The Goldman Sachs Group, Inc.
GS Financial Services Q4 2024
Document 991
Exhibit 99.1
Full Year and
Fourth Quarter 2024
Earnings Results
Media Relations: Tony Fratto 212-902-5400 Investor Relations: Jehan Ilahi 212-902-0300
| ||
The Goldman Sachs Group, Inc. 200 West Street | New York, NY 10282
|
Full Year and Fourth Quarter 2024 Earnings Results
Goldman Sachs Reports Earnings Per Common Share of $40.54 for 2024
Fourth Quarter Earnings Per Common Share was $11.95
“We are very pleased with our strong results for the quarter and the year. I’m encouraged that we have met or exceeded almost all of the targets we set in our strategy to grow the firm five years ago, and as a result, have both grown our revenues by nearly 50% and enhanced the durability of our franchise. With an improving operating backdrop and growing CEO confidence, we are harnessing the power of One Goldman Sachs to continue to serve our clients with excellence and create further value for our shareholders.” |
- David Solomon, Chairman and Chief Executive Officer
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Financial Summary
|
| |||||||
Net Revenues
|
Net Earnings
|
EPS
| ||||||
2024 $53.51 billion
4Q24 $13.87 billion
|
2024 $14.28 billion
4Q24 $4.11 billion
|
2024 $40.54
4Q24 $11.95
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ROE1
|
ROTE1
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Book Value Per Share
| ||||||
2024 12.7%
4Q24 14.6%
|
2024 13.5%
4Q24 15.5%
|
2024 $336.77
2024 Growth 7.4%
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NEW YORK, January 15, 2025 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $53.51 billion and net earnings of $14.28 billion for the year ended December 31, 2024. Net revenues were $13.87 billion and net earnings were $4.11 billion for the fourth quarter of 2024.
Diluted earnings per common share (EPS) was $40.54 for the year ended December 31, 2024 compared with $22.87 for the year ended December 31, 2023, and was $11.95 for the fourth quarter of 2024 compared with $5.48 for the fourth quarter of 2023 and $8.40 for the third quarter of 2024.
Return on average common shareholders’ equity (ROE)1 was 12.7% for 2024 and annualized ROE was 14.6% for the fourth quarter of 2024. Return on average tangible common shareholders’ equity (ROTE)1 was 13.5% for 2024 and annualized ROTE was 15.5% for the fourth quarter of 2024.
1
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
Annual Highlights
| ◾ | During the year, the firm supported clients and continued to execute on strategic priorities, which contributed to net revenues of $53.51 billion, net earnings of $14.28 billion and diluted EPS of $40.54, the second highest results for each. |
| ◾ | Global Banking & Markets generated net revenues of $34.94 billion, driven by record net revenues in Equities and strong performances in Investment banking fees and Fixed Income, Currency and Commodities (FICC). These results included record net revenues in each of Equities financing and FICC financing. |
| ◾ | The firm ranked #1 in worldwide announced and completed mergers and acquisitions for the year.2 |
| ◾ | Asset & Wealth Management generated net revenues of $16.14 billion, including record Management and other fees and record Private banking and lending net revenues. |
| ◾ | Assets under supervision3 increased 12% during the year to a record $3.14 trillion. |
| ◾ | Book value per common share increased by 7.4% during the year to $336.77. |
Net Revenues
Full Year | ||||
Net revenues were $53.51 billion for 2024, 16% higher compared with 2023, primarily reflecting higher net revenues in Global Banking & Markets and Asset & Wealth Management. |
|
2024 Net Revenues
| ||
$53.51 billion
| ||||
Fourth Quarter | ||||
Net revenues were $13.87 billion for the fourth quarter of 2024, 23% higher than the fourth quarter of 2023 and 9% higher than the third quarter of 2024. The increase compared with the fourth quarter of 2023 reflected higher net revenues across all segments, with significant growth in Global Banking & Markets. |
4Q24 Net Revenues
| |||
$13.87 billion
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2
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
| Global Banking & Markets |
|
Full Year | ||||||
Net revenues in Global Banking & Markets were $34.94 billion for 2024, 16% higher than 2023.
Investment banking fees were $7.73 billion, 24% higher than 2023, primarily reflecting significantly higher net revenues in Debt underwriting, primarily driven by leveraged finance activity, and in Equity underwriting, primarily driven by secondary and initial public offerings. In addition, net revenues in Advisory were higher, reflecting an increase in completed mergers and acquisitions transactions. The firm’s Investment banking fees backlog3 increased compared with the end of 2023.
Net revenues in FICC were $13.20 billion, 9% higher than 2023, primarily reflecting significantly higher net revenues in FICC financing, primarily driven by mortgages and structured lending. Net revenues in FICC intermediation were slightly higher, driven by significantly higher net revenues in currencies, mortgages and credit products, largely offset by lower net revenues in interest rate products and significantly lower net revenues in commodities.
Net revenues in Equities were $13.43 billion, 16% higher than 2023, reflecting significantly higher net revenues in Equities intermediation, primarily driven by derivatives, and higher net revenues in Equities financing, driven by prime financing.
Net revenues in Other were $576 million compared with $171 million for 2023, primarily reflecting significantly lower net losses on hedges.
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2024 Global Banking & Markets
| |||||
$34.94 billion
| ||||||
Advisory | $ 3.53 billion | |||||
Equity underwriting | $ 1.68 billion | |||||
Debt underwriting | $ 2.52 billion | |||||
Investment banking fees | $ 7.73 billion | |||||
FICC intermediation | $ 9.56 billion | |||||
FICC financing | $ 3.64 billion | |||||
FICC | $13.20 billion | |||||
Equities intermediation | $ 7.94 billion | |||||
Equities financing | $ 5.49 billion | |||||
Equities | $13.43 billion | |||||
Other | $ 576 million | |||||
Fourth Quarter | ||||||
Net revenues in Global Banking & Markets were $8.48 billion for the fourth quarter of 2024, 33% higher than the fourth quarter of 2023 and essentially unchanged compared with the third quarter of 2024.
Investment banking fees were $2.05 billion, 24% higher than the fourth quarter of 2023, reflecting significantly higher net revenues in Equity underwriting, primarily driven by secondary and initial public offerings and private placements, and in Debt underwriting, primarily driven by leveraged finance activity. Net revenues in Advisory were slightly lower. The firm’s Investment banking fees backlog3 increased compared with the end of the third quarter of 2024.
Net revenues in FICC were $2.74 billion, 35% higher than the fourth quarter of 2023, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in currencies and mortgages and higher net revenues in credit products, partially offset by lower net revenues in commodities. Net revenues in interest rate products were essentially unchanged. Net revenues in FICC financing were also significantly higher, primarily driven by mortgages and structured lending.
Net revenues in Equities were $3.45 billion, 32% higher than the fourth quarter of 2023, due to significantly higher net revenues in Equities intermediation, primarily driven by cash products, and in Equities financing, driven by significantly higher net revenues in prime financing and portfolio financing.
Net revenues in Other were $235 million compared with $61 million for the fourth quarter of 2023, reflecting significantly lower net losses on hedges. |
4Q24 Global Banking & Markets
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$8.48 billion
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Advisory | $ 960 million | |||||
Equity underwriting | $ 499 million | |||||
Debt underwriting | $ 595 million | |||||
Investment banking fees | $ 2.05 billion | |||||
FICC intermediation | $ 1.75 billion | |||||
FICC financing | $ 989 million | |||||
FICC | $ 2.74 billion | |||||
Equities intermediation | $ 1.95 billion | |||||
Equities financing | $ 1.50 billion | |||||
Equities | $ 3.45 billion | |||||
Other
| $ 235 million
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3
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
| Asset & Wealth Management |
|
Full Year | ||||||
Net revenues in Asset & Wealth Management were $16.14 billion for 2024, 16% higher than 2023, primarily reflecting significantly higher net revenues in Equity investments and higher Management and other fees. In addition, net revenues in Private banking and lending and Incentive fees were higher, while net revenues in Debt investments were lower.
The increase in Equity investments net revenues primarily reflected significantly higher net gains from investments in private equities (largely reflecting the impact of net losses in real estate investments in the prior year). The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. The increase in Private banking and lending net revenues primarily reflected 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 the impact of higher direct-to-consumer deposit balances. The increase in Incentive fees was driven by harvesting. The decrease in Debt investments net revenues reflected lower net interest income due to a reduction in the debt investments balance sheet, partially offset by net gains in the current year compared with net losses (particularly in real estate investments) in the prior year.
|
2024 Asset & Wealth Management | |||||
$16.14 billion | ||||||
Management and other fees | $10.43 billion | |||||
Incentive fees | $ 393 million | |||||
Private banking and lending | $ 2.88 billion | |||||
Equity investments | $ 1.36 billion | |||||
| Debt investments
| $ 1.08 billion
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Fourth Quarter | ||||||
Net revenues in Asset & Wealth Management were $4.72 billion for the fourth quarter of 2024, 8% higher than the fourth quarter of 2023 and 26% higher than the third quarter of 2024. The increase compared with the fourth quarter of 2023 primarily reflected higher Management and other fees, significantly higher Incentive fees and higher net revenues in Private banking and lending, partially offset by significantly lower net revenues in Debt investments and lower net revenues in Equity investments.
The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. The increase in Incentive fees was driven by harvesting. The increase in Private banking and lending net revenues primarily reflected the impact of higher deposit balances. The decrease in Debt investments net revenues reflected lower net interest income due to a reduction in the debt investments balance sheet. The decrease in Equity investments net revenues primarily reflected the impact of the net gain related to the sale of Personal Financial Management in the prior year period, partially offset by significantly higher mark-to-market net gains from investments in public equities. |
4Q24 Asset & Wealth Management | |||||
$4.72 billion
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Management and other fees | $ 2.82 billion | |||||
Incentive fees | $ 174 million | |||||
Private banking and lending | $ 736 million | |||||
Equity investments | $ 729 million | |||||
Debt investments
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$ 264 million | |||||
4
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
| Platform Solutions |
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Full Year |
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NetrevenuesinPlatformSolutionswere$2.43billionfor2024,2%higherthan2023, reflecting slightly higher net revenues in Consumer platforms.
