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As Of Filer Filing For·On·As Docs:Size 11/03/23 Goldman Sachs Group Inc. 10-Q 9/30/23 205:44M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 9.42M 2: EX-3.2 Articles of Incorporation/Organization or Bylaws HTML 211K 3: EX-15.1 Letter re: Unaudited Interim Financial Info HTML 56K 4: EX-31.1 Certification -- §302 - SOA'02 HTML 67K 5: EX-32.1 Certification -- §906 - SOA'02 HTML 61K 11: R1 Cover Page HTML 133K 12: R2 Consolidated Statements of Earnings (Unaudited) HTML 155K 13: R3 Consolidated Statements of Comprehensive Income HTML 88K (Unaudited) 14: R4 Consolidated Balance Sheets (Unaudited) HTML 157K 15: R5 Consolidated Balance Sheets (Unaudited) HTML 97K (Parenthetical) 16: R6 Consolidated Statements of Changes in HTML 147K Shareholders' Equity (Unaudited) 17: R7 Consolidated Statements of Cash Flows (Unaudited) HTML 160K 18: R8 Description of Business HTML 63K 19: R9 Basis of Presentation HTML 59K 20: R10 Significant Accounting Policies HTML 105K 21: R11 Fair Value Measurements HTML 1.13M 22: R12 Fair Value Hierarchy HTML 1.13M 23: R13 Trading Assets and Liabilities HTML 88K 24: R14 Derivatives and Hedging Activities HTML 411K 25: R15 Investments HTML 192K 26: R16 Loans HTML 668K 27: R17 Fair Value Option HTML 105K 28: R18 Collateralized Agreements and Financings HTML 204K 29: R19 Other Assets HTML 128K 30: R20 Deposits HTML 112K 31: R21 Unsecured Borrowings HTML 135K 32: R22 Other Liabilities HTML 88K 33: R23 Securitization Activities HTML 119K 34: R24 Variable Interest Entities HTML 188K 35: R25 Commitments, Contingencies and Guarantees HTML 161K 36: R26 Shareholders' Equity HTML 247K 37: R27 Regulation and Capital Adequacy HTML 354K 38: R28 Earnings Per Common Share HTML 75K 39: R29 Transactions with Affiliated Funds HTML 71K 40: R30 Interest Income and Interest Expense HTML 92K 41: R31 Income Taxes HTML 68K 42: R32 Business Segments HTML 224K 43: R33 Credit Concentrations HTML 75K 44: R34 Legal Proceedings HTML 150K 45: R35 Pay vs Performance Disclosure HTML 68K 46: R36 Insider Trading Arrangements HTML 61K 47: R37 Basis of Presentation (Policies) HTML 399K 48: R38 Fair Value Measurements (Tables) HTML 136K 49: R39 Fair Value Hierarchy (Tables) HTML 1.00M 50: R40 Trading Assets and Liabilities (Tables) HTML 90K 51: R41 Derivatives and Hedging Activities (Tables) HTML 400K 52: R42 Investments (Tables) HTML 204K 53: R43 Loans (Tables) HTML 656K 54: R44 Fair Value Option (Tables) HTML 93K 55: R45 Collateralized Agreements and Financings (Tables) HTML 197K 56: R46 Other Assets (Tables) HTML 122K 57: R47 Deposits (Tables) HTML 115K 58: R48 Unsecured Borrowings (Tables) HTML 137K 59: R49 Other Liabilities (Tables) HTML 86K 60: R50 Securitization Activities (Tables) HTML 112K 61: R51 Variable Interest Entities (Tables) HTML 176K 62: R52 Commitments, Contingencies and Guarantees (Tables) HTML 137K 63: R53 Shareholders' Equity (Tables) HTML 245K 64: R54 Regulation and Capital Adequacy (Tables) HTML 348K 65: R55 Earnings Per Common Share (Tables) HTML 74K 66: R56 Transactions with Affiliated Funds (Tables) HTML 71K 67: R57 Interest Income and Interest Expense (Tables) HTML 91K 68: R58 Income Taxes (Tables) HTML 61K 69: R59 Business Segments (Tables) HTML 219K 70: R60 Credit Concentrations (Tables) HTML 72K 71: R61 Description of Business - Additional Information HTML 58K (Detail) 72: R62 Significant Accounting Policies - Additional HTML 84K Information (Detail) 73: R63 Fair Value Measurements - Summary of Financial HTML 98K Assets and Liabilities Carried at Fair Value (Detail) 74: R64 Fair Value Measurements - Summary of Level 3 HTML 81K Financial Assets (Detail) 75: R65 Fair Value Hierarchy - Schedule of Trading Cash HTML 168K Instruments by Level (Detail) 76: R66 Fair Value Hierarchy - Schedule of Level 3 Assets, HTML 115K and Ranges and Weighted Averages of Significant Unobservable Inputs (Detail) 77: R67 Fair Value Hierarchy - Summary of Changes in Fair HTML 118K Value for Level 3 Trading Cash Instruments (Detail) 78: R68 Fair Value Hierarchy - Trading Cash Instruments, HTML 69K Additional Information (Detail) 79: R69 Fair Value Hierarchy - Fair Value of Derivatives HTML 138K by Level (Detail) 80: R70 Fair Value Hierarchy - Significant Unobservable HTML 166K Inputs Used to Value Level 3 Derivatives (Detail) 81: R71 Fair Value Hierarchy - Changes in Fair Value for HTML 109K Level 3 Derivatives (Detail) 82: R72 Fair Value Hierarchy - Derivatives, Additional HTML 68K Information (Details) 83: R73 Fair Value Hierarchy - Investments Accounted for HTML 110K at Fair Value (Detail) 84: R74 Fair Value Hierarchy - Amount of Level 3 HTML 122K Investments and Significant Unobservable Inputs Used to Value Such Investments (Detail) 85: R75 Fair Value Hierarchy - Summary of Changes in Fair HTML 99K Value for Level 3 Investments (Detail) 86: R76 Fair Value Hierarchy - Investments, Additional HTML 71K Information (Details) 87: R77 Fair Value Hierarchy - Fair Value of Loans Held HTML 93K for Investment by Level (Detail) 88: R78 Fair Value Hierarchy - Loans, Additional HTML 74K Information (Details) 89: R79 Fair Value Hierarchy - Summary of Weighted Average HTML 95K of Significant Unobservable Inputs, Loans (Detail) 90: R80 Fair Value Hierarchy - Summary of Changes in Fair HTML 101K Value for Level 3 Loans (Detail) 91: R81 Fair Value Hierarchy - Financial Assets and HTML 103K Financial Liabilities by Level (Detail) 92: R82 Fair Value Hierarchy - Fair Value Option, HTML 100K Additional Information (Details) 93: R83 Fair Value Hierarchy - Level 3 Rollforward HTML 109K (Detail) 94: R84 Trading Assets and Liabilities - Summary of HTML 64K Trading Assets and Liabilities (Detail) 95: R85 Trading Assets and Liabilities - Summary of Market HTML 69K Making Revenues by Major Product Type (Detail) 96: R86 Derivatives and Hedging Activities - Additional HTML 109K Information (Detail) 97: R87 Derivatives and Hedging Activities - Fair Value of HTML 179K Derivatives on a Gross Basis (Detail) 98: R88 Derivatives and Hedging Activities - OTC HTML 132K Derivatives by Tenor and Major Product Type (Detail) 99: R89 Derivatives and Hedging Activities - Credit HTML 116K Derivatives (Detail) 100: R90 Derivatives and Hedging Activities - Summary of HTML 61K Information About CVA and FVA (Detail) 101: R91 Derivatives and Hedging Activities - Summary of HTML 66K Derivatives Bifurcated from their Related Borrowings (Detail) 102: R92 Derivatives and Hedging Activities - Derivatives HTML 66K with Credit-Related Contingent Features (Detail) 103: R93 Derivatives and Hedging Activities - Gain (Loss) HTML 70K from Interest Rate Hedges and Related Hedged Items (Detail) 104: R94 Derivatives and Hedging Activities - Carrying HTML 69K Amount of Hedged Items Currently Designated in a Hedging Relationship and Related Cumulative Hedging Adjustment (Detail) 105: R95 Derivatives and Hedging Activities - HTML 64K Gains/(Losses) from Net Investment Hedging (Detail) 106: R96 Investments - Information about Investments HTML 72K (Detail) 107: R97 Investments - Equity Securities At Fair Value HTML 72K (Detail) 108: R98 Investments - Additional Information (Detail) HTML 86K 109: R99 Investments - Debt Instruments At Fair Value HTML 66K (Detail) 110: R100 Investments - Fair Value of Investments in Funds HTML 77K at NAV and Related Unfunded Commitments (Detail) 111: R101 Investments - Available-for-Sale Securities by HTML 85K Tenor (Detail) 112: R102 Investments - Summary of Gross Realized Gains and HTML 61K the Proceeds from the Sales of Available-for-Sale Securities (Detail) 113: R103 Investments - Held-to-maturity Securities by Type HTML 87K and Tenor (Detail) 114: R104 Loans - Summary of Loans (Detail) HTML 155K 115: R105 Loans - Summary of Concentration of Secured and HTML 202K Unsecured Loans (Detail) 116: R106 Loans - Additional Information (Detail) HTML 69K 117: R107 Loans - Schedule of Credit Quality Indicators for HTML 180K Term Loans by Origination Year (Detail) 118: R108 Loans - Summary of Consumer Loans by Refreshed HTML 102K FICO Credit Score (Detail) 119: R109 Loans - Summary of Credit Concentration by Region HTML 124K (Detail) 120: R110 Loans - Summary of Past Due Loans (Detail) HTML 112K 121: R111 Loans - Summary of Nonaccrual Loans (Detail) HTML 90K 122: R112 Loans - Summary of Loans and Lending Commitments HTML 121K Accounted for at Amortized Cost by Portfolio (Detail) 123: R113 Loans - Summary of Changes in Allowance for Credit HTML 101K Losses (Detail) 124: R114 Loans - Schedule of Forecasted Economic Scenarios HTML 67K (Detail) 125: R115 Loans - Summary of Estimated Fair Value of Loans HTML 80K and Lending Commitments that are not Accounted for at Fair Value (Detail) 126: R116 Fair Value Option - Additional Information HTML 71K (Detail) 127: R117 Fair Value Option - Gains and Losses on Other HTML 66K Financial Assets and Financial Liabilities at Fair Value (Detail) 128: R118 Fair Value Option - Summary of DVA Gains/(Losses) HTML 63K on Financial Liabilities (Detail) 129: R119 Fair Value Option - Loans and Lending Commitments HTML 62K (Detail) 130: R120 Collateralized Agreements and Financings - HTML 122K Offsetting Arrangements (Detail) 131: R121 Collateralized Agreements and Financings - HTML 85K Additional Information (Detail) 132: R122 Collateralized Agreements and Financings - HTML 83K Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Class of Collateral Pledged (Detail) 133: R123 Collateralized Agreements and Financings - HTML 73K Schedule of Repurchase Agreements and Securities Loaned by Maturity Date (Detail) 134: R124 Collateralized Agreements and Financings - Other HTML 76K Secured Financings (Detail) 135: R125 Collateralized Agreements and Financings - Other HTML 80K Secured Financings by Maturity Date (Detail) 136: R126 Collateralized Agreements and Financings - HTML 60K Financial Instruments Received as Collateral and Repledged (Detail) 137: R127 Collateralized Agreements and Financings - Assets HTML 71K Pledged as Collateral (Detail) 138: R128 Other Assets - Other Assets (Detail) HTML 74K 139: R129 Other Assets - Additional Information (Detail) HTML 127K 140: R130 Other Assets - Carrying Value of Goodwill (Detail) HTML 79K 141: R131 Other Assets - Identifiable Intangible Assets by HTML 75K Type (Detail) 142: R132 Other Assets - Amortization of Identifiable HTML 61K Intangible Assets (Detail) 143: R133 Other Assets - Estimated Future Amortization HTML 68K (Detail) 144: R134 Deposits - Types and Sources of Deposits (Detail) HTML 77K 145: R135 Deposits - Types and Sources of Deposits, HTML 62K Additional Information (Detail) 146: R136 Deposits - Location of Deposits (Detail) HTML 61K 147: R137 Deposits - Maturities of Time Deposits (Detail) HTML 81K 148: R138 Deposits - Additional Information (Detail) HTML 62K 149: R139 Unsecured Borrowings - Schedule of Unsecured HTML 61K Borrowings (Detail) 150: R140 Unsecured Borrowings - Unsecured Short-Term HTML 68K Borrowings (Detail) 151: R141 Unsecured Borrowings - Unsecured Long-Term HTML 88K Borrowings (Detail) 152: R142 Unsecured Borrowings - Unsecured Long-Term HTML 97K Borrowings by Maturity Date (Detail) 153: R143 Unsecured Borrowings - Unsecured Long-Term HTML 71K Borrowings after Hedging (Detail) 154: R144 Unsecured Borrowings - Additional Information HTML 87K (Detail) 155: R145 Unsecured Borrowings - Subordinated Borrowings HTML 81K (Detail) 156: R146 Other Liabilities - Other Liabilities by Type HTML 72K (Detail) 157: R147 Other Liabilities - Information About Operating HTML 83K Lease Liabilities (Detail) 158: R148 Other Liabilities - Additional Information HTML 72K (Detail) 159: R149 Securitization Activities - Amount of Financial HTML 65K Assets Securitized and Cash Flows Received on Retained Interests (Detail) 160: R150 Securitization Activities - Additional Information HTML 84K (Detail) 161: R151 Securitization Activities - Firms Continuing HTML 76K Involvement in Securitization Entities to Which Firm Sold Assets (Detail) 162: R152 Securitization Activities - Weighted Average Key HTML 78K Economic Assumptions Used in Measuring Fair Value of Firm's Retained Interests and Sensitivity of This Fair Value to Immediate Adverse Changes (Detail) 163: R153 Variable Interest Entities - Nonconsolidated HTML 122K Variable Interest Entities (Detail) 164: R154 Variable Interest Entities - Consolidated Variable HTML 125K Interest Entities (Detail) 165: R155 Commitments, Contingencies and Guarantees - HTML 100K Commitments (Detail) 166: R156 Commitments, Contingencies and Guarantees - HTML 62K Lending Commitments (Detail) 167: R157 Commitments, Contingencies and Guarantees - HTML 128K Additional Information (Detail) 168: R158 Commitments, Contingencies and Guarantees - HTML 89K Guarantees (Detail) 169: R159 Shareholders' Equity - Additional Information HTML 163K (Detail) 170: R160 Shareholders' Equity - Summary of Amount of Common HTML 63K Stock Repurchased by the Firm (Detail) 171: R161 Shareholders' Equity - Summary of Dividends HTML 57K Declared on Common Stock (Detail) 172: R162 Shareholders' Equity - Summary of Perpetual HTML 145K Preferred Stock Issued and Outstanding (Detail) 173: R163 Shareholders' Equity - Summary of Dividend Rates HTML 92K of Perpetual Preferred Stock Issued and Outstanding (Detail) 174: R164 Shareholders' Equity - Summary of Preferred HTML 106K Dividends Declared on Preferred Stock Issued (Detail) 175: R165 Shareholders' Equity - Accumulated Other HTML 83K Comprehensive Income/(Loss), Net of Tax (Detail) 176: R166 Regulation and Capital Adequacy - Risk-Based HTML 85K Capital and Leverage Requirements (Detail) 177: R167 Regulation and Capital Adequacy - Risk-Based HTML 85K Capital Ratios (Detail) 178: R168 Regulation and Capital Adequacy - Leverage Ratios HTML 99K (Detail) 179: R169 Regulation and Capital Adequacy - Additional HTML 84K Information (Detail) 180: R170 Regulation and Capital Adequacy - Risk-Based HTML 106K Capital (Detail) 181: R171 Regulation and Capital Adequacy - CET1, Tier 1 HTML 105K Capital and Tier 2 Capital (Detail) 182: R172 Regulation and Capital Adequacy - Risk-Weighted HTML 100K Assets (Detail) 183: R173 Regulation and Capital Adequacy - Changes in HTML 95K Risk-Weighted Assets (Detail) 184: R174 Regulation and Capital Adequacy - Risk-Based HTML 91K Capital and Leverage Ratios and "Well-capitalized" Requirements (Detail) 185: R175 Regulation and Capital Adequacy - Risk Based HTML 97K Capital Requirements (Detail) 186: R176 Earnings Per Common Share - Earnings Per Common HTML 82K Share (Detail) 187: R177 Earnings Per Common Share - Additional Information HTML 60K (Detail) 188: R178 Transactions with Affiliated Funds - Fees Earned HTML 57K from Affiliated Funds (Detail) 189: R179 Transactions with Affiliated Funds - Fees HTML 59K Receivable from Affiliated Funds and the Aggregate Carrying Value of the Firm's Interests in these Funds (Detail) 190: R180 Transactions with Affiliated Funds - Additional HTML 57K Information (Detail) 191: R181 Interest Income and Interest Expense - Sources of HTML 91K Interest Income and Interest Expense (Detail) 192: R182 Income Taxes - Earliest Tax Years Subject to HTML 67K Examination by Major Jurisdiction (Detail) 193: R183 Business Segments - Segment Operating Results HTML 118K (Detail) 194: R184 Business Segments - Depreciation and Amortization HTML 79K (Detail) 195: R185 Business Segments - Assets by Segment (Detail) HTML 71K 196: R186 Business Segments - Total Net Revenues and Pre-Tax HTML 79K Earnings By Geographic Region (Detail) 197: R187 Credit Concentrations - Credit Concentrations HTML 65K Included in Trading Cash Instruments and Investments (Detail) 198: R188 Credit Concentrations - Additional Information HTML 63K (Detail) 199: R189 Credit Concentrations - U.S. Government and Agency HTML 63K Obligations and Non-U.S. Government and Agency Obligations that Collateralize Resale Agreements and Securities Borrowed Transactions (Detail) 200: R190 Legal Proceedings - Additional Information HTML 268K (Detail) 203: XML IDEA XML File -- Filing Summary XML 405K 201: XML XBRL Instance -- gs-20230930_htm XML 15.75M 202: EXCEL IDEA Workbook of Financial Report Info XLSX 639K 7: EX-101.CAL XBRL Calculations -- gs-20230930_cal XML 446K 8: EX-101.DEF XBRL Definitions -- gs-20230930_def XML 2.83M 9: EX-101.LAB XBRL Labels -- gs-20230930_lab XML 5.41M 10: EX-101.PRE XBRL Presentations -- gs-20230930_pre XML 3.69M 6: EX-101.SCH XBRL Schema -- gs-20230930 XSD 769K 204: JSON XBRL Instance as JSON Data -- MetaLinks 1,172± 1.86M 205: ZIP XBRL Zipped Folder -- 0000886982-23-000011-xbrl Zip 1.52M
