, these Long-term debt A+ A1 A+
requirements either have changed or are likely to change in Short-term bank deposits F1+ P-1 N/A
the future due to the implementation of the Basel Long-term bank deposits AA- A1 N/A
Committee’s framework for liquidity risk measurement, Ratings outlook Stable Stable Stable
GSIB
standards and monitoring, as well as other regulatory Short-term debt F1 P-1 A-1
developments. Long-term debt A+ A1 A+
Short-term bank deposits F1 P-1 N/A
The implementation of these rules and any amendments Long-term bank deposits A+ A1 N/A
adopted by the regulatory authorities could impact our Ratings outlook Stable Stable Stable
liquidity and funding requirements and practices in the GSBE
Short-term debt F1 P-1 A-1
future. Long-term debt A+ A1 A+
Short-term bank deposits N/A P-1 N/A
Credit Ratings
Long-term bank deposits N/A A1 N/A
We rely on the short- and long-term debt capital markets to Ratings outlook Stable Stable Stable
fund a significant portion of our day-to-day operations, and GS&Co.
the cost and availability of debt financing is influenced by our Short-term debt F1 N/A A-1
Long-term debt A+ N/A A+
credit ratings. Credit ratings are also important when we are Ratings outlook Stable N/A Stable
competing in certain markets, such as OTC derivatives, and GSI
when we seek to engage in longer-term transactions. See Short-term debt F1 P-1 A-1
Long-term debt A+ A1 A+
“Risk Factors” in Part I, Item 1A of this Form 10-K for
Ratings outlook Stable Stable Stable
information about the risks associated with a reduction in
our credit ratings.

104 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

We believe our credit ratings are primarily based on the Year Ended December 2024. Our cash and cash
credit rating agencies’ assessment of: equivalents decreased by $59.49 billion to $182.09 billion at
• Our liquidity, market, credit and operational risk the end of 2024, primarily due to net cash used for investing
management practices; activities and operating activities, partially offset by financing
activities. The net cash used for investing activities primarily
• Our level and variability of earnings; reflected net purchases of U.S. government obligations
• Our capital base; accounted for as available-for-sale securities and an increase
in net lending activities (reflecting increases in other
• Our franchise, reputation and management; collateralized loans). The net cash used for operating
• Our corporate governance; and activities primarily reflected cash outflows from trading
assets, partially offset by cash inflows from collateralized
• The external operating and economic environment,
transactions (reflecting both an increase in collateralized
including, in some cases, the assumed level of government
support or other systemic considerations, such as potential financings and a decrease in collateralized agreements). The
resolution. net cash provided by financing activities primarily reflected
cash inflows from other secured financings and deposits
Certain of our derivatives have been transacted under (reflecting increases in consumer deposits, partially offset by
bilateral agreements with counterparties who may require us decreases in transaction banking deposits and other deposits),
to post collateral or terminate the transactions based on partially offset by common stock repurchases and net
changes in our credit ratings. We manage our GCLA to repayments of unsecured long-term borrowings.
ensure we would, among other potential requirements, be
able to make the additional collateral or termination Year Ended December 2023. Our cash and cash
payments that may be required in the event of a two-notch equivalents decreased by $248 million to $241.58 billion at
reduction in our long-term credit ratings, as well as collateral the end of 2023, due to net cash used for investing and
that has not been called by counterparties, but is available to operating activities, partially offset by net cash provided by
them. See Note 7 to the consolidated financial statements for financing activities and the effect of exchange rate changes on
further information about derivatives with credit-related cash and cash equivalents. The net cash used for investing
contingent features and the additional collateral or activities primarily reflected net purchases of U.S.
termination payments related to our net derivative liabilities government obligations accounted for as held-to-maturity
under bilateral agreements that could have been called by securities. The net cash used for operating activities primarily
counterparties in the event of a one- or two-notch downgrade reflected cash outflows from trading assets and customer and
in our credit ratings. other receivables and payables, net (reflecting a decrease in
customer and other payables, partially offset by a decrease in
Cash Flows customer and other receivables), partially offset by cash
As a global financial institution, our cash flows are complex inflows from collateralized transactions (reflecting an
and bear little relation to our net earnings and net assets. increase in collateralized financings, partially offset by an
Consequently, we believe that traditional cash flow analysis increase in collateralized agreements), net earnings and
is less meaningful in evaluating our liquidity position than the trading liabilities. The net cash provided by financing
liquidity and asset-liability management policies described activities primarily reflected cash inflows from deposits
above. Cash flow analysis may, however, be helpful in (reflecting increases in consumer deposits, brokered
highlighting certain macro trends and strategic initiatives in certificates of deposit and other deposits, partially offset by
our businesses. decreases in deposits sweep program balances and private
bank deposits), partially offset by net repayments of
unsecured long-term borrowings. The increase in cash and
cash equivalents as a result of changes in foreign exchange
rates was due to the U.S. dollar weakening during 2023.
For an analysis of cash flows for the year ended December
2022, see Part II, Item 7 “Management’s Discussion and
Analysis of Financial Condition and Results of Operations”
in our Annual Report on Form 10-K for the year ended
December 31, 2023.

Goldman Sachs 2024 Form 10-K 105

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Market Risk Management

Overview Market Risk Management Process
Market risk is the risk of an adverse impact to our earnings Our process for managing market risk includes the critical
due to changes in market conditions. Our assets and components of our risk management framework described in
liabilities that give rise to market risk primarily include the “Overview and Structure of Risk Management,” as well
positions held for market making for our clients and for our as the following:
investing and financing activities, and these positions change
• Monitoring compliance with established market risk limits
based on client demands and our investment opportunities.
and reporting our exposures;
We employ a variety of risk measures, each described in the
respective sections below, to monitor market risk. Categories • Diversifying exposures;
of market risk include the following:
• Controlling position sizes; and
• Interest rate risk: results from exposures to changes in the
• Evaluating mitigants, such as economic hedges in related
level, slope and curvature of yield curves, the volatilities of
securities or derivatives.
interest rates, prepayment speeds and credit spreads;
Our market risk management systems enable us to perform
• Equity price risk: results from exposures to changes in
an independent calculation of Value-at-Risk (VaR), Earnings-
prices and volatilities of individual equities, baskets of
at-Risk (EaR) and other stress measures, capture risk
equities and equity indices;
measures at individual position levels, attribute risk measures
• Currency rate risk: results from exposures to changes in to individual risk factors of each position, report many
spot prices, forward prices and volatilities of currency different views of the risk measures (e.g., by desk, business,
rates; and product type or entity) and produce ad hoc analyses in a
timely manner.
• Commodity price risk: results from exposures to changes in
spot prices, forward prices and volatilities of commodities, Risk Measures
such as crude oil, petroleum products, natural gas, We produce risk measures and monitor them against
electricity, and precious and base metals. established market risk limits. These measures reflect an
Market Risk, which is part of our second line of defense and extensive range of scenarios and the results are aggregated at
reports to our chief risk officer, has primary responsibility for product, business and firmwide levels.
assessing, monitoring and managing our market risk by We use a variety of risk measures to estimate the size of
providing independent firmwide oversight and challenge potential losses for small, moderate and more extreme
across our global businesses. market moves over both short- and long-term time horizons.
Managers in revenue-producing units, Corporate Treasury Our primary risk measures are VaR, EaR and other stress
and Market Risk discuss market information, positions and tests.
estimated loss scenarios on an ongoing basis. Managers in Our risk reports detail key risks, drivers and changes for each
revenue-producing units and Corporate Treasury are desk and business, and are distributed daily to senior
accountable for managing risk within prescribed limits. management of both our revenue-producing units and Risk.
These managers have in-depth knowledge of their positions,
markets and the instruments available to hedge their Value-at-Risk. VaR is the potential loss in value due to
exposures. adverse market movements over a defined time horizon with
a specified confidence level. For assets and liabilities included
in VaR, see “Financial Statement Linkages to Market Risk
Measures.” We typically employ a one-day time horizon with
a 95% confidence level. We use a single VaR model, which
captures risks, including those related to interest rates, equity
prices, currency rates and commodity prices. As such, VaR
facilitates comparison across portfolios of different risk
characteristics. VaR also captures the diversification of
aggregated risk at the firmwide level.

106 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

We are aware of the inherent limitations to VaR and Earnings-at-Risk. We manage our interest rate risk using
therefore use a variety of risk measures in our market risk the EaR metric. EaR measures the estimated impact of
management process. Inherent limitations to VaR include: changes in interest rates to our net revenues and preferred
stock dividends over a defined time horizon. EaR
• VaR does not estimate potential losses over longer time
complements the VaR metric, which measures the impact of
horizons where moves may be extreme;
interest rate changes that have an immediate impact on the
• VaR does not take account of the relative liquidity of fair values of our assets and liabilities (i.e., mark-to-market
different risk positions; and changes). Our exposure to interest rate risk occurs due to a
variety of factors, including, but not limited to:
• Previous moves in market risk factors may not produce
accurate predictions of all future market moves. • Differences in maturity or repricing dates of assets,
liabilities, preferred stock and certain off-balance sheet
To comprehensively capture our exposures and relevant risks instruments.
in our VaR calculation, we use historical simulations with
full valuation of market factors at the position level by • Differences in the amounts of assets, liabilities, preferred
simultaneously shocking the relevant market factors for that stock and certain off-balance sheet instruments with the
position. These market factors include spot prices, credit same maturity or repricing dates.
spreads, funding spreads, yield curves, volatility and • Certain interest rate sensitive fees.
correlation, and are updated periodically based on changes in
Corporate Treasury manages the aggregated interest rate risk
the composition of positions, as well as variations in market
from all businesses using both cash and derivatives
conditions. We sample from five years of historical data to instruments, including available-for-sale and held-to-
generate the scenarios for our VaR calculation. The historical maturity securities and interest rate derivatives. We measure
data is weighted so that the relative importance of the data EaR over a one-year time horizon following a 100- and 200-
reduces over time. This gives greater importance to more basis point instantaneous parallel shock in both short- and
recent observations and reflects current asset volatilities, long-term interest rates. This sensitivity is calculated relative
which improves the accuracy of our estimates of potential to a baseline market scenario, which takes into consideration,
loss. As a result, even if our positions included in VaR were among other things, the market’s expectation of forward
unchanged, our VaR would increase with increasing market rates, as well as our expectation of future business activity.
volatility and vice versa. These scenarios include contractual elements of assets,
liabilities, preferred stock, and certain off-balance sheet
Given its reliance on historical data, VaR is most effective in instruments, such as rates of interest, principal repayment
estimating risk exposures in markets in which there are no schedules, maturity and reset dates, and any interest rate
sudden fundamental changes or shifts in market conditions. ceilings or floors, as well as assumptions with respect to our
balance sheet size and composition, prepayment behavior
Our VaR measure does not include:
and deposit repricing. Deposit repricing is captured by
• Positions that are not accounted for at fair value, such as evaluating the change in deposit rate paid relative to the
held-to-maturity securities and loans, deposits and change in market rates (deposit beta) and we calibrate the
unsecured borrowings that are accounted for at amortized deposit betas used in our models by using a number of
cost; factors, including observed historical behavior, future
expectations, funding needs and the competitive landscape.
• Available-for-sale securities for which the related We continuously monitor the performance of our key
unrealized fair value gains and losses are included in assumptions against observed behavior and regularly review
accumulated other comprehensive income/(loss); their sensitivity on our risk metrics.
• Positions that are best measured and monitored using We manage EaR with a goal to reduce potential volatility
sensitivity measures; and resulting from changes in interest rates so it remains within
our EaR risk appetite. Our EaR scenario is regularly
• The impact of changes in counterparty and our own credit evaluated and updated, if necessary, to reflect changes in our
spreads on derivatives, as well as changes in our own credit business plans, market conditions and other macroeconomic
spreads on financial liabilities for which the fair value factors. While management uses the best information
option was elected. available to estimate EaR, actual results may differ materially
as a result of, among other things, changes in the economic
We perform daily backtesting of our VaR model (i.e., environment or assumptions used in the process. We also
comparing daily net revenues for positions included in VaR measure the sensitivity of the economic value of our equity
to the VaR measure calculated as of the prior business day) at (EVE) to changes in interest rates. Compared to EaR, EVE
the firmwide level and for each of our businesses and major provides a longer-term measurement of the interest rate risk
regulated subsidiaries. exposure, primarily on non-trading assets and liabilities, by
capturing the net impact of changes in interest rates to the
present value of their cash flows.

Goldman Sachs 2024 Form 10-K 107

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Corporate Treasury is responsible for our aggregated interest Limits

rate risk, including assessing and monitoring EaR and EVE We use market risk limits at various levels to manage the size
sensitivity, and interest rate risk stress tests and assumptions. of our market exposures. These limits are set based on VaR,
Risk, which is part of our second line of defense and reports EaR and on a range of stress tests relevant to our exposures.
to our chief risk officer, has primary responsibility for See “Overview and Structure of Risk Management” for
assessing, monitoring and managing our interest rate risk information about the limit approval process.
(including EaR and EVE sensitivity) by providing Limits are monitored by Corporate Treasury and Risk. Risk
independent firmwide oversight and challenge across our is responsible for identifying and escalating to senior
global businesses. management and/or the appropriate risk committee, on a
Stress Testing. Stress testing is a method of determining the timely basis, instances where limits have been exceeded (e.g.,
effect of various hypothetical stress scenarios. We use stress due to positional changes or changes in market conditions,
tests to examine risks of specific portfolios, as well as the such as increased volatilities or changes in correlations). Such
potential impact of our significant risk exposures. We use a instances are remediated by a reduction in the positions we
variety of stress testing techniques to calculate the potential hold and/or a temporary or permanent increase to the limit, if
loss from a wide range of market moves on our portfolios, warranted.
including firmwide stress tests, sensitivity analysis and Metrics
scenario analysis. The results of our various stress tests are We analyze VaR at the firmwide level and a variety of more
analyzed together for risk management purposes. See detailed levels, including by risk category, business and
“Overview and Structure of Risk Management” for region. Diversification effect in the tables below represents
information about firmwide stress tests. the difference between total VaR and the sum of the VaRs for
Sensitivity analysis is used to quantify the impact of a market the four risk categories. This effect arises because the four
move in a single risk factor across all positions (e.g., equity market risk categories are not perfectly correlated.
prices or credit spreads) using a variety of defined market Substantially all positions in VaR are included within Global
shocks, ranging from those that could be expected over a Banking & Markets.
one-day time horizon up to those that could take many The table below presents our average daily VaR.
months to occur. We also use sensitivity analysis to quantify
the impact of the default of any single entity, which captures Year Ended December
$ in millions 2024 2023
the risk of large or concentrated exposures. Categories
Interest rates $ 81 $ 96
Scenario analysis is used to quantify the impact of a specified Equity prices 37 29
event, including how the event impacts multiple risk factors Currency rates 26 24
simultaneously. For example, for sovereign stress testing we Commodity prices 19 19
calculate potential direct exposure associated with our Diversification effect (71) (69)
Total $ 92 $ 99
sovereign positions, as well as the corresponding debt, equity
and currency exposures associated with our non-sovereign Our average daily VaR decreased to $92 million in 2024 from
positions that may be impacted by the sovereign distress. $99 million in 2023, due to lower levels of volatility, partially
When conducting scenario analysis, we often consider a offset by increased exposures. The total decrease was
number of possible outcomes for each scenario, ranging from primarily driven by a decrease in the interest rates category,
moderate to severely adverse market impacts. In addition, partially offset by an increase in the equity prices category.
these stress tests are constructed using both historical events
and forward-looking hypothetical scenarios.
Unlike VaR measures, which have an implied probability
because they are calculated at a specified confidence level,
there may not be an implied probability that our stress testing
scenarios will occur. Instead, stress testing is used to model
both moderate and more extreme moves in underlying
market factors. When estimating potential loss, we generally
assume that our positions cannot be reduced or hedged
(although experience demonstrates that we are generally able
to do so).

108 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

The table below presents our period-end VaR. The chart below presents our daily VaR for 2024.
As of December
$ in millions 2024 2023
Categories
Interest rates $ 84 $ 93
Equity prices 41 25
Currency rates 38 15
Commodity prices 14 14
Diversification effect (86) (54)
Total $ 91 $ 93

Our period-end VaR decreased to $91 million as of December

2024 from $93 million as of December 2023, due to lower
levels of volatility, partially offset by increased exposures.
The total decrease was driven by an increase in the
diversification effect and a decrease in the interest rates
category, partially offset by an increase in the currency rates
and equity prices categories. The table below presents, by number of business days, the
During 2024, there was a permanent increase to the firmwide frequency distribution of our daily net revenues for positions
VaR risk limit due to higher levels of volatility and increased included in VaR.
exposures. The firmwide VaR risk limit was not exceeded Year Ended December
during this period. During 2023, the firmwide VaR risk limit $ in millions 2024 2023
was not exceeded and there were no permanent changes to >$100 62 52
the firmwide VaR risk limit. However, the firmwide VaR risk $75 – $100 39 40
$50 – $75 57 52
limit was temporarily changed on four occasions as a result
$25 – $50 46 47
of changes in the market environment in the first half of 2023. $0 – $25 31 22
$(25) – $0 12 30
The table below presents our high and low VaR. $(50) – $(25) 3 4
Year Ended December $(75) – $(50) – 2
$(100) – $(75) – –
2024 2023
<$(100) 2 1
$ in millions High Low High Low
Total 252 250
Categories
Interest rates $ 121 $ 57 $ 148 $ 70
Equity prices $ 65 $ 25 $ 49 $ 22
Daily net revenues for positions included in VaR are
Currency rates $ 47 $ 10 $ 47 $ 9 compared with VaR calculated as of the end of the prior
Commodity prices $ 31 $ 12 $ 32 $ 11 business day. Net losses incurred on a single day for such
Firmwide positions exceeded our 95% one-day VaR (i.e., a VaR
VaR $ 116 $ 75 $ 142 $ 79 exception) on two occasions during 2024 and on one occasion
during 2023.
During periods in which we have significantly more positive
net revenue days than net revenue loss days, we expect to
have fewer VaR exceptions because, under normal
conditions, our business model generally produces positive
net revenues. In periods in which our franchise revenues are
adversely affected, we generally have more loss days,
resulting in more VaR exceptions. The daily net revenues for
positions included in VaR used to determine VaR exceptions
reflect the impact of any intraday activity, including bid/offer
net revenues, which are more likely than not to be positive by
their nature.

Goldman Sachs 2024 Form 10-K 109

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Sensitivity Measures Credit and Funding Spread Sensitivity on Derivatives

Certain portfolios and individual positions are not included and Financial Liabilities. VaR excludes the impact of
in VaR because VaR is not the most appropriate risk changes in counterparty credit spreads, our own credit
measure. Other sensitivity measures we use to analyze market spreads and unsecured funding spreads on derivatives, as well
risk are described below. as changes in our own credit spreads (debt valuation
adjustment) on financial liabilities for which the fair value
10% Sensitivity Measures. The table below presents our
option was elected. The estimated sensitivity to a one basis
market risk by asset category for positions accounted for at
point increase in credit spreads (counterparty and our own)
fair value or accounted for at the lower of cost or fair value,
and unsecured funding spreads on derivatives (including
that are not included in VaR.
hedges) was a loss of $2 million as of both December 2024
As of December and December 2023. In addition, the estimated sensitivity to a
$ in millions 2024 2023 one basis point increase in our own credit spreads on
Equity $ 1,567 $ 1,562
Debt 1,904 2,446
financial liabilities for which the fair value option was elected
Total $ 3,471 $ 4,008 was a gain of $43 million as of December 2024 and
$42 million as of December 2023. However, the actual net
In the table above: impact of a change in our own credit spreads is also affected
• The market risk of these positions is determined by by the liquidity, duration and convexity (as the sensitivity is
estimating the potential reduction in net revenues of a 10% not linear to changes in yields) of those financial liabilities for
decline in the value of the underlying positions. which the fair value option was elected, as well as the relative
performance of any hedges undertaken.
• Equity positions relate to private and public equity
securities, which primarily include investments in Earnings-at-Risk. The table below presents the impact of a
corporate, real estate and infrastructure assets. parallel shift in rates on our net revenues and preferred stock
Substantially all such equity positions are included within dividends over the next 12 months relative to the baseline
Asset & Wealth Management. scenario.
As of December
• Debt positions include mezzanine and senior debt, and
$ in millions 2024 2023
corporate and real estate loans, substantially all of which +100 basis points parallel shift in rates $ 140 $ 225
are included within Asset & Wealth Management. Debt -100 basis points parallel shift in rates $ (270) $ (232)
positions also included approximately $1.8 billion as of +200 basis points parallel shift in rates $ 196 $ 445
December 2024 and approximately $2.0 billion as of -200 basis points parallel shift in rates $ (525) $ (475)
December 2023 of GM co-branded credit card loans, and
approximately $3.0 billion as of December 2023 of In the table above, the EaR metric utilized various
GreenSky loans that were classified as held for sale. These assumptions, including, among other things, balance sheet
held for sale loans were included within Platform size and composition, prepayment behavior and deposit
Solutions. repricing, all of which have inherent uncertainties. The EaR
metric does not represent a forecast of our net revenues and
• Funded equity and debt positions are included in our preferred stock dividends. We expect our EaR to be more
consolidated balance sheets in investments and loans, and sensitive to short-term interest rates than long-term rates.
the related hedges are included in our consolidated balance
sheets in derivatives. See Note 8 to the consolidated Other Market Risk Considerations
financial statements for further information about We make investments in securities that are accounted for as
investments, Note 9 to the consolidated financial available-for-sale, held-to-maturity or under the equity
statements for further information about loans and Note 7 method which are included in investments in the consolidated
to the consolidated financial statements for further balance sheets. See Note 8 to the consolidated financial
information about derivatives. statements for further information.

• These measures do not reflect the diversification effect Direct investments in real estate are accounted for at cost less
across asset categories or across other market risk accumulated depreciation. See Note 12 to the consolidated
measures. financial statements for further information about other
assets.

110 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Financial Statement Linkages to Market Risk Credit Risk, which is part of our second line of defense and
Measures reports to our chief risk officer, has primary responsibility for
We employ a variety of risk measures, each described in the assessing, monitoring and managing our credit risk by
respective sections above, to monitor market risk across the providing independent firmwide oversight and challenge
consolidated balance sheets and consolidated statements of across our global businesses. In addition, we hold other
earnings. The related gains and losses on these positions are positions that give rise to credit risk (e.g., bonds and
included in market making, other principal transactions, secondary bank loans). These credit risks are captured as a
interest income and interest expense in the consolidated component of market risk measures, which are monitored
statements of earnings, and debt valuation adjustment and and managed by Market Risk. We also enter into derivatives
to manage market risk exposures. Such derivatives also give
unrealized gains/(losses) on available-for-sale securities in the
rise to credit risk, which is monitored and managed by Credit
consolidated statements of comprehensive income.
Risk.
The table below presents certain assets and liabilities
accounted for at fair value or accounted for at the lower of Credit Risk Management Process
cost or fair value in our consolidated balance sheets and the Our process for managing credit risk includes the critical
market risk measures used to assess those assets and components of our risk management framework described in
liabilities. the “Overview and Structure of Risk Management,” as well
as the following:
Assets or Liabilities Market Risk Measures
• Monitoring compliance with established credit risk limits
Collateralized agreements and financings VaR
and reporting our credit exposures and credit
Customer and other receivables 10% Sensitivity Measures concentrations;
Trading assets and liabilities VaR
Credit Spread Sensitivity • Establishing or approving underwriting standards;
10% Sensitivity Measures
• Assessing the likelihood that a counterparty will default on
Investments VaR
10% Sensitivity Measures its payment obligations;
Loans VaR • Measuring our current and potential credit exposure and
10% Sensitivity Measures
losses resulting from a counterparty default;
Other assets and liabilities VaR
Deposits VaR • Using credit risk mitigants, including collateral and
Credit Spread Sensitivity hedging; and
Unsecured borrowings VaR
Credit Spread Sensitivity • Maximizing recovery through active workout and
restructuring of claims.
In addition to the above, we measure the interest rate risk for
We also perform credit analyses, which incorporate initial
all positions within our consolidated balance sheets using the
and ongoing evaluations of the capacity and willingness of a
EaR metric.
counterparty to meet its financial obligations. For
substantially all of our credit exposures, the core of our
process is an annual counterparty credit evaluation or more
Credit Risk Management frequently if deemed necessary as a result of events or
changes in circumstances. We determine an internal credit
Overview
rating for the counterparty by considering the results of the
Credit risk represents the potential for loss due to the default
credit evaluations and assumptions with respect to the nature
or deterioration in credit quality of a counterparty (e.g., an
of and outlook for the counterparty’s industry and the
OTC derivatives counterparty or a borrower) or an issuer of
economic environment. For collateralized loans, we also take
securities or other instruments we hold. Our exposure to
into consideration collateral received or other credit support
credit risk comes mostly from client transactions in OTC
arrangements when determining an internal credit rating.
derivatives and loans and lending commitments. Credit risk
Senior personnel, with expertise in specific industries, inspect
also comes from cash placed with banks, securities financing
and approve credit reviews and internal credit ratings.
transactions (i.e., resale and repurchase agreements and
securities borrowing and lending activities) and customer and Our risk assessment process may also include, where
other receivables. applicable, reviewing certain key metrics, including, but not
limited to, delinquency status, collateral value, FICO credit
scores and other risk factors.

Goldman Sachs 2024 Form 10-K 111

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Our credit risk management systems capture credit exposure Limits

to individual counterparties and on an aggregate basis to We use credit risk limits at various levels, as well as
counterparties and their subsidiaries. These systems also underwriting standards to manage the size and nature of our
provide management with comprehensive information about credit exposures. Limits for industries and countries are
our aggregate credit risk by product, internal credit rating, based on our risk appetite and are designed to allow for
industry, country and region. regular monitoring, review, escalation and management of
credit risk concentrations. See “Overview and Structure of
Risk Measures
Risk Management” for information about the limit approval
We measure our credit risk based on the potential loss in the
process.
event of non-payment by a counterparty using current and
potential exposure. For derivatives and securities financing Credit Risk is responsible for monitoring these limits, and
transactions, current exposure represents the amount identifying and escalating to senior management and/or the
presently owed to us after taking into account applicable appropriate risk committee, on a timely basis, instances
netting and collateral arrangements, while potential exposure where limits have been exceeded.
represents our estimate of the future exposure that could
Risk Mitigants
arise over the life of a transaction based on market
To reduce our credit exposures on derivatives and securities
movements within a specified confidence level. Potential
financing transactions, we may enter into netting agreements
exposure also takes into account netting and collateral
with counterparties that permit us to offset receivables and
arrangements. For loans and lending commitments, the
payables with such counterparties. We may also reduce credit
primary measure is a function of the notional amount of the
risk with counterparties by entering into agreements that
position.
enable us to obtain collateral from them on an upfront or
Stress Tests contingent basis and/or to terminate transactions if the
We conduct regular stress tests to calculate the credit counterparty’s credit rating falls below a specified level. We
exposures, including potential concentrations that would monitor the fair value of the collateral to ensure that our
result from applying shocks to counterparty credit ratings or credit exposures are appropriately collateralized. We seek to
credit risk factors (e.g., currency rates, interest rates, equity minimize exposures where there is a significant positive
prices). These shocks cover a wide range of moderate and correlation between the creditworthiness of our
more extreme market movements, including shocks to counterparties and the market value of collateral we receive.
multiple risk factors, consistent with the occurrence of a
For loans and lending commitments, depending on the credit
severe market or economic event. In the case of sovereign
quality of the borrower and other characteristics of the
default, we estimate the direct impact of the default on our
transaction, we employ a variety of potential risk mitigants.
sovereign credit exposures, changes to our credit exposures
Risk mitigants include collateral provisions, guarantees,
arising from potential market moves in response to the
covenants, structural seniority of the bank loan claims and,
default, and the impact of credit market deterioration on
for certain lending commitments, provisions in the legal
corporate borrowers and counterparties that may result from
documentation that allow us to adjust loan amounts, pricing,
the sovereign default. Unlike potential exposure, which is
structure and other terms as market conditions change. The
calculated within a specified confidence level, stress testing
type and structure of risk mitigants employed can
does not generally assume a probability of these events
significantly influence the degree of credit risk involved in a
occurring. We also perform firmwide stress tests. See
loan or lending commitment.
“Overview and Structure of Risk Management” for
information about firmwide stress tests. When we do not have sufficient visibility into a
counterparty’s financial strength or when we believe a
To supplement these regular stress tests, as described above,
counterparty requires support from its parent, we may obtain
we also conduct tailored stress tests on an ad hoc basis in
third-party guarantees of the counterparty’s obligations. We
response to specific events that we deem significant. We also
may also seek to mitigate our credit risk using credit
utilize these stress tests to estimate the indirect impact of
derivatives or participation agreements.
certain hypothetical events on our country exposures, such as
the impact of credit market deterioration on corporate
borrowers and counterparties along with the shocks to the
risk factors described above. The parameters of these shocks
vary based on the scenario reflected in each stress test. We
review estimated losses produced by the stress tests in order
to understand their magnitude, highlight potential loss
concentrations, and assess and seek to mitigate our
exposures, where necessary.

112 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Credit Exposures
As of December 2024, our aggregate credit exposure We generally enter into OTC derivatives transactions under
decreased slightly compared with December 2023, primarily bilateral collateral arrangements that require the daily
reflecting a decrease in cash deposits with central banks, exchange of collateral. As credit risk is an essential
partially offset by an increase in loans and lending component of fair value, we include a credit valuation
commitments. The percentage of our credit exposures arising adjustment (CVA) in the fair value of derivatives to reflect
from non-investment-grade counterparties (based on our counterparty credit risk, as described in Note 7 to the
internally determined public rating agency equivalents) consolidated financial statements. CVA is a function of the
increased compared with December 2023, primarily reflecting present value of expected exposure, the probability of
a decrease in investment-grade credit exposure related to cash counterparty default and the assumed recovery upon default.
deposits with central banks. Our credit exposures are
The table below presents our net credit exposure from OTC
described further below.
derivatives and the concentration by industry and region.
Cash and Cash Equivalents. Our credit exposure on cash As of December
and cash equivalents arises from our unrestricted cash, and $ in millions 2024 2023
includes both interest-bearing and non-interest-bearing OTC derivative assets $41,655 $42,950
deposits. We seek to mitigate the risk of credit loss, by Collateral (not netted under U.S. GAAP) (15,821) (14,420)
p
Net credit exposure $25,834 $28,530
placing substantially all of our deposits with highly rated
banks and central banks. Industry
Consumer & Retail 3% 3%
The table below presents our credit exposure from Diversified Industrials 10% 11%
unrestricted cash and cash equivalents, and the concentration Financial Institutions 19% 21%
Funds 28% 20%
by industry, region and internally determined public rating Healthcare 1% 2%
agency equivalents. Municipalities & Nonprofit 2% 4%
Natural Resources & Utilities 16% 17%
As of December
Sovereign 11% 14%
$ in millions 2024 2023 Technology, Media & Telecommunications 8% 6%
q
Cash and Cash Equivalents $167,253 $224,493 Other (including Special Purpose Vehicles) 2% 2%
Industry Total 100% 100%
Financial Institutions 10% 9% Region
Sovereign 90% 91% Americas 43% 48%
Total 100% 100% EMEA 49% 45%
Region Asia 8% 7%
Americas 67% 50% Total 100% 100%
EMEA 24% 34%
Asia 9% 16% Our credit exposure (before any potential recoveries) to OTC
Total 100% 100% derivative counterparties that defaulted during 2024 remained
Credit Quality (Credit Rating Equivalent) low, representing less than 2% of our total credit exposure
AAA 79% 65% from OTC derivatives.
AA 6% 15%
A 14% 20% In the table above:
BBB 1% –
Total 100% 100% • OTC derivative assets, included in the consolidated
balance sheets, are reported on a net-by-counterparty basis
The table above excludes cash segregated for regulatory and (i.e., the net receivable for a given counterparty) when a
other purposes of $14.84 billion as of December 2024 and legal right of setoff exists under an enforceable netting
$17.08 billion as of December 2023. agreement (counterparty netting) and are accounted for at
OTC Derivatives. Our credit exposure on OTC derivatives fair value, net of cash collateral received under enforceable
arises primarily from our market-making activities. As a credit support agreements (cash collateral netting).
market maker, we enter into derivative transactions to • Collateral represents cash collateral and the fair value of
provide liquidity to clients and to facilitate the transfer and securities collateral, primarily U.S. and non-U.S.
hedging of their risks. We also enter into derivatives to government and agency obligations, received under credit
manage market risk exposures. We manage our credit support agreements, that we consider when determining
exposure on OTC derivatives using the credit risk process, credit risk, but such collateral is not eligible for netting
measures, limits and risk mitigants described above. under U.S. GAAP.

Goldman Sachs 2024 Form 10-K 113

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

The table below presents the distribution of our net credit Lending Activities. We manage our lending activities using
exposure from OTC derivatives by tenor. the credit risk process, measures, limits and risk mitigants
described above. Other lending positions, including
Investment- Non-Investment-
$ in millions Grade Grade / Unrated Total
secondary trading positions, are risk-managed as a
As of December 2024 component of market risk.
Less than 1 year $ 24,256 $ 5,247 $ 29,503
1 – 5 years 16,762 5,240 22,002
The table below presents our loans and lending
Greater than 5 years 49,709 2,622 52,331
commitments.
Total 90,727 13,109 103,836
Lending
Netting (72,077) (5,925) (78,002)
$ in millions Loans Commitments Total
Net credit exposure $ 18,650 $ 7,184 $ 25,834
As of December 2024
As of December 2023 Corporate $ 29,972 $ 162,529 $ 192,501
Less than 1 year $ 19,314 $ 7,700 $ 27,014 Commercial real estate 29,789 5,016 34,805
1 – 5 years 19,673 6,331 26,004 Residential real estate 25,969 1,848 27,817
Greater than 5 years 51,944 3,999 55,943 Securities-based 16,477 1,542 18,019
Total 90,931 18,030 108,961 Other collateralized 75,107 33,536 108,643
Netting (72,412) (8,019) (80,431) Consumer:
Net credit exposure $ 18,519 $ 10,011 $ 28,530 Installment 70 – 70
Credit cards 21,403 78,099 99,502
In the table above: Other 2,079 872 2,951
Total $ 200,866 $ 283,442 $ 484,308
• Tenor is based on remaining contractual maturity for
Allowance for loan losses $ (4,666) $ (674) $ (5,340)
substantially all OTC derivative assets.
As of December 2023
• Netting includes counterparty netting across tenor
Corporate $ 35,874 $ 144,463 $ 180,337
categories and collateral that we consider when Commercial real estate 26,028 3,440 29,468
determining credit risk (including collateral that is not Residential real estate 25,388 1,471 26,859
eligible for netting under U.S. GAAP). Counterparty Securities-based 14,621 691 15,312
netting within the same tenor category is included within Other collateralized 62,225 23,731 85,956
such tenor category. Consumer:
Installment 3,298 2,250 5,548
The tables below present the distribution of our net credit Credit cards 19,361 70,824 90,185
exposure from OTC derivatives by tenor and internally Other 1,613 888 2,501
determined public rating agency equivalents. Total $ 188,408 $ 247,758 $ 436,166
Allowance for loan losses $ (5,050) $ (620) $ (5,670)
Investment-Grade
$ in millions AAA AA A BBB Total
As of December 2024
In the table above, lending commitments excluded $5.69
Less than 1 year $ 781 $ 5,243 $ 11,397 $ 6,835 $ 24,256 billion as of December 2024 and $5.81 billion as of December
1 – 5 years 855 4,301 6,689 4,917 16,762 2023 related to issued letters of credit which are classified as
Greater than 5 years 2,431 13,970 17,824 15,484 49,709
guarantees in our consolidated financial statements. See Note
Total 4,067 23,514 35,910 27,236 90,727
Netting (1,753) (20,812) (30,083) (19,429) (72,077) 18 to the consolidated financial statements for further
Net credit exposure $ 2,314 $ 2,702 $ 5,827 $ 7,807 $ 18,650 information about guarantees.
As of December 2023
See Note 9 to the consolidated financial statements for
Less than 1 year $ 583 $ 4,383 $ 7,718 $ 6,630 $ 19,314
1 – 5 years 1,226 4,850 6,755 6,842 19,673
information about net charge-offs on wholesale and
Greater than 5 years 5,963 13,417 15,507 17,057 51,944 consumer loans, as well as past due and nonaccrual loans
Total 7,772 22,650 29,980 30,529 90,931 accounted for at amortized cost.
Netting (5,308) (18,364) (25,470) (23,270) (72,412)
Net credit exposure $ 2,464 $ 4,286 $ 4,510 $ 7,259 $ 18,519

Non-Investment-Grade / Unrated
$ in millions ≤ BB Unrated Total
As of December 2024
Less than 1 year $ 5,020 $ 227 $ 5,247
1 – 5 years 5,201 39 5,240
Greater than 5 years 2,578 44 2,622
Total 12,799 310 13,109
Netting (5,888) (37) (5,925)
Net credit exposure $ 6,911 $ 273 $ 7,184
As of December 2023
Less than 1 year $ 7,274 $ 426 $ 7,700
1 – 5 years 6,244 87 6,331
Greater than 5 years 3,887 112 3,999
Total 17,405 625 18,030
Netting (7,975) (44) (8,019)
Net credit exposure $ 9,430 $ 581 $ 10,011

114 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Corporate. Corporate loans and lending commitments Commercial Real Estate. Commercial real estate includes
include term loans, revolving lines of credit, letter of credit originated loans and lending commitments that are directly
facilities and bridge loans, and are principally used for or indirectly secured by hotels, retail stores, multifamily
operating and general corporate purposes, or in connection housing complexes and commercial and industrial properties.
with acquisitions. Corporate loans are secured (typically by a
senior lien on the assets of the borrower) or unsecured, Commercial real estate also includes loans and lending
depending on the loan purpose, the risk profile of the commitments extended to clients who warehouse assets that
borrower and other factors. are directly or indirectly backed by commercial real estate. In
addition, commercial real estate includes loans purchased by
The table below presents our credit exposure from corporate
loans and lending commitments, and the concentration by us.
industry, region, internally determined public rating agency The table below presents our credit exposure from
equivalents and other credit metrics. commercial real estate loans and lending commitments, and
Lending
$ in millions Loans Commitments Total
the concentration by region, internally determined public
As of December 2024 rating agency equivalents and other credit metrics.
Corporate
p $29,972 $162,529 $192,501
Lending
Industry $ in millions Loans Commitments Total
Consumer & Retail 9% 13% 12% As of December 2024
Diversified Industrials 16% 20% 20% Commercial Real Estate $29,789 $5,016 $34,805
Financial Institutions 9% 9% 9%
Funds 5% 3% 3% Region
Healthcare 9% 11% 11% Americas 78% 83% 78%
Natural Resources & Utilities 9% 16% 15% EMEA 18% 16% 18%
Real Estate 14% 5% 6% Asia 4% 1% 4%
Technology, Media & Telecommunications 24% 22% 22% Total 100% 100% 100%
Other (including Special Purpose Vehicles) 5% 1% 2%
Credit Quality (Credit Rating Equivalent)
Total 100% 100% 100%
Investment-grade 61% 61% 61%
Region Non-investment-grade 39% 38% 39%
Americas 66% 76% 75% Unrated – 1% –
EMEA 26% 22% 22% Total 100% 100% 100%
Asia 8% 2% 3%
As of December 2023
Total 100% 100% 100%
Commercial Real Estate $26,028 $3,440 $29,468
Credit Quality (Credit Rating Equivalent)
Region
AAA – 1% 1%
Americas 80% 74% 79%
AA 1% 4% 4%
EMEA 17% 25% 18%
A 6% 17% 16%
Asia 3% 1% 3%
BBB 22% 41% 37%
Total 100% 100% 100%
BB or lower 71% 37% 42%
Total 100% 100% 100% Credit Quality (Credit Rating Equivalent)
Investment-grade 47% 46% 47%
As of December 2023
Non-investment-grade 52% 54% 52%
Corporate
p $35,874 $144,463 $180,337
Unrated 1% – 1%
Industry Total 100% 100% 100%
Consumer & Retail 11% 13% 12%
Diversified Industrials 17% 20% 20% In the table above, the concentration of loans and lending
Financial Institutions 8% 9% 9% commitments by asset class as of December 2024 was 50%
Funds 4% 3% 3%
Healthcare 9% 11% 10%
for warehouse and other indirect, 11% for multifamily, 7%
Natural Resources & Utilities 8% 18% 16% for industrials, 5% for hospitality, 4% for office, 3% for
Real Estate 13% 5% 7% mixed use and 20% for other asset classes. The concentration
Technology, Media & Telecommunications 25% 20% 21% of loans and lending commitments by asset class as of
Other (including Special Purpose Vehicles) 5% 1% 2%
Total 100% 100% 100%
December 2023 was 42% for warehouse and other indirect,
13% for multifamily, 12% for industrials, 7% for office, 7%
Region
Americas 63% 77% 74%
for hospitality, 7% for mixed use and 12% for other asset
EMEA 29% 22% 23% classes.
Asia 8% 1% 3%
Total 100% 100% 100%

Credit Quality (Credit Rating Equivalent)

AAA – 1% 1%
AA 1% 5% 4%
A 5% 20% 17%
BBB 20% 41% 37%
BB or lower 74% 33% 41%
Total 100% 100% 100%

Goldman Sachs 2024 Form 10-K 115

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

In addition, we also have credit exposure to commercial real In the table above:
estate loans held for securitization of $568 million as of
• Credit exposure included loans and lending commitments
December 2024 and $119 million as of December 2023. Such
of $14.35 billion as of December 2024 and $14.45 billion as
loans are included in trading assets in our consolidated
of December 2023 which are extended to clients who
balance sheets.
warehouse assets that are directly or indirectly secured by
Residential Real Estate. Residential real estate loans and residential real estate.
lending commitments are primarily extended to wealth
• Substantially all residential real estate loans included in the
management clients and to clients who warehouse assets that
other metrics category consists of loans extended to wealth
are directly or indirectly secured by residential real estate. In
management clients. As of both December 2024 and
addition, residential real estate includes loans purchased by
December 2023, substantially all of such loans had a loan-
us.
to-value ratio of less than 80% and were performing in
The table below presents our credit exposure from residential accordance with the contractual terms. Additionally, as of
real estate loans and lending commitments, and the both December 2024 and December 2023, the vast majority
concentration by region, internally determined public rating of such loans had a FICO credit score of greater than 740.
agency equivalents and other credit metrics.
In addition, we also have credit exposure to residential real
Lending estate loans held for securitization of $10.18 billion as of
$ in millions Loans Commitments Total December 2024 and $7.65 billion as of December 2023. Such
As of December 2024 loans are included in trading assets in our consolidated
Residential Real Estate $25,969 $1,848 $27,817
balance sheets.
Region
Americas 94% 99% 94%
EMEA 5% – 5%
Asia 1% 1% 1%
Total 100% 100% 100%

Credit Quality (Credit Rating Equivalent)

Investment-grade 39% 38% 39%
Non-investment-grade 13% 36% 15%
Other metrics 48% 24% 46%
Unrated – 2% –
Total 100% 100% 100%

As of December 2023
Residential Real Estate $25,388 $1,471 $26,859

Region
Americas 95% 93% 95%
EMEA 4% 7% 4%
Asia 1% – 1%
Total 100% 100% 100%

Credit Quality (Credit Rating Equivalent)

Investment-grade 42% 56% 43%
Non-investment-grade 13% 25% 13%
Other metrics 45% 16% 43%
Unrated – 3% 1%
Total 100% 100% 100%

116 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Securities-Based. Securities-based includes loans and Other Collateralized. Other collateralized includes loans
lending commitments that are secured by stocks, bonds, and lending commitments that are backed by specific
mutual funds, and exchange-traded funds. These loans and collateral (other than securities-based loans where there is a
commitments are primarily extended to our wealth daily margin requirement and real estate loans). Such loans
management clients and used for purposes other than and lending commitments are extended to clients who
purchasing, carrying or trading margin stocks. Securities- warehouse assets that are directly or indirectly secured by
based loans require borrowers to post additional collateral on corporate loans, consumer loans and other assets. Other
a daily basis (daily margin requirement) based on changes in collateralized also includes loans and lending commitments
the underlying collateral’s fair value. to investment funds (managed by third parties) that are
collateralized by capital commitments of the funds’ investors
The table below presents our credit exposure from securities-
or assets held by the fund, as well as other secured loans and
based loans and lending commitments, and the concentration
lending commitments extended to our wealth management
by region, internally determined public rating agency
and corporate clients.
equivalents and other credit metrics.
The table below presents our credit exposure from other
Lending
$ in millions Loans Commitments Total
collateralized loans and lending commitments, and the
As of December 2024 concentration by region, internally determined public rating
Securities-based $16,477 $1,542 $18,019 agency equivalents and other credit metrics.
Region
Lending
Americas 76% 50% 73% $ in millions Loans Commitments Total
EMEA 24% 50% 27%
As of December 2024
Total 100% 100% 100%
Other Collateralized $75,107 $33,536 $108,643
Credit Quality (Credit Rating Equivalent)
Region
Investment-grade 77% 63% 76%
Americas 86% 89% 87%
Non-investment-grade 2% – 2%
EMEA 12% 10% 12%
Other metrics 21% 37% 22%
Asia 2% 1% 1%
Total 100% 100% 100%
Total 100% 100% 100%
As of December 2023
Credit Quality (Credit Rating Equivalent)
Securities-based $14,621 $691 $15,312
Investment-grade 85% 83% 84%
Region Non-investment-grade 14% 16% 15%
Americas 79% 98% 80% Other metrics 1% – –
EMEA 20% 2% 19% Unrated – 1% 1%
Asia 1% – 1% Total 100% 100% 100%
Total 100% 100% 100% As of December 2023
Credit Quality (Credit Rating Equivalent) Other Collateralized $62,225 $23,731 $85,956
Investment-grade 75% 25% 73%
Region
Non-investment-grade 4% 2% 4%
Americas 89% 94% 90%
Other metrics 21% 73% 23%
EMEA 10% 5% 9%
Total 100% 100% 100%
Asia 1% 1% 1%
Total 100% 100% 100%
In the table above, the vast majority of securities-based loans
included in the other metrics category had a loan-to-value Credit Quality (Credit Rating Equivalent)
Investment-grade 78% 80% 79%
ratio of less than 80% and were performing in accordance
Non-investment-grade 21% 18% 20%
with the contractual terms as of both December 2024 and Unrated 1% 2% 1%
December 2023. Total 100% 100% 100%

In the table above, credit exposure included loans and

lending commitments extended to clients who warehouse
assets of $31.67 billion as of December 2024 and $21.78
billion as of December 2023.

Goldman Sachs 2024 Form 10-K 117

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Credit Cards and Installment Loans. We provide credit Other. Other includes unsecured loans extended to wealth
card loans (pursuant to revolving lines of credit) to management clients and unsecured consumer and credit card
consumers in the Americas. The credit card lines are loans purchased by us.
cancellable by us and therefore do not result in credit
The table below presents our credit exposure from other
exposure. We also have installment loans to consumers in the
loans and lending commitments, and the concentration by
Americas but have ceased originating such loans.
region, internally determined public rating agency
The tables below present our credit exposure from credit equivalents and other credit metrics.
card funded loans and originated installment loans, and the
Lending
concentration by the five most concentrated U.S. states. $ in millions Loans Commitments Total
As of December 2024
$ in millions Credit Cards
Other $2,079 $872 $2,951
As of December 2024
Loans, gross $21,403 Region
Americas 96% 99% 97%
California 17% EMEA 4% 1% 3%
Texas 9% Total 100% 100% 100%
Florida 9%
New York 8% Credit Quality (Credit Rating Equivalent)
Illinois 4% Investment-grade 87% 90% 87%
Other 53% Non-investment-grade 8% 10% 9%
Total 100% Other metrics 5% – 4%
Total 100% 100% 100%
As of December 2023
Loans, gross $19,361 As of December 2023
Other $1,613 $888 $2,501
California 17%
Region
Texas 9%
Florida 8% Americas 97% 100% 98%
New York 8% EMEA 3% – 2%
Illinois 4% Total 100% 100% 100%
Other 54% Credit Quality (Credit Rating Equivalent)
Total 100% Investment-grade 61% 87% 70%
Non-investment-grade 9% 13% 11%
$ in millions Installment Other metrics 30% – 19%
As of December 2024 Total 100% 100% 100%
Loans, gross $70
In the table above, other metrics primarily includes consumer
New Jersey 44%
Minnesota 20%
and credit card loans purchased by us. Our risk assessment
California 4% process for such loans includes reviewing certain key metrics,
Texas 3% such as expected cash flows, delinquency status and other
New York 3% risk factors.
Other 26%
Total 100% In addition, we also have credit exposure to other loans held
As of December 2023 for securitization of $1.22 billion as of both December 2024
Loans, gross $3,298 and December 2023. Such loans are included in trading assets
California 8% in our consolidated balance sheets.
Texas 8%
Florida 7%
Credit Hedges. We seek to mitigate the credit risk
New York 5% associated with our lending activities by obtaining credit
New Jersey 5% protection on certain loans and lending commitments
Other 67% through credit default swaps, both single-name and index-
Total 100%
based contracts.
In addition, we had credit exposure of $2.25 billion as of
December 2023 related to our commitments to extend
unsecured installment loans to consumers.
See Note 9 to the consolidated financial statements for
further information about the credit quality indicators of
credit card and installment loans.

118 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Securities Financing Transactions. We enter into Other Credit Exposures. We are exposed to credit risk
securities financing transactions in order to, among other from our receivables from brokers, dealers and clearing
things, facilitate client activities, invest excess cash, acquire organizations and customers and counterparties. Receivables
securities to cover short positions and finance certain from brokers, dealers and clearing organizations primarily
activities. We bear credit risk related to resale agreements consist of initial margin placed with clearing organizations
and securities borrowed only to the extent that cash and receivables related to sales of securities which have
advanced or the value of securities pledged or delivered to the traded, but not yet settled. These receivables generally have
counterparty exceeds the value of the collateral received. We minimal credit risk due to the low probability of clearing
also have credit exposure on repurchase agreements and organization default and the short-term nature of receivables
securities loaned to the extent that the value of securities related to securities settlements. Receivables from customers
pledged or delivered to the counterparty for these and counterparties generally consist of collateralized
transactions exceeds the amount of cash or collateral receivables related to customer securities transactions and
received. Securities collateral for these transactions primarily generally have minimal credit risk due to both the value of
includes U.S. and non-U.S. government and agency the collateral received and the short-term nature of these
obligations. receivables.
The table below presents our credit exposure from securities The table below presents our other credit exposures and the
financing transactions and the concentration by industry, concentration by industry, region and internally determined
region and internally determined public rating agency public rating agency equivalents.
equivalents.
As of December
As of December $ in millions 2024 2023
$ in millions 2024 2023 p
Other Credit Exposures $48,013 $50,820
g Transactions
Securities Financing $39,299 $40,201 Industry
Industry Financial Institutions 77% 80%
Financial Institutions 39% 30% Funds 13% 13%
Funds 27% 33% Other (including Special Purpose Vehicles) 10% 7%
Municipalities & Nonprofit 10% 7% Total 100% 100%
Sovereign 24% 29% Region
Other (including Special Purpose Vehicles) – 1% Americas 44% 35%
Total 100% 100% EMEA 41% 54%
Region Asia 15% 11%
Americas 55% 45% Total 100% 100%
EMEA 31% 38% Credit Quality (Credit Rating Equivalent)
Asia 14% 17% AAA 4% 2%
Total 100% 100% AA 49% 57%
Credit Quality (Credit Rating Equivalent) A 24% 26%
AAA 18% 14% BBB 8% 6%
AA 22% 31% BB or lower 14% 8%
A 42% 38% Unrated 1% 1%
BBB 9% 7% Total 100% 100%
BB or lower 9% 10%
Total 100% 100% The table above reflects collateral that we consider when
determining credit risk.
The table above reflects both netting agreements and
collateral that we consider when determining credit risk.

Goldman Sachs 2024 Form 10-K 119

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Selected Exposures Operational Risk Management

We have credit and market exposures, as described below,
that have had heightened focus given recent events and broad Overview
market concerns. Credit exposure represents the potential for Operational risk is the risk of an adverse outcome resulting
loss due to the default or deterioration in credit quality of a from inadequate or failed internal processes, people, systems
counterparty or borrower. Market exposure represents the or from external events. Our exposure to operational risk
potential for loss in value of our long and short positions due arises from routine processing errors, as well as
to changes in market prices. extraordinary incidents, such as major systems failures or
legal and regulatory matters, that could occur for us or our
Country Exposures. The Russian invasion of Ukraine has third-party vendors.
negatively affected the global economy and increased
macroeconomic uncertainty. Our total credit exposure to Potential types of loss events related to internal and external
Ukrainian counterparties or borrowers was not material as of operational risk include:
December 2024. Our total market exposure to Ukrainian • Execution, delivery and process management;
issuers as of December 2024 was $126 million, primarily to
sovereign issuers. Such exposure consisted of $134 million • Business disruption and system failures;
related to debt and $(8) million related to credit derivatives. • Employment practices and workplace safety;
Our credit exposure to Russian counterparties or borrowers
and our market exposure to Russian issuers were not • Clients, products and business practices;
material as of December 2024. See “Risk Factors” in Part I, • Third-party risk, including vendor risk;
Item 1A of this Form 10-K for further information about our
risks related to Russia’s invasion of Ukraine. • Damage to physical assets;

In addition, economic and/or political uncertainties in • Internal fraud; and

Ethiopia, Lebanon and Venezuela have led to concerns about • External fraud.
their financial stability. Our credit exposure to counterparties
Operational Risk, which is part of our second line of defense
or borrowers and our market exposure to issuers relating to
and reports to our chief risk officer, has primary
each of these countries was not material as of December
responsibility for developing and implementing a formalized
2024.
framework for assessing, monitoring and managing
We have a comprehensive framework to monitor, measure operational risk to support firmwide oversight and challenge
and assess our country exposures and to determine our risk of our global businesses, with the goal of maintaining our
appetite. We determine the country of risk by the location of exposure to operational risk at levels that are within our risk
the counterparty, issuer’s assets, where they generate revenue, appetite.
the country in which they are headquartered, the jurisdiction
Operational Risk Management Process
where a claim against them could be enforced, and/or the
government whose policies affect their ability to repay their Our process for managing operational risk includes the
obligations. We monitor our credit exposure to a specific critical components of our risk management framework
country both at the individual counterparty level, as well as described in the “Overview and Structure of Risk
at the aggregate country level. See “Stress Tests” for Management,” including a comprehensive data collection
information about stress tests that are designed to estimate process, as well as firmwide policies and procedures, for
the direct and indirect impact of events involving the above operational risk events.
countries. We combine top-down and bottom-up approaches to manage
and measure operational risk. From a top-down perspective,
our senior management assesses firmwide and business-level
operational risk profiles. From a bottom-up perspective, our
first and second lines of defense are responsible for risk
identification and risk management on a day-to-day basis,
including escalating operational risks and risk events to
senior management.

120 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

We seek to maintain a comprehensive control framework Types of Operational Risks

designed to provide a well-controlled environment to Increased reliance on technology and third-party
minimize operational risks. The Firmwide Compliance and relationships has resulted in increased operational risks, such
Operational Risk Committee is responsible for overseeing as third-party risk, business resilience risk and cybersecurity
compliance and operational risk for our business. risk. See “Cybersecurity Risk Management” for information
Our operational risk management framework is designed to about our cybersecurity risk management process. We
comply with the operational risk measurement rules under manage third-party and business resilience risks as follows:
the Capital Framework and has evolved based on the
Third-Party Risk. Third-party risk, including vendor risk, is
changing needs of our businesses and regulatory guidance. the risk of an adverse impact due to reliance on third parties
We have established policies that require all employees and performing services or activities on our behalf. These risks
consultants to report and escalate operational risk events. may include legal, regulatory, information security,
When operational risk events are identified, our policies cybersecurity, reputational, operational or other risks
require that the events be documented and analyzed to inherent in engaging a third party. We identify, manage and
determine whether changes are required in our systems and/ report key third-party risks and conduct due diligence across
or processes to further mitigate the risk of future events. multiple risk domains, including information security and
cybersecurity, resilience and additional supply chain
We use operational risk management applications to capture, dependencies. We evaluate whether vendors design,
analyze, aggregate and report operational risk event data and implement, and maintain information security controls
key metrics. One of our key risk identification and control consistent with our security policies and standards. Vendors
assessment tools is an operational risk and control self- that access and process our information on their
assessment process, which is performed by our managers. infrastructure external to our network are required to
This process consists of the identification and rating of undergo an initial risk assessment, resulting in the assignment
operational risks, on a forward-looking basis, and the related of a vendor inherent risk rating that is determined based on a
controls. The results from this process are analyzed to number of factors, including the type of data stored and
evaluate operational risk exposures and identify businesses, processed by a particular vendor. Subsequently, we conduct
activities or products with heightened levels of operational re-certifications at a depth and frequency that is
risk. commensurate with each vendor’s inherent risk rating as a
component of our risk-based approach to vendor oversight.
Risk Measurement Vendors are required to agree to standard contractual
We measure our operational risk exposure using both provisions before receiving sensitive information from us.
statistical modeling and scenario analyses, which involve These provisions have specific information security control
qualitative and quantitative assessments of internal and requirements, which apply to vendors that store, access,
external operational risk event data and internal control transmit or otherwise process sensitive information on our
factors for each of our businesses. Operational risk behalf. The Third-Party Risk Program monitors, reviews and
measurement also incorporates an assessment of business reassesses third-party risks on an ongoing basis. See “Risk
environment factors, including: Factors” in Part I, Item 1A of this Form 10-K for further
information about third-party risk.
• Evaluations of the complexity of our business activities;
Business Resilience Risk. Business resilience risk is the risk
• The degree of automation in our processes; of disruption to our critical processes. We monitor threats
• New activity information; and assess risks and seek to ensure our state of readiness in
the event of a significant operational disruption to the normal
• The legal and regulatory environment; and operations of our critical functions or their dependencies,
such as critical facilities, systems, third parties, data and/or
• Changes in the markets for our products and services,
personnel. Our resilience framework defines the fundamental
including the diversity and sophistication of our customers principles for BCP and crisis management to ensure that
and counterparties. critical functions can continue to operate in the event of a
The results from these scenario analyses are used to monitor disruption. We seek to maintain a business continuity
changes in operational risk and to determine business lines program that is comprehensive, consistent on a firmwide
that may have heightened exposure to operational risk. We basis, and up-to-date, incorporating new information,
also perform firmwide stress tests. See “Overview and including resilience capabilities. Our resilience assurance
Structure of Risk Management” for information about program encompasses testing of response and recovery
firmwide stress tests. strategies on a regular basis with the objective of minimizing
and preventing significant operational disruptions. See
“Business — Business Continuity and Information Security”
in Part I, Item 1 of this Form 10-K for further information
about business continuity.

Goldman Sachs 2024 Form 10-K 121

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Cybersecurity Risk Management

Overview Our process for managing cybersecurity risk includes the
Cybersecurity risk is the risk of compromising the critical components of our risk management framework
confidentiality, integrity or availability of our data and described in the “Overview and Structure of Risk
systems, leading to an adverse impact to us, our reputation, Management,” as well as the following:
our clients and/or the broader financial system. We seek to
minimize the occurrence and impact of unauthorized access, • Training and education, to enable our people to recognize
disruption or use of information and/or information systems. information and cybersecurity threats and respond
We deploy and operate preventive and detective controls and accordingly;
processes to mitigate emerging and evolving information • Identity and access management, including entitlement
security and cybersecurity threats, including monitoring our management and production access;
network for known vulnerabilities and signs of unauthorized
attempts to access our data and systems. There is increased • Application and software security, including software
information risk through diversification of our data across change management, open source software, and backup
external service providers, including use of a variety of cloud- and restoration;
provided or -hosted services and applications. In addition, • Infrastructure security, including monitoring our network
new AI technologies may increase the frequency and severity for known vulnerabilities and signs of unauthorized
of cybersecurity attacks. See “Risk Factors” in Part I, Item 1A attempts to access our data and systems;
of this Form 10-K for further information about information
and cybersecurity risk. • Mobile security, including mobile applications;

Cybersecurity Risk Management Process • Data security, including cryptography and encryption,
Our cybersecurity risk management processes are integrated database security, data erasure and media disposal;
into our overall risk management processes described in the • Cloud computing, including governance and security of
“Overview and Structure of Risk Management.” We have cloud applications, and software-as-a-service data
established an Information Security and Cybersecurity onboarding;
Program (the Cybersecurity Program), administered by
• Technology operations, including change management,
Technology Risk within Engineering, and overseen by our
incident management, capacity and resilience; and
CISO. This program is designed to identify, assess, document
and mitigate threats, govern, establish and evaluate • Third-party risk management, including vendor
compliance with information security mandates, adopt and management and governance, and cybersecurity and
apply our security control framework, and prevent, detect business resiliency on vendor assessments.
and respond to security incidents. The Cybersecurity
In conjunction with third-party vendors and consultants, we
Program is periodically reviewed and modified to respond to
perform risk assessments to gauge the performance of the
changing threats and conditions. A dedicated Operational
Cybersecurity Program, to estimate our risk profile and to
Risk team, which reports to the chief risk officer, provides
assess compliance with relevant regulatory requirements. We
oversight and challenge of the Cybersecurity Program,
perform periodic assessments of control efficacy through our
independent of Technology Risk, and assesses the operating
internal risk and control self-assessment process, as well as a
effectiveness of the program against industry standard
variety of external technical assessments, including external
frameworks and Board risk appetite-approved operational
penetration tests and “red team” engagements where third
risk limits and thresholds.
parties test our defenses. The results of these risk
assessments, together with control performance findings, are
used to establish priorities, allocate resources, and identify
and improve controls. We use third parties, such as outside
forensics firms, to augment our cyber incident response
capabilities. We have a vendor management program that
documents a risk-based framework for managing third-party
vendor relationships. Information security risk management
is built into our vendor management process, which covers
vendor selection, onboarding, performance monitoring and
risk management. See “Third-Party Risk” for further
information about vendor risk.