The increase in Consumer platforms net revenues reflected higher average credit card balances and higher average deposit balances, largely offset by the impact of the planned transition of the General Motors (GM) credit card program to another issuer. Transaction banking and other net revenues were lower, primarily reflecting lower net revenues related to the seller financing loan portfolio. |
2024 Platform Solutions
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$2.43 billion
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Consumer platforms | $ 2.15 billion | |||||
Transaction banking and other
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$280 million
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Fourth Quarter | ||||||
Net revenues in Platform Solutions were $669 million for the fourth quarter of 2024, 16% higher than the fourth quarter of 2023 and 71% higher than the third quarter of 2024. The increase compared with the fourth quarter of 2023 reflected higher net revenues in Consumer platforms.
The increase in Consumer platforms net revenues primarily reflected the mark-downs related to the GreenSky held for sale loan portfolio in the prior year period. Transaction banking and other net revenues were essentially unchanged. |
4Q24 Platform Solutions
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$669 million
| ||||||
Consumer platforms | $ 597 million | |||||
Transaction banking and other
| $72 million | |||||
Provision for Credit Losses
Full Year |
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Provision for credit losses was $1.35 billion for 2024, compared with $1.03 billion for 2023. Provisions for 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs). Provisions for 2023 reflected net provisions relatedto both the credit card portfolio (primarily driven by net charge-offs) and wholesale loans (primarily driven by impairments), partially offset by reserve reductions of $637 million related to the transfer of the GreenSky loan portfolio to held for sale and $442 million related to the sale of substantially all of the Marcus loan portfolio. |
2024 Provision for Credit Losses | |||||
$1.35 billion
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Fourth Quarter | ||||||
Provision for credit losses was $351 million for the fourth quarter of 2024, compared with $577 million for the fourth quarter of 2023 and $397 million for the third quarter of 2024.Provisionsforthefourthquarterof2024reflectednet provisionsrelatedtothecredit card portfolio (primarily driven by net charge-offs). Provisions for the fourth quarter of 2023 reflected net provisions related to both the credit card portfolio (primarily driven by net charge-offs and portfolio growth, partially offset by a reserve reduction of $160 million related to the transfer of the GM credit card portfolio to held for sale) and wholesale loans (driven by impairments). |
4Q24 Provision for Credit Losses
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$351 million
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5
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
Operating Expenses
Full Year | ||||
Operating expenses were $33.77 billion for 2024, 2% lower than 2023. The firm’s efficiency ratio3 was 63.1% for 2024, compared with 74.6% for 2023.
Operating expenses, compared with 2023, reflected decreases driven by significantly lower expenses, including impairments, related to commercial real estate in consolidated investment entities (CIEs) (largely in depreciation and amortization) and other significant expenses recognized in the prior year, including the write-down of intangibles related to GreenSky and an impairment of goodwill related to Consumer platforms (both in depreciation and amortization), and the FDIC special assessment fee (in other expenses). These decreases were partially offset by higher compensation and benefits expenses (reflecting improved operating performance) and higher transaction based expenses.
Net provisions for litigation and regulatory proceedings were $166 million for 2024 compared with $115 million for 2023.
Headcount increased 3% during 2024. |
|
2024 Operating Expenses
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$33.77 billion
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2024 Efficiency Ratio
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63.1%
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Fourth Quarter | ||||
Operating expenses were $8.26 billion for the fourth quarter of 2024, 3% lower than the fourth quarter of 2023 and essentially unchanged compared with the third quarter of 2024.
The decrease in operating expenses compared with the fourth quarter of 2023 primarily reflected the FDIC special assessment fee (in other expenses) in the prior year period and significantly lower expenses, including impairments, related to commercial real estate in CIEs (largely in depreciation and amortization), partially offset by higher transaction based expenses.
Net provisions for litigation and regulatory proceedings were $(2) million for the fourth quarter of 2024 compared with $9 million for the fourth quarter of 2023. |
4Q24 Operating Expenses
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$8.26 billion
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Provision for Taxes
The effective income tax rate for 2024 was 22.4%, down from 22.6% for the first nine months of 2024, primarily due to changes in the geographic mix of earnings. The 2024 effective income tax rate increased from 20.7% for 2023, primarily due to a decrease in the impact of permanent tax benefits for 2024 compared with 2023, partially offset by changes in the geographic mix of earnings. |
2024 Effective Tax Rate
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22.4%
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6
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
Other Matters
◾ On January 14, 2025, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $3.00 per common share to be paid on March 28, 2025 to common shareholders of record on February 28, 2025.
◾ During the year, the firm returned $11.80 billion of capital to common shareholders, including $8.00 billion of common share repurchases (17.5 million shares at an average cost of $457.82) and $3.80 billion of common stock dividends. This included $2.97 billion of capital returned to common shareholders during the fourth quarter, including $2.00 billion of common share repurchases (3.5 million shares at an average cost of $566.27) and $965 million of common stock dividends.3
◾ Globalcoreliquidassets3averaged$429 billionfor2024,comparedwithan average of $407 billion for 2023. Global core liquid assets averaged $422 billion for the fourth quarter of 2024, compared with an average of $447 billion for the third quarter of 2024. |
Declared Quarterly Dividend Per Common Share
| |||
$3.00
| ||||
2024 Capital Returned
| ||||
$11.80 billion
| ||||
2024 Average GCLA
| ||||
$429 billion
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7
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
| Cautionary Note Regarding Forward-Looking Statements |
|
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2023.
Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements.
Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak or worsening of hostilities, including those in Ukraine and the Middle East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other important factors that could adversely affect the firm’s Investment banking fees, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2023.
| Conference Call |
|
A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-289-0459 (in the U.S.) or 1-323-794-2095 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at[email protected].
8
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
$ in millions
| YEAR ENDED | % CHANGE FROM | |||||||||||||||
DECEMBER 31, 2024 | DECEMBER 31, 2023 | DECEMBER 31, 2023 | ||||||||||||||
GLOBAL BANKING & MARKETS
| ||||||||||||||||
Advisory
|
| $ 3,534
|
|
| $ 3,299
|
|
| 7 %
|
| |||||||
Equity underwriting
|
| 1,677
|
|
| 1,153
|
|
| 45
|
| |||||||
Debt underwriting |
| 2,521
|
|
| 1,764
|
|
| 43
|
| |||||||
Investment banking fees | 7,732 | 6,216 | 24 | |||||||||||||
FICC intermediation
|
| 9,564
|
|
| 9,318
|
|
| 3
|
| |||||||
FICC financing |
| 3,640
|
|
| 2,742
|
|
| 33
|
| |||||||
FICC | 13,204 | 12,060 | 9 | |||||||||||||
Equities intermediation
|
| 7,937
|
|
| 6,489
|
|
| 22
|
| |||||||
Equities financing |
| 5,494
|
|
| 5,060
|
|
| 9
|
| |||||||
Equities | 13,431 | 11,549 | 16 | |||||||||||||
Other
| 576 | 171 | 237 | |||||||||||||
Net revenues
|
| 34,943
|
|
| 29,996
|
|
| 16
|
| |||||||
ASSET & WEALTH MANAGEMENT
| ||||||||||||||||
Management and other fees
|
| 10,425
|
|
| 9,486
|
|
| 10
|
| |||||||
Incentive fees
|
| 393
|
|
| 161
|
|
| 144
|
| |||||||
Private banking and lending
|
| 2,881
|
|
| 2,576
|
|
| 12
|
| |||||||
Equity investments
|
| 1,359
|
|
| 342
|
|
| 297
|
| |||||||
Debt investments
|
| 1,084
|
|
| 1,315
|
|
| (18)
|
| |||||||
Net revenues
|
| 16,142
|
|
| 13,880
|
|
| 16
|
| |||||||
PLATFORM SOLUTIONS
| ||||||||||||||||
Consumer platforms
|
| 2,147
|
|
| 2,072
|
|
| 4
|
| |||||||
Transaction banking and other