gs-20230930 |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the quarterly period ended i September 30, 2023 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from | to |
i Delaware | i 13-4019460 | |||||||
(State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
i 10282 | ||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Exchange on which registered | ||||||
i Common stock, par value $.01 per share | i GS | i NYSE | ||||||
i Depositary
Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A | i GS PrA | i NYSE | ||||||
i Depositary
Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C | i GS PrC | i NYSE | ||||||
i Depositary
Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D | i GS PrD | i NYSE | ||||||
i Depositary
Shares, Each Representing 1/1,000th Interest in a Share of 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K | i GS PrK | i NYSE | ||||||
5.793% Fixed-to-Floating Rate i Normal
Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II | i GS/43PE | i NYSE | ||||||
Floating Rate i Normal Automatic Preferred
Enhanced Capital Securities of Goldman Sachs Capital III | i GS/43PF | i NYSE | ||||||
i Medium-Term Notes, Series F, Callable Fixed and
Floating Rate Notes due March 2031 of GS Finance Corp. | i GS/31B | i NYSE | ||||||
i Medium-Term Notes, Series F, Callable Fixed and Floating
Rate Notes due May 2031 of GS Finance Corp. | i GS/31X | i NYSE |
i Large accelerated filer | ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company | i ☐ | Emerging growth company | i ☐ |
Form 10-Q Item Number | Page No. | ||||
PART I | |||||
Item
1 | |||||
Note
5. Fair Value Hierarchy | |||||
Note 6. Trading Assets and Liabilities | |||||
Page No. | |||||
Item 2 | |||||
Item 3 | |||||
Item 4 | |||||
Item 1 | |||||
Item
2 | |||||
Item 5 | |||||
Other Information | |||||
Item 6 | |||||
Goldman
Sachs September 2023 Form 10-Q |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||||||||
in millions, except per share amounts | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
Investment banking | $ | i 1,555 | $ | i 1,544 | $ | i 4,565 | $ | i 5,487 | |||||||||||||||
Investment management | i 2,409 | i 2,283 | i 7,054 | i 6,747 | |||||||||||||||||||
Commissions and fees | i 883 | i 992 | i 2,864 | i 3,066 | |||||||||||||||||||
Market making | i 4,958 | i 4,641 | i 14,742 | i 15,583 | |||||||||||||||||||
Other principal transactions | i 465 | i 472 | i 699 | i 285 | |||||||||||||||||||
Total non-interest revenues | i 10,270 | i 9,932 | i 29,924 | i 31,168 | |||||||||||||||||||
Interest
income | i 18,257 | i 8,550 | i 50,031 | i 16,613 | |||||||||||||||||||
Interest expense | i 16,710 | i 6,507 | i 45,019 | i 11,009 | |||||||||||||||||||
Net interest income | i 1,547 | i 2,043 | i 5,012 | i 5,604 | |||||||||||||||||||
Total net revenues | i 11,817 | i 11,975 | i 34,936 | i 36,772 | |||||||||||||||||||
Provision
for credit losses | i 7 | i 515 | i 451 | i 1,743 | |||||||||||||||||||
Operating
expenses | |||||||||||||||||||||||
Compensation and benefits | i 4,188 | i 3,606 | i 11,897 | i 11,384 | |||||||||||||||||||
Transaction based | i 1,452 | i 1,317 | i 4,242 | i 3,878 | |||||||||||||||||||
Market development | i 136 | i 199 | i 454 | i 596 | |||||||||||||||||||
Communications and technology | i 468 | i 459 | i 1,416 | i 1,327 | |||||||||||||||||||
Depreciation and amortization | i 1,512 | i 666 | i 4,076 | i 1,728 | |||||||||||||||||||
Occupancy | i 267 | i 255 | i 785 | i 765 | |||||||||||||||||||
Professional fees | i 377 | i 465 | i 1,152 | i 1,392 | |||||||||||||||||||
Other expenses | i 654 | i 737 | i 1,978 | i 2,003 | |||||||||||||||||||
Total operating expenses | i 9,054 | i 7,704 | i 26,000 | i 23,073 | |||||||||||||||||||
Pre-tax
earnings | i 2,756 | i 3,756 | i 8,485 | i 11,956 | |||||||||||||||||||
Provision for taxes | i 698 | i 687 | i 1,977 | i 2,021 | |||||||||||||||||||
Net earnings | i 2,058 | i 3,069 | i 6,508 | i 9,935 | |||||||||||||||||||
Preferred stock dividends | i 176 | i 107 | i 468 | i 356 | |||||||||||||||||||
Net earnings applicable to common shareholders | $ | i 1,882 | $ | i 2,962 | $ | i 6,040 | $ | i 9,579 | |||||||||||||||
Earnings
per common share | |||||||||||||||||||||||
Basic | $ | i 5.52 | $ | i 8.35 | $ | i 17.52 | $ | i 27.03 | |||||||||||||||
Diluted | $ | i 5.47 | $ | i 8.25 | $ | i 17.39 | $ | i 26.71 | |||||||||||||||
Average
common shares | |||||||||||||||||||||||
Basic | i 338.7 | i 352.8 | i 342.5 | i 353.0 | |||||||||||||||||||
Diluted | i 343.9 | i 359.2 | i 347.4 | i 358.6 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net earnings | $ | i 2,058 | $ | i 3,069 | $ | i 6,508 | $ | i 9,935 | |||||||||||||||
Other comprehensive income/(loss) adjustments, net of tax: | |||||||||||||||||||||||
Currency translation | ( i 16) | i 26 | ( i 59) | ( i 5) | |||||||||||||||||||
Debt valuation adjustment | i 328 | i 673 | ( i 283) | i 2,601 | |||||||||||||||||||
Pension and postretirement liabilities | i 9 | ( i 2) | i 33 | i 10 | |||||||||||||||||||
Available-for-sale securities | i 317 | ( i 615) | i 720 | ( i 2,410) | |||||||||||||||||||
Other
comprehensive income | i 638 | i 82 | i 411 | i 196 | |||||||||||||||||||
Comprehensive income | $ | i 2,696 | $ | i 3,151 | $ | i 6,919 | $ | i 10,131 |
1 | Goldman Sachs September 2023 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 239,879 | $ | i 241,825 | ||||
Collateralized agreements: | ||||||||
Securities purchased under agreements to resell (includes $ i 190,446 and $ i 225,117
at fair value) | i 190,695 | i 225,117 | ||||||
Securities
borrowed (includes $ i 36,792 and $ i 38,578 at fair value) | i 196,925 | i 189,041 | ||||||
Customer
and other receivables (includes $ i 23 and $ i 25 at fair value) | i 140,866 | i 135,448 | ||||||
Trading
assets (at fair value and includes $ i 97,406 and $ i 40,143
pledged as collateral) | i 448,060 | i 301,245 | ||||||
Investments
(includes $ i 76,307 and $ i 78,201 at fair value, and $ i 8,463
and $ i 9,818 pledged as collateral) | i 145,530 | i 130,629 | ||||||
Loans
(net of allowance of $ i 4,895 and $ i 5,543, and includes $ i 6,448
and $ i 7,655 at fair value) | i 178,257 | i 179,286 | ||||||
Other
assets (includes $ i 324 and $ i 145 at fair value) | i 36,941 | i 39,208 | ||||||
Total assets | $ | i 1,577,153 | $ | i 1,441,799 | ||||
Liabilities
and shareholders’ equity | ||||||||
Deposits (includes $ i 28,557 and $ i 15,746 at fair value) | $ | i 402,962 | $ | i 386,665 | ||||
Collateralized financings: | ||||||||
Securities sold under agreements to repurchase (at fair value) | i 225,679 | i 110,349 | ||||||
Securities
loaned (includes $ i 8,178 and $ i 4,372
at fair value) | i 54,926 | i 30,727 | ||||||
Other secured financings
(includes $ i 14,114 and $ i 12,756 at fair value) | i 14,728 | i 13,946 | ||||||
Customer and other payables | i 252,342 | i 262,045 | ||||||
Trading liabilities (at fair value) | i 195,123 | i 191,324 | ||||||
Unsecured short-term borrowings
(includes $ i 42,351 and $ i 39,731 at fair value) | i 70,009 | i 60,961 | ||||||
Unsecured
long-term borrowings (includes $ i 73,916 and $ i 73,147 at fair value) | i 224,024 | i 247,138 | ||||||
Other
liabilities (includes $ i 614 and $ i 159 at fair value) | i 20,083 | i 21,455 | ||||||
Total liabilities | i 1,459,876 | i 1,324,610 | ||||||
Commitments, contingencies and guarantees | i | i | ||||||
Shareholders’
equity | ||||||||
Preferred stock; aggregate liquidation preference of $ i 11,203 and $ i 10,703 | i 11,203 | i 10,703 | ||||||
Common
stock; i 922,889,392 and i 917,815,030 shares issued, and i 326,604,718
and i 334,918,639 shares outstanding | i 9 | i 9 | ||||||
Share-based awards | i 5,117 | i 5,696 | ||||||
Nonvoting common stock; no shares issued and outstanding | i – | i – | ||||||
Additional paid-in capital | i 60,233 | i 59,050 | ||||||
Retained earnings | i 142,743 | i 139,372 | ||||||
Accumulated other comprehensive loss | ( i 2,599) | ( i 3,010) | ||||||
Stock
held in treasury, at cost; i 596,284,676 and i 582,896,393 shares | ( i 99,429) | ( i 94,631) | ||||||
Total shareholders’ equity | i 117,277 | i 117,189 | ||||||
Total liabilities and shareholders’ equity | $ | i 1,577,153 | $ | i 1,441,799 |
Goldman Sachs September 2023 Form 10-Q | 2 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Preferred stock | |||||||||||||||||||||||
Beginning balance | $ | i 10,703 | $ | i 10,703 | $ | i 10,703 | $ | i 10,703 | |||||||||||||||
Issued | i 1,500 | i – | i 1,500 | i – | |||||||||||||||||||
Redeemed | ( i 1,000) | i – | ( i 1,000) | i – | |||||||||||||||||||
Ending balance | i 11,203 | i 10,703 | i 11,203 | i 10,703 | |||||||||||||||||||
Common stock | |||||||||||||||||||||||
Beginning balance | i 9 | i 9 | i 9 | i 9 | |||||||||||||||||||
Issued | i – | i – | i – | i – | |||||||||||||||||||
Ending balance | i 9 | i 9 | i 9 | i 9 | |||||||||||||||||||
Share-based awards | |||||||||||||||||||||||
Beginning balance | i 4,931 | i 5,245 | i 5,696 | i 4,211 | |||||||||||||||||||
Issuance and amortization of share-based awards | i 242 | i 311 | i 2,001 | i 3,811 | |||||||||||||||||||
Delivery of common stock underlying share-based awards | ( i 15) | ( i 44) | ( i 2,501) | ( i 2,463) | |||||||||||||||||||
Forfeiture of share-based awards | ( i 41) | ( i 33) | ( i 79) | ( i 80) | |||||||||||||||||||
Ending balance | i 5,117 | i 5,479 | i 5,117 | i 5,479 | |||||||||||||||||||
Additional paid-in capital | |||||||||||||||||||||||
Beginning balance | i 60,206 | i 58,993 | i 59,050 | i 56,396 | |||||||||||||||||||
Delivery of common stock underlying share-based awards | i 30 | i 61 | i 2,527 | i 2,494 | |||||||||||||||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | ( i 5) | ( i 23) | ( i 1,344) | ( i 1,587) | |||||||||||||||||||
Preferred
stock issuance costs | i 5 | i – | i 5 | i – | |||||||||||||||||||
Issuance of common stock in connection with acquisition | i – | i – | i – | i 1,730 | |||||||||||||||||||
Other | ( i 3) | i – | ( i 5) | ( i 2) | |||||||||||||||||||
Ending balance | i 60,233 | i 59,031 | i 60,233 | i 59,031 | |||||||||||||||||||
Retained earnings | |||||||||||||||||||||||
Beginning balance | i 141,798 | i 136,998 | i 139,372 | i 131,811 | |||||||||||||||||||
Net earnings | i 2,058 | i 3,069 | i 6,508 | i 9,935 | |||||||||||||||||||
Dividends and dividend equivalents declared on common stock and share-based awards | ( i 937) | ( i 893) | ( i 2,669) | ( i 2,323) | |||||||||||||||||||
Dividends declared on preferred stock | ( i 166) | ( i 107) | ( i 458) | ( i 356) | |||||||||||||||||||
Preferred stock redemption premium | ( i 10) | i – | ( i 10) | i – | |||||||||||||||||||
Ending balance | i 142,743 | i 139,067 | i 142,743 | i 139,067 | |||||||||||||||||||
Accumulated other comprehensive income/(loss) | |||||||||||||||||||||||
Beginning balance | ( i 3,237) | ( i 1,954) | ( i 3,010) | ( i 2,068) | |||||||||||||||||||
Other
comprehensive income | i 638 | i 82 | i 411 | i 196 | |||||||||||||||||||
Ending balance | ( i 2,599) | ( i 1,872) | ( i 2,599) | ( i 1,872) | |||||||||||||||||||
Stock held in treasury, at cost | |||||||||||||||||||||||
Beginning balance | ( i 97,917) | ( i 92,123) | ( i 94,631) | ( i 91,136) | |||||||||||||||||||
Repurchased | ( i 1,500) | ( i 1,000) | ( i 4,796) | ( i 2,000) | |||||||||||||||||||
Reissued | i – | i 1 | i 28 | i 20 | |||||||||||||||||||
Other | ( i 12) | ( i 5) | ( i 30) | ( i 11) | |||||||||||||||||||
Ending balance | ( i 99,429) | ( i 93,127) | ( i 99,429) | ( i 93,127) | |||||||||||||||||||
Total shareholders’ equity | $ | i 117,277 | $ | i 119,290 | $ | i 117,277 | $ | i 119,290 |
3 | Goldman Sachs September 2023 Form 10-Q |
Nine Months Ended September | |||||||||||||||||
$ in millions | 2023 | 2022 | |||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net earnings | $ | i 6,508 | $ | i 9,935 | |||||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||||||||||||||||
Depreciation and amortization | i 4,076 | i 1,728 | |||||||||||||||
Share-based compensation | i 2,008 | i 3,811 | |||||||||||||||
Provision for credit losses | i 451 | i 1,743 | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Customer and other receivables and payables, net | ( i 14,042) | i 21,453 | |||||||||||||||
Collateralized transactions (excluding other secured financings), net | i 166,067 | ( i 3,872) | |||||||||||||||
Trading assets | ( i 146,672) | ( i 39,764) | |||||||||||||||
Trading liabilities | i 1,654 | i 48,411 | |||||||||||||||