122 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

During 2024, we did not identify any cybersecurity threats In addition, we have a series of committees and steering
that have materially affected or are reasonably likely to groups that oversee the implementation of our cybersecurity
materially affect our business strategy, results of operations risk management strategy and framework. These committees
or financial condition. Technology Risk monitors and steering groups are informed about cybersecurity
cybersecurity threats and risks from information security and incidents and risks by designated members of Technology
cybersecurity matters on an ongoing basis, and allocates Risk, who periodically report to these committees and
resources and directs operations in a manner designed to steering groups about the Cybersecurity Program, including
mitigate those risks. For example, in response to the the efforts of the Technology Risk teams to prevent, detect,
proliferation of AI-enabled fraud and ransomware attacks mitigate and remediate incidents and threats. These
that continue to be reported globally, we have emphasized committees and steering groups enable formal escalation and
phishing and cybersecurity training for our employees and reporting of risks, and our CISO and other members of
allocated additional resources for business continuity. Technology Risk provide regular briefings to senior
However, despite these efforts, we cannot eliminate all management.
cybersecurity risks or provide assurances that we have not
The Firmwide Technology Risk Committee is responsible for
had occurrences of undetected cybersecurity incidents.
reviewing matters related to the design, development,
Governance deployment and use of technology. This committee oversees
The Board, both directly and through its committees, cybersecurity matters, as well as technology risk management
including its Risk Committee and Technology Risk frameworks and methodologies, and monitors their
Subcommittee, oversees our risk management policies and effectiveness. This committee is co-chaired by our CISO and
practices, including cybersecurity risks, and information our chief technology officer, and reports to the Firmwide
security and cybersecurity matters. Our chief risk officer, Enterprise Risk Committee. To assist the Firmwide
chief information officer and chief technology officer, among Technology Risk Committee in carrying out its mandate, the
others, periodically brief the Board on operational and Firmwide Artificial Intelligence Risk and Controls
technology risks, including cybersecurity risks, relevant to us. Committee, which oversees risks associated with the use of
The Board also receives regular briefings from our CISO on a AI, reports to the Firmwide Technology Risk Committee. See
range of cybersecurity-related topics, including the status of “Overview and Structure of Risk Management” for further
our Cybersecurity Program, emerging cybersecurity threats, information about this committee.
mitigation strategies and related regulatory engagements. In
The Digital Risk Office Steering Group oversees Engineering
addition, these are topics on which various directors
risk decisions, monitors control performance and reviews
maintain an ongoing dialogue with our CISO, chief
approaches to comply with current and emerging regulation
information officer and chief technology officer.
applicable to Engineering. This steering group is co-chaired
Our CISO is responsible for managing and implementing the by our CISO, chief technology officer and chief digital risk
Cybersecurity Program and reports directly to our chief officer, and reports to the Firmwide Technology Risk
information officer. Our CISO oversees our Technology Risk Committee.
team, which assesses and manages material risks from
Our CISO, senior management within Technology Risk and
cybersecurity threats, sets firmwide control requirements,
Operational Risk, as well as management personnel
assesses adherence to controls, and oversees incident
overseeing the Cybersecurity Program, all have substantial
detection and response.
relevant expertise in the areas of information security and
cybersecurity risk management.

Goldman Sachs 2024 Form 10-K 123

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Model Risk Management

Overview The model validation process incorporates a review of
Model risk is the potential for adverse consequences from models and trade and risk parameters across a broad range of
decisions made based on model outputs that may be incorrect scenarios (including extreme conditions) in order to critically
or used inappropriately. We rely on quantitative models evaluate and verify:
across our business activities primarily to value certain
financial assets and liabilities, to monitor and manage our • The model’s conceptual soundness, including the
risk, and to measure and monitor our regulatory capital. reasonableness of model assumptions, and suitability for
intended use;
Model Risk, which is part of our second line of defense, is
independent of our model developers, model owners and • The testing strategy utilized by the model developers to
model users, and reports to our chief risk officer, has primary ensure that the models function as intended;
responsibility for assessing, monitoring and managing our • The suitability of the calculation techniques incorporated
model risk by providing firmwide oversight and challenge in the model;
across our global businesses.
• The model’s accuracy in reflecting the characteristics of the
Our model risk management framework is managed through related product and its significant risks;
a governance structure and risk management controls, which
encompass standards designed to ensure we maintain a • The model’s consistency with models for similar products;
comprehensive model inventory, including risk assessment and
and classification, sound model development practices, • The model’s sensitivity to input parameters and
independent review and model-specific usage controls. The assumptions.
Firmwide Model Risk Control Committee oversees our
model risk management framework. See “Critical Accounting Policies — Fair Value — Review of
Valuation Models,” “Liquidity Risk Management,” “Market
Model Review and Validation Process Risk Management,” “Credit Risk Management” and
Model Risk consists of quantitative professionals who “Operational Risk Management” for further information
perform an independent review, validation and approval of about our use of models within these areas.
our models. This review includes an analysis of the model
documentation, independent testing, an assessment of the
appropriateness of the methodology used, and verification of
compliance with model development and implementation
standards.
We regularly refine and enhance our models to reflect
changes in market or economic conditions and our business
mix. All models are reviewed on an annual basis, and new
models or significant changes to existing models and their
assumptions are approved prior to implementation.

124 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

Other Risk Management

In addition to the areas of risks discussed above, we also Our process for managing capital risk also includes
manage other risks, including capital, climate, compliance, independent oversight by Risk that assesses our capital
conflicts and reputational. These areas of risks are discussed management framework, regulatory capital policies and
below. related interpretations and escalates certain interpretations to
Capital Risk Management
senior management and/or the appropriate risk committee.
This oversight includes, among other things, independent
Capital risk is the risk that our capital is insufficient to
review and challenge of our capital ratio targets, planned
support our business activities under normal and stressed
capital actions and regulatory capital calculations; analysis of
market conditions or we face capital reductions or RWA
the related documentation; independent testing; and an
increases, including from new or revised rules or changes in
assessment of the appropriateness of the calculations and
interpretations of existing rules, and are therefore unable to
their alignment with the relevant regulatory capital rules.
meet our internal capital targets or external regulatory
capital requirements. Capital adequacy is of critical Climate-Related and Environmental Risk Management
importance to us. Accordingly, we have in place a We categorize climate-related and environmental risks into
comprehensive capital management policy that provides a physical risk and transition risk. Physical risk is the risk that
framework, defines objectives and establishes guidelines to asset values may decline or operations may be disrupted as a
maintain an appropriate level and composition of capital in result of changes in the climate, while transition risk is the
both business-as-usual and stressed conditions. Our capital risk that asset values may decline because of changes in
management framework is designed to provide us with the climate policies or changes in the underlying economy due to
information needed to identify and comprehensively manage decarbonization.
risk, and develop and apply projected stress scenarios that
Climate-related and environmental risks manifest in different
capture idiosyncratic vulnerabilities with a goal of holding
ways across our businesses. We have continued to make
sufficient capital to remain adequately capitalized even after
significant enhancements to our climate risk management
experiencing a severe stress event. See “Capital Management
framework, including steps to further integrate climate risk
and Regulatory Capital” for further information about our
into our broader risk management processes. We have
capital management process.
integrated oversight of climate-related risks into our risk
We have established a comprehensive governance structure to management governance structure, from senior management
manage and oversee our day-to-day capital management to our Board and its committees, including the Risk and
activities and to ensure compliance with capital rules and Public Responsibilities committees. The Risk Committee of
related policies. Our capital management activities are the Board oversees firmwide financial and nonfinancial risks,
overseen by the Board and its committees. The Board is which include climate risk, and, as part of its oversight,
responsible for approving our annual capital plan and the receives updates on our risk management approach to climate
Risk Committee of the Board approves our capital risk, including our approaches towards scenario analysis and
management policy, which details the risk committees and integration into existing risk management processes. The
members of senior management who are responsible for the Public Responsibilities Committee of the Board assists the
ongoing monitoring of our capital adequacy and evaluation Board in its oversight of our firmwide sustainability strategy
of current and future regulatory capital requirements, the and sustainability issues affecting us, including with respect
review of the results of our capital planning and stress tests to climate change. As part of its oversight, the Public
processes, and the results of our capital models. In addition, Responsibilities Committee receives periodic updates on our
our risk committees and senior management are responsible sustainability strategy and disclosures, and also periodically
for the review of our contingency capital plan, key capital reviews our governance and related policies and processes for
adequacy metrics, including regulatory capital ratios, and climate and other sustainability-related matters. Senior
capital plan metrics, such as the payout ratio, as well as management within Risk, in coordination with senior
monitoring capital targets and potential breaches of capital management in our revenue-producing units, is responsible
requirements. for the development of the climate-related and environmental
risk program. The objective of this program is to integrate
climate-related and environmental risks into existing risk
disciplines and business considerations, such as the
integration of climate risk into our credit evaluation and
underwriting processes for select industries.

Goldman Sachs 2024 Form 10-K 125

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis

See “Business — Sustainability” in Part I, Item 1 and “Risk As a general matter, Conflicts Resolution reviews financing
Factors” in Part I, Item 1A of this Form 10-K for information and advisory assignments in Global Banking & Markets and
about our sustainability initiatives, including in relation to certain of our investing, lending and other activities. In
climate transition. addition, we have various transaction oversight committees
that also review new underwritings, loans, investments and
Compliance Risk Management
structured products. These groups and committees work with
Compliance risk is the risk of legal or regulatory sanctions,
internal and external counsel and Compliance to evaluate
material financial loss or damage to our reputation arising
and address any actual or potential conflicts. The head of
from our failure to comply with the requirements of
Conflicts Resolution reports to our chief legal officer, who
applicable laws, rules and regulations, and our internal
reports to our chief executive officer.
policies and procedures. Compliance risk is inherent in all
activities through which we conduct our businesses. Our We regularly assess our policies and procedures that address
Compliance Risk Management Program, administered by conflicts of interest in an effort to conduct our business in
Compliance, assesses our compliance, regulatory and accordance with the highest ethical standards and in
reputational risk; monitors for compliance with new or compliance with all applicable laws, rules and regulations.
amended laws, rules and regulations; designs and implements
Reputational Risk Management
controls, policies, procedures and training; conducts
Reputational risk is the potential risk that negative publicity
independent testing; investigates, surveils and monitors for
regarding our business practices, whether true or not, will
compliance risks and breaches; and leads our responses to
cause a decline in our customer base, costly litigation or
regulatory examinations, audits and inquiries. We monitor
revenue reductions. Our reputation is critical to effectively
and review business practices to assess whether they meet or
serving our clients and fostering and maintaining long-term
exceed minimum regulatory and legal standards in all
client relationships, and it is integral to how we are viewed
markets and jurisdictions in which we conduct business.
by our key stakeholders.
Conflicts Management
In evaluating business opportunities, reputational risk is one
Conflicts of interest and our approach to dealing with them
of the most significant components we consider. We evaluate
are fundamental to our client relationships, our reputation
the ethics, suitability and transparency of transactions
and our long-term success. The term “conflict of interest”
undertaken by us. Our employees are responsible for
does not have a universally accepted meaning, and conflicts
considering the reputational impacts that our business
can arise in many forms within a business or between
activities may have.
businesses. The responsibility for identifying potential
conflicts, as well as complying with our policies and We have implemented a comprehensive program designed to
procedures, is shared by all of our employees. monitor reputational risk. The Firmwide Reputational Risk
Committee, which reports into the Firmwide Enterprise Risk
We have a multilayered approach to resolving conflicts and
Committee, is responsible for assessing reputational risks
addressing reputational risk. Our senior management
arising from business opportunities that have been identified
oversees policies related to conflicts resolution and, in
as having potential heightened reputational risk. This
conjunction with Conflicts Resolution, Legal and
committee is also responsible for overseeing client-related
Compliance, and internal committees, formulates policies,
business standards and addressing client-related reputational
standards and principles, and assists in making judgments
risk and considers, among other things, the potential effects
regarding the appropriate resolution of particular conflicts.
any business opportunities, products, transactions, new
Resolving potential conflicts necessarily depends on the facts
activities, acquisitions, dispositions or investments could
and circumstances of a particular situation and the
have on our reputation.
application of experienced and informed judgment.
For further information about our risk management
processes, see “Overview and Structure of Risk
Management” and “Risk Factors” in Part I, Item 1A of this
Form 10-K.

126 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Item 7A. Quantitative and Qualitative Our internal control over financial reporting includes policies
and procedures that pertain to the maintenance of records
Disclosures About Market Risk that, in reasonable detail, accurately and fairly reflect
Quantitative and qualitative disclosures about market risk transactions and dispositions of assets; provide reasonable
are set forth in “Management’s Discussion and Analysis of assurance that transactions are recorded as necessary to
Financial Condition and Results of Operations — Risk permit preparation of financial statements in accordance with
Management” in Part II, Item 7 of this Form 10-K. U.S. generally accepted accounting principles, and that
receipts and expenditures are being made only in accordance
with authorizations of management and the directors of the
Item 8. Financial Statements and firm; and provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or
Supplementary Data disposition of the firm’s assets that could have a material
effect on our financial statements.
Management’s Report on Internal Control
over Financial Reporting The firm’s internal control over financial reporting as of
December 31, 2024 has been audited by
Management of The Goldman Sachs Group, Inc., together PricewaterhouseCoopers LLP (PCAOB ID 238), an
with its consolidated subsidiaries (the firm), is responsible for independent registered public accounting firm, as stated in its
establishing and maintaining adequate internal control over report appearing below, which expresses an unqualified
financial reporting. The firm’s internal control over financial opinion on the effectiveness of the firm’s internal control over
reporting is a process designed under the supervision of the financial reporting as of December 31, 2024.
firm’s principal executive and principal financial officers to
provide reasonable assurance regarding the reliability of
financial reporting and the preparation of the firm’s financial
statements for external reporting purposes in accordance
with U.S. generally accepted accounting principles.
As of December 31, 2024, management conducted an
assessment of the firm’s internal control over financial
reporting based on the framework established in Internal
Control – Integrated Framework (2013) issued by the
Committee of Sponsoring Organizations of the Treadway
Commission (COSO). Based on this assessment, management
has determined that the firm’s internal control over financial
reporting as of December 31, 2024 was effective.

Goldman Sachs 2024 Form 10-K 127

Report of Independent Registered Public
Accounting Firm
To the Board of Directors and Shareholders of The Goldman
Sachs Group, Inc.
Opinions on the Financial Statements and Internal Control Basis for Opinions
over Financial Reporting
The Company’s management is responsible for these
We have audited the accompanying consolidated balance consolidated financial statements, for maintaining effective
sheets of The Goldman Sachs Group, Inc. and its subsidiaries internal control over financial reporting, and for its
(the Company) as of December 31, 2024 and 2023, and the assessment of the effectiveness of internal control over
related consolidated statements of earnings, of financial reporting, included in the accompanying
comprehensive income, of changes in shareholders’ equity Management’s Report on Internal Control over Financial
and of cash flows for each of the three years in the period Reporting. Our responsibility is to express opinions on the
ended December 31, 2024, including the related notes Company’s consolidated financial statements and on the
(collectively referred to as the “consolidated financial Company’s internal control over financial reporting based on
statements”). We also have audited the Company’s internal our audits. We are a public accounting firm registered with
control over financial reporting as of December 31, 2024, the Public Company Accounting Oversight Board (United
based on criteria established in Internal Control – Integrated States) (PCAOB) and are required to be independent with
Framework (2013) issued by the Committee of Sponsoring respect to the Company in accordance with the U.S. federal
Organizations of the Treadway Commission (COSO). securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
In our opinion, the consolidated financial statements referred
to above present fairly, in all material respects, the financial We conducted our audits in accordance with the standards of
position of the Company as of December 31, 2024 and 2023, the PCAOB. Those standards require that we plan and
and the results of its operations and its cash flows for each of perform the audits to obtain reasonable assurance about
the three years in the period ended December 31, 2024 in whether the consolidated financial statements are free of
conformity with accounting principles generally accepted in material misstatement, whether due to error or fraud, and
the United States of America. Also in our opinion, the whether effective internal control over financial reporting
Company maintained, in all material respects, effective was maintained in all material respects.
internal control over financial reporting as of December 31,
Our audits of the consolidated financial statements included
2024, based on criteria established in Internal Control –
performing procedures to assess the risks of material
Integrated Framework (2013) issued by the COSO.
misstatement of the consolidated financial statements,
whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts
and disclosures in the consolidated financial statements. Our
audits also included evaluating the accounting principles used
and significant estimates made by management, as well as
evaluating the overall presentation of the consolidated
financial statements. Our audit of internal control over
financial reporting included obtaining an understanding of
internal control over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control
based on the assessed risk. Our audits also included
performing such other procedures as we considered necessary
in the circumstances. We believe that our audits provide a
reasonable basis for our opinions.

128 Goldman Sachs 2024 Form 10-K

Report of Independent Registered Public
Accounting Firm
Definition and Limitations of Internal Control over Financial Valuation of Certain Level 3 Financial Instruments
Reporting As described in Notes 4 and 5 to the consolidated financial
A company’s internal control over financial reporting is a statements, as of December 31, 2024, the Company carries
process designed to provide reasonable assurance regarding financial instruments at fair value, which includes $20.4
the reliability of financial reporting and the preparation of billion of financial assets and $25.7 billion of financial
financial statements for external purposes in accordance with liabilities classified in level 3 of the fair value hierarchy (a
generally accepted accounting principles. A company’s portion of which relates to certain equity securities and
internal control over financial reporting includes those hybrid financial instruments), as one or more inputs to the
policies and procedures that (i) pertain to the maintenance of financial instrument’s valuation technique are significant and
records that, in reasonable detail, accurately and fairly reflect unobservable. Significant unobservable inputs used by
the transactions and dispositions of the assets of the management to value certain of the level 3 financial
company; (ii) provide reasonable assurance that transactions instruments included market multiples, discount rates, and
are recorded as necessary to permit preparation of financial capitalization rates for equity securities; and correlation and
statements in accordance with generally accepted accounting volatility for hybrid financial instruments.
principles, and that receipts and expenditures of the company The principal considerations for our determination that
are being made only in accordance with authorizations of performing procedures relating to the valuation of certain
management and directors of the company; and (iii) provide level 3 financial instruments is a critical audit matter are (i)
reasonable assurance regarding prevention or timely the significant judgment by management when developing
detection of unauthorized acquisition, use, or disposition of the fair value estimate of certain level 3 financial instruments,
the company’s assets that could have a material effect on the (ii) a high degree of auditor judgment, subjectivity, and effort
financial statements. in performing procedures and evaluating audit evidence
Because of its inherent limitations, internal control over related to the significant unobservable inputs related to
financial reporting may not prevent or detect misstatements. market multiples, discount rates, and capitalization rates for
Also, projections of any evaluation of effectiveness to future equity securities; and correlation for hybrid financial
periods are subject to the risk that controls may become instruments, and (iii) the audit effort involved the use of
inadequate because of changes in conditions, or that the professionals with specialized skill and knowledge.
degree of compliance with the policies or procedures may Addressing the matter involved performing procedures and
deteriorate. evaluating audit evidence in connection with forming our
Critical Audit Matters overall opinion on the consolidated financial statements.
These procedures included testing the effectiveness of
The critical audit matters communicated below are matters
controls relating to the valuation of financial instruments,
arising from the current period audit of the consolidated
including controls over the methods and aforementioned
financial statements that were communicated or required to
significant unobservable inputs used in the valuation of
be communicated to the audit committee and that (i) relate to
certain level 3 financial instruments. These procedures also
accounts or disclosures that are material to the consolidated
included, among others, testing the completeness and
financial statements and (ii) involved our especially
accuracy of data used by management, as well as (i) testing
challenging, subjective, or complex judgments. The
management’s process for developing the fair value estimate
communication of critical audit matters does not alter in any
of certain level 3 financial instruments, (ii) evaluating the
way our opinion on the consolidated financial statements,
appropriateness of the techniques used by management, (iii)
taken as a whole, and we are not, by communicating the
evaluating the reasonableness of the aforementioned
critical audit matters below, providing separate opinions on
significant unobservable inputs, and either (iv) the use of
the critical audit matters or on the accounts or disclosures to
professionals with specialized skill and knowledge to assist in
which they relate.
evaluating (a) the appropriateness of the techniques used by
management and (b) the reasonableness of the
aforementioned significant unobservable inputs, or (v) the
use of professionals with specialized skill and knowledge to
assist in evaluating the reasonableness of management’s
estimate by (a) evaluating the appropriateness of the
techniques used by management and (b) developing an
independent estimate of fair value for a sample of certain
level 3 securities using independently determined
assumptions, and comparing the independent range of prices
to management’s estimate.

Goldman Sachs 2024 Form 10-K 129

Report of Independent Registered Public
Accounting Firm
Allowance for Credit Losses - Wholesale Loan Portfolio
As described in Note 9 to the consolidated financial Addressing the matter involved performing procedures and
statements, the allowance for credit losses was $4.7 billion as evaluating audit evidence in connection with forming our
of December 31, 2024, of which $2.1 billion relates to the overall opinion on the consolidated financial statements.
wholesale loan portfolio. The allowance for credit losses for These procedures included testing the effectiveness of
wholesale loans that exhibit similar risk characteristics is controls relating to the allowance for credit losses for the
measured using a modeled approach. These models wholesale loan portfolio using a modeled approach,
determine the probability of default and loss given default including controls over the determination of management’s
based on various risk factors, including internal credit internal credit ratings, forecasted U.S. unemployment and
ratings, industry default and loss data, expected life and U.S. GDP growth rates, and the qualitative component to
macroeconomic indicators (the most significant to the reflect the uncertain nature of economic forecasting. These
forecast model being the forecasted U.S. unemployment and procedures also included, among others, (i) testing
U.S. GDP growth rates), the borrower’s capacity to meet its management’s process for developing the allowance for credit
financial obligations, the borrower’s country of risk and losses for the wholesale loan portfolio using a modeled
industry, loan seniority and collateral type. The allowance approach (ii) testing the completeness and accuracy of data
for credit losses also includes qualitative components which used in the estimate, and (iii) the involvement of
allow management to reflect the uncertain nature of professionals with specialized skill and knowledge to assist in
economic forecasting, capture uncertainty regarding model evaluating (a) the appropriateness of the forecast model and
inputs, and account for model imprecision and concentration methodology used by management (b) the reasonableness of
risk. management’s internal credit ratings, forecasted U.S.
unemployment and U.S. GDP growth rates, and (c) the
The principal considerations for our determination that
reasonableness of the qualitative component to reflect the
performing procedures relating to the allowance for credit
uncertain nature of economic forecasting.
losses for the wholesale loan portfolio is a critical audit
matter are (i) the significant judgment by management when /s/ PricewaterhouseCoopers LLP
developing the allowance for credit losses for the wholesale New York, New York
loan portfolio using a modeled approach, (ii) a high degree of February 26, 2025
auditor judgment and effort in performing procedures and
evaluating audit evidence related to management’s internal We have served as the Company’s auditor since 1922.
credit ratings, forecasted U.S. unemployment and U.S. GDP
growth rates, and the qualitative component to reflect the
uncertain nature of economic forecasting, and (iii) the audit
effort involved the use of professionals with specialized skill
and knowledge.

130 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings

Year Ended December

in millions, except per share amounts 2024 2023 2022
Revenues
Investment banking $ 7,738 $ 6,218 $ 7,360
Investment management 10,596 9,532 9,005
Commissions and fees 4,086 3,789 4,034
Market making 18,390 18,238 18,634
Other principal transactions 4,646 2,126 654
Total non-interest revenues 45,456 39,903 39,687

Interest income 81,397 68,515 29,024

Interest expense 73,341 62,164 21,346
Net interest income 8,056 6,351 7,678
Total net revenues 53,512 46,254 47,365
Provision for credit losses 1,348 1,028 2,715
Operating expenses
Compensation and benefits 16,706 15,499 15,148
Transaction based 6,724 5,698 5,312
Market development 646 629 812
Communications and technology 1,991 1,919 1,808
Depreciation and amortization 2,392 4,856 2,455
Occupancy 973 1,053 1,026
Professional fees 1,652 1,623 1,887
Other expenses 2,683 3,210 2,716
Total operating expenses 33,767 34,487 31,164

Pre-tax earnings 18,397 10,739 13,486

Provision for taxes 4,121 2,223 2,225
Net earnings 14,276 8,516 11,261
Preferred stock dividends 751 609 497
Net earnings applicable to common shareholders $ 13,525 $ 7,907 $ 10,764

Earnings per common share

Basic $ 41.07 $ 23.05 $ 30.42
Diluted $ 40.54 $ 22.87 $ 30.06

Average common shares

Basic 328.1 340.8 352.1
Diluted 333.6 345.8 358.1

Consolidated Statements of Comprehensive Income

Year Ended December

$ in millions 2024 2023 2022
Net earnings $ 14,276 $ 8,516 $ 11,261
Other comprehensive income/(loss) adjustments, net of tax:
Currency translation 32 (62) (47)
Debt valuation adjustment (263) (1,015) 1,403
Pension and postretirement liabilities 47 (76) (172)
Available-for-sale securities 401 1,245 (2,126)
Cash flow hedges (1) – –
Other comprehensive income/(loss) 216 92 (942)
Comprehensive income $ 14,492 $ 8,608 $ 10,319

The accompanying notes are an integral part of these consolidated financial statements.

Goldman Sachs 2024 Form 10-K 131

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets

As of December
$ in millions 2024 2023
Assets
Cash and cash equivalents $ 182,092 $ 241,577
Collateralized agreements:
Securities purchased under agreements to resell (includes $179,793 and $223,543 at fair value) 180,062 223,805
Securities borrowed (includes $46,902 and $44,930 at fair value) 194,645 199,420
Customer and other receivables (includes $23 and $23 at fair value) 133,717 132,495
Trading assets (at fair value and includes $148,417 and $110,567 pledged as collateral) 570,555 477,510
Investments:
Available-for-sale securities (at fair value; amortized cost of $80,777 and $51,001) 79,458 49,141
Held-to-maturity securities 78,713 70,310
Other investments (includes $25,284 and $26,626 at fair value) 26,343 27,388
Loans (net of allowance of $4,666 and $5,050, and includes $5,460 and $6,506 at fair value) 196,200 183,358
Other assets (includes $194 and $366 at fair value) 34,187 36,590
Total assets $ 1,675,972 $1,641,594

Liabilities and shareholders’ equity

Deposits (includes $44,855 and $29,460 at fair value) $ 433,013 $ 428,417
Collateralized financings:
Securities sold under agreements to repurchase (at fair value) 274,380 249,887
Securities loaned (includes $10,246 and $8,934 at fair value) 56,060 60,483
Other secured financings (includes $27,985 and $12,554 at fair value) 28,150 13,194
Customer and other payables 223,255 230,728
Trading liabilities (at fair value) 202,555 200,355
Unsecured short-term borrowings (includes $50,367 and $46,127 at fair value) 69,709 75,945
Unsecured long-term borrowings (includes $89,189 and $86,410 at fair value) 242,634 241,877
Other liabilities (includes $84 and $266 at fair value) 24,220 23,803
Total liabilities 1,553,976 1,524,689
Commitments, contingencies and guarantees
Shareholders’ equity
Preferred stock; aggregate liquidation preference of $13,253 and $11,203 13,253 11,203
Common stock; 927,499,667 and 922,895,030 shares issued, and 310,653,708 and 323,376,354 shares outstanding 9 9
Share-based awards 5,148 5,121
Nonvoting common stock; no shares issued and outstanding – –
Additional paid-in capital 61,376 60,247
Retained earnings 153,412 143,688
Accumulated other comprehensive loss (2,702) (2,918)
Stock held in treasury, at cost; 616,845,961 and 599,518,678 shares (108,500) (100,445)
Total shareholders’ equity 121,996 116,905
Total liabilities and shareholders’ equity $ 1,675,972 $1,641,594

The accompanying notes are an integral part of these consolidated financial statements.

132 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Shareholders’ Equity

Year Ended December

$ in millions 2024 2023 2022
Preferred stock
Beginning balance $ 11,203 $ 10,703 $ 10,703
Issued 4,250 1,500 –
Redeemed (2,200) (1,000) –
Ending balance 13,253 11,203 10,703
Common stock
Beginning balance 9 9 9
Issued – – –
Ending balance 9 9 9
Share-based awards
Beginning balance 5,121 5,696 4,211
Issuance and amortization of share-based awards 2,741 2,098 4,110
Delivery of common stock underlying share-based awards (2,483) (2,504) (2,468)
Forfeiture of share-based awards (231) (169) (157)
Ending balance 5,148 5,121 5,696
Additional paid-in capital
Beginning balance 60,247 59,050 56,396
Delivery of common stock underlying share-based awards 2,476 2,549 2,516
Cancellation of share-based awards in satisfaction of withholding tax requirements (1,331) (1,345) (1,591)
Preferred stock issuance costs 10 5 –
Issuance of common stock in connection with acquisition – – 1,730
Other (26) (12) (1)
Ending balance 61,376 60,247 59,050
Retained earnings
Beginning balance 143,688 139,372 131,811
Net earnings 14,276 8,516 11,261
Dividends and dividend equivalents declared on common stock and share-based awards (3,801) (3,591) (3,203)
Dividends declared on preferred stock (717) (599) (497)
Preferred stock redemption premium (34) (10) –
Ending balance 153,412 143,688 139,372
Accumulated other comprehensive income/(loss)
Beginning balance (2,918) (3,010) (2,068)
Other comprehensive income/(loss) 216 92 (942)
Ending balance (2,702) (2,918) (3,010)
Stock held in treasury, at cost
Beginning balance (100,445) (94,631) (91,136)
Repurchased (8,000) (5,796) (3,500)
Reissued 33 29 20
Other (88) (47) (15)
Ending balance (108,500) (100,445) (94,631)
Total shareholders’ equity $121,996 $ 116,905 $ 117,189

The accompanying notes are an integral part of these consolidated financial statements.

Goldman Sachs 2024 Form 10-K 133

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows

Year Ended December

$ in millions 2024 2023 2022
Cash flows from operating activities
Net earnings $ 14,276 $ 8,516 $ 11,261
Adjustments to reconcile net earnings to net cash provided by/(used for) operating activities:
Depreciation and amortization 2,392 4,856 2,455
Deferred income taxes (800) (1,360) (2,412)
Share-based compensation 2,663 2,085 4,083
Provision for credit losses 1,348 1,028 2,715
Changes in operating assets and liabilities:
Customer and other receivables and payables, net (8,367) (28,219) 35,014
Collateralized transactions (excluding other secured financings), net 68,582 160,227 (100,996)
Trading assets (86,991) (163,807) 45,278
Trading liabilities (212) 5,751 8,062
Loans held for sale, net 537 1,635 3,161
Other, net (6,640) (3,299) 87
Net cash provided by/(used for) operating activities (13,212) (12,587) 8,708
Cash flows from investing activities
Purchase of property, leasehold improvements and equipment (2,091) (2,316) (3,748)
Proceeds from sales of property, leasehold improvements and equipment 1,613 3,278 2,706
Net cash received from/(used for) business dispositions or acquisitions 3,622 487 (2,115)
Available-for-sale securities:
Purchases (60,852) (9,185) (3,753)
Proceeds from sales 19,005 3,161 2
Proceeds from paydowns and maturities 12,809 8,130 25
Held-to-maturity securities:
Purchases (23,018) (26,238) (50,099)
Proceeds from paydowns and maturities 15,549 8,604 3,671
Other investments:
Purchases (8,226) (4,833) (6,684)
Proceeds from sales, paydowns and maturities 9,010 6,953 9,263
Loans (excluding loans held for sale), net (17,045) (5,353) (25,228)
Net cash used for investing activities (49,624) (17,312) (75,960)
Cash flows from financing activities
Unsecured short-term borrowings, net 934 2,050 321
Other secured financings (short-term), net 13,707 673 (2,283)
Proceeds from issuance of other secured financings (long-term) 5,243 3,047 1,800
Repayment of other secured financings (long-term), including the current portion (2,036) (3,570) (3,407)
Proceeds from issuance of unsecured long-term borrowings 67,252 47,153 84,522
Repayment of unsecured long-term borrowings, including the current portion (74,519) (54,066) (42,806)
Derivative contracts with a financing element, net 2,390 3,280 1,797
Deposits, net 5,894 39,723 28,074
Preferred stock redemption (2,200) (1,000) –
Common stock repurchased (8,000) (5,796) (3,500)
Settlement of share-based awards in satisfaction of withholding tax requirements (1,331) (1,345) (1,595)
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards (4,497) (4,189) (3,682)
Proceeds from issuance of preferred stock, net of issuance costs 4,239 1,496 –
Other financing, net 247 344 361
Net cash provided by financing activities 7,323 27,800 59,602
Effect of exchange rate changes on cash and cash equivalents (3,972) 1,851 (11,561)
Net decrease in cash and cash equivalents (59,485) (248) (19,211)
Cash and cash equivalents, beginning balance 241,577 241,825 261,036
Cash and cash equivalents, ending balance $ 182,092 $ 241,577 $ 241,825

Supplemental disclosures:
Cash payments for interest, net of capitalized interest $ 72,623 $ 60,026 $ 19,022
Cash payments for income taxes, net $ 3,673 $ 2,389 $ 4,555
See Notes 9, 12 and 16 for information about non-cash activities.

The accompanying notes are an integral part of these consolidated financial statements.

134 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 1.
Description of Business
The Goldman Sachs Group, Inc. (Group Inc. or parent Asset & Wealth Management
company), a Delaware corporation, together with its The firm manages assets and offers investment products
consolidated subsidiaries (collectively, the firm), is a leading across all major asset classes to a diverse set of clients, both
global financial institution that delivers a broad range of institutional and individuals, including through a network of
financial services to a large and diversified client base that third-party distributors around the world. The firm also
includes corporations, financial institutions, governments provides investing and wealth advisory solutions, including
and individuals. Founded in 1869, the firm is headquartered financial planning and counseling, and executing brokerage
in New York and maintains offices in all major financial transactions for wealth management clients. The firm issues
centers around the world. loans to wealth management clients and raises deposits
through its consumer banking digital platform, Marcus by
The firm manages and reports its activities in the following
Goldman Sachs (Marcus), and through its private bank. The
three business segments:
firm makes equity investments, which include investing
Global Banking & Markets activities related to public and private equity investments in
The firm provides a broad range of services to a diverse corporate, real estate and infrastructure assets, as well as
group of corporations, financial institutions, investment investments through consolidated investment entities (CIEs),
funds and governments. Services include strategic advisory substantially all of which are engaged in real estate
assignments with respect to mergers and acquisitions, investment activities. The firm also invests in debt
divestitures, corporate defense activities, restructurings and instruments and engages in lending activities to middle-
spin-offs, and equity and debt underwriting of public market clients, and provides financing for real estate and
offerings and private placements. The firm facilitates client other assets.
transactions and makes markets in fixed income, equity,
Platform Solutions
currency and commodity products. In addition, the firm
makes markets in and clears institutional client transactions The firm issues credit cards through partnership
on major stock, options and futures exchanges worldwide arrangements, raises deposits from Apple Card customers
and provides prime financing (including securities lending, and provides transaction banking and other services, such as
margin lending and swaps), portfolio financing and other deposit-taking, payment solutions and other cash
types of equity financing (including securities-based loans to management services, for corporate and institutional clients.
individuals). The firm also provides lending to corporate See Note 9 for information about the General Motors (GM)
clients, including through relationship lending and credit card program and the firm’s seller financing loans.
acquisition financing, and secured lending, through
structured credit and asset-backed lending. In addition, the
firm provides commodity financing to clients through
structured transactions and also provides financing through
securities purchased under agreements to resell (resale
agreements). The firm also makes equity and debt
investments related to Global Banking & Markets activities.

Goldman Sachs 2024 Form 10-K 135

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 2. Note 3.
Basis of Presentation Significant Accounting Policies
These consolidated financial statements are prepared in The firm’s significant accounting policies include when and
accordance with accounting principles generally accepted in how to measure the fair value of assets and liabilities,
the United States (U.S. GAAP) and include the accounts of measuring the allowance for credit losses on loans and
Group Inc. and all other entities in which the firm has a lending commitments accounted for at amortized cost, and
controlling financial interest. Intercompany transactions and when to consolidate an entity. See Note 4 for policies on fair
balances have been eliminated. value measurements, Note 9 for policies on the allowance for
credit losses, and below and Note 17 for policies on
All references to 2024, 2023 and 2022 refer to the firm’s years
consolidation accounting. All other significant accounting
ended, or the dates, as the context requires, December 31,
policies are either described below or included in the
2024, December 31, 2023 and December 31, 2022,
following footnotes:
respectively. Any reference to a future year refers to a year
ending on December 31 of that year. Certain reclassifications Fair Value Measurements Note 4
have been made to previously reported amounts to conform
to the current presentation. Fair Value Hierarchy Note 5
Trading Assets and Liabilities Note 6
Derivatives and Hedging Activities Note 7
Investments Note 8
Loans Note 9
Fair Value Option Note 10
Collateralized Agreements and Financings Note 11
Other Assets Note 12
Deposits Note 13
Unsecured Borrowings Note 14
Other Liabilities Note 15
Securitization Activities Note 16
Variable Interest Entities Note 17
Commitments, Contingencies and Guarantees Note 18
Shareholders’ Equity Note 19
Regulation and Capital Adequacy Note 20
Earnings Per Common Share Note 21
Transactions with Affiliated Funds Note 22
Interest Income and Interest Expense Note 23
Income Taxes Note 24
Business Segments Note 25
Credit Concentrations Note 26
Legal Proceedings Note 27
Employee Benefit Plans Note 28
Employee Incentive Plans Note 29
Parent Company Note 30

136 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Consolidation Investment Funds. The firm has formed investment funds

The firm consolidates entities in which the firm has a with third-party investors. These funds are typically
controlling financial interest. The firm determines whether it organized as limited partnerships or limited liability
has a controlling financial interest in an entity by first companies for which the firm acts as general partner or
evaluating whether the entity is a voting interest entity or a manager. Generally, the firm does not hold a majority of the
variable interest entity (VIE). economic interests in these funds. These funds are usually
Voting Interest Entities. Voting interest entities are entities voting interest entities and generally are not consolidated
in which (i) the total equity investment at risk is sufficient to because third-party investors typically have rights to
enable the entity to finance its activities independently and terminate the funds or to remove the firm as general partner
(ii) the equity holders have the power to direct the activities or manager. Investments in these funds are generally
of the entity that most significantly impact its economic measured at net asset value (NAV) and are included in
performance, the obligation to absorb the losses of the entity investments. See Notes 8, 18 and 22 for further information
and the right to receive the residual returns of the entity. The about investments in funds.
usual condition for a controlling financial interest in a voting
interest entity is ownership of a majority voting interest. If Use of Estimates
the firm has a controlling majority voting interest in a voting Preparation of these consolidated financial statements
interest entity, the entity is consolidated. requires management to make certain estimates and
assumptions, the most important of which relate to fair value
Variable Interest Entities. A VIE is an entity that lacks one measurements, the allowance for credit losses on loans and
or more of the characteristics of a voting interest entity. The lending commitments accounted for at amortized cost,
firm has a controlling financial interest in a VIE when the accounting for goodwill and identifiable intangible assets,
firm has a variable interest or interests that provide it with (i) provisions for losses that may arise from litigation and
the power to direct the activities of the VIE that most regulatory proceedings (including governmental
significantly impact the VIE’s economic performance and (ii) investigations), and accounting for income taxes. These
the obligation to absorb losses of the VIE or the right to estimates and assumptions are based on the best available
receive benefits from the VIE that could potentially be information, but actual results could be materially different.
significant to the VIE. See Note 17 for further information Revenue Recognition
about VIEs. Financial Assets and Liabilities at Fair Value. Trading
Equity-Method Investments. When the firm does not have assets and liabilities and certain investments are carried at
a controlling financial interest in an entity but can exert fair value either under the fair value option or in accordance
significant influence over the entity’s operating and financial with other U.S. GAAP. In addition, the firm has elected to
policies, the investment is generally accounted for at fair account for certain of its loans and other financial assets and
value by electing the fair value option available under U.S. liabilities at fair value by electing the fair value option. The
GAAP. Significant influence generally exists when the firm fair value of a financial instrument is the amount that would
owns 20% to 50% of the entity’s common stock or in- be received to sell an asset or paid to transfer a liability in an
substance common stock. orderly transaction between market participants at the
measurement date. Financial assets are marked to bid prices
In certain cases, the firm applies the equity method of and financial liabilities are marked to offer prices. Fair value
accounting to new investments that are strategic in nature or measurements do not include transaction costs. Fair value
closely related to the firm’s principal business activities, gains or losses are generally included in market making or
when the firm has a significant degree of involvement in the other principal transactions. See Note 4 for further
cash flows or operations of the investee or when cost-benefit information about fair value measurements.
considerations are less significant. See Note 8 for further
information about equity-method investments.

Goldman Sachs 2024 Form 10-K 137

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Revenue from Contracts with Clients. The firm Investment Management

recognizes revenue earned from contracts with clients for The firm earns management fees and incentive fees for
services, such as investment banking, investment investment management services, which are included in
management, and execution and clearing (contracts with investment management revenues. The firm makes payments
clients), when the performance obligations related to the to brokers and advisors related to the placement of the firm’s
underlying transaction are completed. investment funds (distribution fees), which are included in
transaction based expenses.
Revenues from contracts with clients represent
approximately 45% of total non-interest revenues for both Management Fees. Management fees for mutual funds are
2024 and 2023 (including approximately 85% of investment calculated as a percentage of daily NAV and are received
banking revenues, approximately 95% of investment monthly. Management fees for hedge funds are calculated as
management revenues and all commissions and fees), and a percentage of month-end NAV and are generally received
approximately 50% of total non-interest revenues for 2022 quarterly. Management fees for separately managed accounts
(including approximately 85% of investment banking are calculated as a percentage of either the daily or monthly
revenues, approximately 95% of investment management NAV and are received quarterly. Management fees for
revenues and all commissions and fees). See Note 25 for private equity funds are calculated as a percentage of
monthly invested capital or committed capital and are
information about net revenues by business segment.
generally received quarterly, semi-annually or annually,
Investment Banking depending on the fund. Management fees are recognized over
Advisory. Fees from financial advisory assignments are time in the period the services are provided.
recognized in revenues when the services related to the Distribution fees paid by the firm are calculated based on
underlying transaction are completed under the terms of the either a percentage of the management fee, the investment
assignment. Non-refundable deposits and milestone fund’s NAV or the committed capital. Such fees are included
payments in connection with financial advisory assignments in transaction based expenses.
are recognized in revenues upon completion of the
underlying transaction or when the assignment is otherwise Incentive Fees. Incentive fees are calculated as a percentage
concluded. of a fund’s or separately managed account’s return, or excess
return above a specified benchmark or other performance
Expenses associated with financial advisory assignments are target. Incentive fees are generally based on investment
recognized when incurred and are included in transaction performance over a twelve-month period or over the life of a
based expenses. Client reimbursements for such expenses are fund. Fees that are based on performance over a twelve-
included in investment banking revenues. month period are subject to adjustment prior to the end of
Underwriting. Fees from underwriting assignments are the measurement period. For fees that are based on
recognized in revenues upon completion of the underlying investment performance over the life of the fund, future
transaction based on the terms of the assignment. investment underperformance may require fees previously
distributed to the firm to be returned to the fund.
Expenses associated with underwriting assignments are
generally deferred until the related revenue is recognized or Incentive fees earned from a fund or separately managed
the assignment is otherwise concluded. Such expenses are account are recognized when it is probable that a significant
included in transaction based expenses for completed reversal of such fees will not occur, which is generally when
assignments. such fees are no longer subject to fluctuations in the market
value of investments held by the fund or separately managed
account. Therefore, incentive fees recognized during the
period may relate to performance obligations satisfied in
previous periods.

138 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Commissions and Fees Cash and Cash Equivalents

The firm earns substantially all commissions and fees from The firm defines cash equivalents as highly liquid overnight
executing and clearing client transactions on stock, options deposits held in the ordinary course of business. Cash and
and futures markets, as well as over-the-counter (OTC) cash equivalents included cash and due from banks of $5.36
transactions. Commissions and fees are recognized on the billion as of December 2024 and $7.93 billion as of December
day the trade is executed. The firm also provides third-party 2023. Cash and cash equivalents also included interest-
research services to clients in connection with certain soft- bearing deposits with banks of $176.73 billion as of
dollar arrangements. Third-party research costs incurred by December 2024 and $233.65 billion as of December 2023.
the firm in connection with such arrangements are presented
The firm segregates cash for regulatory and other purposes
net within commissions and fees.
related to client activity. Cash and cash equivalents
Remaining Performance Obligations segregated for regulatory and other purposes were $14.84
Remaining performance obligations are services that the firm billion as of December 2024 and $17.08 billion as of
has committed to perform in the future in connection with its December 2023. In addition, the firm segregates securities for
contracts with clients. The firm’s remaining performance regulatory and other purposes related to client activity. See
obligations are generally related to its financial advisory Note 11 for further information about segregated securities.
assignments and certain investment management activities. Customer and Other Receivables
Revenues associated with remaining performance obligations Customer and other receivables included receivables from
relating to financial advisory assignments cannot be customers and counterparties of $92.88 billion as of
determined until the outcome of the transaction. For the December 2024 and $90.16 billion as of December 2023, and
firm’s investment management activities, where fees are receivables from brokers, dealers and clearing organizations
calculated based on the NAV of the fund or separately of $40.84 billion as of December 2024 and $42.33 billion as of
managed account, future revenues associated with such December 2023. Such receivables primarily consist of
remaining performance obligations cannot be determined as customer margin loans, collateral posted in connection with
such fees are subject to fluctuations in the market value of certain derivative transactions, and receivables resulting from
investments held by the fund or separately managed account. unsettled transactions.
The firm is able to determine the future revenues associated Substantially all of these receivables are accounted for at
with management fees calculated based on committed amortized cost net of any allowance for credit losses, which
capital. As of December 2024, substantially all future net generally approximates fair value. As these receivables are
revenues associated with such remaining performance not accounted for at fair value, they are not included in the
obligations will be recognized through 2033. Annual firm’s fair value hierarchy in Notes 4 and 5. Had these
revenues associated with such performance obligations receivables been included in the firm’s fair value hierarchy,
average less than $300 million through 2033. substantially all would have been classified in level 2 as of
Transfers of Financial Assets both December 2024 and December 2023. See Note 10 for
Transfers of financial assets are accounted for as sales when further information about customer and other receivables
the firm has relinquished control over the assets transferred. accounted for at fair value under the fair value option.
For transfers of financial assets accounted for as sales, any Interest on customer and other receivables is recognized over
gains or losses are recognized in net revenues. Assets or the life of the transaction and included in interest income.
liabilities that arise from the firm’s continuing involvement Customer and other receivables includes receivables from
with transferred financial assets are initially recognized at contracts with clients and contract assets. Contract assets
fair value. For transfers of financial assets that are not represent the firm’s right to receive consideration for services
accounted for as sales, the assets are generally included in provided in connection with its contracts with clients for
trading assets and the transfer is accounted for as a which collection is conditional and not merely subject to the
collateralized financing, with the related interest expense passage of time. The firm’s receivables from contracts with
recognized over the life of the transaction. See Note 11 for clients were $4.08 billion as of December 2024 and $3.59
further information about transfers of financial assets billion as of December 2023. As of both December 2024 and
accounted for as collateralized financings and Note 16 for December 2023, contract assets were not material.
further information about transfers of financial assets
accounted for as sales.

Goldman Sachs 2024 Form 10-K 139

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Customer and Other Payables Derivatives are reported on a net-by-counterparty basis (i.e.,
Customer and other payables included payables to customers the net payable or receivable for derivative assets and
and counterparties of $217.15 billion as of December 2024 liabilities for a given counterparty) in the consolidated
and $220.71 billion as of December 2023, and payables to balance sheets when a legal right of setoff exists under an
brokers, dealers and clearing organizations of $6.11 billion as enforceable netting agreement. Resale agreements and
of December 2024 and $10.02 billion as of December 2023. securities sold under agreements to repurchase (repurchase
Such payables primarily consist of customer credit balances agreements) and securities borrowed and loaned transactions
related to the firm’s prime brokerage activities. Customer with the same settlement date are presented on a net-by-
and other payables are accounted for at cost plus accrued counterparty basis in the consolidated balance sheets when
interest, which generally approximates fair value. As these such transactions meet certain settlement criteria and are
payables are not accounted for at fair value, they are not subject to netting agreements.
included in the firm’s fair value hierarchy in Notes 4 and 5.
In the consolidated balance sheets, derivatives are reported
Had these payables been included in the firm’s fair value
net of cash collateral received and posted under enforceable
hierarchy, substantially all would have been classified in level
credit support agreements, when transacted under an
2 as of both December 2024 and December 2023. Interest on
enforceable netting agreement. In the consolidated balance
customer and other payables is recognized over the life of the
sheets, resale and repurchase agreements, and securities
transaction and included in interest expense.
borrowed and loaned, are not reported net of the related cash
Offsetting Assets and Liabilities and securities received or posted as collateral. See Note 11 for
To reduce credit exposures on derivatives and securities further information about collateral received and pledged,
financing transactions, the firm may enter into master netting including rights to deliver or repledge collateral. See Notes 7
agreements or similar arrangements (collectively, netting and 11 for further information about offsetting assets and
agreements) with counterparties that permit it to offset liabilities.
receivables and payables with such counterparties. A netting Foreign Currency Translation
agreement is a contract with a counterparty that permits net Assets and liabilities denominated in non-U.S. currencies are
settlement of multiple transactions with that counterparty, translated at rates of exchange prevailing on the date of the
including upon the exercise of termination rights by a non- consolidated balance sheets and revenues and expenses are
defaulting party. Upon exercise of such termination rights, translated at average rates of exchange for the period.
all transactions governed by the netting agreement are Foreign currency remeasurement gains or losses on
terminated and a net settlement amount is calculated. In transactions in nonfunctional currencies are recognized in
addition, the firm receives and posts cash and securities earnings. Gains or losses on translation of the financial
collateral with respect to its derivatives and securities statements of a non-U.S. operation, when the functional
financing transactions, subject to the terms of the related currency is other than the U.S. dollar, are included, net of
credit support agreements or similar arrangements hedges and taxes, in the consolidated statements of
(collectively, credit support agreements). An enforceable comprehensive income.
credit support agreement grants the non-defaulting party
exercising termination rights the right to liquidate the
collateral and apply the proceeds to any amounts owed. In
order to assess enforceability of the firm’s right of setoff
under netting and credit support agreements, the firm
evaluates various factors, including applicable bankruptcy
laws, local statutes and regulatory provisions in the
jurisdiction of the parties to the agreement.

140 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Recent Accounting Developments

Troubled Debt Restructurings and Vintage Disclosures Improvements to Reportable Segment Disclosures
(ASC 326). In March 2022, the FASB issued ASU No. (ASC 280). In November 2023, the FASB issued ASU No.
2022-02, “Financial Instruments — Credit Losses (Topic 326) 2023-07, “Improvements to Reportable Segment
— Troubled Debt Restructurings and Vintage Disclosures.” Disclosures.” This ASU requires enhanced disclosures
This ASU eliminates the recognition and measurement primarily about significant segment expenses that are
guidance for troubled debt restructurings and requires regularly provided to the chief operating decision maker.
enhanced disclosures about loan modifications for borrowers This ASU became effective for the firm for annual periods
experiencing financial difficulty. This ASU also requires beginning in January 2024, and is effective for interim
enhanced disclosure for loans that have been charged off. periods beginning in January 2025 under a retrospective
This ASU became effective for the firm in January 2023 approach. Since this ASU only requires additional
under a prospective approach. Adoption of this ASU did not disclosures, adoption of this ASU did not have an impact on
have a material impact on the firm’s consolidated financial the firm’s financial condition, results of operations or cash
statements. flows. See Note 25 for further information.
Fair Value Measurement of Equity Securities Subject Improvements to Income Tax Disclosures (ASC 740).
to Contractual Sale Restrictions (ASC 820). In June In December 2023, the FASB issued ASU No. 2023-09,
2022, the FASB issued ASU No. 2022-03, “Fair Value “Improvements to Income Tax Disclosures.” This ASU
Measurement of Equity Securities Subject to Contractual Sale requires incremental disclosures primarily related to the
Restrictions.” This ASU clarifies that a contractual reconciliation of the statutory income tax rate to the effective
restriction on the sale of an equity security should not be income tax rate, as well as income taxes paid. This ASU is
considered in measuring its fair value. In addition, the ASU effective for the firm for annual periods beginning in January
requires specific disclosures related to equity securities that 2025 under a prospective approach with the option to apply
are subject to contractual sale restrictions. This ASU became it retrospectively. Since this ASU only requires additional
effective for the firm in January 2024 under a prospective disclosures, adoption of this ASU will not have an impact on
approach. Adoption of this ASU did not have a material the firm’s financial condition, results of operations or cash
impact on the firm’s consolidated financial statements. flows.
Accounting for Investments in Tax Credit Structures Disaggregation of Income Statement Expenses (ASC
Using the Proportional Amortization Method (ASC 220). In November 2024, the FASB issued ASU No. 2024-03,
323). In March 2023, the FASB issued ASU No. 2023-02, “Disaggregation of Income Statement Expenses.” This ASU
“Investments — Equity Method and Joint Ventures (Topic requires additional disaggregation of certain expenses within
323) — Accounting for Investments in Tax Credit Structures the footnotes to the financial statements. This ASU is
Using the Proportional Amortization Method.” This ASU effective for the firm for annual periods beginning in January
expands the proportional amortization method election 2027, and interim periods beginning in January 2028 under a
currently associated with low-income housing tax credits to prospective approach. Early adoption and retrospective
other qualifying tax credits and requires incremental application is permitted. Since this ASU only requires
disclosures for programs in which the proportional additional disclosures, adoption of this ASU will not have an
amortization method is elected. This ASU became effective impact on the firm’s financial condition, results of operations
for the firm in January 2024 under a modified retrospective or cash flows.
approach. Adoption of this ASU did not have a material
impact on the firm’s consolidated financial statements.

Goldman Sachs 2024 Form 10-K 141

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 4.
Fair Value Measurements
The fair value of a financial instrument is the amount that The table below presents financial assets and liabilities
would be received to sell an asset or paid to transfer a carried at fair value.
liability in an orderly transaction between market
As of December
participants at the measurement date. Financial assets are $ in millions 2024 2023
marked to bid prices and financial liabilities are marked to Total level 1 financial assets $ 436,298 $ 332,549
offer prices. Fair value measurements do not include Total level 2 financial assets 497,514 519,130
Total level 3 financial assets 20,358 25,100
transaction costs. The firm measures certain financial assets Investments in funds at NAV 2,547 3,000
and liabilities as a portfolio (i.e., based on its net exposure to Counterparty and cash collateral netting (49,048) (51,134)
market and/or credit risks). Total financial assets at fair value $ 907,669 $ 828,645

The best evidence of fair value is a quoted price in an active Total assets $ 1,675,972 $ 1,641,594

market. If quoted prices in active markets are not available, Total level 3 financial assets divided by:
fair value is determined by reference to prices for similar Total assets 1.2% 1.5%
Total financial assets at fair value 2.2% 3.0%
instruments, quoted prices or recent transactions in less
active markets, or internally developed models that primarily Total level 1 financial liabilities $ 100,350 $ 125,715
Total level 2 financial liabilities 611,340 523,709
use market-based or independently sourced inputs, including,
Total level 3 financial liabilities 25,721 28,704
but not limited to, interest rates, volatilities, equity or debt Counterparty and cash collateral netting (37,750) (44,135)
prices, foreign exchange rates, commodity prices, credit Total financial liabilities at fair value $ 699,661 $ 633,993
spreads and funding spreads (i.e., the spread or difference Total liabilities $ 1,553,976 $ 1,524,689
between the interest rate at which a borrower could finance a
Total level 3 financial liabilities divided by:
given financial instrument relative to a benchmark interest Total liabilities 1.7% 1.9%
rate). Total financial liabilities at fair value 3.7% 4.5%

U.S. GAAP has a three-level hierarchy for disclosure of fair In the table above:
value measurements. This hierarchy prioritizes inputs to the
valuation techniques used to measure fair value, giving the • Counterparty netting among positions classified in the
highest priority to level 1 inputs and the lowest priority to same level is included in that level.
level 3 inputs. A financial instrument’s level in this hierarchy • Counterparty and cash collateral netting represents the
is based on the lowest level of input that is significant to its impact on derivatives of netting across levels.
fair value measurement. In evaluating the significance of a
valuation input, the firm considers, among other factors, a The table below presents a summary of level 3 financial
portfolio’s net risk exposure to that input. The fair value assets.
hierarchy is as follows: As of December
$ in millions 2024 2023
Level 1. Inputs are unadjusted quoted prices in active
Trading assets:
markets to which the firm had access at the measurement Trading cash instruments $ 1,213 $ 1,791
date for identical, unrestricted assets or liabilities. Derivatives 4,126 5,161
Investments 14,142 17,138
Level 2. Inputs to valuation techniques are observable, either Loans 683 823
directly or indirectly. Other assets 194 187
Total $ 20,358 $ 25,100
Level 3. One or more inputs to valuation techniques are
significant and unobservable. Level 3 financial assets as of December 2024 decreased
compared with December 2023, primarily reflecting a
The fair values for substantially all of the firm’s financial decrease in level 3 investments. See Note 5 for further
assets and liabilities are based on observable prices and information about level 3 financial assets (including
inputs and are classified in levels 1 and 2 of the fair value information about unrealized gains and losses related to level
hierarchy. Certain level 2 and level 3 financial assets and 3 financial assets and transfers into and out of level 3).
liabilities may require valuation adjustments that a market
participant would require to arrive at fair value for factors,
such as counterparty and the firm’s credit quality, funding
risk, transfer restrictions, liquidity and bid/offer spreads.
Valuation adjustments are generally based on market
evidence.

142 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The valuation techniques and nature of significant inputs Valuation techniques of level 3 instruments vary by
used to determine the fair value of the firm’s financial instrument, but are generally based on discounted cash flow
instruments are described below. See Note 5 for further techniques. The valuation techniques and the nature of
information about significant unobservable inputs used to significant inputs used to determine the fair values of each
value level 3 financial instruments. type of level 3 instrument are described below:
Valuation Techniques and Significant Inputs for Loans and Securities Backed by Commercial Real
Trading Cash Instruments, Investments and Loans Estate
Level 1. Level 1 instruments include U.S. government Loans and securities backed by commercial real estate are
obligations, most non-U.S. government obligations, certain directly or indirectly collateralized by a single property or a
agency obligations, certain corporate debt instruments, portfolio of properties, and may include tranches of varying
certain money market instruments and actively traded listed levels of subordination. Significant inputs are generally
equities. These instruments are valued using quoted prices for determined based on relative value analyses and include:
identical unrestricted instruments in active markets. The firm
• Market yields implied by transactions of similar or related
defines active markets for equity instruments based on the
assets and/or current levels and changes in market indices,
average daily trading volume both in absolute terms and
such as the CMBX (an index that tracks the performance
relative to the market capitalization for the instrument. The
of commercial mortgage bonds);
firm defines active markets for debt instruments based on
both the average daily trading volume and the number of • Transaction prices in both the underlying collateral and
days with trading activity. instruments with the same or similar underlying collateral;
Level 2. Level 2 instruments include certain non-U.S. • A measure of expected future cash flows in a default
government obligations, most agency obligations, most scenario (recovery rates) implied by the value of the
mortgage-backed loans and securities, most corporate debt underlying collateral, which is mainly driven by current
instruments, most state and municipal obligations, most performance of the underlying collateral and capitalization
money market instruments, most other debt obligations, rates. Recovery rates are expressed as a percentage of
restricted or less liquid listed equities, certain private equities, notional or face value of the instrument and reflect the
commodities and certain lending commitments. benefit of credit enhancements on certain instruments; and
Valuations of level 2 instruments can be verified to quoted • Timing of expected future cash flows (duration) which, in
prices, recent trading activity for identical or similar certain cases, may incorporate the impact of any loan
instruments, broker or dealer quotations or alternative forbearances and other unobservable inputs (e.g.,
pricing sources with reasonable levels of price transparency. prepayment speeds).
Consideration is given to the nature of the quotations (e.g.,
Loans and Securities Backed by Residential Real
indicative or executable) and the relationship of recent
Estate
market activity to the prices provided from alternative
Loans and securities backed by residential real estate are
pricing sources.
directly or indirectly collateralized by portfolios of residential
Valuation adjustments are typically made to level 2 real estate and may include tranches of varying levels of
instruments (i) if the instrument is subject to transfer subordination. Significant inputs are generally determined
restrictions and/or (ii) for other premiums and liquidity based on relative value analyses, which incorporate
discounts that a market participant would require to arrive at comparisons to instruments with similar collateral and risk
fair value. Valuation adjustments are generally based on profiles. Significant inputs include:
market evidence.
• Market yields implied by transactions of similar or related
Level 3. Level 3 instruments have one or more significant assets;
valuation inputs that are not observable. Absent evidence to
• Transaction prices in both the underlying collateral and
the contrary, level 3 instruments are initially valued at
instruments with the same or similar underlying collateral;
transaction price, which is considered to be the best initial
and
estimate of fair value. Subsequently, the firm uses other
methodologies to determine fair value, which vary based on • Duration, driven by underlying loan prepayment speeds
the type of instrument. Valuation inputs and assumptions are and residential property liquidation timelines.
changed when corroborated by substantive observable
evidence, including values realized on sales.

Goldman Sachs 2024 Form 10-K 143

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Corporate Debt Instruments Other Trading Cash Instruments, Investments and

Corporate debt instruments includes corporate loans, debt Loans
securities and convertible debentures. Significant inputs for The significant inputs to the valuation of other trading cash
corporate debt instruments are generally determined based instruments, investments and loans are generally determined
on relative value analyses, which incorporate comparisons based on relative value analyses, which incorporate
both to prices of credit default swaps that reference the same comparisons both to prices of credit default swaps that
or similar underlying instrument or entity and to other debt reference the same or similar underlying instrument or entity
instruments for the same or similar issuer for which and to other debt instruments for the same issuer for which
observable prices or broker quotations are available. observable prices or broker quotations are available.
Significant inputs include: Significant inputs include:
• Market yields implied by transactions of similar or related • Market yields implied by transactions of similar or related
assets and/or current levels and trends of market indices, assets and/or current levels and trends of market indices;
such as the CDX (an index that tracks the performance of • Current performance and recovery assumptions and, where
corporate credit); the firm uses credit default swaps to value the related
• Current performance and recovery assumptions and, where instrument, the cost of borrowing the underlying reference
the firm uses credit default swaps to value the related obligation; and
instrument, the cost of borrowing the underlying reference • Duration.
obligation;
Valuation Techniques and Significant Inputs for
• Duration; and Derivatives
• Market and transaction multiples for corporate debt The firm’s level 2 and level 3 derivatives are valued using
instruments with convertibility or participation options. derivative pricing models (e.g., discounted cash flow models,
correlation models and models that incorporate option
Equity Securities pricing methodologies, such as Monte Carlo simulations).
Equity securities consists of private equities. Recent third- Price transparency of derivatives can generally be
party completed or pending transactions (e.g., merger characterized by product type, as described below.
proposals, debt restructurings, tender offers) are considered
the best evidence for any change in fair value. When these are • Interest Rate. In general, the key inputs used to value
not available, the following valuation methodologies are interest rate derivatives are transparent, even for most
used, as appropriate: long-dated contracts. Interest rate swaps and options
denominated in the currencies of leading industrialized
• Industry multiples (primarily EBITDA and revenue nations are characterized by high trading volumes and tight
multiples) and public comparables; bid/offer spreads. Interest rate derivatives that reference
• Transactions in similar instruments; indices, such as an inflation index, or the shape of the yield
curve (e.g., 10-year swap rate vs. 2-year swap rate) are
• Discounted cash flow techniques; and more complex, but the key inputs are generally observable.
• Third-party appraisals. • Credit. Price transparency for credit default swaps,
The firm also considers changes in the outlook for the including both single names and baskets of credits, varies
relevant industry and financial performance of the issuer as by market and underlying reference entity or obligation.
compared to projected performance. Significant inputs Credit default swaps that reference indices, large
include: corporates and major sovereigns generally exhibit the most
price transparency. For credit default swaps with other
• Market and transaction multiples; underliers, price transparency varies based on credit rating,
• Discount rates and capitalization rates; and the cost of borrowing the underlying reference obligations,
and the availability of the underlying reference obligations
• For equity securities with debt-like features, market yields for delivery upon the default of the issuer. Credit default
implied by transactions of similar or related assets, current swaps that reference loans, asset-backed securities and
performance and recovery assumptions, and duration. emerging market debt instruments tend to have less price
transparency than those that reference corporate bonds. In
addition, more complex credit derivatives, such as those
sensitive to the correlation between two or more
underlying reference obligations, generally have less price
transparency.

