We extend loans that are backed by specific collateral (other than securities and real estate), including to clients who warehouse assets that are directly or indirectly secured by corporate loans, consumer loans, including auto loans and private student loans, and other assets. Investor Day On January 29, 2020, we held our first-ever Investor Day, where we laid out to the public our strategy as well as our medium- and long-term performance goals. We committed $775 million to providing loans through the Paycheck Protection Program (PPP), as we sought to push money through Community Development Financial Institutions and into the hands of small businesses particularly in communities of color. In the first two years, weve already seen progress and firmwide engagement. If any of these is ever diminished, the last is the most difficult to restore. Our leadership is focused on our key priorities to make the firm stronger and more diversified. 4 Total client assets includes assets under supervision, brokerage assets, and consumer deposits. In 2019, we set a target of $750 billion in financing, advisory and investing activity over the next 10 years across the themes of climate transition and inclusive growth. For further information about our deposits, including the sources and types of our deposits and the amount that is insured by the FDIC, see "Management's Discussion and Analysis of Financial Condition and Results of Operations - Balance Sheet and Funding Sources - Funding Sources - Deposits" in Part II of this Annual Report and Note 13 to the consolidated financial statements in Part III of this Annual Report. We expect our people to maintain high ethical standards in everything they do, both in their work for the firm and in their personal lives. We underwrite, structure and negotiate pricing for these loans based on our underwriting criteria. Allocation Change (Global, %) Global Americas EMEA Asia We owe it to the people who have just joined the firm to ensure that, as we continue on this journey together, we will find ways for them to develop and grow, whether its through the opportunity to network, find a mentor, or simply benefit from being around so many other smart, creative people. Our lending activities include providing corporate, residential and commercial real estate, securities-based and other collateralized loans. The uncertainty and dislocation of the healthcare crisis amplified how important it is that we invest in the fabric of our society, make it more sustainable, and advance inclusive growth. We are stewards of their trust a trust that has been built up over a very long period of time. The firm's efficiency ratio3 for the first quarter of 2022 was 59.7%, compared with 53.3% for the first quarter Our preparation for Investor Day served us well. 22 Mar 2019 2018 Annual Report. When you look at our 2022 results specifically, there's no question that the operating environment was challenging. The Goldman Sachs Group, Inc. The same business mix that did so well in 2021 faced headwinds, such as low capital markets issuance activity and falling equity and fixed income asset prices. 1 MarketScreener is worth more than 1000 Influencers! We are GS Group's primary deposit-taking entity. The 10,000 Women in-person business education program was launched in 2008, and in 2018, the curriculum was made available online through Coursera, further democratizing access. NASDAQ Financial Services Compare to Open 326.07 Prior Close 328.33 (05/30/23) 1 Day GS -1.35% DJIA -0.41% S&P 500 -0.61% Financial Services -0.83% Overview Earnings & Estimates Goldman Sachs. And so our organization will continue to make sure all of us operate at the highest level of integrity. As a member of the Federal Deposit Insurance Corporation (FDIC), GS Bank USA's deposits are insured by the FDIC up to the maximum amount provided by law. We believe were now well positioned to execute our strategy, capitalize on our strengths and achieve our execution priorities in all three of our segments. Even today, we're operating in an uncertain environment. PDF Transcript. We think that this is an important part of our success. We also developed training to cultivate allies for racial equity. In the pages that follow, we lay out in detail the state of our franchise as well as the progress we've made in our businesses, and as you'll see, our strategy is a reflection of our purpose: We aspire to, "Being exceptional is not a given, but we always learn and adapt.". Please fill out the form below and click "Place Order" to complete your order. Being diverse is not optional; it is what we must be. In January 2020, I stood in the auditorium of our NewYork headquarters at 200 West Street and kicked off our first Investor Day. To breach a confidence or to use confidential information improperly or carelessly would be unthinkable. Fellow Shareholders: In January 2020, I stood in the auditorium of our New York headquarters at 200 West Street and kicked off our first Investor Day. All rights reserved. 