Loans held for sale, net | i 48 | i 2,041 | |||||||||||||||
Other, net | ( i 4,327) | ( i 3,616) | |||||||||||||||
Net cash provided by operating activities | i 15,771 | i 41,870 | |||||||||||||||
Cash flows from investing activities | |||||||||||||||||
Purchase of property, leasehold improvements and equipment | ( i 1,770) | ( i 2,994) | |||||||||||||||
Proceeds from sales of property, leasehold improvements and equipment | i 1,151 | i 1,272 | |||||||||||||||
Net cash used for business acquisitions | ( i 8) | ( i 2,113) | |||||||||||||||
Purchase of investments | ( i 27,776) | ( i 52,989) | |||||||||||||||
Proceeds from sales and paydowns of investments | i 13,834 | i 8,080 | |||||||||||||||
Loans (excluding loans held for sale), net | i 599 | ( i 20,924) | |||||||||||||||
Net cash used for investing activities | ( i 13,970) | ( i 69,668) | |||||||||||||||
Cash flows from financing activities | |||||||||||||||||
Unsecured short-term borrowings, net | i 246 | i 2,451 | |||||||||||||||
Other secured financings (short-term), net | i 1,459 | ( i 1,415) | |||||||||||||||
Proceeds from issuance of other secured financings (long-term) | i 2,137 | i 1,499 | |||||||||||||||
Repayment of other secured financings (long-term), including the current portion | ( i 2,221) | ( i 2,677) | |||||||||||||||
Proceeds from issuance of unsecured long-term borrowings | i 28,854 | i 69,620 | |||||||||||||||
Repayment of unsecured long-term borrowings, including the current portion | ( i 40,286) | ( i 35,328) | |||||||||||||||
Derivative contracts with a financing element, net | i 2,145 | i 1,749 | |||||||||||||||
Deposits, net | i 15,870 | i 39,174 | |||||||||||||||
Preferred stock redemption | ( i 1,000) | i – | |||||||||||||||
Common stock repurchased | ( i 4,796) | ( i 2,000) | |||||||||||||||
Settlement of share-based awards in satisfaction of withholding tax requirements | ( i 1,344) | ( i 1,591) | |||||||||||||||
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | ( i 3,124) | ( i 2,669) | |||||||||||||||
Proceeds from issuance of preferred stock, net of issuance costs | i 1,496 | i – | |||||||||||||||
Other financing, net | i 348 | i 365 | |||||||||||||||
Net cash provided by/(used for) financing activities | ( i 216) | i 69,178 | |||||||||||||||
Effect
of exchange rate changes on cash and cash equivalents | ( i 3,531) | ( i 18,165) | |||||||||||||||
Net increase/(decrease) in cash and cash equivalents | ( i 1,946) | i 23,215 | |||||||||||||||
Cash and cash equivalents, beginning balance | i 241,825 | i 261,036 | |||||||||||||||
Cash and cash equivalents, ending balance | $ | i 239,879 | $ | i 284,251 | |||||||||||||
Supplemental disclosures: | |||||||||||||||||
Cash payments for interest, net of capitalized interest | $ | i 43,186 | $ | i 9,882 | |||||||||||||
Cash payments for income taxes, net | $ | i 1,815 | $ | i 3,046 |
Goldman Sachs September 2023 Form 10-Q | 4 |
5 | Goldman
Sachs September 2023 Form 10-Q |
Fair Value Measurements | Note 4 | ||||
Fair Value Hierarchy | Note 5 | ||||
Trading Assets and Liabilities | Note 6 | ||||
Derivatives and Hedging Activities | Note 7 | ||||
Investments | Note 8 | ||||
Loans | Note 9 | ||||
Fair Value Option | Note 10 | ||||
Collateralized Agreements and Financings | Note 11 | ||||
Other Assets | Note 12 | ||||
Deposits | Note 13 | ||||
Unsecured Borrowings | Note 14 | ||||
Other Liabilities | Note 15 | ||||
Securitization Activities | Note 16 | ||||
Variable Interest Entities | Note 17 | ||||
Commitments, Contingencies and Guarantees | Note 18 | ||||
Shareholders’ Equity | Note 19 | ||||
Regulation and Capital Adequacy | Note 20 | ||||
Earnings Per Common Share | Note 21 | ||||
Transactions with Affiliated Funds | Note 22 | ||||
Interest Income and Interest Expense | Note 23 | ||||
Income Taxes | Note 24 | ||||
Business Segments | Note 25 | ||||
Credit Concentrations | Note 26 | ||||
Legal Proceedings | Note 27 |
Goldman Sachs September 2023 Form 10-Q | 6 |
7 | Goldman Sachs September 2023 Form 10-Q |
Goldman
Sachs September 2023 Form 10-Q | 8 |
9 | Goldman
Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 10 |
11 | Goldman Sachs September 2023 Form 10-Q |
As
of | |||||||||||
September | June | December | |||||||||
$ in millions | 2023 | 2023 | 2022 | ||||||||
Total level 1 financial assets | $ | i 318,535 | $ | i 270,334 | $ | i 194,698 | |||||
Total level 2 financial assets | i 471,365 | i 478,619 | i 485,134 | ||||||||
Total level 3 financial assets | i 24,862 | i 25,945 | i 26,048 | ||||||||
Investments in funds at NAV | i 3,037 | i 3,063 | i 2,941 | ||||||||
Counterparty and cash collateral netting | ( i 59,399) | ( i 55,685) | ( i 57,855) | ||||||||
Total financial assets at fair value | $ | i 758,400 | $ | i 722,276 | $ | i 650,966 | |||||
$ | i 1,577,153 | $ | i 1,571,386 | $ | i 1,441,799 | ||||||
Total level 3 financial assets divided by: | |||||||||||
Total assets | i 1.6 | % | i 1.7 | % | i 1.8 | % | |||||
Total financial assets at fair value | i 3.3 | % | i 3.6 | % | i 4.0 | % | |||||
Total level 1 financial liabilities | $ | i 123,428 | $ | i 125,540 | $ | i 119,578 | |||||
Total level 2 financial liabilities | i 481,831 | i 469,090 | i 353,060 | ||||||||
Total level 3 financial liabilities | i 27,659 | i 26,159 | i 22,830 | ||||||||
Counterparty and cash collateral netting | ( i 44,386) | ( i 43,276) | ( i 47,884) | ||||||||
Total financial liabilities at fair value | $ | i 588,532 | $ | i 577,513 | $ | i 447,584 | |||||
Total liabilities | $ | i 1,459,876 | $ | i 1,454,893 | $ | i 1,324,610 | |||||
Total level 3 financial liabilities divided by: | |||||||||||
Total liabilities | i 1.9 | % | i 1.8 | % | i 1.7% | ||||||
Total financial liabilities at fair value | i 4.7 | % | i 4.5 | % | i 5.1% |
As of | |||||||||||
September | June | December | |||||||||
$ in millions | 2023 | 2023 | 2022 | ||||||||
Trading assets: | |||||||||||
Trading cash instruments | $ | i 1,753 | $ | i 1,664 | $ | i 1,734 | |||||
Derivatives | i 4,657 | i 4,776 | i 5,461 | ||||||||
Investments | i 17,329 | i 18,128 | i 16,942 | ||||||||
Loans | i 972 | i 1,251 | i 1,837 | ||||||||
Other
assets | i 151 | i 126 | i 74 | ||||||||
Total | $ | i 24,862 | $ | i 25,945 | $ | i 26,048 |
Goldman Sachs September 2023 Form 10-Q | 12 |
13 | Goldman
Sachs September 2023 Form 10-Q |
Goldman
Sachs September 2023 Form 10-Q | 14 |
15 | Goldman Sachs September 2023 Form 10-Q |
Goldman
Sachs September 2023 Form 10-Q | 16 |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
As of September 2023 | ||||||||||||||
Assets | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | i 96,526 | $ | i 53,900 | $ | i – | $ | i 150,426 | ||||||
Non-U.S. | i 53,688 | i 20,741 | i 71 | i 74,500 | ||||||||||
Loans and securities backed by: | ||||||||||||||
Commercial real estate | i – | i 1,012 | i 108 | i 1,120 | ||||||||||
Residential real estate | i – | i 7,929 | i 63 | i 7,992 | ||||||||||
Corporate debt instruments | i 125 | i 35,751 | i 1,316 | i 37,192 | ||||||||||
State and municipal obligations | i – | i 660 | i – | i 660 | ||||||||||
Other debt obligations | i 226 | i 3,058 | i 105 | i 3,389 | ||||||||||
Equity securities | i 117,588 | i 1,781 | i 87 | i 119,456 | ||||||||||
Commodities | i – | i 4,260 | i 3 | i 4,263 | ||||||||||
Total | $ | i 268,153 | $ | i 129,092 | $ | i 1,753 | $ | i 398,998 | ||||||
Liabilities | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | ( i 20,133) | $ | ( i 74) | $ | i – | $ | ( i 20,207) | ||||||
Non-U.S. | ( i 45,748) | ( i 2,539) | i – | ( i 48,287) | ||||||||||
Loans and securities backed by: | ||||||||||||||
Commercial real estate | i – | ( i 27) | i – | ( i 27) | ||||||||||
Residential real estate | i – | ( i 12) | i – | ( i 12) | ||||||||||
Corporate debt instruments | ( i 77) | ( i 14,191) | ( i 40) | ( i 14,308) | ||||||||||
Other debt obligations | i – | ( i 2) | i – | ( i 2) | ||||||||||
Equity securities | ( i 57,335) | ( i 11) | ( i 11) | ( i 57,357) | ||||||||||
Commodities | i – | ( i 106) | i – | ( i 106) | ||||||||||
Total | $ | ( i 123,293) | $ | ( i 16,962) | $ | ( i 51) | $ | ( i 140,306) | ||||||
As of December 2022 | ||||||||||||||
Assets | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | i 75,598 | $ | i 31,783 | $ | i – | $ | i 107,381 | ||||||
Non-U.S. | i 22,794 | i 15,238 | i 67 | i 38,099 | ||||||||||
Loans and securities backed by: | ||||||||||||||
Commercial real estate | i – | i 1,135 | i 66 | i 1,201 | ||||||||||
Residential real estate | i – | i 9,706 | i 88 | i 9,794 | ||||||||||
Corporate debt instruments | i 249 | i 27,555 | i 1,238 | i 29,042 | ||||||||||
State and municipal obligations | i – | i 707 | i 20 | i 727 | ||||||||||
Other debt obligations | i 27 | i 2,349 | i 153 | i 2,529 | ||||||||||
Equity securities | i 44,909 | i 2,141 | i 100 | i 47,150 | ||||||||||
Commodities | i – | i 5,907 | i 2 | i 5,909 | ||||||||||
Total | $ | i 143,577 | $ | i 96,521 | $ | i 1,734 | $ | i 241,832 | ||||||
Liabilities | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | ( i 23,339) | $ | ( i 36) | $ | i – | $ | ( i 23,375) | ||||||
Non-U.S. | ( i 28,537) | ( i 2,172) | i – | ( i 30,709) | ||||||||||
Loans and securities backed by: | ||||||||||||||
Commercial real estate | i – | ( i 30) | i – | ( i 30) | ||||||||||
Residential real estate | i – | ( i 16) | i – | ( i 16) | ||||||||||
Corporate debt instruments | ( i 64) | ( i 14,217) | ( i 61) | ( i 14,342) | ||||||||||
Other debt obligations | i – | ( i 35) | ( i 2) | ( i 37) | ||||||||||
Equity securities | ( i 67,591) | ( i 488) | ( i 1) | ( i 68,080) | ||||||||||
Total | $ | ( i 119,531) | $ | ( i 16,994) | $ | ( i 64) | $ | ( i 136,589) |
As of September 2023 | As of December 2022 | ||||||||||||||||
$ in millions | Amount or Range | Weighted Average | Amount or Range | Weighted Average | |||||||||||||
Loans and securities backed by real estate | |||||||||||||||||
Level 3 assets | $ | i 171 | $ | i 154 | |||||||||||||
Yield | i 4.2%
to i 26.3% | i 16.0 | % | i 3.0%
to i 36.0% | i 14.2 | % | |||||||||||
Recovery rate | i 42.7%
to i 76.0% | i 48.8 | % | i 35.8%
to i 76.1% | i 54.7 | % | |||||||||||
Cumulative loss rate | N/A | N/A | i 3.7%
to i 29.9% | i 10.4 | % | ||||||||||||
Duration (years) | i 0.5
to i 12.0 | i 3.0 | i 0.9
to i 12.3 | i 4.6 | |||||||||||||
Corporate debt instruments | |||||||||||||||||
Level 3 assets | $ | i 1,316 | $ | i 1,238 | |||||||||||||
Yield | i 3.7%
to i 40.4% | i 10.2 | % | i 1.1%
to i 34.3% | i 6.9 | % | |||||||||||
Recovery rate | i 7.0%
to i 70.0% | i 45.7 | % | i 11.5%
to i 77.0% | i 48.0 | % | |||||||||||
Duration (years) | i 1.2
to i 11.6 | i 3.2 | i 0.3
to i 20.3 | i 4.5 | |||||||||||||
Other | |||||||||||||||||
Level 3 assets | $ | i 266 | $ | i 342 | |||||||||||||
Yield | i 6.2%
to i 37.5% | i 16.6 | % | i 2.8%
to i 47.8% | i 10.0 | % | |||||||||||
Multiples | i 0.7x
to i 5.1x | i 4.5x | i 3.3x
to i 4.5x | i 4.3x | |||||||||||||
Duration (years) | i 1.5
to i 9.6 | i 4.0 | i 1.2
to i 14.4 | i 6.1 |
17 | Goldman
Sachs September 2023 Form 10-Q |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Assets | |||||||||||||||||
Beginning balance | $ | i 1,664 | $ | i 2,080 | $ | i 1,734 | $ | i 1,889 | |||||||||
Net realized gains/(losses) | i 22 | i 40 | i 129 | i 85 | |||||||||||||
Net unrealized gains/(losses) | ( i 41) | ( i 124) | ( i 22) | ( i 1,496) | |||||||||||||
Purchases | i 295 | i 359 | i 597 | i 1,294 | |||||||||||||
Sales | ( i 167) | ( i 248) | ( i 499) | ( i 635) | |||||||||||||
Settlements | ( i 91) | ( i 78) | ( i 311) | ( i 206) | |||||||||||||
Transfers into level 3 | i 309 | i 326 | i 323 | i 1,277 | |||||||||||||
Transfers out of level 3 | ( i 238) | ( i 527) | ( i 198) | ( i 380) | |||||||||||||
Ending balance | $ | i 1,753 | $ | i 1,828 | $ | i 1,753 | $ | i 1,828 | |||||||||
Liabilities | |||||||||||||||||
Beginning balance | $ | ( i 95) | $ | ( i 182) | $ | ( i 64) | $ | ( i 104) | |||||||||
Net realized gains/(losses) | ( i 1) | ( i 4) | i 6 | ( i 42) | |||||||||||||
Net unrealized gains/(losses) | i – | i 53 | ( i 15) | i 47 | |||||||||||||
Purchases | i 46 | i 100 | i 52 | i 198 | |||||||||||||
Sales | ( i 29) | ( i 40) | ( i 48) | ( i 121) | |||||||||||||
Settlements | i 5 | i 5 | i 13 | ( i 2) | |||||||||||||
Transfers into level 3 | ( i 15) | ( i 86) | ( i 3) | ( i 103) | |||||||||||||
Transfers out of level 3 | i 38 | i 43 | i 8 | i 16 | |||||||||||||
Ending balance | $ | ( i 51) | $ | ( i 111) | $ | ( i 51) | $ | ( i 111) |
Goldman
Sachs September 2023 Form 10-Q | 18 |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Loans and securities backed by real estate | |||||||||||||||||
Beginning balance | $ | i 221 | $ | i 184 | $ | i 154 | $ | i 289 | |||||||||
Net realized gains/(losses) | i 3 | i 9 | i 9 | i 17 | |||||||||||||
Net unrealized gains/(losses) | ( i 11) | ( i 15) | ( i 11) | ( i 22) | |||||||||||||
Purchases | i 13 | i 7 | i 67 | i 44 | |||||||||||||
Sales | ( i 43) | ( i 8) | ( i 53) | ( i 111) | |||||||||||||
Settlements | ( i 15) | ( i 12) | ( i 26) | ( i 29) | |||||||||||||
Transfers into level 3 | i 59 | i 39 | i 63 | i 26 | |||||||||||||
Transfers out of level 3 | ( i 56) | ( i 39) | ( i 32) | ( i 49) | |||||||||||||
Ending balance | $ | i 171 | $ | i 165 | $ | i 171 | $ | i 165 | |||||||||
Corporate
debt instruments | |||||||||||||||||
Beginning balance | $ | i 1,145 | $ | i 1,440 | $ | i 1,238 | $ | i 1,318 | |||||||||
Net realized gains/(losses) | i 14 | i 13 | i 31 | i 44 | |||||||||||||
Net unrealized gains/(losses) | ( i 18) | ( i 43) | ( i 6) | ( i 115) | |||||||||||||
Purchases | i 216 | i 313 | i 424 | i 558 | |||||||||||||
Sales | ( i 71) | ( i 126) | ( i 263) | ( i 363) | |||||||||||||
Settlements | ( i 46) | ( i 51) | ( i 214) | ( i 131) | |||||||||||||
Transfers into level 3 | i 217 | i 201 | i 212 | i 339 | |||||||||||||
Transfers out of level 3 | ( i 141) | ( i 395) | ( i 106) | ( i 298) | |||||||||||||
Ending balance | $ | i 1,316 | $ | i 1,352 | $ | i 1,316 | $ | i 1,352 | |||||||||
Other | |||||||||||||||||
Beginning balance | $ | i 298 | $ | i 456 | $ | i 342 | $ | i 282 | |||||||||
Net realized gains/(losses) | i 5 | i 18 | i 89 | i 24 | |||||||||||||
Net unrealized gains/(losses) | ( i 12) | ( i 66) | ( i 5) | ( i 1,359) | |||||||||||||
Purchases | i 66 | i 39 | i 106 | i 692 | |||||||||||||
Sales | ( i 53) | ( i 114) | ( i 183) | ( i 161) | |||||||||||||
Settlements | ( i 30) | ( i 15) | ( i 71) | ( i 46) | |||||||||||||
Transfers into level 3 | i 33 | i 86 | i 48 | i 912 | |||||||||||||