144 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

• Currency. Prices for currency derivatives based on the Valuation models require a variety of inputs, such as
exchange rates of leading industrialized nations, including contractual terms, market prices, yield curves, discount rates
those with longer tenors, are generally transparent. The (including those derived from interest rates on collateral
primary difference between the price transparency of received and posted as specified in credit support agreements
developed and emerging market currency derivatives is that for collateralized derivatives), credit curves, measures of
emerging markets tend to be only observable for contracts volatility, prepayment rates, loss severity rates and
with shorter tenors. correlations of such inputs. Significant inputs to the
valuations of level 2 derivatives can be verified to market
• Commodity. Commodity derivatives include transactions
transactions, broker or dealer quotations or other alternative
referenced to energy (e.g., oil, natural gas and electricity),
pricing sources with reasonable levels of price transparency.
metals (e.g., precious and base) and soft commodities (e.g.,
Consideration is given to the nature of the quotations (e.g.,
agricultural). Price transparency varies based on the
indicative or executable) and the relationship of recent
underlying commodity, delivery location, tenor and
market activity to the prices provided from alternative
product quality (e.g., diesel fuel compared to unleaded
pricing sources.
gasoline). In general, price transparency for commodity
derivatives is greater for contracts with shorter tenors and Level 3. Level 3 derivatives are valued using models which
contracts that are more closely aligned with major and/or utilize observable level 1 and/or level 2 inputs, as well as
benchmark commodity indices. unobservable level 3 inputs. The significant unobservable
inputs used to value the firm’s level 3 derivatives are
• Equity. Price transparency for equity derivatives varies by
described below.
market and underlier. Options on indices and the common
stock of corporates included in major equity indices exhibit • For level 3 interest rate and currency derivatives, significant
the most price transparency. Equity derivatives generally unobservable inputs include correlations of certain
have observable market prices, except for contracts with currencies and interest rates (e.g., the correlation between
long tenors or reference prices that differ significantly from Euro inflation and Euro interest rates) and specific interest
current market prices. More complex equity derivatives, rate and currency volatilities.
such as those sensitive to the correlation between two or
• For level 3 credit derivatives, significant unobservable
more individual stocks, generally have less price
inputs include illiquid credit spreads and upfront credit
transparency.
points, which are unique to specific reference obligations
Liquidity is essential to the observability of all product types. and reference entities, and recovery rates.
If transaction volumes decline, previously transparent prices
• For level 3 commodity derivatives, significant unobservable
and other inputs may become unobservable. Conversely, even
inputs include volatilities for options with strike prices that
highly structured products may at times have trading
differ significantly from current market prices and prices or
volumes large enough to provide observability of prices and
spreads for certain products for which the product quality
other inputs.
or physical location of the commodity is not aligned with
Level 1. Level 1 derivatives include short-term contracts for benchmark indices.
future delivery of securities when the underlying security is a
• For level 3 equity derivatives, significant unobservable
level 1 instrument, and exchange-traded derivatives if they
inputs generally include equity volatility inputs for options
are actively traded and are valued at their quoted market
that are long-dated and/or have strike prices that differ
price.
significantly from current market prices. In addition, the
Level 2. Level 2 derivatives include OTC derivatives for valuation of certain structured trades requires the use of
which all significant valuation inputs are corroborated by level 3 correlation inputs, such as the correlation of the
market evidence and exchange-traded derivatives that are not price performance of two or more individual stocks or the
actively traded and/or that are valued using models that correlation of the price performance for a basket of stocks
calibrate to market-clearing levels of OTC derivatives. to another asset class, such as commodities.
The selection of a particular model to value a derivative
depends on the contractual terms of and specific risks
inherent in the instrument, as well as the availability of
pricing information in the market. For derivatives that trade
in liquid markets, model selection does not involve significant
management judgment because outputs of models can be
calibrated to market-clearing levels.

Goldman Sachs 2024 Form 10-K 145

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Subsequent to the initial valuation of a level 3 derivative, the Resale and Repurchase Agreements and Securities
firm updates the level 1 and level 2 inputs to reflect Borrowed and Loaned. The significant inputs to the
observable market changes and any resulting gains and losses valuation of resale and repurchase agreements and securities
are classified in level 3. Level 3 inputs are changed when borrowed and loaned are funding spreads, the amount and
corroborated by evidence, such as similar market timing of expected future cash flows and interest rates.
transactions, third-party pricing services and/or broker or
Customer and Other Receivables. The significant inputs
dealer quotations or other empirical market data. In
to the valuation of receivables are interest rates, the amount
circumstances where the firm cannot verify the model value
and timing of expected future cash flows and funding
by reference to market transactions, it is possible that a
spreads.
different valuation model could produce a materially
different estimate of fair value. See Note 5 for further Deposits. The significant inputs to the valuation of time
information about significant unobservable inputs used in the deposits are interest rates and the amount and timing of
valuation of level 3 derivatives. future cash flows. The inputs used to value the embedded
derivative component of hybrid financial instruments are
Valuation Adjustments. Valuation adjustments are
consistent with the inputs used to value the firm’s other
integral to determining the fair value of derivative portfolios
derivative instruments described above. See Note 7 for
and are used to adjust the mid-market valuations produced
further information about derivatives and Note 13 for further
by derivative pricing models to the exit price valuation. These
information about deposits.
adjustments incorporate bid/offer spreads, the cost of
liquidity, and credit and funding valuation adjustments, Other Secured Financings. The significant inputs to the
which account for the credit and funding risk inherent in the valuation of other secured financings are the amount and
uncollateralized portion of derivative portfolios. The firm timing of expected future cash flows, interest rates, funding
also makes funding valuation adjustments to collateralized spreads and the fair value of the collateral delivered by the
derivatives where the terms of the agreement do not permit firm (determined using the amount and timing of expected
the firm to deliver or repledge collateral received. Market- future cash flows, market prices, market yields and recovery
based inputs are generally used when calibrating valuation assumptions). See Note 11 for further information about
adjustments to market-clearing levels. other secured financings.
In addition, for derivatives that include significant Unsecured Short- and Long-Term Borrowings. The
unobservable inputs, the firm makes model or exit price significant inputs to the valuation of unsecured short- and
adjustments to account for the valuation uncertainty present long-term borrowings are the amount and timing of expected
in the transaction. future cash flows, interest rates, the credit spreads of the firm
and commodity prices for prepaid commodity transactions.
Valuation Techniques and Significant Inputs for Other
The inputs used to value the embedded derivative component
Financial Assets and Liabilities at Fair Value
of hybrid financial instruments are consistent with the inputs
In addition to trading cash instruments, derivatives, and used to value the firm’s other derivative instruments
certain investments and loans, the firm accounts for certain
described above. See Note 7 for further information about
of its other financial assets and liabilities at fair value under
the fair value option. Such instruments include repurchase derivatives and Note 14 for further information about
agreements and substantially all resale agreements; certain borrowings.
securities borrowed and loaned transactions; certain Other Assets and Liabilities. The significant inputs to the
customer and other receivables, including certain margin valuation of other assets and liabilities are the amount and
loans; certain time deposits, including structured certificates timing of expected future cash flows, interest rates, market
of deposit, which are hybrid financial instruments; yields, volatility and correlation inputs. The inputs used to
substantially all other secured financings, including
value the embedded derivative component of hybrid financial
structured financing arrangements and transfers of assets
accounted for as financings; certain unsecured short- and instruments are consistent with the inputs used to value the
long-term borrowings, substantially all of which are hybrid firm’s other derivative instruments described above. See Note
financial instruments; and certain other assets and liabilities. 7 for further information about derivatives.
These instruments are generally valued based on discounted
cash flow techniques, which incorporate inputs with
reasonable levels of price transparency, and are generally
classified in level 2 because the inputs are observable.
Valuation adjustments may be made for liquidity and for
counterparty and the firm’s credit quality. The significant
inputs used to value the firm’s other financial assets and
liabilities are described below.

146 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 5.

Fair Value Hierarchy

Financial assets and liabilities at fair value includes trading Trading cash instruments consists of instruments held in
cash instruments, derivatives, and certain investments, loans connection with the firm’s market-making or risk
and other financial assets and liabilities at fair value. management activities. These instruments are carried at fair
Trading Cash Instruments value and the related fair value gains and losses are
recognized in the consolidated statements of earnings.
Fair Value by Level. The table below presents trading cash
instruments by level within the fair value hierarchy. In the table above:
$ in millions Level 1 Level 2 Level 3 Total • Assets are shown as positive amounts and liabilities are
As of December 2024 shown as negative amounts.
Assets
Government and agency obligations: • Corporate debt instruments includes corporate loans, debt
U.S. $ 169,121 $ 66,958 $ – $ 236,079 securities, convertible debentures, prepaid commodity
Non-U.S. 44,427 25,071 41 69,539
Loans and securities backed by:
transactions and transfers of assets accounted for as
Commercial real estate – 1,450 38 1,488 secured loans rather than purchases.
Residential real estate – 11,364 57 11,421
Corporate debt instruments 172 46,739 728 47,639 • Other debt obligations includes other asset-backed
State and municipal obligations – 529 – 529 securities and money market instruments.
Other debt obligations 1 2,236 95 2,332
Equity securities 141,821 1,143 242 143,206 • Equity securities includes public equities and exchange-
Commodities – 10,971 12 10,983 traded funds.
Total $ 355,542 $ 166,461 $ 1,213 $ 523,216
See Note 4 for an overview of the firm’s fair value
Liabilities
Government and agency obligations: measurement policies, valuation techniques and significant
U.S. $ (21,181) $ (52) $ – $ (21,233) inputs used to determine the fair value of trading cash
Non-U.S. (37,466) (3,283) (3) (40,752) instruments.
Loans and securities backed by:
Commercial real estate – (32) (1) (33) Significant Unobservable Inputs. The table below
Residential real estate – (20) – (20)
Corporate debt instruments (75) (23,755) (52) (23,882)
presents the amount of level 3 trading cash instrument assets,
Other debt obligations – (72) – (72) and ranges and weighted averages of significant unobservable
Equity securities (41,528) (12) (19) (41,559) inputs used to value such trading cash instrument assets.
Commodities – (24) – (24)
Total $(100,250) $ (27,250) $ (75) $(127,575) As of December 2024 As of December 2023
Amount or Weighted Amount or Weighted
As of December 2023
$ in millions Range Average Range Average
Assets
Loans and securities backed by real estate
Government and agency obligations:
Level 3 assets $ 95 $ 144
U.S. $ 85,190 $ 58,862 $ – $ 144,052
Yield 7.2% to 24.3% 11.5% 3.8% to 26.1% 12.8%
Non-U.S. 61,981 25,702 91 87,774
Recovery rate 23.3% to 69.2% 50.9% 35.5% to 76.0% 44.6%
Loans and securities backed by:
Duration (years) 1.9 to 12.1 3.7 0.3 to 15.3 5.2
Commercial real estate – 916 45 961
Corporate debt instruments
Residential real estate – 8,940 99 9,039
Level 3 assets $ 728 $ 1,415
Corporate debt instruments 177 37,883 1,415 39,475
Yield 3.0% to 35.9% 13.0% 2.8% to 40.0% 9.3%
State and municipal obligations – 371 – 371
Recovery rate 6.8% to 69.0% 53.6% 7.3% to 65.0% 39.4%
Other debt obligations 80 2,086 37 2,203
Duration (years) 1.6 to 3.3 2.3 0.9 to 11.3 3.4
Equity securities 135,032 1,739 103 136,874
Other
Commodities – 5,640 1 5,641
Level 3 assets $ 390 $ 232
Total $ 282,460 $ 142,139 $ 1,791 $ 426,390
Yield 4.7% to 37.9% 15.2% 3.6% to 31.3% 14.6%
Liabilities Multiples N/A N/A 0.7x to 4.5x 3.9x
Government and agency obligations: Duration (years) 1.5 to 3.5 2.4 2.3 to 6.4 4.1
U.S. $ (26,400) $ (32) $ – $ (26,432)
Non-U.S. (50,825) (2,343) – (53,168)
Loans and securities backed by:
Commercial real estate – (27) – (27)
Residential real estate – (5) – (5)
Corporate debt instruments (124) (15,317) (70) (15,511)
Equity securities (48,347) (37) (8) (48,392)
Commodities – (66) – (66)
Total $(125,696) $ (17,827) $ (78) $ (143,601)

Goldman Sachs 2024 Form 10-K 147

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

In the table above: Level 3 Rollforward. The table below presents a summary
of the changes in fair value for level 3 trading cash
• Other includes government and agency obligations, other
debt obligations, equity securities and commodities. instruments.

• Ranges represent the significant unobservable inputs that Year Ended December
$ in millions 2024 2023
were used in the valuation of each type of trading cash Assets
instrument. Beginning balance $ 1,791 $ 1,734
Net realized gains/(losses) 161 154
• Weighted averages are calculated by weighting each input Net unrealized gains/(losses) 7 (32)
by the relative fair value of the trading cash instruments. Purchases 512 825
Sales (618) (515)
• The ranges and weighted averages of these inputs are not Settlements (382) (286)
representative of the appropriate inputs to use when Transfers into level 3 222 167
Transfers out of level 3 (480) (256)
calculating the fair value of any one trading cash
Endingg balance $ 1,213 $ 1,791
instrument. For example, the highest recovery rate for
corporate debt instruments is appropriate for valuing a Liabilities
Beginning balance $ (78) $ (64)
specific corporate debt instrument, but may not be Net realized gains/(losses) 4 3
appropriate for valuing any other corporate debt Net unrealized gains/(losses) (25) (66)
instrument. Accordingly, the ranges of inputs do not Purchases 57 90
Sales (43) (77)
represent uncertainty in, or possible ranges of, fair value
Settlements 1 1
measurements of level 3 trading cash instruments. Transfers into level 3 (9) (3)
Transfers out of level 3 18 38
• Increases in yield or duration used in the valuation of level Ending g balance $ (75) $ (78)
3 trading cash instruments would have resulted in a lower
fair value measurement, while increases in recovery rate or In the table above:
multiples would have resulted in a higher fair value
• Changes in fair value are presented for all trading cash
measurement as of both December 2024 and December
instruments that are classified in level 3 as of the end of the
2023. Due to the distinctive nature of each level 3 trading
period.
cash instrument, the interrelationship of inputs is not
necessarily uniform within each product type. • Net unrealized gains/(losses) relates to trading cash
instruments that were still held at period-end.
• Trading cash instruments are valued using discounted cash
flows. • Transfers between levels of the fair value hierarchy are
reported at the beginning of the reporting period in which
• The significant unobservable inputs for multiples related to
they occur. If a trading cash instrument was transferred to
other trading cash instruments as of December 2024 did not
level 3 during a reporting period, its entire gain or loss for
have a range (and there was no weighted average) as it
the period is classified in level 3.
related to a single position. Therefore, such unobservable
inputs are not included in the table above. • For level 3 trading cash instrument assets, increases are
shown as positive amounts, while decreases are shown as
negative amounts. For level 3 trading cash instrument
liabilities, increases are shown as negative amounts, while
decreases are shown as positive amounts.
• Level 3 trading cash instruments are frequently
economically hedged with level 1 and level 2 trading cash
instruments and/or level 1, level 2 or level 3 derivatives.
Accordingly, gains or losses that are classified in level 3 can
be partially offset by gains or losses attributable to level 1
or level 2 trading cash instruments and/or level 1, level 2 or
level 3 derivatives. As a result, gains or losses included in
the level 3 rollforward below do not necessarily represent
the overall impact on the firm’s results of operations,
liquidity or capital resources.

148 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The table below presents information, by product type, for Transfers out of level 3 trading cash instrument assets during
assets included in the summary table above. 2024 primarily reflected transfers of certain corporate debt
instruments to level 2 (principally due to increased price
Year Ended December
$ in millions 2024 2023 transparency as a result of market evidence, including market
Loans and securities backed by real estate transactions in these instruments).
Beginning balance $ 144 $ 154
Net realized gains/(losses) 18 10 Level 3 Rollforward Commentary for the Year Ended
Net unrealized gains/(losses) (11) 5 December 2023. The net realized and unrealized gains on
Purchases 37 28 level 3 trading cash instrument assets of $122 million
Sales (33) (57)
Settlements (28) (16)
(reflecting $154 million of net realized gains and $32 million
Transfers into level 3 6 31 of net unrealized losses) for 2023 included gains of
Transfers out of level 3 (38) (11) $60 million reported in market making and $62 million
Endingg balance $ 95 $ 144 reported in interest income.
Corporate debt instruments
Beginning balance $ 1,415 $ 1,238 The drivers of net unrealized losses on level 3 trading cash
Net realized gains/(losses) 87 56 instrument assets for 2023 were not material.
Net unrealized gains/(losses) 2 (26)
Purchases 253 656 The drivers of transfers into level 3 trading cash instrument
Sales (389) (277) assets during 2023 were not material.
Settlements (327) (201)
Transfers into level 3 116 98 Transfers out of level 3 trading cash instrument assets during
Transfers out of level 3 (429) (129) 2023 primarily reflected transfers of certain corporate debt
Endingg balance $ 728 $ 1,415
instruments and other debt obligations (included in other
Other cash instruments) to level 2 (in each case, principally due to
Beginning balance $ 232 $ 342
increased price transparency as a result of market evidence,
Net realized gains/(losses) 56 88
Net unrealized gains/(losses) 16 (11) including market transactions in these instruments).
Purchases 222 141
Sales (196) (181)
Settlements (27) (69)
Transfers into level 3 100 38
Transfers out of level 3 (13) (116)
Endingg balance $ 390 $ 232

In the table above, other includes government and agency

obligations, other debt obligations, equity securities and
commodities.
Level 3 Rollforward Commentary for the Year Ended
December 2024. The net realized and unrealized gains on
level 3 trading cash instrument assets of $168 million
(reflecting $161 million of net realized gains and $7 million of
net unrealized gains) for 2024 included gains of $100 million
reported in market making and $68 million reported in
interest income.
The drivers of net unrealized gains on level 3 trading cash
instrument assets for 2024 were not material.
Transfers into level 3 trading cash instrument assets during
2024 primarily reflected transfers of certain corporate debt
instruments and certain other debt obligations (included in
other cash instruments) from level 2 (in each case, principally
due to reduced price transparency as a result of a lack of
market evidence, including fewer market transactions in these
instruments).

Goldman Sachs 2024 Form 10-K 149

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Derivatives
Fair Value by Level. The table below presents derivatives In the table above:
on a gross basis by level and product type, as well as the
• Gross fair values exclude the effects of both counterparty
impact of netting. netting and collateral netting, and therefore are not
representative of the firm’s exposure.
$ in millions Level 1 Level 2 Level 3 Total
• Counterparty netting is reflected in each level to the extent
As of December 2024
Assets that receivable and payable balances are netted within the
Interest rates $ 102 $ 156,054 $ 580 $ 156,736 same level and is included in counterparty netting in levels.
Credit – 9,249 2,188 11,437 Where the counterparty netting is across levels, the netting
Currencies – 114,500 174 114,674
is included in cross-level counterparty netting.
Commodities – 12,134 1,192 13,326
Equities 136 79,301 742 80,179 • Assets are shown as positive amounts and liabilities are
Gross fair value 238 371,238 4,876 376,352
Counterparty netting in levels – (279,215) (750) (279,965)
shown as negative amounts.
Subtotal $ 238 $ 92,023 $ 4,126 $ 96,387
Cross-level counterparty netting (947)
See Note 4 for an overview of the firm’s fair value
Cash collateral netting (48,101) measurement policies, valuation techniques and significant
Net fair value $ 47,339 inputs used to determine the fair value of derivatives.
Liabilities
Interest rates $ (92) $(124,235) $ (692) $ (125,019)
Significant Unobservable Inputs. The table below
Credit – (9,060) (970) (10,030) presents the amount of level 3 derivative assets (liabilities),
Currencies – (114,488) (127) (114,615) and ranges, averages and medians of significant unobservable
Commodities – (14,111) (414) (14,525)
Equities (8) (126,650) (1,848) (128,506) inputs used to value such derivatives.
Gross fair value (100) (388,544) (4,051) (392,695)
As of December 2024 As of December 2023
Counterparty netting in levels – 279,215 750 279,965
Subtotal $ (100) $(109,329) $ (3,301) $ (112,730) Amount or Average/ Amount or Average/
Cross-level counterparty netting 947 $ in millions, except inputs Range Median Range Median
Cash collateral netting 36,803 Interest rates, net $ (112) $ (439)
Net fair value $ (74,980) Correlation (10)% to 95% 60%/72% (10)% to 75% 60%/66%
Volatility (bps) 31 to 101 63/59 31 to 101 56/49
As of December 2023 Credit, net $ 1,218 $ 1,650
Assets Credit spreads (bps) 8 to 1,328 134/91 3 to 1,750 130/85
Interest rates $ 15 $ 241,850 $ 758 $ 242,623 Upfront credit points (10) to 100 24/14 0 to 100 26/15
Credit – 9,964 2,861 12,825 Recovery rates 20% to 70% 46%/50% 20% to 70% 43%/40%
Currencies – 89,694 210 89,904 Currencies, net $ 47 $ 42
Commodities – 15,393 1,449 16,842 Correlation 20% to 68% 34%/23% 20% to 90% 41%/43%
Equities 2 59,220 816 60,038 Volatility 17% to 17% 17%/17% 15% to 16% 16%/16%
Gross fair value 17 416,121 6,094 422,232 Commodities, net $ 778 $ 628
Counterparty netting in levels – (319,045) (933) (319,978)
Volatility 21% to 120% 37%/33% 23% to 98% 42%/39%
Subtotal $ 17 $ 97,076 $ 5,161 $ 102,254
Cross-level counterparty netting (1,411) $(2.82) to $(0.14)/ $(1.39) to $(0.32)/
Natural gas spread
Cash collateral netting (49,723) $3.76 $(0.16) $3.06 $(0.35)
Net fair value $ 51,120 $(6.42) to $1.77/ $(5.39) to $15.39/
Oil spread
$22.10 $(3.80) $31.69 $19.35
Liabilities
Interest rates $ (14) $ (213,861) $ (1,197) $ (215,072) $1.89 to $52.18/ $2.72 to $48.15/
Electricity price
Credit – (8,923) (1,211) (10,134) $587.75 $32.68 $1,088.00 $35.16
Currencies – (97,436) (168) (97,604) Equities, net $ (1,106) $ (1,071)
Commodities – (17,122) (821) (17,943) Correlation (75)% to 100% 56%/52% (70)% to 100% 65%/71%
Equities (5) (78,222) (1,887) (80,114) Volatility 2% to 101% 15%/12% 1% to 106% 14%/13%
Gross fair value (19) (415,564) (5,284) (420,867)
Counterparty netting in levels – 319,045 933 319,978 In the table above:
Subtotal $ (19) $ (96,519) $ (4,351) $ (100,889)
Cross-level counterparty netting 1,411 • Assets are shown as positive amounts and liabilities are
Cash collateral netting 42,724
Net fair value $ (56,754)
shown as negative amounts.
• Ranges represent the significant unobservable inputs that
were used in the valuation of each type of derivative.

150 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

• Averages represent the arithmetic average of the inputs and • Volatility. Ranges for volatility cover numerous underliers
are not weighted by the relative fair value or notional across a variety of markets, maturities and strike prices.
amount of the respective financial instruments. An average For example, volatility of equity indices is generally lower
greater than the median indicates that the majority of than volatility of single stocks.
inputs are below the average. For example, the difference
• Credit spreads, upfront credit points and recovery
between the average and the median for credit spreads
rates. The ranges for credit spreads, upfront credit points
indicates that the majority of the inputs fall in the lower
and recovery rates cover a variety of underliers (index and
end of the range.
single names), regions, sectors, maturities and credit
• The ranges, averages and medians of these inputs are not qualities (high-yield and investment-grade). The broad
representative of the appropriate inputs to use when range of this population gives rise to the width of the
calculating the fair value of any one derivative. For ranges of significant unobservable inputs.
example, the highest correlation for interest rate derivatives
• Commodity prices and spreads. The ranges for
is appropriate for valuing a specific interest rate derivative
commodity prices and spreads cover variability in
but may not be appropriate for valuing any other interest
products, maturities and delivery locations.
rate derivative. Accordingly, the ranges of inputs do not
represent uncertainty in, or possible ranges of, fair value Sensitivity of Fair Value Measurement to Changes in
measurements of level 3 derivatives. Significant Unobservable Inputs. The following is a
• Interest rates, currencies and equities derivatives are valued description of the directional sensitivity of the firm’s level 3
using option pricing models, credit derivatives are valued fair value measurements to changes in significant
using option pricing, correlation and discounted cash flow unobservable inputs, in isolation, as of each period-end:
models, and commodities derivatives are valued using • Correlation. In general, for contracts where the holder
option pricing and discounted cash flow models. benefits from the convergence of the underlying asset or
• The fair value of any one instrument may be determined index prices (e.g., interest rates, credit spreads, foreign
using multiple valuation techniques. For example, option exchange rates, inflation rates and equity prices), an
pricing models and discounted cash flow models are increase in correlation results in a higher fair value
typically used together to determine fair value. Therefore, measurement.
the level 3 balance encompasses both of these techniques. • Volatility. In general, for purchased options, an increase in
• Correlation within currencies and equities includes cross- volatility results in a higher fair value measurement.
product type correlation. • Credit spreads, upfront credit points and recovery
• Natural gas spread represents the spread per million British rates. In general, the fair value of purchased credit
thermal units of natural gas. protection increases as credit spreads or upfront credit
points increase or recovery rates decrease. Credit spreads,
• Oil spread represents the spread per barrel of oil and upfront credit points and recovery rates are strongly related
refined products. to distinctive risk factors of the underlying reference
• Electricity price represents the price per megawatt hour of obligations, which include reference entity-specific factors,
electricity. such as leverage, volatility and industry, market-based risk
factors, such as borrowing costs or liquidity of the
Range of Significant Unobservable Inputs. The underlying reference obligation, and macroeconomic
following provides information about the ranges of conditions.
significant unobservable inputs used to value the firm’s level
3 derivative instruments: • Commodity prices and spreads. In general, for
contracts where the holder is receiving a commodity, an
• Correlation. Ranges for correlation cover a variety of increase in the spread (price difference from a benchmark
underliers both within one product type (e.g., equity index index due to differences in quality or delivery location) or
and equity single stock names) and across product types price results in a higher fair value measurement.
(e.g., correlation of an interest rate and a currency), as well
Due to the distinctive nature of each of the firm’s level 3
as across regions. Generally, cross-product type correlation
derivatives, the interrelationship of inputs is not necessarily
inputs are used to value more complex instruments and are
uniform within each product type.
lower than correlation inputs on assets within the same
derivative product type.

Goldman Sachs 2024 Form 10-K 151

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Level 3 Rollforward. The table below presents a summary The table below presents information, by product type, for
of the changes in fair value for level 3 derivatives. derivatives included in the summary table above.
Year Ended December Year Ended December
$ in millions 2024 2023 $ in millions 2024 2023
Total level 3 derivatives, net Interest rates, net
Beginning balance $ 810 $ 1,521 Beginning balance $ (439) $ (459)
Net realized gains/(losses) (129) 65 Net realized gains/(losses) 21 9
Net unrealized gains/(losses) 25 (327) Net unrealized gains/(losses) 63 (78)
Purchases 480 366 Purchases 4 85
Sales (885) (1,420) Sales (29) (408)
Settlements 573 466 Settlements 290 423
Transfers into level 3 (25) (90) Transfers into level 3 (36) (81)
Transfers out of level 3 (24) 229 Transfers out of level 3 14 70
Endingg balance $ 825 $ 810 Endingg balance $ (112) $ (439)

Credit, net
In the table above: Beginning balance $ 1,650 $ 1,460
Net realized gains/(losses) 94 (58)
• Changes in fair value are presented for all derivative assets Net unrealized gains/(losses) 9 274
and liabilities that are classified in level 3 as of the end of Purchases 85 89
the period. Sales (74) (50)
Settlements (354) (138)
• Net unrealized gains/(losses) relates to instruments that Transfers into level 3 79 (20)
were still held at period-end. Transfers out of level 3 (271) 93
Endingg balance $ 1,218 $ 1,650
• Transfers between levels of the fair value hierarchy are Currencies, net
reported at the beginning of the reporting period in which Beginning balance $ 42 $ 162
they occur. If a derivative was transferred into level 3 Net realized gains/(losses) (27) 80
during a reporting period, its entire gain or loss for the Net unrealized gains/(losses) 1 (182)
Purchases 44 2
period is classified in level 3. Sales (9) (1)
Settlements (45) (56)
• Positive amounts for transfers into level 3 and negative
Transfers into level 3 3 4
amounts for transfers out of level 3 represent net transfers Transfers out of level 3 38 33
of derivative assets. Negative amounts for transfers into Endingg balance $ 47 $ 42
level 3 and positive amounts for transfers out of level 3 Commodities, net
represent net transfers of derivative liabilities. Beginning balance $ 628 $ 919
Net realized gains/(losses) (340) (113)
• A derivative with level 1 and/or level 2 inputs is classified in Net unrealized gains/(losses) 91 (373)
level 3 in its entirety if it has at least one significant level 3 Purchases 192 4
input. Sales (27) (17)
Settlements 57 68
• If there is one significant level 3 input, the entire gain or Transfers into level 3 14 122
Transfers out of level 3 163 18
loss from adjusting only observable inputs (i.e., level 1 and Endingg balance $ 778 $ 628
level 2 inputs) is classified in level 3.
Equities, net
• Gains or losses that have been classified in level 3 resulting Beginning balance $ (1,071) $ (561)
from changes in level 1 or level 2 inputs are frequently Net realized gains/(losses) 123 147
Net unrealized gains/(losses) (139) 32
offset by gains or losses attributable to level 1 or level 2 Purchases 155 186
derivatives and/or level 1, level 2 and level 3 trading cash Sales (746) (944)
instruments. As a result, gains/(losses) included in the level Settlements 625 169
3 rollforward below do not necessarily represent the overall Transfers into level 3 (85) (115)
Transfers out of level 3 32 15
impact on the firm’s results of operations, liquidity or Endingg balance $ (1,106) $ (1,071)
capital resources.

152 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Level 3 Rollforward Commentary for the Year Ended Transfers into level 3 derivatives during 2023 primarily
December 2024. The net realized and unrealized losses on reflected transfers of certain equity derivative liabilities
level 3 derivatives of $104 million (reflecting $129 million of (principally due to reduced transparency of certain
net realized losses and $25 million of net unrealized gains) for unobservable volatility inputs used to value these
2024 included gains/(losses) of $(115) million reported in instruments) and transfers of certain interest rate derivative
market making and $11 million reported in other principal liabilities from level 2 (principally due to certain
transactions. unobservable volatility inputs becoming significant to the
valuation of these instruments), partially offset by transfers
The net unrealized gains on level 3 derivatives for 2024
of certain commodity derivative assets from level 2
primarily reflected gains on certain commodity derivatives
(principally due to certain unobservable volatility inputs
(principally due to the impact of changes in commodity
becoming significant to the valuation of these instruments).
prices) and gains on certain interest rate derivatives
(principally due to an increase in interest rates), partially The drivers of transfers out of level 3 derivatives during 2023
offset by losses on certain equity derivatives (principally due were not material.
to the impact of changes in equity prices). Investments
The drivers of transfers into level 3 derivatives during 2024
Fair Value by Level. The table below presents investments
were not material.
accounted for at fair value by level within the fair value
Transfers out of level 3 derivatives during 2024 reflected hierarchy.
transfers of certain credit derivative assets to level 2
$ in millions Level 1 Level 2 Level 3 Total
(principally due to increased transparency of certain credit
As of December 2024
spread inputs used to value these instruments), partially Government and agency obligations:
offset by transfers of certain commodity derivative liabilities U.S. $ 75,410 $ – $ – $ 75,410
to level 2 (principally due to increased transparency of certain Non-U.S. 4,048 62 – 4,110
Corporate debt securities 137 2,629 4,510 7,276
commodity price inputs used to value these instruments). Securities backed by real estate – 7 562 569
Level 3 Rollforward Commentary for the Year Ended Money market instruments 327 1,453 – 1,780
Other debt obligations 22 53 328 403
2023. The net realized and unrealized losses on level 3 Equity securities 574 3,331 8,742 12,647
derivatives of $262 million (reflecting $65 million of net Subtotal $ 80,518 $ 7,535 $ 14,142 $102,195
realized gains and $327 million of net unrealized losses) for Investments in funds at NAV 2,547
Total investments $104,742
2023 included losses of $251 million reported in market
making and $11 million reported in other principal As of December 2023
Government and agency obligations:
transactions
U.S. $ 46,731 $ – $ – $ 46,731
The net unrealized losses on level 3 derivatives for 2023 Non-U.S. 2,399 144 – 2,543
Corporate debt securities 160 2,299 6,533 8,992
primarily reflected losses on certain commodity derivatives Securities backed by real estate – 2 687 689
(principally due to the impact of changes in commodity Money market instruments 52 999 – 1,051
prices), losses on certain currency derivatives (principally due Other debt obligations 9 14 244 267
Equity securities 721 2,099 9,674 12,494
to the impact of a decrease in interest rates), partially offset
Subtotal $ 50,072 $ 5,557 $ 17,138 $ 72,767
by gains on certain credit derivatives (principally due to the Investments in funds at NAV 3,000
impact of changes in foreign exchange rates and a decrease in Total investments $ 75,767
interest rates).
See Note 4 for an overview of the firm’s fair value
measurement policies, valuation techniques and significant
inputs used to determine the fair value of investments.

Goldman Sachs 2024 Form 10-K 153

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Significant Unobservable Inputs. The table below • Corporate debt securities, securities backed by real estate
presents the amount of level 3 investments, and ranges and and other debt obligations are valued using discounted cash
weighted averages of significant unobservable inputs used to flows, and equity securities are valued using market
value such investments. comparables and discounted cash flows.
• The fair value of any one instrument may be determined
As of December 2024 As of December 2023
Amount or Weighted Amount or Weighted
using multiple valuation techniques. For example, market
$ in millions Range Average Range Average comparables and discounted cash flows may be used
Corporate debt securities together to determine fair value. Therefore, the level 3
Level 3 assets $ 4,510 $ 6,533 balance encompasses both of these techniques.
Yield 5.0% to 28.8% 12.2% 6.0% to 31.0% 12.1%
Recovery rate 5.8% to 41.0% 25.2% 7.3% to 41.2% 27.6% Level 3 Rollforward. The table below presents a summary
Duration (years) 0.3 to 9.0 3.6 0.4 to 5.3 3.0
Multiples 1.1x to 34.2x 6.5x 0.9x to 53.3x 7.7x
of the changes in fair value for level 3 investments.
Securities backed by real estate
Level 3 assets $ 562 $ 687 Year Ended December
Yield 9.5% to 16.0% 13.6% 7.4% to 18.8% 14.1% $ in millions 2024 2023
Duration (years) 1.1 to 2.8 2.8 0.4 to 4.1 3.9 Beginning balance $ 17,138 $ 16,942
Other debt obligations Net realized gains/(losses) 342 463
Level 3 assets $ 328 $ 244 Net unrealized gains/(losses) (287) (722)
Yield 7.0% to 8.7% 7.7% 7.6% to 8.8% 8.2% Purchases 1,395 1,651
Equity securities Sales (916) (1,186)
Level 3 assets $ 8,742 $ 9,674 Settlements (2,322) (1,762)
Multiples 0.4x to 34.2x 8.6x 0.5x to 25.2x 8.3x Transfers into level 3 953 2,918
Discount rate/yield 6.0% to 27.9% 13.3% 6.0% to 38.5% 12.3% Transfers out of level 3 (2,161) (1,166)
Capitalization rate 4.4% to 9.1% 5.4% 4.5% to 8.0% 5.3% Endingg balance $ 14,142 $ 17,138

In the table above: In the table above:

• Ranges represent the significant unobservable inputs that • Changes in fair value are presented for all investments that
were used in the valuation of each type of investment. are classified in level 3 as of the end of the period.
• Weighted averages are calculated by weighting each input • Net unrealized gains/(losses) relates to investments that
by the relative fair value of the investment. were still held at period-end.
• The ranges and weighted averages of these inputs are not • Transfers between levels of the fair value hierarchy are
representative of the appropriate inputs to use when reported at the beginning of the reporting period in which
calculating the fair value of any one investment. For they occur. If an investment was transferred to level 3
example, the highest multiple for private equity securities is during a reporting period, its entire gain or loss for the
appropriate for valuing a specific private equity security period is classified in level 3.
but may not be appropriate for valuing any other private
equity security. Accordingly, the ranges of inputs do not
represent uncertainty in, or possible ranges of, fair value
measurements of level 3 investments.
• Increases in yield, discount rate, capitalization rate or
duration used in the valuation of level 3 investments would
have resulted in a lower fair value measurement, while
increases in recovery rate or multiples would have resulted
in a higher fair value measurement as of both December
2024 and December 2023. Due to the distinctive nature of
each level 3 investment, the interrelationship of inputs is
not necessarily uniform within each product type.

154 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The table below presents information, by product type, for Transfers into level 3 investments during 2024 primarily
investments included in the summary table above. reflected transfers of certain equity securities from level 2
(principally due to reduced price transparency as a result of a
Year Ended December
$ in millions 2024 2023 lack of market evidence, including fewer market transactions
Corporate debt securities in these instruments) and transfers of certain corporate debt
Beginning balance $ 6,533 $ 7,003 securities from level 2 (principally due to certain
Net realized gains/(losses) 179 360
unobservable yield inputs becoming significant to the
Net unrealized gains/(losses) (169) 1
Purchases 600 590 valuation of these instruments).
Sales (306) (458)
Settlements (1,672) (1,110)
Transfers out of level 3 investments during 2024 primarily
Transfers into level 3 462 755 reflected transfers of certain corporate debt securities to level
Transfers out of level 3 (1,117) (608) 2 (principally due to certain unobservable yield inputs no
Endingg balance $ 4,510 $ 6,533
longer being significant to the valuation of these instruments
Securities backed by real estate and increased price transparency as a result of market
Beginning balance $ 687 $ 827 evidence, including market transactions in these instruments)
Net realized gains/(losses) 52 12
Net unrealized gains/(losses) (82) (166)
and transfers of certain equity securities to level 2 (principally
Purchases 53 58 due to increased price transparency as a result of market
Sales (33) (148) evidence, including market transactions in these instruments).
Settlements (114) (62)
Transfers into level 3 1 171 Level 3 Rollforward Commentary for the Year Ended
Transfers out of level 3 (2) (5) December 2023. The net realized and unrealized losses on
Endingg balance $ 562 $ 687 level 3 investments of $259 million (reflecting $463 million of
Other debt obligations net realized gains and $722 million of net unrealized losses)
Beginning balance $ 244 $ 256 for 2023 included gains/(losses) of $(820) million reported in
Net realized gains/(losses) 5 4
Purchases 141 2
other principal transactions and $561 million reported in
Settlements (31) (18) interest income.
Transfers out of level 3 (31) —
Endingg balance $ 328 $ 244 The net unrealized losses on level 3 investments for 2023
primarily reflected losses on certain equity securities and
Equity securities
Beginning balance $ 9,674 $ 8,856 securities backed by real estate (in each case, principally due
Net realized gains/(losses) 106 87 to ongoing weakness in the commercial real estate market).
Net unrealized gains/(losses) (36) (557)
Purchases 601 1,001 Transfers into level 3 investments during 2023 primarily
Sales (577) (580) reflected transfers of certain equity securities and corporate
Settlements (505) (572) debt securities from level 2 (in each case, principally due to
Transfers into level 3 490 1,992
Transfers out of level 3 (1,011) (553)
reduced price transparency as a result of a lack of market
Endingg balance $ 8,742 $ 9,674 evidence, including fewer market transactions in these
instruments, and certain unobservable yield inputs becoming
Level 3 Rollforward Commentary for the Year Ended significant to the valuation of these instruments).
December 2024. The net realized and unrealized gains on
level 3 investments of $55 million (reflecting $342 million of Transfers out of level 3 investments during 2023 primarily
net realized gains and $287 million of net unrealized losses) reflected transfers of certain corporate debt securities to level
for 2024 included gains/(losses) of $(224) million reported in 2 (principally due to increased price transparency as a result
other principal transactions and $279 million reported in of market evidence, including market transactions in these
interest income. instruments, and certain unobservable yield inputs becoming
less significant to the valuation of these instruments), and
The net unrealized losses on level 3 investments for 2024 transfers of certain equity securities to level 2 (principally due
primarily reflected losses on certain corporate debt securities to increased price transparency as a result of market
(principally due to corporate performance and company- evidence, including market transactions in these instruments).
specific events).

Goldman Sachs 2024 Form 10-K 155

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Loans
Fair Value by Level. The table below presents loans held In the table above:
for investment accounted for at fair value under the fair value
• Ranges represent the significant unobservable inputs that
option by level within the fair value hierarchy. were used in the valuation of each type of loan.
$ in millions Level 1 Level 2 Level 3 Total • Weighted averages are calculated by weighting each input
As of December 2024 by the relative fair value of the loan.
Loan Type
Corporate $ – $ 64 $ 403 $ 467 • The ranges and weighted averages of these inputs are not
Real estate:
Commercial – 349 75 424
representative of the appropriate inputs to use when
Residential – 3,684 42 3,726 calculating the fair value of any one loan. For example, the
Other collateralized – 648 135 783 highest yield for corporate loans is appropriate for valuing
Other – 32 28 60 a specific corporate loan but may not be appropriate for
Total $ – $ 4,777 $ 683 $ 5,460
valuing any other corporate loan. Accordingly, the ranges
As of December 2023 of inputs do not represent uncertainty in, or possible ranges
Loan Type of, fair value measurements of level 3 loans.
Corporate $ – $ 415 $ 344 $ 759
Real estate: • Increases in yield or duration used in the valuation of level
Commercial – 360 203 563
Residential – 4,087 58 4,145
3 loans would have resulted in a lower fair value
Other collateralized – 775 136 911 measurement, while increases in recovery rate would have
Other – 46 82 128 resulted in a higher fair value measurement as of both
Total $ – $ 5,683 $ 823 $ 6,506 December 2024 and December 2023. Due to the distinctive
nature of each level 3 loan, the interrelationship of inputs is
The gains/(losses) as a result of changes in the fair value of
not necessarily uniform within each product type.
loans held for investment for which the fair value option was
elected were not material for both 2024 and 2023. These • Loans are valued using discounted cash flows.
gains/(losses) were included in other principal transactions.
• The significant unobservable inputs for yield and duration
Significant Unobservable Inputs. The table below (related to other loans) as of December 2024 did not have a
presents the amount of level 3 loans, and ranges and weighted range (and there was no weighted average) as each
averages of significant unobservable inputs used to value such pertained to a single position. Therefore, such
loans. unobservable inputs are not included in the table above.
As of December 2024 As of December 2023
Amount or Weighted Amount or Weighted
$ in millions Range Average Range Average
Corporate
Level 3 assets $ 403 $ 344
Yield 11.6% to 22.4% 17.5% 8.0% to 17.1% 10.5%
Recovery rate 37.2% to 95.6% 72.9% 2.0% to 95.0% 74.0%
Duration (years) 0.6 to 9.3 6.0 0.7 to 2.3 1.7
Real estate
Level 3 assets $ 117 $ 261
Yield 6.1% to 10.9% 6.7% 5.0% to 21.4% 18.1%
Recovery rate 3.3% to 99.2% 73.7% 5.3% to 99.2% 66.0%
Duration (years) 0.2 to 3.6 0.6 0.5 to 6.2 1.6
Other collateralized
Level 3 assets $ 135 $ 136
Yield 6.2% to 6.8% 6.3% 5.6% to 8.7% 6.1%
Other
Level 3 assets $ 28 $ 82
Yield N/A N/A 7.3% to 13.5% 9.6%
Duration (years) N/A N/A 3.6 to 5.2 4.2

156 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Level 3 Rollforward. The table below presents a summary The table below presents information, by loan type, for loans
of the changes in fair value for level 3 loans. included in the summary table above.
Year Ended December
Year Ended December
$ in millions 2024 2023
$ in millions 2024 2023
Corporate
Beginning balance $ 823 $ 1,837
Beginning balance $ 344 $ 637
Net realized gains/(losses) 33 26
Net realized gains/(losses) 12 10
Net unrealized gains/(losses) (41) (169)
Net unrealized gains/(losses) (26) (124)
Purchases 135 53
Purchases 127 10
Sales (61) (540)
Sales (5) (47)
Settlements (286) (318)
Settlements (160) (113)
Transfers into level 3 124 2
Transfers into level 3 111 2
Transfers out of level 3 (44) (68)
Transfers out of level 3 – (31)
Endingg balance $ 683 $ 823
Endingg balance $ 403 $ 344

In the table above: Real estate

Beginning balance $ 261 $ 785
• Changes in fair value are presented for loans that are Net realized gains/(losses) 9 11
classified in level 3 as of the end of the period. Net unrealized gains/(losses) (10) (42)
Purchases 2 7
• Net unrealized gains/(losses) relates to loans that were still Sales (52) (272)
held at period-end. Settlements (93) (192)
Transfers out of level 3 – (36)
• Purchases includes originations and secondary purchases. Endingg balance $ 117 $ 261

Other collateralized
• Transfers between levels of the fair value hierarchy are
Beginning balance $ 136 $ 140
reported at the beginning of the reporting period in which Net realized gains/(losses) 4 1
they occur. If a loan was transferred to level 3 during a Net unrealized gains/(losses) 1 (6)
reporting period, its entire gain or loss for the period is Purchases 6 5
Sales (3) (2)
classified in level 3. Settlements (22) (2)
Transfers into level 3 13 –
Ending balance $ 135 $ 136

Other
Beginning balance $ 82 $ 275
Net realized gains/(losses) 8 4
Net unrealized gains/(losses) (6) 3
Purchases – 31
Sales (1) (219)
Settlements (11) (11)
Transfers out of level 3 (44) (1)
Endingg balance $ 28 $ 82

Goldman Sachs 2024 Form 10-K 157

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Level 3 Rollforward Commentary for the Year Ended Other Financial Assets and Liabilities
December 2024. The net realized and unrealized losses on
Fair Value by Level. The table below presents, by level
level 3 loans of $8 million (reflecting $33 million of net
within the fair value hierarchy, other financial assets and
realized gains and $41 million of net unrealized losses) for
liabilities at fair value, substantially all of which are
2024 included gains/(losses) of $(13) million reported in other
accounted for at fair value under the fair value option.
principal transactions and $5 million reported in interest
income. $ in millions Level 1 Level 2 Level 3 Total
As of December 2024
The drivers of the net unrealized losses on level 3 loans for Assets
2024 were not material. Resale agreements $ – $ 179,793 $ – $ 179,793
Securities borrowed – 46,902 – 46,902
Transfers into level 3 loans during 2024 primarily reflected Customer and other receivables – 23 – 23
Other assets – – 194 194
transfers of certain corporate loans from level 2 (principally Total $ – $ 226,718 $ 194 $ 226,912
due to reduced price transparency as a result of a lack of
Liabilities
market evidence, including fewer market transactions in these
Deposits $ – $ (41,810) $ (3,045) $ (44,855)
instruments). Repurchase agreements – (274,380) – (274,380)
Securities loaned – (10,246) – (10,246)
The drivers of the transfers out of level 3 loans during 2024 Other secured financings – (27,434) (551) (27,985)
were not material. Unsecured borrowings:
Short-term – (45,073) (5,294) (50,367)
Level 3 Rollforward Commentary for the Year Ended Long-term – (75,810) (13,379) (89,189)
December 2023. The net realized and unrealized losses on Other liabilities – (8) (76) (84)
level 3 loans of $143 million (reflecting $26 million of net Total $ – $ (474,761) $ (22,345) $(497,106)
realized gains and $169 million of net unrealized losses) for As of December 2023
2023 included gains/(losses) of $(152) million reported in Assets
Resale agreements $ – $ 223,543 $ – $ 223,543
other principal transactions and $9 million reported in
Securities borrowed – 44,930 – 44,930
interest income. Customer and other receivables – 23 – 23
Other assets – 179 187 366
The net unrealized losses on level 3 loans for 2023 primarily Total $ – $ 268,675 $ 187 $ 268,862
reflected losses on corporate loans (principally due to
Liabilities
company-specific events).
Deposits $ – $ (26,723) $ (2,737) $ (29,460)
The drivers of both transfers into and transfers out of level 3 Repurchase agreements – (249,887) – (249,887)
Securities loaned – (8,934) – (8,934)
loans during 2023 were not material. Other secured financings – (10,532) (2,022) (12,554)
Unsecured borrowings:
Short-term – (40,538) (5,589) (46,127)
Long-term – (72,562) (13,848) (86,410)
Other liabilities – (187) (79) (266)
Total $ – $ (409,363) $ (24,275) $ (433,638)

In the table above, assets are shown as positive amounts and

liabilities are shown as negative amounts.
See Note 4 for an overview of the firm’s fair value
measurement policies, valuation techniques and significant
inputs used to determine the fair value of other financial
assets and liabilities.

158 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Significant Unobservable Inputs. See below for Level 3 Rollforward. The table below presents a summary
information about the significant unobservable inputs used to of the changes in fair value for level 3 other financial assets
value level 3 other financial assets and liabilities at fair value and liabilities accounted for at fair value.
as of both December 2024 and December 2023.
Year Ended December
Other Secured Financings. The ranges and weighted $ in millions 2024 2023
Assets
averages of significant unobservable inputs used to value level Beginning balance $ 187 $ 74
3 other secured financings are presented below. These ranges Net realized gains/(losses) – (2)
and weighted averages exclude unobservable inputs that are Net unrealized gains/(losses) 18 95
only relevant to a single instrument, and therefore are not Purchases – 20
Sales (11) –
meaningful. Endingg balance $ 194 $ 187
As of December 2024: Liabilities
Beginning balance $ (24,275) $ (18,826)
• Yield: 3.8% to 12.3% (weighted average: 8.9%) Net realized gains/(losses) (210) (212)
Net unrealized gains/(losses) 715 (1,667)
• Duration: 2.0 to 5.4 years (weighted average: 2.9 years) Issuances (9,768) (8,153)
Settlements 11,040 8,298
As of December 2023: Transfers into level 3 (1,835) (4,542)
Transfers out of level 3 1,988 827
• Yield: 6.7% to 11.3% (weighted average: 8.5%) Ending g balance $ (22,345) $ (24,275)

• Duration: 0.1 to 4.5 years (weighted average: 0.9 years)

In the table above:
Generally, increases in yield or duration, in isolation, would
• Changes in fair value are presented for all other financial
have resulted in a lower fair value measurement as of period-
assets and liabilities that are classified in level 3 as of the
end. Due to the distinctive nature of each of level 3 other
end of the period.
secured financings, the interrelationship of inputs is not
necessarily uniform across such financings. See Note 11 for • Net unrealized gains/(losses) relates to other financial
further information about other secured financings. assets and liabilities that were still held at period-end.
Deposits, Unsecured Borrowings and Other Assets • Transfers between levels of the fair value hierarchy are
and Liabilities. Substantially all of the firm’s deposits, reported at the beginning of the reporting period in which
unsecured short- and long-term borrowings, and other assets they occur. If a financial instrument was transferred to
and liabilities that are classified in level 3 are hybrid financial level 3 during a reporting period, its entire gain or loss for
instruments. As the significant unobservable inputs used to the period is classified in level 3.
value hybrid financial instruments primarily relate to the
• For level 3 other financial assets, increases are shown as
embedded derivative component of these deposits, unsecured
positive amounts, while decreases are shown as negative
borrowings and other assets and liabilities, these
amounts. For level 3 other financial liabilities, increases are
unobservable inputs are incorporated in the firm’s derivative
shown as negative amounts, while decreases are shown as
disclosures. See Note 12 for further information about other
positive amounts.
assets, Note 13 for further information about deposits, Note
14 for further information about unsecured borrowings and • Level 3 other financial assets and liabilities are frequently
Note 15 for further information about other liabilities. economically hedged with trading assets and liabilities.
Accordingly, gains or losses that are classified in level 3 can
be partially offset by gains or losses attributable to level 1,
2 or 3 trading assets and liabilities. As a result, gains or
losses included in the level 3 rollforward below do not
necessarily represent the overall impact on the firm’s
results of operations, liquidity or capital resources.

Goldman Sachs 2024 Form 10-K 159

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The table below presents information, by the consolidated The net unrealized gains on level 3 other financial liabilities
balance sheet line items, for other financial liabilities included for 2024 primarily reflected gains on certain hybrid financial
in the summary table above. instruments included in unsecured long-term borrowings
Year Ended December (principally due to the impact of increases in interest rates
$ in millions 2024 2023 and changes in foreign exchange rates), partially offset by
Deposits
Beginning balance $ (2,737) $ (2,743)
losses on certain hybrid financial instruments included in
Net realized gains/(losses) – (2) deposits (principally due to an increase in equity prices).
Net unrealized gains/(losses) (96) (140)
Issuances (1,086) (506) Transfers into level 3 other financial liabilities during 2024
Settlements 928 773 primarily reflected transfers of certain hybrid financial
Transfers into level 3 (173) (153) instruments included in unsecured long-term borrowings
Transfers out of level 3 119 34
Ending balance $ (3,045) $ (2,737)
from level 2 (principally due to reduced transparency of
certain credit spreads and volatility inputs used to value these
Other secured financings
Beginning balance $ (2,022) $ (1,842) instruments).
Net realized gains/(losses) (1) (19)
Net unrealized gains/(losses) 12 (50)
Transfers out of level 3 other financial liabilities during 2024
Issuances (51) (657) primarily reflected transfers of certain hybrid financial
Settlements 1,615 1,479 instruments included in long- and short-term borrowings to
Transfers into level 3 (104) (941)
level 2 (principally due to increased transparency of certain
Transfers out of level 3 – 8
Ending balance $ (551) $ (2,022) volatility inputs used to value these instruments).
Unsecured short-term borrowings Level 3 Rollforward Commentary for the Year Ended
Beginning balance $ (5,589) $ (4,090)
December 2023. The net realized and unrealized losses on
Net realized gains/(losses) (6) (36)
Net unrealized gains/(losses) 9 (563) level 3 other financial liabilities of $1.88 billion (reflecting
Issuances (4,883) (4,315) $212 million of net realized losses and $1.67 billion of net
Settlements 4,700 3,418 unrealized losses) for 2023 included losses of $1.41 billion
Transfers into level 3 (101) (281)
Transfers out of level 3 576 278
reported in market making, $23 million reported in other
Ending balance $ (5,294) $ (5,589) principal transactions and $22 million reported in interest
Unsecured long-term borrowings expense in the consolidated statements of earnings, and $427
Beginning balance $ (13,848) $ (10,066) million reported in debt valuation adjustment in the
Net realized gains/(losses) (203) (155) consolidated statements of comprehensive income.
Net unrealized gains/(losses) 787 (914)
Issuances (3,748) (2,675) The net unrealized losses on level 3 other financial liabilities
Settlements 3,797 2,622
for 2023 primarily reflected losses on certain hybrid financial
Transfers into level 3 (1,457) (3,167)
Transfers out of level 3 1,293 507 instruments included in unsecured long- and short-term
Ending balance $ (13,379) $ (13,848) borrowings (principally due to an increase in global equity
Other liabilities prices).
Beginning balance $ (79) $ (85)
Net unrealized gains/(losses) 3 – Transfers into level 3 other financial liabilities during 2023
Settlements – 6 primarily reflected transfers of certain hybrid financial
Ending balance $ (76) $ (79) instruments included in unsecured long-term borrowings
Level 3 Rollforward Commentary for the Year Ended from level 2 (principally due to reduced price transparency of
December 2024. The net realized and unrealized gains on certain credit spread and volatility inputs used to value these
level 3 other financial liabilities of $505 million (reflecting instruments) and transfers of certain other secured financings
$210 million of net realized losses and $715 million of net from level 2 (principally due to reduced price transparency of
unrealized gains) for 2024 included gains/(losses) of $491 certain yield and duration inputs used to value these
million reported in market making, $(42) million reported in instruments).
other principal transactions and $(1) million reported in Transfers out of level 3 other financial liabilities during 2023
interest expense in the consolidated statements of earnings, primarily reflected transfers of certain hybrid financial
and $57 million reported in debt valuation adjustment in the instruments included in unsecured long- and short-term
consolidated statements of comprehensive income. borrowings to level 2 (principally due to increased price
transparency of certain volatility inputs used to value these
instruments).

160 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 6.
Trading Assets and Liabilities
Trading assets and liabilities include trading cash instruments Gains and Losses from Market Making
and derivatives held in connection with the firm’s market- The table below presents market making revenues by major
making or risk management activities. These assets and product type.
liabilities are carried at fair value either under the fair value
Year Ended December
option or in accordance with other U.S. GAAP, and the $ in millions 2024 2023 2022
related fair value gains and losses are generally recognized in Interest rates $ 715 $ 4,437 $ (4,890)
the consolidated statements of earnings. Credit 2,467 1,141 1,095
Currencies 6,292 2,827 11,662
The table below presents a summary of trading assets and Equities 7,632 7,938 7,734
liabilities. Commodities 1,284 1,895 3,033
Total $ 18,390 $ 18,238 $ 18,634
Trading Trading
$ in millions Assets Liabilities In the table above:
As of December 2024
Trading cash instruments $ 523,216 $ 127,575 • Gains/(losses) include both realized and unrealized gains
Derivatives 47,339 74,980 and losses. Gains/(losses) exclude related interest income
Total $ 570,555 $ 202,555
and interest expense. See Note 23 for further information
As of December 2023 about interest income and interest expense.
Trading cash instruments $ 426,390 $ 143,601
Derivatives 51,120 56,754 • Gains/(losses) included in market making are primarily
Total $ 477,510 $ 200,355 related to the firm’s trading assets and liabilities, including
both derivative and non-derivative financial instruments.
See Note 5 for further information about trading cash
instruments and Note 7 for further information about • Gains/(losses) are not representative of the manner in
derivatives. which the firm manages its business activities because
many of the firm’s market-making and client facilitation
strategies utilize financial instruments across various
product types. Accordingly, gains or losses in one product
type frequently offset gains or losses in other product types.
For example, most of the firm’s longer-term derivatives
across product types are sensitive to changes in interest
rates and may be economically hedged with interest rate
swaps. Similarly, a significant portion of the firm’s trading
cash instruments and derivatives across product types has
exposure to foreign currencies and may be economically
hedged with foreign currency contracts.

Goldman Sachs 2024 Form 10-K 161

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 7.
Derivatives and Hedging Activities
Derivative Activities The firm enters into various types of derivatives, including:
Derivatives are instruments that derive their value from
underlying asset prices, indices, reference rates and other • Futures and Forwards. Contracts that commit
inputs, or a combination of these factors. Derivatives may be counterparties to purchase or sell financial instruments,
traded on an exchange (exchange-traded) or they may be commodities or currencies in the future.
privately negotiated contracts, which are usually referred to • Swaps. Contracts that require counterparties to exchange
as OTC derivatives. Certain of the firm’s OTC derivatives cash flows, such as currency or interest payment streams.
are cleared and settled through central clearing The amounts exchanged are based on the specific terms of
counterparties (OTC-cleared), while others are bilateral the contract with reference to specified rates, financial
contracts between two counterparties (bilateral OTC). instruments, commodities, currencies or indices.
Market Making. As a market maker, the firm enters into • Options. Contracts in which the option purchaser has the
derivative transactions to provide liquidity to clients and to right, but not the obligation, to purchase from or sell to the
facilitate the transfer and hedging of their risks. In this role, option writer financial instruments, commodities or
the firm typically acts as principal and is required to commit currencies within a defined time period for a specified
capital to provide execution, and maintains market-making price.
positions in response to, or in anticipation of, client demand.
Derivatives are reported on a net-by-counterparty basis (i.e.,
Risk Management. The firm also enters into derivatives to the net payable or receivable for derivative assets and
actively manage risk exposures that arise from its market- liabilities for a given counterparty) when a legal right of
making and investing and financing activities. The firm’s setoff exists under an enforceable netting agreement
holdings and exposures are hedged, in many cases, on either a (counterparty netting). Derivatives are accounted for at fair
portfolio or risk-specific basis, as opposed to an instrument- value, net of cash collateral received or posted under
by-instrument basis. The offsetting impact of this economic enforceable credit support agreements (cash collateral
hedging is reflected in the same business segment as the netting). Derivative assets are included in trading assets and
related revenues. In addition, the firm may enter into derivative liabilities are included in trading liabilities.
derivatives designated as hedges under U.S. GAAP. These Realized and unrealized gains and losses on derivatives not
derivatives are used to manage interest rate exposure of designated as hedges are included in market making (for
certain fixed-rate unsecured borrowings and deposits and derivatives included in Fixed Income, Currency and
certain U.S. and non-U.S. government securities classified as Commodities (FICC) and Equities within Global Banking &
available-for-sale, foreign exchange risk of certain available- Markets), and other principal transactions (for derivatives
for-sale securities, the net investment in certain non-U.S. included in Investment banking fees and Other within Global
operations and the exposure to the variability of the Banking & Markets, as well as derivatives in Asset & Wealth
forecasted cash flows associated with certain floating-rate Management) in the consolidated statements of earnings. For
assets. both 2024 and 2023, substantially all of the firm’s derivatives
were included in Global Banking & Markets.