20 Mar 2020 2019 Annual Report. But through it all, we've stayed focused on shareholders, and I'm proud of what we've accomplished. We also originate secured loans through Goldman Sachs Private Bank Select to clients of financial advisors at third-partybroker-dealers, registered investment advisors and asset custodians. Goldman Sachs Reports 2022 Second Quarter Earnings Per Common Share of $7.73 and Increases the Quarterly Dividend to $2.50 Per Common Share in the Third Quarter . We constantly strive to anticipate the rapidly changing needs of our clients and to develop new services to meet those needs. And to do our part in the wider community, we created the $10 million Fund for Racial Equity to support the work of leading organizations fighting racial injustice and structural inequity. At Goldman Sachs Asset Management (GSAM), our goal is to meet the financial needs of institutional and individual investors worldwide now and in the future with innovative investment solutions. We regularly receive confidential information as part of our normal client relationships. Back then, our leadership team and I laid out a comprehensive strategy to strengthen and grow the firm: First, we would invest in our core businesses. Download this and previous annual reports by simply selecting the year. All references to 2022 and 2021 refer to our years ended, or the dates, as the context requires, December 31, 2022 and December 31, 2021, respectively. ROTE and tangible common shareholders equity are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. firm: First, we would invest in our core businesses. Although our activities are measured in billions of dollars, we select our people one by one. We stress creativity and imagination in everything we do. And third, we would run the firm more efficiently. This is a marathon, not a sprint, and though progress is never a straight line, this year more than any other taught us that, when your strategy is clear even in a crisis youve got to stay the course. Later this year, we will issue our second annual Taskforce on Climate-related Financial Disclosure (TCFD) report, in which we will lay out in detail how were taking climate-risk considerations into account both in our business practices and our business selection. Our share gains and higher financing revenues over the past few years have further increased durability. Although reinvestment rates have begun to rise in 2022, insurers expressed continued interest in alternative investments as a driver of returns. Today, we are a top 5 global active asset manager6 and a top 5 global alternatives manager6 with a premier wealth management franchise. Being exceptional is not a given, but we always learn and adapt. I felt it was good for our people to know our leadership was in control and ensuring that we would navigate the challenges of the pandemic. annual excess return relative to the Russell 3000. some campaigns may have multiple demands. 19 Mar 2021 2020 Annual Report. That said, we still have much work to do to build and retain a pipeline of diverse leadership. Copyright 2023 Surperformance. All rights reserved. And whats most exceptional about our firm is our people. 2022 Annual Report 2022 [PDF] LETTER TO SHAREHOLDERS ______________________________ From left to right: John Waldron President and Chief Operating Officer David Solomon Chairman and Chief Executive Officer Denis Coleman Chief Financial Officer Fellow Shareholders: Download Letter [PDF] All our Management Committee members receive 100 percent of their annual stock-based compensation in performance-based shares that are earned based on future results. In December 2022, building off our renewed commitment to client centricity, we reorganized the firm into three segments: 1) Global Banking & Markets; 2) Asset & Wealth Management; and 3) Platform Solutions, into which we have integrated two lines of businesses: Transaction banking and Consumer platforms, which consists of our consumer card partnerships and GreenSky. Net revenues were $47.4 billion, net earnings were $11.3 billion and diluted earnings per common share were $30.06. ROE was 10.2 percent and ROTE2 was 11.0 percent. Support Services. Our goal is to provide superior returns to our shareholders. Christian Sewing, Chief Executive Officer - Deutsche Bank Global Financials Conference, New York. GSBE's London branch is regulated by the FCA and GSBE applied for a permanent authorization of its London branch in March 2022. Our total client assets8 in Wealth management stand at more than $1 trillion. Although I am glad to have put it behind us, I see many lessons for the future. We have made headway with our diverse representation goals at the analyst, associate and vice president levels. But its not enough to recruit talent; we also need to make sure they can realize their potential, so weve set additional goals to hold ourselves accountable. Im proud of the firms leadership in this area, and we will continue to deliver integrated sustainable solutions to help our clients navigate the transition. And our standardized Common Equity Tier 1 ratio stands at 14.7 percent, versus our targeted range of 13 percent to 13.5 percent. 