|
| 280
|
|
| 306
|
|
| (8)
|
| |||||||
Net revenues
|
| 2,427
|
|
| 2,378
|
|
| 2
|
| |||||||
Total net revenues
|
| $ 53,512
|
|
|
$ 46,254
|
|
| 16
|
| |||||||
Geographic Net Revenues (unaudited)3 $ in millions
|
| |||||||||||||||
| YEAR ENDED | ||||||||||||||||
DECEMBER 31, 2024 | DECEMBER 31, 2023 | |||||||||||||||
Americas | $ 34,448 | $ 29,335 | ||||||||||||||
EMEA | 12,250 | 11,744 | ||||||||||||||
Asia
|
| 6,814
|
|
| 5,175
|
| ||||||||||
Total net revenues
|
|
$ 53,512
|
|
|
$ 46,254
|
| ||||||||||
Americas | 64% | 64% | ||||||||||||||
EMEA | 23% | 25% | ||||||||||||||
Asia
|
| 13%
|
|
| 11%
|
| ||||||||||
Total
|
|
100%
|
|
| 100%
|
| ||||||||||
9
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
$ in millions
| THREE MONTHS ENDED | % CHANGE FROM | |||||||||||||||||||||||
DECEMBER 31, 2024 | SEPTEMBER 30, 2024 | DECEMBER 31, 2023 | SEPTEMBER 30, 2024 | DECEMBER 31, 2023 | ||||||||||||||||||||
GLOBAL BANKING & MARKETS
| ||||||||||||||||||||||||
Advisory
| $ 960 | $ 875 | $ 1,005 | 10 % | (4) % | |||||||||||||||||||
Equity underwriting
|
| 499
|
|
| 385
|
|
| 252
|
|
| 30
|
|
| 98
|
| |||||||||
Debt underwriting
|
| 595
|
|
| 605
|
|
| 395
|
|
| (2)
|
|
| 51
|
| |||||||||
Investment banking fees | 2,054 | 1,865 | 1,652 | 10 | 24 | |||||||||||||||||||
FICC intermediation
|
| 1,750
|
|
| 2,013
|
|
| 1,295
|
|
| (13)
|
|
| 35
|
| |||||||||
FICC financing
|
| 989
|
|
| 949
|
|
| 739
|
|
| 4
|
|
| 34
|
| |||||||||
FICC | 2,739 | 2,962 | 2,034 | (8) | 35 | |||||||||||||||||||
Equities intermediation |
| 1,953
|
|
| 2,209
|
|
| 1,502
|
|
| (12)
|
|
| 30
|
| |||||||||
Equities financing
|
| 1,498
|
|
| 1,291
|
|
| 1,105
|
|
| 16
|
|
| 36
|
| |||||||||
Equities
|
| 3,451
|
|
| 3,500
|
|
| 2,607
|
|
| (1)
|
|
| 32
|
| |||||||||
Other
|
| 235
|
|
| 227
|
|
| 61
|
|
| 4
|
|
| 285
|
| |||||||||
Net revenues
|
| 8,479
|
|
| 8,554
|
|
| 6,354
|
|
| (1)
|
|
| 33
|
| |||||||||
ASSET & WEALTH MANAGEMENT
| ||||||||||||||||||||||||
Management and other fees
| 2,818 | 2,619 | 2,445 | 8 | 15 | |||||||||||||||||||
Incentive fees
|
| 174
|
|
| 85
|
|
| 59
|
|
| 105
|
|
| 195
|
| |||||||||
Private banking and lending
|
| 736
|
|
| 756
|
|
| 661
|
|
| (3)
|
|
| 11
|
| |||||||||
Equity investments
| 729 | 116 | 838 | 528 | (13) | |||||||||||||||||||
Debt investments
|
| 264
|
|
| 178
|
|
| 384
|
|
| 48
|
|
| (31)
|
| |||||||||
Net revenues
|
| 4,721
|
|
| 3,754
|
|
| 4,387
|
|
| 26
|
|
| 8
|
| |||||||||
PLATFORM SOLUTIONS
| ||||||||||||||||||||||||
Consumer platforms | 597 | 333 | 504 | 79 | 18 | |||||||||||||||||||
Transaction banking and other
|
| 72
|
|
| 58
|
|
| 73
|
|
| 24
|
|
| (1)
|
| |||||||||
Net revenues
|
| 669
|
|
| 391
|
|
| 577
|
|
| 71
|
|
| 16
|
| |||||||||
Total net revenues
|
| $ 13,869
|
|
| $ 12,699
|
|
|
$ 11,318
|
|
| 9
|
|
| 23
|
| |||||||||
Geographic Net Revenues (unaudited)3 |
| |||||||||||||||||||||||
| $ in millions | ||||||||||||||||||||||||
| THREE MONTHS ENDED | ||||||||||||||||||||||||
DECEMBER 31, 2024 | SEPTEMBER 30, 2024 | DECEMBER 31, 2023 | ||||||||||||||||||||||
Americas | $ 9,097 | $ 8,045 | $ 7,770 | |||||||||||||||||||||
EMEA
| 2,773 | 3,076 | 2,481 | |||||||||||||||||||||
Asia
|
| 1,999
|
|
| 1,578
|
|
| 1,067
|
| |||||||||||||||
Total net revenues
|
| $ 13,869
|
|
| $ 12,699
|
|
|
$ 11,318
|
| |||||||||||||||
Americas
| 66% | 63% | 69% | |||||||||||||||||||||
EMEA
| 20% | 24% | 22% | |||||||||||||||||||||
Asia
|
| 14%
|
|
| 13%
|
|
| 9%
|
| |||||||||||||||
Total
|
| 100%
|
|
| 100%
|
|
| 100%
|
| |||||||||||||||
10
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)4
In millions, except per share amounts
| YEAR ENDED | % CHANGE FROM | |||||||||||||||||||
DECEMBER 31, 2024 | DECEMBER 31, 2023 | DECEMBER 31, 2023 | ||||||||||||||||||
REVENUES
| ||||||||||||||||||||
Investment banking
|
|
$ 7,738
|
|
| $ 6,218
|
|
| 24 %
|
| |||||||||||
Investment management
|
|
10,596
|
|
| 9,532
|
|
| 11
|
| |||||||||||
Commissions and fees
|
|
4,086
|
|
| 3,789
|
|
| 8
|
| |||||||||||
Market making
|
|
18,390
|
|
| 18,238
|
|
| 1
|
| |||||||||||
Other principal transactions
|
|
4,646
|
|
| 2,126
|
|
| 119
|
| |||||||||||
Total non-interest revenues
|
|
45,456
|
|
| 39,903
|
|
| 14
|
| |||||||||||
Interest income
|
|
81,397
|
|
| 68,515
|
|
| 19
|
| |||||||||||
Interest expense
|
|
73,341
|
|
| 62,164
|
|
| 18
|
| |||||||||||
Net interest income
|
|
8,056
|
|
| 6,351
|
|
| 27
|
| |||||||||||
Total net revenues
|
|
53,512
|
|
| 46,254
|
|
| 16
|
| |||||||||||
Provision for credit losses
|
|
1,348
|
|
| 1,028
|
|
| 31
|
| |||||||||||
OPERATING EXPENSES
| ||||||||||||||||||||
Compensation and benefits
|
|
16,706
|
|
| 15,499
|
|
| 8
|
| |||||||||||
Transaction based
|
|
6,724
|
|
| 5,698
|
|
| 18
|
| |||||||||||
Market development
|
|
646
|
|
| 629
|
|
| 3
|
| |||||||||||
Communications and technology
|
|
1,991
|
|
| 1,919
|
|
| 4
|
| |||||||||||
Depreciation and amortization
|
|
2,392
|
|
| 4,856
|
|
| (51)
|
| |||||||||||
Occupancy
|
|
973
|
|
| 1,053
|
|
| (8)
|
| |||||||||||
Professional fees
|
|
1,652
|
|
| 1,623
|
|
| 2
|
| |||||||||||
Other expenses
|
|
2,683
|
|
| 3,210
|
|
| (16)
|
| |||||||||||
Total operating expenses
|
|
33,767
|
|
| 34,487
|
|
| (2)
|
| |||||||||||
Pre-tax earnings
|
|
18,397
|
|
| 10,739
|
|
| 71
|
| |||||||||||
Provision for taxes
|
|
4,121
|
|
| 2,223
|
|
| 85
|
| |||||||||||
Net earnings
|
|
14,276
|
|
| 8,516
|
|
| 68
|
| |||||||||||
Preferred stock dividends
|
|
751
|
|
| 609
|
|
| 23
|
| |||||||||||
Net earnings applicable to common shareholders
|
|
$ 13,525
|
|
| $ 7,907
|
|
| 71
|
| |||||||||||
EARNINGS PER COMMON SHARE
| ||||||||||||||||||||
Basic3
|
|
$ 41.07
|
|
| $ 23.05
|
|
| 78 %
|
| |||||||||||
Diluted | $ 40.54 | $ 22.87 | 77 | |||||||||||||||||
AVERAGE COMMON SHARES
| ||||||||||||||||||||
Basic
| 328.1 | 340.8 | (4) | |||||||||||||||||
Diluted
|
|
333.6
|
|
| 345.8
|
|
| (4)
|
| |||||||||||
11
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)4
In millions, except per share amounts and headcount
| THREE MONTHS ENDED | % CHANGE FROM | |||||||||||||||||||||||
DECEMBER 31, 2024 | SEPTEMBER 30, 2024 | DECEMBER 31, 2023 | SEPTEMBER 30, 2024 | DECEMBER 31, 2023 | ||||||||||||||||||||
REVENUES
| ||||||||||||||||||||||||
Investment banking
|
|
$ 2,056
|
|
|
$ 1,864
|
|
|
$ 1,653
|
|
|
10 %
|
|
|
24 %
|
| |||||||||
Investment management
|
| 2,923
|
|
| 2,649
|
|
| 2,478
|
|
| 10
|
|
| 18
|
| |||||||||
Commissions and fees
|
| 1,085
|
|
| 873
|
|
| 925
|
|
| 24
|
|
| 17
|
| |||||||||
Market making
|
| 3,833
|
|
| 4,127
|
|
| 3,496
|
|
| (7)
|
|
| 10
|
| |||||||||
Other principal transactions
|
| 1,627
|
|
| 839
|
|
| 1,427
|
|
| 94
|
|
| 14
|
| |||||||||
Total non-interest revenues | 11,524 | 10,352 | 9,979 | 11 | 15 | |||||||||||||||||||
Interest income
|
| 19,954
|
|
| 21,448
|
|
| 18,484
|
|
| (7)
|
|
| 8
|
| |||||||||
Interest expense | 17,609 | 19,101 | 17,145 | (8) | 3 | |||||||||||||||||||
Net interest income | 2,345 | 2,347 | 1,339 | – | 75 | |||||||||||||||||||
Total net revenues | 13,869 | 12,699 | 11,318 | 9 | 23 | |||||||||||||||||||
Provision for credit losses | 351 | 397 | 577 | (12) | (39) | |||||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||
Compensation and benefits
|
| 3,759
|
|
| 4,122
|
|
| 3,602
|
|
| (9)
|
|
| 4
|
| |||||||||
Transaction based
|
| 1,872
|
|
| 1,701
|
|
| 1,456
|
|
| 10
|
|
| 29
|
| |||||||||
Market development
|
| 181
|
|
| 159
|
|
| 175
|
|
| 14
|
|
| 3
|
| |||||||||
Communications and technology
|
| 523
|
|
| 498
|
|
| 503
|
|
| 5
|
|
| 4
|
| |||||||||
Depreciation and amortization
|
| 498
|
|
| 621
|
|
| 780
|
|
| (20)
|
|
| (36)
|
| |||||||||
Occupancy
|
| 240
|
|
| 242
|
|
| 268
|
|
| (1)
|
|
| (10)
|
| |||||||||
Professional fees
|
| 475
|
|
| 400
|
|
| 471
|
|
| 19
|
|
| 1
|
| |||||||||
Other expenses
|
| 713
|
|
| 572
|
|
| 1,232
|
|
| 25
|
|
| (42)
|
| |||||||||
Total operating expenses | 8,261 | 8,315 | 8,487 | (1) | (3) | |||||||||||||||||||
Pre-tax earnings
|
| 5,257
|
|
| 3,987
|
|
| 2,254
|
|
| 32
|
|
| 133
|
| |||||||||
Provision for taxes | 1,146 | 997 | 246 | 15 | 366 | |||||||||||||||||||
Net earnings | 4,111 | 2,990 | 2,008 | 37 | 105 | |||||||||||||||||||
Preferred stock dividends | 188 | 210 | 141 | (10) | 33 | |||||||||||||||||||
Net earnings applicable to common shareholders | $ 3,923 | $ 2,780 | $ 1,867 | 41 | 110 | |||||||||||||||||||
EARNINGS PER COMMON SHARE | ||||||||||||||||||||||||
Basic3
|
| $ 12.13
|
|
| $ 8.52
|
|
| $ 5.52
|
|
| 42 %
|
|
| 120 %
|
| |||||||||
Diluted | $ 11.95 | $ 8.40 | $ 5.48 | 42 | 118 | |||||||||||||||||||
AVERAGE COMMON SHARES | ||||||||||||||||||||||||
Basic | 322.4 | 324.8 | 335.7 | (1) |
| (4)
|
| |||||||||||||||||
Diluted | 328.4 | 330.8 | 340.9 | (1) | (4) | |||||||||||||||||||
SELECTED DATA AT PERIOD-END | ||||||||||||||||||||||||
Common shareholders’ equity
|
| $ 108,743
|
|
| $ 107,947
|
|
| $ 105,702
|
|
| 1
|
|
| 3
|
| |||||||||
Basic shares3
|
| 322.9
|
|
| 324.2
|
|
| 337.1
|
|
| –
|
|
| (4)
|
| |||||||||
Book value per common share | $ 336.77 | $ 332.96 | $ 313.56 | 1 | 7 | |||||||||||||||||||
Headcount
|
| 46,500
|
|
| 46,400
|
|
| 45,300
|
|
| –
|
|
| 3
|
| |||||||||
12
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)3
$ in billions
| AS OF | ||||||||||||||||||||
DECEMBER 31, 2024 | SEPTEMBER 30, 2024 | DECEMBER 31, 2023 | ||||||||||||||||||