162 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The tables below present the gross fair value and the notional Notional Amounts as of December
$ in millions
amounts of derivative contracts by major product type, the 2024 2023
Not accounted for as hedges
amounts of counterparty and cash collateral netting in the Exchange-traded $ 2,332,117 $ 3,854,689
consolidated balance sheets, as well as cash and securities OTC-cleared 12,571,690 16,007,915
collateral posted and received under enforceable credit Bilateral OTC 10,569,501 12,390,595
support agreements that do not meet the criteria for netting Total interest rates 25,473,308 32,253,199
Exchange-traded 322 299
under U.S. GAAP. OTC-cleared 660,181 498,720
Bilateral OTC 619,068 619,975
Fair Value as of December
Total credit 1,279,571 1,118,994
2024 2023
Exchange-traded 9,264 11,586
Derivative Derivative Derivative Derivative
OTC-cleared 429,858 268,293
$ in millions Assets Liabilities Assets Liabilities
Bilateral OTC 6,031,944 6,363,700
Not accounted for as hedges
Total currencies 6,471,066 6,643,579
Exchange-traded $ 2,706 $ 1,068 $ 3,401 $ 1,129
Exchange-traded 324,159 306,787
OTC-cleared 1,746 2,428 67,815 64,490
OTC-cleared 3,087 3,323
Bilateral OTC 152,083 121,515 171,109 149,444
Bilateral OTC 183,174 199,270
Total interest rates 156,535 125,011 242,325 215,063
Total commodities 510,420 509,380
OTC-cleared 1,787 1,893 1,271 1,533
Exchange-traded 1,868,855 1,564,341
Bilateral OTC 9,650 8,137 11,554 8,601
OTC-cleared 1,475 1,487
Total credit 11,437 10,030 12,825 10,134
Bilateral OTC 1,256,905 1,204,140
Exchange-traded 142 6 708 15
Total equities 3,127,235 2,769,968
OTC-cleared 1,325 993 1,033 1,632
Subtotal 36,861,600 43,295,120
Bilateral OTC 112,838 113,608 88,158 95,742
Accounted for as hedges
Total currencies 114,305 114,607 89,899 97,389
OTC-cleared 246,765 241,160
Exchange-traded 5,563 5,917 5,468 5,998
Bilateral OTC 3,588 2,914
OTC-cleared 558 650 635 711
Total interest rates 250,353 244,074
Bilateral OTC 7,205 7,958 10,739 11,234
OTC-cleared 5,041 1,227
Total commodities 13,326 14,525 16,842 17,943
Bilateral OTC 10,328 9,130
Exchange-traded 55,049 83,475 31,315 39,247
Total currencies 15,369 10,357
OTC-cleared 189 131 122 171
Subtotal 265,722 254,431
Bilateral OTC 24,941 44,900 28,601 40,696
Total notional amounts $ 37,127,322 $ 43,549,551
Total equities 80,179 128,506 60,038 80,114
Subtotal 375,782 392,679 421,929 420,643 In the tables above:
Accounted for as hedges
Bilateral OTC 201 8 298 9 • Gross fair values exclude the effects of both counterparty
Total interest rates 201 8 298 9 netting and collateral, and therefore are not representative
OTC-cleared 114 3 – 7 of the firm’s exposure.
Bilateral OTC 255 5 5 208
• Amounts presented for collateral not offset in the
Total currencies 369 8 5 215
Subtotal 570 16 303 224
consolidated balance sheets consists of collateral received
g
Total gross fair value $ 376,352 $ 392,695 $ 422,232 $ 420,867 or posted in connection with OTC-cleared and bilateral
OTC derivatives under enforceable credit support
Offset in the consolidated balance sheets agreements that do not meet the criteria for netting under
Exchange-traded $ (57,776) $ (57,776) $ (32,722) $ (32,722)
OTC-cleared (4,867) (4,867) (67,272) (67,272)
U.S. GAAP. In addition to collateral presented in the table
Bilateral OTC (218,269) (218,269) (221,395) (221,395)
above, the firm also posts or receives collateral in
Counterparty netting (280,912) (280,912) (321,389) (321,389) connection with its transactions with certain exchanges in
OTC-cleared (412) (105) (1,335) (486) accordance with the exchanges’ margin requirements. Such
Bilateral OTC (47,689) (36,698) (48,388) (42,238) collateral may be calculated based on the firm’s total
Cash collateral netting (48,101) (36,803) (49,723) (42,724) exposure to the respective exchange across all product
Total amounts offset $ (329,013) $ (317,715) $ (371,112) $ (364,113) types, including both derivative and non-derivative
Included in the consolidated balance sheets instruments. See Note 11 for further information about
Exchange-traded $ 5,684 $ 32,690 $ 8,170 $ 13,667 collateral received and pledged.
OTC-cleared 440 1,126 2,269 786 • Total gross fair value of derivatives included derivative
Bilateral OTC 41,215 41,164 40,681 42,301
Total $ 47,339 $ 74,980 $ 51,120 $ 56,754
assets of $8.55 billion as of December 2024 and $8.98 billion
as of December 2023, and derivative liabilities of $10.84
Not offset in the consolidated balance sheets billion as of December 2024 and $16.03 billion as of
Cash collateral $ (600) $ (1,271) $ (877) $ (2,732) December 2023, which are not subject to an enforceable
Securities collateral (14,938) (8,731) (13,425) (6,516)
Total $ 31,801 $ 64,978 $ 36,818 $ 47,506
netting agreement or are subject to a netting agreement that
the firm has not yet determined to be enforceable. The
collateral received or posted in connection with such
derivative agreements has not been netted.
• Notional amounts, which represent the sum of gross long
and short derivative contracts, provide an indication of the
volume of the firm’s derivative activity and do not
represent anticipated losses.
Goldman Sachs 2024 Form 10-K 163
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

• During 2024, as permitted under the rules of a clearing In the table above:
organization in Europe, Middle East and Africa (EMEA),
• Tenor is based on the remaining contractual maturity for
the firm elected to settle its transactions with this clearing
organization on a daily basis. The impact of reflecting substantially all OTC derivative assets and liabilities.
transactions with this clearing organization as settled • Counterparty netting within the same product type and
would have been a reduction in gross derivative assets of tenor category is included within such product type and
$64.19 billion and a reduction in gross derivative liabilities tenor category.
of $62.86 billion as of December 2023, and a corresponding
decrease in counterparty and cash collateral netting, with • Counterparty netting across product types within the same
no impact to the consolidated balance sheets. tenor category is included in counterparty netting in tenors.
Where the counterparty netting is across tenor categories,
OTC Derivatives
the netting is included in cross-tenor counterparty netting.
The table below presents OTC derivative assets and liabilities
by tenor and major product type. See Note 4 for an overview of the firm’s fair value
measurement policies, valuation techniques and significant
Less than 1 - 5 Greater than
$ in millions 1 Year Years 5 Years Total inputs used to determine the fair value of derivatives, and
As of December 2024 Note 5 for further information about derivatives within the
Assets fair value hierarchy.
Interest rates $ 5,880 $ 9,552 $ 46,625 $ 62,057
Credit 1,664 2,576 1,605 5,845 Credit Derivatives
Currencies 17,249 8,280 5,387 30,916
Commodities 1,908 1,882 1,026 4,816
The firm enters into a broad array of credit derivatives to
Equities 5,483 2,395 1,959 9,837 facilitate client transactions and to manage the credit risk
Counterparty netting in tenors (2,681) (2,683) (4,271) (9,635) associated with market-making and investing and financing
Subtotal $ 29,503 $22,002 $ 52,331 $103,836 activities. Credit derivatives are actively managed based on
Cross-tenor counterparty netting (14,080)
Cash collateral netting (48,101)
the firm’s net risk position. Credit derivatives are generally
Total OTC derivative assets $ 41,655 individually negotiated contracts and can have various
Liabilities
settlement and payment conventions. Credit events include
Interest rates $ 5,074 $10,858 $ 16,049 $ 31,981 failure to pay, bankruptcy, acceleration of indebtedness,
Credit 999 2,474 963 4,436 restructuring, repudiation and dissolution of the reference
Currencies 12,931 9,645 8,417 30,993 entity.
Commodities 2,012 2,448 1,201 5,661
Equities 11,435 15,113 3,189 29,737 The firm enters into the following types of credit derivatives:
Counterparty netting in tenors (2,681) (2,683) (4,271) (9,635)
Subtotal $ 29,770 $37,855 $ 25,548 $ 93,173 • Credit Default Swaps. Single-name credit default swaps
Cross-tenor counterparty netting (14,080) protect the buyer against the loss of principal on one or
Cash collateral netting (36,803)
Total OTC derivative liabilities $ 42,290
more bonds, loans or mortgages (reference obligations) in
the event the issuer of the reference obligations suffers a
As of December 2023
Assets
credit event. The buyer of protection pays an initial or
Interest rates $ 9,511 $12,178 $ 49,045 $ 70,734 periodic premium to the seller and receives protection for
Credit 1,814 3,283 1,961 7,058 the period of the contract. If there is no credit event, as
Currencies 9,117 7,579 5,479 22,175 defined in the contract, the seller of protection makes no
Commodities 2,993 2,574 1,451 7,018
Equities 6,625 3,155 1,655 11,435
payments to the buyer. If a credit event occurs, the seller of
Counterparty netting in tenors (3,046) (2,765) (3,648) (9,459) protection is required to make a payment to the buyer,
Subtotal $ 27,014 $26,004 $ 55,943 $108,961 calculated according to the terms of the contract.
Cross-tenor counterparty netting (16,288)
Cash collateral netting (49,723) • Credit Options. In a credit option, the option writer
Total OTC derivative assets $ 42,950 assumes the obligation to purchase or sell a reference
Liabilities obligation at a specified price or credit spread. The option
Interest rates $ 11,952 $15,972 $ 17,540 $ 45,464 purchaser buys the right, but does not assume the
Credit 792 2,508 1,067 4,367
obligation, to sell the reference obligation to, or purchase it
Currencies 15,335 7,934 7,299 30,568
Commodities 2,526 3,643 1,419 7,588 from, the option writer. The payments on credit options
Equities 10,183 10,048 3,340 23,571 depend either on a particular credit spread or the price of
Counterparty netting in tenors (3,046) (2,765) (3,648) (9,459) the reference obligation.
Subtotal $ 37,742 $37,340 $ 27,017 $102,099
Cross-tenor counterparty netting (16,288)
Cash collateral netting (42,724)
Total OTC derivative liabilities $ 43,087

164 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

• Credit Indices, Baskets and Tranches. Credit The table below presents information about credit
derivatives may reference a basket of single-name credit derivatives.
default swaps or a broad-based index. If a credit event
Credit Spread on Underlier (basis points)
occurs in one of the underlying reference obligations, the
Greater
protection seller pays the protection buyer. The payment is 251 - 501 - than
typically a pro-rata portion of the transaction’s total $ in millions 0 - 250 500 1,000 1,000 Total
notional amount based on the underlying defaulted As of December 2024
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor
reference obligation. In certain transactions, the credit risk
Less than 1 year $137,145 $23,875 $ 717 $ 3,041 $164,778
of a basket or index is separated into various portions 1 - 5 years 378,743 15,349 4,242 6,194 404,528
(tranches), each having different levels of subordination. Greater than 5 years 29,196 2,457 471 64 32,188
The most junior tranches cover initial defaults and once Total $545,084 $41,681 $ 5,430 $ 9,299 $601,494
losses exceed the notional amount of these junior tranches, Maximum Payout/Notional Amount of Purchased Credit Derivatives
any excess loss is covered by the next most senior tranche. Offsetting $463,919 $20,691 $ 4,781 $ 8,264 $497,655
Other 165,662 11,721 1,879 1,160 180,422
• Total Return Swaps. A total return swap transfers the Total $629,581 $32,412 $ 6,660 $ 9,424 $678,077
risks relating to economic performance of a reference Fair Value of Written Credit Derivatives
obligation from the protection buyer to the protection Asset $ 6,429 $ 664 $ 31 $ 59 $ 7,183
seller. Typically, the protection buyer receives a floating Liability 985 314 307 1,138 2,744
Net asset/(liability) $ 5,444 $ 350 $ (276) $ (1,079) $ 4,439
rate of interest and protection against any reduction in fair
value of the reference obligation, and the protection seller As of December 2023
receives the cash flows associated with the reference Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor
Less than 1 year $ 126,667 $12,594 $ 892 $ 3,611 $143,764
obligation, plus any increase in the fair value of the 1 - 5 years 324,577 11,371 5,613 5,802 347,363
reference obligation. Greater than 5 years 30,406 1,316 671 249 32,642
Total $ 481,650 $25,281 $ 7,176 $ 9,662 $523,769
The firm economically hedges its exposure to written credit
derivatives primarily by entering into offsetting purchased Maximum Payout/Notional Amount of Purchased Credit Derivatives
Offsetting $ 396,984 $11,857 $ 6,241 $ 8,246 $423,328
credit derivatives with identical underliers. Substantially all Other 155,468 12,862 1,948 1,619 171,897
of the firm’s purchased credit derivative transactions are with Total $ 552,452 $24,719 $ 8,189 $ 9,865 $595,225
financial institutions and are subject to stringent collateral Fair Value of Written Credit Derivatives
thresholds. In addition, upon the occurrence of a specified Asset $ 11,147 $ 654 $ 221 $ 165 $ 12,187
trigger event, the firm may take possession of the reference Liability 1,723 47 201 1,034 3,005
obligations underlying a particular written credit derivative, Net asset/(liability) $ 9,424 $ 607 $ 20 $ (869) $ 9,182
and consequently may, upon liquidation of the reference
In the table above:
obligations, recover amounts on the underlying reference
obligations in the event of default. • Fair values exclude the effects of both netting of receivable
balances with payable balances under enforceable netting
agreements, and netting of cash received or posted under
enforceable credit support agreements, and therefore are
not representative of the firm’s credit exposure.
• Tenor is based on the remaining contractual maturity for
substantially all written credit derivatives.
• The credit spread on the underlier, together with the tenor
of the contract, are indicators of payment/performance
risk. The firm is less likely to pay or otherwise be required
to perform where the credit spread and the tenor are lower.
• Offsetting purchased credit derivatives represent the
notional amount of purchased credit derivatives that
economically hedge written credit derivatives with identical
underliers.
• Other purchased credit derivatives represent the notional
amount of all other purchased credit derivatives not
included in offsetting.
• Written and purchased credit derivatives primarily consist
of credit default swaps.

Goldman Sachs 2024 Form 10-K 165

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Impact of Credit and Funding Spreads on Derivatives The table below presents information about net derivative
The firm realizes gains or losses on its derivative contracts. liabilities under bilateral agreements (excluding collateral
These gains or losses include credit valuation adjustments posted), the fair value of collateral posted and additional
(CVAs) relating to uncollateralized derivative assets and collateral or termination payments that could have been
liabilities, which represent the gains or losses (including called by counterparties in the event of a one- or two-notch
hedges) attributable to the impact of changes in credit downgrade in the firm’s credit ratings.
exposure, counterparty credit spreads, liability funding
As of December
spreads (which include the firm’s own credit), probability of $ in millions 2024 2023
default and assumed recovery. These gains or losses also Net derivative liabilities under bilateral agreements $ 31,575 $ 30,021
include funding valuation adjustments (FVA) relating to Collateral posted $ 20,262 $ 20,758
Additional collateral or termination payments:
uncollateralized derivative assets, which represent the gains One-notch downgrade $ 315 $ 271
or losses (including hedges) attributable to the impact of Two-notch downgrade $ 1,200 $ 1,584
changes in expected funding exposures and funding spreads.
Hedge Accounting
The table below presents information about CVA and FVA. The firm applies hedge accounting for (i) interest rate swaps
Year Ended December used to manage the interest rate exposure of certain fixed-
$ in millions 2024 2023 2022 rate unsecured long- and short-term borrowings, certain
CVA, net of hedges $ 187 $ (139) $ 320 fixed-rate certificates of deposit and certain U.S. and non-
FVA, net of hedges 142 131 (193) U.S. government securities classified as available-for-sale, (ii)
Total $ 329 $ (8) $ 127 foreign currency forward contracts used to manage the
Bifurcated Embedded Derivatives
foreign exchange risk of certain securities classified as
available-for-sale, (iii) foreign currency forward contracts
The table below presents the fair value and the notional and foreign currency-denominated debt used to manage
amount of derivatives that have been bifurcated from their foreign exchange risk on the firm’s net investment in certain
related borrowings. non-U.S. operations and (iv) interest rate swaps used to
As of December
manage the variability of the forecasted cash flows associated
$ in millions 2024 2023 with certain floating-rate assets.
Fair value of assets $ 467 $ 450
Fair value of liabilities (175) (307)
To qualify for hedge accounting, the hedging instrument
Net asset/(liability) y $ 292 $ 143 must be highly effective at reducing the risk from the
Notional amount $ 8,106 $ 8,082 exposure being hedged. Additionally, the firm must formally
document the hedging relationship at inception and assess the
In the table above, derivatives that have been bifurcated from hedging relationship at least on a quarterly basis to ensure the
their related borrowings are recorded at fair value and hedging instrument continues to be highly effective over the
primarily consist of interest rate, equity and commodity life of the hedging relationship.
products. These derivatives are included in unsecured short-
Fair Value Hedges
and long-term borrowings, as well as other secured
The firm designates interest rate swaps as fair value hedges of
financings, with the related borrowings. certain fixed-rate unsecured long- and short-term debt and
Derivatives with Credit-Related Contingent Features fixed-rate certificates of deposit and of certain U.S. and non-
Certain of the firm’s derivatives have been transacted under U.S. government securities classified as available-for-sale.
bilateral agreements with counterparties who may require the These interest rate swaps hedge changes in fair value
firm to post collateral or terminate the transactions based on attributable to the designated benchmark interest rate (e.g.,
Secured Overnight Financing Rate (SOFR), Overnight Index
changes in the firm’s credit ratings. The firm assesses the
Swap Rate or Sterling Overnight Index Average), effectively
impact of these bilateral agreements by determining the converting a substantial portion of these fixed-rate financial
collateral or termination payments that would occur instruments into floating-rate financial instruments.
assuming a downgrade by all rating agencies. A downgrade
by any one rating agency, depending on the agency’s relative The firm applies a statistical method that utilizes regression
ratings of the firm at the time of the downgrade, may have an analysis when assessing the effectiveness of these hedging
impact which is comparable to the impact of a downgrade by relationships in achieving offsetting changes in the fair values
all rating agencies. of the hedging instrument and the risk being hedged (i.e.,
interest rate risk). An interest rate swap is considered highly
effective in offsetting changes in fair value attributable to
changes in the hedged risk when the regression analysis
results in a coefficient of determination of 80% or greater
and a slope between 80% and 125%.

166 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

For qualifying interest rate fair value hedges, gains or losses In addition, cumulative hedging adjustments for items no
on derivatives are included in interest income/expense. The longer designated in a hedging relationship were not material
change in fair value of the hedged items attributable to the as of both December 2024 and December 2023.
risk being hedged is reported as an adjustment to its carrying
The firm designates certain foreign currency forward
value (hedging adjustment) and is also included in interest
contracts as fair value hedges of the foreign exchange risk of
income/expense. When a derivative is no longer designated as
non-U.S. government securities classified as available-for-
a hedge, any remaining difference between the carrying value
sale. See Note 8 for information about the amortized cost and
and par value of the hedged item is amortized in interest
fair value of such securities. The effectiveness of such hedges
income/expense over the remaining life of the hedged item
is assessed based on changes in spot rates. The gains/(losses)
using the effective interest method. See Note 23 for further
on the hedges (relating to both spot and forward points) and
information about interest income and interest expense.
the foreign exchange gains/(losses) on the related available-
The table below presents the gains/(losses) from interest rate for-sale securities are included in market making. The net
derivatives accounted for as hedges and the related hedged gains/(losses) on hedges and the related hedged available-for-
items. sale securities were not material for 2024, were $(2) million
Year Ended December
(reflecting a loss of $127 million related to hedges and a gain
$ in millions 2024 2023 2022 of $125 million on the related hedged available-for-sale
Investments securities) for 2023 and were $(30) million (reflecting a gain
Interest rate hedges $ 63 $ (109) $ 366 of $266 million related to hedges and a loss of $296 million
Hedged investments (80) 111 (350)
on the related hedged available-for-sale securities) for 2022.
Gains/(losses) $ (17) $ 2 $ 16

Borrowings and deposits Net Investment Hedges

Interest rate hedges $ (581) $ 3,859 $(22,183) The firm seeks to reduce the impact of fluctuations in foreign
Hedged borrowings and deposits 181 (4,344) 21,662 exchange rates on its net investments in certain non-U.S.
Gains/(losses) $ (400) $ (485) $ (521)
operations through the use of foreign currency forward
The table below presents the carrying value of investments, contracts and foreign currency-denominated debt. For
deposits and unsecured borrowings that are designated in an foreign currency forward contracts designated as hedges, the
interest rate hedging relationship and the related cumulative effectiveness of the hedge is assessed based on the overall
hedging adjustment (increase/(decrease)) from current and changes in the fair value of the forward contracts (i.e., based
prior hedging relationships included in such carrying values. on changes in forward rates). For foreign currency-
denominated debt designated as a hedge, the effectiveness of
Cumulative
Carrying Hedging
the hedge is assessed based on changes in spot rates. For
$ in millions Value Adjustment qualifying net investment hedges, all gains or losses on the
As of December 2024 hedging instruments are included in currency translation.
Assets
Investments $ 34,755 $ (279) The table below presents the gains/(losses) from net
Liabilities
investment hedging.
Deposits $ 1,840 $ (52) Year Ended December
Unsecured short-term borrowings $ 14,720 $ (113) $ in millions 2024 2023 2022
Unsecured long-term borrowings $ 130,161 $ (10,757) Hedges:
As of December 2023 Foreign currency forward contracts $ 1,064 $ (276) $ 1,713
Assets Foreign currency-denominated debt $ 1,633 $ (550) $ (269)
Investments $ 16,523 $ (104)
Gains or losses on individual net investments in non-U.S.
Liabilities
operations are reclassified from accumulated other
Deposits $ 3,435 $ (123)
Unsecured short-term borrowings $ 14,449 $ (94) comprehensive income/(loss) to earnings when such net
Unsecured long-term borrowings $ 134,992 $ (10,810) investments are sold or substantially liquidated. The gross
and net gains/(losses) reclassified to earnings from
In the table above: accumulated other comprehensive income/(loss) were not
• Cumulative hedging adjustment included $(5.81) billion as material for 2024, were $(49) million (reflecting a gain of
of December 2024 and $(5.63) billion as of December 2023 $90 million related to hedges and a loss of $139 million on the
of hedging adjustments from prior hedging relationships related net investments in non-U.S. operations) for 2023 and
that were de-designated and substantially all were related were not material for 2022.
to unsecured long-term borrowings. The firm had designated $22.10 billion as of December 2024
• The amortized cost of investments was $35.29 billion as of and $27.52 billion as of December 2023 of foreign currency-
December 2024 and $17.33 billion as of December 2023. denominated debt, included in unsecured long- and short-
term borrowings, as hedges of net investments in non-U.S.
subsidiaries.
Goldman Sachs 2024 Form 10-K 167
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Cash Flow Hedges Note 8.

During the fourth quarter of 2024, the firm designated certain Investments
interest rate swaps as cash flow hedges. These interest rate
swaps hedge the firm’s exposure to the variability of the Investments includes debt securities classified as available-
forecasted cash flows due to changes in the contractually for-sale and held-to-maturity that are generally held in
specified interest rates associated with certain floating-rate connection with the firm’s asset-liability management
assets. activities. In addition, investments includes equity securities
and debt instruments that are accounted for at fair value and
The firm applies a statistical method that utilizes regression
equity securities that are accounted for under the equity
analysis when assessing hedge effectiveness. A cash flow
method that are generally held by the firm in connection with
hedge is considered highly effective in offsetting the
its long-term investing activities.
variability of the forecasted cash flows attributable to the
hedged risk when the regression analysis results in a The table below presents information about investments.
coefficient of determination of 80% or greater and a slope
As of December
between 80% and 125%. $ in millions 2024 2023
Available-for-sale securities, at fair value $ 79,458 $ 49,141
For qualifying cash flow hedges, the gains or losses on
Held-to-maturity securities 78,713 70,310
derivatives are included in “Cash flow hedges” within the
consolidated statements of comprehensive income. Such gains Equity securities, at fair value 13,832 13,747
Debt instruments, at fair value 11,452 12,879
or losses are reclassified to interest income/expense within the
Equity-method investments 1,059 762
consolidated statements of earnings in the same period that Total other investments 26,343 27,388
the forecasted hedged cash flows impact earnings. Total investments $ 184,514 $ 146,839
The gains/(losses) included within other comprehensive
Beginning in the fourth quarter of 2024, as the balances have
income/(loss) and the gains/(losses) reclassified to earnings
increased during the year, investments are further
from accumulated other comprehensive income/(loss) related
disaggregated between available-for-sale securities, held-to-
to cash flow hedges were not material for 2024 and are not
maturity securities and other investments in the consolidated
expected to be material for 2025. The maximum length of
balance sheets and the related cash flows are disaggregated in
time over which the forecasted cash flows are hedged is
the consolidated statements of cash flows. Previously, the
approximately one year.
disaggregation of investments was provided in this footnote.
Prior period disclosures have been conformed to the current
presentation.
See Note 4 for an overview of the firm’s fair value
measurement policies, valuation techniques and significant
inputs used to determine the fair value of investments, and
Note 5 for information about investments within the fair
value hierarchy.

168 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Available-for-Sale Securities, at Fair Value • As of December 2024, the gross unrealized gains included
Available-for-sale securities are accounted for at fair value, in accumulated other comprehensive income/(loss) were
and the related unrealized fair value gains and losses are not material and the gross unrealized losses included in
included in accumulated other comprehensive income/(loss) accumulated other comprehensive income/(loss) were
unless designated in a fair value hedging relationship. See $1.38 billion. Of such losses, $983 million related to
Note 7 for information about available-for-sale securities securities (fair value of $21.10 billion, primarily consisting
that are designated in a hedging relationship. of U.S. government obligations) that were in a continuous
The table below presents information about available-for- unrealized loss position for 12 months or longer and $399
sale securities by type and tenor. million related to securities (fair value of $32.71 billion,
substantially all consisting of U.S. government obligations)
Weighted that were in a continuous unrealized loss position for less
Amortized Fair Average
$ in millions Cost Value Yield than 12 months.
As of December 2024
Less than 1 year $ 21,176 $ 21,011 2.62% As of December 2023, the gross unrealized gains included
1 year to 5 years 48,564 47,931 3.64% in accumulated other comprehensive income/(loss) were
5 years to 10 years 6,620 6,468 3.93% not material and the gross unrealized losses included in
Total U.S. government obligations 76,360 75,410 3.38%
accumulated other comprehensive income/(loss) were
1 year to 5 years 4,224 3,893 1.73% $1.89 billion, and primarily related to U.S. government
5 years to 10 years 193 155 0.72%
Total non-U.S. government obligations 4,417 4,048 1.69% obligations in a continuous unrealized loss position for 12
Total available-for-sale securities $ 80,777 $ 79,458 3.29% months or longer.
As of December 2023
Less than 1 year $ 20,027 $ 19,687 0.45%
Net unrealized gains included in other comprehensive
1 year to 5 years 27,592 26,500 1.83% income/(loss) were $541 million ($401 million, net of tax)
5 years to 10 years 586 544 2.05% for 2024 and $1.65 billion ($1.25 billion, net of tax) for
Total U.S. government obligations 48,205 46,731 1.25% 2023.
Less than 1 year 11 11 0.01%
1 year to 5 years 1,635 1,420 0.10% • Substantially all available-for-sale securities were classified
5 years to 10 years 1,150 979 0.84% in level 1 of the fair value hierarchy.
Total non-U.S. government obligations 2,796 2,410 0.40%
Total available-for-sale securities $ 51,001 $ 49,141 1.21% • If the fair value of available-for-sale securities is less than
amortized cost, such securities are considered impaired. If
In the table above: the firm has the intent to sell the debt security, or if it is
• The weighted average yield is presented on a pre-tax basis more likely than not that the firm will be required to sell
and computed using the effective interest rate of each the debt security before recovery of its amortized cost, the
security at the end of the period, weighted based on the fair difference between the amortized cost (net of allowance, if
value of each security. The effective interest rate considers any) and the fair value of the securities is recognized as an
the contractual coupon, the amortization of premiums and impairment loss in earnings. The firm did not record any
accretion of discounts, and excludes the effect of related such impairment losses during either 2024 or 2023.
hedges. Impaired available-for-sale debt securities that the firm has
the intent and ability to hold are reviewed to determine if
an allowance for credit losses should be recorded. The firm
considers various factors in such determination, including
market conditions, changes in issuer credit ratings and
severity of the unrealized losses. The firm did not record
any provision for credit losses on such securities during
either 2024 or 2023.
The gross realized gains and gross realized losses relating to
the sales of available-for-sale securities were not material for
each of 2024, 2023 and 2022. The specific identification
method is used to determine realized gains on available-for-
sale securities.

Goldman Sachs 2024 Form 10-K 169

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Held-to-Maturity Securities • The gross unrealized gains were $121 million as of

Held-to-maturity securities are accounted for at amortized December 2024 and $383 million as of December 2023. The
cost. gross unrealized losses were $796 million as of December
2024 and $901 million as of December 2023.
The table below presents information about held-to-maturity
securities by type and tenor. • Held-to-maturity securities are reviewed to determine if an
Weighted allowance for credit losses should be recorded in the
Amortized Fair Average consolidated statements of earnings. The firm considers
$ in millions Cost Value Yield
various factors in such determination, including market
As of December 2024
Less than 1 year $ 15,449 $ 15,409 3.46% conditions, changes in issuer credit ratings, historical credit
1 year to 5 years 42,420 41,939 3.66% losses and sovereign guarantees. Provision for credit losses
Total government obligations 57,869 57,348 3.61% on such securities was not material during either 2024 or
Greater than 10 years 20,637 20,482 5.42% 2023.
Total U.S. agency obligations 20,637 20,482 5.42%
Equity Securities and Debt Instruments, at Fair Value
1 year to 5 years 2 2 7.50% Equity securities and debt instruments, at fair value are
Greater than 10 years 205 206 5.25%
Total securities backed by real estate 207 208 5.29%
accounted for at fair value either under the fair value option
Total held-to-maturityy securities $ 78,713 $ 78,038 4.09% or in accordance with other U.S. GAAP, and the related fair
value gains and losses are recognized in the consolidated
As of December 2023
Less than 1 year $ 13,475 $ 13,382 2.90%
statements of earnings.
1 year to 5 years 54,789 54,352 3.58%
Equity Securities, at Fair Value. Equity securities, at fair
5 years to 10 years 1,848 1,861 3.94%
Total government obligations 70,112 69,595 3.46% value consists of the firm’s public and private equity
investments in corporate and real estate entities.
1 year to 5 years 3 2 7.92%
Greater than 10 years 195 195 5.98% The table below presents information about equity securities,
Total securities backed by real estate 198 197 6.02% at fair value.
Total held-to-maturityy securities $ 70,310 $ 69,792 3.47%
As of December
In the table above: $ in millions 2024 2023
q y securities, at fair value
Equity $ 13,832 $ 13,747
• Substantially all of the government obligations consist of
U.S. government obligations. Equity Type
Public equity 6% 9%
• U.S. agency obligations consist of U.S. agency issued Private equity 94% 91%
Total 100% 100%
mortgage-backed securities.
Asset Class
• Substantially all of the securities backed by real estate Corporate 75% 73%
consist of securities backed by residential real estate. Real estate 25% 27%
Total 100% 100%
• As these securities are not accounted for at fair value, they
are not included in the firm’s fair value hierarchy in Notes In the table above:
4 and 5. Had these securities been included in the firm’s fair • Equity securities, at fair value included investments
value hierarchy, government obligations would have been accounted for at fair value under the fair value option
classified in level 1, U.S. agency obligations would have where the firm would otherwise apply the equity method of
been classified in level 2 and securities backed by real estate accounting of $5.04 billion as of December 2024 and $5.18
would have been primarily classified in level 2 of the fair billion as of December 2023. Gains/(losses) recognized as a
value hierarchy. result of changes in the fair value of equity securities for
• The weighted average yield is presented on a pre-tax basis which the fair value option was elected were $(172) million
and computed using the effective interest rate of each for 2024 and $(638) million for 2023. These gains/(losses)
security at the end of the period, weighted based on the are included in other principal transactions.
amortized cost of each security. The effective interest rate • Equity securities, at fair value includes investments in
considers the contractual coupon and the amortization of private equity, real estate and hedge funds that are
premiums and accretion of discounts. measured at NAV.
• Equity securities subject to contractual sale restrictions
were not material as of both December 2024 and December
2023.

170 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Debt Instruments, at Fair Value. Debt instruments, at fair Private equity funds primarily invest in a broad range of
value primarily includes mezzanine, senior and distressed industries worldwide, including leveraged buyouts,
debt. recapitalizations, growth investments and distressed
investments. Credit funds generally invest in loans and other
The table below presents information about debt
fixed income instruments and are focused on providing
instruments, at fair value.
private high-yield capital for leveraged and management
As of December buyout transactions, recapitalizations, financings,
$ in millions 2024 2023 refinancings, acquisitions and restructurings for private
Corporate debt securities $ 7,276 $ 8,992
Securities backed by real estate 569 689
equity firms, private family companies and corporate issuers.
Money market instruments 1,780 1,051 Real estate funds invest globally, primarily in real estate
Other 1,827 2,147 companies, loan portfolios, debt recapitalizations and
Total $ 11,452 $ 12,879 property. Substantially all private equity, credit and real
In the table above, money market instruments primarily estate funds are closed-end funds in which the firm’s
consist of time deposits and other primarily includes investments are generally not eligible for redemption.
investments in credit funds that are measured at NAV. Distributions will be received from these funds as the
underlying assets are liquidated or distributed, the timing of
Investments in Funds at Net Asset Value Per Share. which is uncertain.
Equity securities and debt instruments, at fair value include
investments in funds that are measured at NAV of the The firm also invests in hedge funds, primarily multi-
investment fund. The firm uses NAV to measure the fair disciplinary hedge funds that employ a fundamental bottom-
value of fund investments when (i) the fund investment does up investment approach across various asset classes and
not have a readily determinable fair value and (ii) the NAV of strategies. The firm’s investments in hedge funds primarily
the investment fund is calculated in a manner consistent with include interests where the underlying assets are illiquid in
the measurement principles of investment company nature, and proceeds from redemptions will not be received
accounting, including measurement of the investments at fair until the underlying assets are liquidated or distributed, the
value. timing of which is uncertain.
Substantially all of the firm’s investments in funds at NAV The table below presents the fair value of investments in
consist of investments in firm-sponsored private equity, funds at NAV and the related unfunded commitments.
credit, real estate and hedge funds where the firm co-invests
Fair Value of Unfunded
with third-party investors. $ in millions Investments Commitments
As of December 2024
Private equity funds $ 881 $ 432
Credit funds 1,281 364
Hedge funds 31 –
Real estate funds 354 159
Total $ 2,547 $ 955

As of December 2023
Private equity funds $ 875 $ 484
Credit funds 1,733 248
Hedge funds 46 –
Real estate funds 346 65
Total $ 3,000 $ 797

Goldman Sachs 2024 Form 10-K 171

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 9.

Loans
Loans includes (i) loans held for investment that are In the table above:
accounted for at amortized cost net of allowance for loan
losses or at fair value under the fair value option and (ii) • Loans held for investment that are accounted for at
loans held for sale that are accounted for at the lower of cost amortized cost include net deferred fees and costs, and
or fair value. Interest on loans is recognized over the life of unamortized premiums and discounts, which are amortized
the loan and is recorded on an accrual basis. over the life of the loan. These amounts were less than 1%
of loans accounted for at amortized cost as of both
The table below presents information about loans. December 2024 and December 2023.
Amortized Fair Held For • Substantially all loans had floating interest rates as of both
$ in millions Cost Value Sale Total December 2024 and December 2023.
As of December 2024
Loan Type • During 2024, the firm sold the seller financing loan
Corporate $ 28,689 $ 467 $ 816 $ 29,972 portfolio (included in installment loans). The net carrying
Commercial real estate 28,899 424 466 29,789
Residential real estate 22,243 3,726 – 25,969
value of such loans at the time of the sale was not material.
Securities-based 16,477 – – 16,477
• During 2023, the firm sold $3.24 billion of the Marcus loan
Other collateralized 74,008 783 316 75,107
Consumer: portfolio (included in installment loans).
Installment – – 70 70
Credit cards 19,615 – 1,788 21,403
• During 2023, the firm sold approximately $4.0 billion of
Other 1,950 60 69 2,079 the GreenSky loan portfolio (included in installment loans)
Total loans, gross 191,881 5,460 3,525 200,866 and during 2024, sold the remaining GreenSky loan
Allowance for loan losses (4,666) – – (4,666)
portfolio of $3.69 billion.
Total loans $ 187,215 $ 5,460 $ 3,525 $ 196,200

As of December 2023 • During 2023, the firm transferred approximately

Loan Type $2.0 billion of the GM co-branded credit card portfolio to
Corporate $ 33,866 $ 759 $ 1,249 $ 35,874 held for sale. During 2024, we entered into an agreement to
Commercial real estate 25,025 563 440 26,028
Residential real estate 21,243 4,145 – 25,388
transition the GM credit card program to another issuer.
Securities-based 14,621 – – 14,621 The transition is expected to be completed in the third
Other collateralized 61,105 911 209 62,225 quarter of 2025.
Consumer:
Installment 250 – 3,048 3,298 • During 2023, the firm purchased a portfolio of
Credit cards 17,432 – 1,929 19,361 approximately $15.0 billion of private equity capital call
Other 1,333 128 152 1,613
credit facilities (including approximately $9.0 billion of
Total loans, gross 174,875 6,506 7,027 188,408
Allowance for loan losses (5,050) – – (5,050) funded loans) from the FDIC’s auction of Signature Bank’s
Total loans $ 169,825 $ 6,506 $ 7,027 $ 183,358 loans.

172 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The following is a description of the loan types in the table • Other Collateralized. Other collateralized loans includes
above: loans that are backed by specific collateral (other than
securities-based loans where there is a daily margin
• Corporate. Corporate loans includes term loans, revolving
requirement and real estate loans). Such loans are extended
lines of credit, letter of credit facilities and bridge loans,
to clients who warehouse assets that are directly or
and are principally used for operating and general
indirectly secured by corporate loans, consumer loans and
corporate purposes, or in connection with acquisitions.
other assets. Other collateralized loans also includes loans
Corporate loans are secured (typically by a senior lien on
to investment funds (managed by third parties) that are
the assets of the borrower) or unsecured, depending on the
collateralized by capital commitments of the funds’
loan purpose, the risk profile of the borrower and other
investors or assets held by the fund, as well as other
factors.
secured loans extended to the firm’s wealth management
• Commercial Real Estate. Commercial real estate loans and corporate clients.
includes originated loans that are directly or indirectly
• Installment. Installment loans are unsecured loans that
secured by hotels, retail stores, multifamily housing
were originated by the firm.
complexes and commercial and industrial properties.
Commercial real estate loans also includes loans extended • Credit Cards. Credit card loans are loans made pursuant
to clients who warehouse assets that are directly or to revolving lines of credit issued to consumers by the firm.
indirectly backed by commercial real estate. In addition,
• Other. Other loans primarily includes unsecured loans
commercial real estate includes loans purchased by the
extended to wealth management clients and unsecured
firm.
consumer loans purchased by the firm.
• Residential Real Estate. Residential real estate loans
See Note 4 for an overview of the firm’s fair value
primarily includes loans extended to wealth management
measurement policies, valuation techniques and significant
clients and to clients who warehouse assets that are directly
inputs used to determine the fair value of loans, and Note 5
or indirectly secured by residential real estate. In addition,
for information about loans within the fair value hierarchy.
residential real estate includes loans purchased by the firm.
Credit Quality
• Securities-Based. Securities-based loans includes loans
Risk Assessment. The firm’s risk assessment process
that are secured by stocks, bonds, mutual funds, and
includes evaluating the credit quality of its loans by Risk. For
exchange-traded funds. These loans are primarily extended
corporate loans and a majority of securities-based, real
to the firm’s wealth management clients and used for
estate, other collateralized and other loans, the firm performs
purposes other than purchasing, carrying or trading margin
credit analyses which incorporate initial and ongoing
stocks. Securities-based loans require borrowers to post
evaluations of the capacity and willingness of a borrower to
additional collateral on a daily basis (daily margin
meet its financial obligations. These credit evaluations are
requirement) based on changes in the underlying
performed on an annual basis or more frequently if deemed
collateral’s fair value.
necessary as a result of events or changes in circumstances.
The firm determines an internal credit rating for the
borrower by considering the results of the credit evaluations
and assumptions with respect to the nature of and outlook
for the borrower’s industry and the economic environment.
For collateralized loans, the firm also takes into
consideration collateral received or other credit support
arrangements when determining an internal credit rating. For
consumer loans and for loans that are not assigned an
internal credit rating, including U.S. residential mortgage
loans extended to wealth management clients, the firm
reviews certain key metrics, including, but not limited to, the
Fair Isaac Corporation (FICO) credit scores, loan to value
ratios, delinquency status, collateral value and other risk
factors.

Goldman Sachs 2024 Form 10-K 173

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The table below presents gross loans by an internally In the table above:
determined public rating agency equivalent or other credit
• Substantially all residential real estate loans included in the
metrics and the concentration of secured and unsecured
other metrics/unrated category consists of loans extended
loans.
to wealth management clients. As of both December 2024
and December 2023, substantially all of such loans had a
Investment- Non-Investment- Other Metrics/
$ in millions Grade Grade Unrated Total loan-to-value ratio of less than 80% and were performing
As of December 2024 in accordance with the contractual terms. Additionally, as
Accounting Method of both December 2024 and December 2023, the vast
Amortized cost $ 113,986 $ 45,595 $ 32,300 $ 191,881 majority of such loans had a FICO credit score of greater
Fair value 505 856 4,099 5,460
Held for sale 869 745 1,911 3,525 than 740.
Total $ 115,360 $ 47,196 $ 38,310 $ 200,866
• The vast majority of securities-based loans included in the
Loan Type
other metrics/unrated category had a loan-to-value ratio of
Corporate $ 8,601 $ 21,370 $ 1 $ 29,972
Real estate:
less than 80% and were performing in accordance with the
Commercial 18,175 11,514 100 29,789 contractual terms as of both December 2024 and December
Residential 10,227 3,375 12,367 25,969 2023.
Securities-based 12,662 320 3,495 16,477
Other collateralized 63,896 10,442 769 75,107 • For installment and credit card loans included in the other
Consumer: metrics/unrated category, the evaluation of credit quality
Installment – – 70 70
incorporates the borrower’s FICO credit score. FICO credit
Credit cards – – 21,403 21,403
Other 1,799 175 105 2,079 scores are periodically refreshed by the firm to assess the
Total $ 115,360 $ 47,196 $ 38,310 $ 200,866 updated creditworthiness of the borrower. See “Vintage”
Secured 93% 90% 43% 83% below for information about installment and credit card
Unsecured 7% 10% 57% 17% loans by FICO credit scores.
Total 100% 100% 100% 100%
As of December 2023
The firm also assigns a regulatory risk rating to its loans
Accounting Method
based on the definitions provided by the U.S. federal bank
Amortized cost $ 91,324 $ 54,200 $ 29,351 $ 174,875 regulatory agencies. Total loans included 93% of loans as of
Fair value 1,212 1,213 4,081 6,506 December 2024 and 92% of loans as of December 2023 that
Held for sale 255 1,628 5,144 7,027
were rated pass/non-criticized.
Total $ 92,791 $ 57,041 $ 38,576 $ 188,408
Loan Type
Corporate $ 9,408 $ 26,328 $ 138 $ 35,874
Real estate:
Commercial 12,097 13,574 357 26,028
Residential 10,771 3,217 11,400 25,388
Securities-based 10,991 561 3,069 14,621
Other collateralized 48,536 13,207 482 62,225
Consumer:
Installment – – 3,298 3,298
Credit cards – – 19,361 19,361
Other 988 154 471 1,613
Total $ 92,791 $ 57,041 $ 38,576 $ 188,408
Secured 91% 92% 40% 81%
Unsecured 9% 8% 60% 19%
Total 100% 100% 100% 100%

174 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Vintage. The tables below present gross loans accounted for As of December 2023
at amortized cost (excluding installment and credit card Non- Other
Investment- Investment- Metrics/
loans) by an internally determined public rating agency $ in millions Grade Grade Unrated Total
equivalent or other credit metrics and origination year for 2023 $ 2,475 $ 1,912 $ 16 $ 4,403
term loans. 2022 1,223 3,284 – 4,507
2021 848 4,045 – 4,893
As of December 2024
2020 306 2,098 – 2,404
Non- Other
2019 45 1,909 – 1,954
Investment- Investment- Metrics/
$ in millions Grade Grade Unrated Total 2018 or earlier 371 2,102 – 2,473
2024 $ 1,447 $ 2,545 $ – $ 3,992 Revolving 3,857 9,355 20 13,232
2023 1,522 1,446 – 2,968 Corporate 9,125 24,705 36 33,866
2022 727 2,084 1 2,812 2023 553 1,547 38 2,138
2021 215 2,244 – 2,459 2022 1,251 2,838 – 4,089
2020 102 1,287 – 1,389 2021 1,134 2,661 – 3,795
2019 or earlier 376 1,910 – 2,286 2020 271 1,234 – 1,505
Revolving 4,001 8,696 – 12,697 2019 430 631 – 1,061
Revolving converted to term – 86 – 86 2018 or earlier 832 744 – 1,576
Corporate 8,390 20,298 1 28,689 Revolving 7,129 3,192 309 10,630
2024 2,988 1,669 27 4,684 Revolving converted to term 231 – – 231
2023 1,079 1,252 – 2,331 Commercial real estate 11,831 12,847 347 25,025
2022 1,018 1,664 – 2,682 2023 619 54 1,627 2,300
2021 624 1,901 – 2,525 2022 108 41 2,687 2,836
2020 273 766 – 1,039 2021 22 249 2,724 2,995
2019 or earlier 972 738 18 1,728 2020 3 23 81 107
Revolving 10,355 2,944 5 13,304 2019 6 – 89 95
Revolving converted to term 201 405 – 606 2018 or earlier – 20 254 274
Commercial real estate 17,510 11,339 50 28,899 Revolving 9,813 2,823 – 12,636
2024 713 584 1,746 3,043 Residential real estate 10,571 3,210 7,462 21,243
2023 224 9 1,414 1,647 2023 8 – – 8
2022 87 46 2,537 2,670 2022 5 – – 5
2021 21 122 2,598 2,741 2018 or earlier – 303 – 303
2020 – 6 41 47 Revolving 10,978 258 3,069 14,305
2019 or earlier – 19 306 325 Securities-based 10,991 561 3,069 14,621
Revolving 9,182 2,588 – 11,770 2023 5,412 2,767 245 8,424
Residential real estate 10,227 3,374 8,642 22,243 2022 1,940 293 69 2,302
2024 1,528 78 16 1,622 2021 1,883 845 102 2,830
2023 35 – – 35 2020 1,256 469 32 1,757
2022 5 – – 5 2019 177 74 9 260
2019 or earlier – 22 – 22 2018 or earlier 436 66 21 523
Revolving 11,094 220 3,479 14,793 Revolving 35,605 8,242 1 43,848
Securities-based 12,662 320 3,495 16,477 Revolving converted to term 1,161 – – 1,161
2024 5,033 2,009 151 7,193 Other collateralized 47,870 12,756 479 61,105
2023 3,816 1,279 150 5,245 2023 60 21 – 81
2022 910 144 42 1,096 2022 67 9 – 76
2021 546 739 72 1,357 2021 6 8 51 65
2020 854 566 26 1,446 2020 – 3 218 221
2019 or earlier 196 45 25 266 2019 – – 4 4
Revolving 51,373 5,211 15 56,599 2018 or earlier – – 3 3
Revolving converted to term 710 96 – 806 Revolving 803 80 – 883
Other collateralized 63,438 10,089 481 74,008 Other 936 121 276 1,333
2024 257 73 – 330 Total $ 91,324 $ 54,200 $ 11,669 $ 157,193
2023 113 10 – 123
Percentage of total 58% 35% 7% 100%
2022 36 6 – 42
2021 16 – 16 32
2020 – 2 – 2
Revolving 1,337 84 – 1,421
Other 1,759 175 16 1,950
Total $ 113,986 $ 45,595 $ 12,685 $ 172,266

Percentage of total 66% 27% 7% 100%

Goldman Sachs 2024 Form 10-K 175

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The table below presents gross installment loans accounted In the table above:
for at amortized cost by refreshed FICO credit scores and
• The top five industry concentrations for corporate loans as
origination year and gross credit card loans by refreshed
of December 2024 were 24% for technology, media &
FICO credit scores.
telecommunications, 16% for diversified industrials, 14%
Greater than or Less than for real estate, 9% for financial institutions and 9% for
$ in millions equal to 660 660 Total healthcare.
As of December 2024
Credit cards $ 13,090 $ 6,525 $ 19,615 • The top five industry concentrations for corporate loans as
Percentage
g 67% 33% 100% of December 2023 were 25% for technology, media &
As of December 2023 telecommunications, 17% for diversified industrials, 13%
2023 $ 79 $ 10 $ 89 for real estate, 11% for consumer & retail and 9% for
2022 132 18 150 healthcare.
2021 or earlier 11 – 11
Installment 222 28 250 Nonaccrual, Past Due and Modified Loans. Loans
Credit cards 11,119 6,313 17,432 accounted for at amortized cost (other than credit card loans)
Total $ 11,341 $ 6,341 $ 17,682
are placed on nonaccrual status when it is probable that the
Percentage of total: firm will not collect all principal and interest due under the
Installment 89% 11% 100%
Credit cards 64% 36% 100%
contractual terms, regardless of the delinquency status or if a
Total 64% 36% 100% loan is past due for 90 days or more, unless the loan is both
well collateralized and in the process of collection. At that
In the table above, credit card loans consist of revolving lines time, all accrued but uncollected interest is reversed against
of credit. interest income and interest subsequently collected is
Credit Concentrations. The table below presents the recognized on a cash basis to the extent the loan balance is
concentration of gross loans by region. deemed collectible. Otherwise, all cash received is used to
reduce the outstanding loan balance. A loan is considered
Carrying
$ in millions Value Americas EMEA Asia Total past due when a principal or interest payment has not been
As of December 2024 made according to its contractual terms. Credit card loans
Corporate $ 29,972 66% 26% 8% 100% are not placed on nonaccrual status and accrue interest until
Commercial real estate 29,789 78% 18% 4% 100%
the loan is paid in full or is charged off.
Residential real estate 25,969 94% 5% 1% 100%
Securities-based 16,477 76% 24% – 100% The table below presents information about past due loans.
Other collateralized 75,107 86% 12% 2% 100%
Consumer:
90 days
Installment 70 100% – – 100% $ in millions 30-89 days or more Total
Credit cards 21,403 100% – – 100%
As of December 2024
Other 2,079 96% 4% – 100%
Corporate $ – $ 15 $ 15
Total $200,866 83% 14% 3% 100%
Commercial real estate 186 286 472
As of December 2023 Residential real estate 3 18 21
Corporate $ 35,874 63% 29% 8% 100% Securities-based 6 – 6
Commercial real estate 26,028 80% 17% 3% 100% Other collateralized – 5 5
Residential real estate 25,388 95% 4% 1% 100% Consumer:
Securities-based 14,621 79% 20% 1% 100% Credit cards 417 456 873
Other collateralized 62,225 89% 10% 1% 100% Total $ 612 $ 780 $ 1,392
Consumer:
Installment 3,298 100% – – 100%
Total divided by gross loans at amortized cost 0.7%
Credit cards 19,361 100% – – 100%
As of December 2023
Other 1,613 97% 3% – 100%
Corporate $ 45 $ 73 $ 118
Total $ 188,408 84% 13% 3% 100%
Commercial real estate 137 352 489
Residential real estate 12 4 16
Securities-based 2 – 2
Other collateralized 9 7 16
Consumer:
Installment 6 7 13
Credit cards 463 486 949
Other 7 11 18
Total $ 681 $ 940 $ 1,621

Total divided by gross loans at amortized cost 0.9%

176 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The table below presents information about nonaccrual The table below presents the carrying value of loans, as of
loans. both December 2024 and December 2023, that were modified
As of December during either 2024 or 2023.
$ in millions 2024 2023
Corporate $ 1,977 $ 1,779 Year Ended December
Commercial real estate 800 1,466 $ in millions 2024 2023
Residential real estate 104 19 Modified loans $ 1,208 $ 846
Securities-based 2 –
Other collateralized 757 860 In the table above:
Other 12 17
Total $ 3,652 $ 4,141 • Loan modifications during both 2024 and 2023 were
Total divided by gross loans at amortized cost 1.9% 2.4% primarily in the form of term extensions. These extensions
increased the weighted average term by 19 months for
In the table above: loans modified during 2024 and by 16 months for loans
• Nonaccrual loans included $322 million as of December modified during 2023.
2024 and $600 million as of December 2023 of loans that • Substantially all of the modified loans were related to
were 30 days or more past due. corporate loans, commercial real estate loans and credit
• Loans that were 90 days or more past due and still accruing cards. Modified loans represented approximately 2% of
were not material as of both December 2024 and December corporate loans (at amortized cost), and approximately 1%
2023. of both commercial real estate loans (at amortized cost)
and credit card loans (at amortized cost).
• Allowance for loan losses as a percentage of total
nonaccrual loans was 127.8% as of December 2024 and • Lending commitments related to modified loans were
122.0% as of December 2023. $156 million as of December 2024 and were not material as
of December 2023.
• Commercial real estate, residential real estate, securities-
based and other collateralized loans are collateral • During 2024, loans that defaulted after being modified
dependent loans and the repayment of such loans is were not material. During 2023, the firm charged off
generally expected to be provided by the operation or sale approximately $100 million of loans that had defaulted
of the underlying collateral. The allowance for credit losses after being modified. Substantially all of the remaining
for such nonaccrual loans is determined by considering the modified loans were performing in accordance with the
fair value of the collateral less estimated cost to sell, if modified contractual terms as of both December 2024 and
applicable. See Note 4 for further information about fair December 2023.
value measurements.
The firm may modify the terms of a loan agreement for a
borrower experiencing financial difficulty. Such
modifications may include, among other things, forbearance
of interest or principal, payment extensions or interest rate
reductions.

Goldman Sachs 2024 Form 10-K 177

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Allowance for Credit Losses

The firm’s allowance for credit losses consists of the Management’s estimate of credit losses entails judgment
allowance for losses on loans and lending commitments about the expected life of the loan and loan collectability at
accounted for at amortized cost. Loans and lending the reporting dates, and there are uncertainties inherent in
commitments accounted for at fair value or accounted for at those judgments. The allowance for credit losses is subject to
the lower of cost or fair value are not subject to an allowance a governance process that involves senior management within
for credit losses. Risk and Controllers. Personnel within Risk are responsible
for forecasting the economic variables that underlie the
To determine the allowance for credit losses, the firm
economic scenarios that are used in the modeling of expected
classifies its loans and lending commitments accounted for at
credit losses. While management uses the best information
amortized cost into wholesale and consumer portfolios.
available to determine this estimate, future adjustments to the
These portfolios represent the level at which the firm has
allowance may be necessary based on, among other things,
developed and documented its methodology to determine the
changes in the economic environment or variances between
allowance for credit losses. The allowance for credit losses is
actual results and the original assumptions used.
measured on a collective basis for loans that exhibit similar
risk characteristics using a modeled approach and on an The table below presents gross loans and lending
asset-specific basis for loans that do not share similar risk commitments accounted for at amortized cost by portfolio.
characteristics.
As of December
The allowance for credit losses takes into account the 2024 2023
weighted average of a range of forecasts of future economic Lending Lending
conditions over the expected life of the loans and lending $ in millions Loans Commitments Loans Commitments
Wholesale
commitments. The expected life of each loan or lending
Corporate $ 28,689 $ 156,562 $ 33,866 $ 141,976
commitment is determined based on the contractual term Commercial real estate 28,899 4,969 25,025 3,379
adjusted for extension options or demand features, or is Residential real estate 22,243 1,742 21,243 1,431
modeled in the case of revolving credit card loans. The Securities-based 16,477 1,542 14,621 691
Other collateralized 74,008 33,136 61,105 23,020
forecasts include baseline, favorable and adverse economic Other 1,950 872 1,333 888
scenarios over a three-year period. For loans with expected Consumer
lives beyond three years, the model reverts to historical loss Installment – – 250 1
information based on a non-linear modeled approach. The Credit cards 19,615 63,781 17,432 56,479
Total $ 191,881 $ 262,604 $ 174,875 $ 227,865
forecasted economic scenarios consider a number of risk
factors relevant to the wholesale and consumer portfolios In the table above, wholesale loans included $3.65 billion as
described below. The firm applies judgment in weighing of December 2024 and $4.14 billion as of December 2023 of
individual scenarios each quarter based on a variety of nonaccrual loans for which the allowance for credit losses
factors, including the firm’s internally derived economic was measured on an asset-specific basis. The allowance for
outlook, market consensus, recent macroeconomic credit losses on these loans was $735 million as of December
conditions and industry trends. 2024 and $778 million as of December 2023. These loans
The allowance for credit losses also includes qualitative included $585 million as of December 2024 and $625 million
components which allow management to reflect the uncertain as of December 2023 of loans which did not require a reserve
nature of economic forecasting, capture uncertainty as the loan was deemed to be recoverable.
regarding model inputs, and account for model imprecision See Note 18 for further information about lending
and concentration risk. The qualitative factors considered by commitments.
management include, among others, changes and trends in
loan portfolios, uncertainties associated with the
macroeconomic and geopolitical environments, credit
concentrations, changes in volume and severity of past due
and criticized loans, idiosyncratic events and deterioration
within an industry or region.

178 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The following is a description of the methodology used to Allowance for Credit Losses Rollforward
calculate the allowance for credit losses: The table below presents information about the allowance
for credit losses.
Wholesale. The allowance for credit losses for wholesale
$ in millions Wholesale Consumer Total
loans and lending commitments that exhibit similar risk
Year Ended December 2024
characteristics is measured using a modeled approach. These Allowance for loan losses
models determine the probability of default and loss given Beginning balance $ 2,576 $ 2,474 $ 5,050
default based on various risk factors, including internal credit Charge-offs (169) (1,471) (1,640)
Recoveries 121 104 225
ratings, industry default and loss data, expected life, Net (charge-offs)/recoveries (48) (1,367) (1,415)
macroeconomic indicators, the borrower’s capacity to meet Provision (292) 1,540 1,248
its financial obligations, the borrower’s country of risk and Other (137) (80) (217)
industry, loan seniority and collateral type. For lending Endingg balance $ 2,099 $ 2,567 $ 4,666

commitments, the methodology also considers the Allowance ratio 1.2% 13.1% 2.4%
Net charge-off ratio – 7.6% 0.8%
probability of drawdowns or funding. In addition, for loans Allowance for losses on lending commitments
backed by real estate, risk factors include the loan-to-value Beginning balance $ 620 $ – $ 620
ratio, debt service ratio and home price index. The most Provision 56 – 56
Other (2) – (2)
significant inputs to the forecast model for wholesale loans
Endingg balance $ 674 $ – $ 674
and lending commitments include unemployment rates, GDP,
Year Ended December 2023
credit spreads, commercial and industrial delinquency rates, Allowance for loan losses
short- and long-term interest rates, and oil prices. Beginning balance $ 2,562 $ 2,981 $ 5,543
Charge-offs (455) (1,246) (1,701)
The allowance for loan losses for wholesale loans that do not Recoveries 55 98 153
share similar risk characteristics, such as nonaccrual loans, is Net (charge-offs)/recoveries (400) (1,148) (1,548)
Provision 540 641 1,181
calculated using the present value of expected future cash
Other (126) – (126)
flows discounted at the loan’s effective rate, the observable Endingg balance $ 2,576 $ 2,474 $ 5,050
market price of the loan, or, in the case of collateral Allowance ratio 1.6% 14.0% 2.9%
dependent loans, the fair value of the collateral less estimated Net charge-off ratio 0.3% 5.5% 0.9%
costs to sell, if applicable. Wholesale loans are charged off Allowance for losses on lending commitments
Beginning balance $ 711 $ 63 $ 774
against the allowance for loan losses when deemed to be Provision (90) (63) (153)
uncollectible. Other (1) – (1)
Endingg balance $ 620 $ – $ 620
Consumer. The allowance for credit losses for consumer
loans that exhibit similar risk characteristics is calculated In the table above:
using a modeled approach which classifies consumer loans
into pools based on borrower-related and exposure-related • Other primarily represented the reduction to the allowance
characteristics that differentiate a pool’s risk characteristics related to loans transferred to held for sale.
from other pools. The factors considered in determining a • The allowance ratio is calculated by dividing the allowance
pool are generally consistent with the risk characteristics used for loan losses by gross loans accounted for at amortized
for internal credit risk measurement and management and cost.
include key metrics, such as FICO credit scores, delinquency
• The net charge-off ratio is calculated by dividing net
status, loan vintage and macroeconomic indicators. The most
(charge-offs)/recoveries by average gross loans accounted
significant inputs to the forecast model for consumer loans
for at amortized cost.
include unemployment rates and delinquency rates. The
expected life of revolving credit card loans is determined by
modeling expected future draws and the timing and amount
of repayments allocated to the funded balance. The firm does
not recognize an allowance for credit losses on credit card
lending commitments as they are cancellable by the firm.
Credit card loans are charged off when they are 180 days past
due. Installment loans were charged off when they were 120
days past due.