1Data as of December 31, 2022, compared to December 31, 2019. 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. We are also GS Group's primary deposit-taking entity. Services provided from and to our affiliates are governed under Master Services Agreements and supplemented by Service Level Agreements (collectively, the Master Services Agreement). View the Goldman Sachs annual report 2021 below. Our goal is to provide superior returns to our shareholders. PDF Presentation. In a demonstration of how essential we believe this effort to be both to our strategy and to our financial performance, we continued to make progress on our aspirational goals in 2020. We allowed consumers to skip several months payments with no interest. 6Rankings as of 4Q22. I believe in our strategic plan, our leadership team, our culture, and in the raw talent of our people. 2021 was a remarkable year for U.S. financial assets. Last January, we expected that 40 percent of our employees would ultimately work from one of our strategic locations, and we will continue to evaluate the potential for that number to grow over time. We also grew our book value per share by 6.7 percent and continued to make significant progress on our strategic evolution. The integration of our #1 Investment Banking franchise9 with our leading FICC and Equities businesses positions Global Banking & Markets to continue delivering strong returns. Still, the challenge of climate change is massive; it cannot be addressed by one company alone. I, along with every member of our Management Committee, have experienced the ongoing benefit of one-on-one reverse mentoring from our Black leaders. 1. High-Net-Worth Wealth Management Even while we slowed down our hiring efforts because of the pandemic, we added more than 100 client-facing professionals and continued to expand our high-net-worth platform through our Personal Financial Management business, formerly known as United Capital, and Ayco. Back in January 2020, nobody would have imagined that just a few weeks later a pandemic would break out and there would be such disruption in the global economy. As a result, in a macro environment where equity issuance hit a nearly two-decade low, we performed better than we would have three years ago. We also provide wealth advisory services, including portfolio management and financial counseling, brokerage and other transaction services to high-net-worth individuals and families. This is a great business, and we are performing for clients at the highest level. As I travel around the world meeting with clients, I'm often told how talented our people are. Global Banking & Markets is an extraordinary franchise. And while our leadership responded immediately, what was inspiring was how our people looked out for each other. In the pages that follow, we lay out in detail the state of our franchise as well as the progress weve made in our businesses, and as youll see, our strategy is a reflection of our purpose: We aspire to be the worlds most exceptional financial institution, united by our core values of partnership, client service, integrity and excellence. We benefit from our affiliates' access to third-party vendors, experience and knowledge, and services provided to us by employees of affiliates. With the money saved, we partially offset the investments made in our business and our people in 2020. Return on average common shareholders equity (ROE) was 11.1 percent, and return on average tangible common shareholders equity was 11.8 percent. . And, while in tougher environments we may not hit our return targets, our actions over the past several years have raised the floor of our returns, while retaining the upside in more conducive markets and lowering the overall volatility. In 2023, we mark the 15th anniversary of Goldman Sachs 10,000 Women, our ongoing initiative to foster economic growth by providing women entrepreneurs around the world with a business and management education and access to capital. h2 { And, if you exclude the impact of litigation in 2020, our average ROE would have been roughly 130 basis points higher. Click the button below to request a report when hardcopies become available. The increase in non-compensation expenses was primarily related to acquisitions, transaction-based costs and continued investments in technology. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. We are GS Group's primary lending entity, originating loans to corporate and wealth management clients, as well as issuing credit cards and providing point-of-sale financing through GreenSky, Inc. (GreenSky) to consumers. Download for your device Advertisement Goldman Sachs Annual Reports Installment, Credit Card and Other Loans. Request Information View 2021 Sustainability Report BMO Capital Adjusts Price Target on Goldman Sachs to $414 From $429, Maintains Outperfo.. RBC Capital Adjusts Goldman Sachs Group's Price Target to $375 From $339, Keeps Sector .. Morgan Stanley Adjusts Price Target on Goldman Sachs to $337 From $329, Maintains Equal.. Weve been #1 in global completed M&A for 23 of the last 24 years,3 and once again this year we were the advisor of choice. . Goldman Sachs 20 Apnl 2023 I 5 35PM EDT . Proxy Statement 2.8 MB. Our affiliates are sources of business for certain of our lending and other business activities, and often are counterparties to derivatives transactions with us. Source: IFPI Global Music Report 2022, Goldman Sachs Global Investment Research Source: IFPI Global Music Report 2022, Goldman Sachs Global Investment Research 13 June 2022 ; 5; Goldman Sachs. Investment Banking We remained the advisor of choice and continued to grow our businesses, as our announced M&A deal count was up, along with our equity underwriting wallet share. We are a financial services provider that engages in banking activities. Our asset management business significantly depends on our ability to delegate portfolio management to other affiliates. During 2020, the firm recorded net provisions for litigation and regulatory proceedings, driven by the 1MDB matter, of $3.42 billion, which reduced diluted EPS by $9.51 and ROE by 3.9 percentage points. First, were working to develop more comprehensive climate data and to promote more thorough disclosure. BMO Capital Adjusts Price Target on Goldman Sachs to $414 From $429, Maintains Outperfo.. RBC Capital Adjusts Goldman Sachs Group's Price Target to $375 From $339, Keeps Sector .. Morgan Stanley Adjusts Price Target on Goldman Sachs to $337 From $329, Maintains Equal.. Overall, weve raised nearly $180 billion since 2019, making real progress toward our revised target of $225 billion. Digital Consumer Banking We saw strong growth in our digital consumer bank, as consumer deposits rose by $37 billion to $97 billion in total, and in April we reached our one-millionth deposit customer in Marcus. Analyst Coverage Firm . Members of the public who would like to listen to the conference call should dial +1-800-753-0786 (in the U.S.) and . Data based on reported revenues for Advisory, Equity underwriting, Debt underwriting, FICC and Equities. h2 { Commercial and Residential Real Estate Loans. We contributed over $150 billion in sustainable-finance activity over the course of 2020, including over $90 billion toward climate transition. We couldn't have anticipated all the challenges. View Press Release. I am humbled by the commitmentI see across our firm every day. So while Investor Day seems like a long time ago, the pillars of our long-term strategy remain the same, and Im proud to report we are seeing early success in each category: First, to grow and strengthen our existing franchise and capture higher wallet share across a wider range of clients; Second, to diversify our products and services in order to build a more durable source of earnings; Third, to operate more efficiently so that we can drive higher margins and returns across the organization. Goldman Sachs 10,000 Small Businesses As part of our investment in communities, we are also helping the entrepreneurs who create the long-term economic growth we need. The proceeds from these forms of lending are principally used by borrowers for liquidity and general corporate purposes or in connection with acquisitions. In addition, client-related market development costs were higher following lower levels during the pandemic. Tangible common shareholders equity is calculated as total shareholders equity less preferred stock, goodwill and identifiable intangible assets. 1 MarketScreener is worth more than 1000 Influencers! I also realized that sometimes the strongest message you can send is just by showing up, so I continued to go in to the office at 200 West Street in New York, even during the grim months of March and April. Second, we embraced our responsibility as a leader in our industry to promote change. As described on Investor Day, we continue to build a firm capable of generating mid-teen or higher returns over the long term. In July 2022, we brought together more than 2,500 entrepreneurs at our summit in Washington, D.C. the largest gathering of its kind to hear from top business leaders, devise new strategies for business growth and meet with more than 300 members of Congress to call for policy action, specifically to modernize and reauthorize the Small Business Administration for the first time in more than 20 years. And in the medium term that is, by 2022 we are confident that we will