ASSETS
| ||||||||||||||||||||
Cash and cash equivalents
| $ 182 | $ 155 | $ 242 | |||||||||||||||||
Collateralized agreements
| 369 | 417 | 423 | |||||||||||||||||
Customer and other receivables
| 134 | 145 | 132 | |||||||||||||||||
Trading assets
| 571 | 601 | 478 | |||||||||||||||||
Investments
| 185 | 183 | 147 | |||||||||||||||||
Loans
| 196 | 192 | 183 | |||||||||||||||||
Other assets
|
| 34
|
|
| 35
|
|
| 37
|
| |||||||||||
Total assets
|
| $ 1,671
|
|
| $ 1,728
|
|
| $ 1,642
|
| |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
| ||||||||||||||||||||
Deposits
| $ 433 | $ 445 | $ 428 | |||||||||||||||||
Collateralized financings
| 353 | 347 | 324 | |||||||||||||||||
Customer and other payables
| 223 | 251 | 231 | |||||||||||||||||
Trading liabilities
| 203 | 215 | 200 | |||||||||||||||||
Unsecured short-term borrowings
| 70 | 76 | 76 | |||||||||||||||||
Unsecured long-term borrowings
| 243 | 250 | 242 | |||||||||||||||||
Other liabilities
|
| 24
|
|
| 23
|
|
| 24
|
| |||||||||||
Total liabilities
|
| 1,549
|
|
| 1,607
|
|
| 1,525
|
| |||||||||||
Shareholders’ equity
|
| 122
|
|
| 121
|
|
| 117
|
| |||||||||||
Total liabilities and shareholders’ equity
|
| $ 1,671
|
|
| $ 1,728
|
|
| $ 1,642
|
| |||||||||||
Capital Ratios and Supplementary Leverage Ratio (unaudited)3 $ in billions
|
| |||||||||||||||||||
| AS OF | ||||||||||||||||||||
DECEMBER 31, 2024 | SEPTEMBER 30, 2024 | DECEMBER 31, 2023 | ||||||||||||||||||
Common equity tier 1 capital | $ 103.0 | $ 102.3 | $ 99.4 | |||||||||||||||||
STANDARDIZED CAPITAL RULES
| ||||||||||||||||||||
Risk-weighted assets
| $ 686 | $ 698 | $ 693 | |||||||||||||||||
Common equity tier 1 capital ratio | 15.0% | 14.6% | 14.4% | |||||||||||||||||
ADVANCED CAPITAL RULES
| ||||||||||||||||||||
Risk-weighted assets
| $ 671 | $ 658 | $ 665 | |||||||||||||||||
Common equity tier 1 capital ratio | 15.4% | 15.5% | 14.9% | |||||||||||||||||
SUPPLEMENTARY LEVERAGE RATIO
| ||||||||||||||||||||
Supplementary leverage ratio
|
| 5.5%
|
|
| 5.5%
|
|
| 5.5%
|
| |||||||||||
Average Daily VaR (unaudited)3 $ in millions
|
| |||||||||||||||||||
| THREE MONTHS ENDED | YEAR ENDED | |||||||||||||||||||
DECEMBER 31, 2024 | SEPTEMBER 30, 2024 | DECEMBER 31, 2023 | DECEMBER 31, 2024 | DECEMBER 31, 2023 | ||||||||||||||||
RISK CATEGORIES
| ||||||||||||||||||||
Interest rates
| $ 83 | $ 75 | $ 87 | $ 81 | $ 96 | |||||||||||||||
Equity prices
| 49 | 39 | 29 | 37 | 29 | |||||||||||||||
Currency rates
| 31 | 26 | 18 | 26 | 24 | |||||||||||||||
Commodity prices
| 19 | 20 | 19 | 19 | 19 | |||||||||||||||
Diversification effect
|
| (86)
|
|
| (68)
|
|
| (62)
|
| (71)
| (69)
| |||||||||
Total
|
| $ 96
|
|
|
$ 92
|
|
|
$ 91
|
| $ 92
| $ 99
| |||||||||
13
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Assets Under Supervision (unaudited)3
$ in billions
| AS OF | ||||||||||||||||||||||||||||
DECEMBER 31, 2024 | SEPTEMBER 30, 2024 | DECEMBER 31, 2023 | ||||||||||||||||||||||||||
ASSET CLASS
| ||||||||||||||||||||||||||||
Alternative investments
|
| $ 336
|
|
| $ 328
|
|
| $ 295
|
| |||||||||||||||||||
Equity
|
| 772
|
|
| 780
|
|
| 658
|
| |||||||||||||||||||
Fixed income
|
| 1,184
|
|
| 1,220
|
|
| 1,122
|
| |||||||||||||||||||
Total long-term AUS
|
| 2,292
|
|
| 2,328
|
|
| 2,075
|
| |||||||||||||||||||
Liquidity products
|
| 845
|
|
| 775
|
|
| 737
|
| |||||||||||||||||||
Total AUS
|
| $ 3,137
|
|
|
$ 3,103
|
|
|
$ 2,812
|
| |||||||||||||||||||
| THREE MONTHS ENDED | YEAR ENDED | |||||||||||||||||||||||||||
DECEMBER 31, 2024 | SEPTEMBER 30, 2024 | DECEMBER 31, 2023 | DECEMBER 31, 2024 | DECEMBER 31, 2023 | ||||||||||||||||||||||||
Beginning balance
|
| $ 3,103
|
|
| $ 2,934
|
|
| $ 2,680
|
|
| $ 2,812
|
|
| $ 2,547
|
| |||||||||||||
Net inflows / (outflows):
| ||||||||||||||||||||||||||||
Alternative investments
|
| 11
|
|
| 9
|
|
| 23
|
|
| 38
|
|
| 25
|
| |||||||||||||
Equity
|
| 4
|
|
| 4
|
|
| 2
|
|
| 15
|
|
| (3)
|
| |||||||||||||
Fixed income
|
| 7
|
|
| 16
|
|
| 26
|
|
| 53
|
|
| 52
|
| |||||||||||||
Total long-term AUS net inflows / (outflows)
|
| 22
|
|
| 29
|
|
| 51
|
|
| 106
|
|
| 74
|
| |||||||||||||
Liquidity products
|
| 70
|
|
| 37
|
|
| (37)
|
|
| 108
|
|
| 27
|
| |||||||||||||
Total AUS net inflows / (outflows)
|
| 92
|
|
| 66
|
|
| 14
|
|
| 214
|
|
| 101
|
| |||||||||||||
Acquisitions / (dispositions)
|
| –
|
|
| –
|
|
| (23)
|
|
| –
|
|
| (23)
|
| |||||||||||||
Net market appreciation / (depreciation)
|
| (58)
|
|
| 103
|
|
| 141
|
|
| 111
|
|
| 187
|
| |||||||||||||
Ending balance
|
| $ 3,137
|
|
|
$ 3,103
|
|
|
$ 2,812
|
|
| $ 3,137
|
|
|
$ 2,812
|
| |||||||||||||
14
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
Footnotes |
|
| 1. | ROE is calculated by dividing net earnings (or annualized net earnings for annualized ROE) applicable to common shareholders by average monthly common shareholders’ equity. ROTE is calculated by dividing net earnings (or annualized net earnings for annualized ROTE) applicable to common shareholders by average monthly tangible common shareholders’ equity (tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets). Management believes that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally, and that tangible common shareholders’ equity is meaningful because it is a measure that the firm and investors use to assess capital adequacy. ROTE and tangible common shareholders’ equity are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. |
The table below presents a reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity:
| AVERAGE FOR THE | ||||||||||||||
| Unaudited, $ in millions
| YEAR ENDED DECEMBER 31, 2024 |
| THREE MONTHS ENDED DECEMBER 31, 2024 |
| ||||||||||
Total shareholders’ equity
|
| $ 119,204
|
|
| $ 121,083
|
| ||||||||
Preferred stock
|
| (12,430)
|
|
| (13,253)
|
| ||||||||
Common shareholders’ equity
|
| 106,774
|
|
| 107,830
|
| ||||||||
Goodwill |
| (5,895)
|
|
| (5,880)
|
| ||||||||
Identifiable intangible assets
|
| (1,003)
|
|
| (886)
|
| ||||||||
Tangible common shareholders’ equity
|
| $ 99,876
|
|
| $ 101,064
|
| ||||||||
| 2. | Dealogic – January 1, 2024 through December 31, 2024. |
| 3. | For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2024: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets,” (ii) assets under supervision – see “Results of Operations – Asset & Wealth Management – Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management,” (v) global core liquid assets – see “Risk Management – Liquidity Risk Management,” (vi) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk Management – Market Risk Management.” |
For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2024: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy,” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common Share.” |
Represents a preliminary estimate for the fourth quarter of 2024 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Annual Report on Form 10-K for the year ended December 31, 2024. |
| 4. | Beginning in the fourth quarter of 2024, revenues relating to certain short-term foreign currency swaps used in connection with the firm’s funding strategy are classified within non-interest revenues to better align with the classification for similar foreign currency derivatives. Previously, such revenues were included within net interest income ($234 million for the first quarter of 2024, $252 million for the second quarter of 2024 and $276 million for the third quarter of 2024). This change has no impact to total net revenues of the firm. Amounts previously reported for the first, second and third quarters of 2024 have been conformed to the current presentation. Revenues related to such swaps were not material for 2023, and therefore no adjustments have been made to prior year amounts. |
Net interest income for the fourth quarter of 2024 included $869 million in Global Banking & Markets, $713 million in Asset & Wealth Management and $763 million in Platform Solutions, and for 2024 included $2.41 billion in Global Banking & Markets, $2.80 billion in Asset & Wealth Management and $2.86 billion in Platform Solutions. |
15
Document 992
Exhibit 99.2 Full Year and Fourth Quarter 2024 Earnings Results Presentation January 15, 2025
Our culture and leading client franchise are the foundation of our strategy S TRA TE G I C Client Service OBJ EC T I VES Harness One GS to Serve Our Clients with Excellence Partnership Run World-Class, Differentiated, Durable Businesses Integrity Invest to Operate at Scale Excellence 1
World-class and interconnected franchises positioned to deliver mid-teens returns Leading Global Active 1 #1 M&A Advisor 3 Asset Manager One Global Banking & Asset & Wealth Goldman Top 5 Alternative 2 #1 Equities Franchise Markets Management 3 Sachs Asset Manager Leading FICC Premier Ultra High Net 2 Franchise Worth franchise 4 2024 SHAREHOLDER VALUE CREATION +48% +7% +9% +52% Growth in Book Value Growth in Quarterly Stock Price Total Shareholder Return per Share Dividend 2
Exceptional talent underpinned by a culture of excellence 875k+ ~380 Experienced hire applicants, with <1% hire rate Boomerang hires Compelling for Experienced Talent >40% <1% Aspirational Invested Selection rate from ~320k applicants for of the firm’s Partners were campus hires for Campus in Our People 2024 summer internship program Recruits 275+ Ranked #1 Unparalleled Brand of Excellence Alumni in C-suite roles (including Managing Partners) by Vault for most prestigious banking firm of organizations valued at >$1bn or with AUM >$5bn 3