Goldman Sachs 2024 Form 10-K 179

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Forecast Model Inputs as of December 2024 Allowance for Credit Losses Commentary
When modeling expected credit losses, the firm employs a Year Ended December 2024. The allowance for credit
weighted, multi-scenario forecast, which includes baseline, losses decreased by $330 million during 2024, primarily
adverse and favorable economic scenarios. As of December reflecting a reserve release relating to the wholesale portfolio
2024, this multi-scenario forecast was weighted towards the due to improved macroeconomic environment, partially
baseline and adverse economic scenarios. offset by growth in the credit card portfolio.
The table below presents the forecasted U.S. unemployment Charge-offs for 2024 for wholesale loans (principally related
and U.S. GDP growth rates used in the baseline economic to term loans originated in 2022 and 2021) were primarily
scenario of the forecast model. related to corporate loans and charge-offs for consumer loans
were primarily related to credit cards.
As of December 2024
U.S. unemployment rate Year Ended December 2023. The allowance for credit
Forecast for the quarter ended:
losses decreased by $647 million during 2023, reflecting a net
June 2025 4.4%
December 2025 4.4% release related to the GreenSky installment loan portfolio
June 2026 4.3% (including a reserve reduction of $637 million related to the
Growth in U.S. GDP
partial sale and transfer of the portfolio to held for sale), a
Forecast for the year: reserve reduction of $442 million associated with the sale of
2025 2.0% Marcus loans, a reserve reduction of $160 million related to
2026 1.7%
the transfer of the GM co-branded credit card portfolio to
2027 1.7%
held for sale, a reserve release in the consumer portfolio
The adverse economic scenario of the forecast model reflects based on actual repayment experience and lower balances in
a global recession in the first quarter of 2025 through the first corporate loans due to sales and paydowns, partially offset
quarter of 2026, resulting in an economic contraction and by asset-specific provisions and ratings downgrades in the
rising unemployment rates. In this scenario, the U.S. wholesale portfolio and seasoning of the credit card
unemployment rate peaks at approximately 7.4% during the portfolio.
first quarter of 2026 and the maximum decline in the
quarterly U.S. GDP relative to the fourth quarter of 2024 is Charge-offs for 2023 for wholesale loans (principally related
approximately 2.7%, which occurs during the fourth quarter to term loans originated in 2021 and revolving loans) were
of 2025. primarily related to corporate loans and charge-offs for
consumer loans were primarily related to credit cards.
In the table above:
Estimated Fair Value
• U.S. unemployment rate represents the rate forecasted as of The table below presents the estimated fair value of loans
the respective quarter-end. that are not accounted for at fair value and in what level of
• Growth in U.S. GDP represents the year-over-year growth the fair value hierarchy they would have been classified if
rate forecasted for the respective years. they had been included in the firm’s fair value hierarchy.

• While the U.S. unemployment and U.S. GDP growth rates Carrying Estimated Fair Value
are significant inputs to the forecast model, the model $ in millions Value Level 2 Level 3 Total
contemplates a variety of other inputs across a range of As of December 2024
Amortized cost $ 187,215 $ 99,790 $ 89,540 $ 189,330
scenarios to provide a forecast of future economic Held for sale $ 3,525 $ 2,928 $ 600 $ 3,528
conditions. Given the complex nature of the forecasting
As of December 2023
process, no single economic variable can be viewed in
Amortized cost $ 169,825 $ 88,485 $ 83,288 $ 171,773
isolation and independently of other inputs. Held for sale $ 7,027 $ 3,992 $ 3,038 $ 7,030

See Note 4 for an overview of the firm’s fair value

measurement policies, valuation techniques and significant
inputs used to determine the fair value of loans, and Note 5
for information about loans within the fair value hierarchy.

180 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 10.

Fair Value Option

Other Financial Assets and Liabilities at Fair Value See Note 4 for an overview of the firm’s fair value
In addition to trading assets and liabilities, and certain measurement policies, valuation techniques and significant
investments and loans, the firm accounts for certain of its inputs used to determine the fair value of other financial
other financial assets and liabilities at fair value, substantially assets and liabilities, and Note 5 for information about other
all under the fair value option. The primary reasons for financial assets and liabilities within the fair value hierarchy.
electing the fair value option are to: Gains and Losses on Other Financial Assets and
• Reflect economic events in earnings on a timely basis; Liabilities Accounted for at Fair Value Under the Fair
Value Option
• Mitigate volatility in earnings from using different The table below presents the gains and losses recognized in
measurement attributes (e.g., transfers of financial assets earnings as a result of the election to apply the fair value
accounted for as financings are recorded at fair value, option to certain financial assets and liabilities.
whereas the related secured financing would be recorded
on an accrual basis absent electing the fair value option); Year Ended December
$ in millions 2024 2023 2022
and Unsecured short-term borrowings $ (2,749) $ (4,341) $ 4,055
Unsecured long-term borrowings (3,295) (4,937) 6,506
• Address simplification and cost-benefit considerations
Other (356) (513) 1,072
(e.g., accounting for hybrid financial instruments at fair Total $ (6,400) $ (9,791) $ 11,633
value in their entirety versus bifurcation of embedded
derivatives and hedge accounting for debt hosts). In the table above:
Hybrid financial instruments are instruments that contain • Gains/(losses) were substantially all included in market
bifurcatable embedded derivatives and do not require making.
settlement by physical delivery of nonfinancial assets (e.g., • Gains/(losses) exclude contractual interest, which is
physical commodities). Unless the firm has elected to account included in interest income and interest expense, for all
for the entire hybrid financial instrument at fair value under instruments other than hybrid financial instruments. See
the fair value option, the embedded derivative is bifurcated Note 23 for further information about interest income and
from the associated host contract, the derivative is accounted interest expense.
for at fair value and the host contract is accounted for at
amortized cost, adjusted for the effective portion of any fair • Gains/(losses) included in unsecured short- and long-term
value hedges. borrowings were substantially all related to the embedded
derivative component of hybrid financial instruments.
Other financial assets and liabilities accounted for at fair These gains and losses would have been recognized under
value under the fair value option include: other U.S. GAAP even if the firm had not elected to
• Repurchase agreements and substantially all resale account for the entire hybrid financial instrument at fair
agreements; value.
• Certain securities borrowed and loaned transactions; • Gains/(losses) included in other were primarily related to
resale and repurchase agreements, deposits and other
• Certain customer and other receivables and certain other
secured financings.
assets and liabilities;
• Other financial assets and liabilities at fair value are
• Certain time deposits (deposits with no stated maturity are
frequently economically hedged with trading assets and
not eligible for a fair value option election), including
liabilities. Accordingly, gains or losses on such other
structured certificates of deposit, which are hybrid
financial assets and liabilities can be partially offset by
financial instruments;
gains or losses on trading assets and liabilities. As a result,
• Substantially all other secured financings, including gains or losses on other financial assets and liabilities do
structured financing arrangements and transfers of assets not necessarily represent the overall impact on the firm’s
accounted for as financings; and results of operations, liquidity or capital resources.
• Certain unsecured short- and long-term borrowings,
substantially all of which are hybrid financial instruments.

Goldman Sachs 2024 Form 10-K 181

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Gains/(losses) on trading assets and liabilities accounted for Loans and Lending Commitments
at fair value under the fair value option are included in The table below presents the difference between the
market making. See Note 6 for further information about aggregate fair value and the aggregate contractual principal
gains/(losses) from market making. See Note 8 for amount for loans (included in trading assets and loans in the
information about gains/(losses) on equity securities and consolidated balance sheets) for which the fair value option
Note 9 for information about gains/(losses) on loans which was elected.
are accounted for at fair value under the fair value option.
As of December
Long-Term Debt Instruments $ in millions 2024 2023
Performing loans
The difference between the aggregate contractual principal Aggregate contractual principal in excess of fair value $ 965 $ 1,893
amount and the related fair value of long-term other secured
Loans on nonaccrual status and/or more than 90 days past due
financings, for which the fair value option was elected was
Aggregate contractual principal in excess of fair value $ 2,402 $ 2,305
not material as of December 2024, and the aggregate Aggregate fair value $ 1,454 $ 1,508
contractual principal amount exceeded the fair value by $147
million as of December 2023. In the table above, the aggregate contractual principal
amount of loans on nonaccrual status and/or more than 90
The aggregate contractual principal amount of unsecured days past due (which excludes loans carried at zero fair value
long-term borrowings, for which the fair value option was and considered uncollectible) exceeds the related fair value
elected, exceeded the related fair value by $4.23 billion as of primarily because the firm regularly purchases loans, such as
December 2024 and $3.37 billion as of December 2023. distressed loans, at values significantly below the contractual
These debt instruments include both principal-protected and principal amounts.
non-principal-protected long-term borrowings. The total contractual amount of unfunded lending
Debt Valuation Adjustment commitments for which the fair value option was elected was
The firm calculates the fair value of financial liabilities for $568 million as of December 2024 and $878 million as of
which the fair value option is elected by discounting future December 2023, and the related fair value of these lending
cash flows at a rate which incorporates the firm’s credit commitments was not material as of both December 2024
spreads. and December 2023. See Note 18 for further information
about lending commitments.
The table below presents information about the net debt
valuation adjustment (DVA) gains/(losses) on financial Impact of Credit Spreads on Loans and Lending
liabilities for which the fair value option was elected. Commitments
The estimated net loss attributable to changes in instrument-
Year Ended December
$ in millions 2024 2023 2022
specific credit spreads on loans and lending commitments for
Pre-tax DVA $ (351) $ (1,355) $ 1,882 which the fair value option was elected was not material for
After-tax DVA $ (263) $ (1,015) $ 1,403 2024, $125 million for 2023 and $281 million for 2022. The
firm generally calculates the fair value of loans and lending
In the table above: commitments for which the fair value option is elected by
• After-tax DVA is included in debt valuation adjustment in discounting future cash flows at a rate which incorporates the
the consolidated statements of comprehensive income. instrument-specific credit spreads. For floating-rate loans and
lending commitments, substantially all changes in fair value
• The gains/(losses) reclassified to market making in the are attributable to changes in instrument-specific credit
consolidated statements of earnings from accumulated spreads, whereas for fixed-rate loans and lending
other comprehensive income/(loss) upon extinguishment of commitments, changes in fair value are also attributable to
such financial liabilities were not material for each of 2024, changes in interest rates.
2023 and 2022.

182 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 11.
Collateralized Agreements and Financings
Collateralized agreements are resale agreements and Repurchase agreements and substantially all resale
securities borrowed. Collateralized financings are repurchase agreements are recorded at fair value under the fair value
agreements, securities loaned and other secured financings. option. See Note 5 for further information about repurchase
The firm enters into these transactions in order to, among and resale agreements.
other things, facilitate client activities, invest excess cash,
Securities Borrowed and Loaned Transactions
acquire securities to cover short positions and finance certain
In a securities borrowed transaction, the firm borrows
firm activities.
securities from a counterparty in exchange for cash or
Collateralized agreements and financings with the same securities. When the firm returns the securities, the
settlement date are presented on a net-by-counterparty basis counterparty returns the cash or securities. Interest is
when such transactions meet certain settlement criteria and generally paid periodically over the life of the transaction.
are subject to netting agreements. Interest on collateralized
In a securities loaned transaction, the firm lends securities to
agreements, which is included in interest income, and
a counterparty in exchange for cash or securities. When the
collateralized financings, which is included in interest
counterparty returns the securities, the firm returns the cash
expense, is recognized over the life of the transaction. See
or securities posted as collateral. Interest is generally paid
Note 23 for further information about interest income and
periodically over the life of the transaction.
interest expense.
In a transaction where the firm lends securities and receives
Resale and Repurchase Agreements
securities that can be delivered or pledged as collateral, the
A resale agreement is a transaction in which the firm
firm recognizes the securities received within securities
purchases financial instruments from a seller, typically in
borrowed and the obligation to return those securities within
exchange for cash, and simultaneously enters into an
securities loaned in the consolidated balance sheets.
agreement to resell the same or substantially the same
financial instruments to the seller at a stated price plus The firm receives securities borrowed and makes delivery of
accrued interest at a future date. securities loaned. To mitigate credit exposure, the firm
monitors the market value of these securities on a daily basis,
A repurchase agreement is a transaction in which the firm
and delivers or obtains additional collateral due to changes in
sells financial instruments to a buyer, typically in exchange
the market value of the securities, as appropriate. For
for cash, and simultaneously enters into an agreement to
securities borrowed transactions, the firm typically requires
repurchase the same or substantially the same financial
collateral with a fair value approximately equal to the
instruments from the buyer at a stated price plus accrued
carrying value of the securities borrowed transaction.
interest at a future date.
Securities borrowed and loaned within FICC financing are
Even though repurchase and resale agreements (including
recorded at fair value under the fair value option. See Note 5
“repos- and reverses-to-maturity”) involve the legal transfer
for further information about securities borrowed and loaned
of ownership of financial instruments, they are accounted for
accounted for at fair value.
as financing arrangements because they require the financial
instruments to be repurchased or resold before or at the Substantially all of the securities borrowed and loaned within
maturity of the agreement. The financial instruments Equities financing are recorded based on the amount of cash
purchased or sold in resale and repurchase agreements collateral advanced or received plus accrued interest. The
typically include U.S. government and agency obligations, firm also reviews such securities borrowed to determine if an
and investment-grade sovereign obligations. allowance for credit losses should be recorded by taking into
consideration the fair value of collateral received. As these
The firm receives financial instruments purchased under
agreements generally can be terminated on demand, they
resale agreements and makes delivery of financial instruments
exhibit little, if any, sensitivity to changes in interest rates.
sold under repurchase agreements. To mitigate credit
Therefore, the carrying value of such agreements
exposure, the firm monitors the market value of these
approximates fair value. As these agreements are not
financial instruments on a daily basis, and delivers or obtains
accounted for at fair value, they are not included in the firm’s
additional collateral due to changes in the market value of the
fair value hierarchy in Notes 4 and 5. Had these agreements
financial instruments, as appropriate. For resale agreements,
been included in the firm’s fair value hierarchy, they would
the firm typically requires collateral with a fair value
have been classified in level 2 as of both December 2024 and
approximately equal to the carrying value of the relevant
December 2023.
assets in the consolidated balance sheets.

Goldman Sachs 2024 Form 10-K 183

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Offsetting Arrangements Gross Carrying Value of Repurchase Agreements and

The table below presents resale and repurchase agreements Securities Loaned
and securities borrowed and loaned transactions included in The table below presents the gross carrying value of
the consolidated balance sheets, as well as the amounts not repurchase agreements and securities loaned by class of
offset in the consolidated balance sheets. collateral pledged.

Assets Liabilities Repurchase Securities

Resale Securities Repurchase Securities $ in millions agreements loaned
$ in millions agreements borrowed agreements loaned As of December 2024
As of December 2024 Money market instruments $ 61 $ –
Included in the consolidated balance sheets U.S. government and agency obligations 276,341 –
Gross carrying value $ 313,924 $ 205,259 $ 408,242 $ 66,674 Non-U.S. government and agency obligations 95,812 461
Counterparty netting (133,862) (10,614) (133,862) (10,614) Securities backed by commercial real estate 407 –
Total 180,062 194,645 274,380 56,060 Securities backed by residential real estate 1,154 –
Corporate debt securities 11,521 376
Amounts not offset (176,390) (187,474) (270,150) (55,910)
State and municipal obligations 573 –
Total $ 3,672 $ 7,171 $ 4,230 $ 150
Other debt obligations 289 –
As of December 2023 Equity securities 22,084 65,837
Included in the consolidated balance sheets Total $ 408,242 $ 66,674
Gross carrying value $ 315,112 $ 199,753 $ 341,194 $ 60,816 As of December 2023
Counterparty netting (91,307) (333) (91,307) (333)
Money market instruments $ 3 $ –
Total 223,805 199,420 249,887 60,483
U.S. government and agency obligations 228,718 216
Amounts not offset (218,494) (192,291) (246,634) (60,180) Non-U.S. government and agency obligations 85,230 376
Total $ 5,311 $ 7,129 $ 3,253 $ 303 Securities backed by commercial real estate 135 –
Securities backed by residential real estate 641 –
Corporate debt securities 10,585 230
In the table above: State and municipal obligations 57 –
Other debt obligations 144 –
• Substantially all of the gross carrying values of these Equity securities 15,681 59,994
arrangements are subject to enforceable netting Total $ 341,194 $ 60,816
agreements.
The table below presents the gross carrying value of
• Where the firm has received or posted collateral under repurchase agreements and securities loaned by maturity.
credit support agreements, but has not yet determined such
As of December 2024
agreements are enforceable, the related collateral has not
Repurchase Securities
been netted. $ in millions agreements loaned
No stated maturity and overnight $ 189,068 $ 40,189
• Amounts not offset includes counterparty netting that does
2 - 30 days 115,949 1,638
not meet the criteria for netting under U.S. GAAP and the 31 - 90 days 41,361 1,634
fair value of collateral received or posted subject to 91 days - 1 year 38,967 12,068
enforceable credit support agreements. Greater than 1 year 22,897 11,145
Total $ 408,242 $ 66,674
• Resale agreements included in the consolidated balance
sheets of $179.79 billion as of December 2024 and In the table above:
$223.54 billion as of December 2023 and all repurchase • Repurchase agreements and securities loaned that are
agreements included in the consolidated balance sheets are repayable prior to maturity at the option of the firm are
carried at fair value under the fair value option. See Note 5 reflected at their contractual maturity dates.
for further information about resale agreements and
repurchase agreements accounted for at fair value. • Repurchase agreements and securities loaned that are
redeemable prior to maturity at the option of the holder are
• Securities borrowed included in the consolidated balance reflected at the earliest dates such options become
sheets of $46.90 billion as of December 2024 and exercisable.
$44.93 billion as of December 2023, and securities loaned
included in the consolidated balance sheets of
$10.25 billion as of December 2024 and $8.93 billion as of
December 2023 were at fair value under the fair value
option. See Note 5 for further information about securities
borrowed and securities loaned accounted for at fair value.

184 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Other Secured Financings

In addition to repurchase agreements and securities loaned In the table above:
transactions, the firm funds certain assets through the use of
• Short-term other secured financings includes financings
other secured financings and pledges financial instruments
maturing within one year of the financial statement date
and other assets as collateral in these transactions. These
and financings that are redeemable within one year of the
other secured financings include:
financial statement date at the option of the holder.
• Liabilities of CIEs and consolidated VIEs;
• Other secured financings included $27.99 billion as of
• Transfers of assets accounted for as financings rather than December 2024 and $12.55 billion as of December 2023 of
sales (e.g., pledged commodities, bank loans and mortgage financings accounted for at fair value under the fair value
whole loans); and option.
• Other structured financing arrangements. • Non-U.S. dollar-denominated short-term other secured
financings had a weighted average interest rate of 0.47% as
Other secured financings included nonrecourse
of December 2023. This rate includes the effect of hedging
arrangements. Nonrecourse other secured financings were
activities and excludes other secured financings held at fair
$3.74 billion as of December 2024 and $5.57 billion as of
value under the fair value option. As of December 2024, all
December 2023.
of the non-U.S. dollar-denominated short-term other
The firm has elected to apply the fair value option to secured financings were held at fair value under the fair
substantially all other secured financings because the use of value option.
fair value eliminates non-economic volatility in earnings that
• U.S. dollar-denominated long-term other secured
would arise from using different measurement attributes. See financings had a weighted average interest rate of 7.16% as
Note 5 for further information about other secured of December 2024 and 3.44% as of December 2023. These
financings that are accounted for at fair value. rates include the effect of hedging activities and excludes
Other secured financings that are not recorded at fair value other secured financings held at fair value under the fair
are recorded based on the amount of cash received plus value option.
accrued interest, which generally approximates fair value. As • All U.S. dollar denominated short-term and non-U.S. dollar
these financings are not accounted for at fair value, they are denominated long-term other secured financings were held
not included in the firm’s fair value hierarchy in Notes 4 and at fair value under the fair value option.
5. Had these financings been included in the firm’s fair value
• Total other secured financings included $2.50 billion as of
hierarchy, substantially all would have been classified in level
December 2024 and $2.34 billion as of December 2023
3 as of both December 2024 and December 2023.
related to transfers of financial assets accounted for as
The table below presents information about other secured financings rather than sales. Such financings were
financings. collateralized by financial assets, primarily included in
U.S. Non-U.S. trading assets, of $2.50 billion as of December 2024 and
$ in millions Dollar Dollar Total
$2.36 billion as of December 2023.
As of December 2024
Other secured financings • Other secured financings collateralized by financial
Short-term $ 16,333 $ 4,582 $ 20,915
instruments included $24.39 billion as of December 2024
Long-term 1,377 5,858 7,235
Total other secured financings
g $ 17,710 $ 10,440 $ 28,150 and $8.38 billion as of December 2023 of other secured
financings collateralized by trading assets, investments and
Other secured financings collateralized by:
Financial instruments $ 17,094 $ 8,644 $ 25,738 loans, and included $1.35 billion as of December 2024 and
Other assets $ 616 $ 1,796 $ 2,412 $1.49 billion as of December 2023 of other secured
As of December 2023 financings collateralized by financial instruments received
Other secured financings as collateral and repledged.
Short-term $ 3,385 $ 3,819 $ 7,204
Long-term 2,144 3,846 5,990
Total other secured financings
g $ 5,529 $ 7,665 $ 13,194

Other secured financings collateralized by:

Financial instruments $ 3,122 $ 6,755 $ 9,877
Other assets $ 2,407 $ 910 $ 3,317

Goldman Sachs 2024 Form 10-K 185

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The table below presents other secured financings by The table below presents information about assets pledged.
maturity.
As of December
As of $ in millions 2024 2023
$ in millions December 2024 Pledged to counterparties that had the right to deliver or repledge
Other secured financings (short-term) $ 20,915 Trading assets $ 148,417 $ 110,567
Other secured financings (long-term): Pledged to counterparties that did not have the right to deliver or repledge
2026 4,626 Trading assets $ 173,254 $ 138,404
2027 475 Investments $ 8,712 $ 22,165
2028 1,223 Loans $ 12,065 $ 8,865
2029 184 Other assets $ 1,590 $ 3,924
2030 - thereafter 727
Total other secured financings (long-term) 7,235
The firm also segregates securities for regulatory and other
Total other secured financingsg $ 28,150
purposes related to client activity. Such securities are
In the table above: segregated from trading assets and investments, as well as
from securities received as collateral under resale agreements
• Long-term other secured financings that are repayable
and securities borrowed transactions. Securities segregated by
prior to maturity at the option of the firm are reflected at
the firm were $64.21 billion as of December 2024 and
their contractual maturity dates.
$49.26 billion as of December 2023.
• Long-term other secured financings that are redeemable
prior to maturity at the option of the holder are reflected at
Note 12.
the earliest dates such options become exercisable.
Other Assets
Collateral Received and Pledged
The firm receives cash and securities (e.g., U.S. government The table below presents other assets by type.
and agency obligations, other sovereign and corporate As of December
obligations, as well as equity securities) as collateral, $ in millions 2024 2023
primarily in connection with resale agreements, securities Property, leasehold improvements and equipment $ 8,024 $ 11,244
borrowed, derivative transactions and customer margin Goodwill 5,853 5,916
Identifiable intangible assets 847 1,177
loans. The firm obtains cash and securities as collateral on an Operating lease right-of-use assets 1,967 2,171
upfront or contingent basis for derivative instruments and Income tax-related assets 9,131 8,157
collateralized agreements to reduce its credit exposure to Miscellaneous receivables and other 8,365 7,925
Total $ 34,187 $ 36,590
individual counterparties.
In many cases, the firm is permitted to deliver or repledge Property, Leasehold Improvements and Equipment
financial instruments received as collateral when entering Property, leasehold improvements and equipment is net of
into repurchase agreements and securities loaned accumulated depreciation and amortization of $13.64 billion
transactions, primarily in connection with secured client as of both December 2024 and December 2023. Property,
financing activities. The firm is also permitted to deliver or leasehold improvements and equipment included
repledge these financial instruments in connection with other $6.57 billion as of December 2024 and $6.65 billion as of
secured financings, collateralized derivative transactions and December 2023 that the firm uses in connection with its
firm or customer settlement requirements. operations, and $52 million as of December 2024 and
$124 million as of December 2023 of foreclosed real estate.
The firm also pledges certain trading assets in connection
The remainder is held by investment entities, including VIEs,
with repurchase agreements, securities loaned transactions
consolidated by the firm. Substantially all property and
and other secured financings, and other assets (substantially
equipment is depreciated on a straight-line basis over the
all real estate and cash) in connection with other secured
useful life of the asset. Leasehold improvements are
financings to counterparties who may or may not have the
amortized on a straight-line basis over the shorter of the
right to deliver or repledge them.
useful life of the improvement or the term of the lease.
The table below presents financial instruments at fair value Capitalized costs of software developed or obtained for
received as collateral that were available to be delivered or internal use are amortized on a straight-line basis over three
repledged and were delivered or repledged. years.
As of December
$ in millions 2024 2023
Collateral available to be delivered or repledged $ 1,038,740 $ 1,002,891
Collateral that was delivered or repledged $ 912,863 $ 862,988

186 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The firm tests property, leasehold improvements and When performing a quantitative goodwill test, the estimated
equipment for impairment when events or changes in fair value of each reporting unit is based on valuation
circumstances suggest that an asset’s or asset group’s carrying techniques the firm believes market participants would use to
value may not be fully recoverable. To the extent the carrying value these reporting units. Estimated fair values are
value of an asset or asset group exceeds the projected generally derived from utilizing a relative value technique,
undiscounted cash flows expected to result from the use and which applies observable price-to-earnings multiples or price-
eventual disposal of the asset or asset group, the firm to-book multiples of comparable competitors to the reporting
determines the asset or asset group is impaired and records
units’ net earnings or net book value, or a discounted cash
an impairment equal to the difference between the estimated
fair value and the carrying value of the asset or asset group. flow valuation approach, for reporting units with businesses
In addition, the firm will recognize an impairment prior to in early stages of development. The carrying value of each
the sale of an asset or asset group if the carrying value of the reporting unit reflects an allocation of total shareholders’
asset or asset group exceeds its estimated fair value. Any equity and represents the estimated amount of total
impairments recognized are included in depreciation and shareholders’ equity required to support the activities of the
amortization. The firm had impairments of $228 million reporting unit under currently applicable regulatory capital
during 2024 and $314 million during 2022, substantially all requirements.
related to commercial real estate included in CIEs within
Asset & Wealth Management. During 2023, the firm had During the third quarter of 2024, in connection with the
impairments of $1.46 billion related to commercial real estate planned sale of the firm’s seller financing loan portfolio, the
included in CIEs within Asset & Wealth Management and firm performed a quantitative goodwill test and determined
$118 million related to capitalized software substantially all that the goodwill associated with Transaction banking and
within Platform Solutions and Asset & Wealth Management. other was impaired, and accordingly, recorded a $14 million
Goodwill impairment.
Goodwill is the cost of acquired companies in excess of the In the fourth quarter of 2024, the firm performed its annual
fair value of net assets, including identifiable intangible assessment of goodwill for impairment, for each of its
assets, at the acquisition date. reporting units with goodwill, by performing a qualitative
The table below presents the carrying value of goodwill by assessment. Multiple factors were assessed with respect to
reporting unit. each of these reporting units to determine whether it was
more likely than not that the estimated fair value of each of
As of December
$ in millions 2024 2023
those reporting units was less than its carrying value.
Global Banking & Markets:
The firm considered the following factors in the qualitative
Investment banking $ 267 $ 267
FICC 269 269 annual assessment:
Equities 2,647 2,647
Asset & Wealth Management:
• Performance Indicators. During 2024, the firm’s net
Asset management 1,361 1,410 revenues, efficiency ratio (total operating expenses divided
Wealth management 1,309 1,309 by total net revenues), diluted earnings per common share
Platform Solutions: (EPS), return on average common shareholders’ equity and
Transaction banking and other – 14 book value per common share all improved from 2023 and
Total $ 5,853 $ 5,916
from 2022 (when a quantitative test was last performed).
Goodwill is assessed for impairment annually in the fourth Within the reporting units with goodwill, there continued
quarter or more frequently if events occur or circumstances to be solid fundamentals underlying our businesses, where
change that indicate an impairment may exist. When the firm continued to maintain industry leadership
assessing goodwill for impairment, first, a qualitative positions and execute on strategic goals.
assessment can be made to determine whether it is more • Macroeconomic Indicators. Despite broad
likely than not that the estimated fair value of a reporting macroeconomic and geopolitical concerns, the global
unit is less than its carrying value. If the results of the economy continued to grow in 2024.
qualitative assessment are not conclusive, a quantitative
goodwill test is performed. Alternatively, a quantitative • Firm and Industry Events. There were no events, entity-
goodwill test can be performed without performing a specific or otherwise, that would have had a significant
qualitative assessment. negative impact on the valuation of the firm’s reporting
The quantitative goodwill test compares the estimated fair units with goodwill.
value of each reporting unit with its carrying value (including • Fair Value Indicators. Fair value indicators for both the
goodwill and identifiable intangible assets). If the reporting firm and its peers have generally improved since the annual
unit’s estimated fair value exceeds its carrying value, assessment performed in 2023 and from 2022 (when a
goodwill is not impaired. An impairment is recognized if the quantitative test was last performed).
estimated fair value of a reporting unit is less than its
carrying value and any such impairment is included in
depreciation and amortization.
Goldman Sachs 2024 Form 10-K 187
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

As a result of the annual assessment, the firm determined that The firm tests identifiable intangible assets for impairment
it was more likely than not that the estimated fair value of when events or changes in circumstances suggest that an
each reporting unit with goodwill exceeded its respective asset’s or asset group’s carrying value may not be fully
carrying value. Therefore, the firm determined that goodwill recoverable. To the extent the carrying value of an asset or
for each reporting unit was not impaired and that a asset group exceeds the projected undiscounted cash flows
quantitative goodwill test was not required. expected to result from the use and eventual disposal of the
asset or asset group, the firm determines the asset or asset
Identifiable Intangible Assets
group is impaired and records an impairment equal to the
The table below presents identifiable intangible assets by
difference between the estimated fair value and the carrying
type.
value of the asset or asset group. In addition, the firm will
As of December
$ in millions 2024 2023
recognize an impairment prior to the sale of an asset or asset
Customer lists group if the carrying value of the asset or asset group exceeds
Gross carrying value $ 2,187 $ 2,339 its estimated fair value. Other than as noted above, there
Accumulated amortization (1,358) (1,292) were no material impairments or write-downs during each of
Net carrying value 829 1,047
2024, 2023 and 2022.
Other
Gross carrying value 82 866 Operating Lease Right-of-Use Assets
Accumulated amortization (64) (736) The firm enters into operating leases for real estate, office
Net carrying value 18 130
equipment and other assets, substantially all of which are
Total gross carrying value 2,269 3,205 used in connection with its operations. For leases longer than
Total accumulated amortization (1,422) (2,028) one year, the firm recognizes a right-of-use asset representing
y g value
Total net carrying $ 847 $ 1,177
the right to use the underlying asset for the lease term, and a
In the table above: lease liability representing the liability to make payments.
The lease term is generally determined based on the
• The decrease in the net carrying value of identifiable contractual maturity of the lease. For leases where the firm
intangible assets from December 2023 to December 2024 has the option to terminate or extend the lease, an assessment
reflected a $110 million reduction due to the sale of of the likelihood of exercising the option is incorporated into
GreenSky Holdings, LLC (GreenSky) and a $72 million the determination of the lease term. Such assessment is
write-down in connection with the classification of the GM initially performed at the inception of the lease and is
credit card program (included within Platform Solutions) updated if events occur that impact the original assessment.
as held for sale in 2024.
An operating lease right-of-use asset is initially determined
• Substantially all of the firm’s identifiable intangible assets based on the operating lease liability, adjusted for initial
have finite useful lives and are amortized over their direct costs, lease incentives and amounts paid at or prior to
estimated useful lives generally using the straight-line
lease commencement. This amount is then amortized over
method.
the lease term. Right-of-use assets and operating lease
The tables below present information about the amortization liabilities recognized (in non-cash transactions for leases
of identifiable intangible assets. entered into or assumed) by the firm were $167 million for
Year Ended December
2024, $333 million for 2023 and $256 million for 2022. See
$ in millions 2024 2023 2022 Note 15 for information about operating lease liabilities.
Amortization $ 176 $ 681 $ 174
For leases where the firm will derive no economic benefit
In the table above, amortization for 2024 included the write- from leased space that it has vacated or where the firm has
down related to the GM credit card program noted above. shortened the term of a lease when space is no longer needed,
Amortization for 2023 included a $506 million write-down the firm will record an impairment or accelerated
related to GreenSky. amortization of right-of-use assets. There were no material
impairments or accelerated amortizations during each of
As of
2024, 2023 and 2022.
$ in millions December 2024
Estimated future amortization
2025 $ 79
2026 $ 73
2027 $ 73
2028 $ 72
2029 $ 72

188 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Miscellaneous Receivables and Other Note 13.

Miscellaneous receivables and other included: Deposits
• Investments in qualified affordable housing and renewable
The table below presents information about deposits.
energy projects of $3.46 billion as of December 2024 and
$3.39 billion as of December 2023. The firm receives tax As of December
$ in millions 2024 2023
credits for such investments. See Note 17 for further
U.S. offices $ 341,711 $ 333,116
information about these investments. Non-U.S. offices 91,302 95,301
Total $ 433,013 $ 428,417
• Assets classified as held for sale were $517 million as of
December 2024 and $518 million as of December 2023. See In the table above:
below for further information.
• Deposits include savings, demand and time deposits.
Assets Held for Sale. During 2024, in connection with the
• All U.S. deposits were held at Goldman Sachs Bank USA
planned transition of the GM credit card program to another
(GS Bank USA). Substantially all non-U.S. deposits were
issuer, the firm classified the GM credit card program (within
held at Goldman Sachs International Bank (GSIB) and
Platform Solutions) as held for sale. The firm had previously
Goldman Sachs Bank Europe SE (GSBE).
classified the GM co-branded credit card loans as held for
sale in 2023. As of December 2024, the assets related to the • Substantially all deposits are interest-bearing.
GM credit card program consisted of the GM co-branded
The table below presents maturities of time deposits held in
credit card portfolio of $1.8 billion (included in loans). See
U.S. and non-U.S. offices.
Note 9 for further information about loans classified as held
for sale. As of December 2024
$ in millions U.S. Non-U.S. Total
Assets held for sale also included $517 million as of 2025 $ 86,122 $ 23,167 $ 109,289
December 2024 and $327 million as of December 2023 of 2026 6,325 543 6,868
2027 2,192 215 2,407
assets related to certain of the firm’s consolidated
2028 1,031 194 1,225
investments within Asset & Wealth Management. 2029 1,382 192 1,574
Substantially all of these assets consisted of property and 2030 - thereafter 1,265 50 1,315
equipment and were included in miscellaneous receivables Total $ 98,317 $ 24,361 $ 122,678
and other within other assets. In addition, as of December
In the table above:
2023, GreenSky (within Platform Solutions) was classified as
held for sale. Assets related to GreenSky were approximately • The aggregate amount of time deposits in denominations
$3.4 billion and consisted of loans of approximately that met or exceeded the applicable insurance limits, or
$3.0 billion (included in loans), segregated cash of were otherwise not covered by insurance, were $19.00
approximately $110 million (included in cash and cash billion in U.S. deposits and $23.92 billion in non-U.S.
equivalents), identifiable intangible assets of approximately deposits.
$110 million (included in identifiable intangible assets within
• Time deposits included $44.86 billion as of December 2024
other assets) and other assets of approximately $190 million
and $29.46 billion as of December 2023 of deposits
(included in miscellaneous receivables and other within other
accounted for at fair value under the fair value option. See
assets). During 2024, the firm completed the sale of
Note 10 for further information about deposits accounted
GreenSky. See Note 9 for further information about loans
for at fair value.
classified as held for sale, above for further information
about identifiable intangible assets, and Note 15 for The firm’s savings and demand deposits are recorded based
information about liabilities classified as held for sale. on the amount of cash received plus accrued interest, which
approximates fair value. In addition, the firm designates
certain derivatives as fair value hedges to convert a portion of
its time deposits not accounted for at fair value from fixed-
rate obligations into floating-rate obligations. The carrying
value of time deposits not accounted for at fair value
approximated fair value as of both December 2024 and
December 2023. As these savings and demand deposits and
time deposits are not accounted for at fair value, they are not
included in the firm’s fair value hierarchy in Notes 4 and 5.
Had these deposits been included in the firm’s fair value
hierarchy, they would have been classified in level 2 as of
both December 2024 and December 2023.

Goldman Sachs 2024 Form 10-K 189

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 14.
Unsecured Borrowings
The table below presents information about unsecured In the table above, the weighted average interest rates for
borrowings. these borrowings include the effect of hedging activities and
exclude unsecured short-term borrowings accounted for at
As of December
$ in millions 2024 2023
fair value under the fair value option. See Note 7 for further
Unsecured short-term borrowings $ 69,709 $ 75,945 information about hedging activities.
Unsecured long-term borrowings 242,634 241,877
Total $ 312,343 $ 317,822
Unsecured Long-Term Borrowings
The table below presents information about unsecured long-
Unsecured Short-Term Borrowings term borrowings.
Unsecured short-term borrowings includes the portion of
unsecured long-term borrowings maturing within one year of Non-U.S.
$ in millions U.S. Dollar Dollar Total
the financial statement date and unsecured long-term
As of December 2024
borrowings that are redeemable within one year of the Fixed-rate obligations:
financial statement date at the option of the holder. Group Inc. $ 116,077 $ 24,613 $ 140,690
Subsidiaries 7,034 3,708 10,742
The firm accounts for certain hybrid financial instruments at Floating-rate obligations:
fair value under the fair value option. See Note 10 for further Group Inc. 18,017 8,816 26,833
information about unsecured short-term borrowings that are Subsidiaries 42,713 21,656 64,369
Total $ 183,841 $ 58,793 $ 242,634
accounted for at fair value. In addition, the firm designates
certain derivatives as fair value hedges to convert a portion of As of December 2023
its unsecured short-term borrowings not accounted for at fair Fixed-rate obligations:
Group Inc. $ 112,821 $ 31,023 $ 143,844
value from fixed-rate obligations into floating-rate
Subsidiaries 1,992 3,739 5,731
obligations. The carrying value of unsecured short-term Floating-rate obligations:
borrowings that are not recorded at fair value generally Group Inc. 18,936 12,555 31,491
approximates fair value due to the short-term nature of the Subsidiaries 38,117 22,694 60,811
obligations. As these unsecured short-term borrowings are Total $ 171,866 $ 70,011 $ 241,877
not accounted for at fair value, they are not included in the
In the table above:
firm’s fair value hierarchy in Notes 4 and 5. Had these
borrowings been included in the firm’s fair value hierarchy, • Unsecured long-term borrowings consists principally of
substantially all would have been classified in level 2 as of senior borrowings, which have maturities extending
both December 2024 and December 2023. through 2061.
The table below presents information about unsecured short- • Unsecured long-term borrowings included $89.19 billion as
term borrowings. of December 2024 and $86.41 billion as of December 2023
of borrowings accounted for at fair value under the fair
As of December value option. The carrying value of unsecured long-term
$ in millions 2024 2023
Current portion of unsecured long-term borrowings $ 38,521 $ 49,361
borrowings for which the firm did not elect the fair value
Hybrid financial instruments 29,130 23,073 option was $153.44 billion as of December 2024 and
Commercial paper – 1,213 $155.47 billion as of December 2023. The estimated fair
Other unsecured short-term borrowings 2,058 2,298 value of such unsecured long-term borrowings was $156.31
Total unsecured short-term borrowings g $ 69,709 $ 75,945
billion as of December 2024 and $157.75 billion as of
Weighted average interest rate 5.87% 3.64% December 2023. As these borrowings are not accounted for
at fair value, they are not included in the firm’s fair value
hierarchy in Notes 4 and 5. Had these borrowings been
included in the firm’s fair value hierarchy, substantially all
would have been classified in level 2 as of both December
2024 and December 2023.
• Floating-rate obligations includes equity-linked, credit-
linked and indexed instruments. Floating interest rates are
generally based on SOFR and Euro Interbank Offered
Rate.

190 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

• U.S. dollar-denominated debt had interest rates ranging The table below presents unsecured long-term borrowings,
from 0.86% to 6.75% (with a weighted average rate of after giving effect to such hedging activities.
4.10%) as of December 2024 and 0.86% to 6.75% (with a
$ in millions Group Inc. Subsidiaries Total
weighted average rate of 3.73%) as of December 2023. As of December 2024
These rates exclude unsecured long-term borrowings Fixed-rate obligations $ 19,883 $ 5,783 $ 25,666
accounted for at fair value under the fair value option. Floating-rate obligations 147,640 69,328 216,968
Total $ 167,523 $ 75,111 $ 242,634
• Non-U.S. dollar-denominated debt had interest rates As of December 2023
ranging from 0.25% to 7.25% (with a weighted average Fixed-rate obligations $ 15,460 $ 4,912 $ 20,372
rate of 2.04%) as of December 2024 and 0.25% to 7.25% Floating-rate obligations 159,875 61,630 221,505
(with a weighted average rate of 2.11%) as of December Total $ 175,335 $ 66,542 $ 241,877

2023. These rates exclude unsecured long-term borrowings In the table above, the aggregate amounts of unsecured long-
accounted for at fair value under the fair value option. term borrowings had weighted average interest rates of
The table below presents unsecured long-term borrowings by 5.72% (4.39% related to fixed-rate obligations and 5.82%
maturity. related to floating-rate obligations) as of December 2024 and
6.13% (3.44% related to fixed-rate obligations and 6.27%
As of December 2024
related to floating-rate obligations) as of December 2023.
$ in millions Group Inc. Subsidiaries Total
2026 $ 22,884 $ 14,046 $ 36,930 These rates exclude unsecured long-term borrowings
2027 22,389 18,749 41,138 accounted for at fair value under the fair value option.
2028 20,728 8,476 29,204
2029 21,205 11,531 32,736 Subordinated Borrowings
2030 - thereafter 80,317 22,309 102,626 Unsecured long-term borrowings includes subordinated debt
Total $ 167,523 $ 75,111 $ 242,634
and junior subordinated debt. Subordinated debt that
In the table above: matures within one year is included in unsecured short-term
borrowings. Junior subordinated debt is junior in right of
• Unsecured long-term borrowings maturing within one year payment to other subordinated borrowings, which are junior
of the financial statement date and unsecured long-term to senior borrowings. Subordinated debt had maturities
borrowings that are redeemable within one year of the ranging from 2025 to 2045 as of both December 2024 and
financial statement date at the option of the holder are December 2023.
excluded as they are included in unsecured short-term
borrowings. The table below presents information about subordinated
borrowings.
• Unsecured long-term borrowings that are repayable prior
to maturity at the option of the firm are reflected at their Par Carrying
$ in millions Amount Value Rate
contractual maturity dates. As of December 2024
• Unsecured long-term borrowings that are redeemable prior Subordinated debt $ 12,131 $ 11,217 6.89%
Junior subordinated debt 968 1,004 5.88%
to maturity at the option of the holder are reflected at the Total $ 13,099 $ 12,221 6.82%
earliest dates such options become exercisable.
As of December 2023
• Unsecured long-term borrowings included $(10.74) billion Subordinated debt $ 12,215 $ 11,898 7.79%
Junior subordinated debt 968 1,053 6.30%
of adjustments to the carrying value of certain unsecured
Total $ 13,183 $ 12,951 7.68%
long-term borrowings resulting from the application of
hedge accounting by year of maturity as follows: $(250) In the table above:
million in 2026, $(837) million in 2027, $(867) million in
2028, $(874) million in 2029 and $(7.91) billion in 2030 and • The par amount of subordinated debt issued by Group Inc.
thereafter. was $12.13 billion as of December 2024 and $12.22 billion
as of December 2023, and the carrying value of
The firm designates certain derivatives as fair value hedges to subordinated debt issued by Group Inc. was $11.22 billion
convert a portion of fixed-rate unsecured long-term as of December 2024 and $11.90 billion as of December
borrowings not accounted for at fair value into floating-rate 2023.
obligations. See Note 7 for further information about hedging
activities. • The rate is the weighted average interest rate for these
borrowings (excluding borrowings accounted for at fair
value under the fair value option), including the effect of
fair value hedges used to convert fixed-rate obligations into
floating-rate obligations. See Note 7 for further
information about hedging activities.

Goldman Sachs 2024 Form 10-K 191

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Junior Subordinated Debt The table below presents information about operating lease
In 2004, Group Inc. issued $2.84 billion of junior liabilities.
subordinated debt to Goldman Sachs Capital I, a Delaware
Operating
statutory trust. Goldman Sachs Capital I issued $2.75 billion $ in millions lease liabilities
of guaranteed preferred beneficial interests (Trust Preferred As of December 2024
securities) to third parties and $85 million of common 2025 $ 295
beneficial interests to Group Inc. As of both December 2024 2026 315
2027 278
and December 2023, the outstanding par amount of junior 2028 252
subordinated debt held by Goldman Sachs Capital I was $968 2029 225
million and the outstanding par amount of Trust Preferred 2030 - thereafter 1,298
securities and common beneficial interests issued by Total undiscounted lease payments 2,663
Imputed interest (601)
Goldman Sachs Capital I was $939 million and $29 million, p
Total operatingg lease liabilities $ 2,062
respectively. Goldman Sachs Capital I is a wholly-owned
Weighted average remaining lease term 12 years
finance subsidiary of the firm for regulatory and legal Weighted average discount rate 4.25%
purposes but is not consolidated for accounting purposes.
As of December 2023
The firm pays interest semi-annually on the junior 2024 $ 325
2025 325
subordinated debt at an annual rate of 6.345% and the debt
2026 288
matures on February 15, 2034. The coupon rate and the 2027 256
payment dates applicable to the beneficial interests are the 2028 231
same as the interest rate and payment dates for the junior 2029 - thereafter 1,462
Total undiscounted lease payments 2,887
subordinated debt. The firm has the right, from time to time,
Imputed interest (655)
to defer payment of interest on the junior subordinated debt, p g lease liabilities
Total operating $ 2,232
and therefore cause payment on Goldman Sachs Capital I’s
Weighted average remaining lease term 12 years
preferred beneficial interests to be deferred, in each case up to Weighted average discount rate 4.13%
ten consecutive semi-annual periods. During any such
deferral period, the firm will not be permitted to, among In the table above, the weighted average discount rate
other things, pay dividends on or make certain repurchases of represents the firm’s incremental borrowing rate as of the
its common stock. Goldman Sachs Capital I is not permitted date of adoption of ASU No. 2016-02, “Leases (Topic 842),”
to pay any distributions on the common beneficial interests for operating leases existing on the date of adoption and as of
held by Group Inc. unless all dividends payable on the the lease inception date for leases entered into subsequent to
preferred beneficial interests have been paid in full. the adoption of this ASU.
Operating lease costs were $473 million for 2024,
Note 15. $484 million for 2023 and $462 million for 2022. Variable
lease costs, which are included in operating lease costs, were
Other Liabilities not material for each of 2024, 2023 and 2022. Total
The table below presents other liabilities by type. occupancy expenses for space held in excess of the firm’s
current requirements were not material for each of 2024, 2023
As of December and 2022.
$ in millions 2024 2023
Compensation and benefits $ 8,770 $ 7,804 Lease payments relating to operating lease arrangements that
Income tax-related liabilities 3,544 2,947 were signed but had not yet commenced were $1.10 billion as
Operating lease liabilities 2,062 2,232 of December 2024.
Noncontrolling interests 401 363
Employee interests in consolidated funds 16 19
Accrued expenses and other 9,427 10,438
Total $ 24,220 $ 23,803

Operating Lease Liabilities

For leases longer than one year, the firm recognizes a right-
of-use asset representing the right to use the underlying asset
for the lease term, and a lease liability representing the
liability to make payments. See Note 12 for information
about operating lease right-of-use assets.

192 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Accrued Expenses and Other The primary risks included in beneficial interests and other
Accrued expenses and other included: interests from the firm’s continuing involvement with
securitization vehicles are the performance of the underlying
• Liabilities classified as held for sale were not material as of
collateral, the position of the firm’s investment in the capital
December 2024 and were $257 million as of December
structure of the securitization vehicle and the market yield for
2023, substantially all of which related to GreenSky within
the security. Interests accounted for at fair value are
Platform Solutions and consisted primarily of customer
primarily classified in level 2 of the fair value hierarchy.
and other payables. See Note 12 for further information
Interests not accounted for at fair value are carried at
about assets held for sale.
amounts that approximate fair value. See Note 4 for further
• Contract liabilities, which represent consideration received information about fair value measurements.
by the firm in connection with its contracts with clients
The table below presents the amount of financial assets
prior to providing the service, were not material as of both
securitized and the cash flows received on retained interests
December 2024 and December 2023.
in securitization entities in which the firm had continuing
• Accrued unfunded commitments related to investments in involvement as of the end of the period.
qualified affordable housing projects were $2.15 billion as
Year Ended December
of December 2024 and $2.26 billion as of December 2023.
$ in millions 2024 2023 2022
See Note 17 for further information about these
Residential mortgages $ 33,210 $ 20,276 $ 26,717
investments. Commercial mortgages 7,238 4,446 13,935
Other financial assets 2,782 5,951 3,617
Total financial assets securitized $ 43,230 $ 30,673 $ 44,269
Note 16. Retained interests cash flows $ 722 $ 493 $ 551
Securitization Activities
The firm securitized assets of $364 million during 2024,
The firm securitizes residential and commercial mortgages, $369 million during 2023 and $792 million during 2022, in a
corporate bonds, loans and other types of financial assets by non-cash exchange for loans and investments.
selling these assets to securitization vehicles (e.g., trusts,
The table below presents information about nonconsolidated
corporate entities and limited liability companies) or through
securitization entities to which the firm sold assets and had
a resecuritization. The firm acts as underwriter of the
continuing involvement as of the end of the period.
beneficial interests that are sold to investors. The firm’s
residential mortgage securitizations are primarily in Outstanding
connection with government agency securitizations. Principal Retained Purchased
$ in millions Amount Interests Interests
The firm accounts for a securitization as a sale when it has As of December 2024
relinquished control over the transferred financial assets. U.S. government agency-issued CMOs $ 34,049 $ 3,053 $ –
Other residential mortgage-backed 33,069 1,357 14
Prior to securitization, the firm generally accounts for assets
Other commercial mortgage-backed 59,562 945 57
pending transfer at fair value and therefore does not typically Corporate debt and other asset-backed 12,059 493 5
recognize significant gains or losses upon the transfer of Total $ 138,739 $ 5,848 $ 76
assets. Net revenues from underwriting activities are As of December 2023
recognized in connection with the sales of the underlying U.S. government agency-issued CMOs $ 31,140 $ 2,260 $ –
beneficial interests to investors. Other residential mortgage-backed 28,767 1,162 78
Other commercial mortgage-backed 61,648 1,192 61
The firm generally receives cash in exchange for the Corporate debt and other asset-backed 12,501 685 56
transferred assets but may also have continuing involvement Total $ 134,056 $ 5,299 $ 195

with the transferred financial assets, including ownership of

beneficial interests in securitized financial assets, primarily in
the form of debt instruments. The firm may also purchase
senior or subordinated securities issued by securitization
vehicles (which are typically VIEs) in connection with
secondary market-making activities.

Goldman Sachs 2024 Form 10-K 193

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

In the table above: The table below presents information about the weighted
average key economic assumptions used in measuring the fair
• CMOs represents collateralized mortgage obligations.
value of mortgage-backed retained interests.
• The outstanding principal amount is presented for the
As of December
purpose of providing information about the size of the $ in millions 2024 2023
securitization entities and is not representative of the firm’s Fair value of retained interests $ 5,292 $ 4,590
risk of loss. Weighted average life (years) 6.1 5.7
Constant prepayment rate 10.0% 12.2%
• The firm’s risk of loss from retained or purchased interests Impact of 10% adverse change $ (57) $ (50)
is limited to the carrying value of these interests. Impact of 20% adverse change $ (110) $ (94)
Discount rate 7.8% 7.6%
• Purchased interests represent senior and subordinated Impact of 10% adverse change $ (136) $ (117)
Impact of 20% adverse change $ (281) $ (226)
interests, purchased in connection with secondary market-
making activities, in securitization entities in which the In the table above:
firm also holds retained interests.
• Amounts do not reflect the benefit of other financial
• Substantially all of the total outstanding principal amount instruments that are held to mitigate risks inherent in these
and total retained interests relate to securitizations during retained interests.
2019 and thereafter.
• Changes in fair value based on an adverse variation in
• The fair value of retained interests was $5.78 billion as of assumptions generally cannot be extrapolated because the
December 2024 and $5.26 billion as of December 2023. relationship of the change in assumptions to the change in
In addition to the interests in the table above, the firm had fair value is not usually linear.
other continuing involvement in the form of derivative • The impact of a change in a particular assumption is
transactions and commitments with certain nonconsolidated calculated independently of changes in any other
VIEs. The carrying value of these derivatives and assumption. In practice, simultaneous changes in
commitments was a net asset of $847 million as of December assumptions might magnify or counteract the sensitivities
2024 and $120 million as of December 2023, and the notional disclosed above.
amount of these derivatives and commitments was $2.78
billion as of December 2024 and $1.95 billion as of December • The constant prepayment rate is included only for
2023. The notional amounts of these derivatives and positions for which it is a key assumption in the
commitments are included in maximum exposure to loss in determination of fair value.
the nonconsolidated VIE table in Note 17. Additionally, the • The discount rate for retained interests that relate to U.S.
firm provided seller financing of $2.12 billion in connection government agency-issued CMOs does not include any
with the sale of $4.44 billion of loans (the vast majority of credit loss. Expected credit loss assumptions are reflected in
which were related to GreenSky) during 2024 and of the discount rate for the remainder of retained interests.
approximately $2.7 billion in connection with the sale of
$3.24 billion of Marcus loans during 2023. The principal and The firm has other retained interests not reflected in the table
interest repayments received from these financings were $2.85 above with a fair value of $491 million and a weighted
billion for 2024 and were $1.0 billion for 2023. Seller average life of 5.0 years as of December 2024, and a fair value
financing related to the GreenSky loans sale was fully repaid of $674 million and a weighted average life of 5.0 years as of
as of December 2024. The total outstanding principal amount December 2023. Due to the nature and fair value of certain of
of these seller financings were $1.32 billion as of December these retained interests, the weighted average assumptions for
2024 and $1.81 billion as of December 2023. constant prepayment and discount rates and the related
sensitivity to adverse changes are not meaningful as of both
December 2024 and December 2023. The firm’s maximum
exposure to adverse changes in the value of these interests is
the carrying value of $493 million as of December 2024 and
$685 million as of December 2023.

194 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 17.

Variable Interest Entities

A variable interest in a VIE is an investment (e.g., debt or VIE Activities
equity) or other interest (e.g., derivatives or loans and lending The firm is principally involved with VIEs through the
commitments) that will absorb portions of the VIE’s expected following business activities:
losses and/or receive portions of the VIE’s expected residual
returns. Mortgage-Backed VIEs. The firm sells residential and
commercial mortgage loans and securities to mortgage-
The firm’s variable interests in VIEs include senior and backed VIEs and may retain beneficial interests in the assets
subordinated debt; loans and lending commitments; limited sold to these VIEs. The firm purchases and sells beneficial
and general partnership interests; preferred and common interests issued by mortgage-backed VIEs in connection with
equity; derivatives that may include foreign currency, equity market-making activities. In addition, the firm may enter into
and/or credit risk; guarantees; and certain of the fees the firm derivatives with certain of these VIEs, primarily interest rate
receives from investment funds. Certain interest rate, foreign swaps, which are typically not variable interests. The firm
currency and credit derivatives the firm enters into with VIEs generally enters into derivatives with other counterparties to
are not variable interests because they create, rather than mitigate its risk.
absorb, risk.
Tax Credit and Other Investing VIEs. The firm makes
VIEs generally finance the purchase of assets by issuing debt equity investments in VIEs that invest in qualified affordable
and equity securities that are either collateralized by or housing and renewable energy projects designed to generate a
indexed to the assets held by the VIE. The debt and equity return through the realization of tax credits and related tax
securities issued by a VIE may include tranches of varying benefits. The firm also purchases equity and debt securities
levels of subordination. The firm’s involvement with VIEs issued by and makes loans to VIEs that hold real estate,
includes securitization of financial assets, as described in performing and nonperforming debt, distressed loans and
Note 16, and investments in and loans to other types of VIEs, equity securities. In addition, the firm makes equity
as described below. See Note 3 for the firm’s consolidation investments in certain investment fund VIEs it manages and is
policies, including the definition of a VIE. entitled to receive fees from these VIEs. The firm generally
VIE Consolidation Analysis does not sell assets to, or enter into derivatives with, these
The enterprise with a controlling financial interest in a VIE is VIEs.
known as the primary beneficiary and consolidates the VIE. Corporate Debt and Other Asset-Backed VIEs. The firm
The firm determines whether it is the primary beneficiary of a structures VIEs that issue notes to clients, purchases and sells
VIE by performing an analysis that principally considers: beneficial interests issued by corporate debt and other asset-
• Which variable interest holder has the power to direct the backed VIEs in connection with market-making activities,
activities of the VIE that most significantly impact the and makes loans to VIEs that warehouse corporate debt.
VIE’s economic performance; Certain of these VIEs synthetically create the exposure for the
beneficial interests they issue by entering into credit
• Which variable interest holder has the obligation to absorb derivatives with the firm, rather than purchasing the
losses or the right to receive benefits from the VIE that underlying assets. In addition, the firm may enter into
could potentially be significant to the VIE; derivatives, such as total return swaps, with certain corporate
• The VIE’s purpose and design, including the risks the VIE debt and other asset-backed VIEs, under which the firm pays
was designed to create and pass through to its variable the VIE a return due to the beneficial interest holders and
interest holders; receives the return on the collateral owned by the VIE. The
collateral owned by these VIEs is primarily other asset-
• The VIE’s capital structure; backed loans and securities. The firm may be removed as the
• The terms between the VIE and its variable interest holders total return swap counterparty and may enter into derivatives
and other parties involved with the VIE; and with other counterparties to mitigate its risk related to these
swaps. The firm may sell assets to the corporate debt and
• Related-party relationships. other asset-backed VIEs it structures.
The firm reassesses its evaluation of whether an entity is a
VIE when certain reconsideration events occur. The firm
reassesses its determination of whether it is the primary
beneficiary of a VIE on an ongoing basis based on current
facts and circumstances.

Goldman Sachs 2024 Form 10-K 195

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Principal-Protected Note VIEs. The firm structures VIEs The table below presents information, by principal business
that issue principal-protected notes to clients. These VIEs activity, for nonconsolidated VIEs included in the summary
own portfolios of assets, principally with exposure to hedge table above.
funds. Substantially all of the principal protection on the As of December
notes issued by these VIEs is provided by the asset portfolio $ in millions 2024 2023
Mortgage-backed
rebalancing that is required under the terms of the notes. The Assets in VIEs $ 128,378 $ 123,108
firm enters into total return swaps with these VIEs under Carrying value of variable interests — assets $ 5,618 $ 4,867
which the firm pays the VIE the return due to the principal- Maximum exposure to loss:
protected note holders and receives the return on the assets Retained interests $ 5,355 $ 4,614
Purchased interests 263 253
owned by the VIE. The firm may enter into derivatives with Commitments and guarantees – 35
other counterparties to mitigate its risk. The firm also Derivatives 1 2
obtains funding through these VIEs. Total $ 5,619 $ 4,904

Tax credit and other investing

Nonconsolidated VIEs
Assets in VIEs $ 55,311 $ 47,638
The table below presents a summary of the nonconsolidated Carrying value of variable interests — assets $ 6,978 $ 6,716
VIEs in which the firm holds variable interests. Carrying value of variable interests — liabilities $ 2,315 $ 2,220
Maximum exposure to loss:
As of December Commitments and guarantees $ 4,138 $ 3,893
$ in millions 2024 2023 Debt and equity 4,831 4,824
Total nonconsolidated VIEs Total $ 8,969 $ 8,717
Assets in VIEs $ 206,500 $ 193,934
Corporate debt and other asset-backed
Carrying value of variable interests — assets $ 16,710 $ 15,478
Assets in VIEs $ 22,811 $ 23,188
Carrying value of variable interests — liabilities $ 2,754 $ 2,750
Carrying value of variable interests — assets $ 4,114 $ 3,895
Maximum exposure to loss:
Carrying value of variable interests — liabilities $ 439 $ 530
Retained interests $ 5,848 $ 5,299
Maximum exposure to loss:
Purchased interests 767 902
Retained interests $ 493 $ 685
Commitments and guarantees 5,034 4,159
Purchased interests 504 649
Derivatives 8,974 8,636
Commitments and guarantees 896 231
Debt and equity 6,878 6,927
Derivatives 8,973 8,634
Total $ 27,501 $ 25,923
Debt and equity 2,047 2,103
Total $ 12,913 $ 12,302
In the table above:
• The nature of the firm’s variable interests is described in Beginning in the fourth quarter of 2024, investment fund
the rows under maximum exposure to loss. VIEs are included in tax credit and other investing in the
table above. Prior to the fourth quarter of 2024, such VIEs
• The firm’s exposure to the obligations of VIEs is generally were disclosed separately in investments in funds. The
limited to its interests in these entities. In certain instances, carrying value of the firm’s variable interests in such VIEs
the firm provides guarantees, including derivative was $9 million as of December 2024 and $91 million as of
guarantees, to VIEs or holders of variable interests in VIEs. December 2023. Prior period amounts have been conformed
• The maximum exposure to loss excludes the benefit of to the current presentation.
offsetting financial instruments that are held to mitigate the As of both December 2024 and December 2023, the carrying
risks associated with these variable interests. values of the firm’s variable interests in nonconsolidated VIEs
• The maximum exposure to loss from retained interests, are included in the consolidated balance sheets as follows:
purchased interests, and debt and equity is the carrying • Mortgage-backed: Assets primarily included in trading
value of these interests. assets and loans.
• The maximum exposure to loss from commitments and • Tax credit and other investing: Assets primarily included in
guarantees, and derivatives is the notional amount, which investments and other assets, and liabilities included in
does not represent anticipated losses and has not been trading liabilities and other liabilities.
reduced by unrealized losses. As a result, the maximum
• Corporate debt and other asset-backed: Assets included in
exposure to loss exceeds liabilities recorded for
loans and trading assets, and liabilities included in trading
commitments and guarantees, and derivatives.
liabilities.