Transfers out of level 3 | ( i 41) | ( i 93) | ( i 60) | ( i 33) | |||||||||||||
Ending balance | $ | i 266 | $ | i 311 | $ | i 266 | $ | i 311 |
19 | Goldman Sachs September 2023 Form
10-Q |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
As of September 2023 | ||||||||||||||
Assets | ||||||||||||||
Interest rates | $ | i 112 | $ | i 264,074 | $ | i 511 | $ | i 264,697 | ||||||
Credit | i – | i 9,900 | i 2,749 | i 12,649 | ||||||||||
Currencies | i – | i 101,232 | i 299 | i 101,531 | ||||||||||
Commodities | i – | i 19,310 | i 1,405 | i 20,715 | ||||||||||
Equities | i 7 | i 48,259 | i 710 | i 48,976 | ||||||||||
Gross fair value | i 119 | i 442,775 | i 5,674 | i 448,568 | ||||||||||
Counterparty netting in levels | i – | ( i 339,090) | ( i 1,017) | ( i 340,107) | ||||||||||
Subtotal | $ | i 119 | $ | i 103,685 | $ | i 4,657 | $ | i 108,461 | ||||||
Cross-level counterparty netting | ( i 963) | |||||||||||||
Cash collateral netting | ( i 58,436) | |||||||||||||
Net fair value | $ | i 49,062 | ||||||||||||
Liabilities | ||||||||||||||
Interest rates | $ | ( i 126) | $ | ( i 240,782) | $ | ( i 1,118) | $ | ( i 242,026) | ||||||
Credit | i – | ( i 9,161) | ( i 1,139) | ( i 10,300) | ||||||||||
Currencies | i – | ( i 101,326) | ( i 151) | ( i 101,477) | ||||||||||
Commodities | i – | ( i 19,051) | ( i 815) | ( i 19,866) | ||||||||||
Equities | ( i 9) | ( i 63,540) | ( i 2,092) | ( i 65,641) | ||||||||||
Gross fair value | ( i 135) | ( i 433,860) | ( i 5,315) | ( i 439,310) | ||||||||||
Counterparty netting in levels | i – | i 339,090 | i 1,017 | i 340,107 | ||||||||||
Subtotal | $ | ( i 135) | $ | ( i 94,770) | $ | ( i 4,298) | $ | ( i 99,203) | ||||||
Cross-level counterparty netting | i 963 | |||||||||||||
Cash collateral netting | i 43,423 | |||||||||||||
Net fair value | $ | ( i 54,817) | ||||||||||||
As of December 2022 | ||||||||||||||
Assets | ||||||||||||||
Interest rates | $ | i 69 | $ | i 269,590 | $ | i 700 | $ | i 270,359 | ||||||
Credit | i – | i 9,690 | i 2,577 | i 12,267 | ||||||||||
Currencies | i – | i 103,450 | i 494 | i 103,944 | ||||||||||
Commodities | i – | i 38,331 | i 1,609 | i 39,940 | ||||||||||
Equities | i 113 | i 49,481 | i 967 | i 50,561 | ||||||||||
Gross fair value | i 182 | i 470,542 | i 6,347 | i 477,071 | ||||||||||
Counterparty netting in levels | i – | ( i 358,917) | ( i 886) | ( i 359,803) | ||||||||||
Subtotal | $ | i 182 | $ | i 111,625 | $ | i 5,461 | $ | i 117,268 | ||||||
Cross-level counterparty netting | ( i 1,079) | |||||||||||||
Cash collateral netting | ( i 56,776) | |||||||||||||
Net fair value | $ | i 59,413 | ||||||||||||
Liabilities | ||||||||||||||
Interest rates | $ | ( i 32) | $ | ( i 247,871) | $ | ( i 1,159) | $ | ( i 249,062) | ||||||
Credit | i – | ( i 10,163) | ( i 1,117) | ( i 11,280) | ||||||||||
Currencies | i – | ( i 111,840) | ( i 332) | ( i 112,172) | ||||||||||
Commodities | i – | ( i 32,435) | ( i 690) | ( i 33,125) | ||||||||||
Equities | ( i 15) | ( i 55,240) | ( i 1,528) | ( i 56,783) | ||||||||||
Gross fair value | ( i 47) | ( i 457,549) | ( i 4,826) | ( i 462,422) | ||||||||||
Counterparty netting in levels | i – | i 358,917 | i 886 | i 359,803 | ||||||||||
Subtotal | $ | ( i 47) | $ | ( i 98,632) | $ | ( i 3,940) | $ | ( i 102,619) | ||||||
Cross-level counterparty netting | i 1,079 | |||||||||||||
Cash collateral netting | i 46,805 | |||||||||||||
Net fair value | $ | ( i 54,735) |
Goldman Sachs September 2023 Form 10-Q | 20 |
As of September 2023 | As of December 2022 | ||||||||||||||||
$ in millions, except inputs | Amount or Range | Average/ Median | Amount or Range | Average/ Median | |||||||||||||
Interest rates, net | $ | ( i 607) | $ | ( i 459) | |||||||||||||
Correlation | ( i 10)%
to i 81% | i 61%/ i 78% | ( i 10)%
to i 81% | i 61%/ i 60% | |||||||||||||
Volatility (bps) | i 31 to i 101 | i 56/ i 49 | i 31
to i 101 | i 60/ i 57 | |||||||||||||
Credit, net | $ | i 1,610 | $ | i 1,460 | |||||||||||||
Credit spreads (bps) | i 8 to i 1,966 | i 167/ i 105 | i 5
to i 935 | i 149/ i 116 | |||||||||||||
Upfront credit points | ( i 2) to i 100 | i 24/ i 11 | ( i 1)
to i 100 | i 29/ i 18 | |||||||||||||
Recovery rates | i 20% to i 70% | i 42%/ i 40% | i 20%
to i 50% | i 40%/ i 40% | |||||||||||||
Currencies, net | $ | i 148 | $ | i 162 | |||||||||||||
Correlation | i 20%
to i 71% | i 40%/ i 23% | i 20%
to i 71% | i 40%/ i 23% | |||||||||||||
Volatility | i 16%
to i 16% | i 16%/ i 16% | i 20%
to i 21% | i 20%/ i 20% | |||||||||||||
Commodities, net | $ | i 590 | $ | i 919 | |||||||||||||
Volatility | i 29%
to i 97% | i 44%/ i 40% | i 20%
to i 118% | i 50%/ i 46% | |||||||||||||
Natural
gas spread | $( i 1.53) to $ i 8.08 | $( i 0.16)/$( i 0.24) | $( i 3.21)
to $ i 5.85 | $( i 0.20)/ $( i 0.27) | |||||||||||||
Oil
spread | $( i 5.03) to $ i 35.79 | $ i 12.59/$ i 12.64 | $ i 12.68
to $ i 48.92 | $ i 20.42/ $ i 20.36 | |||||||||||||
Electricity
price | $ i 3.10 to $ i 330.34 | $ i 46.58/$ i 34.95 | $ i 3.00
to $ i 329.28 | $ i 47.19/ $ i 39.69 | |||||||||||||
Equities, net | $ | ( i 1,382) | $ | ( i 561) | |||||||||||||
Correlation | ( i 70)%
to i 100% | i 64%/ i 73% | ( i 75)%
to i 100% | i 66%/ i 75% | |||||||||||||
Volatility | i 2%
to i 123% | i 15%/ i 12% | i 2%
to i 74% | i 13%/ i 7% |
21 | Goldman
Sachs September 2023 Form 10-Q |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Total level 3 derivatives, net | |||||||||||||||||
Beginning balance | $ | i 609 | $ | i 3,174 | $ | i 1,521 | $ | i 440 | |||||||||
Net realized gains/(losses) | ( i 75) | ( i 16) | i 205 | i 456 | |||||||||||||
Net unrealized gains/(losses) | ( i 127) | i 1,167 | ( i 957) | i 4,413 | |||||||||||||
Purchases | i 113 | i 156 | i 317 | i 216 | |||||||||||||
Sales | ( i 795) | ( i 232) | ( i 1,117) | ( i 1,004) | |||||||||||||
Settlements | i 340 | i 491 | i 111 | i 50 | |||||||||||||
Transfers into level 3 | i 3 | i 105 | i 45 | ( i 130) | |||||||||||||
Transfers out of level 3 | i 291 | ( i 702) | i 234 | ( i 298) | |||||||||||||
Ending balance | $ | i 359 | $ | i 4,143 | $ | i 359 | $ | i 4,143 |
Goldman Sachs September 2023 Form 10-Q | 22 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Interest rates, net | |||||||||||||||||
Beginning balance | $ | ( i 589) | $ | i 1,035 | $ | ( i 459) | $ | i 183 | |||||||||
Net realized gains/(losses) | ( i 5) | ( i 27) | i 9 | ( i 98) | |||||||||||||
Net unrealized gains/(losses) | ( i 109) | i 411 | ( i 338) | i 1,370 | |||||||||||||
Purchases | i 10 | i 8 | i 30 | i 55 | |||||||||||||
Sales | ( i 98) | ( i 1) | ( i 225) | ( i 27) | |||||||||||||
Settlements | i 88 | i 64 | i 167 | i 111 | |||||||||||||
Transfers into level 3 | ( i 14) | ( i 15) | i 25 | ( i 7) | |||||||||||||
Transfers out of level 3 | i 110 | ( i 2) | i 184 | ( i 114) | |||||||||||||
Ending balance | $ | ( i 607) | $ | i 1,473 | $ | ( i 607) | $ | i 1,473 | |||||||||
Credit,
net | |||||||||||||||||
Beginning balance | $ | i 1,711 | $ | i 2,164 | $ | i 1,460 | $ | i 1,854 | |||||||||
Net realized gains/(losses) | i 2 | ( i 11) | ( i 18) | i 36 | |||||||||||||
Net unrealized gains/(losses) | ( i 24) | i 24 | i 181 | i 92 | |||||||||||||
Purchases | i 28 | i 64 | i 114 | i 2 | |||||||||||||
Sales | ( i 28) | ( i 8) | ( i 48) | ( i 40) | |||||||||||||
Settlements | ( i 64) | ( i 144) | ( i 192) | ( i 105) | |||||||||||||
Transfers into level 3 | i – | i 16 | ( i 5) | i 11 | |||||||||||||
Transfers out of level 3 | ( i 15) | ( i 439) | i 118 | ( i 184) | |||||||||||||
Ending balance | $ | i 1,610 | $ | i 1,666 | $ | i 1,610 | $ | i 1,666 | |||||||||
Currencies,
net | |||||||||||||||||
Beginning balance | $ | i 129 | $ | ( i 239) | $ | i 162 | $ | ( i 147) | |||||||||
Net realized gains/(losses) | i 30 | i 28 | i 84 | i 66 | |||||||||||||
Net unrealized gains/(losses) | i 16 | i 199 | ( i 100) | i 225 | |||||||||||||
Purchases | i 1 | i 1 | i 2 | i 2 | |||||||||||||
Sales | ( i 2) | ( i 2) | ( i 4) | ( i 7) | |||||||||||||
Settlements | ( i 46) | i 122 | ( i 31) | i 62 | |||||||||||||
Transfers into level 3 | i 7 | i 2 | i 7 | ( i 81) | |||||||||||||
Transfers out of level 3 | i 13 | i 14 | i 28 | i 5 | |||||||||||||
Ending balance | $ | i 148 | $ | i 125 | $ | i 148 | $ | i 125 | |||||||||
Commodities,
net | |||||||||||||||||
Beginning balance | $ | i 666 | $ | i 1,435 | $ | i 919 | $ | i 438 | |||||||||
Net realized gains/(losses) | ( i 64) | ( i 53) | ( i 39) | ( i 29) | |||||||||||||
Net unrealized gains/(losses) | ( i 202) | i 209 | ( i 435) | i 1,264 | |||||||||||||
Purchases | i 19 | i 5 | i 12 | i 4 | |||||||||||||
Sales | ( i 16) | ( i 16) | ( i 68) | ( i 23) | |||||||||||||
Settlements | i 80 | ( i 14) | i 111 | ( i 87) | |||||||||||||
Transfers into level 3 | i 51 | i 78 | i 131 | i 172 | |||||||||||||
Transfers out of level 3 | i 56 | ( i 127) | ( i 41) | ( i 222) | |||||||||||||
Ending balance | $ | i 590 | $ | i 1,517 | $ | i 590 | $ | i 1,517 | |||||||||
Equities,
net | |||||||||||||||||
Beginning balance | $ | ( i 1,308) | $ | ( i 1,221) | $ | ( i 561) | $ | ( i 1,888) | |||||||||
Net realized gains/(losses) | ( i 38) | i 47 | i 169 | i 481 | |||||||||||||
Net unrealized gains/(losses) | i 192 | i 324 | ( i 265) | i 1,462 | |||||||||||||
Purchases | i 55 | i 78 | i 159 | i 153 | |||||||||||||
Sales | ( i 651) | ( i 205) | ( i 772) | ( i 907) | |||||||||||||
Settlements | i 282 | i 463 | i 56 | i 69 | |||||||||||||
Transfers into level 3 | ( i 41) | i 24 | ( i 113) | ( i 225) | |||||||||||||
Transfers out of level 3 | i 127 | ( i 148) | ( i 55) | i 217 | |||||||||||||
Ending balance | $ | ( i 1,382) | $ | ( i 638) | $ | ( i 1,382) | $ | ( i 638) |
23 | Goldman Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 24 |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
As of September 2023 | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | i 47,073 | $ | i – | $ | i – | $ | i 47,073 | ||||||
Non-U.S. | i 2,178 | i 143 | i – | i 2,321 | ||||||||||
Corporate debt securities | i 160 | i 2,252 | i 6,950 | i 9,362 | ||||||||||
Securities backed by real estate | i – | i 13 | i 772 | i 785 | ||||||||||
Money market instruments | i 24 | i 872 | i – | i 896 | ||||||||||
Other debt obligations | i – | i 53 | i 249 | i 302 | ||||||||||
Equity securities | i 828 | i 2,345 | i 9,358 | i 12,531 | ||||||||||
Subtotal | $ | i 50,263 | $ | i 5,678 | $ | i 17,329 | $ | i 73,270 | ||||||
Investments in funds at NAV | i 3,037 | |||||||||||||
Total investments | $ | i 76,307 | ||||||||||||
As of December 2022 | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | i 47,055 | $ | i – | $ | i – | $ | i 47,055 | ||||||
Non-U.S. | i 2,169 | i 66 | i – | i 2,235 | ||||||||||
Corporate debt securities | i 145 | i 2,950 | i 7,003 | i 10,098 | ||||||||||
Securities backed by real estate | i – | i 176 | i 827 | i 1,003 | ||||||||||
Money market instruments | i 48 | i 957 | i – | i 1,005 | ||||||||||
Other debt obligations | i – | i 3 | i 256 | i 259 | ||||||||||
Equity securities | i 1,522 | i 3,227 | i 8,856 | i 13,605 | ||||||||||
Subtotal | $ | i 50,939 | $ | i 7,379 | $ | i 16,942 | $ | i 75,260 | ||||||
Investments in funds at NAV | i 2,941 | |||||||||||||
Total investments | $ | i 78,201 |
As of September 2023 | As of December 2022 | ||||||||||||||||
$ in millions | Amount or Range | Weighted Average | Amount or Range | Weighted Average | |||||||||||||
Corporate debt securities | |||||||||||||||||
Level 3 assets | $ | i 6,950 | $ | i 7,003 | |||||||||||||
Yield | i 6.4%
to i 22.0% | i 12.5 | % | i 5.0%
to i 21.8% | i 11.6 | % | |||||||||||
Recovery rate | i 7.3%
to i 58.9% | i 28.1 | % | i 10.0%
to i 70.0% | i 55.5 | % | |||||||||||
Duration (years) | i 0.7
to i 5.0 | i 3.2 | i 1.3
to i 5.7 | i 3.3 | |||||||||||||
Multiples | i 0.9x
to i 46.2x | i 7.1x | i 1.8x
to i 83.4x | i 8.3x | |||||||||||||
Securities backed by real estate | |||||||||||||||||
Level 3 assets | $ | i 772 | $ | i 827 | |||||||||||||
Yield | i 8.0%
to i 18.4% | i 13.3 | % | i 8.0%
to i 20.3% | i 14.6 | % | |||||||||||
Duration (years) | i 2.0
to i 3.1 | i 3.1 | i 0.6
to i 4.2 | i 4.1 | |||||||||||||
Other debt obligations | |||||||||||||||||
Level 3 assets | $ | i 249 | $ | i 256 | |||||||||||||
Yield | i 7.9%
to i 9.2% | i 8.4 | % | i 5.2%
to i 8.4% | i 7.4 | % | |||||||||||
Equity securities | |||||||||||||||||
Level 3 assets | $ | i 9,358 | $ | i 8,856 | |||||||||||||
Multiples | i 0.5x
to i 36.0x | i 8.6x | i 0.5x
to i 34.3x | i 8.3x | |||||||||||||
Discount rate/yield | i 3.9%
to i 25.2% | i 12.6 | % | i 5.4%
to i 38.5% | i 14.6 | % | |||||||||||
Capitalization rate | i 4.5%
to i 10.8% | i 5.5 | % | i 4.0%
to i 10.8% | i 5.4 | % |
25 | Goldman Sachs September 2023 Form 10-Q |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Beginning balance | $ | i 18,128 | $ | i 16,109 | $ | i 16,942 | $ | i 13,902 | |||||||||
Net realized gains/(losses) | i 113 | i 103 | i 344 | i 428 | |||||||||||||
Net unrealized gains/(losses) | ( i 346) | ( i 407) | ( i 904) | ( i 1,828) | |||||||||||||
Purchases | i 213 | i 445 | i 755 | i 1,385 | |||||||||||||
Sales | ( i 111) | ( i 236) | ( i 621) | ( i 741) | |||||||||||||
Settlements | ( i 456) | ( i 272) | ( i 1,127) | ( i 1,461) | |||||||||||||
Transfers into level 3 | i 942 | i 1,687 | i 3,257 | i 6,425 | |||||||||||||
Transfers out of level 3 | ( i 1,154) | ( i 475) | ( i 1,317) | ( i 1,156) | |||||||||||||
Ending balance | $ | i 17,329 | $ | i 16,954 | $ | i 17,329 | $ | i 16,954 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Corporate debt securities | |||||||||||||||||
Beginning balance | $ | i 7,520 | $ | i 6,576 | $ | i 7,003 | $ | i 4,527 | |||||||||
Net realized gains/(losses) | i 88 | i 69 | i 301 | i 224 | |||||||||||||
Net unrealized gains/(losses) | ( i 66) | ( i 111) | ( i 54) | ( i 297) | |||||||||||||
Purchases | i 58 | i 137 | i 373 | i 624 | |||||||||||||
Sales | ( i 53) | ( i 78) | ( i 185) | ( i 151) | |||||||||||||
Settlements | ( i 274) | ( i 143) | ( i 735) | ( i 810) | |||||||||||||
Transfers into level 3 | i 415 | i 659 | i 1,049 | i 2,944 | |||||||||||||
Transfers out of level 3 | ( i 738) | ( i 371) | ( i 802) | ( i 323) | |||||||||||||
Ending balance | $ | i 6,950 | $ | i 6,738 | $ | i 6,950 | $ | i 6,738 | |||||||||
Securities backed by real estate | |||||||||||||||||
Beginning balance | $ | i 878 | $ | i 1,067 | $ | i 827 | $ | i 1,078 | |||||||||
Net realized gains/(losses) | i 1 | i 7 | i 10 | i 21 | |||||||||||||
Net unrealized gains/(losses) | ( i 95) | ( i 88) | ( i 191) | ( i 287) | |||||||||||||
Purchases | i 7 | i 17 | i 56 | i 76 | |||||||||||||
Sales | i – | ( i 47) | ( i 58) | ( i 96) | |||||||||||||