Strong progress on execution priorities in 2024 Global Banking & Markets Asset & Wealth Management Exceptional client franchise Grew more durable revenues Record Management and other fees of $10.4bn in 2024, up 10% YoY; 1; #1 M&A, #3 ECM, #2 Leveraged Loans, #3 High-Yield Debt Alts management and other fees CAGR of 13% from 2019-2024 5 Top 3 with 119 of the Top 150 FICC & Equities clients in 1H24 vs. 77 in 2019 Record Private banking and lending revenues of $2.9bn in 2024, 2 +340bps wallet share gains in GBM since 2019 up 12% YoY 6,7 Increased financing revenues in FICC and Equities Positive momentum in fundraising and reduced HPI Alternatives fundraising of $72bn in 2024; $323bn since 2019YE Record financing revenues of $9.1bn in 2024 CAGR of 15% from 2019-2024 HPI reduction of $6.9bn to $9.4bn in 2024 Strong execution on narrowed strategic focus Sold GreenSky Sold seller financing loan portfolio Signed agreement to transition General Motors (GM) credit card program 4
Global Banking & Markets: Increased wallet share and financing driving attractive returns Leading diversified franchise ($bn) Forward Catalysts Advisory FICC financing Equity underwriting Equities intermediation Debt underwriting Equities financing Constructive Economic Outlook FICC intermediation Other Average revenues: $33bn Average ROE: 16% Improving CEO Confidence $37 $35 $32 $30 $30 Increasing Sponsor Activity Focus on Scale and Innovation Improving Regulatory Backdrop Financing: Capital Solutions Group 2020 2021 2022 2023 2024 5
Asset & Wealth Management: Delivering strong growth in AUS and more durable revenues 7,8 Firmwide investment platform (4Q24) Growth in more durable revenues ($bn) Liquidity Management and other fees ~$850bn Private banking and lending Brokerage ~$500bn $13.3 Alternatives ~$525bn $12.1 $11.2 $2.9 $3.8tn $2.6 $9.4 $2.5 $8.1 Equity $1.7 $7.7 ~$775bn $1.4 $1.5 Fixed Income ~$1.175tn $10.4 $9.5 $8.8 3 $7.8 Leading Global Active Asset Manager $6.8 $6.1 28 Consecutive Quarters of Long-Term Fee-Based Net Inflows 3 Top 5 Alternative Asset Manager ~$525bn Total Alts Assets 2019 2020 2021 2022 2023 2024 6 Premier Ultra High Net Worth Franchise Expect to drive high-single-digit annual growth in medium-term 9 ~$1.6tn Total Wealth Mgmt. Client Assets 6
Path forward to mid-teens returns AWM pre-tax margin improvement Investing for Growth Wealth Management 28% Serve more clients via tailored and differentiated offerings ~4pp impact 6 of HPI Deliver unique lending solutions Elevate client experience through digital capabilities Alternatives Scale established flagship programs 10% Innovate new products Deepen institutional relationships and grow wealth channel Solutions 2023 2024 Provide customized solutions at scale Serve corporate and institutional clients and third-party wealth providers 6 Achieved medium-term mid-twenties margin target ; focused on driving towards mid-teens returns Deliver offerings across Outsourced CIO, Insurance, SMAs, Direct indexing 7
~70% of 2024 revenues driven from a growing baseline and more durable sources 10 GS revenue breakdown ($bn) Baseline revenues Solid foundation from More durable revenues baseline revenues with Other incremental revenues 1 opportunity for continued growth $59.3 $53.5 3 $47.4 $46.3 $44.6 $16.5 Growing contribution from $30.4 $12.3 $15.4 more durable revenue 2 $36.5 sources $19.4 2 $11.4 $22.4 $19.9 $18.4 $15.3 $12.2 $12.3 Power of diversification and 1 consistent ability to capture 3 $14.6 $14.1 $13.6 $13.6 $12.9 $12.9 upside 2019 2020 2021 2022 2023 2024 8
Investing to operate at scale with resilience and enhanced productivity O P E RATI NG E FFI CI E NCI E S 1 2 3 Organizational Spend Automation Structure Management n Expand presence in key n Optimize transaction based n Simplify and modernize strategic locations expenses technology stack n Optimize pyramid footprintn Drive efficient management n Productivity enhancements of consultants and vendors n Streamline functions and n Leverage AI solutions to processesn Reduction of expenses accelerate and transform associated with business technology consolidated investment entity (CIE) dispositions 9
Driving the firm to mid-teens returns through-the-cycle Mid-Teens Global Banking & Asset & Wealth Platform Markets Management Solutions Demonstrated mid-teens 2024 ROE of 12.8%; 12 Achieve pre-tax breakeven 11 returns clear path to mid-teens returns 12.7% 2024 ROE Through-the-Cycle 10
Results Snapshot Net Revenues Net Earnings EPS 2024 $53.51 billion 2024 $14.28 billion 2024 $40.54 4Q24 $ 1 3 . 87 billion 4Q24 $ 4 . 1 1 billion 4Q24 $11. 95 13 13 ROE ROTE Book Value Per Share 2024 12.7% 2024 13.5% 2024 $336.77 4Q24 14.6% 4Q24 15.5% 2024 Growth 7.4% 14 Annual Highlights Selected Items and FDIC Special Assessment Fee nd 2 highest net revenues, net earnings and diluted EPS $ in millions, except per share amounts 2024 4Q24 Pre-tax earnings: 1 6 #1 in announced and completed M&A $ 939 $ 472 AWM historical principal investments (668) (71) GM Card / Seller financing / GreenSky Record Equities net revenues, including record financing; (71) 9 FDIC special assessment fee Record FICC financing $ 200 $ 410 Total impact to pre-tax earnings Record Management and other fees; $ 156 $ 320 Impact to net earnings Record Private banking and lending net revenues $ 0.47 $ 0.98 Impact to EPS 7 Record AUS of $3.14 trillion; th 0.2pp 1.2pp Impact to ROE 28 consecutive quarter of long-term fee-based net inflows 11
Financial Overview Financial Results Financial Overview Highlights vs. vs. vs.n 4Q24 results included EPS of $11.95 and ROE of 14.6% $ in millions, except per share amounts 4Q24 3Q24 4Q23 2024 2023 — 4Q24 net revenues were significantly higher YoY reflecting higher net revenues across all segments, with significant growth in Global Banking & Markets $ 8,479 (1)% 33% $ 34,943 16% Global Banking & Markets — 4Q24 provision for credit losses was $351 million, reflecting net provisions related to the credit card portfolio (primarily driven by net charge-offs) Asset & Wealth Management 4,721 26% 8% 16,142 16% — 4Q24 operating expenses were slightly lower YoY primarily reflecting the FDIC special 669 71% 16% 2,427 2% assessment fee in 4Q23 and significantly lower expenses, including impairments, related to Platform Solutions commercial real estate in CIEs, partially offset by higher transaction based expenses 13,869 9% 23% 53,512 16% Net revenues 351 (12)% (39)% 1,348 31% Provision for credit losses 8,261 (1)% (3)% 33,767 (2)% Operating expenses 5,257 32% 133% $ 18,397 71% Pre-tax earnings $ n 2024 results included EPS of $40.54 and ROE of 12.7% $ 4,111 37% 105% $ 14,276 68% Net earnings — 2024 net revenues were higher YoY primarily reflecting higher net revenues in Global Banking & Markets and Asset & Wealth Management $ 3,923 41% 110% $ 13,525 71% Net earnings to common — 2024 provision for credit losses was $1.35 billion, reflecting net provisions related to the credit card portfolio (primarily driven by net charge-offs) $ 11.95 42% 118% $ 40.54 77% Diluted EPS — 2024 operating expenses were slightly lower YoY reflecting decreases driven by significantly lower expenses, including impairments, related to commercial real estate in CIEs and other 13 ROE 14.6% 4.2pp 7.5pp 12.7% 5.2pp significant expenses recognized in the prior year, including the write-down of intangibles related to GreenSky, an impairment of goodwill related to Consumer platforms and the FDIC 13 special assessment fee. These decreases were partially offset by higher compensation and ROTE 15.5% 4.4pp 7.9pp 13.5% 5.4pp benefits expenses and higher transaction based expenses 7 59.6% (5.9)pp (15.4)pp 63.1% (11.5)pp Efficiency Ratio 12
Global Banking & Markets Financial Results Global Banking & Markets Highlights n 4Q24 net revenues were significantly higher YoY vs. vs. vs. $ in millions — Investment banking fees reflected significantly higher net revenues in Equity underwriting and 4Q24 3Q24 4Q23 2024 2023 Debt underwriting Investment banking fees $ 2,054 10% 24% $ 7,732 24% — FICC reflected significantly higher net revenues in intermediation and financing — Equities reflected significantly higher net revenues in intermediation and financing FICC 2,739 (8)% 35% 13,204 9% 7 n Investment banking fees backlog increased QoQ, primarily driven by Equity underwriting 7 n 4Q24 select data : 3,451 (1)% 32% 13,431 16% Equities — Total assets of $1.41 trillion 235 4% 285% 576 237% — Loan balance of $130 billion Other — Net interest income of $869 million 8,479 (1)% 33% 34,943 16% Net revenues (55) N.M. N.M. 40 (90)% Provision for credit losses Operating expenses 4,783 (4)% 10% 19,980 11% n 2024 net revenues were higher YoY — Investment banking fees reflected significantly higher net revenues in Debt underwriting and Pre-tax earnings $ 3,751 6% 105% $ 14,923 29% Equity underwriting and higher net revenues in Advisory — FICC reflected significantly higher net revenues in financing and slightly higher net revenues Net earnings $ 2,937 11% 72% $ 11,580 26% in intermediation — Equities reflected significantly higher net revenues in intermediation and higher net revenues Net earnings to common $ 2,793 12% 75% $ 10,998 26% in financing 7 n Investment banking fees backlog increased YoY, primarily driven by Advisory Average common equity $ 76,604 1% 3% $ 75,796 5% Return on average common equity 14.6% 1.5pp 6.0pp 14.5% 2.4pp 13