196 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Tax Credit VIEs The firm’s existing investments in renewable energy projects
The firm makes equity investments in nonconsolidated tax that receive production tax credits were not eligible for
credit VIEs that invest in qualified affordable housing and transition to the proportional amortization method of
renewable energy projects. These VIEs are generally accounting upon adoption of ASU No. 2023-02. Such
organized as limited partnerships or similar entities and a investments were $1.39 billion as of December 2024 and $1.40
third-party is typically the general partner or the managing billion as of December 2023, were included in investments in
member. The firm invests in the entity as a limited partner the consolidated balance sheets and were accounted for at
and receives income tax credits and other income tax benefits fair value under the fair value option.
for such investments. In connection with the adoption of ASU
Consolidated VIEs
No. 2023-02, as of January 1, 2024, the firm elected the
The table below presents a summary of the carrying value
proportional amortization method for qualified affordable
and balance sheet classification of assets and liabilities in
housing and renewable energy projects that receive
consolidated VIEs.
production tax credits. The investments that meet the criteria
for the proportional amortization method of accounting are As of December
amortized in proportion to the income tax credits and other $ in millions 2024 2023
Total consolidated VIEs
income tax benefits received on such investments. The Assets
amortization of investments and the related income tax Cash and cash equivalents $ 172 $ 439
credits and other income tax benefits are recorded as a Customer and other receivables 325 347
component of the provision for taxes, and are included in Trading assets 95 95
Investments 170 80
other operating activities in the consolidated statements of
Loans 9 267
cash flows. Other assets 69 248
Total $ 840 $ 1,476
The table below presents information about investments
(included in miscellaneous receivables and other within other Liabilities
Other secured financings $ 661 $ 850
assets in the consolidated balance sheets) in qualified Customer and other payables 7 2
affordable housing and renewable energy projects that met Unsecured short-term borrowings 5 14
the criteria of the proportional amortization method of Unsecured long-term borrowings 15 17
accounting. Other liabilities 165 91
Total $ 853 $ 974
As of December
$ in millions 2024 2023 In the table above:
Carrying value of investments $ 3,456 $ 3,394
• Assets and liabilities are presented net of intercompany
In the table above, investments included $2.15 billion as of eliminations and exclude the benefit of offsetting financial
December 2024 and $2.26 billion as of December 2023 of instruments that are held to mitigate the risks associated
accrued unfunded commitments. As of December 2024, a with the firm’s variable interests.
majority of such accrued unfunded commitments were
• VIEs in which the firm holds a majority voting interest are
expected to be funded by year-end 2026.
excluded if (i) the VIE meets the definition of a business
The table below presents information about the amortization and (ii) the VIE’s assets can be used for purposes other than
and income tax credits and other income tax benefits related the settlement of its obligations.
to investments in qualified affordable housing and renewable
• Substantially all assets can only be used to settle
energy projects that met the criteria of the proportional
obligations of the VIE.
amortization method of accounting.
Year Ended December
$ in millions 2024 2023 2022
Amortization $ 381 $ 301 $ 127
Tax credits and other benefits $ 452 $ 370 $ 151

Investments in qualified affordable housing projects that did

not meet the criteria for the proportional amortization
method of accounting were not material as of both December
2024 and December 2023.

Goldman Sachs 2024 Form 10-K 197

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The table below presents information, by principal business Note 18.

activity, for consolidated VIEs included in the summary table
Commitments, Contingencies and Guarantees
above.
Commitments
As of December
$ in millions 2024 2023 The table below presents commitments by type.
Real estate, credit-related and other investing
Assets As of December
$ in millions 2024 2023
Cash and cash equivalents $ 17 $ 417
Trading assets 18 28 Commitment Type
Investments 170 80 Commercial lending:
Loans 9 267 Investment-grade $ 124,001 $ 111,202
Other assets 69 248 Non-investment-grade 67,755 54,298
Total $ 283 $ 1,040 Warehouse financing 13,587 9,184
Consumer 78,099 73,074
Liabilities Total lending 283,442 247,758
Other secured financings $ 4 $ 143 Risk participations 5,014 8,167
Customer and other payables 7 2 Collateralized agreement 95,282 100,503
Other liabilities 165 91 Collateralized financing 49,333 84,276
Total $ 176 $ 236 Investment 5,832 4,592
Other 8,223 8,258
Corporate debt and other asset-backed
Total commitments $ 447,126 $ 453,554
Assets
Cash and cash equivalents $ 155 $ 22
Total $ 155 $ 22
The table below presents commitments by expiration.
Liabilities As of December 2024
Other secured financings $ 334 $ 374 2026 - 2028 - 2030 -
Total $ 334 $ 374 $ in millions 2025 2027 2029 Thereafter
Commitment Type
Principal-protected notes Commercial lending:
Assets Investment-grade $ 19,773 $ 41,607 $ 59,574 $ 3,047
Customer and other receivables $ 325 $ 347 Non-investment-grade 5,752 24,247 28,326 9,430
Trading assets 77 67 Warehouse financing 1,296 7,972 3,774 545
Total $ 402 $ 414 Consumer 78,099 – – –
Total lending 104,920 73,826 91,674 13,022
Liabilities
Risk participations 583 2,202 2,203 26
Other secured financings $ 323 $ 333
Collateralized agreement 94,438 844 – –
Unsecured short-term borrowings 5 14
Collateralized financing 49,333 – – –
Unsecured long-term borrowings 15 17
Investment 1,868 754 366 2,844
Total $ 343 $ 364
Other 7,796 244 40 143
Total commitments $ 258,938 $ 77,870 $ 94,283 $ 16,035
In the table above, creditors and beneficial interest holders of
real estate, credit-related and other investing VIEs do not Lending Commitments
have recourse to the general credit of the firm. The firm’s commercial and warehouse financing lending
commitments are agreements to lend with fixed termination
dates and depend on the satisfaction of all contractual
conditions to borrowing. These commitments are presented
net of amounts syndicated to third parties. The total
commitment amount does not necessarily reflect actual future
cash flows because the firm may syndicate portions of these
commitments. In addition, commitments can expire unused
or be reduced or cancelled at the counterparty’s request. The
firm also provides credit to consumers by issuing credit card
lines. The firm also provided credit to consumers through
commitments to extend unsecured installment loans and
beginning in the third quarter of 2024, ceased providing such
commitments.

198 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The table below presents information about lending To mitigate the credit risk associated with the firm’s
commitments. commercial lending activities, the firm obtains credit
protection on certain loans and lending commitments
As of December
$ in millions 2024 2023 through credit default swaps, both single-name and index-
Held for investment $ 262,604 $ 227,865 based contracts.
Held for sale 20,258 19,129
At fair value 580 764 Warehouse Financing. The firm provides financing to
Total $ 283,442 $ 247,758 clients who warehouse financial assets. These arrangements
are collateralized by the warehoused assets, primarily
In the table above: consisting of residential real estate, consumer and corporate
• Held for investment lending commitments are accounted loans.
for at amortized cost. The carrying value of lending Consumer. The firm’s consumer lending commitments
commitments was a liability of $929 million (including includes:
allowance for credit losses of $674 million) as of December
2024 and $845 million (including allowance for credit losses • Credit card lines issued by the firm to consumers were
of $620 million) as of December 2023. The estimated fair $78.10 billion as of December 2024 and $70.82 billion as of
value of such lending commitments was a liability of $4.84 December 2023. Such credit card lines included $14.32
billion as of December 2024 and $5.29 billion as of billion as of December 2024 and $14.35 billion as of
December 2023. Had these lending commitments been December 2023 of commitments classified as held for sale
carried at fair value and included in the fair value in connection with the planned sale of the GM co-branded
hierarchy, $2.44 billion as of December 2024 and $3.10 credit card portfolio. These credit card lines are cancellable
billion as of December 2023 would have been classified in by the firm.
level 2, and $2.40 billion as of December 2024 and $2.19 • Commitments to provide unsecured installment loans to
billion as of December 2023 would have been classified in consumers were $2.25 billion as of December 2023 and
level 3. such commitments were classified as held for sale in
• Held for sale lending commitments are accounted for at the connection with the sale of GreenSky. During 2024, the
lower of cost or fair value. The carrying value of lending firm completed the sale of GreenSky.
commitments held for sale was a liability of $43 million as Risk Participations
of December 2024 and $70 million as of December 2023. The firm also risk participates certain of its commercial
The estimated fair value of such lending commitments lending commitments to other financial institutions. In the
approximates the carrying value. Had these lending event of a risk participant’s default, the firm will be
commitments been included in the fair value hierarchy, responsible to fund the borrower.
they would have been primarily classified in level 3 as of
both December 2024 and December 2023. Collateralized Agreement Commitments/
Collateralized Financing Commitments
• Gains or losses related to lending commitments at fair Collateralized agreement commitments includes forward
value, if any, are generally recorded net of any fees in other starting resale and securities borrowing agreements, and
principal transactions. collateralized financing commitments includes forward
Commercial Lending. The firm’s commercial lending starting repurchase and secured lending agreements that
commitments were primarily extended to investment-grade settle at a future date. Collateralized agreement commitments
corporate borrowers. Such commitments primarily included also includes transactions where the firm has entered into
$148.78 billion as of December 2024 and $137.11 billion as of commitments to provide contingent financing to its clients
December 2023, related to relationship lending activities and counterparties through resale agreements. The firm’s
funding of these commitments depends on the satisfaction of
(principally used for operating and general corporate
all contractual conditions to the resale agreement and these
purposes), and $11.26 billion as of December 2024 and $4.21
commitments can expire unused.
billion as of December 2023, related to other investment
banking activities (generally extended for contingent Investment Commitments
acquisition financing and are often intended to be short-term Investment commitments includes commitments to invest in
in nature, as borrowers often seek to replace them with other private equity, real estate and other assets directly and
funding sources). The firm also extends lending commitments through funds that the firm raises and manages. Investment
in connection with other types of corporate lending, commitments included $1.10 billion as of December 2024 and
commercial real estate financing and other collateralized $963 million as of December 2023, related to commitments to
lending. See Note 9 for further information about funded invest in funds managed by the firm. If these commitments
loans. are called, they would be funded at market value on the date
of investment.

Goldman Sachs 2024 Form 10-K 199

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Contingencies Derivative Guarantees. The firm enters into various

Legal Proceedings. See Note 27 for information about legal derivatives that meet the definition of a guarantee under U.S.
proceedings. GAAP, including written equity and commodity put options,
written currency contracts and interest rate caps, floors and
Guarantees
swaptions. These derivatives are risk managed together with
The table below presents derivatives that meet the definition
derivatives that do not meet the definition of a guarantee, and
of a guarantee, securities lending and clearing guarantees and
therefore the amounts in the table above do not reflect the
certain other financial guarantees.
firm’s overall risk related to derivative activities. Disclosures
Securities Other
about derivatives are not required if they may be cash settled
lending and financial
$ in millions Derivatives clearing guarantees and the firm has no basis to conclude it is probable that the
As of December 2024 counterparties held the underlying instruments at the
Carrying Value of Net Liability $ 3,535 $ – $ 425 inception of the contract. The firm has concluded that these
Maximum Payout/Notional Amount by Period of Expiration
conditions have been met for certain large, internationally
2025 $ 181,940 $ 58,056 $ 2,523
2026 - 2027 78,419 – 3,086 active commercial and investment bank counterparties,
2028 - 2029 17,074 – 1,843 central clearing counterparties, hedge funds and certain other
2030 - thereafter 31,819 – 505 counterparties. Accordingly, the firm has not included such
Total $ 309,252 $ 58,056 $ 7,957
contracts in the table above. See Note 7 for information
As of December 2023 about credit derivatives that meet the definition of a
Carrying Value of Net Liability $ 5,240 $ – $ 430
guarantee, which are not included in the table above.
Maximum Payout/Notional Amount by Period of Expiration
2024 $ 177,895 $ 28,787 $ 2,325 Derivatives are accounted for at fair value and therefore the
2025 - 2026 98,843 – 3,108
2027 - 2028 19,282 – 2,109
carrying value is considered the best indication of payment/
2029 - thereafter 29,030 – 231 performance risk for individual contracts. However, the
Total $ 325,050 $ 28,787 $ 7,773 carrying values in the table above exclude the effect of
counterparty and cash collateral netting.
In the table above:
Securities Lending and Clearing Guarantees. Securities
• The maximum payout is based on the notional amount of
lending and clearing guarantees include the indemnifications
the contract and does not represent anticipated losses.
and guarantees that the firm provides in its capacity as an
• Amounts exclude certain commitments to issue standby agency lender and in its capacity as a sponsoring member of
letters of credit that are included in lending commitments. the Fixed Income Clearing Corporation.
See the tables in “Commitments” above for a summary of
As an agency lender, the firm indemnifies most of its
the firm’s commitments.
securities lending customers against losses incurred in the
• The carrying value for derivatives included derivative event that borrowers do not return securities and the
assets of $464 million as of December 2024 and $359 collateral held is insufficient to cover the market value of the
million as of December 2023, and derivative liabilities of securities borrowed. The maximum payout of such
$4.00 billion as of December 2024 and $5.60 billion as of indemnifications was $10.62 billion as of December 2024 and
December 2023. $14.19 billion as of December 2023. Collateral held by the
lenders in connection with securities lending indemnifications
was $11.02 billion as of December 2024 and $14.63 billion as
of December 2023. Because the contractual nature of these
arrangements requires the firm to obtain collateral with a
market value that exceeds the value of the securities lent to
the borrower, there is minimal performance risk associated
with these indemnifications.

200 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

As a sponsoring member of the Government Securities Guarantees of Securities Issued by Trusts. The firm has
Division of the Fixed Income Clearing Corporation, the firm established trusts, including Goldman Sachs Capital I,
guarantees the performance of its sponsored member clients Goldman Sachs Capital II and Goldman Sachs Capital III (the
to the Fixed Income Clearing Corporation in connection with Trusts), and other entities, for the limited purpose of issuing
certain resale and repurchase agreements. To minimize securities to third parties, lending the proceeds to the firm
potential losses on such guarantees, the firm obtains a and entering into contractual arrangements with the firm and
security interest in the collateral that the sponsored client third parties related to this purpose. The firm does not
placed with the Fixed Income Clearing Corporation. consolidate these entities. See Notes 14 and 19 for further
Therefore, the risk of loss on such guarantees is minimal. The information about the transactions involving the Trusts.
maximum payout on this guarantee was $47.44 billion as of
The firm effectively provides for the full and unconditional
December 2024 and $14.60 billion as of December 2023. The
guarantee of the securities issued by these entities. Timely
related collateral held was $46.96 billion as of December 2024
payment by the firm of amounts due to these entities under
and $14.69 billion as of December 2023.
the guarantee, borrowing, preferred stock and related
Other Financial Guarantees. In the ordinary course of contractual arrangements will be sufficient to cover payments
business, the firm provides other financial guarantees of the due on the securities issued by these entities. No subsidiary of
obligations of third parties (e.g., standby letters of credit and Group Inc. guarantees the securities of the Trusts.
other guarantees to enable clients to complete transactions
Management believes that it is unlikely that any
and fund-related guarantees). These guarantees represent
circumstances will occur, such as nonperformance on the part
obligations to make payments to beneficiaries if the
of paying agents or other service providers, that would make
guaranteed party fails to fulfill its obligation under a
it necessary for the firm to make payments related to these
contractual arrangement with that beneficiary. Other
entities other than those required under the terms of the
financial guarantees also include a guarantee that the firm
guarantee, borrowing, preferred stock and related
has provided to the Government of Malaysia that it will
contractual arrangements and in connection with certain
receive, by August 2025, at least $1.4 billion in assets and
expenses incurred by these entities.
proceeds from assets seized by governmental authorities
around the world related to 1Malaysia Development Berhad, Indemnities and Guarantees of Service Providers. In
a sovereign wealth fund in Malaysia (1MDB). In connection the ordinary course of business, the firm indemnifies and
with this guarantee, the firm agreed to make a one-time guarantees certain service providers, such as clearing and
interim payment of $250 million towards the $1.4 billion if custody agents, trustees and administrators, against specified
the Government of Malaysia did not receive at least potential losses in connection with their acting as an agent of,
$500 million in assets and proceeds by August 2022. The firm or providing services to, the firm or its affiliates.
does not believe that any interim payment is required. Any
The firm may also be liable to some clients or other parties
amounts paid by the firm would, in any event, be subject to
for losses arising from its custodial role or caused by acts or
reimbursement in the event the assets and proceeds received
omissions of third-party service providers, including sub-
by the Government of Malaysia through August 18, 2028
custodians and third-party brokers. In certain cases, the firm
exceed $1.4 billion.
has the right to seek indemnification from these third-party
On October 11, 2023, the firm filed a demand for arbitration service providers for certain relevant losses incurred by the
alleging that the Government of Malaysia had, as of August firm. In addition, the firm is a member of payment, clearing
2022, recovered assets and proceeds well in excess of and settlement networks, as well as securities exchanges
$500 million; it had recovered substantial additional assets around the world that may require the firm to meet the
and proceeds that should be credited against the guarantee; obligations of such networks and exchanges in the event of
and it had not used all reasonable efforts to recover other member defaults and other loss scenarios.
assets and proceeds that could be credited against the
In connection with the firm’s prime brokerage and clearing
guarantee. On November 8, 2023, the Government of
businesses, the firm agrees to clear and settle transactions
Malaysia filed a response to the firm’s demand for arbitration
entered into by clients with other brokerage firms. The firm’s
and on June 10, 2024, filed an application for a partial award
obligations in respect of such transactions are secured by the
to immediately enforce the interim payment (plus interest).
assets in the client’s account and proceeds received from the
On July 24, 2024, the arbitral tribunal rejected that
transactions cleared and settled by the firm on behalf of the
application. Final determinations on all remaining issues,
client. In connection with joint venture investments, the firm
including any subsequent enforcement of the interim
may issue loan guarantees under which it may be liable in the
payment, are to be made at a final hearing. The arbitral
event of fraud, misappropriation, environmental liabilities
process is ongoing. See Note 27 for further information about
and other matters involving the borrower.
matters related to 1MDB.

Goldman Sachs 2024 Form 10-K 201

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The firm is unable to develop an estimate of the maximum Note 19.

payout under these guarantees and indemnifications as this Shareholders’ Equity
depends upon the occurrence of future events, including an
assessment of claims that have not yet occurred. However, Common Equity
management believes that it is unlikely the firm will have to As of both December 2024 and December 2023, the firm had
make any material payments under these arrangements, and 4.00 billion authorized shares of common stock and 200
no material liabilities related to these guarantees and million authorized shares of nonvoting common stock, each
indemnifications have been recognized in the consolidated with a par value of $0.01 per share.
balance sheets as of both December 2024 and December 2023.
The firm’s share repurchase program is intended to help
Other Representations, Warranties and maintain the appropriate level of common equity. The share
Indemnifications. The firm provides representations and repurchase program is effected primarily through regular
warranties to counterparties in connection with a variety of open-market purchases (which may include repurchase plans
commercial transactions and occasionally indemnifies them
designed to comply with Rule 10b5-1 and accelerated share
against potential losses caused by the breach of those
repurchases), the amounts and timing of which are
representations and warranties. The firm may also provide
determined primarily by the firm’s current and projected
indemnifications protecting against changes in or adverse
application of certain U.S. tax laws in connection with capital position, and capital deployment opportunities, but
ordinary-course transactions, such as securities issuances, which may also be influenced by the evolution of current and
borrowings or derivatives. future regulatory capital requirements, general market
conditions and the prevailing price and trading volumes of
In addition, the firm may provide indemnifications to some the firm’s common stock.
counterparties to protect them in the event additional taxes
are owed or payments are withheld, due either to a change in The table below presents information about common stock
or an adverse application of certain non-U.S. tax laws. These repurchases.
indemnifications, as well as indemnifications provided by the Year Ended December
firm on other contractual or other obligations, generally are in millions, except per share amounts 2024 2023 2022
standard contractual terms and are entered into in the Common share repurchases 17.5 16.8 10.1
ordinary course of business. Generally, there are no stated or Average cost per share $457.82 $345.87 $346.07
notional amounts included in these indemnifications, and the Total cost of common share repurchases $ 8,000 $ 5,796 $ 3,500

contingencies triggering the obligation to indemnify are not

Pursuant to the terms of certain share-based awards,
expected to occur. Future changes in tax laws and how such
employees may remit shares to the firm or the firm may
laws would apply to these indemnifications cannot be
cancel share-based awards to satisfy statutory employee tax
determined. Therefore, the firm is unable to develop an
estimate of the maximum payout under these guarantees and withholding requirements. Under these plans, 1,197 shares in
indemnifications. However, management believes that it is 2024, 868 shares in 2023 and 11,644 shares in 2022 were
unlikely the firm will have to make any material payments remitted with a total value of $0.5 million in 2024, $0.3
under these arrangements, and no material liabilities related million in 2023 and $4 million in 2022, and the firm cancelled
to these arrangements have been recognized in the 3.4 million share-based awards in 2024, 3.9 million in 2023
consolidated balance sheets as of both December 2024 and and 4.6 million in 2022, with a total value of $1.33 billion in
December 2023. 2024, $1.35 billion in 2023 and $1.59 billion in 2022. The cash
settlement of share-based awards is included in other in
Guarantees of Subsidiaries. Group Inc. is the entity that
additional paid-in capital in the consolidated statements of
fully and unconditionally guarantees the securities issued by
shareholders’ equity and in other financing, net in the
GS Finance Corp., a wholly-owned finance subsidiary of the
consolidated statements of cash flows. The amount of cash
firm. Group Inc. has guaranteed the payment obligations of
used to settle share-based awards was not material for each
Goldman Sachs & Co. LLC (GS&Co.), GS Bank USA and
Goldman Sachs Paris Inc. et Cie, subject to certain of 2024, 2023 and 2022.
exceptions. Group Inc. also guarantees many of the The table below presents common stock dividends declared.
obligations of its other consolidated subsidiaries on a
Year Ended December
transaction-by-transaction basis, as negotiated with
2024 2023 2022
counterparties. In addition, Group Inc. has provided Dividends declared per common share $ 11.50 $ 10.50 $ 9.00
guarantees to Goldman Sachs International (GSI) and GSBE
related to agreements that each entity has entered into with On January 14, 2025, the Board of Directors of Group Inc.
certain of its counterparties. Given the obligations of the declared a dividend of $3.00 per common share to be paid on
consolidated subsidiaries are recognized in the consolidated March 28, 2025 to common shareholders of record on
balance sheets or reflected as commitments, Group Inc.’s February 28, 2025.
liabilities as guarantor are not separately disclosed.

202 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Preferred Equity
The tables below present information about the perpetual • The redemption price per share for Series A through F and
preferred stock issued and outstanding as of December 2024. Series Q through Y Preferred Stock is the liquidation
preference plus declared and unpaid dividends. The
Depositary
Shares Shares Shares Shares redemption price per share for Series O Preferred Stock is
Series Authorized Issued Outstanding Per Share the liquidation preference plus accrued and unpaid
A 50,000 30,000 29,999 1,000 dividends.
C 25,000 8,000 8,000 1,000
D 60,000 54,000 53,999 1,000 • All series of preferred stock are pari passu and have a
E 17,500 7,667 7,667 N.A.
F 5,000 1,615 1,615 N.A. preference over the firm’s common stock on liquidation.
O 26,000 26,000 26,000 25
Q 20,000 20,000 20,000 25 • The firm’s ability to declare or pay dividends on, or
R 24,000 24,000 24,000 25 purchase, redeem or otherwise acquire, its common stock is
S 14,000 14,000 14,000 25
T 27,000 27,000 27,000 25
subject to certain restrictions in the event that the firm fails
U 30,000 30,000 30,000 25 to pay or set aside full dividends on the preferred stock for
V 30,000 30,000 30,000 25 the latest completed dividend period.
W 60,000 60,000 60,000 25
X 90,000 90,000 90,000 25 • Series E and Series F Preferred Stock are held by Goldman
Y 80,000 80,000 80,000 25
Total 558,500 502,282 502,280 Sachs Capital II and Goldman Sachs Capital III,
respectively. These trusts are Delaware statutory trusts
Liquidation Redemption Value sponsored by the firm and wholly-owned finance
Series Earliest Redemption Date Preference ($ in millions) subsidiaries of the firm for regulatory and legal purposes
A Currently redeemable $ 25,000 $ 750 but are not consolidated for accounting purposes.
C Currently redeemable $ 25,000 200
D Currently redeemable $ 25,000 1,350 In 2024, the firm redeemed all outstanding shares of its (i)
E Currently redeemable $ 100,000 767
F Currently redeemable $ 100,000 161 Series K 6.375% Fixed-to-Floating Rate Non-Cumulative
O November 10, 2026 $ 25,000 650 Preferred Stock (Series K Preferred Stock) with a redemption
Q Currently redeemable $ 25,000 500
R February 10, 2025 $ 25,000 600
value of $700 million ($25,000 per share), plus accrued and
S February 10, 2025 $ 25,000 350 unpaid dividends and (ii) Series P 5.00% Fixed-to-Floating
T May 10, 2026 $ 25,000 675 Rate Non-Cumulative Preferred Stock (Series P Preferred
U August 10, 2026 $ 25,000 750
V November 10, 2026 $ 25,000 750
Stock) with a redemption value of $1.50 billion ($25,000 per
W February 10, 2029 $ 25,000 1,500 share), plus accrued and unpaid dividends. The difference
X May 10, 2029 $ 25,000 2,250 between the redemption value and net carrying value at the
Y November 10, 2034 $ 25,000 2,000
Total $ 13,253 time of these redemptions was $34 million, which was
recorded as an addition to preferred stock dividends in 2024.
In the tables above:
In 2023, the firm redeemed all outstanding shares of its Series
• All shares have a par value of $0.01 per share and, where J 5.50% Fixed-to-Floating Rate Non-Cumulative Preferred
applicable, each share is represented by the specified Stock (Series J Preferred Stock) with a redemption value of
number of depositary shares. $1 billion ($25,000 per share), plus accrued and unpaid
• The earliest redemption date represents the date on which dividends. The difference between the redemption value and
each share of non-cumulative preferred stock is redeemable net carrying value was $10 million, which was recorded as an
at the firm’s option. addition to preferred stock dividends in 2023.

• Prior to redeeming preferred stock, the firm must receive In January 2025, the firm issued 76,000 shares of Series Z
approval from the Board of Governors of the Federal 6.85% Fixed-Rate Reset Non-Cumulative Preferred Stock
Reserve System (FRB). (Series Z Preferred Stock). Each share of Series Z Preferred
Stock issued and outstanding has a liquidation preference of
• In April 2024, the firm issued 90,000 shares of Series X $25,000 per share, is represented by 25 depositary shares and
7.50% Fixed-Rate Reset Non-Cumulative Preferred Stock is redeemable at the firm’s option beginning February 10,
(Series X Preferred Stock). 2030 at a redemption price equal to $25,000 per share plus
• In September 2024, the firm issued 80,000 shares of Series Y declared and unpaid dividends. Dividends on Series Z
6.125% Fixed-Rate Reset Non-Cumulative Preferred Stock Preferred Stock, if declared, are payable semi-annually at (i)
(Series Y Preferred Stock). 6.85% per annum from the issuance date to, but excluding,
February 10, 2030 and, thereafter, (ii) 2.461% per annum plus
the five-year treasury rate.

Goldman Sachs 2024 Form 10-K 203

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The preferred stock issuance costs in the consolidated On January 7, 2025, Group Inc. declared dividends of
statements of shareholders’ equity reflects reclassifications of $345.49 per share of Series A Preferred Stock, $345.49 per
issuance costs to retained earnings on redemptions, net of share of Series C Preferred Stock, $340.49 per share of Series
issuance costs relating to new issuances. D Preferred Stock, $922.38 per share of Series Q Preferred
Stock, $618.75 per share of Series R Preferred Stock, $550.00
The table below presents the dividend rates of perpetual
per share of Series S Preferred Stock, $456.25 per share of
preferred stock as of December 2024.
Series U Preferred Stock and $937.50 per share of Series W
Series Per Annum Dividend Rate Preferred Stock that were paid on February 10, 2025 to
A 3 month term SOFR + 1.01161%, with floor of 3.75%, payable quarterly preferred shareholders of record on January 26, 2025. In
C 3 month term SOFR + 1.01161%, with floor of 4.00%, payable quarterly addition, the firm declared dividends of $1,397.48 per share
D 3 month term SOFR + 0.93161%, with floor of 4.00%, payable quarterly of Series E Preferred Stock and $1,398.11 per share of Series F
E 3 month term SOFR + 1.02911%, with floor of 4.00%, payable quarterly Preferred Stock that will be paid on March 3, 2025 to
F 3 month term SOFR + 1.03161%, with floor of 4.00%, payable quarterly preferred shareholders of record on February 16, 2025.
5.30%, payable semi-annually, from issuance date to, but excluding,
O
November 10, 2026; 3 month term SOFR + 4.09561%, payable quarterly, thereafter Accumulated Other Comprehensive Income/(Loss)
Q 5 year treasury rate + 3.623%, payable semi-annually The table below presents changes in accumulated other
R
4.95%, payable semi-annually, from issuance date to, but excluding,
February 10, 2025; 5 year treasury rate + 3.224%, payable semi-annually, thereafter
comprehensive income/(loss), net of tax, by type.
4.40%, payable semi-annually, from issuance date to, but excluding,
S Other
February 10, 2025; 5 year treasury rate + 2.85%, payable semi-annually thereafter
3.80%, payable semi-annually, from issuance date to, but excluding, comprehensive
T income/(loss)
May 10, 2026; 5 year treasury rate + 2.969%, payable semi-annually, thereafter
Beginning adjustments, Ending
3.65%, payable semi-annually, from issuance date to, but excluding,
U $ in millions balance net of tax balance
August 10, 2026; 5 year treasury rate + 2.915%, payable semi-annually, thereafter
4.125%, payable semi-annually, from issuance date to, but excluding, Year Ended December 2024
V
November 10, 2026; 5 year treasury rate + 2.949%, payable semi-annually, thereafter Currency translation $ (847) $ 32 $ (815)
7.50%, payable semi-annually, from issuance date to, but excluding, Debt valuation adjustment (123) (263) (386)
W
February 10, 2029; 5 year treasury rate + 3.156%, payable semi-annually, thereafter Pension and postretirement liabilities (575) 47 (528)
7.50%, payable semi-annually, from issuance date to, but excluding, Available-for-sale securities (1,373) 401 (972)
X
May 10, 2029; 5 year treasury rate + 2.809%, payable semi-annually, thereafter Cash flow hedges – (1) (1)
6.125%, payable semi-annually, from issuance date to, but excluding, Total $ (2,918) $ 216 $ (2,702)
Y
November 10, 2034; 10 year treasury rate +2.40%, payable semi-annually, thereafter
Year Ended December 2023
Currency translation $ (785) $ (62) $ (847)
In the table above, dividends on each series of preferred stock
Debt valuation adjustment 892 (1,015) (123)
are payable in arrears for the periods specified. Pension and postretirement liabilities (499) (76) (575)
Available-for-sale securities (2,618) 1,245 (1,373)
The table below presents preferred stock dividends declared.
Cash flow hedges – – –
2024 2023 2022 Total $ (3,010) $ 92 $ (2,918)
$ in $ in $ in Year Ended December 2022
Series per share millions per share millions per share millions
Currency translation $ (738) $ (47) $ (785)
Year Ended December Debt valuation adjustment (511) 1,403 892
A $ 1,606.63 $ 48 $ 1,484.27 $ 44 $ 950.51 $ 28 Pension and postretirement liabilities (327) (172) (499)
C $ 1,606.63 13 $ 1,484.27 12 $ 1,013.90 8 Available-for-sale securities (492) (2,126) (2,618)
D $ 1,586.18 86 $ 1,463.99 79 $ 1,013.90 55 Cash flow hedges – – –
E $ 6,423.37 50 $ 6,074.57 46 $ 4,055.55 31 Total $ (2,068) $ (942) $ (3,010)
F $ 6,425.91 10 $ 6,077.09 10 $ 4,055.55 6
J $ – – $ 1,261.02 51 $ 1,375.00 55
K $ 796.88 20 $ 1,593.76 44 $ 1,593.76 45
O $ 1,325.00 34 $ 1,325.00 34 $ 1,325.00 34
P $ 1,623.09 97 $ 2,022.64 121 $ 1,250.00 75
Q $ 1,375.00 28 $ 1,375.00 28 $ 1,375.00 28
R $ 1,237.50 30 $ 1,237.50 30 $ 1,237.50 30
S $ 1,100.00 15 $ 1,100.00 16 $ 1,100.00 16
T $ 950.00 26 $ 950.00 26 $ 950.00 26
U $ 912.50 27 $ 912.50 27 $ 942.92 28
V $ 1,031.25 31 $ 1,031.25 31 $ 1,062.76 32
W $ 1,833.33 110 $ – – $ – –
X $ 1,026.04 92 $ – – $ – –
Total $ 717 $ 599 $ 497

204 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 20.
Regulation and Capital Adequacy
The FRB is the primary regulator of Group Inc., a bank Consolidated Regulatory Capital Requirements
holding company under the U.S. Bank Holding Company Act Risk-Based Capital Ratios. The table below presents the
of 1956 and a financial holding company under amendments risk-based capital requirements.
to this Act. The firm is subject to consolidated regulatory
Standardized Advanced
capital requirements which are calculated in accordance with As of December 2024
the regulations of the FRB (Capital Framework). CET1 capital ratio 13.7% 10.0%
Tier 1 capital ratio 15.2% 11.5%
The capital requirements are expressed as risk-based capital Total capital ratio 17.2% 13.5%
and leverage ratios that compare measures of regulatory As of December 2023
capital to risk-weighted assets (RWAs), average assets and CET1 capital ratio 13.0% 10.0%
off-balance sheet exposures. Failure to comply with these Tier 1 capital ratio 14.5% 11.5%
capital requirements would result in restrictions being Total capital ratio 16.5% 13.5%

imposed by the firm’s regulators and could limit the firm’s In the table above:
ability to repurchase shares, pay dividends and make certain
discretionary compensation payments. The firm’s capital • As of both December 2024 and December 2023, under both
levels are also subject to qualitative judgments by the the Standardized and Advanced Capital Rules, the CET1
regulators about components of capital, risk weightings and capital ratio requirement includes a minimum of 4.5%, the
other factors. Furthermore, certain of the firm’s subsidiaries Tier 1 capital ratio requirement includes a minimum of
are subject to separate regulations and capital requirements. 6.0% and the Total capital ratio requirement includes a
minimum of 8.0%. These requirements also include the
Capital Framework capital conservation buffer requirements, consisting of the
The regulations under the Capital Framework are largely G-SIB surcharge (Method 2) of 3.0% and the
based on the Basel Committee on Banking Supervision’s countercyclical capital buffer, which the FRB has set to
(Basel Committee) capital framework for strengthening zero percent. In addition, the capital conservation buffer
international capital standards (Basel III) and also implement requirements include the stress capital buffer (SCB) of
certain provisions of the U.S. Dodd-Frank Wall Street 6.2% as of December 2024 and 5.5% as of December 2023
Reform and Consumer Protection Act. Under the Capital under the Standardized Capital Rules and a buffer of 2.5%
Framework, the firm is an “Advanced approaches” banking as of both December 2024 and December 2023 under the
organization and has been designated as a global systemically Advanced Capital Rules.
important bank (G-SIB).
• The G-SIB surcharge is updated annually based on
The Capital Framework includes the minimum risk-based financial data from the prior year and is generally
capital and the capital conservation buffer requirements. The applicable for the following year. The G-SIB surcharge is
buffer must consist entirely of capital that qualifies as calculated using two methodologies, the higher of which is
Common Equity Tier 1 (CET1) capital. reflected in the firm’s risk-based capital requirements. The
The firm calculates its CET1 capital, Tier 1 capital and Total first calculation (Method 1) is based on the Basel
capital ratios in accordance with both the Standardized and Committee’s methodology which, among other factors,
Advanced Capital Rules. Each of the ratios calculated under relies upon measures of the size, activity and complexity of
the Standardized and Advanced Capital Rules must meet its each G-SIB. The second calculation (Method 2) uses similar
respective capital requirements. inputs but includes a measure of reliance on short-term
wholesale funding.
Under the Capital Framework, the firm is also subject to
leverage requirements which consist of a minimum Tier 1
leverage ratio and a minimum supplementary leverage ratio
(SLR), as well as the SLR buffer.

Goldman Sachs 2024 Form 10-K 205

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The table below presents information about risk-based Risk-Based Capital. The table below presents information
capital ratios. about risk-based capital.
As of December
$ in millions Standardized Advanced $ in millions 2024 2023
As of December 2024 Common shareholders’ equity $ 108,743 $ 105,702
CET1 capital $ 103,065 $ 103,065 Impact of CECL transition 276 553
Tier 1 capital $ 115,647 $ 115,647 Deduction for goodwill (5,159) (5,224)
Tier 2 capital $ 14,125 $ 10,164 Deduction for identifiable intangible assets (638) (950)
Total capital $ 129,772 $ 125,811 Other adjustments (157) (639)
RWAs $ 688,541 $ 674,812 CET1 capital 103,065 99,442
Preferred stock 13,253 11,203
CET1 capital ratio 15.0% 15.3%
Deduction for investments in covered funds (669) (354)
Tier 1 capital ratio 16.8% 17.1%
Other adjustments (2) (3)
Total capital ratio 18.8% 18.6%
p
Tier 1 capital $ 115,647 $ 110,288
As of December 2023
Standardized Tier 2 and Total capital
CET1 capital $ 99,442 $ 99,442
Tier 1 capital $ 115,647 $ 110,288
Tier 1 capital $ 110,288 $ 110,288
Qualifying subordinated debt 9,124 9,886
Tier 2 capital $ 14,874 $ 10,684
Allowance for credit losses 5,011 5,012
Total capital $ 125,162 $ 120,972
Other adjustments (10) (24)
RWAs $ 692,737 $ 665,348
Standardized Tier 2 capital 14,125 14,874
CET1 capital ratio 14.4% 14.9% p
Standardized Total capital $ 129,772 $ 125,162
Tier 1 capital ratio 15.9% 16.6%
Advanced Tier 2 and Total capital
Total capital ratio 18.1% 18.2%
Tier 1 capital $ 115,647 $ 110,288
Standardized Tier 2 capital 14,125 14,874
Leverage Ratios. The table below presents the leverage Allowance for credit losses (5,011) (5,012)
requirements. Other adjustments 1,050 822
Advanced Tier 2 capital 10,164 10,684
As of December p
Advanced Total capital $ 125,811 $ 120,972
2024 2023
Tier 1 leverage ratio 4.0% 4.0% In the table above:
SLR 5.0% 5.0%
• Beginning in January 2022, the firm started to phase in the
In the table above, the SLR requirement of 5% includes a estimated reduction to regulatory capital as a result of
minimum of 3% and a 2% buffer applicable to G-SIBs. adopting the CECL model. The total amount of reduction
The table below presents information about leverage ratios. to be phased in from January 1, 2022 through January 1,
2025 (at 25% per year) was $1.11 billion, of which $829
For the Three Months million had been phased in as of December 2024. The total
Ended or as of December amount to be phased in includes the impact of adopting
$ in millions 2024 2023 CECL as of January 1, 2020, as well as 25% of the increase
Tier 1 capital $ 115,647 $ 110,288
in the allowance for credit losses from January 1, 2020
Average total assets $ 1,699,419 $ 1,579,237 through December 31, 2021. The impact of CECL
Deductions from Tier 1 capital (6,919) (7,167) transition reflects the remaining amount of reduction to be
Average adjusted total assets 1,692,500 1,572,070
Off-balance sheet and other exposures 428,256 423,686
phased in as of both December 2024 and December 2023.
g exposure
Total leverage p $ 2,120,756 $ 1,995,756 • Deduction for goodwill was net of deferred tax liabilities of
Tier 1 leverage ratio 6.8% 7.0% $694 million as of December 2024 and $692 million as of
SLR 5.5% 5.5% December 2023.

In the table above: • Deduction for identifiable intangible assets was net of
deferred tax liabilities of $209 million as of December 2024
• Average total assets represents the average daily assets for and $227 million as of December 2023.
the quarter adjusted for the impact of Current Expected
Credit Losses (CECL) transition. • Deduction for investments in covered funds represents the
firm’s aggregate investments in applicable covered funds as
• Off-balance sheet and other exposures primarily includes defined in the Volcker Rule.
the monthly average of off-balance sheet exposures,
consisting of derivatives, securities financing transactions, • Other adjustments within CET1 capital and Tier 1 capital
commitments and guarantees. primarily include CVAs on derivative liabilities, the
overfunded portion of the firm’s defined benefit pension
• Tier 1 leverage ratio is calculated as Tier 1 capital divided plan obligation net of associated deferred tax liabilities,
by average adjusted total assets. disallowed deferred tax assets, debt valuation adjustments
• SLR is calculated as Tier 1 capital divided by total leverage and other required credit risk-based deductions. Other
exposure. adjustments within Advanced Tier 2 capital include eligible
credit reserves.

206 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

• Qualifying subordinated debt is subordinated debt issued Market Risk

by Group Inc. with an original maturity of five years or RWAs for market risk in accordance with the Standardized
greater. The outstanding amount of subordinated debt and Advanced Capital Rules are generally consistent. Market
qualifying for Tier 2 capital is reduced upon reaching a RWAs are calculated based on measures of exposure which
remaining maturity of five years. See Note 14 for further include the following:
information about the firm’s subordinated debt.
• Value-at-Risk (VaR) is the potential loss in value of trading
The table below presents changes in CET1 capital, Tier 1 assets and liabilities, as well as certain investments, loans,
capital and Tier 2 capital. and other financial assets and liabilities accounted for at
fair value, due to adverse market movements over a defined
$ in millions Standardized Advanced
Year Ended December 2024
time horizon with a specified confidence level.
CET1 capital For both risk management purposes and regulatory capital
Beginning balance $ 99,442 $ 99,442 calculations, the firm uses a single VaR model which
Change in:
Common shareholders’ equity 3,041 3,041
captures risks, including those related to interest rates,
Impact of CECL transition (277) (277) equity prices, currency rates and commodity prices.
Deduction for goodwill 65 65 However, VaR used for risk management purposes differs
Deduction for identifiable intangible assets 312 312
from VaR used for regulatory capital requirements
Other adjustments 482 482
g balance
Ending $ 103,065 $ 103,065 (regulatory VaR) due to differences in time horizons,
confidence levels and the scope of positions on which VaR
Tier 1 capital
Beginning balance $ 110,288 $ 110,288
is calculated. For risk management purposes, a 95% one-
Change in: day VaR is used, whereas for regulatory capital
CET1 capital 3,623 3,623 requirements, a 99% 10-day VaR is used to determine
Preferred stock 2,050 2,050
Market RWAs and a 99% one-day VaR is used to
Deduction for investments in covered funds (315) (315)
Other adjustments 1 1
determine regulatory VaR exceptions. In addition, the daily
Ending balance 115,647 115,647 net revenues used to determine risk management VaR
Tier 2 capital exceptions (i.e., comparing the daily net revenues to the
Beginning balance 14,874 10,684 VaR measure calculated as of the end of the prior business
Change in:
Qualifying subordinated debt (762) (762)
day) include intraday activity, whereas the Capital
Allowance for credit losses (1) – Framework requires that intraday activity be excluded
Other adjustments 14 242 from daily net revenues when calculating regulatory VaR
Ending balance 14,125 10,164 exceptions. Intraday activity includes bid/offer net
p
Total capital $ 129,772 $ 125,811
revenues, which are more likely than not to be positive by
RWAs. RWAs are calculated in accordance with both the their nature. As a result, there may be differences in the
Standardized and Advanced Capital Rules. number of VaR exceptions and the amount of daily net
Credit Risk revenues calculated for regulatory VaR compared to the
Credit RWAs are calculated based on measures of exposure, amounts calculated for risk management VaR.
which are then risk weighted under the Standardized and The firm’s positional losses observed on a single day
Advanced Capital Rules: exceeded its 99% one-day regulatory VaR on two
• The Standardized Capital Rules apply prescribed risk- occasions during 2024 and on one occasion during 2023.
weights, which depend largely on the type of counterparty. There was no change in the firm’s VaR multiplier used to
The exposure measures for derivatives and securities calculate Market RWAs;
financing transactions are based on specific formulas which • Stressed VaR is the potential loss in value of trading assets
take certain factors into consideration. and liabilities, as well as certain investments, loans, and
• Under the Advanced Capital Rules, the firm computes risk- other financial assets and liabilities accounted for at fair
weights for wholesale and retail credit exposures in value, during a period of significant market stress;
accordance with the Advanced Internal Ratings-Based • Incremental risk is the potential loss in value of non-
approach. The exposure measures for derivatives and securitized positions due to the default or credit migration
securities financing transactions are computed utilizing of issuers of financial instruments over a one-year time
internal models. horizon;
• For both Standardized and Advanced credit RWAs, the
risk-weights for securitizations and equities are based on
specific required formulaic approaches.

Goldman Sachs 2024 Form 10-K 207

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

• Comprehensive risk is the potential loss in value, due to The table below presents changes in RWAs.
price risk and defaults, within the firm’s credit correlation $ in millions Standardized Advanced
positions; and Year Ended December 2024
RWAs
• Specific risk is the risk of loss on a position that could Beginning balance $ 692,737 $ 665,348
result from factors other than broad market movements, Credit RWAs
including event risk, default risk and idiosyncratic risk. The Change in:
Derivatives 11 3,444
standardized measurement method is used to determine Commitments, guarantees and loans 4,046 5,580
specific risk RWAs, by applying supervisory defined risk- Securities financing transactions (6,530) (791)
weighting factors after applicable netting is performed. Equity investments (4,205) (5,463)
Other (5,468) 374
Operational Risk Change in Credit RWAs (12,146) 3,144
Operational RWAs are only required to be included under Market RWAs
Change in:
the Advanced Capital Rules. The firm utilizes an internal Regulatory VaR 3,538 3,538
risk-based model to quantify Operational RWAs. Stressed VaR (247) (247)
Incremental risk 2,022 2,022
The table below presents information about RWAs. Comprehensive risk (661) (661)
Specific risk 3,298 3,298
$ in millions Standardized Advanced
Change in Market RWAs 7,950 7,950
As of December 2024
Change in Operational RWAs – (1,630)
Credit RWAs
Endingg balance $ 688,541 $ 674,812
Derivatives $ 146,368 $ 99,766
Commitments, guarantees and loans 247,140 199,816
Securities financing transactions 97,174 22,846
RWAs Rollforward Commentary
Equity investments 30,018 31,457 Year Ended December 2024. Standardized Credit RWAs
Other 71,013 97,129 as of December 2024 decreased by $12.15 billion compared
Total Credit RWAs 591,713 451,014
with December 2023, primarily reflecting a decrease in
Market RWAs
Regulatory VaR 19,995 19,995 securities financing transactions (principally due to reduced
Stressed VaR 48,249 48,249 funding exposures), a decrease in other credit RWAs
Incremental risk 7,054 7,054 (principally due to decreases in other assets), and a decrease
Comprehensive risk 2,057 2,057
Specific risk 19,473 19,473
in equity investments (principally due to reduced exposures).
Total Market RWAs 96,828 96,828 These decreases were partially offset by an increase in
Total Operational RWAs – 126,970 commitments, guarantees and loans (principally due to
Total RWAs $ 688,541 $ 674,812 increased lending exposures). Standardized Market RWAs as
As of December 2023 of December 2024 increased by $7.95 billion compared with
Credit RWAs December 2023, primarily reflecting an increase in regulatory
Derivatives $ 146,357 $ 96,322
Commitments, guarantees and loans 243,094 194,236
VaR (principally due to increased exposures) and an increase
Securities financing transactions 103,704 23,637 in specific risk (principally due to increased exposures to debt
Equity investments 34,223 36,920 and equity instruments held for market-making purposes).
Other 76,481 96,755
Total Credit RWAs 603,859 447,870 Advanced Credit RWAs as of December 2024 increased by
Market RWAs $3.14 billion compared with December 2023, primarily
Regulatory VaR 16,457 16,457
Stressed VaR 48,496 48,496
reflecting an increase in commitments, guarantees and loans
Incremental risk 5,032 5,032 (principally due to increased lending exposures) and an
Comprehensive risk 2,718 2,718 increase in derivatives (principally due to increased
Specific risk 16,175 16,175 counterparty credit risk). These increases were partially
Total Market RWAs 88,878 88,878
Total Operational RWAs – 128,600
offset by a decrease in equity investments (principally due to
Total RWAs $ 692,737 $ 665,348 reduced exposures). Advanced Market RWAs as of
December 2024 increased by $7.95 billion compared with
In the table above: December 2023, primarily reflecting an increase in regulatory
• Securities financing transactions represents resale and VaR (principally due to increased exposures) and an increase
repurchase agreements and securities borrowed and loaned in specific risk (principally due to increased exposures to debt
transactions. and equity instruments held for market-making purposes).

• Other includes receivables, certain debt securities, cash and

cash equivalents, and other assets.

208 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

GS Bank USA
GS Bank USA is the firm’s primary U.S. bank subsidiary. GS In the table above:
Bank USA is a New York State-chartered bank and a member
• The CET1 capital ratio requirement includes a minimum of
of the Federal Reserve System, is supervised and regulated by
4.5%, the Tier 1 capital ratio requirement includes a
the FRB, the FDIC, the New York State Department of
minimum of 6.0% and the Total capital ratio requirement
Financial Services (NYDFS) and the Consumer Financial
includes a minimum of 8.0%. These requirements also
Protection Bureau (CFPB), and is subject to regulatory capital
include the capital conservation buffer requirements
requirements that are calculated under the Capital
consisting of a 2.5% buffer and the countercyclical capital
Framework. GS Bank USA is an “Advanced approaches”
buffer, which the FRB has set to zero percent.
banking organization under the Capital Framework. The
deposits of GS Bank USA are insured by the FDIC to the • The “well-capitalized” requirements are the binding
extent provided by law. requirements for leverage ratios.
The Capital Framework includes the minimum risk-based The table below presents information about GS Bank USA’s
capital and the capital conservation buffer requirements risk-based capital ratios.
(consisting of a 2.5% buffer and the countercyclical capital
buffer). The buffer must consist entirely of capital that $ in millions Standardized Advanced
As of December 2024
qualifies as CET1 capital. In addition, the Capital
CET1 capital $ 62,022 $ 62,022
Framework includes the leverage ratio requirement. GS Bank Tier 1 capital $ 62,022 $ 62,022
USA is required to calculate the CET1 capital, Tier 1 capital Tier 2 capital $ 4,209 $ 955
and Total capital ratios in accordance with both the Total capital $ 66,231 $ 62,977
RWAs $ 386,922 $ 284,624
Standardized and Advanced Capital Rules. The lower of each
risk-based capital ratio under the Standardized and Advanced CET1 capital ratio 16.0% 21.8%
Tier 1 capital ratio 16.0% 21.8%
Capital Rules is the ratio against which GS Bank USA’s Total capital ratio 17.1% 22.1%
compliance with its risk-based capital requirements is
As of December 2023
assessed. In addition, under the regulatory framework for CET1 capital $ 53,781 $ 53,781
prompt corrective action applicable to GS Bank USA, in Tier 1 capital $ 53,781 $ 53,781
order to meet the quantitative requirements for a “well- Tier 2 capital $ 6,314 $ 2,951
capitalized” depository institution, GS Bank USA must also Total capital $ 60,095 $ 56,732
RWAs $ 380,774 $ 288,938
meet the “well-capitalized” requirements in the table below.
CET1 capital ratio 14.1% 18.6%
GS Bank USA’s capital levels and prompt corrective action Tier 1 capital ratio 14.1% 18.6%
classification are also subject to qualitative judgments by the Total capital ratio 15.8% 19.6%
regulators about components of capital, risk weightings and
other factors. Failure to comply with the capital In the table above:
requirements, including a breach of the buffers described • The lower of the Standardized or Advanced ratio is the
below, would result in restrictions being imposed by the ratio against which GS Bank USA’s compliance with the
regulators. capital requirements is assessed under the risk-based
The table below presents GS Bank USA’s risk-based capital, Capital Rules, and therefore, the Standardized ratios
leverage and “well-capitalized” requirements. applied to GS Bank USA as of both December 2024 and
December 2023.
As of December
2024 2023 2024 2023
• Beginning in January 2022, GS Bank USA started to phase
"Well-capitalized" in the estimated reduction to regulatory capital as a result
Requirements Requirements of adopting the CECL model at 25% per year through
Risk-based capital requirements
CET1 capital ratio 7.0% 7.0% 6.5% 6.5%
January 2025. The total amount to be phased in includes
Tier 1 capital ratio 8.5% 8.5% 8.0% 8.0% the impact of adopting CECL as of January 1, 2020, as well
Total capital ratio 10.5% 10.5% 10.0% 10.0% as 25% of the increase in the allowance for credit losses
Leverage requirements from January 1, 2020 through December 31, 2021.
Tier 1 leverage ratio 4.0% 4.0% 5.0% 5.0%
SLR 3.0% 3.0% 6.0% 6.0%
• The Standardized and Advanced risk-based capital ratios
increased from December 2023 to December 2024,
primarily reflecting an increase in capital, principally due
to net earnings, and a decrease in Market RWAs, partially
offset by an increase in Credit RWAs.

Goldman Sachs 2024 Form 10-K 209

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The table below presents information about GS Bank USA’s Restrictions on Payments
leverage ratios. Group Inc. may be limited in its ability to access capital held
at certain subsidiaries as a result of regulatory, tax or other
For the Three Months
Ended or as of December constraints. These limitations include provisions of
$ in millions 2024 2023 applicable law and regulations and other regulatory
Tier 1 capital $ 62,022 $ 53,781 restrictions that limit the ability of those subsidiaries to
Average adjusted total assets $ 565,513 $ 523,546
Total leverage exposure $ 775,170 $ 722,465
declare and pay dividends without prior regulatory approval.
For example, the amount of dividends that may be paid by
Tier 1 leverage ratio 11.0% 10.3%
GS Bank USA are limited to the lesser of the amounts
SLR 8.0% 7.4%
calculated under a recent earnings test and an undivided
In the table above: profits test.
• Average adjusted total assets represents the average daily In addition, subsidiaries not subject to separate regulatory
assets for the quarter adjusted for deductions from Tier 1 capital requirements may hold capital to satisfy local tax and
capital and the impact of CECL transition. legal guidelines, rating agency requirements (for entities with
assigned credit ratings) or internal policies, including policies
• Tier 1 leverage ratio is calculated as Tier 1 capital divided concerning the minimum amount of capital a subsidiary
by average adjusted total assets. should hold based on its underlying level of risk.
• SLR is calculated as Tier 1 capital divided by total leverage Group Inc.’s equity investment in subsidiaries was $140.79
exposure. billion as of December 2024 and $133.75 billion as of
The FRB requires that GS Bank USA maintain cash reserves December 2023, of which Group Inc. was required to
with the Federal Reserve. As of both December 2024 and maintain $98.48 billion as of December 2024 and $95.80
December 2023, the reserve requirement ratio was zero billion as of December 2023, of minimum equity capital in its
percent. See Note 26 for further information about cash regulated subsidiaries in order to satisfy the regulatory
deposits held by the firm at the Federal Reserve. requirements of such subsidiaries.
GS Bank USA is a registered swap dealer with the CFTC and Group Inc.’s capital invested in certain non-U.S. dollar
a registered security-based swap dealer with the SEC. As of functional currency subsidiaries is exposed to foreign
both December 2024 and December 2023, GS Bank USA was exchange risk, substantially all of which is managed through
subject to and in compliance with applicable capital a combination of non-U.S. dollar-denominated debt and
requirements for swap dealers and security-based swap derivatives. See Note 7 for information about the firm’s net
dealers. investment hedges used to hedge this risk.

210 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 21. Note 22.

Earnings Per Common Share Transactions with Affiliated Funds

Basic EPS is calculated by dividing net earnings to common The firm has formed nonconsolidated investment funds with
by the weighted average number of common shares third-party investors. As the firm generally acts as the
outstanding and restricted stock units (RSUs) for which the investment manager for these funds, it is entitled to receive
delivery of the underlying common stock is not subject to management fees and, in certain cases, advisory fees or
satisfaction of future service, performance or market incentive fees from these funds. Additionally, the firm invests
conditions (collectively, basic shares). Diluted EPS includes alongside its clients in certain funds.
the determinants of basic EPS and, in addition, reflects the
dilutive effect of the common stock deliverable for RSUs for The tables below present information about affiliated funds.
which the delivery of the underlying common stock is subject
Year Ended December
to satisfaction of future service, performance or market $ in millions 2024 2023 2022
conditions. Fees earned from funds $ 5,399 $ 4,726 $ 4,553
The table below presents information about basic and diluted
As of December
EPS. $ in millions 2024 2023
Fees receivable from funds $ 1,589 $ 1,536
Year Ended December
Aggregate carrying value of interests in funds $ 4,079 $ 4,042
in millions, except per share amounts 2024 2023 2022
Net earnings to common $ 13,525 $ 7,907 $ 10,764
Weighted average basic shares 328.1 340.8 352.1 In the ordinary course of business, the firm may choose to
Effect of dilutive RSUs 5.5 5.0 6.0 provide voluntary financial support to funds, although any
g
Weighted averageg diluted shares 333.6 345.8 358.1 such support is not expected to be material to the results of
Basic EPS $ 41.07 $ 23.05 $ 30.42 operations of the firm. The firm has waived or deferred
Diluted EPS $ 40.54 $ 22.87 $ 30.06 collection of management fees and has deferred
reimbursement of expenses, and in the future may waive or
In the table above:
defer collection of management fees, from select funds. The
• Net earnings to common represents net earnings applicable impact of these waivers and deferrals was not material to the
to common shareholders, which is calculated as net firm’s results of operations for both 2024 and 2023.
earnings less preferred stock dividends. Management fees waived were $123 million for 2022. Except
as noted above, the firm did not provide any additional
• Unvested share-based awards that have non-forfeitable
financial support to its affiliated funds during each of 2024,
rights to dividends or dividend equivalents are treated as a
2023 and 2022.
separate class of securities under the two-class method.
Distributed earnings allocated to these securities reduce net In addition, in the ordinary course of business, the firm may
earnings to common to calculate EPS under this method. also engage in other activities with its affiliated funds,
The impact of applying this methodology was a reduction including, among others, securities lending, trade execution,
in basic EPS of $0.15 for each of 2024, 2023 and 2022. market-making, custody, and acquisition and bridge
financing. See Note 18 for information about the firm’s
• Diluted EPS does not include antidilutive RSUs, including
investment commitments related to these funds.
those that are subject to market or performance conditions,
of 0.1 million for 2024, 0.4 million for 2023 and 0.5 million
for 2022.

Goldman Sachs 2024 Form 10-K 211

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 23. Note 24.

Interest Income and Interest Expense Income Taxes

Interest is recorded over the life of the instrument on an Provision for Income Taxes
accrual basis based on contractual interest rates. Income taxes are provided for using the asset and liability
method under which deferred tax assets and liabilities are
The table below presents sources of interest income and
recognized for temporary differences between the financial
interest expense.
reporting and tax bases of assets and liabilities. The firm
Year Ended December reports interest expense related to income tax matters in
$ in millions 2024 2023 2022 provision for taxes and income tax penalties in other
Deposits with banks $ 9,282 $ 10,949 $ 3,233
Collateralized agreements 19,895 16,405 4,468
expenses.
Trading assets 14,316 8,460 5,087
Investments 5,998 3,856 2,199
The table below presents information about the provision for
Loans 16,162 14,905 9,059 taxes.
Other interest 15,744 13,940 4,978
Total interest income 81,397 68,515 29,024 Year Ended December
Deposits 20,282 17,010 5,823 $ in millions 2024 2023 2022
Collateralized financings 17,362 12,705 2,808 Current taxes
Trading liabilities 2,911 2,453 1,923 U.S. federal $ 2,000 $ 1,230 $2,356
Short-term borrowings 2,112 1,322 541 State and local 659 389 623
Long-term borrowings 11,010 11,084 5,716 Non-U.S. 2,262 1,964 1,658
Other interest 19,664 17,590 4,535 Total current tax expense 4,921 3,583 4,637
Total interest expense 73,341 62,164 21,346 Deferred taxes
Net interest income $ 8,056 $ 6,351 $ 7,678 U.S. federal (869) (954) (2,079)
State and local (140) (356) (436)
In the table above: Non-U.S. 209 (50) 103
Total deferred tax (benefit)/expense (800) (1,360) (2,412)
• Collateralized agreements includes rebates paid and Provision for taxes $ 4,121 $ 2,223 $ 2,225
interest income on securities borrowed.
The table below presents a reconciliation of the U.S. federal
• Loans excludes interest on loans held for sale that are statutory income tax rate to the effective income tax rate.
accounted for at the lower of cost or fair value. Such
Year Ended December
interest is included within other interest. 2024 2023 2022
U.S. federal statutory income tax rate 21.0% 21.0% 21.0%
• Other interest income includes interest income on customer
State and local taxes, net of U.S. federal benefit 2.4 0.6 1.3
debit balances, other interest-earning assets and loans held Settlement of employee share-based awards (1.2) (1.8) (2.4)
for sale that are accounted for at the lower of cost or fair Non-U.S. operations (1.4) (2.4) (3.4)
value. GILTI 2.8 4.4 1.8
Tax credits (0.8) (1.6) (0.9)
• Collateralized financings consists of repurchase agreements Tax-exempt income, including dividends (0.6) (1.0) (2.2)
Non-deductible legal expenses – 0.2 0.8
and securities loaned.
Other 0.2 1.3 0.5
• Short- and long-term borrowings include both secured and Effective income tax rate 22.4% 20.7% 16.5%

unsecured borrowings.
In the table above:
• Other interest expense includes rebates received on other • The firm recognizes income tax expense associated with
interest-bearing liabilities and interest expense on customer Global Intangible Low Taxed Income (GILTI) in the
credit balances. period in which it is incurred.
• Beginning in the fourth quarter of 2023, GILTI is presented
as a separate reconciliation item. Previously, GILTI was
included in non-U.S. operations. Prior period amounts have
been conformed to the current presentation.