Settlements | ( i 19) | ( i 23) | ( i 38) | ( i 140) | |||||||||||||
Transfers into level 3 | i – | i 1 | i 171 | i 269 | |||||||||||||
Transfers out of level 3 | i – | ( i 22) | ( i 5) | ( i 9) | |||||||||||||
Ending balance | $ | i 772 | $ | i 912 | $ | i 772 | $ | i 912 | |||||||||
Other debt obligations | |||||||||||||||||
Beginning balance | $ | i 246 | $ | i 303 | $ | i 256 | $ | i 382 | |||||||||
Net realized gains/(losses) | i 1 | i 3 | i 3 | i 9 | |||||||||||||
Net unrealized gains/(losses) | i 3 | ( i 3) | i 2 | ( i 8) | |||||||||||||
Purchases | i 6 | i 4 | i 1 | i 28 | |||||||||||||
Settlements | ( i 7) | ( i 23) | ( i 13) | ( i 127) | |||||||||||||
Ending balance | $ | i 249 | $ | i 284 | $ | i 249 | $ | i 284 | |||||||||
Equity securities | |||||||||||||||||
Beginning balance | $ | i 9,484 | $ | i 8,163 | $ | i 8,856 | $ | i 7,915 | |||||||||
Net realized gains/(losses) | i 23 | i 24 | i 30 | i 174 | |||||||||||||
Net unrealized gains/(losses) | ( i 188) | ( i 205) | ( i 661) | ( i 1,236) | |||||||||||||
Purchases | i 142 | i 287 | i 325 | i 657 | |||||||||||||
Sales | ( i 58) | ( i 111) | ( i 378) | ( i 494) | |||||||||||||
Settlements | ( i 156) | ( i 83) | ( i 341) | ( i 384) | |||||||||||||
Transfers into level 3 | i 527 | i 1,027 | i 2,037 | i 3,212 | |||||||||||||
Transfers out of level 3 | ( i 416) | ( i 82) | ( i 510) | ( i 824) | |||||||||||||
Ending balance | $ | i 9,358 | $ | i 9,020 | $ | i 9,358 | $ | i 9,020 |
Goldman Sachs September 2023 Form 10-Q | 26 |
27 | Goldman
Sachs September 2023 Form 10-Q |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
As of September 2023 | ||||||||||||||
Loan Type | ||||||||||||||
Corporate | $ | i – | $ | i 440 | $ | i 431 | $ | i 871 | ||||||
Real
estate: | ||||||||||||||
Commercial | i – | i 281 | i 270 | i 551 | ||||||||||
Residential
| i – | i 3,977 | i 51 | i 4,028 | ||||||||||
Other
collateralized | i – | i 708 | i 142 | i 850 | ||||||||||
Other | i – | i 70 | i 78 | i 148 | ||||||||||
Total | $ | i – | $ | i 5,476 | $ | i 972 | $ | i 6,448 | ||||||
As of December 2022 | ||||||||||||||
Loan Type | ||||||||||||||
Corporate | $ | i – | $ | i 359 | $ | i 637 | $ | i 996 | ||||||
Real
estate: | ||||||||||||||
Commercial | i – | i 435 | i 711 | i 1,146 | ||||||||||
Residential
| i – | i 4,437 | i 74 | i 4,511 | ||||||||||
Other
collateralized | i – | i 576 | i 140 | i 716 | ||||||||||
Other | i – | i 11 | i 275 | i 286 | ||||||||||
Total | $ | i – | $ | i 5,818 | $ | i 1,837 | $ | i 7,655 |
As of September 2023 | As of December 2022 | ||||||||||||||||
$ in millions | Amount or Range | Weighted Average | Amount or Range | Weighted Average | |||||||||||||
Corporate | |||||||||||||||||
Level 3 assets | $ | i 431 | $ | i 637 | |||||||||||||
Yield | i 8.8%
to i 12.8% | i 9.3 | % | i 4.1%
to i 26.9% | i 9.6 | % | |||||||||||
Recovery rate | i 2.0%
to i 95.0% | i 60.0 | % | i 23.1%
to i 95.0% | i 66.0 | % | |||||||||||
Duration (years) | i 0.9
to i 4.3 | i 2.3 | i 1.6
to i 3.3 | i 2.6 | |||||||||||||
Real estate | |||||||||||||||||
Level 3 assets | $ | i 321 | $ | i 785 | |||||||||||||
Yield | i 5.0%
to i 20.5% | i 17.6 | % | i 3.0%
to i 27.0% | i 16.1 | % | |||||||||||
Recovery rate | i 4.2%
to i 99.2% | i 50.1 | % | i 3.6%
to i 66.2% | i 54.4 | % | |||||||||||
Duration (years) | i 0.2
to i 6.2 | i 1.8 | i 0.6
to i 6.7 | i 2.5 | |||||||||||||
Other collateralized | |||||||||||||||||
Level 3 assets | $ | i 142 | $ | i 140 | |||||||||||||
Yield | i 6.6%
to i 20.9% | i 9.8 | % | i 5.8%
to i 12.7% | i 7.7 | % | |||||||||||
Duration (years) | i 1.8
to i 2.2 | i 1.9 | i 2.5
to i 2.9 | i 2.7 | |||||||||||||
Other | |||||||||||||||||
Level 3 assets | $ | i 78 | $ | i 275 | |||||||||||||
Yield | i 9.4%
to i 15.4% | i 11.8 | % | i 9.4%
to i 10.0% | i 9.9 | % | |||||||||||
Duration (years) | i 2.8
to i 5.3 | i 3.8 | N/A | N/A |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Beginning balance | $ | i 1,251 | $ | i 2,347 | $ | i 1,837 | $ | i 2,354 | |||||||||
Net realized gains/(losses) | i 11 | i 17 | i 39 | i 89 | |||||||||||||
Net unrealized gains/(losses) | ( i 174) | ( i 89) | ( i 254) | ( i 217) | |||||||||||||
Purchases | i 6 | i 7 | i 86 | i 212 | |||||||||||||
Sales | ( i 5) | ( i 18) | ( i 462) | ( i 61) | |||||||||||||
Settlements | ( i 95) | ( i 156) | ( i 254) | ( i 429) | |||||||||||||
Transfers into level 3 | i – | i 141 | i – | i 272 | |||||||||||||
Transfers out of level 3 | ( i 22) | ( i 191) | ( i 20) | ( i 162) | |||||||||||||
Ending balance | $ | i 972 | $ | i 2,058 | $ | i 972 | $ | i 2,058 |
Goldman
Sachs September 2023 Form 10-Q | 28 |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Corporate | |||||||||||||||||||||||
Beginning balance | $ | i 543 | $ | i 738 | $ | i 637 | $ | i 672 | |||||||||||||||
Net realized gains/(losses) | i 7 | i 8 | i 20 | i 21 | |||||||||||||||||||
Net unrealized gains/(losses) | ( i 76) | ( i 10) | ( i 134) | ( i 30) | |||||||||||||||||||
Purchases | i 5 | i 7 | i 47 | i 119 | |||||||||||||||||||
Sales | i – | ( i 18) | ( i 47) | ( i 53) | |||||||||||||||||||
Settlements | ( i 26) | ( i 77) | ( i 72) | ( i 116) | |||||||||||||||||||
Transfers into level 3 | i – | i 39 | i – | i 65 | |||||||||||||||||||
Transfers out of level 3 | ( i 22) | ( i 19) | ( i 20) | ( i 10) | |||||||||||||||||||
Ending balance | $ | i 431 | $ | i 668 | $ | i 431 | $ | i 668 | |||||||||||||||
Real
estate | |||||||||||||||||||||||
Beginning balance | $ | i 490 | $ | i 1,007 | $ | i 785 | $ | i 1,188 | |||||||||||||||
Net realized gains/(losses) | i 2 | i 7 | i 9 | i 47 | |||||||||||||||||||
Net unrealized gains/(losses) | ( i 100) | ( i 79) | ( i 123) | ( i 167) | |||||||||||||||||||
Purchases | i 1 | i – | i 2 | i 73 | |||||||||||||||||||
Sales | ( i 5) | i – | ( i 196) | ( i 8) | |||||||||||||||||||
Settlements | ( i 67) | ( i 70) | ( i 156) | ( i 249) | |||||||||||||||||||
Transfers into level 3 | i – | i 100 | i – | i 128 | |||||||||||||||||||
Transfers out of level 3 | i – | ( i 25) | i – | ( i 72) | |||||||||||||||||||
Ending balance | $ | i 321 | $ | i 940 | $ | i 321 | $ | i 940 | |||||||||||||||
Other
collateralized | |||||||||||||||||||||||
Beginning balance | $ | i 140 | $ | i 285 | $ | i 140 | $ | i 229 | |||||||||||||||
Net realized gains/(losses) | i 1 | i 1 | i 3 | i 2 | |||||||||||||||||||
Net unrealized gains/(losses) | i 1 | i – | i – | ( i 1) | |||||||||||||||||||
Purchases | i – | i – | i 2 | i 2 | |||||||||||||||||||
Settlements | i – | ( i 1) | ( i 3) | ( i 26) | |||||||||||||||||||
Transfers into level 3 | i – | i 2 | i – | i 13 | |||||||||||||||||||
Transfers out of level 3 | i – | ( i 147) | i – | ( i 79) | |||||||||||||||||||
Ending balance | $ | i 142 | $ | i 140 | $ | i 142 | $ | i 140 | |||||||||||||||
Other | |||||||||||||||||||||||
Beginning balance | $ | i 78 | $ | i 317 | $ | i 275 | $ | i 265 | |||||||||||||||
Net realized gains/(losses) | i 1 | i 1 | i 7 | i 19 | |||||||||||||||||||
Net unrealized gains/(losses) | i 1 | i – | i 3 | ( i 19) | |||||||||||||||||||
Purchases | i – | i – | i 35 | i 18 | |||||||||||||||||||
Sales | i – | i – | ( i 219) | i – | |||||||||||||||||||
Settlements | ( i 2) | ( i 8) | ( i 23) | ( i 38) | |||||||||||||||||||
Transfers
into level 3 | i – | i – | i – | i 66 | |||||||||||||||||||
Transfers out of level 3 | i – | i – | i – | ( i 1) | |||||||||||||||||||
Ending balance | $ | i 78 | $ | i 310 | $ | i 78 | $ | i 310 |
29 | Goldman
Sachs September 2023 Form 10-Q |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
As of September 2023 | ||||||||||||||
Assets | ||||||||||||||
Resale agreements | $ | i – | $ | i 190,446 | $ | i – | $ | i 190,446 | ||||||
Securities borrowed | i – | i 36,792 | i – | i 36,792 | ||||||||||
Customer and other receivables | i – | i 23 | i – | i 23 | ||||||||||
Other
assets | i – | i 173 | i 151 | i 324 | ||||||||||
Total | $ | i – | $ | i 227,434 | $ | i 151 | $ | i 227,585 | ||||||
Liabilities | ||||||||||||||
Deposits | $ | i – | $ | ( i 25,831) | $ | ( i 2,726) | $ | ( i 28,557) | ||||||
Repurchase agreements | i – | ( i 225,679) | i – | ( i 225,679) | ||||||||||
Securities loaned | i – | ( i 8,178) | i – | ( i 8,178) | ||||||||||
Other secured financings | i – | ( i 11,380) | ( i 2,734) | ( i 14,114) | ||||||||||
Unsecured borrowings: | ||||||||||||||
Short-term | i – | ( i 38,056) | ( i 4,295) | ( i 42,351) | ||||||||||
Long-term | i – | ( i 60,580) | ( i 13,336) | ( i 73,916) | ||||||||||
Other liabilities | i – | ( i 395) | ( i 219) | ( i 614) | ||||||||||
Total | $ | i – | $ | ( i 370,099) | $ | ( i 23,310) | $ | ( i 393,409) | ||||||
As of December 2022 | ||||||||||||||
Assets | ||||||||||||||
Resale agreements | $ | i – | $ | i 225,117 | $ | i – | $ | i 225,117 | ||||||
Securities borrowed | i – | i 38,578 | i – | i 38,578 | ||||||||||
Customer and other receivables | i – | i 25 | i – | i 25 | ||||||||||
Other assets | i – | i 71 | i 74 | i 145 | ||||||||||
Total | $ | i – | $ | i 263,791 | $ | i 74 | $ | i 263,865 | ||||||
Liabilities | ||||||||||||||
Deposits | $ | i – | $ | ( i 13,003) | $ | ( i 2,743) | $ | ( i 15,746) | ||||||
Repurchase agreements | i – | ( i 110,349) | i – | ( i 110,349) | ||||||||||
Securities loaned | i – | ( i 4,372) | i – | ( i 4,372) | ||||||||||
Other secured financings | i – | ( i 10,914) | ( i 1,842) | ( i 12,756) | ||||||||||
Unsecured borrowings: | ||||||||||||||
Short-term | i – | ( i 35,641) | ( i 4,090) | ( i 39,731) | ||||||||||
Long-term | i – | ( i 63,081) | ( i 10,066) | ( i 73,147) | ||||||||||
Other liabilities | i – | ( i 74) | ( i 85) | ( i 159) | ||||||||||
Total | $ | i – | $ | ( i 237,434) | $ | ( i 18,826) | $ | ( i 256,260) |
Goldman
Sachs September 2023 Form 10-Q | 30 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Assets | |||||||||||||||||
Beginning balance | $ | i 126 | $ | i – | $ | i 74 | $ | i – | |||||||||
Net unrealized gains/(losses) | i 25 | i – | i 77 | i – | |||||||||||||
Ending balance | $ | i 151 | $ | i – | $ | i 151 | $ | i – | |||||||||
Liabilities | |||||||||||||||||
Beginning balance | $ | ( i 21,897) | $ | ( i 19,114) | $ | ( i 18,826) | $ | ( i 23,567) | |||||||||
Net realized gains/(losses) | ( i 88) | ( i 90) | ( i 223) | ( i 222) | |||||||||||||
Net unrealized gains/(losses) | i 1,210 | i 1,538 | i 425 | i 5,977 | |||||||||||||
Issuances | ( i 3,036) | ( i 3,296) | ( i 6,212) | ( i 9,486) | |||||||||||||
Settlements | i 3,154 | i 2,691 | i 6,380 | i 8,548 | |||||||||||||
Transfers into level 3 | ( i 3,656) | ( i 1,494) | ( i 6,030) | ( i 2,562) | |||||||||||||
Transfers out of level 3 | i 1,003 | i 900 | i 1,176 | i 2,447 | |||||||||||||
Ending balance | $ | ( i 23,310) | $ | ( i 18,865) | $ | ( i 23,310) | $ | ( i 18,865) |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Deposits | |||||||||||||||||
Beginning balance | $ | ( i 2,889) | $ | ( i 2,789) | $ | ( i 2,743) | $ | ( i 3,613) | |||||||||
Net realized gains/(losses) | i – | i – | i – | ( i 7) | |||||||||||||
Net unrealized gains/(losses) | i 73 | i 135 | i 19 | i 466 | |||||||||||||
Issuances | ( i 157) | ( i 261) | ( i 376) | ( i 735) | |||||||||||||
Settlements | i 232 | i 259 | i 594 | i 1,041 | |||||||||||||
Transfers into level 3 | ( i 3) | ( i 89) | ( i 254) | ( i 20) | |||||||||||||
Transfers out of level 3 | i 18 | i 16 | i 34 | i 139 | |||||||||||||
Ending balance | $ | ( i 2,726) | $ | ( i 2,729) | $ | ( i 2,726) | $ | ( i 2,729) | |||||||||
Other secured financings | |||||||||||||||||
Beginning balance | $ | ( i 2,817) | $ | ( i 1,412) | $ | ( i 1,842) | $ | ( i 2,566) | |||||||||
Net realized gains/(losses) | ( i 3) | ( i 13) | ( i 3) | ( i 18) | |||||||||||||
Net unrealized gains/(losses) | i 41 | i 86 | i 13 | i 177 | |||||||||||||
Issuances | ( i 158) | ( i 406) | ( i 676) | ( i 545) | |||||||||||||
Settlements | i 488 | i 22 | i 875 | i 527 | |||||||||||||
Transfers into level 3 | ( i 325) | ( i 147) | ( i 1,626) | ( i 110) | |||||||||||||
Transfers out of level 3 | i 40 | i – | i 525 | i 665 | |||||||||||||
Ending balance | $ | ( i 2,734) | $ | ( i 1,870) | $ | ( i 2,734) | $ | ( i 1,870) | |||||||||
Unsecured short-term borrowings | |||||||||||||||||
Beginning balance | $ | ( i 4,822) | $ | ( i 5,209) | $ | ( i 4,090) | $ | ( i 7,829) | |||||||||
Net realized gains/(losses) | ( i 23) | ( i 54) | ( i 72) | ( i 126) | |||||||||||||
Net unrealized gains/(losses) | i 148 | i 286 | ( i 178) | i 1,241 | |||||||||||||
Issuances | ( i 1,552) | ( i 1,165) | ( i 2,968) | ( i 3,582) | |||||||||||||
Settlements | i 1,853 | i 1,747 | i 3,013 | i 5,443 | |||||||||||||
Transfers into level 3 | ( i 204) | ( i 528) | ( i 174) | ( i 470) | |||||||||||||
Transfers out of level 3 | i 305 | i 411 | i 174 | i 811 | |||||||||||||
Ending balance | $ | ( i 4,295) | $ | ( i 4,512) | $ | ( i 4,295) | $ | ( i 4,512) | |||||||||
Unsecured long-term borrowings | |||||||||||||||||
Beginning balance | $ | ( i 11,296) | $ | ( i 9,626) | $ | ( i 10,066) | $ | ( i 9,413) | |||||||||
Net realized gains/(losses) | ( i 62) | ( i 23) | ( i 148) | ( i 71) | |||||||||||||
Net unrealized gains/(losses) | i 945 | i 1,034 | i 556 | i 4,028 | |||||||||||||
Issuances | ( i 1,020) | ( i 1,464) | ( i 2,043) | ( i 4,624) | |||||||||||||
Settlements | i 581 | i 663 | i 1,898 | i 1,537 | |||||||||||||
Transfers into level 3 | ( i 3,124) | ( i 730) | ( i 3,976) | ( i 1,962) | |||||||||||||
Transfers out of level 3 | i 640 | i 473 | i 443 | i 832 | |||||||||||||
Ending balance | $ | ( i 13,336) | $ | ( i 9,673) | $ | ( i 13,336) | $ | ( i 9,673) | |||||||||
Other liabilities | |||||||||||||||||
Beginning balance | $ | ( i 73) | $ | ( i 78) | $ | ( i 85) | $ | ( i 146) | |||||||||
Net unrealized gains/(losses) | i 3 | ( i 3) | i 15 | i 65 | |||||||||||||
Issuances | ( i 149) | i – | ( i 149) | i – | |||||||||||||
Ending balance | $ | ( i 219) | $ | ( i 81) | $ | ( i 219) | $ | ( i 81) |
31 | Goldman
Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 32 |
Trading | Trading | ||||||||||
$ in millions | Assets | Liabilities | |||||||||
As of September 2023 | |||||||||||
Trading cash instruments | $ | i 398,998 | $ | i 140,306 | |||||||
Derivatives | i 49,062 | i 54,817 | |||||||||
Total | $ | i 448,060 | $ | i 195,123 | |||||||
As of December 2022 | |||||||||||
Trading cash instruments | $ | i 241,832 | $ | i 136,589 | |||||||
Derivatives | i 59,413 | i 54,735 | |||||||||
Total | $ | i 301,245 | $ | i 191,324 |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Interest rates | $ | ( i 861) | $ | ( i 3,043) | $ | i 713 | $ | ( i 7,699) | |||||||||||||||