Global Banking & Markets – Net Revenues Net Revenues Global Banking & Markets Net Revenues Highlights n 4Q24 Investment banking fees were significantly higher YoY vs. vs. vs. — Advisory net revenues were slightly lower $ in millions 4Q24 3Q24 4Q23 2024 2023 — Equity underwriting primarily reflected an increase in secondary and initial public offerings and private placements Advisory $ 960 10% (4)% $ 3,534 7% — Debt underwriting primarily reflected an increase in leveraged finance activity n 4Q24 FICC net revenues were significantly higher YoY Equity underwriting 499 30% 98% 1,677 45% — FICC intermediation reflected significantly higher net revenues in currencies and mortgages and higher net revenues in credit products, partially offset by lower net revenues in commodities. Net revenues in interest rate products were essentially unchanged 595 (2)% 51% 2,521 43% Debt underwriting — Record FICC financing primarily reflected significantly higher net revenues from mortgages and structured lending 2,054 10% 24% 7,732 24% Investment banking fees n 4Q24 Equities net revenues were significantly higher YoY — Equities intermediation primarily reflected significantly higher net revenues in cash products 1,750 (13)% 35% 9,564 3% FICC intermediation — Record Equities financing reflected significantly higher net revenues in prime financing and portfolio financing 989 4% 34% 3,640 33% FICC financing n 4Q24 Other net revenues YoY reflected significantly lower net losses on hedges FICC 2,739 (8)% 35% 13,204 9% n 2024 Investment banking fees were significantly higher YoY — Advisory reflected an increase in completed mergers and acquisitions transactions Equities intermediation 1,953 (12)% 30% 7,937 22% — Equity underwriting primarily reflected an increase in secondary and initial public offerings — Debt underwriting primarily reflected an increase in leveraged finance activity Equities financing 1,498 16% 36% 5,494 9% n 2024 FICC net revenues were higher YoY — FICC intermediation reflected significantly higher net revenues in currencies, mortgages and Equities 3,451 (1)% 32% 13,431 16% credit products, largely offset by lower net revenues in interest rate products and significantly lower net revenues in commodities Other 235 4% 285% 576 237% — Record FICC financing reflected significantly higher net revenues from mortgages and structured lending n 2024 Equities net revenues were a record and higher YoY Net revenues $ 8,479 (1)% 33% $ 34,943 16% — Equities intermediation primarily reflected significantly higher net revenues in derivatives — Record Equities financing reflected higher net revenues in prime financing n 2024 Other net revenues YoY primarily reflected significantly lower net losses on hedges 14
Asset & Wealth Management Financial Results Asset & Wealth Management Highlights n 4Q24 net revenues were higher YoY vs. vs. vs. — Record Management and other fees primarily reflected the impact of higher average assets $ in millions 4Q24 3Q24 4Q23 2024 2023 under supervision — Incentive fees were driven by harvesting Management and other fees: — Private banking and lending primarily reflected the impact of higher deposit balances Asset management $ 1,185 1% 8% $ 4,576 9% — Equity investments primarily reflected the impact of the net gain related to the sale of Personal Financial Management in 4Q23, partially offset by significantly higher mark-to- 1,633 13% 21% 5,849 11% Wealth management market net gains from investments in public equities — Debt investments reflected lower net interest income due to a reduction in the debt Total Management and other fees 2,818 8% 15% 10,425 10% investments balance sheet 7 n 4Q24 select data : 174 105% 195% 393 144% Incentive fees — Total assets of $194 billion — Loan balance of $47 billion, of which $38 billion related to Private banking and lending Private banking and lending 736 (3)% 11% 2,881 12% — Net interest income of $713 million 9 — Total Wealth management client assets of ~$1.6 trillion 729 528% (13)% 1,359 297% Equity investments Debt investments 264 48% (31)% 1,084 (18)% n 2024 net revenues were higher YoY Net revenues 4,721 26% 16,142 16% 8% — Record Management and other fees primarily reflected the impact of higher average assets under supervision Provision for credit losses (43) 61% (378)% (232) 54% — Incentive fees were driven by harvesting — Record Private banking and lending net revenues; YoY increase reflected the impact of the 3,006 6% (16)% 11,825 (9)% Operating expenses 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 the impact of higher direct- Pre-tax earnings $ 1,758 73% 116% $ 4,549 235% to-consumer deposit balances — Equity investments primarily reflected significantly higher net gains from investments in $ 1,371 79% 107% $ 3,530 227% Net earnings private equities (largely reflecting the impact of net losses in real estate investments in the prior year) Net earnings to common $ 1,333 83% 110% $ 3,386 256% — Debt investments reflected lower net interest income due to a reduction in the debt investments balance sheet, partially offset by net gains in 2024 compared with net losses (particularly in real estate investments) in 2023 $ 26,593 – (4)% $ 26,405 (12)% Average common equity n 2024 pre-tax margin of 28% (including the positive impact of 4pp from the results of historical 6 principal investments ) Return on average common equity 20.1% 9.1pp 11.0pp 12.8% 9.6pp 15
Asset & Wealth Management – Assets Under Supervision 7 7 AUS Highlights AUS by Asset Class n During the year, AUS increased $325 billion to a record $3.14 trillion $ in billions 4Q24 3Q24 4Q23 — Net inflows across all asset classes $ 336 $ 328 $ 295 Alternative investments — Net market appreciation primarily in equity assets Equity 772 780 658 n During the quarter, AUS increased $34 billion Fixed income 1,184 1,220 1,122 — Net inflows primarily in liquidity products and alternative investment assets Long-term AUS 2,292 2,328 2,075 — Net market depreciation primarily in fixed income and equity assets Liquidity products 845 775 737 n Total AUS net inflows of $92 billion during the quarter, of which: 3,137 3,103 2,812 Total AUS $ $ $ — $78 billion of net inflows in Third-party distributed client channel — $18 billion of net inflows in Wealth management client channel 7 AUS by Client Channel — $4 billion of net outflows in Institutional client channel $ in billions 4Q24 3Q24 4Q23 Institutional $ 1,078 $ 1,126 $ 1,033 7 AUS Rollforward 929 913 798 Wealth management $ in billions 4Q24 3Q24 4Q23 2024 2023 Third-party distributed 1,130 1,064 981 Beginning balance $ 3,103 $ 2,934 $ 2,680 $ 2,812 $ 2,547 Total AUS $ 3,137 $ 3,103 $ 2,812 22 51 106 74 Long-term AUS net inflows / (outflows) 29 7 Liquidity products 70 (37) 108 27 4Q24 AUS by Region and Vehicle 37 Total AUS net inflows / (outflows) 92 66 14 214 101 7% 14% Acquisitions / (dispositions) (23) – (23) – – Americas Separate accounts 22% Net market appreciation / (depreciation) (58) 103 141 111 187 Vehicle Region EMEA Public funds 54% 32% $ 3,137 $ $ 2,812 $ 3,137 $ 2,812 71% Ending balance 3,103 Asia Private funds and other 16
Asset & Wealth Management – Alternative Investments 7 7 Alternative Investments Highlights On-Balance Sheet Alternative Investments n 2024 Management and other fees from alternative investments were $2.18 billion (including $ in billions 4Q24 $620 million in 4Q24), up 2% from 2023 Loans $ 8.5 n During the year, alternative investments AUS increased $41 billion to $336 billion Debt securities 9.0 n 2024 gross third-party alternatives fundraising across strategies was $72 billion, including: Equity securities 13.4 — $28 billion in corporate equity, $19 billion in credit, $6 billion in real estate and $19 billion in 15 Other 5.6 hedge funds and other Total On-B/S alternative investments $ 36.5 — $323 billion raised since 2019 n During the year, on-balance sheet alternative investments declined by $9.7 billion to $36.5 billion $ in billions 4Q24 6 — Historical principal investments declined by $6.9 billion to $9.4 billion (attributed equity of Client co-invest $ 18.4 $4 billion) and included $1.6 billion of loans, $2.6 billion of debt securities, $3.5 billion of 15 equity securities and $1.7 billion of CIE investments Firmwide initiatives / CRA investments 8.7 6 Historical principal investments 9.4 Total On-B/S alternative investments $ 7 36.5 Alternative Investments AUS and Effective Fees 4Q24 $ in billions Average AUS Effective Fees (bps) Historical Principal Investments Rollforward Corporate equity $ 127 75 $ in billions 2024 64 72 Credit Beginning balance $ 16.3 Real estate 30 56 Additions 0.7 16 75 58 Hedge funds and other Dispositions / paydowns (7.9) Funds and discretionary accounts 296 68 Net mark-ups / (mark-downs) 0.3 Net change $ (6.9) 37 16 Advisory accounts Ending balance $ 9.4 Total alternative investments AUS $ 333 62 17