212 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Deferred Income Taxes

Deferred income taxes reflect the net tax effects of temporary As of December 2024, the U.S. federal net operating loss
differences between the financial reporting and tax bases of carryforward was $1.3 billion, the state and local net
assets and liabilities. These temporary differences result in operating loss carryforward was $3.3 billion, and the foreign
taxable or deductible amounts in future years and are net operating loss carryforward was $1.5 billion. If not
measured using the tax rates and laws that will be in effect utilized, the U.S. federal, the state and local, and foreign net
when such differences are expected to reverse. Valuation operating loss carryforwards will begin to expire in 2025. If
allowances are established to reduce deferred tax assets to the these carryforwards expire, they will not have a material
amount that more likely than not will be realized and impact on the firm’s results of operations. As of December
primarily relate to the ability to utilize losses and tax credits 2024, the firm has recorded deferred tax assets of $405
in various tax jurisdictions. Tax assets are included in other million in connection with foreign tax credit carryforwards
assets and tax liabilities are included in other liabilities. and a related valuation allowance of $289 million. As of
December 2024, the firm has recorded deferred tax assets of
The table below presents information about deferred tax
$45 million in connection with general business credit
assets and liabilities, excluding the impact of netting within
tax jurisdictions. carryforwards and $11 million in connection with state and
As of December
local tax credit carryforwards. If not utilized, the foreign tax
$ in millions 2024 2023 credit carryforward will begin to expire in 2033, the general
Deferred tax assets business credit carryforward will begin to expire in 2025 and
Compensation and benefits $ 1,888 $ 1,773
the state and local tax credit carryforward will begin to
ASC 740 asset related to unrecognized tax benefits 366 331
Non-U.S. operations 1,507 1,278 expire in 2026.
Unrealized losses 2,786 2,100
Net operating losses 786 929
As of both December 2024 and December 2023, the firm had
Occupancy-related 85 98 no U.S. federal capital loss carryforwards and no related net
Other comprehensive income/(loss)-related 714 1,198 deferred income tax assets. As of December 2024, the firm
Tax credits carryforward 461 236
had deferred tax assets of $7 million in connection with state
Operating lease liabilities 581 636
Allowance for credit losses 1,412 1,450 and local capital loss carryforwards and a valuation
Other, net 421 165 allowance of $1 million related to these capital loss
Subtotal 11,007 10,194 carryforwards. As of December 2024, the firm had deferred
Valuation allowance (2,064) (1,978)
Total deferred tax assets $ 8,943 $ 8,216
tax assets of $365 million in connection with foreign capital
loss carryforwards and a valuation allowance of $346 million
Deferred tax liabilities
Depreciation and amortization $ 982 $ 752
related to these capital loss carryforwards.
Operating lease right-of-use assets 512 574 The valuation allowance increased by $86 million during
Total deferred tax liabilities $ 1,494 $ 1,326
2024 and $409 million during 2023. The increases in both
The firm has recorded deferred tax assets of $786 million as 2024 and 2023 were primarily due to an increase in deferred
of December 2024 and $929 million as of December 2023, in tax assets from which the firm does not expect to realize any
connection with U.S. federal, state and local and foreign net benefit.
operating loss carryforwards. The firm also recorded a The firm permanently reinvested eligible earnings of certain
valuation allowance of $328 million as of December 2024 and foreign subsidiaries. As of both December 2024 and
$396 million as of December 2023, related to these net December 2023, all U.S. taxes were accrued on these
operating loss carryforwards. subsidiaries’ distributable earnings.

Goldman Sachs 2024 Form 10-K 213

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Unrecognized Tax Benefits Regulatory Tax Examinations

The firm recognizes tax positions in the consolidated The firm is subject to examination by the U.S. Internal
financial statements only when it is more likely than not that Revenue Service (IRS) and other taxing authorities in
the position will be sustained on examination by the relevant jurisdictions where the firm has significant business
taxing authority based on the technical merits of the position. operations, such as the United Kingdom, Japan, Hong Kong
A position that meets this standard is measured at the largest and various states, such as New York. The tax years under
amount of benefit that will more likely than not be realized examination vary by jurisdiction. The firm does not expect
on settlement. A liability is established for differences completion of these audits to have a material impact on the
between positions taken in a tax return and amounts firm’s financial condition, but it may be material to operating
recognized in the consolidated financial statements. results for a particular period, depending, in part, on the
operating results for that period.
The accrued liability for interest expense related to income
tax matters and income tax penalties was $475 million as of The table below presents the earliest tax years that remain
December 2024 and $320 million as of December 2023. The subject to examination by major jurisdiction.
firm recognized interest expense and income tax penalties of As of
$113 million for 2024, $90 million for 2023 and $59 million Jurisdiction December 2024
for 2022. It is reasonably possible that unrecognized tax U.S. Federal 2011
benefits could change significantly during the twelve months New York State and City 2015
United Kingdom 2017
subsequent to December 2024 due to potential audit Japan 2018
settlements. However, at this time it is not possible to Hong Kong 2018
estimate any potential change.
The firm has been accepted into the Compliance Assurance
The table below presents the changes in the liability for Process (CAP) program by the IRS for each of the tax years
unrecognized tax benefits, which is included in other from 2013 through 2025. This program allows the firm to
liabilities. work with the IRS to identify and resolve potential U.S.
Year Ended or as of December Federal tax issues before the filing of tax returns. All issues
$ in millions 2024 2023 2022 addressed through the CAP program for the 2011 through
Beginning balance $ 1,726 $ 1,533 $ 1,446 2018 tax years have been resolved and completion is pending
Increases based on current year tax positions 381 143 190
Increases based on prior years' tax positions 87 164 10
final review by the Joint Committee on Taxation. All issues
Decreases based on prior years' tax positions (23) (92) (32) for the 2019 through 2022 tax years have been resolved and
Decreases related to settlements (9) (20) (76) will be effectively settled pending administrative completion
Exchange rate fluctuations — (2) (5) by the IRS. Final completion of tax years 2011 through 2022
Ending balance $ 2,162 $ 1,726 $ 1,533
will not have a material impact on the effective tax rate. The
In the table above, the liability for unrecognized tax benefits 2023 tax year remains subject to post-filing review. New
included $1.8 billion as of December 2024, $1.4 billion as of York State and City examinations of tax years 2015 through
December 2023 and $1.2 billion as of December 2022 of 2018 commenced during 2021.
unrecognized tax benefits which, if recognized, would reduce All years, including and subsequent to the years in the table
the annual effective tax rate. The remaining unrecognized tax above, remain open to examination by the taxing authorities.
benefits in the table above would not affect the annual tax The firm believes that the liability for unrecognized tax
rate, as such benefits have jurisdictional offsets or relate to benefits it has established is adequate in relation to the
temporary differences. potential for additional assessments.

214 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 25.
Business Segments
The firm manages and reports its activities in three business • Net revenues in the firm’s segments include allocations of
segments: Global Banking & Markets, Asset & Wealth interest income and expense based on the funding
Management and Platform Solutions. These business generated by, or the funding and liquidity requirements of
segments are determined and organized based on products the respective segments. Net interest is included in segment
and services provided, and the types of customers and net revenues as it is consistent with how management
counterparties served. See Note 1 for a description of the assesses segment performance.
firm’s business segments.
• Expenses not directly associated with specific segments are
The firm’s chief operating decision maker (CODM) is its allocated among the business segments based on an
president and chief operating officer. The CODM makes estimate of support provided to each segment.
operating decisions, assesses the performance of, and
• Compensation and benefits expenses in the firm’s segments
allocates resources to, the firm’s operating segments
reflect, among other factors, the overall performance of the
principally based on the total net revenues of the segments,
firm, as well as the performance of individual businesses.
revenues net of provision for credit losses, total operating
Consequently, pre-tax margins in one segment of the firm’s
expenses, pre-tax earnings, net earnings applicable to
business may be significantly affected by the performance
common shareholders and the return on average common
of the firm’s other business segments.
equity to assess the performance of the segments. The
CODM evaluates segment operating performance against the • Certain assets (including allocations of global core liquid
firm’s targets and industry metrics and considers the current assets and cash, and secured client financing), not directly
and future business and operating environment. associated with specific segments are generally allocated
among the business segments based on the funding and
The accounting policies used to prepare the operating results
liquidity requirements of the segments.
and other metrics for the segments are consistent with those
described in Note 3. The following provides a description of • Common shareholders’ equity and preferred stock
the primary components of the firm’s segment results dividends are allocated to each segment based on the
disclosed in the table below. estimated amount of equity required to support the
activities of the segment under relevant regulatory capital
• The firm fully allocates its revenues, expenses, assets and
requirements.
shareholders’ equity to the firm’s three business segments.
• Net earnings for each segment is calculated by applying the
• Revenues and expenses directly associated with each
firmwide tax rate to each segment’s pre-tax earnings.
segment are included in determining pre-tax earnings for
the respective segment. • Management believes that this allocation provides a
reasonable representation of each segment’s contribution
to consolidated net earnings to common, return on average
common equity and total assets. Due to the integrated
nature of these segments, estimates and judgments are
made in allocating these assets, revenues and expenses.
Transactions between segments are based on specific
criteria or approximate third-party rates.

Goldman Sachs 2024 Form 10-K 215

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Segment Results
The table below presents a summary of the firm’s segment In the table above:
results.
• Other operating expenses for Global Banking & Markets
Year Ended December
primarily included transaction based, communications and
$ in millions 2024 2023 2022
Global Banking & Markets
technology, and depreciation and amortization expenses.
Non-interest revenues $ 32,538 $ 29,254 $ 30,042
• Other operating expenses for Asset & Wealth Management
Net interest income 2,405 742 2,445
Total net revenues 34,943 29,996 32,487 primarily included transaction based expenses,
Provision for credit losses 40 401 468 depreciation and amortization expenses, and professional
Compensation and benefits expenses 9,426 8,571 8,661 fees.
Other operating expenses 10,554 9,469 9,190
Total operating expenses 19,980 18,040 17,851
• Other operating expenses for Platform Solutions primarily
Pre-tax earnings $ 14,923 $ 11,555 $ 14,168 included professional fees, depreciation and amortization
Net earnings $ 11,580 $ 9,163 $ 11,830 expenses, and communications and technology expenses.
Net earnings to common $ 10,998 $ 8,703 $ 11,458
Average common equity $ 75,796 $ 71,863 $ 69,951 The table below presents depreciation and amortization
Return on average common equity 14.5% 12.1% 16.4% expenses by segment.
Asset & Wealth Management
Year Ended December
Non-interest revenues $ 13,346 $ 10,790 $ 9,843
$ in millions 2024 2023 2022
Net interest income 2,796 3,090 3,533
Global Banking & Markets $ 1,119 $ 1,109 $ 1,033
Total net revenues 16,142 13,880 13,376
Asset & Wealth Management 1,017 2,425 1,212
Provision for credit losses (232) (508) 519
Platform Solutions 256 1,322 210
Compensation and benefits expenses 6,595 6,144 5,927 Total $ 2,392 $ 4,856 $ 2,455
Other operating expenses 5,230 6,885 5,623
Total operating expenses 11,825 13,029 11,550 In the table above:
Pre-tax earnings $ 4,549 $ 1,359 $ 1,307
Net earnings $ 3,530 $ 1,078 $ 1,092 • Asset & Wealth Management included impairments related
Net earnings to common $ 3,386 $ 952 $ 979 to commercial real estate in CIEs of $1.46 billion for 2023.
Average common equity $ 26,405 $ 30,078 $ 31,762
Return on average common equity 12.8% 3.2% 3.1% • Platform Solutions included a write-down related to
Platform Solutions GreenSky of $506 million for 2023, and an impairment of
Non-interest revenues $ (428) $ (141) $ (198) goodwill related to Consumer platforms of $504 million for
Net interest income 2,855 2,519 1,700 2023.
Total net revenues 2,427 2,378 1,502
Provision for credit losses 1,540 1,135 1,728 Segment Assets
Compensation and benefits expenses 685 784 560 The table below presents assets by segment.
Other operating expenses 1,277 2,634 1,203
Total operating expenses 1,962 3,418 1,763 As of December
Pre-tax earnings/(loss) $ (1,075) $ (2,175) $ (1,989) $ in millions 2024 2023
Net earnings/(loss) $ (834) $ (1,725) $ (1,661) Global Banking & Markets $ 1,420,142 $ 1,381,247
Net earnings/(loss) to common $ (859) $ (1,748) $ (1,673) Asset & Wealth Management 193,328 191,863
Average common equity $ 4,573 $ 3,863 $ 3,574 Platform Solutions 62,502 68,484
Return on average common equity (18.8)% (45.2)% (46.8)% Total $ 1,675,972 $ 1,641,594

Total
Non-interest revenues $ 45,456 $ 39,903 $ 39,687
Net interest income 8,056 6,351 7,678
Total net revenues 53,512 46,254 47,365
Provision for credit losses 1,348 1,028 2,715

Compensation and benefits expenses 16,706 15,499 15,148

Other operating expenses 17,061 18,988 16,016
Total operating expenses 33,767 34,487 31,164
Pre-tax earnings $ 18,397 $ 10,739 $ 13,486
Net earnings $ 14,276 $ 8,516 $ 11,261
Net earnings to common $ 13,525 $ 7,907 $ 10,764
Average common equity $106,774 $105,804 $105,287
Return on average common equity 12.7% 7.5% 10.2%

216 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Geographic Information Note 26.

Due to the highly integrated nature of international financial
Credit Concentrations
markets, the firm manages its businesses based on the
profitability of the enterprise as a whole. The methodology The firm’s concentrations of credit risk arise from its market-
for allocating profitability to geographic regions is dependent making, client facilitation, investing, underwriting, lending
on estimates and management judgment because a significant and collateralized transactions, and cash management
portion of the firm’s activities require cross-border activities, and may be impacted by changes in economic,
coordination in order to facilitate the needs of the firm’s industry or political factors. These activities expose the firm
clients. Geographic results are generally allocated as follows: to many different industries and counterparties, and may also
subject the firm to a concentration of credit risk to a
• Global Banking & Markets: Investment banking fees and
particular central bank, counterparty, borrower or issuer,
Other: location of the client and investment banking team;
including sovereign issuers, or to a particular clearinghouse
FICC intermediation and Equities intermediation: location
or exchange. The firm seeks to mitigate credit risk by actively
of the market-making desk; FICC financing and Equities
monitoring exposures and obtaining collateral from
financing: location of the desk.
counterparties as deemed appropriate.
• Asset & Wealth Management (excluding direct-to-
consumer business, Equity investments and Debt The firm measures and monitors its credit exposure based on
investments): location of the sales team; Direct-to- amounts owed to the firm after taking into account risk
consumer business: location of the client; Equity mitigants that the firm considers when determining credit
investments and Debt investments: location of the risk. Such risk mitigants include netting and collateral
investment or investment professional. arrangements and economic hedges, such as credit
• Platform Solutions: location of the client. derivatives, futures and forward contracts. Netting and
collateral agreements permit the firm to offset receivables and
The table below presents total net revenues, pre-tax earnings payables with such counterparties and/or enable the firm to
and net earnings by geographic region. obtain collateral on an upfront or contingent basis.
$ in millions 2024 2023 2022 The table below presents the credit concentrations included
Year Ended December
Americas $ 34,448 64% $ 29,335 64% $ 28,669 61%
in trading cash instruments and investments.
EMEA 12,250 23% 11,744 25% 12,860 27%
As of December
Asia 6,814 13% 5,175 11% 5,836 12% $ in millions 2024 2023
Total net revenues $ 53,512 100% $ 46,254 100% $ 47,365 100%
U.S. government and agency obligations $ 389,148 $ 260,531
Americas $ 12,106 66% $ 6,038 56% $ 7,016 52% Percentage of total assets 23.2% 15.9%
EMEA 4,418 24% 4,033 38% 5,260 39% Non-U.S. government and agency obligations $ 74,496 $ 90,681
Asia 1,873 10% 668 6% 1,210 9% Percentage of total assets 4.4% 5.5%
Total pre-tax
p g $ 18,397 100% $ 10,739 100% $ 13,486 100%
earnings
In addition, the firm had $151.84 billion as of December 2024
Americas $ 9,354 66% $ 4,849 57% $ 6,067 54%
EMEA 3,470 24% 3,137 37% 4,164 37%
and $206.07 billion as of December 2023 of cash deposits held
Asia 1,452 10% 530 6% 1,030 9% at central banks (included in cash and cash equivalents), of
Total net earnings
g $ 14,276 100% $ 8,516 100% $ 11,261 100% which $105.78 billion as of December 2024 and $105.66
billion as of December 2023 was held at the Federal Reserve.
In the table above:
As of both December 2024 and December 2023, the firm did
• Americas pre-tax earnings for 2023 were impacted by not have credit exposure to any other counterparty that
impairments related to commercial real estate in CIEs, the exceeded 2% of total assets.
write-down related to GreenSky, an impairment of
goodwill related to Consumer platforms and the FDIC Collateral obtained by the firm related to derivative assets is
special assessment fee. principally cash and is held by the firm or a third-party
custodian. Collateral obtained by the firm related to resale
• Substantially all of the amounts in the Americas were
agreements and securities borrowed transactions is primarily
attributable to the U.S.
U.S. government and agency obligations, and non-U.S.
• Asia includes Australia and New Zealand. government and agency obligations. See Note 11 for further
information about collateralized agreements and financings.

Goldman Sachs 2024 Form 10-K 217

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The table below presents U.S. government and agency With respect to matters described below for which
obligations, and non-U.S. government and agency obligations management has been able to estimate a range of reasonably
that collateralize resale agreements and securities borrowed possible loss where (i) actual or potential plaintiffs have
transactions. claimed an amount of money damages, (ii) the firm is being,
or threatened to be, sued by purchasers in a securities offering
As of December
$ in millions 2024 2023 and is not being indemnified by a party that the firm believes
U.S. government and agency obligations $ 129,942 $ 154,056 will pay the full amount of any judgment, or (iii) the
Non-U.S. government and agency obligations $ 76,932 $ 92,833 purchasers are demanding that the firm repurchase securities,
management has estimated the upper end of the range of
In the table above:
reasonably possible loss based on (a) in the case of (i), the
• Non-U.S. government and agency obligations primarily amount of money damages claimed, (b) in the case of (ii), the
consists of securities issued by the governments of the U.K., difference between the initial sales price of the securities that
Japan, Germany and France. the firm sold in such offering and the estimated lowest
subsequent price of such securities prior to the action being
• Given that the firm’s primary credit exposure on such
commenced and (c) in the case of (iii), the price that
transactions is to the counterparty to the transaction, the
purchasers paid for the securities less the estimated value, if
firm would be exposed to the collateral issuer only in the
any, as of December 2024 of the relevant securities, in each of
event of counterparty default.
cases (i), (ii) and (iii), taking into account any other factors
believed to be relevant to the particular matter or matters of
Note 27. that type. As of the date hereof, the firm has estimated the
upper end of the range of reasonably possible aggregate loss
Legal Proceedings for such matters and for any other matters described below
The firm is involved in a number of judicial, regulatory and where management has been able to estimate a range of
arbitration proceedings (including those described below) reasonably possible aggregate loss to be approximately
concerning matters arising in connection with the conduct of $1.7 billion in excess of the aggregate reserves for such
the firm’s businesses. Many of these proceedings are in early matters.
stages, and many of these cases seek an indeterminate Management is generally unable to estimate a range of
amount of damages. reasonably possible loss for matters other than those included
Under ASC 450, an event is “reasonably possible” if “the in the estimate above, including where (i) actual or potential
chance of the future event or events occurring is more than plaintiffs have not claimed an amount of money damages,
remote but less than likely” and an event is “remote” if “the except in those instances where management can otherwise
chance of the future event or events occurring is slight.” determine an appropriate amount, (ii) matters are in early
Thus, references to the upper end of the range of reasonably stages, (iii) matters relate to regulatory investigations or
possible loss for cases in which the firm is able to estimate a reviews, except in those instances where management can
range of reasonably possible loss mean the upper end of the otherwise determine an appropriate amount, (iv) there is
range of loss for cases for which the firm believes the risk of uncertainty as to the likelihood of a class being certified or
loss is more than slight. the ultimate size of the class, (v) there is uncertainty as to the
outcome of pending appeals or motions, (vi) there are
significant factual issues to be resolved, and/or (vii) there are
novel legal issues presented. For example, the firm’s potential
liabilities with respect to the investigations and reviews
described below in “Regulatory Investigations and Reviews
and Related Litigation” generally are not included in
management’s estimate of reasonably possible loss. However,
management does not believe, based on currently available
information, that the outcomes of such other matters will
have a material adverse effect on the firm’s financial
condition, though the outcomes could be material to the
firm’s operating results for any particular period, depending,
in part, upon the operating results for such period.

218 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

1MDB-Related Matters On December 20, 2018, a putative securities class action

Between 2012 and 2013, subsidiaries of the firm acted as lawsuit was filed in the U.S. District Court for the Southern
arrangers or purchasers of approximately $6.5 billion of debt District of New York against Group Inc. and certain former
securities of 1MDB. officers of the firm alleging violations of the anti-fraud
provisions of the Exchange Act with respect to Group Inc.’s
On November 1, 2018, the U.S. Department of Justice (DOJ)
disclosures and public statements concerning 1MDB and
unsealed a criminal information and guilty plea by Tim
seeking unspecified damages. The plaintiff filed the second
Leissner, a former participating managing director of the
amended complaint on October 28, 2019. On June 28, 2021,
firm, and an indictment against Ng Chong Hwa, a former
the court dismissed the claims against one of the individual
managing director of the firm. On August 28, 2018, Leissner
defendants but denied the defendants’ motion to dismiss with
was adjudicated guilty by the U.S. District Court for the
respect to the firm and the remaining individual defendants.
Eastern District of New York of conspiring to launder money
On August 4, 2023, the plaintiff filed a third amended
and to violate the U.S. Foreign Corrupt Practices Act’s
complaint. On September 29, 2023, the plaintiff moved for
(FCPA) anti-bribery and internal accounting controls
class certification. On April 5, 2024, the Magistrate Judge
provisions. Ng was charged with conspiring to launder
recommended that the plaintiff’s motion for class
money and to violate the FCPA’s anti-bribery and internal
certification be granted in part and denied in part. On May 3,
accounting controls provisions, and on April 8, 2022, Ng was
2024, the defendants filed objections to the Magistrate
found guilty on all counts following a trial.
Judge’s report and recommendation with the district court.
On August 18, 2020, the firm announced that it entered into a
Mortgage-Related Matters
settlement agreement with the Government of Malaysia to
Complaints were filed in the U.S. District Court for the
resolve the criminal and regulatory proceedings in Malaysia
Southern District of New York on July 25, 2019 and May 29,
involving the firm, which includes a guarantee that the
2020 against Goldman Sachs Mortgage Company and GS
Government of Malaysia receives at least $1.4 billion in
Mortgage Securities Corp. by U.S. Bank National
assets and proceeds from assets seized by governmental
Association, as trustee for two residential mortgage-backed
authorities around the world related to 1MDB. See Note 18
securitization trusts that issued $1.7 billion of securities. The
for further information about this guarantee, including
complaints generally allege that mortgage loans in the trusts
related arbitration proceedings.
failed to conform to applicable representations and
On October 22, 2020, the firm announced that it reached warranties and seek specific performance or, alternatively,
settlements of governmental and regulatory investigations compensatory damages and other relief. On November 23,
relating to 1MDB with the DOJ, the SEC, the FRB, the 2020, the court granted in part and denied in part defendants’
NYDFS, the Financial Conduct Authority, the Prudential motion to dismiss the complaint in the first action and denied
Regulation Authority, the Singapore Attorney General’s defendants’ motion to dismiss the complaint in the second
Chambers, the Singapore Commercial Affairs Department, action. On January 14, 2021, amended complaints were filed
the Monetary Authority of Singapore and the Hong Kong in both actions.
Securities and Futures Commission. Group Inc. entered into a
Currencies-Related Litigation
three-year deferred prosecution agreement with the DOJ, in
GS&Co. is among the defendants named in a putative class
which a charge against the firm, one count of conspiracy to
action filed in the U.S. District Court for the Southern
violate the FCPA, was filed and was later dismissed on May
District of New York on August 4, 2021. The amended
6, 2024 in accordance with the agreement. In addition, GS
complaint, filed on January 6, 2022, generally asserts claims
Malaysia pleaded guilty to one count of conspiracy to violate
under federal antitrust law and state common law in
the FCPA, and was sentenced on June 9, 2021. In May 2021,
connection with an alleged conspiracy among the defendants
the U.S. Department of Labor granted the firm a five-year
to manipulate auctions for foreign exchange transactions on
exemption to maintain its status as a qualified professional
an electronic trading platform, as well as claims under the
asset manager (QPAM).
Racketeer Influenced and Corrupt Organizations Act. The
complaint seeks declaratory and injunctive relief, as well as
unspecified amounts of treble and other damages. On May
18, 2023, the court dismissed certain state common law
claims, but denied dismissal of the remaining claims. On July
7, 2023, the plaintiffs filed a second amended complaint.

Goldman Sachs 2024 Form 10-K 219

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Banco Espirito Santo S.A. and Oak Finance Archegos-Related Matters

In December 2014, September 2015 and December 2015, the GS&Co. is among the underwriters named as defendants in a
Bank of Portugal (BoP) rendered decisions to reverse an putative securities class action filed on August 13, 2021 in
earlier transfer to Novo Banco of an $835 million facility New York Supreme Court, County of New York, relating to
agreement (the Facility), structured by GSI, between Oak ViacomCBS Inc.’s (ViacomCBS) March 2021 public offerings
Finance Luxembourg S.A. (Oak Finance), a special purpose of $1.7 billion of common stock and $1.0 billion of preferred
vehicle formed in connection with the Facility, and Banco stock. In addition to the underwriters, the defendants include
Espirito Santo S.A. (BES) prior to the failure of BES. In ViacomCBS and certain of its officers and directors. GS&Co.
response, GSI and, with respect to the BoP’s December 2015 underwrote 646,154 shares of common stock representing an
decision, GSIB commenced actions beginning in February aggregate offering price of approximately $55 million and
2015 against Novo Banco S.A. (Novo Banco) in the English 323,077 shares of preferred stock representing an aggregate
offering price of approximately $32 million. The complaint
Commercial Court and the BoP in the Portuguese
asserts claims under the federal securities laws and alleges
Administrative Court. In July 2018, the English Supreme
that the offering documents contained material
Court found that the English courts will not have jurisdiction
misstatements and omissions, including, among other things,
over GSI’s action unless and until the Portuguese that the offering documents failed to disclose that Archegos
Administrative Court finds against BoP in GSI’s parallel Capital Management, LP (Archegos) had substantial
action. In July 2018, the Liquidation Committee for BES exposure to ViacomCBS, including through total return
issued a decision seeking to claw back from GSI $54 million swaps to which certain of the underwriters (the trading
paid to GSI and $50 million allegedly paid to Oak Finance in underwriters), including GS&Co., were allegedly
connection with the Facility, alleging that GSI acted in bad counterparties, and that such underwriters failed to disclose
faith in extending the Facility, including because GSI their exposure to Archegos. On December 21, 2021, the
allegedly knew that BES was at risk of imminent failure. In plaintiffs filed a corrected amended complaint. The
October 2018, GSI commenced an action in the Lisbon complaint seeks rescission and compensatory damages in
Commercial Court challenging the Liquidation Committee’s unspecified amounts. On February 6, 2023, the trial court
decision and has since also issued a claim against the dismissed the claims against ViacomCBS and the individual
Portuguese State seeking compensation for losses of defendants, but denied the defendants’ motions to dismiss
approximately $222 million related to the failure of BES, with respect to GS&Co. and the other underwriter
together with a contingent claim for the $104 million sought defendants. On January 4, 2024, the trial court granted the
by the Liquidation Committee. On April 11, 2023, GSI plaintiffs’ motion for class certification, and on February 14,
commenced administrative proceedings against the BoP, 2024, the underwriter defendants appealed. On April 4, 2024,
seeking the nullification of the BoP’s September 2015 and the Appellate Division for the First Department affirmed the
December 2015 decisions on new grounds. trial court’s dismissal of the claims against ViacomCBS and
the individual defendants, reversed the trial court’s failure to
Financial Advisory Services dismiss the claims against the non-trading underwriter
Group Inc. and certain of its affiliates are from time to time defendants, and affirmed the trial court’s denial of the
parties to various civil litigation and arbitration proceedings motion to dismiss claims against the trading underwriter
and other disputes with clients and third parties relating to defendants, including GS&Co.
the firm’s financial advisory activities. These claims generally Group Inc. is also a defendant in putative securities class
seek, among other things, compensatory damages and, in actions filed beginning in October 2021 and consolidated in
some cases, punitive damages, and in certain cases allege that the U.S. District Court for the Southern District of New
the firm did not appropriately disclose or deal with conflicts York. The complaints allege that Group Inc., along with
of interest. another financial institution, sold shares in Baidu Inc.
(Baidu), Discovery Inc. (Discovery), GSX Techedu Inc.
(Gaotu), iQIYI Inc. (iQIYI), Tencent Music Entertainment
Group (Tencent), ViacomCBS, and Vipshop Holdings Ltd.
(Vipshop) based on material nonpublic information
regarding the liquidation of Archegos’ position in Baidu,
Discovery, Gaotu, iQIYI, Tencent, ViacomCBS and Vipshop,
respectively. The complaints generally assert violations of
Sections 10(b), 20A and 20(a) of the Exchange Act and seek
unspecified damages. In May 2023, the plaintiffs in the class
actions filed second amended complaints, and on March 28,
2024, the court granted the defendants’ motion to dismiss the
second amended complaints with prejudice. On April 26,
2024, the plaintiffs appealed to the U.S. Court of Appeals for
the Second Circuit.

220 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Silicon Valley Bank Matters Underwriting Litigation

GS&Co. is among the underwriters named as defendants in a Firm affiliates are among the defendants in a number of
putative securities class action filed on April 7, 2023 and proceedings in connection with securities offerings. In these
consolidated in the U.S. District Court for the Northern proceedings, including those described below, the plaintiffs
District of California and an individual action filed on assert class action or individual claims under federal and state
January 25, 2024 in the same court relating to SVB Financial securities laws and, in some cases, other applicable laws,
Group’s (SVBFG) January 2021 public offerings of allege that the offering documents for the securities that they
$500 million principal amount of senior notes and purchased contained material misstatements and omissions,
$750 million of depositary shares representing interests in and generally seek compensatory and rescissory damages in
preferred stock, March 2021 public offering of approximately unspecified amounts, as well as rescission. Certain of these
$1.2 billion of common stock, May 2021 public offerings of proceedings involve additional allegations.
$1.0 billion of depositary shares representing interests in
Uber Technologies, Inc. GS&Co. is among the
preferred stock and $500 million principal amount of senior
underwriters named as defendants in several putative
notes, August 2021 public offering of approximately
securities class actions filed beginning in September 2019 in
$1.3 billion of common stock, and April 2022 public offering
California Superior Court, County of San Francisco and the
of $800 million aggregate principal amount of senior notes,
U.S. District Court for the Northern District of California,
among other public offerings of securities. In addition to the
relating to Uber Technologies, Inc.’s (Uber) $8.1 billion May
underwriters, the defendants include certain of SVBFG’s
2019 initial public offering. In addition to the underwriters,
officers and directors and its auditor. GS&Co. underwrote
the defendants include Uber and certain of its officers and
an aggregate of 831,250 depositary shares representing an
directors. GS&Co. underwrote 35,864,408 shares of common
aggregate offering price of approximately $831 million, an
stock representing an aggregate offering price of
aggregate of 3,266,108 shares of common stock representing
approximately $1.6 billion. On November 16, 2020, the court
an aggregate offering price of approximately $1.8 billion and
in the state court action granted defendants’ motion to
senior notes representing an aggregate price to the public of
dismiss the consolidated amended complaint filed on
approximately $727 million. The complaints generally assert
February 11, 2020, and on December 16, 2020, plaintiffs
claims under the federal securities laws and allege that the
appealed. On August 7, 2020, defendants’ motion to dismiss
offering documents contained material misstatements and
the district court action was denied. On September 25, 2020,
omissions. The complaints seek compensatory damages in
the plaintiffs in the district court action moved for class
unspecified amounts. On March 17, 2023, SVBFG filed for
certification. On December 5, 2020, the plaintiffs in the state
Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the
court action filed a complaint in the district court, which was
Southern District of New York. On January 16, 2024, the
consolidated with the existing district court action on
plaintiffs filed a consolidated amended complaint in the
January 25, 2021. On May 14, 2021, the plaintiffs filed a
putative class action, and on April 3, 2024, the defendants
second amended complaint in the district court, purporting to
moved to dismiss the consolidated amended complaint.
add the plaintiffs from the state court action as additional
The firm is also cooperating with and providing information class representatives. On October 1, 2021, defendants’
to various governmental bodies in connection with their motion to dismiss the additional class representatives from
investigations and inquiries regarding SVBFG and its the second amended complaint was denied, and on July 26,
affiliates (collectively SVB), including the firm’s business with 2022, the district court granted the plaintiffs’ motion for class
SVB in or around March 2023, when SVB engaged the firm to certification. On February 27, 2023, the U.S. Court of
assist with a proposed capital raise and SVB sold the firm a Appeals for the Ninth Circuit denied the defendants’ petition
portfolio of securities. seeking interlocutory review of the district court’s grant of
class certification. On December 4, 2024, the court in the
federal court action approved a settlement, which does not
require a contribution from GS&Co.

Goldman Sachs 2024 Form 10-K 221

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Array Technologies, Inc. GS&Co. is among the DiDi Global Inc. Goldman Sachs (Asia) L.L.C. (GS Asia) is
underwriters named as defendants in a putative securities among the underwriters named as defendants in putative
class action filed on May 14, 2021 in the U.S. District Court securities class actions filed beginning on July 6, 2021 in the
for the Southern District of New York relating to Array U.S. District Courts for the Southern District of New York
Technologies, Inc.’s (Array) $1.2 billion October 2020 initial and the Central District of California and New York
public offering of common stock, $1.3 billion December 2020 Supreme Court, County of New York, relating to DiDi
offering of common stock and $993 million March 2021 Global Inc.’s (DiDi) $4.4 billion June 2021 initial public
offering of common stock. In addition to the underwriters, offering of American Depositary Shares (ADS). In addition to
the defendants include Array and certain of its officers and the underwriters, the defendants include DiDi and certain of
directors. GS&Co. underwrote an aggregate of 31,912,213 its officers and directors. GS Asia underwrote 104,554,000
shares of common stock in the three offerings representing an ADS representing an aggregate offering price of
aggregate offering price of approximately $877 million. On approximately $1.5 billion. On September 22, 2021, plaintiffs
December 7, 2021, the plaintiffs filed an amended in the California action voluntarily dismissed their claims
consolidated complaint, and on May 19, 2023, the court without prejudice. On May 5, 2022, plaintiffs in the
granted the defendants’ motion to dismiss the amended consolidated federal action filed a second consolidated
consolidated complaint. On July 5, 2023, the court denied the amended complaint, which includes allegations of violations
plaintiffs’ request for leave to amend the amended of Sections 10(b) and 20A of the Exchange Act against the
consolidated complaint and dismissed the case with underwriter defendants. On March 14, 2024, the court denied
prejudice. On August 4, 2023, plaintiffs appealed to the U.S. the defendants’ motions to dismiss the second consolidated
Court of Appeals for the Second Circuit. amended complaint. On January 6, 2025, the plaintiffs
moved for class certification.
ContextLogic Inc. GS&Co. is among the underwriters
named as defendants in putative securities class actions filed Vroom Inc. GS&Co. is among the underwriters named as
beginning on May 17, 2021 and consolidated in the U.S. defendants in an amended complaint for a putative securities
District Court for the Northern District of California, class action filed on October 4, 2021 in the U.S. District
relating to ContextLogic Inc.’s (ContextLogic) $1.1 billion Court for the Southern District of New York relating to
December 2020 initial public offering of common stock. In Vroom Inc.’s (Vroom) approximately $589 million September
addition to the underwriters, the defendants include 2020 public offering of common stock. In addition to the
ContextLogic and certain of its officers and directors. underwriters, the defendants include Vroom and certain of its
GS&Co. underwrote 16,169,000 shares of common stock officers and directors. GS&Co. underwrote 3,886,819 shares
representing an aggregate offering price of approximately of common stock representing an aggregate offering price of
$388 million. On July 15, 2022, the plaintiffs filed a approximately $212 million. On December 20, 2021, the
consolidated amended complaint, and on March 10, 2023, the defendants served a motion to dismiss the consolidated
court granted the defendants’ motion to dismiss the complaint. On November 13, 2024, Vroom filed a Chapter 11
consolidated amended complaint with leave to amend. On bankruptcy petition in the U.S. Bankruptcy Court for the
April 10, 2023, the plaintiffs filed a second consolidated Southern District of Texas.
amended complaint, and on December 22, 2023, the court
granted in part and denied in part the defendants’ motion to
dismiss the second consolidated amended complaint with
leave to amend. On February 15, 2024, the plaintiffs filed a
third consolidated amended complaint, and on August 22,
2024, the court granted the defendants’ motion to dismiss the
third consolidated amended complaint without leave to
amend. On September 19, 2024, the plaintiffs filed a motion
to alter the court’s judgment.

222 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Zymergen Inc. GS&Co. is among the underwriters named Rivian Automotive Inc. GS&Co. is among the
as defendants in a putative securities class action filed on underwriters named as defendants in putative securities class
August 4, 2021 in the U.S. District Court for the Northern actions filed on March 7, 2022 and February 28, 2023 in the
District of California relating to Zymergen Inc.’s (Zymergen) U.S. District Court for the Central District of California and
$575 million April 2021 initial public offering of common in the Superior Court of the State of California, County of
stock. In addition to the underwriters, the defendants include Orange, respectively, relating to Rivian Automotive Inc.’s
Zymergen, certain of its officers and directors and certain of (Rivian) approximately $13.7 billion November 2021 initial
its shareholders. GS&Co. underwrote 5,750,345 shares of public offering. In addition to the underwriters, the
common stock representing an aggregate offering price of defendants include Rivian and certain of its officers and
approximately $178 million. On February 24, 2022, the directors. GS&Co. underwrote 44,733,050 shares of common
plaintiffs filed an amended complaint, and on November 29, stock representing an aggregate offering price of
2022, the court granted in part and denied in part the approximately $3.5 billion. On March 2, 2023, the plaintiffs
defendants’ motion to dismiss the amended complaint, in the federal court action filed an amended consolidated
denying dismissal of the claims for violations of Section 11 of complaint, and on July 3, 2023, the court denied the
the Securities Act. On August 11, 2023, the court granted the defendants’ motion to dismiss the amended consolidated
plaintiffs’ motion for class certification. On October 3, 2023, complaint. On June 30, 2023, the court in the state court
Zymergen and three affiliates filed Chapter 11 bankruptcy action granted the defendants’ motion to dismiss the
petitions in the U.S. Bankruptcy Court for the District of complaint, and on September 1, 2023, the plaintiffs appealed.
Delaware. On March 4, 2024, the plaintiffs filed a second On July 17, 2024, the court in the federal court action granted
amended complaint. the plaintiffs’ motion for class certification.
Sea Limited. GS Asia is among the underwriters named as Natera Inc. GS&Co. is among the underwriters named as
defendants in putative securities class actions filed on defendants in putative securities class actions in New York
February 11, 2022 and June 17, 2022, respectively, in New Supreme Court, County of New York and the U.S. District
York Supreme Court, County of New York, relating to Sea Court for the Western District of Texas filed on March 10,
Limited’s approximately $4.0 billion September 2021 public 2022 and October 7, 2022, respectively, relating to Natera
offering of ADS and approximately $2.9 billion September Inc.’s (Natera) approximately $585 million July 2021 public
2021 public offering of convertible senior notes, respectively. offering of common stock. In addition to the underwriters,
In addition to the underwriters, the defendants include Sea the defendants include Natera and certain of its officers and
Limited, certain of its officers and directors and certain of its directors. GS&Co. underwrote 1,449,000 shares of common
shareholders. GS Asia underwrote 8,222,500 ADS stock representing an aggregate offering price of
representing an aggregate offering price of approximately approximately $164 million. On July 15, 2022, the parties in
$2.6 billion and convertible senior notes representing an the state court action filed a stipulation and proposed order
aggregate offering price of approximately $1.9 billion. On approving the discontinuance of the action without prejudice.
August 3, 2022, the actions were consolidated, and on August On September 11, 2023, the federal court granted in part and
9, 2022, the plaintiffs filed a consolidated amended denied in part the defendants’ motion to dismiss. On June 4,
complaint. The defendants had previously moved to dismiss 2024, the plaintiffs in the federal court action moved for class
the action on July 15, 2022, with the parties stipulating that certification, and on January 28, 2025, the Magistrate Judge
the motion would apply to the consolidated amended recommended that the plaintiffs’ motion for class
complaint. On May 15, 2023, the court granted the certification be granted. On February 21, 2025, the
defendants’ motion to dismiss the consolidated amended underwriter defendants filed objections to the Magistrate
complaint with prejudice. On May 28, 2024, the Appellate Judge’s report and recommendation with the district court.
Division for the First Department reversed the trial court’s
dismissal of the consolidated amended complaint, and on
June 27, 2024, the defendants moved to reargue or
alternatively, for leave to appeal the reversal. On November
11, 2024, the parties reached a settlement in principle, subject
to final documentation and court approval, to resolve this
action, which does not require a contribution from GS Asia.

Goldman Sachs 2024 Form 10-K 223

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Robinhood Markets, Inc. GS&Co. is among the Oscar Health, Inc. GS&Co. is among the underwriters
underwriters named as defendants in a putative securities named as defendants in a putative securities class action filed
class action filed on December 17, 2021 in the U.S. District on May 12, 2022 in the U.S. District Court for the Southern
Court for the Northern District of California relating to District of New York relating to Oscar Health, Inc.’s (Oscar
Robinhood Markets, Inc.’s (Robinhood) approximately $2.2 Health) approximately $1.4 billion March 2021 initial public
billion July 2021 initial public offering. In addition to the offering. In addition to the underwriters, the defendants
underwriters, the defendants include Robinhood and certain include Oscar Health and certain of its officers and directors.
of its officers and directors. GS&Co. underwrote 18,039,706 GS&Co. underwrote 12,760,633 shares of common stock
shares of common stock representing an aggregate offering representing an aggregate offering price of approximately
price of approximately $686 million. On February 10, 2023, $498 million. On December 5, 2022, the plaintiffs filed an
the court granted the defendants’ motion to dismiss the amended complaint. On April 4, 2023, the defendants moved
complaint with leave to amend, and on March 13, 2023, the to dismiss the amended complaint.
plaintiffs filed a second amended complaint. On January 24,
Oak Street Health, Inc. GS&Co. is among the underwriters
2024, the court granted the defendants’ motion to dismiss the
named as defendants in an amended complaint for a putative
second amended complaint without leave to amend. On
securities class action filed on May 25, 2022 in the U.S.
February 21, 2024, the plaintiffs appealed to the U.S. Court of
District Court for the Northern District of Illinois relating to
Appeals for the Ninth Circuit.
Oak Street Health, Inc.’s (Oak Street) $377 million August
ON24, Inc. GS&Co. is among the underwriters named as 2020 initial public offering, $298 million December 2020
defendants in a putative securities class action filed on secondary equity offering, $691 million February 2021
November 3, 2021 in the U.S. District Court for the Northern secondary equity offering and $747 million May 2021
District of California relating to ON24, Inc.’s (ON24) secondary equity offering. In addition to the underwriters,
approximately $492 million February 2021 initial public the defendants include Oak Street, certain of its officers and
offering of common stock. In addition to the underwriters, directors and certain of its shareholders. GS&Co.
the defendants include ON24 and certain of its officers and underwrote 4,157,103 shares of common stock in the August
directors, including a director who was a Managing Director 2020 initial public offering representing an aggregate offering
of GS&Co. at the time of the initial public offering. GS&Co. price of approximately $87 million, 1,503,944 shares of
underwrote 3,616,785 shares of common stock representing common stock in the December 2020 secondary equity
an aggregate offering price of approximately $181 million. offering representing an aggregate offering price of
On March 18, 2022, the plaintiffs filed a consolidated approximately $69 million, 3,083,098 shares of common
complaint, and on July 7, 2023, the court granted the stock in the February 2021 secondary equity offering
defendants’ motion to dismiss the consolidated complaint representing an aggregate offering price of approximately
with leave to amend. On September 1, 2023, the plaintiffs $173 million and 3,013,065 shares of common stock in the
filed an amended consolidated complaint, and on March 5, May 2021 secondary equity offering representing an
2024, the court granted the defendants’ motion to dismiss the aggregate offering price of approximately $187 million. On
amended consolidated complaint with prejudice. On April 4, February 10, 2023, the court granted in part and denied in
2024, the plaintiffs appealed to the U.S. Court of Appeals for part the defendants’ motion to dismiss, dismissing the claim
the Ninth Circuit. alleging a violation of Section 12(a)(2) of the Securities Act
and, with respect to the May 2021 secondary equity offering
only, the claim alleging a violation of Section 11 of the
Securities Act, but declining to dismiss the remaining claims.
On December 15, 2023, the plaintiffs moved for class
certification. On December 12, 2024, the court approved a
settlement, which does not require a contribution from
GS&Co.

224 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Bright Health Group, Inc. GS&Co. is among the Yatsen Holding Limited. GS Asia is among the
underwriters named as defendants in an amended complaint underwriters named as defendants in a putative securities
for a putative securities class action filed on June 24, 2022 in class action filed on September 23, 2022 in the U.S. District
the U.S. District Court for the Eastern District of New York Court for the Southern District of New York relating to
relating to Bright Health Group, Inc.’s (Bright Health) Yatsen Holding Limited’s (Yatsen) approximately
approximately $924 million June 2021 initial public offering $617 million November 2020 initial public offering of ADS.
of common stock. In addition to the underwriters, the In addition to the underwriters, the defendants include
defendants include Bright Health and certain of its officers Yatsen and certain of its officers and directors. GS Asia
and directors. GS&Co. underwrote 11,297,000 shares of underwrote 22,912,500 ADS representing an aggregate
common stock representing an aggregate offering price of offering price of approximately $241 million. On October 4,
approximately $203 million. On September 30, 2024, the 2023, the plaintiffs filed an amended complaint, and on July
court granted the defendants’ motion to dismiss the amended 22, 2024, the court granted the defendants’ motion to dismiss
complaint, and on November 27, 2024, the plaintiffs the amended complaint.
appealed to the U.S. Court of Appeals for the Second Circuit.
Rent the Runway, Inc. GS&Co. is among the underwriters
MINISO Group Holding Limited. GS Asia is among the named as defendants in a putative securities class action filed
underwriters named as defendants in a putative securities on November 14, 2022 in the U.S. District Court for the
class action filed on August 17, 2022 in the U.S. District Eastern District of New York relating to Rent the Runway,
Court for the Central District of California and transferred to Inc.’s (Rent the Runway) $357 million October 2021 initial
the U.S. District Court for the Southern District of New York public offering of common stock. In addition to the
on November 18, 2022 relating to MINISO Group Holding underwriters, the defendants include Rent the Runway and
Limited’s (MINISO) approximately $656 million October certain of its officers and directors. GS&Co. underwrote
2020 initial public offering of ADS. In addition to the 5,254,304 shares of common stock representing an aggregate
underwriters, the defendants include MINISO and certain of offering price of approximately $110 million. On September
its officers and directors. GS Asia underwrote 16,408,093 5, 2023, the plaintiffs filed an amended complaint, and on
ADS representing an aggregate offering price of September 25, 2024, the court granted in part and denied in
approximately $328 million. On April 24, 2023, the plaintiffs part the defendants’ motion to dismiss the amended
filed a second amended complaint, and on February 23, 2024, complaint. On October 9, 2024, the defendants filed a motion
the court granted the defendants’ motion to dismiss the for reconsideration of the court’s order.
second amended complaint with leave to amend.
Opendoor Technologies Inc. GS&Co. is among the
Coupang, Inc. GS&Co. is among the underwriters named as underwriters named as defendants in a putative securities
defendants in a putative securities class action filed on August class action filed on November 22, 2022 in the U.S. District
26, 2022 in the U.S. District Court for the Southern District of Court for the District of Arizona relating to, among other
New York relating to Coupang, Inc.’s (Coupang) things, Opendoor Technologies Inc.’s (Opendoor)
approximately $4.6 billion March 2021 initial public offering approximately $886 million February 2021 public offering of
of common stock. In addition to the underwriters, the common stock. In addition to the underwriters, the
defendants include Coupang and certain of its officers and defendants include Opendoor and certain of its officers and
directors. GS&Co. underwrote 42,900,000 shares of common directors. GS&Co. underwrote 10,173,401 shares of common
stock representing an aggregate offering price of stock representing an aggregate offering price of
approximately $1.5 billion. On May 24, 2023, the plaintiffs approximately $275 million. On April 17, 2023, the plaintiffs
filed an amended complaint, and on July 28, 2023, the filed a consolidated amended complaint, and on February 28,
defendants moved to dismiss the amended complaint. 2024, the court granted the defendants’ motion to dismiss the
consolidated amended complaint with leave to amend. On
May 14, 2024, the court granted the plaintiffs’ motion for
reconsideration and vacated the dismissal of certain of the
plaintiffs’ claims, and on September 9, 2024, the court denied
the defendants’ motion for certification of an interlocutory
appeal as to the plaintiffs’ surviving claims.

Goldman Sachs 2024 Form 10-K 225

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

FIGS, Inc. GS&Co. is among the underwriters named as F45 Training Holdings Inc. GS&Co. is among the
defendants in a putative securities class action filed on underwriters named as defendants in an amended complaint
December 8, 2022 in the U.S. District Court for the Central for a putative securities class action filed on May 19, 2023 in
District of California relating to FIGS, Inc.’s (FIGS) the U.S. District Court for the Western District of Texas
approximately $668 million May 2021 initial public offering relating to F45 Training Holdings Inc.’s (F45) approximately
and approximately $413 million September 2021 secondary $350 million July 2021 initial public offering of common
equity offering. In addition to the underwriters, the stock. In addition to the underwriters, the defendants include
defendants include FIGS, certain of its officers and directors F45, certain of its officers and directors and certain of its
and certain of its shareholders. GS&Co. underwrote shareholders. GS&Co. acted as a qualified independent
9,545,073 shares of common stock in the May 2021 initial underwriter for the offering and underwrote 8,303,744 shares
public offering representing an aggregate offering price of of common stock representing an aggregate offering price of
approximately $210 million and 3,179,047 shares of common approximately $133 million. On August 7, 2023, the
stock in the September 2021 secondary equity offering defendants filed a motion to dismiss the amended complaint.
representing an aggregate offering price of approximately On January 25, 2024, the plaintiffs filed a second amended
$128 million. On April 10, 2023, the plaintiffs filed a complaint, and on March 11, 2024, the defendants moved to
consolidated complaint, and on January 17, 2024, the court dismiss the second amended complaint.
granted the defendants’ motions to dismiss the consolidated
Olaplex Holdings, Inc. GS&Co. is among the underwriters
complaint with leave to amend. On March 19, 2024, the
named as defendants in a putative securities class action filed
plaintiffs filed a first amended complaint, and on January 10,
on April 28, 2023 in the U.S. District Court for the Central
2025, the court granted in part and denied in part the
District of California relating to Olaplex Holdings, Inc.’s
defendants’ motions to dismiss the first amended complaint
(Olaplex) approximately $1.8 billion September 2021 initial
with leave to amend, resulting in the dismissal of all claims
public offering of common stock. In addition to the
against the underwriter defendants, including GS&Co. On
underwriters, the defendants include Olaplex, certain of its
February 10, 2025, the plaintiffs appealed to the U.S. Court of
officers and directors and selling shareholders. GS&Co.
Appeals for the Ninth Circuit.
underwrote 19,419,420 shares of common stock representing
Silvergate Capital Corporation. GS&Co. is among the an aggregate offering price of approximately $408 million.
underwriters and sales agents named as defendants in a On June 22, 2023, the plaintiffs filed a revised consolidated
putative securities class action filed on January 19, 2023 in complaint, and on February 7, 2025, the court granted in part
the U.S. District Court for the Southern District of and denied in part the defendants’ motions to dismiss the
California, as amended on May 11, 2023, relating to revised consolidated complaint, resulting in the dismissal of
Silvergate Capital Corporation’s (Silvergate) approximately all claims against the underwriter defendants, including
$288 million January 2021 public offering of common stock, GS&Co.
approximately $300 million “at-the-market” offering of
common stock conducted from March through May 2021,
approximately $200 million July 2021 public offering of
depositary shares representing interests in preferred stock,
and approximately $552 million December 2021 public
offering of common stock. In addition to the underwriters
and sales agents, the defendants include Silvergate and certain
of its officers and directors. GS&Co. underwrote 1,711,313
shares of common stock in the January 2021 public offering
of common stock representing an aggregate offering price of
approximately $108 million, acted as a sales agent with
respect to up to a $300 million aggregate offering price of
shares of common stock in the March through May 2021 “at-
the-market” offering, underwrote 1,600,000 depositary shares
in the July 2021 public offering representing an aggregate
offering price of approximately $40 million, and underwrote
1,375,397 shares of common stock in the December 2021
public offering of common stock representing an aggregate
offering price of approximately $199 million. On July 10,
2023, the defendants moved to dismiss the consolidated
amended complaint. On September 17, 2024, Silvergate and
two affiliates filed Chapter 11 bankruptcy petitions in the
U.S. Bankruptcy Court for the District of Delaware.

226 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

agilon health, inc. GS&Co. is among the underwriters Variable Rate Demand Obligations Antitrust Litigation
named as defendants in putative securities class actions filed Group Inc. and GS&Co. were among the defendants named
beginning on March 19, 2024 and consolidated in the U.S. in a putative class action relating to variable rate demand
District Court for the Western District of Texas, relating to obligations (VRDOs), filed beginning in February 2019 under
agilon health, inc.’s (agilon) approximately $1.2 billion April separate complaints and consolidated in the U.S. District
2021 initial public offering, approximately $587 million Court for the Southern District of New York. The
September 2021 secondary equity offering and approximately consolidated amended complaint, filed on May 31, 2019,
generally asserts claims under federal antitrust law and state
$1.8 billion May 2023 secondary equity offering. In addition
common law in connection with an alleged conspiracy among
to the underwriters, the defendants include agilon, certain of
the defendants to manipulate the market for VRDOs. The
its officers and directors and certain of its shareholders.
complaint seeks declaratory and injunctive relief, as well as
GS&Co. underwrote 10,631,949 shares of common stock in unspecified amounts of compensatory, treble and other
the April 2021 initial public offering representing an damages. Group Inc. was voluntarily dismissed from the
aggregate offering price of approximately $245 million, putative class action on June 3, 2019. On November 2, 2020,
3,759,588 shares of common stock in the September 2021 the court granted in part and denied in part the defendants’
secondary equity offering representing an aggregate offering motion to dismiss, dismissing the state common law claims
price of approximately $113 million and 26,879,772 shares of against GS&Co., but denying dismissal of the federal
common stock in the May 2023 secondary equity offering, of antitrust law claims.
which 2,731,638 shares were purchased by agilon, GS&Co. is also among the defendants named in a related
representing an aggregate offering price of approximately putative class action filed on June 2, 2021 in the U.S. District
$519 million sold to third parties. On September 6, 2024, the Court for the Southern District of New York. The complaint
plaintiffs filed a consolidated complaint, and on November 8, alleges the same conspiracy in the market for VRDOs as that
2024, the defendants moved to dismiss the consolidated alleged in the consolidated amended complaint filed on May
complaint. 31, 2019, and asserts federal antitrust law, state law and state
common law claims against the defendants. The complaint
Investment Management Services
seeks declaratory and injunctive relief, as well as unspecified
Group Inc. and certain of its affiliates are parties to various
amounts of compensatory, treble and other damages. On
civil litigation and arbitration proceedings and other disputes
August 6, 2021, plaintiffs in the May 31, 2019 action filed an
with clients relating to losses allegedly sustained as a result of
amended complaint consolidating the June 2, 2021 action
the firm’s investment management services. These claims
with the May 31, 2019 action. On September 14, 2021,
generally seek, among other things, restitution or other
defendants filed a joint partial motion to dismiss the August
compensatory damages and, in some cases, punitive damages.
6, 2021 amended consolidated complaint. On June 28, 2022,
the court granted in part and denied in part the defendants’
motion to dismiss, dismissing the state breach of fiduciary
duty claim against GS&Co., but declining to dismiss any
portion of the federal antitrust law claims. On September 21,
2023, the court granted the plaintiffs’ motion for class
certification. On February 5, 2024, the U.S. Court of Appeals
for the Second Circuit granted the defendants’ petition
seeking interlocutory review of the district court’s grant of
class certification. On February 15, 2024, the district court
granted the defendants’ request to stay the proceedings
pending their appeal of the district court’s grant of class
certification.

Goldman Sachs 2024 Form 10-K 227

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Interest Rate Swap Antitrust Litigation Commodities-Related Litigation

Group Inc., GS&Co., GSI, GS Bank USA and Goldman Sachs GSI is among the defendants named in putative class actions
Financial Markets, L.P. are among the defendants named in a relating to trading in platinum and palladium, filed beginning
putative antitrust class action relating to the trading of on November 25, 2014 and most recently amended on May
interest rate swaps, filed in November 2015 and consolidated 15, 2017, in the U.S. District Court for the Southern District
in the U.S. District Court for the Southern District of New of New York. The amended complaint generally alleges that
York. The same Goldman Sachs entities are also among the the defendants violated federal antitrust laws and the
defendants named in two antitrust actions relating to the Commodity Exchange Act in connection with an alleged
trading of interest rate swaps, commenced in April 2016 and conspiracy to manipulate a benchmark for physical platinum
June 2018, respectively, in the U.S. District Court for the and palladium prices and seek declaratory and injunctive
Southern District of New York by three operators of swap relief, as well as treble damages in an unspecified amount. On
execution facilities and certain of their affiliates. These March 29, 2020, the court granted the defendants’ motions to
actions have been consolidated for pretrial proceedings. The dismiss and for reconsideration, resulting in the dismissal of
complaints generally assert claims under federal antitrust law all claims, and on February 27, 2023, the U.S. Court of
and state common law in connection with an alleged Appeals for the Second Circuit reversed the district court’s
conspiracy among the defendants to preclude exchange dismissal of certain plaintiffs’ antitrust claims and vacated
trading of interest rate swaps. The complaints in the the district court’s dismissal of the plaintiffs’ Commodity
individual actions also assert claims under state antitrust law. Exchange Act claim. On April 12, 2023, the defendants’
The complaints seek declaratory and injunctive relief, as well petition for rehearing or rehearing en banc with the U.S.
as treble damages in an unspecified amount. Defendants Court of Appeals for the Second Circuit was denied. On July
moved to dismiss the class and the first individual action and 21, 2023, the defendants filed a motion for judgment on the
the district court dismissed the state common law claims pleadings. On January 17, 2025, the court approved a
asserted by the plaintiffs in the first individual action and settlement to resolve this action. The firm has paid the full
otherwise limited the state common law claim in the putative amount of its contribution to the settlement.
class action and the antitrust claims in both actions to the
Corporate Bonds Antitrust Litigation
period from 2013 to 2016. On November 20, 2018, the court
Group Inc. and GS&Co. are among the dealers named as
granted in part and denied in part the defendants’ motion to
defendants in a putative class action relating to the secondary
dismiss the second individual action, dismissing the state
market for odd-lot corporate bonds, filed on April 21, 2020 in
common law claims for unjust enrichment and tortious
the U.S. District Court for the Southern District of New
interference, but denying dismissal of the federal and state
York. The amended consolidated complaint, filed on
antitrust claims. On March 13, 2019, the court denied the
October 29, 2020, asserts claims under federal antitrust law
plaintiffs’ motion in the putative class action to amend their
in connection with alleged anti-competitive conduct by the
complaint to add allegations related to conduct from 2008 to
defendants in the secondary market for odd-lots of corporate
2012, but granted the motion to add limited allegations from
bonds, and seeks declaratory and injunctive relief, as well as
2013 to 2016, which the plaintiffs added in a fourth
unspecified monetary damages, including treble and punitive
consolidated amended complaint filed on March 22, 2019.
damages and restitution. On October 25, 2021, the court
On December 15, 2023, the court denied the plaintiffs’
granted defendants’ motion to dismiss with prejudice. On
motion for class certification, and on December 28, 2023, the
November 10, 2022, the district court denied the plaintiffs’
plaintiffs filed a petition with the U.S. Court of Appeals for
motion for an indicative ruling that the judgment should be
the Second Circuit seeking interlocutory review of the district
vacated because the wife of the district judge owned stock in
court’s denial of class certification. On July 11, 2024, the
one of the defendants and the district judge did not recuse
court preliminarily approved a settlement among the
himself. On July 2, 2024, the U.S. Court of Appeals for the
plaintiffs and certain defendants, including the firm, to
Second Circuit vacated the district court’s dismissal and
resolve the class action. The firm has paid the full amount of
remanded the case for further proceedings. On September 3,
its proposed contribution to the settlement into an escrow
2024, the plaintiffs filed a second amended complaint, and on
account. The individual actions remain pending.
October 18, 2024, the defendants moved to dismiss the
second amended complaint.

228 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Credit Default Swap Antitrust Litigation Consumer Investigation and Review

Group Inc., GS&Co. and GSI were among the defendants The firm has been cooperating with the CFPB and other
named in a putative antitrust class action relating to the governmental bodies relating to investigations and/or
settlement of credit default swaps, filed on June 30, 2021 in inquiries concerning GS Bank USA’s credit card account
the U.S. District Court for the District of New Mexico. The management practices and is providing information
complaint generally asserts claims under federal antitrust law regarding the application of refunds, crediting of
and the Commodity Exchange Act in connection with an nonconforming payments, billing error resolution,
alleged conspiracy among the defendants to manipulate the advertisements, reporting to credit bureaus, and any other
benchmark price used to value credit default swaps for consumer-related information requested by them, and GS
settlement. The complaint also asserts a claim for unjust Bank USA has entered into a consent order, without
enrichment under state common law. The complaint seeks admitting or denying the findings, to resolve the CFPB’s
declaratory and injunctive relief, as well as unspecified investigation. The consent order requires a $45 million
amounts of treble and other damages. On November 15, penalty, approximately $20 million in restitution (to be offset
2021, the defendants filed a motion to dismiss the complaint. by restitution GS Bank USA has already provided to
On February 4, 2022, the plaintiffs filed an amended consumers), and certain non-monetary remedial measures.
complaint and voluntarily dismissed Group Inc. from the The firm has paid the full amount of the settlement.
action. On June 5, 2023, the court dismissed the claims Regulatory Investigations and Reviews and Related
against certain foreign defendants for lack of personal Litigation
jurisdiction but denied the defendants’ motion to dismiss Group Inc. and certain of its affiliates are subject to a number
with respect to GS&Co., GSI and the remaining defendants. of other investigations and reviews by, and, in some cases,
On January 24, 2024, the court granted the defendants’ have received subpoenas and requests for documents and
motion to stay the proceedings pending the resolution of the information from, various governmental and regulatory
motion filed by the defendants on November 3, 2023 in the bodies and self-regulatory organizations and litigation and
U.S. District Court for the Southern District of New York to shareholder requests relating to various matters relating to
enforce a 2015 settlement and release among the parties. On the firm’s businesses and operations, including:
January 26, 2024, the U.S. District Court for the Southern
District of New York granted the defendants’ motion to • The securities offering process and underwriting practices;
enforce the settlement and release and enjoined the plaintiffs • The firm’s investment management and financial advisory
from pursuing any claims against the defendants in the New services;
Mexico action for any alleged violation of law based on
conduct before June 30, 2014, and on February 23, 2024, the • Conflicts of interest;
plaintiffs appealed to the U.S. Court of Appeals for the • Research practices, including research independence and
Second Circuit. interactions between research analysts and other firm
personnel, including investment banking personnel, as well
as third parties;
• Transactions involving government-related financings and
other matters, municipal securities, including wall-cross
procedures and conflict of interest disclosure with respect
to state and municipal clients, the trading and structuring
of municipal derivative instruments in connection with
municipal offerings, political contribution rules, municipal
advisory services and the possible impact of credit default
swap transactions on municipal issuers;
• Consumer lending, as well as residential mortgage lending,
servicing and securitization, and compliance with related
consumer laws;

Goldman Sachs 2024 Form 10-K 229

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

• The offering, auction, sales, trading and clearance of Note 28.

corporate and government securities, currencies, Employee Benefit Plans
commodities and other financial products and related sales
and other communications and activities, as well as the The firm sponsors various pension plans and certain other
firm’s supervision and controls relating to such activities, postretirement benefit plans, primarily healthcare and life
including compliance with applicable short sale rules, insurance. The firm also provides certain benefits to former
algorithmic, high-frequency and quantitative trading, the or inactive employees prior to retirement.
firm’s U.S. alternative trading system (dark pool), futures Defined Benefit Pension Plans and Postretirement
trading, options trading, when-issued trading, transaction
Plans
and regulatory reporting, technology systems and controls,
Employees of certain non-U.S. subsidiaries participate in
communications recordkeeping and recording, securities
various defined benefit pension plans. These plans generally
lending practices, prime brokerage activities, trading and
provide benefits based on years of credited service and a
clearance of credit derivative instruments and interest rate
percentage of eligible compensation. The firm maintains a
swaps, commodities activities and metals storage, private
defined benefit pension plan for certain U.K. employees. As
placement practices, allocations of and trading in
of April 2008, the U.K. defined benefit plan was closed to
securities, and trading activities and communications in
new participants and frozen for existing participants as of
connection with the establishment of benchmark rates,
March 31, 2016. The non-U.S. plans do not have a material
such as currency rates;
impact on the firm’s consolidated results of operations.
• Compliance with the FCPA;
The firm also maintains a defined benefit pension plan for
• The firm’s hiring and compensation practices; substantially all U.S. employees hired prior to November 1,
2003. As of November 2004, this plan was closed to new
• The firm’s system of risk management and controls; and
participants and frozen for existing participants. In addition,
• Insider trading, the potential misuse and dissemination of the firm maintains unfunded postretirement benefit plans
material nonpublic information regarding corporate and that provide medical and life insurance for eligible retirees
governmental developments and the effectiveness of the and their dependents covered under these programs. These
firm’s insider trading controls and information barriers. plans do not have a material impact on the firm’s
consolidated results of operations.
The firm is cooperating with all such governmental and
regulatory investigations and reviews. The firm recognizes the funded status of its defined benefit
pension and postretirement plans, measured as the difference
between the fair value of the plan assets and the benefit
obligation, in the consolidated balance sheets. As of
December 2024, other assets included $73 million (related to
overfunded pension plans) and other liabilities included
$344 million related to these plans. As of December 2023,
other assets included $93 million (related to overfunded
pension plans) and other liabilities included $449 million
related to these plans.
Defined Contribution Plans
The firm contributes to employer-sponsored U.S. and non-
U.S. defined contribution plans. The firm’s contribution to
these plans was $382 million for 2024, $377 million for 2023
and $378 million for 2022.