Credit | i 511 | ( i 286) | i 1,160 | i 1,379 | |||||||||||||||||||
Currencies | i 2,850 | i 5,768 | i 4,946 | i 14,020 | |||||||||||||||||||
Equities | i 2,029 | i 1,464 | i 6,008 | i 6,052 | |||||||||||||||||||
Commodities | i 429 | i 738 | i 1,915 | i 1,831 | |||||||||||||||||||
Total | $ | i 4,958 | $ | i 4,641 | $ | i 14,742 | $ | i 15,583 |
33 | Goldman
Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 34 |
As of September 2023 | As of December 2022 | ||||||||||||||||
$ in millions | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||
Not accounted for as hedges | |||||||||||||||||
Exchange-traded | $ | i 466 | $ | i 1,122 | $ | i 675 | $ | i 1,385 | |||||||||
OTC-cleared | i 71,438 | i 70,138 | i 74,297 | i 72,979 | |||||||||||||
Bilateral OTC | i 192,603 | i 170,748 | i 195,052 | i 174,687 | |||||||||||||
Total interest rates | i 264,507 | i 242,008 | i 270,024 | i 249,051 | |||||||||||||
OTC-cleared | i 1,056 | i 1,177 | i 1,516 | i 1,802 | |||||||||||||
Bilateral OTC | i 11,593 | i 9,123 | i 10,751 | i 9,478 | |||||||||||||
Total credit | i 12,649 | i 10,300 | i 12,267 | i 11,280 | |||||||||||||
Exchange-traded | i 78 | i 11 | i 1,041 | i 22 | |||||||||||||
OTC-cleared | i 1,064 | i 1,021 | i 520 | i 589 | |||||||||||||
Bilateral OTC | i 100,357 | i 100,324 | i 102,301 | i 111,276 | |||||||||||||
Total currencies | i 101,499 | i 101,356 | i 103,862 | i 111,887 | |||||||||||||
Exchange-traded | i 6,719 | i 7,275 | i 9,225 | i 9,542 | |||||||||||||
OTC-cleared | i 539 | i 620 | i 698 | i 838 | |||||||||||||
Bilateral OTC | i 13,457 | i 11,971 | i 30,017 | i 22,745 | |||||||||||||
Total commodities | i 20,715 | i 19,866 | i 39,940 | i 33,125 | |||||||||||||
Exchange-traded | i 24,340 | i 28,860 | i 26,302 | i 26,607 | |||||||||||||
OTC-cleared | i 133 | i 203 | i 685 | i 19 | |||||||||||||
Bilateral OTC | i 24,503 | i 36,578 | i 23,574 | i 30,157 | |||||||||||||
Total equities | i 48,976 | i 65,641 | i 50,561 | i 56,783 | |||||||||||||
Subtotal | i 448,346 | i 439,171 | i 476,654 | i 462,126 | |||||||||||||
Accounted for as hedges | |||||||||||||||||
OTC-cleared | i – | i – | i – | i – | |||||||||||||
Bilateral OTC | i 190 | i 18 | i 335 | i 11 | |||||||||||||
Total interest rates | i 190 | i 18 | i 335 | i 11 | |||||||||||||
OTC-cleared | i – | i – | i 29 | i 29 | |||||||||||||
Bilateral OTC | i 32 | i 121 | i 53 | i 256 | |||||||||||||
Total currencies | i 32 | i 121 | i 82 | i 285 | |||||||||||||
Subtotal | i 222 | i 139 | i 417 | i 296 | |||||||||||||
Total gross fair value | $ | i 448,568 | $ | i 439,310 | $ | i 477,071 | $ | i 462,422 | |||||||||
Offset
in the consolidated balance sheets | |||||||||||||||||
Exchange-traded | $ | ( i 28,041) | $ | ( i 28,041) | $ | ( i 31,229) | $ | ( i 31,229) | |||||||||
OTC-cleared | ( i 71,745) | ( i 71,745) | ( i 75,349) | ( i 75,349) | |||||||||||||
Bilateral OTC | ( i 241,284) | ( i 241,284) | ( i 254,304) | ( i 254,304) | |||||||||||||
Counterparty netting | ( i 341,070) | ( i 341,070) | ( i 360,882) | ( i 360,882) | |||||||||||||
OTC-cleared | ( i 1,728) | i – | ( i 1,388) | ( i 406) | |||||||||||||
Bilateral OTC | ( i 56,708) | ( i 43,423) | ( i 55,388) | ( i 46,399) | |||||||||||||
Cash collateral netting | ( i 58,436) | ( i 43,423) | ( i 56,776) | ( i 46,805) | |||||||||||||
Total amounts offset | $ | ( i 399,506) | $ | ( i 384,493) | $ | ( i 417,658) | $ | ( i 407,687) | |||||||||
Included in the consolidated balance sheets | |||||||||||||||||
Exchange-traded | $ | i 3,562 | $ | i 9,227 | $ | i 6,014 | $ | i 6,327 | |||||||||
OTC-cleared | i 757 | i 1,414 | i 1,008 | i 501 | |||||||||||||
Bilateral OTC | i 44,743 | i 44,176 | i 52,391 | i 47,907 | |||||||||||||
Total | $ | i 49,062 | $ | i 54,817 | $ | i 59,413 | $ | i 54,735 | |||||||||
Not
offset in the consolidated balance sheets | |||||||||||||||||
Cash collateral | $ | ( i 414) | $ | ( i 1,599) | $ | ( i 298) | $ | ( i 1,887) | |||||||||
Securities collateral | ( i 15,551) | ( i 4,716) | ( i 15,229) | ( i 4,329) | |||||||||||||
Total | $ | i 33,097 | $ | i 48,502 | $ | i 43,886 | $ | i 48,519 |
Notional
Amounts as of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Not accounted for as hedges | ||||||||
Exchange-traded | $ | i 3,957,145 | $ | i 4,241,937 | ||||
OTC-cleared | i 15,047,281 | i 13,104,682 | ||||||
Bilateral OTC | i 12,296,079 | i 11,137,127 | ||||||
Total interest rates | i 31,300,505 | i 28,483,746 | ||||||
Exchange-traded | i 558 | i 369 | ||||||
OTC-cleared | i 545,342 | i 529,543 | ||||||
Bilateral OTC | i 651,836 | i 577,542 | ||||||
Total credit | i 1,197,736 | i 1,107,454 | ||||||
Exchange-traded | i 5,538 | i 9,012 | ||||||
OTC-cleared | i 262,313 | i 150,561 | ||||||
Bilateral OTC | i 6,525,742 | i 5,304,069 | ||||||
Total currencies | i 6,793,593 | i 5,463,642 | ||||||
Exchange-traded | i 352,868 | i 341,526 | ||||||
OTC-cleared | i 3,434 | i 3,188 | ||||||
Bilateral OTC | i 220,290 | i 255,208 | ||||||
Total commodities | i 576,592 | i 599,922 | ||||||
Exchange-traded | i 1,529,392 | i 1,107,659 | ||||||
OTC-cleared | i 1,716 | i 1,639 | ||||||
Bilateral OTC | i 1,225,983 | i 1,026,736 | ||||||
Total equities | i 2,757,091 | i 2,136,034 | ||||||
Subtotal | i 42,625,517 | i 37,790,798 | ||||||
Accounted for as hedges | ||||||||
OTC-cleared | i 240,942 | i 257,739 | ||||||
Bilateral OTC | i 3,009 | i 3,156 | ||||||
Total interest rates | i 243,951 | i 260,895 | ||||||
OTC-cleared | i 966 | i 2,048 | ||||||
Bilateral OTC | i 8,223 | i 7,701 | ||||||
Total currencies | i 9,189 | i 9,749 | ||||||
Subtotal | i 253,140 | i 270,644 | ||||||
Total notional amounts | $ | i 42,878,657 | $ | i 38,061,442 |
35 | Goldman Sachs September 2023 Form 10-Q |
$ in millions | Less than 1 Year | 1
- 5 Years | Greater than 5 Years | Total | ||||||||||
As of September 2023 | ||||||||||||||
Assets | ||||||||||||||
Interest rates | $ | i 10,904 | $ | i 14,876 | $ | i 53,107 | $ | i 78,887 | ||||||
Credit | i 1,427 | i 2,968 | i 2,159 | i 6,554 | ||||||||||
Currencies | i 14,384 | i 8,130 | i 5,733 | i 28,247 | ||||||||||
Commodities | i 4,156 | i 3,417 | i 1,563 | i 9,136 | ||||||||||
Equities | i 4,121 | i 2,868 | i 2,068 | i 9,057 | ||||||||||
Counterparty netting in tenors | ( i 3,015) | ( i 2,643) | ( i 4,165) | ( i 9,823) | ||||||||||
Subtotal | $ | i 31,977 | $ | i 29,616 | $ | i 60,465 | $ | i 122,058 | ||||||
Cross-tenor counterparty netting | ( i 18,122) | |||||||||||||
Cash collateral netting | ( i 58,436) | |||||||||||||
Total OTC derivative assets | $ | i 45,500 | ||||||||||||
Liabilities | ||||||||||||||
Interest rates | $ | i 10,600 | $ | i 22,287 | $ | i 22,672 | $ | i 55,559 | ||||||
Credit | i 879 | i 2,277 | i 1,050 | i 4,206 | ||||||||||
Currencies | i 12,041 | i 8,607 | i 7,635 | i 28,283 | ||||||||||
Commodities | i 3,025 | i 3,305 | i 1,381 | i 7,711 | ||||||||||
Equities | i 9,462 | i 8,124 | i 3,613 | i 21,199 | ||||||||||
Counterparty netting in tenors | ( i 3,015) | ( i 2,643) | ( i 4,165) | ( i 9,823) | ||||||||||
Subtotal | $ | i 32,992 | $ | i 41,957 | $ | i 32,186 | $ | i 107,135 | ||||||
Cross-tenor counterparty netting | ( i 18,122) | |||||||||||||
Cash collateral netting | ( i 43,423) | |||||||||||||
Total OTC derivative liabilities | $ | i 45,590 | ||||||||||||
As of December 2022 | ||||||||||||||
Assets | ||||||||||||||
Interest rates | $ | i 5,509 | $ | i 16,963 | $ | i 53,943 | $ | i 76,415 | ||||||
Credit | i 921 | i 2,622 | i 2,142 | i 5,685 | ||||||||||
Currencies | i 12,284 | i 7,819 | i 7,085 | i 27,188 | ||||||||||
Commodities | i 10,525 | i 7,513 | i 2,574 | i 20,612 | ||||||||||
Equities | i 5,346 | i 4,007 | i 1,782 | i 11,135 | ||||||||||
Counterparty netting in tenors | ( i 2,661) | ( i 3,942) | ( i 4,830) | ( i 11,433) | ||||||||||
Subtotal | $ | i 31,924 | $ | i 34,982 | $ | i 62,696 | $ | i 129,602 | ||||||
Cross-tenor counterparty netting | ( i 19,427) | |||||||||||||
Cash collateral netting | ( i 56,776) | |||||||||||||
Total OTC derivative assets | $ | i 53,399 | ||||||||||||
Liabilities | ||||||||||||||
Interest rates | $ | i 9,351 | $ | i 23,589 | $ | i 21,467 | $ | i 54,407 | ||||||
Credit | i 993 | i 2,635 | i 1,071 | i 4,699 | ||||||||||
Currencies | i 18,987 | i 8,736 | i 8,712 | i 36,435 | ||||||||||
Commodities | i 6,400 | i 6,135 | i 945 | i 13,480 | ||||||||||
Equities | i 7,629 | i 7,249 | i 2,174 | i 17,052 | ||||||||||
Counterparty netting in tenors | ( i 2,661) | ( i 3,942) | ( i 4,830) | ( i 11,433) | ||||||||||
Subtotal | $ | i 40,699 | $ | i 44,402 | $ | i 29,539 | $ | i 114,640 | ||||||
Cross-tenor counterparty netting | ( i 19,427) | |||||||||||||
Cash collateral netting | ( i 46,805) | |||||||||||||
Total OTC derivative liabilities | $ | i 48,408 |
Goldman Sachs September 2023 Form 10-Q | 36 |
Credit Spread on Underlier (basis points) | |||||||||||||||||
$ in millions | 0 - 250 | 251 - 500 | 501 - 1,000 | Greater than 1,000 | Total | ||||||||||||
As of September 2023 | |||||||||||||||||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | |||||||||||||||||
Less than 1 year | $ | i 127,828 | $ | i 9,876 | $ | i 885 | $ | i 3,750 | $ | i 142,339 | |||||||
1 - 5 years | i 308,826 | i 18,554 | i 8,957 | i 6,922 | i 343,259 | ||||||||||||
Greater than 5 years | i 69,235 | i 6,560 | i 2,883 | i 1,052 | i 79,730 | ||||||||||||
Total | $ | i 505,889 | $ | i 34,990 | $ | i 12,725 | $ | i 11,724 | $ | i 565,328 | |||||||
Maximum
Payout/Notional Amount of Purchased Credit Derivatives | |||||||||||||||||
Offsetting | $ | i 420,373 | $ | i 25,763 | $ | i 11,309 | $ | i 10,175 | $ | i 467,620 | |||||||
Other | $ | i 152,511 | $ | i 8,037 | $ | i 2,189 | $ | i 2,051 | $ | i 164,788 | |||||||
Fair Value of Written Credit Derivatives | |||||||||||||||||
Asset | $ | i 8,701 | $ | i 638 | $ | i 262 | $ | i 121 | $ | i 9,722 | |||||||
Liability | i 1,190 | i 774 | i 633 | i 2,312 | i 4,909 | ||||||||||||
Net asset/(liability) | $ | i 7,511 | $ | ( i 136) | $ | ( i 371) | $ | ( i 2,191) | $ | i 4,813 | |||||||
As of December 2022 | |||||||||||||||||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | |||||||||||||||||
Less than 1 year | $ | i 108,703 | $ | i 12,166 | $ | i 1,879 | $ | i 4,135 | $ | i 126,883 | |||||||
1 - 5 years | i 306,484 | i 28,188 | i 13,724 | i 9,092 | i 357,488 | ||||||||||||
Greater than 5 years | i 39,302 | i 2,916 | i 1,416 | i 305 | i 43,939 | ||||||||||||
Total | $ | i 454,489 | $ | i 43,270 | $ | i 17,019 | $ | i 13,532 | $ | i 528,310 | |||||||
Maximum
Payout/Notional Amount of Purchased Credit Derivatives | |||||||||||||||||
Offsetting | $ | i 372,360 | $ | i 33,149 | $ | i 14,817 | $ | i 11,757 | $ | i 432,083 | |||||||
Other | $ | i 128,828 | $ | i 13,211 | $ | i 2,615 | $ | i 2,407 | $ | i 147,061 | |||||||
Fair Value of Written Credit Derivatives | |||||||||||||||||
Asset | $ | i 5,405 | $ | i 460 | $ | i 132 | $ | i 84 | $ | i 6,081 | |||||||
Liability | i 681 | i 1,081 | i 1,027 | i 2,673 | i 5,462 | ||||||||||||
Net asset/(liability) | $ | i 4,724 | $ | ( i 621) | $ | ( i 895) | $ | ( i 2,589) | $ | i 619 |
37 | Goldman Sachs September
2023 Form 10-Q |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
CVA, net of hedges | $ | i 101 | $ | i 223 | $ | ( i 72) | $ | i 523 | |||||||||
FVA, net of hedges | ( i 53) | ( i 74) | i 22 | ( i 465) | |||||||||||||
Total | $ | i 48 | $ | i 149 | $ | ( i 50) | $ | i 58 |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Fair value of assets | $ | i 332 | $ | i 288 | ||||
Fair value of liabilities | ( i 271) | ( i 392) | ||||||
Net asset/(liability) | $ | i 61 | $ | ( i 104) | ||||
Notional
amount | $ | i 7,383 | $ | i 8,892 |
As
of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Net derivative liabilities under bilateral agreements | $ | i 30,530 | $ | i 33,059 | ||||
Collateral posted | $ | i 26,546 | $ | i 27,657 | ||||
Additional collateral or termination payments: | ||||||||
One-notch downgrade | $ | i 374 | $ | i 343 | ||||
Two-notch downgrade | $ | i 1,288 | $ | i 1,115 |
Goldman
Sachs September 2023 Form 10-Q | 38 |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Investments | |||||||||||||||||
Interest rate hedges | $ | i 85 | $ | i 427 | $ | i 266 | $ | i 372 | |||||||||
Hedged investments | ( i 94) | ( i 409) | ( i 271) | ( i 357) | |||||||||||||
Gains/(losses) | $ | ( i 9) | $ | i 18 | $ | ( i 5) | $ | i 15 | |||||||||
Borrowings
and deposits | |||||||||||||||||
Interest rate hedges | $ | ( i 2,735) | $ | ( i 7,820) | $ | ( i 2,583) | $ | ( i 22,629) | |||||||||
Hedged borrowings and deposits | i 2,543 | i 7,741 | i 2,127 | i 22,279 | |||||||||||||
Gains/(losses) | $ | ( i 192) | $ | ( i 79) | $ | ( i 456) | $ | ( i 350) |
$ in millions | Carrying Value | Cumulative Hedging Adjustment | ||||||
As of September 2023 | ||||||||
Assets | ||||||||
Investments | $ | i 14,768 | $ | ( i 568) | ||||
Liabilities | ||||||||
Deposits | $ | i 3,493 | $ | ( i 190) | ||||
Unsecured short-term borrowings | $ | i 12,202 | $ | ( i 177) | ||||
Unsecured long-term borrowings | $ | i 127,643 | $ | ( i 17,025) | ||||
As of December 2022 | ||||||||
Assets | ||||||||
Investments | $ | i 10,804 | $ | ( i 350) | ||||
Liabilities | ||||||||
Deposits | $ | i 6,311 | $ | ( i 280) | ||||
Unsecured short-term borrowings | $ | i 7,295 | $ | ( i 47) | ||||
Unsecured long-term borrowings | $ | i 151,215 | $ | ( i 15,134) |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Hedges: | |||||||||||||||||
Foreign currency forward contract | $ | i 112 | $ | i 1,097 | $ | ( i 25) | $ | i 2,310 | |||||||||
Foreign currency-denominated debt | $ | i 839 | $ | i 551 | $ | i 631 | $ | i 1,147 |
39 | Goldman
Sachs September 2023 Form 10-Q |
As
of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Equity securities, at fair value | $ | i 13,742 | $ | i 14,892 | ||||
Debt instruments, at fair value | i 13,305 | i 14,075 | ||||||
Available-for-sale securities, at fair value | i 49,260 | i 49,234 | ||||||
Investments, at fair value | i 76,307 | i 78,201 | ||||||
Held-to-maturity securities | i 68,510 | i 51,662 | ||||||
Equity-method
investments | i 713 | i 766 | ||||||
Total investments | $ | i 145,530 | $ | i 130,629 |
As
of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Equity securities, at fair value | $ | i 13,742 | $ | i 14,892 | ||||
Equity Type | ||||||||
Public equity | i 9 | % | i 13 | % | ||||
Private equity | i 91 | % | i 87 | % | ||||
Total | i 100 | % | i 100 | % | ||||
Asset Class | ||||||||
Corporate | i 72 | % | i 71 | % | ||||
Real estate | i 28 | % | i 29 | % | ||||