Platform Solutions Financial Results Platform Solutions Highlights vs. vs. vs.n 4Q24 net revenues were higher YoY $ in millions 4Q24 3Q24 4Q23 2024 2023 — Consumer platforms primarily reflected the mark-downs related to the GreenSky held for sale loan portfolio in 4Q23 $ 597 79% 18% $ 2,147 4% Consumer platforms — Transaction banking and other net revenues were essentially unchanged n 4Q24 provision for credit losses of $449 million reflected net provisions related to the credit card 72 24% (1)% 280 (8)% Transaction banking and other portfolio (primarily driven by net charge-offs) 7 n 4Q24 select data : Net revenues 669 71% 16% 2,427 2% — Total assets of $63 billion 449 (1)% 13% 1,540 36% Provision for credit losses — Loan balance of $19 billion — Net interest income of $763 million 472 (5)% (17)% 1,962 (43)% Operating expenses Pre-tax earnings / (loss) $ (252) 55% 35% $ (1,075) 51% n 2024 net revenues were slightly higher compared with 2023 Net earnings / (loss) $ (197) 54% 45% $ (834) 52% — Consumer platforms reflected higher average credit card balances and higher average deposit balances, largely offset by the impact of the planned transition of the GM credit card Net earnings / (loss) to common $ (203) 54% 44% $ (859) 51% program to another issuer — Transaction banking and other primarily reflected lower net revenues related to the seller Average common equity $ 4,633 3% 27% $ 4,573 18% financing loan portfolio n 2024 provision for credit losses of $1.54 billion reflected net provisions related to the credit card Return on average common equity (17.5)% 21.3pp 22.2pp (18.8)% 26.4pp portfolio (primarily driven by net charge-offs) 18
Loans and Net Interest Income 7 7 Loans by Segment ($ in billions) Loans and Net Interest Income Highlights n During the year, total loans increased $13 billion, up 7% $196 $192 $183 — Gross loans by type: $192 billion - amortized cost, $5 billion - fair value, $4 billion - held for sale — Average loans of $188 billion Global Banking $130 $129 $117 — Total allowance for loan losses and losses on lending commitments was $5.34 billion & Markets ($4.67 billion for funded loans) Asset & Wealth Management o $2.77 billion for wholesale loans, $2.57 billion for consumer loans Platform n Net charge-offs for 2024 of $1.42 billion for a net charge-off rate of 0.8% (0.0% for wholesale Solutions $46 $47 $45 loans, 7.6% for consumer loans), down 10bps YoY — Net charge-offs for 4Q24 of $377 million for an annualized net charge-off rate of 0.8% $19 $20 $18 (0.1% for wholesale loans, 7.1% for consumer loans), up 10bps QoQ 4Q24 3Q24 4Q23 n Net interest income for 2024 was $8.06 billion, 27% higher YoY, reflecting an increase in 7 interest-earning assets. Average interest-earning assets were $1.57 trillion 7 Loans by Type Metrics — Net interest income for 4Q24 was $2.35 billion, 75% higher YoY, reflecting a shift towards higher-yielding assets, and was essentially unchanged QoQ. Average interest-earning $ in billions 4Q24 3Q24 4Q23 2.4% 7 assets were $1.59 trillion ALLL to Total Corporate $ 30 $ 33 $ 36 Gross Loans, at Amortized Cost Commercial real estate 30 28 26 Residential real estate 26 25 25 1.2% ALLL to Gross Securities-based lending 17 16 15 Wholesale Loans, at Other collateralized lending 75 73 62 Amortized Cost Installment – – 3 13.1% ALLL to Gross Credit cards 21 20 19 Consumer Loans, at Other 2 2 2 Amortized Cost Allowance for loan losses (5) (5) (5) ~85% Gross Loans Total loans $ $ $ 196 192 183 Secured 19
Expenses Financial Results Expense Highlights n 2024 total operating expenses decreased YoY vs. vs. vs. — Decreases driven by significantly lower expenses, including impairments, related to 4Q24 3Q24 4Q23 2024 2023 $ in millions commercial real estate in CIEs (largely in depreciation and amortization) and other significant expenses recognized in 2023, including the write-down of intangibles related to Compensation and benefits $ 3,759 (9)% 4% $ 16,706 8% GreenSky and an impairment of goodwill related to Consumer platforms (both in depreciation and amortization), and the FDIC special assessment fee (in other expenses) Transaction based 1,872 10% 29% 6,724 18% — Partially offset by higher compensation and benefits expenses (reflecting improved operating performance) and higher transaction based expenses 181 14% 3% 646 3% Market development n 2024 effective income tax rate was 22.4%, up from 20.7% for 2023, primarily due to a decrease in the impact of permanent tax benefits for 2024 compared with 2023, partially offset by changes in the geographic mix of earnings Communications and technology 523 5% 4% 1,991 4% 498 (20)% (36)% 2,392 (51)% Depreciation and amortization 7 Efficiency Ratio Occupancy 240 (1)% (10)% 973 (8)% 74.6% Professional fees 475 19% 1% 1,652 2% 63.1% 713 25% (42)% 2,683 (16)% Other expenses Total operating expenses $ 8,261 (1)% (3)% $ 33,767 (2)% 1,146 15% 366% $ 4,121 85% Provision for taxes $ Effective Tax Rate 22.4% 1.7pp 2024 2023 20
Capital and Balance Sheet 7 7 Capital and Balance Sheet Highlights Selected Balance Sheet Data n Standardized CET1 capital ratio increased YoY, driven by an increase in CET1 capital and a decrease in credit RWAs, partially offset by an increase in market RWAs $ in billions 4Q24 3Q24 4Q23 n Advanced CET1 capital ratio increased YoY, primarily driven by an increase in CET1 capital, Total assets $ 1,671 $ 1,728 $ 1, 642 partially offset by an increase in market RWAs n Returned $11.80 billion of capital to common shareholders during the year Deposits $ 433 $ 445 $ 428 7 — 17.5 million common shares repurchased for a total cost of $8.00 billion (including $2.00 billion repurchased during 4Q24) Unsecured long-term borrowings $ 243 $ 250 $ 242 — $3.80 billion of common stock dividends Shareholders’ equity $ 122 $ 121 $ 117 n Deposits of $433 billion consisted of consumer $181 billion, private bank $96 billion, transaction banking $63 billion, brokered CDs $41 billion, deposit sweep programs $31 billion and other $21 Average GCLA $ 422 $ 447 $ 414 billion n BVPS increased 7.4% YoY, driven by net earnings 7 Capital Book Value In millions, except per share amounts 4Q24 3Q24 4Q23 4Q24 3Q24 4Q23 7 Standardized CET1 capital ratio Basic shares 322.9 324.2 337.1 15.0% 14.6% 14.4% Advanced CET1 capital ratio Book value per common share $ 336.77 $ 332.96 $ 313.56 15.4% 15.5% 14.9% 13 Supplementary leverage ratio (SLR) 5.5% 5.5% 5.5% Tangible book value per common share $ 316.02 $ 311.88 $ 292.52 21
Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity and the forward-looking statements below, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2023. Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets (GCLA) consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements regarding (i) forward catalysts, estimated GDP growth or contraction, interest rate and inflation trends and volatility, (ii) the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of targets and goals, (iii) the firm’s expense savings, productivity and strategic location initiatives, (iv) the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s stress capital buffer and G-SIB buffer, and the potential impact of changes to U.S. regulatory capital rules), (v) the firm’s prospective capital distributions (including dividends and repurchases), (vi) the firm’s future effective income tax rate, (vii) the firm’s Investment banking fees backlog and future results, (viii) the firm’s planned 2025 benchmark debt issuances, (ix) the impact of Russia’s invasion of Ukraine and related sanctions and other developments and the impact of the conflict in the Middle East on the firm’s business, results and financial position, and (x) the firm’s ability to sell, and the terms of any proposed or pending sale of, Asset & Wealth Management historical principal investments, and the firm’s ability to transition the GM credit card program are forward-looking statements. Statements regarding forward catalysts are subject to the risk that the actual operating environment may differ, possibly materially, due to, among other things, changes or the absence of changes in general economic and market conditions, CEO confidence, sponsor activity, productivity gains, and the regulatory backdrop. Statements regarding estimated GDP growth or contraction, interest rate and inflation trends and volatility are subject to the risk that actual GDP growth or contraction, interest rate and inflation trends and volatility may differ, possibly materially, due to, among other things, changes in general economic conditions and monetary and fiscal policy. Statements about the timing, profitability, benefits and other prospective aspects of business and expense savings initiatives and the achievability of targets and goals are based on the firm’s current expectations regarding the firm’s ability to effectively implement these initiatives and achieve these targets and goals and may change, possibly materially, from what is currently expected. Statements about the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s stress capital buffer and G-SIB buffer), as well as its prospective capital distributions (including dividends and repurchases), are subject to the risk that the firm’s actual liquidity, regulatory capital ratios and capital