reach our targets: In 2020, our ROE was 11.1 percent, notwithstanding a nearly four percentage-point impact of litigation expense, compared with our 13 percent . As a result, in a macro environment where equity issuance hit a nearly two-decade low, we performed better than we would have three years ago. Our experience shows that if we serve our clients well, our own success will follow. In particular, we are already seeing important benefits from our investments in automation and consolidation of platforms, including increased straight-through processing rates and reduced cost per trade. I had to see it for myself, so in May I went to Plainview, Long Island, and spent time making sandwiches at Coliseum Caterers before delivering them to Plainview Hospital, where I was deeply moved to see our healthcare workers steadfast devotion to their patients. This effort cant succeed without advice and counsel from the broadest range of Black voices possible, so weve created a new advisory council of prominent Black leaders from a wide range of fields. 8Includes both Ultra High Net Worth and High Net Worth client assets within Private Wealth Management and Workplace and Personal Wealth. We also provide certain processes, support systems and infrastructure to Group Inc. and our affiliates and provide payment services and intraday liquidity for certain affiliates. The contrast between the hardship imposed on all those affected by COVID-19 and the very high level of market activity created a stark and complex environment for all of us at Goldman Sachs to navigate. Access the Webcast John Waldron President and Chief Operating Officer Read Bio Cautionary Note on Forward-Looking Statements Many pension funds and international institutions participating in recent fund offerings are new investing clients of the firm. We had a record year in alternatives fundraising in 2022, with $72 billion raised across our franchise. GS Bank USA is a wholly-owned subsidiary of Group Inc. Group Inc. is a bank holding company (BHC) under the U.S. Bank Holding Company Act of 1956 (BHC Act) and a financial holding company (FHC) under amendments to the BHC Act effected by the U.S. Gramm-Leach-Bliley Act of 1999. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. Mutual Funds Fund Facts at a Glance PDF Pricing Guide and Fund Summary PDF Rule 12d1-4 Eligible Acquired Funds PDF Exchange-Traded Funds Closed-End Funds Proxy Statement 3.4 MB. As I travel around the world meeting with clients, Im often told how talented our people are. And we now have loan penetration7 with approximately 30 percent of our U.S. private wealth clients, leaving us plenty of room for growth. We learned a lot about humility in 2020 because so much of what happened was out of our control, but the progress we made on our performance goals is a testament to the strength of our people and our strategy. GS Bank USA is registered as a swap dealer with the U.S. Commodity Futures Trading Commission (CFTC) and as a security-based swap dealer with the Securities and Exchange Commission (SEC). A favorite annual competition, the Goldman Sachs Gives Analyst Impact Fund offers analysts the chance to compete to win a grant from Goldman Sachs Gives for the nonprofit of their choice. We constantly strive to anticipate the rapidly changing needs of our clients and to develop new services to meet those needs. Transaction Banking After we formally launched our transaction banking platform in June, we saw tremendous growth. Our business continues to provide offerings across the spectrum from liquidity to alternatives, and we continue to distinguish ourselves by offering holistic advice, investment solutions, and portfolio implementation. be the world's most exceptional financial institution, united by our core values of partnership, client service, integrity and excellence. By 2025, we aim for 7 percent of our vice presidents in both the Americas and the U.K. to be Black, 9 percent of our vice presidents in the Americas to be Hispanic/Latinx, and40 percent of our vice presidents across the world to be women. We provide asset management services and our revenues include asset-based fees on client assets that are being managed on a fiduciary basis by GS Group's portfolio managers. We believe this ethos is applicable and extensible to a much broader set of clients. We aspire to be the worlds most exceptional financial institution, united by our shared values of partnership, client service, integrity and excellence. Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. 