230 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 29.

Employee Incentive Plans

The cost of employee services received in exchange for a As of December 2024, 55.7 million shares were available to be
share-based award is generally measured based on the grant- delivered pursuant to awards granted under the 2021 SIP. If
date fair value of the award. Share-based awards that do not any shares of common stock underlying awards granted
require future service (i.e., vested awards, including awards under the 2021 SIP or awards granted under predecessor
granted to retirement-eligible employees) are expensed stock incentive plans are not delivered because such awards
immediately. Share-based awards that require future service are forfeited, terminated or canceled, or if shares of common
are amortized over the relevant service period. Forfeitures are stock underlying such awards are surrendered or withheld to
recorded when they occur. satisfy any obligation of the grantee (including taxes), those
shares will become available to be delivered pursuant to
Cash dividend equivalents paid on RSUs are generally
awards granted under the 2021 SIP. Shares available to be
charged to retained earnings. If RSUs that require future
delivered under the 2021 SIP also are subject to adjustment
service are forfeited, the related dividend equivalents
for certain events or changes in corporate structure as
originally charged to retained earnings are reclassified to
provided under the 2021 SIP. The 2021 SIP is scheduled to
compensation expense in the period in which forfeiture
terminate on the date of the 2025 Annual Meeting of
occurs.
Shareholders.
The firm generally issues new shares of common stock upon
Restricted Stock Units
delivery of share-based awards. In limited cases, as outlined
The firm grants RSUs (including RSUs subject to
in the applicable award agreements, the firm may cash settle
performance or market conditions) to employees, which are
share-based awards accounted for as equity instruments. For
generally valued based on the closing price of the underlying
these awards, additional paid-in capital is adjusted to the
shares on the date of grant, after taking into account a
extent of the difference between the value of the award at the
liquidity discount for any applicable post-vesting and delivery
time of cash settlement and the grant-date value of the
transfer restrictions. The value of equity awards also
award. The tax effect related to the settlement of share-based
considers the impact of material non-public information, if
awards and payments of dividend equivalents is recorded in
any, that the firm expects to make available shortly following
income tax benefit or expense.
grant. RSUs not subject to performance or market conditions
Stock Incentive Plan generally vest and underlying shares of common stock are
The firm sponsors a stock incentive plan, The Goldman delivered (net of required withholding tax) over a three-year
Sachs Amended and Restated Stock Incentive Plan (2021) period as outlined in the applicable award agreements.
(2021 SIP), which provides for grants of RSUs, restricted Award agreements generally provide that vesting is
stock, dividend equivalent rights, incentive stock options, accelerated in certain circumstances, such as on retirement,
nonqualified stock options, stock appreciation rights, and death, disability and, in certain cases, conflicted employment.
other share-based awards, each of which may be subject to Delivery of the underlying shares of common stock is
terms and conditions, including performance or market conditioned on the grantees satisfying certain vesting and
conditions. On April 29, 2021, shareholders approved the other requirements outlined in the award agreements.
2021 SIP. The 2021 SIP is a successor to several predecessor
RSUs that are subject to performance or market conditions
stock incentive plans, the first of which was adopted on April
generally are settled after the end of a three- to five-year
30, 1999, and each of which was approved by the firm’s
period. For awards that are subject to performance or market
shareholders.
conditions, generally the final award is adjusted from zero up
to 150% of the original grant based on the extent to which
those conditions are satisfied. Dividend equivalents that
accrue on these awards are paid when the awards settle.

Goldman Sachs 2024 Form 10-K 231

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

The table below presents the 2024 activity related to stock In relation to 2024 year-end, during the first quarter of 2025,
settled RSUs. the firm granted to its employees 5.0 million RSUs (of which
1.5 million RSUs require future service as a condition for
Weighted Average
Grant-Date Fair Value of delivery of the related shares of common stock). These RSUs
Restricted Stock Restricted Stock are subject to additional conditions as outlined in the award
Units Outstanding Units Outstanding agreements. Shares underlying these RSUs, net of required
Future No Future Future No Future
withholding tax, generally are delivered over a three-year
Service Service Service Service
Required Required Required Required period and are generally subject to a one-year post-vesting
Beginning balance 4,379,141 15,306,921 $ 310.31 $ 304.37 and delivery transfer restriction. These awards are not
Granted 2,795,500 4,302,501 $ 381.27 $ 354.89 included in the table above.
Forfeited (585,760) (418,815) $ 291.64 $ 321.77
Delivered – (8,502,057) $ – $ 301.08 As of December 2024, there was $630 million of total
Vested (3,103,014) 3,103,014 $ 339.86 $ 339.86
unrecognized compensation cost related to non-vested share-
Ending balance 3,485,867 13,791,564 $ 344.05 $ 329.61
based awards. This cost is expected to be recognized over a
In the table above: weighted average period of 1.70 years. In addition, there is
unrecognized compensation cost related to share-based
• The weighted average grant-date fair value of RSUs awards subject to performance conditions. The maximum
granted was $365.28 during 2024, $329.23 during 2023 and payout related to these awards is $299 million. This cost is
$316.98 during 2022. The grant-date fair value of these expected to be recognized over a weighted average period of
RSUs included an average liquidity discount of 3.9% 0.65 years.
during 2024, 4.5% during 2023 and 6.0% during 2022, to
reflect post-vesting and delivery transfer restrictions, The table below presents the share-based compensation and
generally of 1 year for each of 2024, 2023 and 2022. In the related excess tax benefit.
addition, delivered RSUs include RSUs that have been Year Ended December
settled in cash. $ in millions 2024 2023 2022
Share-based compensation $ 2,772 $ 2,098 $ 4,107
• The aggregate fair value of awards that vested was $3.15 Excess net tax benefit for share-based awards $ 213 $ 198 $ 324
billion during 2024, $2.47 billion during 2023 and
$3.91 billion during 2022. In the table above, excess net tax benefit for share-based
awards includes the net tax benefit on dividend equivalents
• The ending balance included restricted stock subject to paid on RSUs and the delivery of common stock underlying
future service requirements of 4,579 shares as of December share-based awards.
2024 and 347,240 shares as of December 2023.
Overrides
• The ending balance included RSUs subject to future service The firm shares a portion of its overrides related to
requirements and performance or market conditions of investment management services with approximately 900
466,731 RSUs as of December 2024 and 617,655 RSUs as of employees, including with the firm’s executive officers. The
December 2023, and the maximum amount of such RSUs fair value of these overrides is recognized as compensation
that may be earned was 700,097 RSUs as of December 2024 expense over the vesting period. Such expense was
and 913,551 RSUs as of December 2023. $376 million for 2024, $407 million for 2023 and $493 million
• The ending balance also included RSUs not subject to for 2022.
future service requirements but subject to performance
conditions of 1,587,795 RSUs as of December 2024 and
1,620,470 RSUs as of December 2023, and the maximum
amount of such RSUs that may be earned was 2,381,693
RSUs as of December 2024 and 2,430,705 RSUs as of
December 2023.

232 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Note 30.

Parent Company
Group Inc. – Condensed Statements of Earnings Group Inc. – Condensed Balance Sheets
Year Ended December As of December
$ in millions 2024 2023 2022 $ in millions 2024 2023
Revenues Assets
Dividends from subsidiaries and other affiliates: Cash and cash equivalents:
Bank $ 62 $ 58 $ 101 With third-party banks $ 19 $ 35
Nonbank 9,021 11,499 6,243 With subsidiary bank 2 7
Other revenues (1,214) (1,965) (3,590) Loans to and receivables from subsidiaries:
Total non-interest revenues 7,869 9,592 2,754 Bank 5,738 1,833
Interest income 20,533 18,839 8,367 Nonbank ($15,494 and $4,813 at fair value) 282,580 286,688
Interest expense 23,527 21,479 9,428 Investments in subsidiaries and other affiliates:
Net interest loss (2,994) (2,640) (1,061) Bank 63,427 55,164
Total net revenues 4,875 6,952 1,693 Nonbank 77,362 78,591
Operating expenses Trading assets (at fair value) 438 3,197
Compensation and benefits 676 287 328 Investments ($35,205 and $22,443 at fair value) 80,697 79,300
Other expenses 693 219 685 Other assets 8,300 7,408
Total operating expenses 1,369 506 1,013 Total assets $518,563 $ 512,223
Pre-tax earnings 3,506 6,446 680
Benefit for taxes (1,617) (1,070) (1,398) Liabilities and shareholders’ equity
Undistributed earnings of subsidiaries Repurchase agreements with subsidiaries (at fair value) $ 78,145 $ 78,776
and other affiliates 9,153 1,000 9,183 Secured borrowings with subsidiaries 28,151 19,233
Net earnings 14,276 8,516 11,261 Payables to subsidiaries 1,803 568
Preferred stock dividends 751 609 497 Trading liabilities (at fair value) 1,107 898
Net earnings applicable to common shareholders $13,525 $ 7,907 $ 10,764 Unsecured short-term borrowings:
With third parties ($4,583 and $4,721 at fair value) 22,409 31,833
Supplemental Disclosures: With subsidiaries 3,526 5,710
In the condensed statements of earnings above, revenues and Unsecured long-term borrowings:
With third parties ($29,051 and $28,966 at fair value) 167,523 175,335
expenses included the following with subsidiaries and other With subsidiaries 89,883 79,316
affiliates: Other liabilities 4,020 3,649
Total liabilities 396,567 395,318
• Dividends from bank subsidiaries included cash dividends
Commitments, contingencies and guarantees
of $62 million for 2024, $58 million for 2023 and $97
million for 2022. Shareholders' equity
Preferred stock 13,253 11,203
• Dividends from nonbank subsidiaries and other affiliates Common stock 9 9
included cash dividends of $9.02 billion for 2024, $11.49 Share-based awards 5,148 5,121
Additional paid-in capital 61,376 60,247
billion for 2023 and $6.14 billion for 2022. Retained earnings 153,412 143,688
Accumulated other comprehensive loss (2,702) (2,918)
• Other revenues included $(1.72) billion for 2024, $(892) Stock held in treasury, at cost (108,500) (100,445)
million for 2023 and $(3.34) billion for 2022. Total shareholders’ equity 121,996 116,905
Total liabilities and shareholders’ equity $518,563 $ 512,223
• Interest income included $17.65 billion for 2024, $16.82
billion for 2023 and $7.47 billion for 2022. Supplemental Disclosures:
Goldman Sachs Funding LLC, a wholly-owned, direct
• Interest expense included $11.91 billion for 2024, $9.94 subsidiary of Group Inc., has provided Group Inc. with a
billion for 2023 and $3.80 billion for 2022. committed line of credit that allows Group Inc. to draw
• Other expenses included $104 million for 2024, $105 sufficient funds to meet its cash needs in the ordinary course
million for 2023 and $116 million for 2022. of business.

Group Inc.’s other comprehensive income/(loss) was $216 Trading assets included derivative contracts with subsidiaries
million for 2024, $92 million for 2023 and $(942) million for of $261 million as of December 2024 and $155 million as of
2022. December 2023.
Trading liabilities included derivative contracts with
subsidiaries of $1.11 billion as of December 2024 and $898
million as of December 2023.
As of December 2024, unsecured long-term borrowings with
subsidiaries by maturity date are $87.66 billion in 2026, $160
million in 2027, $224 million in 2028, $243 million in 2029
and $1.60 billion in 2030-thereafter.

Goldman Sachs 2024 Form 10-K 233

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements

Group Inc. – Condensed Statements of Cash Flows Supplemental Disclosures:

Year Ended December Cash payments for interest, net of capitalized interest, were
$ in millions 2024 2023 2022 $22.43 billion for 2024, $20.53 billion for 2023 and $8.54
Cash flows from operating activities billion for 2022, and included $11.60 billion for 2024, $9.40
Net earnings $ 14,276 $ 8,516 $11,261
Adjustments to reconcile net earnings to net
billion for 2023 and $3.55 billion for 2022 of payments to
cash provided by operating activities: subsidiaries.
Undistributed earnings of subsidiaries
and other affiliates (9,153) (1,000) (9,183) Cash payments for income taxes, net, were $1.29 billion for
Depreciation and amortization 25 13 9 2024, $671 million for 2023 and $2.59 billion for 2022.
Deferred income taxes (844) (380) (1,523)
Share-based compensation 361 (11) 378 There were no material non-cash activities during the year
Changes in operating assets and liabilities: ended December 2024.
Collateralized transactions (excluding
secured borrowings, net) (631) 11,937 66,839 Non-cash activities during the year ended December 2023:
Trading assets 3,685 7,620 (23,451)
Trading liabilities 209 (1,646) 1,428 • Group Inc. exchanged $1.42 billion of equity investment in
Other, net 5,090 (221) 5,933 its wholly-owned subsidiaries for loans.
Net cash provided by operating activities 13,018 24,828 51,691
Cash flows from investing activities Non-cash activities during the year ended December 2022:
Purchase of property, leasehold
improvements and equipment (55) (48) (64) • Group Inc. issued $1.75 billion of equity in connection with
Repayments/(issuances) of short-term loans the acquisition of GreenSky. Upon closing of the
to subsidiaries, net 9,578 3,145 2,210 transaction, GreenSky became a wholly-owned subsidiary
Issuance of term loans to subsidiaries (22,275) (25,473) (1,859) of GS Bank USA.
Repayments of term loans by subsidiaries 12,626 921 2,311
Purchase of investments (30,473) (25,904) (47,247)
Sales/paydowns of investments 30,239 17,801 3,162
Capital distributions from/(contributions to)
subsidiaries, net 127 1,205 (5,665)
Net cash used for investing activities (233) (28,353) (47,152)
Cash flows from financing activities
Secured borrowings with subsidiary, net 8,518 3,810 (36,389)
Unsecured short-term borrowings, net:
With third parties (54) 87 13
With subsidiaries 8,152 19,314 27,803
Issuance of unsecured long-term borrowings 77,389 127,728 78,803
Repayment of unsecured long-term borrowings (94,943) (136,618) (65,960)
Preferred stock redemption (2,200) (1,000) –
Common stock repurchased (8,000) (5,796) (3,500)
Settlement of share-based awards in
satisfaction of withholding tax requirements (1,331) (1,345) (1,595)
Dividends and dividend equivalents paid on
stock and share-based awards (4,497) (4,189) (3,682)
Issuance of preferred stock, net of costs 4,239 1,496 –
Other financing, net (79) (1) –
Net cash provided by/(used for) financing activities (12,806) 3,486 (4,507)
Net increase/(decrease) in cash and cash equivalents (21) (39) 32
Cash and cash equivalents, beginning balance 42 81 49
Cash and cash equivalents, ending balance $ 21 $ 42 $ 81

234 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Supplemental Financial Information

Common Stock Performance Statistical Disclosures

The graph and table below compare the performance of an Distribution of Assets, Liabilities and Shareholders’
investment in the firm’s common stock from December 31, Equity
2019 (the last trading day before the firm’s 2020 fiscal year) The tables below present information about average
through December 31, 2024, with the S&P 500 Index (S&P balances, interest and average interest rates.
500) and the S&P 500 Financials Index (S&P 500 Financials). Average Balance for the
Year Ended December
$ in millions 2024 2023 2022
Assets
U.S. $ 110,144 $ 129,718 $ 151,152
Non-U.S. 96,783 127,250 107,843
Deposits with banks 206,927 256,968 258,995
U.S. 242,469 214,772 241,968
Non-U.S. 148,594 158,347 169,621
Collateralized agreements 391,063 373,119 411,589
U.S. 288,793 205,013 165,331
Non-U.S. 196,305 146,655 123,332
Trading assets 485,098 351,668 288,663
U.S. 151,248 123,828 97,221
As of December Non-U.S. 14,625 15,003 14,696
2019 2020 2021 2022 2023 2024 Investments 165,873 138,831 111,917
Group Inc. $100.00 $117.48 $173.39 $159.76 $185.18 $281.53 U.S. 168,198 156,349 144,781
S&P 500 $100.00 $118.39 $152.34 $124.72 $157.48 $196.85 Non-U.S. 16,514 19,112 22,067
S&P 500 Financials $100.00 $ 98.24 $132.50 $118.49 $132.83 $173.34 Loans 184,712 175,461 166,848
U.S. 81,030 85,373 95,513
The graph and table above assume $100 was invested on Non-U.S. 57,549 55,043 64,301
December 31, 2019 in each of the firm’s common stock, the Other interest-earning assets 138,579 140,416 159,814
Interest-earning assets 1,572,252 1,436,463 1,397,826
S&P 500 and the S&P 500 Financials, and the dividends were
Cash and due from banks 5,681 6,372 7,715
reinvested without payment of any commissions. The Other non-interest-earning assets 100,915 109,042 137,418
performance shown represents past performance and should Assets $ 1,678,848 $ 1,551,877 $ 1,542,959
not be considered an indication of future performance. Liabilities
U.S. $ 332,750 $ 307,686 $ 302,678
Non-U.S. 96,184 82,321 74,662
Interest-bearing deposits 428,934 390,007 377,340
U.S. 202,997 154,341 107,008
Non-U.S. 113,693 93,697 83,783
Collateralized financings 316,690 248,038 190,791
U.S. 58,696 62,254 80,950
Non-U.S. 79,147 76,057 83,657
Trading liabilities 137,843 138,311 164,607
U.S. 52,398 47,878 34,322
Non-U.S. 35,746 27,166 28,675
Short-term borrowings 88,144 75,044 62,997
U.S. 193,173 197,442 221,598
Non-U.S. 54,435 45,611 37,656
Long-term borrowings 247,608 243,053 259,254
U.S. 145,407 149,883 166,200
Non-U.S. 88,223 94,915 98,130
Other interest-bearing liabilities 233,630 244,798 264,330
Interest-bearing liabilities 1,452,849 1,339,251 1,319,319
Non-interest-bearing deposits 5,029 4,733 4,811
Other non-interest-bearing liabilities 101,766 91,194 102,839
Liabilities 1,559,644 1,435,178 1,426,969
Shareholders’ equity
Preferred stock 12,430 10,895 10,703
Common stock 106,774 105,804 105,287
Shareholders’ equity 119,204 116,699 115,990
Liabilities and shareholders’ equity $ 1,678,848 $ 1,551,877 $ 1,542,959

Percentage attributable to non-U.S. operations

Interest-earning assets 33.73% 36.30% 35.90%
Interest-bearing liabilities 32.17% 31.34% 30.82%

Goldman Sachs 2024 Form 10-K 235

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Supplemental Financial Information

Interest for the Average Rate for the

Year Ended December Year Ended December
$ in millions 2024 2023 2022 2024 2023 2022
Assets Assets
U.S. $ 5,861 $ 7,074 $ 2,793 U.S. 5.32% 5.45% 1.85%
Non-U.S. 3,421 3,875 440 Non-U.S. 3.53% 3.05% 0.41%
Deposits with banks 9,282 10,949 3,233 Deposits with banks 4.49% 4.26% 1.25%
U.S. 13,947 11,301 3,463 U.S. 5.75% 5.26% 1.43%
Non-U.S. 5,948 5,104 1,005 Non-U.S. 4.00% 3.22% 0.59%
Collateralized agreements 19,895 16,405 4,468 Collateralized agreements 5.09% 4.40% 1.09%
U.S. 9,459 5,717 3,362 U.S. 3.28% 2.79% 2.03%
Non-U.S. 4,857 2,743 1,725 Non-U.S. 2.47% 1.87% 1.40%
Trading assets 14,316 8,460 5,087 Trading assets 2.95% 2.41% 1.76%
U.S. 5,333 3,055 1,656 U.S. 3.53% 2.47% 1.70%
Non-U.S. 665 801 543 Non-U.S. 4.55% 5.34% 3.69%
Investments 5,998 3,856 2,199 Investments 3.62% 2.78% 1.96%
U.S. 14,814 13,332 7,967 U.S. 8.81% 8.53% 5.50%
Non-U.S. 1,348 1,573 1,092 Non-U.S. 8.16% 8.23% 4.95%
Loans 16,162 14,905 9,059 Loans 8.75% 8.49% 5.43%
U.S. 9,431 8,266 3,236 U.S. 11.64% 9.68% 3.39%
Non-U.S. 6,313 5,674 1,742 Non-U.S. 10.97% 10.31% 2.71%
Other interest-earning assets 15,744 13,940 4,978 Other interest-earning assets 11.36% 9.93% 3.11%
Interest-earning assets $ 81,397 $ 68,515 $ 29,024 Interest-earning assets 5.18% 4.77% 2.08%
Liabilities Liabilities
U.S. $ 15,800 $ 13,658 $ 4,959 U.S. 4.75% 4.44% 1.64%
Non-U.S. 4,482 3,352 864 Non-U.S. 4.66% 4.07% 1.16%
Interest-bearing deposits 20,282 17,010 5,823 Interest-bearing deposits 4.73% 4.36% 1.54%
U.S. 11,953 8,750 2,027 U.S. 5.89% 5.67% 1.89%
Non-U.S. 5,409 3,955 781 Non-U.S. 4.76% 4.22% 0.93%
Collateralized financings 17,362 12,705 2,808 Collateralized financings 5.48% 5.12% 1.47%
U.S. 1,319 969 872 U.S. 2.25% 1.56% 1.08%
Non-U.S. 1,592 1,484 1,051 Non-U.S. 2.01% 1.95% 1.26%
Trading liabilities 2,911 2,453 1,923 Trading liabilities 2.11% 1.77% 1.17%
U.S. 1,745 1,200 408 U.S. 3.33% 2.51% 1.19%
Non-U.S. 367 122 133 Non-U.S. 1.03% 0.45% 0.46%
Short-term borrowings 2,112 1,322 541 Short-term borrowings 2.40% 1.76% 0.86%
U.S. 10,728 10,838 5,570 U.S. 5.55% 5.49% 2.51%
Non-U.S. 282 246 146 Non-U.S. 0.52% 0.54% 0.39%
Long-term borrowings 11,010 11,084 5,716 Long-term borrowings 4.45% 4.56% 2.20%
U.S. 11,870 11,228 2,356 U.S. 8.16% 7.49% 1.42%
Non-U.S. 7,794 6,362 2,179 Non-U.S. 8.83% 6.70% 2.22%
Other interest-bearing liabilities 19,664 17,590 4,535 Other interest-bearing liabilities 8.42% 7.19% 1.72%
Interest-bearing liabilities $ 73,341 $ 62,164 $ 21,346 Interest-bearing liabilities 5.05% 4.64% 1.62%
Net interest income Interest rate spread 0.13% 0.13% 0.46%
U.S. $ 5,430 $ 2,102 $ 6,285 U.S. 0.52% 0.23% 0.70%
Non-U.S. 2,626 4,249 1,393 Non-U.S. 0.50% 0.81% 0.28%
Net interest income $ 8,056 $ 6,351 $ 7,678 Net yield on interest-earning assets 0.51% 0.44% 0.55%

In the tables above:

• Assets, liabilities and interest are classified as U.S. and non-
U.S. based on the location of the legal entity in which the
assets and liabilities are held.
• Derivative instruments and commodities are included in
other non-interest-earning assets and other non-interest-
bearing liabilities.
• Average collateralized agreements included $188.06 billion
of resale agreements and $203.00 billion of securities
borrowed for 2024, $179.35 billion of resale agreements
and $193.77 billion of securities borrowed for 2023, and
$216.73 billion of resale agreements and $194.86 billion of
securities borrowed for 2022.
• Other interest-earning assets primarily consists of certain
receivables from customers and counterparties.

236 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Supplemental Financial Information

• Collateralized financings included $252.88 billion of Year Ended December 2023

versus December 2022
repurchase agreements and $63.81 billion of securities
Increase (decrease)
loaned for 2024, $198.26 billion of repurchase agreements due to change in:
and $49.78 billion of securities loaned for 2023, and $ in millions Volume Rate Net Change
Interest-earning assets
$150.23 billion of repurchase agreements and $40.56 billion U.S. $ (1,169) $ 5,450 $ 4,281
of securities loaned for 2022. Non-U.S. 591 2,844 3,435
• Substantially all of the other interest-bearing liabilities Deposits with banks (578) 8,294 7,716
U.S. (1,431) 9,269 7,838
consists of certain payables to customers and Non-U.S. (363) 4,462 4,099
counterparties. Collateralized agreements (1,794) 13,731 11,937
U.S. 1,107 1,248 2,355
• Interest rates for borrowings include the effects of interest Non-U.S. 436 582 1,018
rate swaps accounted for as hedges. Trading assets 1,543 1,830 3,373
U.S. 656 743 1,399
• Loans exclude loans held for sale that are accounted for at Non-U.S. 16 242 258
the lower of cost or fair value. Such loans are included Investments 672 985 1,657
within other interest-earning assets. U.S. 986 4,379 5,365
Non-U.S. (243) 724 481
• Short- and long-term borrowings include both secured and Loans 743 5,103 5,846
unsecured borrowings. U.S. (982) 6,012 5,030
Non-U.S. (954) 4,886 3,932
Changes in Net Interest Income, Volume and Rate Other interest-earning assets (1,936) 10,898 8,962
Analysis Change in interest income (1,350) 40,841 39,491
The tables below present the effect on net interest income of Interest-bearing liabilities
U.S. 222 8,477 8,699
volume and rate changes. In this analysis, changes due to Non-U.S. 312 2,176 2,488
volume/rate variance have been allocated to volume. Interest-bearing deposits 534 10,653 11,187
Year Ended December 2024 U.S. 2,683 4,040 6,723
versus December 2023 Non-U.S. 418 2,756 3,174
Increase (decrease) Collateralized financings 3,101 6,796 9,897
due to change in: U.S. (291) 388 97
$ in millions Volume Rate Net Change Non-U.S. (148) 581 433
Interest-earning assets Trading liabilities (439) 969 530
U.S. $ (1,042) $ (171) $ (1,213) U.S. 340 452 792
Non-U.S. (1,077) 623 (454) Non-U.S. (7) (4) (11)
p
Deposits with banks (2,119) 452 (1,667) Short-term borrowings 333 448 781
U.S. 1,593 1,053 2,646 U.S. (1,326) 6,594 5,268
Non-U.S. (390) 1,234 844 Non-U.S. 43 57 100
g
Collateralized agreements 1,203 2,287 3,490 Long-term borrowings (1,283) 6,651 5,368
U.S. 2,744 998 3,742 U.S. (1,222) 10,094 8,872
Non-U.S. 1,228 886 2,114 Non-U.S. (215) 4,398 4,183
Tradingg assets 3,972 1,884 5,856 Other interest-bearing liabilities (1,437) 14,492 13,055
U.S. 967 1,311 2,278 Change in interest expense 809 40,009 40,818
Non-U.S. (17) (119) (136) g in net interest income
Change $ (2,159) $ 832 $ (1,327)
Investments 950 1,192 2,142
U.S. 1,044 438 1,482
Non-U.S. (212) (13) (225)
Loans 832 425 1,257
U.S. (505) 1,670 1,165
Non-U.S. 275 364 639
Other interest-earning g assets (230) 2,034 1,804
Changeg in interest income 4,608 8,274 12,882
Interest-bearing liabilities
U.S. 1,190 952 2,142
Non-U.S. 646 484 1,130
Interest-bearing g deposits
p 1,836 1,436 3,272
U.S. 2,865 338 3,203
Non-U.S. 951 503 1,454
Collateralized financingsg 3,816 841 4,657
U.S. (80) 430 350
Non-U.S. 62 46 108
Tradingg liabilities (18) 476 458
U.S. 151 394 545
Non-U.S. 88 157 245
Short-term borrowings g 239 551 790
U.S. (237) 127 (110)
Non-U.S. 46 (10) 36
g
Long-term borrowingsg (191) 117 (74)
U.S. (365) 1,007 642
Non-U.S. (591) 2,023 1,432
Other interest-bearing g liabilities (956) 3,030 2,074
Changeg in interest expense
p 4,726 6,451 11,177
Changeg in net interest income $ (118) $ 1,823 $ 1,705

Goldman Sachs 2024 Form 10-K 237

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Supplemental Financial Information

Deposits The table below presents uninsured time deposits by

The table below presents information about interest-bearing maturity.
deposits. As of December 2024
$ in millions U.S. Non-U.S.
Year Ended December
3 months or less $ 4,999 $ 11,167
$ in millions 2024 2023
3 to 6 months 3,553 9,449
Average balances 6 to 12 months 2,760 1,788
U.S. Greater than 12 months 711 1,204
Savings and demand $ 242,378 $ 241,356 Total $ 12,023 $ 23,608
Time 90,372 66,330
Total U.S. 332,750 307,686 In the table above:
Non-U.S.
Demand 64,678 57,506 • All U.S. time deposits were in accounts eligible for FDIC
Time 31,506 24,815 insurance and non-U.S. time deposits include deposits in
Total non-U.S. 96,184 82,321
Total $ 428,934 $ 390,007 accounts eligible for insurance in their local jurisdictions,
as well as deposits in uninsured accounts.
Average interest rates
U.S. • The insurance limit (for account holders who have both
Savings and demand 4.72% 4.57%
time and other deposits that, in aggregate, exceed the
Time 4.81% 3.97%
Total U.S. 4.75% 4.44% insurance limit) is allocated between time and other
Non-U.S. deposits based on regulatory methodologies defined by
Demand 4.53% 3.99% each local jurisdiction.
Time 4.92% 4.26%
Total non-U.S. 4.66% 4.07% Loan Portfolio
Total 4.73% 4.36%
The table below presents information about gross loans.
As of December
In the table above, deposits are classified as U.S. and non-
$ in millions 2024 2023
U.S. based on the location of the entity in which such Corporate $ 29,972 15% $ 35,874 19%
deposits are held. Commercial real estate 29,789 15% 26,028 14%
Residential real estate 25,969 13% 25,388 13%
The amount of deposits in U.S. offices held by non-U.S. Securities-based 16,477 8% 14,621 8%
Other collateralized 75,107 37% 62,225 33%
depositors was $6.06 billion as of December 2024 and Consumer:
$10.34 billion as of December 2023. Installment 70 – 3,298 2%
Credit cards 21,403 11% 19,361 10%
The amount of uninsured deposits in U.S. offices was $107.17 Other 2,079 1% 1,613 1%
billion as of December 2024 and $111.60 billion as of Total $ 200,866 100% $ 188,408 100%
December 2023. These amounts exclude cash collateral on
derivatives that is considered by the FDIC when determining
uninsured deposits. Such collateral is either netted against the
derivative balances or included in payables to customer and
counterparties in our consolidated balance sheets.
The amount of uninsured deposits in non-U.S. offices was
$65.32 billion as of December 2024 and $69.30 billion as of
December 2023.

238 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Supplemental Financial Information

Maturities and Interest Rates. The table below presents Allowance for Loan Losses
gross loans by tenor. The table below presents information about the allowance
for loan losses.
As of December 2024
More than More than
1 year 1 year to 5 years to More than
As of December
$ in millions or less 5 years 15 years 15 years Total $ in millions 2024 2023
Corporate $ 2,134 $ 25,357 $ 2,480 $ 1 $ 29,972 Corporate $ 1,033 $ 1,307
Commercial real estate 4,432 23,845 1,510 2 29,789 Commercial real estate 637 765
Residential real estate 4,999 8,624 132 12,214 25,969 Residential real estate 144 129
Securities-based 14,778 1,683 16 – 16,477 Securities-based 1 –
Other collateralized 25,806 47,133 1,598 570 75,107 Other collateralized 279 340
Consumer: Other 5 35
Installment – 70 – – 70 Wholesale 2,099 2,576
Credit cards 21,403 – – – 21,403 Installment – 23
Other 1,060 941 74 4 2,079
Credit cards 2,567 2,451
Total $74,612 $ 107,653 $ 5,810 $ 12,791 $200,866
Consumer 2,567 2,474
Total $ 4,666 $ 5,050
The table below presents the gross loans by tenor and for
loans with tenors greater than one year, the distributions of The table below presents information about the net charge-
such loans between fixed and floating interest rates. off ratio for loans accounted for at amortized cost.
Net Average Net charge-
As of December 2024
$ in millions charge-offs balance off ratio
1 year More than one year
Year Ended December 2024
$ in millions or less Fixed-rate Floating-rate Total
Corporate $ 2,134 $ 340 $ 27,498 $ 29,972 Wholesale $ 48 $ 164,688 –
Commercial real estate 4,432 706 24,651 29,789 Installment 13 155 8.4%
Residential real estate 4,999 11,923 9,047 25,969 Credit cards 1,354 17,730 7.6%
Securities-based 14,778 44 1,655 16,477 Consumer 1,367 17,885 7.6%
Other collateralized 25,806 323 48,978 75,107 Total $ 1,415 $ 182,573 0.8%
Consumer:
Installment – – 70 70 Year Ended December 2023
Credit cards 21,403 – – 21,403 Wholesale $ 400 $ 151,834 0.3%
Other 1,060 36 983 2,079 Installment 86 3,721 2.3%
Total $ 74,612 $ 13,372 $ 112,882 $200,866
Credit cards 1,062 17,028 6.2%
Consumer 1,148 20,749 5.5%
Total $ 1,548 $ 172,583 0.9%

In the table above, the net charge-off ratio is calculated by

dividing the net charge-offs by average gross loans accounted
for at amortized cost. Net charge-offs for wholesale loans
were not material for 2024 and were primarily related to
corporate loans for 2023.

Goldman Sachs 2024 Form 10-K 239

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Item 9. Changes in and Disagreements PART III

with Accountants on Accounting and
Item 10. Directors, Executive Officers
Financial Disclosure
and Corporate Governance
There were no changes in or disagreements with accountants
on accounting and financial disclosure during the last two Information about our executive officers is included in
years. “Business — Information about our Executive Officers” in
Part I, Item 1 of this Form 10-K. Information about our
directors, including our audit committee and audit committee
Item 9A. Controls and Procedures financial experts and the procedures by which shareholders
can recommend director nominees, and our executive officers
As of the end of the period covered by this report, an will be in our definitive Proxy Statement for our 2025 Annual
evaluation was carried out by our management, with the Meeting of Shareholders, which will be filed within 120 days
participation of our Chief Executive Officer and Chief of the end of 2024 (2025 Proxy Statement) and is incorporated
Financial Officer, of the effectiveness of our disclosure in this Form 10-K by reference. Information about our Code
controls and procedures (as defined in Rule 13a-15(e) under of Business Conduct and Ethics, which applies to our senior
the Exchange Act). Based on that evaluation, our Chief financial officers, is included in “Business — Available
Executive Officer and Chief Financial Officer concluded that Information” in Part I, Item 1 of this Form 10-K.
these disclosure controls and procedures were effective as of
the end of the period covered by this report. In addition, no We have adopted an insider trading policy governing the
change in our internal control over financial reporting (as purchase, sale and/or other disposition of our securities by
defined in Rule 13a-15(f) under the Exchange Act) occurred our directors, officers and employees and other covered
during the fourth quarter of our year ended December 31, persons, as well as Group Inc. itself, that we believe is
2024 that has materially affected, or is reasonably likely to reasonably designed to promote compliance with insider
materially affect, our internal control over financial trading laws, rules and regulations and New York Stock
reporting. Exchange listing standards. A copy of our insider trading
policy is filed as Exhibit 19.1 to this Annual Report on Form
Management’s Report on Internal Control over Financial 10-K.
Reporting and the Report of Independent Registered Public
Accounting Firm are set forth in Part II, Item 8 of this Form
10-K. Item 11. Executive Compensation
Information relating to our executive officer and director
Item 9B. Other Information compensation and the compensation committee of the Board
will be in the 2025 Proxy Statement and is incorporated in
Rule 10b5-1 Trading Plans this Form 10-K by reference.
During the quarter ended December 2024, no directors or
executive officers entered into, modified or terminated,
contracts, instructions or written plans for the sale or
purchase of Group Inc.’s securities that were intended to
satisfy the affirmative defense conditions of Rule 10b5-1 or
that constituted non-Rule 10b5-1 trading arrangements (as
defined in Item 408 of Regulation S-K).

Item 9C. Disclosure Regarding Foreign

Jurisdictions that Prevent Inspections
Not applicable.

240 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Item 12. Security Ownership of Certain Item 13. Certain Relationships and
Beneficial Owners and Management Related Transactions, and Director
and Related Stockholder Matters Independence
Information relating to security ownership of certain Information regarding certain relationships and related
beneficial owners of our common stock and information transactions and director independence will be in the 2025
relating to the security ownership of our management will be Proxy Statement and is incorporated in this Form 10-K by
in the 2025 Proxy Statement and is incorporated in this Form reference.
10-K by reference.
The table below presents information as of December 31, Item 14. Principal Accountant Fees and
2024 regarding securities to be issued pursuant to outstanding
restricted stock units (RSUs) and securities remaining
Services
available for issuance under our equity compensation plans Information regarding principal accountant fees and services
that were in effect during 2024. will be in the 2025 Proxy Statement and is incorporated in
this Form 10-K by reference.
Securities Securities
to be Issued Weighted Available
Upon Average For Future
Exercise of
Outstanding
Exercise
Price of
Issuance
Under Equity
PART IV
Options and Outstanding Compensation
Plan Category Rights (a) Options (b) Plans (c) Item 15. Exhibit and Financial
Equity compensation plans:
Approved by security holders 18,300,116 N/A 55,703,255 Statement Schedules
Not approved by security holders – – –
Total 18,300,116 55,703,255 (a) Documents filed as part of this Report:
In the table above: 1. Consolidated Financial Statements
• Securities to be Issued Upon Exercise of Outstanding The consolidated financial statements required to be filed in
Options and Rights includes 18,300,116 shares that may be this Form 10-K are included in Part II, Item 8 hereof.
issued pursuant to outstanding RSUs. These awards are 2. Exhibits
subject to vesting and other conditions to the extent set
forth in the respective award agreements, and the 2.1 Plan of Incorporation (incorporated by reference to
underlying shares will be delivered net of any required tax Exhibit 2.1 to the Registrant’s Registration
withholding. As of December 31, 2024, there were no Statement on Form S-1 (No. 333-74449)).
outstanding options. 3.1 Restated Certificate of Incorporation of The
• Shares underlying RSUs are deliverable without the Goldman Sachs Group, Inc., amended as of
payment of any consideration, and therefore the weighted February 12, 2025 (incorporated by reference to
average exercise price is not applicable for these awards. Exhibit 3.1 to the Registrant’s Current Report on
Form 8-K, filed on February 13, 2025).
• Securities Available For Future Issuance Under Equity
Compensation Plans represents shares remaining to be 3.2 Amended and Restated By-Laws of The Goldman
issued under our current stock incentive plan (SIP), Sachs Group, Inc., amended as of November 3,
excluding shares reflected in column (a). If any shares of 2023 (incorporated by reference to Exhibit 3.2 to
common stock underlying awards granted under our the Registrant’s Quarterly Report on Form 10-Q
current SIP or certain of our prior SIPs are not delivered for the quarter ended September 30, 2023).
due to forfeiture, termination or cancellation or are 4.1 Description of The Goldman Sachs Group, Inc.’s
surrendered or withheld, those shares will again become Securities registered pursuant to Section 12 of the
available to be delivered under our current SIP. Shares Securities Exchange Act of 1934.
available for grant are also subject to adjustment for certain
changes in corporate structure as permitted under our 4.2 Indenture, dated as of May 19, 1999, between The
current SIP. Goldman Sachs Group, Inc. and The Bank of New
York, as trustee (incorporated by reference to
Exhibit 6 to the Registrant’s Registration
Statement on Form 8-A, filed on June 29, 1999).

Goldman Sachs 2024 Form 10-K 241

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

4.3 Subordinated Debt Indenture, dated as of February 4.9 Fourth Supplemental Indenture, dated as of August
20, 2004, between The Goldman Sachs Group, Inc. 21, 2018, among GS Finance Corp., as issuer, The
and The Bank of New York, as trustee (incorporated Goldman Sachs Group, Inc., as guarantor, and The
by reference to Exhibit 4.2 to the Registrant’s Annual Bank of New York Mellon, as trustee, with respect
Report on Form 10-K for the fiscal year ended to the Senior Debt Indenture, dated as of October
November 28, 2003). 10, 2008 (incorporated by reference to Exhibit 4.1
to the Registrant’s Quarterly Report on Form 10-Q
4.4 Senior Debt Indenture, dated as of December 4, 2007,
for the period ended September 30, 2018).
among GS Finance Corp., as issuer, The Goldman
Sachs Group, Inc., as guarantor, and The Bank of 4.10 Ninth Supplemental Subordinated Debt Indenture,
New York, as trustee (incorporated by reference to dated as of May 20, 2015, between The Goldman
Exhibit 4.69 to the Registrant’s Post-Effective Sachs Group, Inc. and The Bank of New York
Amendment No. 10 to Form S-3, filed on December 4, Mellon, as trustee, with respect to the
2007). Subordinated Debt Indenture, dated as of February
20, 2004 (incorporated by reference to Exhibit 4.1
4.5 Senior Debt Indenture, dated as of July 16, 2008,
to the Registrant’s Current Report on Form 8-K,
between The Goldman Sachs Group, Inc. and The
filed on May 22, 2015).
Bank of New York Mellon, as trustee (incorporated
by reference to Exhibit 4.82 to the Registrant’s Post- 4.11 Tenth Supplemental Subordinated Debt Indenture,
Effective Amendment No. 11 to Form S-3 (No. dated as of July 7, 2017, between The Goldman
333-130074), filed on July 17, 2008). Sachs Group, Inc. and The Bank of New York
Mellon, as trustee, with respect to the
4.6 Fourth Supplemental Indenture, dated as of December
Subordinated Debt Indenture, dated as of February
31, 2016, between The Goldman Sachs Group, Inc.
20, 2004 (incorporated by reference to Exhibit 4.89
and The Bank of New York Mellon, as trustee, with
to the Registrant’s Registration Statement on Form
respect to the Senior Debt Indenture, dated as of July
S-3 (No. 333-219206), filed on July 10, 2017).
16, 2008 (incorporated by reference to Exhibit 4.1 to
the Registrant’s Current Report on Form 8-K, filed on 4.12 Seventh Supplemental Indenture, dated as of July
January 6, 2017). 1, 2020, among GS Finance Corp., as issuer, The
Goldman Sachs Group, Inc., as guarantor, and The
4.7 Senior Debt Indenture, dated as of October 10, 2008,
Bank of New York Mellon, as trustee, with respect
among GS Finance Corp., as issuer, The Goldman
to the Senior Debt Indenture, dated as of October
Sachs Group, Inc., as guarantor, and The Bank of
10, 2008 (incorporated by reference to Exhibit 4.69
New York Mellon, as trustee (incorporated by
to the Registrant’s Registration Statement on Form
reference to Exhibit 4.70 to the Registrant’s
S-3 (No. 333-239610), filed on July 1, 2020).
Registration Statement on Form S-3 (No. 333-154173),
filed on October 10, 2008). 4.13 Eighth Supplemental Indenture, dated as of
October 14, 2020, among GS Finance Corp., as
4.8 First Supplemental Indenture, dated as of February 20,
issuer, The Goldman Sachs Group, Inc., as
2015, among GS Finance Corp., as issuer, The
guarantor, and The Bank of New York Mellon, as
Goldman Sachs Group, Inc., as guarantor, and The
trustee, with respect to the Senior Debt Indenture,
Bank of New York Mellon, as trustee, with respect to
dated as of October 10, 2008 (incorporated by
the Senior Debt Indenture, dated as of October 10,
reference to Exhibit 4.1 to the Registrant’s Current
2008 (incorporated by reference to Exhibit 4.7 to the
Report on Form 8-K, filed on October 14, 2020).
Registrant’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2014). Certain instruments defining the rights of holders
of long-term debt securities of the Registrant and
its subsidiaries are omitted pursuant to Item
601(b)(4)(iii) of Regulation S-K. The Registrant
hereby undertakes to furnish to the SEC, upon
request, copies of any such instruments.

242 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

10.1 Amended and Restated The Goldman Sachs Group, 10.11 General Guarantee Agreement, dated January 30,
Inc. Clawback Policy, effective as of December 1, 2023 2006, made by The Goldman Sachs Group, Inc.
(incorporated by reference to Exhibit 10.1 to the relating to certain obligations of Goldman Sachs &
Registrant’s Quarterly Report on Form 10-Q for the Co. LLC (incorporated by reference to Exhibit 10.45
period ended March 31, 2024). to the Registrant’s Annual Report on Form 10-K for
the fiscal year ended November 25, 2005).
10.2 The Goldman Sachs Amended and Restated Stock
Incentive Plan (2021) (incorporated by reference to 10.12 Goldman Sachs & Co. LLC Executive Life Insurance
Annex C to the Registrant’s Definitive Proxy Policy and Certificate with Metropolitan Life
Statement on Schedule 14A, filed on March 19, 2021). Insurance Company for Participating Managing
† Directors (incorporated by reference to Exhibit 10.1 to
the Registrant’s Quarterly Report on Form 10-Q for
10.3 The Goldman Sachs Partner Compensation Plan
the period ended August 25, 2006). †
(incorporated by reference to Exhibit 10.18 to the
Registrant’s Registration Statement on Form S-1 (No. 10.13 Form of Goldman Sachs & Co. LLC Executive Life
333-74449)). † Insurance Policy with Pacific Life & Annuity
Company for Participating Managing Directors,
10.4 The Goldman Sachs Amended and Restated
including policy specifications and form of restriction
Restricted Partner Compensation Plan (incorporated
on Policy Owner’s Rights (incorporated by reference
by reference to Exhibit 10.1 to the Registrant’s
to Exhibit 10.2 to the Registrant’s Quarterly Report
Quarterly Report on Form 10-Q for the period ended
on Form 10-Q for the period ended August 25, 2006).
February 24, 2006). †
†
10.5 Form of Employment Agreement for Participating
10.14 Form of Second Amendment, dated November 25,
Managing Directors (incorporated by reference to
2006, to Agreement Relating to Noncompetition and
Exhibit 10.19 to the Registrant’s Registration
Other Covenants, dated May 7, 1999, as amended
Statement on Form S-1 (No. 333-75213)). †
effective November 27, 2004 (incorporated by
10.6 Form of Agreement Relating to Noncompetition and reference to Exhibit 10.51 to the Registrant’s Annual
Other Covenants (incorporated by reference to Report on Form 10-K for the fiscal year ended
Exhibit 10.20 to the Registrant’s Registration November 24, 2006). †
Statement on Form S-1 (No. 333-75213)). †
10.15 Description of PMD Retiree Medical Program
10.7 Amended and Restated Shareholders’ Agreement, (incorporated by reference to Exhibit 10.20 to the
effective as of December 31, 2019, among The Registrant’s Annual Report on Form 10-K for the
Goldman Sachs Group, Inc. and various parties fiscal year ended December 31, 2021). †
(incorporated by reference to Exhibit 10.6 to the
10.16 General Guarantee Agreement, dated December 1,
Registrant’s Annual Report on Form 10-K for the
2008, made by The Goldman Sachs Group, Inc.
fiscal year ended December 31, 2019).
relating to certain obligations of Goldman Sachs Bank
10.8 Form of Amendment, dated November 27, 2004, to USA (incorporated by reference to Exhibit 4.80 to the
Agreement Relating to Noncompetition and Other Registrant’s Post-Effective Amendment No. 2 to Form
Covenants, dated May 7, 1999 (incorporated by S-3, filed on March 19, 2009).
reference to Exhibit 10.32 to the Registrant’s Annual
10.17 Form of One-Time RSU Award Agreement (pre-2015)
Report on Form 10-K for the fiscal year ended
(incorporated by reference to Exhibit 10.32 to the
November 26, 2004). †
Registrant’s Annual Report on Form 10-K for the
10.9 Form of Non-Employee Director RSU Award fiscal year ended December 31, 2014). †
Agreement (pre-2015) (incorporated by reference to
10.18 Amendments to Certain Non-Employee Director
Exhibit 10.21 to the Registrant’s Annual Report on
Equity Award Agreements (incorporated by reference
Form 10-K for the fiscal year ended December 31,
to Exhibit 10.69 to the Registrant’s Annual Report on
2014). †
Form 10-K for the fiscal year ended November 28,
10.10 Ground Lease, dated August 23, 2005, between 2008). †
Battery Park City Authority d/b/a/ Hugh L. Carey
Battery Park City Authority, as Landlord, and
Goldman Sachs Headquarters LLC, as Tenant
(incorporated by reference to Exhibit 10.1 to the
Registrant’s Current Report on Form 8-K, filed on
August 26, 2005).

Goldman Sachs 2024 Form 10-K 243

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

10.19 Form of Year-End RSU Award Agreement (not fully 10.30 Amended and Restated General Guarantee
vested) (pre-2015) (incorporated by reference to Agreement, dated November 21, 2011, made by The
Exhibit 10.36 to the Registrant’s Annual Report on Goldman Sachs Group, Inc. relating to certain
Form 10-K for the fiscal year ended December 31, obligations of Goldman Sachs Bank USA
2014). † (incorporated by reference to Exhibit 4.1 to the
Registrant’s Current Report on Form 8-K, filed on
10.20 Form of Year-End RSU Award Agreement (fully
November 21, 2011).
vested) (pre-2015) (incorporated by reference to
Exhibit 10.37 to the Registrant’s Annual Report on 10.31 Form of Aircraft Time Sharing Agreement
Form 10-K for the fiscal year ended December 31, (incorporated by reference to Exhibit 10.61 to the
2014). † Registrant’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2011). †
10.21 Form of Year-End RSU Award Agreement (Base and/
or Supplemental) (pre-2015) (incorporated by 10.32 Form of Non-Employee Director RSU Award
reference to Exhibit 10.38 to the Registrant’s Annual Agreement. †
Report on Form 10-K for the fiscal year ended
10.33 Form of Non-Employee Director RSU Award
December 31, 2014). †
Agreement (Cash-Settled)
10.22 Form of Year-End Restricted Stock Award Agreement
(fully vested) (pre-2015) (incorporated by reference to 10.34 Form of One-Time/Year-End RSU Award
Exhibit 10.41 to the Registrant’s Annual Report on Agreement. †
Form 10-K for the fiscal year ended December 31, 10.35 Form of One-Time/Year-End RSU Award Agreement
2013). † (fully vested). †
10.23 Form of Year-End Restricted Stock Award Agreement 10.36 Form of One-Time/Year-End RSU Award Agreement
(Base and/or Supplemental) (pre-2015) (incorporated (Base (not fully vested) and/or Supplemental). †
by reference to Exhibit 10.41 to the Registrant’s
Annual Report on Form 10-K for the fiscal year ended 10.37 Form of One-Time/Year-End Short-Term RSU Award
December 31, 2014). † Agreement. †

10.24 Form of Fixed Allowance RSU Award Agreement 10.38 Form of Year-End Restricted Stock Award Agreement
(pre-2015) (incorporated by reference to Exhibit 10.43 (incorporated by reference to Exhibit 10.46 to the
to the Registrant’s Annual Report on Form 10-K for Registrant’s Annual Report on Form 10-K for the
the fiscal year ended December 31, 2014). † fiscal year ended December 31, 2020). †

10.25 Form of Deed of Gift (incorporated by reference to 10.39 Form of Year-End Restricted Stock Award Agreement
Exhibit 10.1 to the Registrant’s Quarterly Report on (fully vested) (incorporated by reference to Exhibit
Form 10-Q for the period ended June 30, 2010). † 10.53 to the Registrant’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2017). †
10.26 The Goldman Sachs Long-Term Performance
Incentive Plan, dated December 17, 2010 10.40 Form of Year-End Short-Term Restricted Stock
(incorporated by reference to Exhibit 10.1 to the Award Agreement (incorporated by reference to
Registrant’s Current Report on Form 8-K, filed on Exhibit 10.57 to the Registrant’s Annual Report on
December 23, 2010). † Form 10-K for the fiscal year ended December 31,
2015). †
10.27 Form of Performance-Based Restricted Stock Unit
Award Agreement (pre-2015) (incorporated by 10.41 Form of Fixed Allowance Deferred Cash Award
reference to Exhibit 10.2 to the Registrant’s Current Agreement (incorporated by reference to Exhibit 10.59
Report on Form 8-K, filed on December 23, 2010). † to the Registrant’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2015). †
10.28 Form of Performance-Based Option Award
Agreement (incorporated by reference to Exhibit 10.3 10.42 Form of One-Time/Year-End Performance-Based
to the Registrant’s Current Report on Form 8-K, filed Restricted Stock Unit Award Agreement (fully
on December 23, 2010). † vested). †

10.29 Form of Performance-Based Cash Compensation 10.43 Form of One-Time/Year-End Performance-Based

Award Agreement (pre-2015) (incorporated by Restricted Stock Unit Award Agreement (not fully
reference to Exhibit 10.4 to the Registrant’s Current vested). †
Report on Form 8-K, filed on December 23, 2010). †

244 Goldman Sachs 2024 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

10.44 Form of Performance-Based Cash Compensation 97.1 The Goldman Sachs Group, Inc. Policy for the
Award Agreement (incorporated by reference to Recovery of Erroneously Awarded Compensation,
Exhibit 10.61 to the Registrant’s Annual Report on effective as of December 1, 2023 (incorporated by
Form 10-K for the fiscal year ended December 31, reference to Exhibit 97.1 to the Registrant’s Annual
2015). † Report on Form 10-K for the fiscal year ended
December 31, 2023).
10.45 Form of Signature Card for Equity Awards. †
101 Pursuant to Rules 405 and 406 of Regulation S-T, the
10.46 Form of Amended and Restated Agreement of Limited following information is formatted in iXBRL (Inline
Partnership for Participants in the Long Term eXtensible Business Reporting Language): (i) the
Executive Carried Interest Incentive Program. † Consolidated Statements of Earnings for the years
10.47 Form of Subscription Agreement and Materials for ended December 31, 2024, December 31, 2023 and
Participants in the Long Term Executive Carried December 31, 2022, (ii) the Consolidated Statements
Interest Incentive Program. † of Comprehensive Income for the years ended
December 31, 2024, December 31, 2023 and December
10.48 Amended and Restated General Guarantee 31, 2022, (iii) the Consolidated Balance Sheets as of
Agreement, dated September 28, 2018, made by The December 31, 2024 and December 31, 2023, (iv) the
Goldman Sachs Group, Inc. relating to certain Consolidated Statements of Changes in Shareholders’
obligations of Goldman Sachs Bank USA Equity for the years ended December 31, 2024,
(incorporated by reference to Exhibit 4.1 to the December 31, 2023 and December 31, 2022, (v) the
Registrant’s Current Report on Form 8-K, filed on Consolidated Statements of Cash Flows for the years
September 28, 2018). ended December 31, 2024, December 31, 2023 and
10.49 Amended and Restated General Guarantee December 31, 2022, (vi) the notes to the Consolidated
Agreement, dated September 28, 2018, made by The Financial Statements and (vii) the cover page.
Goldman Sachs Group, Inc. relating to certain 104 Cover Page Interactive Data File (formatted in iXBRL
obligations of Goldman Sachs & Co. LLC in Exhibit 101).
(incorporated by reference to Exhibit 99.1 to the
† This exhibit is a management contract or a compensatory plan or
Registrant’s Current Report on Form 8-K, filed on arrangement.
September 28, 2018).
10.50 Lease, dated August 17, 2018, between Farringdon
Street Partners Limited and Farringdon Street
(Nominee) Limited, as Landlord, and Goldman Sachs
International, as Tenant (incorporated by reference to
Exhibit 10.3 to the Registrant’s Quarterly Report on
Form 10-Q for the period ended September 30, 2018).
19.1 The Goldman Sachs Group, Inc. Firmwide Insider
Trading Policy.
21.1 List of significant subsidiaries of The Goldman Sachs
Group, Inc.
22.1 Issuers of guaranteed securities (incorporated by
reference to Exhibit 22.1 to the Registrant’s Post-
Effective Amendment No. 1 to Form S-3, filed on
February 18, 2021).
23.1 Consent of Independent Registered Public Accounting
Firm.
31.1 Rule 13a-14(a) Certifications.
32.1 Section 1350 Certifications (This information is
furnished and not filed for purposes of Sections 11 and
12 of the Securities Act of 1933 and Section 18 of the
Securities Exchange Act of 1934).

Goldman Sachs 2024 Form 10-K 245

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the By: /s/ KC McClure
Securities Exchange Act of 1934, the Registrant has duly Name: KC McClure
caused this report to be signed on its behalf by the Title: Director
undersigned, thereunto duly authorized. Date: February 26, 2025
THE GOLDMAN SACHS GROUP, INC.
By: /s/ Lakshmi N. Mittal
By: /s/ Denis P. Coleman III Name: Lakshmi N. Mittal
Name: Denis P. Coleman III Title: Director
Title: Chief Financial Officer Date: February 26, 2025
Date: February 26, 2025
By: /s/ Thomas Montag
Pursuant to the requirements of the Securities Exchange Act Name: Thomas Montag
of 1934, this report has been signed below by the following Title: Director
persons on behalf of the Registrant and in the capacities and Date: February 26, 2025
on the dates indicated.

By: /s/ David Solomon By: /s/ Peter Oppenheimer

Name: David Solomon Name: Peter Oppenheimer
Title: Director, Chairman and Chief Executive Title: Director
Officer (Principal Executive Officer) Date: February 26, 2025
Date: February 26, 2025
By: /s/ Jan E. Tighe
By: /s/ M. Michele Burns Name: Jan E. Tighe
Name: M. Michele Burns Title: Director
Title: Director Date: February 26, 2025
Date: February 26, 2025
By: /s/ David A. Viniar
By: /s/ Mark A. Flaherty Name: David A. Viniar
Name: Mark A. Flaherty Title: Director
Title: Director Date: February 26, 2025
Date: February 26, 2025
By: /s/ John E. Waldron
By: /s/ Kimberley D. Harris Name: John E. Waldron
Name: Kimberley D. Harris Title: Director
Title: Director Date: February 26, 2025
Date: February 26, 2025
By: /s/ Denis P. Coleman III
By: /s/ John B. Hess Name: Denis P. Coleman III
Name: John B. Hess Title: Chief Financial Officer
Title: Director (Principal Financial Officer)
Date: February 26, 2025 Date: February 26, 2025

By: /s/ Kevin R. Johnson By: /s/ Sheara J. Fredman

Name: Kevin R. Johnson Name: Sheara J. Fredman
Title: Director Title: Chief Accounting Officer
Date: February 26, 2025 (Principal Accounting Officer)
Date: February 26, 2025
By: /s/ Ellen J. Kullman
Name: Ellen J. Kullman
Title: Director
Date: February 26, 2025

246 Goldman Sachs 2024 Form 10-K

Shareholder Information

EXECUTIVE OFFICES 2024 ANNUAL REPORT ON FORM 10-K

The Goldman Sachs Group, Inc. Copies of the firm’s 2024 Annual Report on
200 West Street Form 10-K as filed with the U.S. Securities and
New York, New York 10282 Exchange Commission can be accessed via our Web
1-212-902-1000 site at www.goldmansachs.com/investor-relations.
www.goldmansachs.com Copies can also be obtained by
contacting Investor Relations via email
COMMON STOCK at [email protected] or
The common stock of The Goldman Sachs Group, by calling 1-212-902-0300.
Inc. is listed on the New York Stock Exchange and
trades under the ticker symbol “GS.” TR ANSFER AGENT AND REGISTR AR
FOR COMMON STOCK
SHAREHOLDER INQUIRIES Questions from registered shareholders of
Information about the firm, including all The Goldman Sachs Group, Inc. regarding lost or
quarterly earnings releases and financial stolen stock certificates, dividends, changes of
filings with the U.S. Securities and Exchange address, and other issues related to registered
Commission, can be accessed via our Web site share ownership should be addressed
at www.goldmansachs.com. (by regular mail or phone) to:

Shareholder inquiries can also be Computershare

directed to Investor Relations via email P.O. Box 43078
at [email protected] Providence, RI 02940-3078
or by calling 1-212-902-0300. U.S. and Canada: 1-800-419-2595
International: 1-201-680-6541
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PUBLIC ACCOUNTING FIRM
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