Total | i 100 | % | i 100 | % |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Corporate debt securities | $ | i 9,362 | $ | i 10,098 | ||||
Securities backed by real estate | i 785 | i 1,003 | ||||||
Money market instruments | i 896 | i 1,005 | ||||||
Other | i 2,262 | i 1,969 | ||||||
Total | $ | i 13,305 | $ | i 14,075 |
Goldman Sachs September 2023 Form 10-Q | 40 |
$ in millions | Fair Value of Investments | Unfunded Commitments | ||||||
As of September 2023 | ||||||||
Private equity funds | $ | i 815 | $ | i 493 | ||||
Credit funds | i 1,814 | i 282 | ||||||
Hedge funds | i 48 | i – | ||||||
Real estate funds | i 360 | i 66 | ||||||
Total | $ | i 3,037 | $ | i 841 | ||||
As of December 2022 | ||||||||
Private equity funds | $ | i 815 | $ | i 647 | ||||
Credit funds | i 1,645 | i 303 | ||||||
Hedge funds | i 68 | i – | ||||||
Real estate funds | i 413 | i 138 | ||||||
Total | $ | i 2,941 | $ | i 1,088 |
41 | Goldman
Sachs September 2023 Form 10-Q |
$ in millions | Amortized Cost | Fair Value | Weighted Average Yield | ||||||||
As of September 2023 | |||||||||||
Less than 1 year | $ | i 25,004 | $ | i 24,401 | i 0.37 | % | |||||
1 year to 5 years | i 23,638 | i 22,194 | i 1.25 | % | |||||||
5 years to 10 years | i 530 | i 478 | i 1.86 | % | |||||||
Total U.S. government obligations | i 49,172 | i 47,073 | i 0.80 | % | |||||||
Less
than 1 year | i 10 | i 9 | i 0.01 | % | |||||||
1
year to 5 years | i 1,562 | i 1,296 | i 0.10 | % | |||||||
5
years to 10 years | i 1,083 | i 882 | i 0.84 | % | |||||||
Total non-U.S. government obligations | i 2,655 | i 2,187 | i 0.40 | % | |||||||
Total available-for-sale securities | $ | i 51,827 | $ | i 49,260 | i 0.78 | % | |||||
As of December 2022 | |||||||||||
Less than 1 year | $ | i 8,103 | $ | i 7,861 | i 0.37 | % | |||||
1 year to 5 years | i 41,479 | i 38,706 | i 0.74 | % | |||||||
5 years to 10 years | i 538 | i 488 | i 1.86 | % | |||||||
Total U.S. government obligations | i 50,120 | i 47,055 | i 0.69 | % | |||||||
1
year to 5 years | i 10 | i 10 | i 0.27 | % | |||||||
5
years to 10 years | i 2,616 | i 2,169 | i 0.40 | % | |||||||
Total non-U.S. government obligations | i 2,626 | i 2,179 | i 0.40 | % | |||||||
Total available-for-sale securities | $ | i 52,746 | $ | i 49,234 | i 0.68 | % |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Gross realized gains | $ | i 2 | $ | i – | $ | i 8 | $ | i – | |||||||||
Proceeds
from sales | $ | i 540 | $ | i – | $ | i 3,161 | $ | i 2 |
Goldman Sachs September 2023 Form 10-Q | 42 |
$ in millions | Amortized Cost | Fair Value | Weighted Average Yield | ||||||||
As of September 2023 | |||||||||||
Less than 1 year | $ | i 16,020 | $ | i 15,859 | i 3.13 | % | |||||
1 year to 5 years | i 50,391 | i 48,627 | i 3.45 | % | |||||||
5 years to 10 years | i 1,896 | i 1,827 | i 3.87 | % | |||||||
Total
government obligations | i 68,307 | i 66,313 | i 3.38 | % | |||||||
1
year to 5 years | i 3 | i 2 | i 7.78 | % | |||||||
Greater than 10 years | i 200 | i 200 | i 5.87 | % | |||||||
Total securities backed by real estate | i 203 | i 202 | i 5.90 | % | |||||||
Total held-to-maturity securities | $ | i 68,510 | $ | i 66,515 | i 3.39 | % | |||||
As of December 2022 | |||||||||||
Less than 1 year | $ | i 5,319 | $ | i 5,282 | i 2.98 | % | |||||
1 year to 5 years | i 45,154 | i 43,852 | i 3.00 | % | |||||||
5 years to 10 years | i 1,026 | i 966 | i 2.89 | % | |||||||
Total
government obligations | i 51,499 | i 50,100 | i 2.99 | % | |||||||
5 years to 10 years | i 2 | i 2 | i 5.63 | % | |||||||
Greater than 10 years | i 161 | i 158 | i 3.18 | % | |||||||
Total securities backed by real estate | i 163 | i 160 | i 3.24 | % | |||||||
Total held-to-maturity securities | $ | i 51,662 | $ | i 50,260 | i 2.99 | % |
$ in millions | Amortized Cost | Fair Value | Held For Sale | Total | ||||||||||
As of September 2023 | ||||||||||||||
Loan Type | ||||||||||||||
Corporate | $ | i 34,191 | $ | i 871 | $ | i 1,753 | $ | i 36,815 | ||||||
Commercial real estate | i 24,382 | i 551 | i 739 | i 25,672 | ||||||||||
Residential real estate | i 19,924 | i 4,028 | i 1 | i 23,953 | ||||||||||
Securities-based | i 15,053 | i – | i – | i 15,053 | ||||||||||
Other
collateralized | i 54,175 | i 850 | i 621 | i 55,646 | ||||||||||
Consumer: | ||||||||||||||
Installment | i 272 | i – | i 6,103 | i 6,375 | ||||||||||
Credit cards | i 17,885 | i – | i – | i 17,885 | ||||||||||
Other | i 1,332 | i 148 | i 273 | i 1,753 | ||||||||||
Total loans, gross | i 167,214 | i 6,448 | i 9,490 | i 183,152 | ||||||||||
Allowance for loan losses | ( i 4,895) | i – | i – | ( i 4,895) | ||||||||||
Total loans | $ | i 162,319 | $ | i 6,448 | $ | i 9,490 | $ | i 178,257 | ||||||
As of December 2022 | ||||||||||||||
Loan Type | ||||||||||||||
Corporate | $ | i 36,822 | $ | i 996 | $ | i 2,317 | $ | i 40,135 | ||||||
Commercial real estate | i 26,222 | i 1,146 | i 1,511 | i 28,879 | ||||||||||
Residential real estate | i 18,523 | i 4,511 | i 1 | i 23,035 | ||||||||||
Securities-based | i 16,671 | i – | i – | i 16,671 | ||||||||||
Other
collateralized | i 50,473 | i 716 | i 513 | i 51,702 | ||||||||||
Consumer: | ||||||||||||||
Installment | i 6,326 | i – | i – | i 6,326 | ||||||||||
Credit cards | i 15,820 | i – | i – | i 15,820 | ||||||||||
Other | i 1,723 | i 286 | i 252 | i 2,261 | ||||||||||
Total loans, gross | i 172,580 | i 7,655 | i 4,594 | i 184,829 | ||||||||||
Allowance for loan losses | ( i 5,543) | i – | i – | ( i 5,543) | ||||||||||
Total loans | $ | i 167,037 | $ | i 7,655 | $ | i 4,594 | $ | i 179,286 |
43 | Goldman Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 44 |
$ in millions | Investment-Grade | Non-Investment- Grade | Other Metrics/Unrated | Total | ||||||||||
As of September 2023 | ||||||||||||||
Accounting Method | ||||||||||||||
Amortized cost | $ | i 88,225 | $ | i 54,179 | $ | i 24,810 | $ | i 167,214 | ||||||
Fair value | i 1,850 | i 2,441 | i 2,157 | i 6,448 | ||||||||||
Held for sale | i 635 | i 2,624 | i 6,231 | i 9,490 | ||||||||||
Total | $ | i 90,710 | $ | i 59,244 | $ | i 33,198 | $ | i 183,152 | ||||||
Loan Type | ||||||||||||||
Corporate | $ | i 8,296 | $ | i 28,397 | $ | i 122 | $ | i 36,815 | ||||||
Real estate: | ||||||||||||||
Commercial | i 12,183 | i 13,480 | i 9 | i 25,672 | ||||||||||
Residential | i 13,271 | i 5,075 | i 5,607 | i 23,953 | ||||||||||
Securities-based | i 11,397 | i 635 | i 3,021 | i 15,053 | ||||||||||
Other
collateralized | i 44,634 | i 10,932 | i 80 | i 55,646 | ||||||||||
Consumer: | ||||||||||||||
Installment | i – | i – | i 6,375 | i 6,375 | ||||||||||
Credit cards | i – | i – | i 17,885 | i 17,885 | ||||||||||
Other | i 929 | i 725 | i 99 | i 1,753 | ||||||||||
Total | $ | i 90,710 | $ | i 59,244 | $ | i 33,198 | $ | i 183,152 | ||||||
Secured | i 92 | % | i 90 | % | i 26 | % | i 79 | % | ||||||
Unsecured | i 8 | % | i 10 | % | i 74 | % | i 21 | % | ||||||
Total | i 100 | % | i 100 | % | i 100 | % | i 100 | % | ||||||
As of December 2022 | ||||||||||||||
Accounting Method | ||||||||||||||
Amortized cost | $ | i 88,497 | $ | i 55,122 | $ | i 28,961 | $ | i 172,580 | ||||||
Fair value | i 2,116 | i 2,968 | i 2,571 | i 7,655 | ||||||||||
Held for sale | i 557 | i 3,991 | i 46 | i 4,594 | ||||||||||
Total | $ | i 91,170 | $ | i 62,081 | $ | i 31,578 | $ | i 184,829 | ||||||
Loan Type | ||||||||||||||
Corporate | $ | i 10,200 | $ | i 29,935 | $ | i – | $ | i 40,135 | ||||||
Real estate: | ||||||||||||||
Commercial | i 11,922 | i 16,822 | i 135 | i 28,879 | ||||||||||
Residential | i 11,994 | i 5,670 | i 5,371 | i 23,035 | ||||||||||
Securities-based | i 12,901 | i 764 | i 3,006 | i 16,671 | ||||||||||
Other
collateralized | i 43,093 | i 8,291 | i 318 | i 51,702 | ||||||||||
Consumer: | ||||||||||||||
Installment | i – | i – | i 6,326 | i 6,326 | ||||||||||
Credit cards | i – | i – | i 15,820 | i 15,820 | ||||||||||
Other | i 1,060 | i 599 | i 602 | i 2,261 | ||||||||||
Total | $ | i 91,170 | $ | i 62,081 | $ | i 31,578 | $ | i 184,829 | ||||||
Secured | i 89 | % | i 90 | % | i 27 | % | i 79 | % | ||||||
Unsecured | i 11 | % | i 10 | % | i 73 | % | i 21 | % | ||||||
Total | i 100 | % | i 100 | % | i 100 | % | i 100 | % |
45 | Goldman Sachs September 2023 Form 10-Q |
As of September 2023 | |||||||||||||||||||||||
$ in millions | Investment- Grade | Non-Investment- Grade | Other Metrics/ Unrated | Total | |||||||||||||||||||
2023 | $ | i 569 | $ | i 1,080 | $ | i – | $ | i 1,649 | |||||||||||||||
2022 | i 1,577 | i 3,265 | i – | i 4,842 | |||||||||||||||||||
2021 | i 1,191 | i 4,531 | i – | i 5,722 | |||||||||||||||||||
2020 | i 338 | i 2,439 | i – | i 2,777 | |||||||||||||||||||
2019 | i 161 | i 2,328 | i – | i 2,489 | |||||||||||||||||||
2018 or earlier | i 445 | i 2,788 | i – | i 3,233 | |||||||||||||||||||
Revolving | i 3,656 | i 9,823 | i – | i 13,479 | |||||||||||||||||||
Corporate | i 7,937 | i 26,254 | i – | i 34,191 | |||||||||||||||||||
2023 | i 458 | i 698 | i – | i 1,156 | |||||||||||||||||||
2022 | i 1,254 | i 3,131 | i – | i 4,385 | |||||||||||||||||||
2021 | i 1,292 | i 2,867 | i – | i 4,159 | |||||||||||||||||||
2020 | i 356 | i 1,262 | i – | i 1,618 | |||||||||||||||||||
2019 | i 370 | i 910 | i – | i 1,280 | |||||||||||||||||||
2018 or earlier | i 924 | i 775 | i – | i 1,699 | |||||||||||||||||||
Revolving | i 7,296 | i 2,789 | i – | i 10,085 | |||||||||||||||||||
Commercial real estate | i 11,950 | i 12,432 | i – | i 24,382 | |||||||||||||||||||
2023 | i 740 | i 422 | i 598 | i 1,760 | |||||||||||||||||||
2022 | i 841 | i 757 | i 1,254 | i 2,852 | |||||||||||||||||||
2021 | i 834 | i 916 | i 1,305 | i 3,055 | |||||||||||||||||||
2020 | i 4 | i 22 | i 83 | i 109 | |||||||||||||||||||
2019 | i 7 | i – | i 91 | i 98 | |||||||||||||||||||
2018 or earlier | i – | i 59 | i 220 | i 279 | |||||||||||||||||||
Revolving | i 9,894 | i 1,877 | i – | i 11,771 | |||||||||||||||||||
Residential real estate | i 12,320 | i 4,053 | i 3,551 | i 19,924 | |||||||||||||||||||
2023 | i 8 | i – | i – | i 8 | |||||||||||||||||||
2022 | i 5 | i – | i – | i 5 | |||||||||||||||||||
2019 | i 6 | i – | i – | i 6 | |||||||||||||||||||
2018 or earlier | i – | i 291 | i – | i 291 | |||||||||||||||||||
Revolving | i 11,378 | i 344 | i 3,021 | i 14,743 | |||||||||||||||||||
Securities-based | i 11,397 | i 635 | i 3,021 | i 15,053 | |||||||||||||||||||
2023 | i 4,723 | i 1,629 | i – | i 6,352 | |||||||||||||||||||
2022 | i 2,109 | i 423 | i 10 | i 2,542 | |||||||||||||||||||
2021 | i 2,678 | i 1,400 | i 22 | i 4,100 | |||||||||||||||||||
2020 | i 1,367 | i 621 | i 32 | i 2,020 | |||||||||||||||||||
2019 | i 635 | i 74 | i 10 | i 719 | |||||||||||||||||||
2018 or earlier | i 485 | i 251 | i – | i 736 | |||||||||||||||||||
Revolving | i 31,740 | i 5,966 | i – | i 37,706 | |||||||||||||||||||
Other collateralized | i 43,737 | i 10,364 | i 74 | i 54,175 | |||||||||||||||||||
2023 | i 55 | i 15 | i – | i 70 | |||||||||||||||||||
2022 | i 56 | i 12 | i – | i 68 | |||||||||||||||||||
2021 | i 17 | i 70 | i – | i 87 | |||||||||||||||||||
2020 | i – | i 234 | i – | i 234 | |||||||||||||||||||
2019 | i – | i 4 | i | i 4 | |||||||||||||||||||
2018 or earlier | i – | i – | i 7 | i 7 | |||||||||||||||||||
Revolving | i 756 | i 106 | i – | i 862 | |||||||||||||||||||
Other | i 884 | i 441 | i 7 | i 1,332 | |||||||||||||||||||
Total | $ | i 88,225 | $ | i 54,179 | $ | i 6,653 | $ | i 149,057 | |||||||||||||||
Percentage of total | i 59 | % | i 36 | % | i 5 | % | i 100 | % |
As of December 2022 | ||||||||||||||
$ in millions | Investment- Grade | Non-Investment- Grade | Other Metrics/ Unrated | Total | ||||||||||
2022 | $ | i 2,607 | $ | i 4,042 | $ | i 2 | $ | i 6,651 | ||||||
2021 | i 1,669 | i 4,273 | i – | i 5,942 | ||||||||||
2020 | i 684 | i 2,595 | i – | i 3,279 | ||||||||||
2019 | i 209 | i 2,779 | i – | i 2,988 | ||||||||||
2018 | i 759 | i 1,911 | i – | i 2,670 | ||||||||||
2017 or earlier | i 508 | i 2,329 | i – | i 2,837 | ||||||||||
Revolving | i 3,709 | i 8,746 | i – | i 12,455 | ||||||||||
Corporate | i 10,145 | i 26,675 | i 2 | i 36,822 | ||||||||||
2022 | i 805 | i 3,900 | i 2 | i 4,707 | ||||||||||
2021 | i 771 | i 3,460 | i – | i 4,231 | ||||||||||
2020 | i 407 | i 1,740 | i – | i 2,147 | ||||||||||
2019 | i 480 | i 1,267 | i – | i 1,747 | ||||||||||
2018 | i 212 | i 469 | i – | i 681 | ||||||||||
2017 or earlier | i 1,238 | i 797 | i 11 | i 2,046 | ||||||||||
Revolving | i 7,660 | i 3,003 | i – | i 10,663 | ||||||||||
Commercial real estate | i 11,573 | i 14,636 | i 13 | i 26,222 | ||||||||||
2022 | i 1,493 | i 833 | i 1,307 | i 3,633 | ||||||||||
2021 | i 1,263 | i 888 | i 1,357 | i 3,508 | ||||||||||
2020 | i 8 | i 6 | i 89 | i 103 | ||||||||||
2019 | i 7 | i – | i 99 | i 106 | ||||||||||
2018 | i 10 | i 50 | i 138 | i 198 | ||||||||||
2017 or earlier | i 31 | i 10 | i 142 | i 183 | ||||||||||
Revolving | i 8,065 | i 2,727 | i – | i 10,792 | ||||||||||
Residential real estate | i 10,877 | i 4,514 | i 3,132 | i 18,523 | ||||||||||
2022 | i 5 | i – | i – | i 5 | ||||||||||
2018 | i 1 | i – | i – | i 1 | ||||||||||
2017 or earlier | i – | i 291 | i – | i 291 | ||||||||||
Revolving | i 12,895 | i 473 | i 3,006 | i 16,374 | ||||||||||
Securities-based
| i 12,901 | i 764 | i 3,006 | i 16,671 | ||||||||||
2022 | i 4,556 | i 751 | i 113 | i 5,420 | ||||||||||
2021 | i 3,339 | i 1,098 | i 146 | i 4,583 | ||||||||||
2020 | i 1,871 | i 701 | i 36 | i 2,608 | ||||||||||
2019 | i 523 | i 79 | i 12 | i 614 | ||||||||||
2018 | i 545 | i 108 | i 6 | i 659 | ||||||||||
2017 or earlier | i 487 | i 108 | i – | i 595 | ||||||||||
Revolving | i 30,669 | i 5,323 | i 2 | i 35,994 | ||||||||||
Other collateralized | i 41,990 | i 8,168 | i 315 | i 50,473 | ||||||||||
2022 | i 44 | i 105 | i – | i 149 | ||||||||||
2021 | i 17 | i 162 | i – | i 179 | ||||||||||
2020 | i – | i 29 | i 262 | i 291 | ||||||||||
2019 | i – | i 10 | i – | i 10 | ||||||||||
2017 or earlier | i – | i – | i 5 | i 5 | ||||||||||
Revolving | i 950 | i 59 | i 80 | i 1,089 | ||||||||||
Other | i 1,011 | i 365 | i 347 | i 1,723 | ||||||||||
Total | $ | i 88,497 | $ | i 55,122 | $ | i 6,815 | $ | i 150,434 | ||||||
Percentage
of total | i 59 | % | i 37 | % | i 4 | % | i 100 | % |
Goldman Sachs September 2023 Form 10-Q | 46 |
$ in millions | Greater
than or equal to 660 | Less than 660 | Total | ||||||||
As of September 2023 | |||||||||||
2023 | $ | i 82 | $ | i 10 | $ | i 92 | |||||
2022 | i 140 | i 25 | i 165 | ||||||||
2021 or earlier | i 12 | i 3 | i 15 | ||||||||
Installment | i 234 | i 38 | i 272 | ||||||||
Credit cards | i 11,680 | i 6,205 | i 17,885 | ||||||||