2 Measured by reported revenues, per peer filings as of December 31, 2020. Derivatives may be traded on an exchange (exchange-traded) or they may be privately negotiated contracts, which are referred to as over-the-counter (OTC) derivatives. Integrity and honesty are at the heart of our business. We think that this is an important part of our success. First, we attracted more diverse talent to Goldman Sachs than ever before. Even today, were operating in an uncertain environment. We donated over 2.5 million surgical masks and 700,000 N95 masks from our own supplies, and we developed a dashboard for the United Kingdom and its National Health Service to monitor the spread of COVID-19. A steep drop in the net revenues related to Equity and Debt investments offset an additional $1 billion of Management and other fees and a strong increase in Private banking and lending net revenues. While recognizing that the old way may still be the best way, we constantly strive to find a better solution to a clients problems. 2021 Annual Report 1.3 MB. Despite the turmoil in financial markets, we continued to serve our clients well, and we made progress in our effort to build more durable revenues, increase capital efficiency, and enhance our funding mix by forging ahead on our four new business initiatives. We pride ourselves on having pioneered many of the practices and techniques that have become standard in the industry. We know that the world of finance will not stand still and that complacency can lead to extinction. And while long-term aspirations are important, business leaders must not lose sight of what we can do in the here and now to accelerate climate transition. I remember in the summer exchanging messages witha client just before a meeting to discuss potential capital-raising options; they told me they were looking forward to it because they knew they would get candid and thoughtful advice. Notably, the behavior of a few can do harm to our franchise, and we are responsible for each others actions. See Note 7 to the consolidated financial statements in Part III of this Annual Report for further information about our derivative products and activities. All rights reserved. Profitability is critical to achieving superior returns, building our capital, and attracting and keeping our best people. And I believe if we stay true to our core values, our strategy and our people, the best days for Goldman Sachs are yet to come. For all of this years upheaval, we distinguished ourselves by staying the course. Weve also made important changes to better align employee incentives. Jun 14, 2022 9:10am PT Global Music Biz Revenue to Double to $131 Billion in 2030, Says Bullish Goldman Sachs Report By Jem Aswad zhu difeng - stock.adobe.com Second, we were there for our clients, no matter what happened. Speaking of our people, they truly went above and beyond in 2020. Climate Transition and Inclusive Growth In December 2019, we announced our commitment of $750 billion over 10 years to financing, investing, and advisory activity across two core pillars of sustainable finance: climate transition and inclusive growth. Significant employee stock ownership aligns the interests of our employees and our shareholders. 18 Mar 2022 2021 Annual Report. GSBE is directly supervised by the European Central Bank (ECB) and additionally by the Federal Financial Supervisory Authority (BaFin) and Deutsche Bundesbank in the context of the E.U. We distilled our Business Principles into 4 core values that inform everything we do: Partnership | Client Service | Integrity | Excellence. We also recently announced our second co-branded credit card with General Motors, another sign of our ability to be the banking partner of choice for leading corporations across a variety of industries. Being there for our clients also meant giving them the help they needed, whether it was the liquidity our Global Markets teams provided or the customer-assistance program we created for our Marcus and Apple Card consumers. But Goldman Sachs will continue to help an ever-widening range of clients and develop more durable revenue sources. Use Adobe Acrobat Reader and Liquid Mode for best reading experience. We also issue brokered certificates of deposit (CDs), distributed through third-partybroker-dealers and Goldman Sachs & Co. LLC (GS&Co.). At the same time, we cannot address market gaps at scale on our own, so we continue to identify strategic partners whose strengths and areas of focus complement our own. Last year was extraordinary in so many ways. But through it all, weve stayed focused on shareholders, and Im proud of what weve accomplished. From the moment we activated our business-continuity plan, we made sure to give our people the tools and resources they needed to take care of themselves, their families, our clients during the market volatility, and our communities as they responded to COVID-19. In the past three years, our average ROE was 14.8 percent. We are GS Group's primary lending entity. We pride ourselves on having pioneered many of the practices and techniques that have become standard in the industry. 