distributions may differ, possibly materially, from what is currently expected, including due to, among other things, potential future changes to regulatory capital rules, which may not be what the firm expects. Statements about the firm’s future effective income tax rate are subject to the risk that the firm’s future effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the tax rates applicable to the firm, the firm’s earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm’s expected tax rate, and potential future guidance from tax authorities. Statements about the firm’s Investment banking fees backlog and future advisory and capital market results are subject to the risk that advisory and capital market activity may not increase as the firm expects or that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak or worsening of hostilities, including those in Ukraine and the Middle East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. Statements regarding the firm’s planned 2025 benchmark debt issuances are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm’s funding needs. Statements about the impact of Russia’s invasion of Ukraine and related sanctions and other developments and the impact of the conflict in the Middle East on the firm’s business, results and financial position are subject to the risks that hostilities may escalate and expand, that sanctions may increase and that the actual impact may differ, possibly materially, from what is currently expected. Statements about the proposed or pending sales of Asset & Wealth Management historical principal investments are subject to the risks that buyers may not bid on these assets or bid at levels, or with terms, that are unacceptable to the firm, and that the performance of these activities may deteriorate as a result of the proposed and pending sales, and statements about the process to transition the GM credit card program are subject to the risk that a transaction may not close on the anticipated timeline or at all, including due to a failure to obtain requisite regulatory approvals. 22
Footnotes 1. Dealogic – January 1, 2024 through December 31, 2024. M&A refers to both announced and completed M&A. Equity capital markets (ECM) refers to Equity & Equity-related Offerings. 2. FICC and Equities rankings based on cumulative publicly-disclosed net revenues (2020-3Q24 YTD). Global Banking & Markets (GBM) revenue wallet share since Investor Day 2020 (3Q24 YTD vs. 2019) based on reported revenues for Advisory, Equity underwriting, Debt underwriting, FICC and Equities. Peers include MS, JPM, BAC, C, BARC, DB, UBS, CS (through FY22). 3. Rankings based on assets as of 3Q24. 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 AUS and non-fee-earning Alternatives assets. 4. Dividend per share and book value per share as of 4Q24, growth vs. 4Q23. Stock price and total shareholder return as of December 31, 2024, growth vs. December 29, 2023 (last market day of 2023). 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. Medium term refers to a 3-5 year time horizon from year-end 2022. Historical principal investments (HPI) includes consolidated investment entities (CIEs) and other legacy investments the firm intends to exit over the medium term. 7. For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2024: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets,” (ii) assets under supervision (AUS) – see “Results of Operations – Asset & Wealth Management – Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics,” (v) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management” and (vi) global core liquid assets – see “Risk Management – Liquidity Risk Management.” For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2024: (i) interest- earning assets – see “Statistical Disclosures – Distribution of Assets, Liabilities and Shareholders’ Equity” and (ii) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy.” Represents a preliminary estimate for the fourth quarter of 2024 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets. These may be revised in the firm’s Annual Report on Form 10-K for the year ended December 31, 2024. 8. Included $3.1 trillion of AUS, approximately $185 billion of non-fee-earning alternative assets and approximately $500 billion of brokerage assets. 9. Consists of AUS, brokerage assets and Marcus deposits. 10. Baseline revenues represent the total revenues of the previous 10-year lows for each of the businesses considered to be more cyclical: Advisory, Equity underwriting, Debt underwriting, FICC intermediation and Equities intermediation. More durable revenues represent reported revenues for the year for Management and other fees, Private banking and lending, FICC financing and Equities financing. Other incremental revenues represent total net revenues reported for the year less baseline revenues and more durable revenues as defined above. 11. Key assumptions include continued annual growth in the high-single-digits in Management and other fees and Private banking and lending net revenues, a reduction in HPI balance sheet (returning associated capital of approximately $4 billion to shareholders), an increase in Incentive fees to the target level of $1 billion and a reduction in aggregated Equity and Debt investments net revenues to the target level of $2 billion+, which imply a positive impact of approximately 100-130bps to the firm’s ROE. 12. Achieving pre-tax breakeven implies a positive impact of approximately 70bps to the firm’s ROE, with an additional positive impact of approximately 60bps if associated capital of approximately $5 billion is returned to shareholders. 23
Footnotes – Continued 13. Return on average common shareholders’ equity (ROE) is calculated by dividing net earnings (or annualized net earnings for annualized ROE) applicable to common shareholders by average monthly common shareholders’ equity. Return on average tangible common shareholders’ equity (ROTE) is calculated by dividing net earnings (or annualized net earnings for annualized ROTE) applicable to common shareholders by average monthly tangible common shareholders’ equity. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. Tangible book value per common share (TBVPS) is calculated by dividing tangible common shareholders’ equity by basic shares. Management believes that tangible common shareholders’ equity and TBVPS are meaningful because they are measures that the firm and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders’ equity, ROTE and TBVPS are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. The table below presents a reconciliation of average and ending common shareholders’ equity to average and ending tangible common shareholders’ equity: AVERAGE FOR THE AS OF YEAR ENDED THREE MONTHS ENDED Unaudited, $ in millions DECEMBER 31, 2024 DECEMBER 31, 2024 DECEMBER 31, 2024 SEPTEMBER 30, 2024 DECEMBER 31, 2023 Total shareholders’ equity $ 119,204 $ 121,083 $ 121,996 $ 121,200 $ 116,905 Preferred stock (12,430) (13,253) (13,253) (13,253) (11,203) Common shareholders’ equity 106,774 107,830 108,743 107,947 105,702 Goodwill (5,895) (5,880) (5,853) (5,909) (5,916) Identifiable intangible assets (1,003) (886) (847) (925) (1,177) Tangible common shareholders’ equity $ 99,876 $ 101,064 $ 102,043 $ 101,113 $ 98,609 14. Includes selected items that the firm has sold or is selling related to the narrowing of the firm’s ambitions in consumer-related activities and related to the transitioning of Asset & Wealth Management to a less capital-intensive business. Pre-tax earnings for each selected item includes the operating results of the item and additionally, for General Motors (GM) Card, a loss related to the planned transition of the GM credit card program to another issuer and a write-down of intangibles, and for seller financing, net impairments in provision for credit losses and a mark-down in net revenues related to the transfer of the portfolio to held for sale. In the first half of 2024, the FDIC notified banks subject to the special assessment fee that the estimated cost to the Deposit Insurance Fund resulting from the closures in 2023 of Silicon Valley Bank and Signature Bank had increased and the firm recognized an incremental pre-tax expense. In 3Q24 and 4Q24, based on additional information received from the FDIC, the firm recognized a reduction in the estimated cost of the FDIC special assessment fee. Net earnings reflects the 2024 and 4Q24 effective income tax rate for the respective segment of each item. 15. Other on-balance sheet alternative investments include tax credit investments (accounted for under the proportional amortization method of accounting) of $3.2 billion and assets held by CIEs (generally accounted for at historical cost less depreciation) of $2.4 billion, both as of December 31, 2024. The assets held by CIEs were funded with liabilities of $1.2 billion as of December 31, 2024, which are substantially all nonrecourse thereby reducing the firm’s equity at risk. Substantially all of the firm’s CIEs are engaged in commercial real estate investment activities. 16. Includes approximately $0.4 billion of investments that were transferred from historical principal investments to client co-invest. 24