23 Mar 2018 2017 Annual Report. See Note 9 to the consolidated financial statements in Part III of this Annual Report for further information about our lending activities. Since our first Investor Day, our total shareholder return, is 60 percent, outperforming our peer average meaningfully.1 Our book value per share is up by nearly 40 percent, roughly twice that of our closest competitor.1 Our earnings per share is up by over 40 percent. 47411330.06. This year's edition, "Piloting Through," explores reasons to stay invested, and 2022's global economic and financial market outlooks.Setting the stage. Commercial and Residential Real Estate Loans. All operational and administrative support services we receive from Group Inc. and our affiliates are overseen by our employees. GSBE has branches in Amsterdam, Athens, Copenhagen, Dublin, London, Luxembourg, Madrid, Milan, Paris, Stockholm and Warsaw that are also regulated by the relevant authorities in each jurisdiction. We have no room for those who put their personal interests ahead of the interests of the firm and its clients. Analysis excluded captive wallets. When we use the terms "we," "us" and "our," we mean GS Bank USA and its consolidated subsidiaries. 2023 First Quarter Earnings Results. Derivatives are instruments that derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. Deposits ended the year at $387 billion, up by approximately $23 billion year over year, reflecting growth in private bank and consumer deposits and transaction banking deposits. Its the best way to learn our culture and the business, especially if youre an intern or a recent hire. Goldman Sachs Reports 2023 First Quarter Earnings Per Common Share of $8.79. We are keeping ourselves accountable with our new medium-term targets on revenue growth, margin and ROE. In 2021, with the benefit of a strong team, we plan to launch in the U.S. new digital checking accounts and have already launched our new Marcus Invest platform, which brings the investing expertise of Goldman Sachs directly to mass affluent customers. We are actively engaged in expense mitigation efforts as we look to appropriately calibrate the firm for the operating environment. That is why we have long advocated for the United States to rejoin the Paris Agreement and are committed to delivering on its ambitious goals, including by aligning our financing activities with a net-zero-by-2050 pathway. James von Moltke, Chief Financial Officer & Stuart Lewis, Chief Risk Officer - Goldman Sachs European Financials Conference. Though we may be involved in a wide variety and heavy volume of activity, we would, if it came to a choice, rather be best than biggest. , and spin-offs; and underwriting securities, loans and other financial instruments, and derivative transactions. A little more than a year later, we have made good progress. 2022 Annual Report 2.9 MB. Our depositors include private bank clients, U.S. consumers, clients of third-partybroker-dealers, institutions, corporations and our affiliates. Despite those difficulties, we delivered for shareholders in 2022. See Note 5 to the consolidated financial statements in Part III of this Annual Report for further information about our cash products. Annual Report December 31, 2022 GOLDMAN SACHS BANK USA AND SUBSIDIARIES ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2022 Through it all, we stood by our clients. In addition, we extend financing to consumers through our consumer platforms. To breach a confidence or to use confidential information improperly or carelessly would be unthinkable. In July 2020, we began a new policy to only underwrite initial public offerings for companies domiciled in Western Europe and the U.S. that have at least one diverse board member. The twelfth annual Insurance Survey by Goldman Sachs Insurance Asset Management incorporates the views of 343 Chief Investment Officers (CIOs) and Chief Financial Officers (CFOs) representing over $13 trillion in global balance sheet assets, which accounts for approximately half of the global insurance industry. 5Source: Top 100 client list and rankings compiled by GS through Client Ranking/Scorecard/Feedback and/or Coalition Greenwich 1H22 Institutional Client Analytics Global Markets ranking. The conference call will also be accessible as anaudio webcast through our web site. Data may be intentionally delayed pursuant to supplier requirements. Every month, we held a virtual town hall, where we updated our people on what we were doing to address the crisis, and I sent to our team around the globe voice notes that I recorded from my desk phone on numerous Sunday nights, so our people could hear from me in my own words. Annual Report 2022. Public-health officials are closely monitoring the spread of more contagious variants. Likewise, when people ask me how we did it, how we showed such adaptability in the early months, setting the stage for the performance that followed, I find myself citing an old principle that, though it may seem trite, I know to be true: We put people first. For example, we have launched partner-led sustainability councils within each of our divisions. Im also fortunate to work with a leadership team that is laser-focused on executing our strategy: our president and chief operating officer, John Waldron; our chief financial officer, Denis Coleman; and our entire Management Committee. While some feared the crisis would soften sustainability ambitions or slow investment, in fact investors and companies set bold new ambitions and redoubled their efforts. We distilled our Business Principles into 4 core values that inform everything we do: Partnership | Client Service | Integrity | Excellence. 2022. 6.7%. My thanks go out to our leadership, including our president and chief operating officer, John Waldron; our chief financial officer, Stephen Scherr; our entire Management Committee; and, most of all, to the people at every level who make Goldman Sachs such an extraordinary firm. June 10, 2020. GS Bank USA is a wholly-owned insured depository institution (IDI) subsidiary of Group Inc. We use and benefit from business relationships, certain processes, support systems and infrastructure, and financial support of Group Inc. and our affiliates. It just didnt look anything like what I had expected halfway through. Goldman Sachs Annual Report 2022 Form 10-K (NYSE:GSBD) Published: February 24th, 2022 PDF generated by stocklight.com 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, 2021 or And to show our clients we believe in these solutions just as much as they do, we issued our first-ever sustainability bond in February 2021. We also grew our book value per share by 6.7 percent and continued to make significant progress on our strategic evolution. We make an unusual effort to identify and recruit the very best person for every job. We also engage in securities financing transactions and agency lending. And yet we made good progress on nearly all of our goals during 2020. In the wake of senseless acts of racism against Black people, I issued a statement reiterating that discrimination has no place at Goldman Sachs. In 2022, our Asset & Wealth Management business generated net revenues of $13.4 billion, a 39 percent decline from 2021. Our business is highly competitive, and we aggressively seek to expand our client relationships. As we look ahead, we are committed to making the firm more transparent and accountable to shareholders. Members of the public who would like to listen to the conference call should dial +1-800-753-0786 (in the U.S.) and +1-323-794-2410 (outside the U.S.) passcode number 7042022. Source: FactSet, Markets Diary: Data on U.S. Overview page represent trading in all U.S. markets and updates until 8 p.m. See Closing Diaries table for 4 p.m. closing data. We also provide transaction banking services to institutions, corporations and our affiliates. This is good progress toward our goal of $150 billion in gross fundraising over five years. Goldman predicted in its updated report that the worldwide recorded music business would generate USD $27.9 billion in annual trade revenues in 2022. In Asset & Wealth Management, our franchise benefits from the Goldman Sachs ecosystem that gives clients access to a wide breadth of products and solutions as well as our unique market insight and expertise. We originate point-of-sale loans to consumers through our GreenSky platform (beginning in the third quarter of 2022), issue credit cards through our partnership arrangements, and purchase unsecured consumer loans. Your vote helps our reports be more useful. Advancement depends on merit and we have yet to find the limits to the responsibility our best people are able to assume. Our teams worked diligently to serve our clients, providing liquidity across asset classes, intermediating risk, and engaging in structured solutions while also supporting significant volumes across expanding digital platforms. The war in Ukraine has roiled energy markets, and an increase in inflation has triggered monetary tightening. (ET), Monday, July 18, 2022. Sector Update: Financial Stocks Gaining Late Friday, Blackstone, Goldman Sachs Lead EQT's GBP1.25 Billion Direct Loan Deal, Citigroup CEO says Mexico IPO is best for shareholders, other sales going well, Customers have complaints about Apple's high-interest savings account, Banks stocks gain after US Congress averts historic debt default, JPMorgan president says loan demand declining, US economic slowdown weighs, Goldman Sachs Has 10% Shareholding in Industrials REIT, Financials Up as Default Fears Fade -- Financials Roundup. Of 13 percent to 13.5 percent | integrity | Excellence than $ 1.!, goldman sachs annual report 2022 and other collateralized loans raised across our franchise, and services provided to us by of... We constantly strive to anticipate the rapidly changing needs of our management Committee, have experienced the benefit! 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