Total | $ | i 11,914 | $ | i 6,243 | $ | i 18,157 | |||||
Percentage of total: | |||||||||||
Installment | i 86 | % | i 14 | % | i 100 | % | |||||
Credit cards | i 65 | % | i 35 | % | i 100 | % | |||||
Total | i 66 | % | i 34 | % | i 100 | % | |||||
As of December 2022 | |||||||||||
2022 | $ | i 4,349 | $ | i 242 | $ | i 4,591 | |||||
2021 | i 1,080 | i 109 | i 1,189 | ||||||||
2020 | i 251 | i 23 | i 274 | ||||||||
2019 | i 160 | i 23 | i 183 | ||||||||
2018 | i 70 | i 13 | i 83 | ||||||||
2017 or earlier | i 5 | i 1 | i 6 | ||||||||
Installment | i 5,915 | i 411 | i 6,326 | ||||||||
Credit cards | i 10,762 | i 5,058 | i 15,820 | ||||||||
Total | $ | i 16,677 | $ | i 5,469 | $ | i 22,146 | |||||
Percentage of total: | |||||||||||
Installment | i 94 | % | i 6 | % | i 100 | % | |||||
Credit cards | i 68 | % | i 32 | % | i 100 | % | |||||
Total | i 75 | % | i 25 | % | i 100 | % |
$ in millions | Carrying Value | Americas | EMEA | Asia | Total | ||||||||||||
As of September 2023 | |||||||||||||||||
Corporate | $ | i 36,815 | i 62 | % | i 30 | % | i 8 | % | i 100 | % | |||||||
Commercial real estate | i 25,672 | i 83 | % | i 14 | % | i 3 | % | i 100 | % | ||||||||
Residential real estate | i 23,953 | i 96 | % | i 3 | % | i 1 | % | i 100 | % | ||||||||
Securities-based | i 15,053 | i 80 | % | i 19 | % | i 1 | % | i 100 | % | ||||||||
Other
collateralized | i 55,646 | i 84 | % | i 14 | % | i 2 | % | i 100 | % | ||||||||
Consumer: | |||||||||||||||||
Installment | i 6,375 | i 100 | % | i – | i – | i 100 | % | ||||||||||
Credit cards | i 17,885 | i 100 | % | i – | i – | i 100 | % | ||||||||||
Other | i 1,753 | i 91 | % | i 9 | % | i – | i 100 | % | |||||||||
Total | $ | i 183,152 | i 83 | % | i 14 | % | i 3 | % | i 100 | % | |||||||
As of December 2022 | |||||||||||||||||
Corporate | $ | i 40,135 | i 57 | % | i 34 | % | i 9 | % | i 100 | % | |||||||
Commercial real estate | i 28,879 | i 79 | % | i 16 | % | i 5 | % | i 100 | % | ||||||||
Residential real estate | i 23,035 | i 96 | % | i 3 | % | i 1 | % | i 100 | % | ||||||||
Securities-based
| i 16,671 | i 83 | % | i 15 | % | i 2 | % | i 100 | % | ||||||||
Other
collateralized | i 51,702 | i 86 | % | i 12 | % | i 2 | % | i 100 | % | ||||||||
Consumer: | |||||||||||||||||
Installment | i 6,326 | i 100 | % | i – | i – | i 100 | % | ||||||||||
Credit cards | i 15,820 | i 100 | % | i – | i – | i 100 | % | ||||||||||
Other | i 2,261 | i 89 | % | i 11 | % | i – | i 100 | % | |||||||||
Total | $ | i 184,829 | i 81 | % | i 15 | % | i 4 | % | i 100 | % |
$ in millions | 30-89 days | 90 days or more | Total | ||||||||
As of September 2023 | |||||||||||
Corporate | $ | i – | $ | i 80 | $ | i 80 | |||||
Commercial real estate | i 295 | i 543 | i 838 | ||||||||
Residential real estate | i 1 | i 5 | i 6 | ||||||||
Securities-based
| i 1 | i – | i 1 | ||||||||
Other
collateralized | i 33 | i 63 | i 96 | ||||||||
Consumer: | |||||||||||
Installment | i 8 | i 6 | i 14 | ||||||||
Credit cards | i 423 | i 424 | i 847 | ||||||||
Other | i 7 | i 11 | i 18 | ||||||||
Total | $ | i 768 | $ | i 1,132 | $ | i 1,900 | |||||
Total divided by gross loans at amortized cost | i 1.1 | % | |||||||||
As of December 2022 | |||||||||||
Corporate | $ | i – | $ | i 92 | $ | i 92 | |||||
Commercial real estate | i 47 | i 362 | i 409 | ||||||||
Residential real estate | i 4 | i 6 | i 10 | ||||||||
Securities-based
| i 1 | i – | i 1 | ||||||||
Other
collateralized | i 10 | i 5 | i 15 | ||||||||
Consumer: | |||||||||||
Installment | i 46 | i 17 | i 63 | ||||||||
Credit cards | i 291 | i 265 | i 556 | ||||||||
Other | i 17 | i 5 | i 22 | ||||||||
Total | $ | i 416 | $ | i 752 | $ | i 1,168 | |||||
Total divided by gross loans at amortized cost | i 0.7 | % |
47 | Goldman
Sachs September 2023 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Corporate | $ | i 1,614 | $ | i 1,432 | ||||
Commercial real estate | i 1,913 | i 1,079 | ||||||
Residential real estate | i 19 | i 93 | ||||||
Other
collateralized | i 814 | i 65 | ||||||
Other | i 20 | i – | ||||||
Installment | i 4 | i 41 | ||||||
Total | $ | i 4,384 | $ | i 2,710 | ||||
Total divided by gross loans at amortized cost | i 2.6 | % | i 1.6 | % |
Goldman Sachs September 2023 Form 10-Q | 48 |
As
of | |||||||||||||||||
September 2023 | December 2022 | ||||||||||||||||
$ in millions | Loans | Lending Commitments | Loans | Lending Commitments | |||||||||||||
Wholesale | |||||||||||||||||
Corporate | $ | i 34,191 | $ | i 142,270 | $ | i 36,822 | $ | i 137,149 | |||||||||
Commercial real estate | i 24,382 | i 3,286 | i 26,222 | i 3,692 | |||||||||||||
Residential real estate | i 19,924 | i 1,889 | i 18,523 | i 3,089 | |||||||||||||
Securities-based
| i 15,053 | i 815 | i 16,671 | i 508 | |||||||||||||
Other
collateralized | i 54,175 | i 15,411 | i 50,473 | i 13,209 | |||||||||||||
Other | i 1,332 | i 883 | i 1,723 | i 944 | |||||||||||||
Consumer | |||||||||||||||||
Installment | i 272 | i 1 | i 6,326 | i 1,882 | |||||||||||||
Credit cards | i 17,885 | i 68,394 | i 15,820 | i 62,216 | |||||||||||||
Total | $ | i 167,214 | $ | i 232,949 | $ | i 172,580 | $ | i 222,689 |
49 | Goldman Sachs September 2023 Form 10-Q |
$ in millions | Wholesale | Consumer | Total | ||||||||
Three Months Ended September 2023 | |||||||||||
Allowance for loan losses | |||||||||||
Beginning balance | $ | i 2,497 | $ | i 2,735 | $ | i 5,232 | |||||
Charge-offs | ( i 166) | ( i 302) | ( i 468) | ||||||||
Recoveries | i 9 | i 26 | i 35 | ||||||||
Net (charge-offs)/recoveries | ( i 157) | ( i 276) | ( i 433) | ||||||||
Provision | i 149 | ( i 37) | i 112 | ||||||||
Other | ( i 16) | i – | ( i 16) | ||||||||
Ending balance | $ | i 2,473 | $ | i 2,422 | $ | i 4,895 | |||||
Allowance ratio | i 1.7 | % | i 13.3 | % | i 2.9 | % | |||||
Net charge-off ratio | i 0.4 | % | i 5.1 | % | i 1.0 | % | |||||
Allowance for losses on lending commitments | |||||||||||
Beginning balance | $ | i 729 | $ | i 48 | $ | i 777 | |||||
Provision | ( i 57) | ( i 48) | ( i 105) | ||||||||
Other | ( i 2) | i – | ( i 2) | ||||||||
Ending balance | $ | i 670 | $ | i – | $ | i 670 | |||||
Three Months Ended September 2022 | |||||||||||
Allowance for loan losses | |||||||||||
Beginning balance | $ | i 2,458 | $ | i 2,104 | $ | i 4,562 | |||||
Charge-offs | ( i 65) | ( i 150) | ( i 215) | ||||||||
Recoveries | i 22 | i 21 | i 43 | ||||||||
Net (charge-offs)/recoveries | ( i 43) | ( i 129) | ( i 172) | ||||||||
Provision | i 78 | i 403 | i 481 | ||||||||
Other | ( i 25) | i – | ( i 25) | ||||||||
Ending balance | $ | i 2,468 | $ | i 2,378 | $ | i 4,846 | |||||
Allowance ratio | i 1.7 | % | i 12.6 | % | i 2.9 | % | |||||
Net charge-off ratio | i 0.1 | % | i 2.9 | % | i 0.4 | % | |||||
Allowance for losses on lending commitments | |||||||||||
Beginning balance | $ | i 702 | $ | i 3 | $ | i 705 | |||||
Provision | ( i 10) | i 44 | i 34 | ||||||||
Ending balance | $ | i 692 | $ | i 47 | $ | i 739 | |||||
Nine Months Ended September 2023 | |||||||||||
Allowance for loan losses | |||||||||||
Beginning balance | $ | i 2,562 | $ | i 2,981 | $ | i 5,543 | |||||
Charge-offs | ( i 350) | ( i 893) | ( i 1,243) | ||||||||
Recoveries | i 32 | i 76 | i 108 | ||||||||
Net (charge-offs)/recoveries | ( i 318) | ( i 817) | ( i 1,135) | ||||||||
Provision | i 293 | i 258 | i 551 | ||||||||
Other | ( i 64) | i – | ( i 64) | ||||||||
Ending balance | $ | i 2,473 | $ | i 2,422 | $ | i 4,895 | |||||
Allowance ratio | i 1.7 | % | i 13.3 | % | i 2.9 | % | |||||
Net charge-off ratio | i 0.3 | % | i 5.1 | % | i 0.9 | % | |||||
Allowance for losses on lending commitments | |||||||||||
Beginning balance | $ | i 711 | $ | i 63 | $ | i 774 | |||||
Provision | ( i 37) | ( i 63) | ( i 100) | ||||||||
Other | ( i 4) | i – | ( i 4) | ||||||||
Ending balance | $ | i 670 | $ | i – | $ | i 670 | |||||
Nine Months Ended September 2022 | |||||||||||
Allowance for loan losses | |||||||||||
Beginning balance | $ | i 2,135 | $ | i 1,438 | $ | i 3,573 | |||||
Charge-offs | ( i 237) | ( i 348) | ( i 585) | ||||||||
Recoveries | i 48 | i 62 | i 110 | ||||||||
Net (charge-offs)/recoveries | ( i 189) | ( i 286) | ( i 475) | ||||||||
Provision | i 551 | i 1,226 | i 1,777 | ||||||||
Other | ( i 29) | i – | ( i 29) | ||||||||
Ending balance | $ | i 2,468 | $ | i 2,378 | $ | i 4,846 | |||||
Allowance ratio | i 1.7 | % | i 12.6 | % | i 2.9 | % | |||||
Net charge-off ratio | i 0.2 | % | i 2.5 | % | i 0.4 | % | |||||
Allowance for losses on lending commitments | |||||||||||
Beginning balance | $ | i 589 | $ | i 187 | $ | i 776 | |||||
Provision | i 106 | ( i 140) | ( i 34) | ||||||||
Other | ( i 3) | i – | ( i 3) | ||||||||
Ending balance | $ | i 692 | $ | i 47 | $ | i 739 |
As of September 2023 | |||||
U.S. unemployment rate | |||||
Forecast for the quarter ended: | |||||
December 2023 | i 3.9 | % | |||
June 2024 | i 4.3 | % | |||
December 2024 | i 4.3 | % | |||
Growth in U.S. GDP | |||||
Forecast for the year: | |||||
2023 | i 2.1 | % | |||
2024 | i 1.2 | % | |||
2025 | i 1.7 | % |
Goldman Sachs September 2023 Form 10-Q | 50 |
Carrying Value | Estimated Fair Value | ||||||||||||||||
$ in millions | Level 2 | Level 3 | Total | ||||||||||||||
As of September 2023 | |||||||||||||||||
Amortized cost | $ | i 162,319 | $ | i 88,954 | $ | i 74,463 | $ | i 163,417 | |||||||||
Held for sale | $ | i 9,490 | $ | i 7,815 | $ | i 1,685 | $ | i 9,500 | |||||||||
As of December 2022 | |||||||||||||||||
Amortized cost | $ | i 167,037 | $ | i 85,921 | $ | i 83,121 | $ | i 169,042 | |||||||||
Held for sale | $ | i 4,594 | $ | i 2,592 | $ | i 2,014 | $ | i 4,606 |
51 | Goldman
Sachs September 2023 Form 10-Q |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Unsecured short-term borrowings | $ | ( i 111) | $ | i 1,114 | $ | ( i 2,934) | $ | i 5,379 | |||||||||
Unsecured long-term borrowings | i 1,551 | i 2,445 | ( i 890) | i 8,316 | |||||||||||||
Other | ( i 38) | i 434 | ( i 177) | i 1,255 | |||||||||||||
Total | $ | i 1,402 | $ | i 3,993 | $ | ( i 4,001) | $ | i 14,950 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Pre-tax DVA | $ | i 443 | $ | i 907 | $ | ( i 370) | $ | i 3,488 | |||||||||
After-tax
DVA | $ | i 328 | $ | i 673 | $ | ( i 283) | $ | i 2,601 |
Goldman
Sachs September 2023 Form 10-Q | 52 |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Performing loans | ||||||||
Aggregate contractual principal in excess of fair value | $ | i 2,434 | $ | i 2,645 | ||||
Loans on nonaccrual status and/or more than 90 days past due | ||||||||
Aggregate contractual principal in excess of fair value | $ | i 2,556 | $ | i 3,331 | ||||
Aggregate fair value | $ | i 1,955 | $ | i 2,633 |
53 | Goldman
Sachs September 2023 Form 10-Q |
Assets | Liabilities | ||||||||||||||||
$ in millions | Resale agreements | Securities borrowed | Repurchase agreements | Securities loaned | |||||||||||||
As of September 2023 | |||||||||||||||||
Included in the consolidated balance sheets | |||||||||||||||||
Gross carrying value | $ | i 266,438 | $ | i 197,625 | $ | i 301,422 | $ | i 55,626 | |||||||||
Counterparty netting | ( i 75,743) | ( i 700) | ( i 75,743) | ( i 700) | |||||||||||||
Total | i 190,695 | i 196,925 | i 225,679 | i 54,926 | |||||||||||||
Amounts not offset | |||||||||||||||||
Counterparty netting | ( i 33,556) | ( i 6,493) | ( i 33,556) | ( i 6,493) | |||||||||||||
Collateral | ( i 149,881) | ( i 183,674) | ( i 189,154) | ( i 46,941) | |||||||||||||
Total | $ | i 7,258 | $ | i 6,758 | $ | i 2,969 | $ | i 1,492 | |||||||||
As of December 2022 | |||||||||||||||||
Included in the consolidated balance sheets | |||||||||||||||||
Gross carrying value | $ | i 334,042 | $ | i 199,623 | $ | i 219,274 | $ | i 41,309 | |||||||||
Counterparty netting | ( i 108,925) | ( i 10,582) | ( i 108,925) | ( i 10,582) | |||||||||||||
Total | i 225,117 | i 189,041 | i 110,349 | i 30,727 | |||||||||||||
Amounts not offset | |||||||||||||||||
Counterparty netting | ( i 15,350) | ( i 4,576) | ( i 15,350) | ( i 4,576) | |||||||||||||
Collateral | ( i 204,843) | ( i 171,997) | ( i 92,997) | ( i 25,578) | |||||||||||||
Total | $ | i 4,924 | $ | i 12,468 | $ | i 2,002 | $ | i 573 |
Goldman
Sachs September 2023 Form 10-Q | 54 |
$ in millions | Repurchase agreements | Securities loaned | ||||||
As of September 2023 | ||||||||
Money market instruments | $ | i 390 | $ | i – | ||||
U.S. government and agency obligations | i 193,133 | i 293 | ||||||
Non-U.S. government and agency obligations | i 81,023 | i 2,691 | ||||||
Securities backed by commercial real estate | i 93 | i – | ||||||
Securities backed by residential real estate | i 573 | i – | ||||||
Corporate debt securities | i 14,746 | i 338 | ||||||
State and municipal obligations | i 4 | i – | ||||||
Other
debt obligations | i 237 | i – | ||||||
Equity securities | i 11,223 | i 52,304 | ||||||
Total | $ | i 301,422 | $ | i 55,626 | ||||
As of December 2022 | ||||||||
Money market instruments | $ | i 10 | $ | i – | ||||
U.S. government and agency obligations | i 112,825 | i 55 | ||||||
Non-U.S. government and agency obligations | i 87,828 | i 594 | ||||||
Securities backed by commercial real estate | i 172 | i – | ||||||
Securities backed by residential real estate | i 466 | i – | ||||||
Corporate debt securities | i 11,398 | i 295 | ||||||
State and municipal obligations | i 143 | i – | ||||||
Other debt obligations | i 108 | i – | ||||||
Equity securities | i 6,324 | i 40,365 | ||||||
Total | $ | i 219,274 | $ | i 41,309 |
As of September 2023 | |||||||||||
$ in millions | Repurchase agreements | Securities loaned | |||||||||
No stated maturity and overnight | $ | i 114,306 | $ | i 36,693 | |||||||
2 - 30 days | i 98,557 | i 744 | |||||||||
31 - 90 days | i 32,296 | i 119 | |||||||||
91 days - 1 year | i 42,783 | i 8,603 | |||||||||
Greater than 1 year | i 13,480 | i 9,467 | |||||||||
Total | $ | i 301,422 | $ | i 55,626 |
55 | Goldman Sachs September 2023 Form 10-Q |
$ in millions | U.S. Dollar | Non-U.S. Dollar | Total | ||||||||
As of September 2023 | |||||||||||
Other secured financings (short-term): | |||||||||||
At fair value | $ | i 5,701 | $ | i 2,632 | $ | i 8,333 | |||||
At amortized cost | i 1 | i 348 | i 349 | ||||||||
Other secured financings (long-term): | |||||||||||
At fair value | i 2,692 | i 3,089 | i 5,781 | ||||||||
At amortized cost | i 265 | i – | i 265 | ||||||||
Total other secured financings | $ | i 8,659 | $ | i 6,069 | $ | i 14,728 | |||||
Other secured financings collateralized by: | |||||||||||
Financial instruments | $ | i 4,666 | $ | i 5,059 | $ | i 9,725 | |||||
Other assets | $ | i 3,993 | $ | i 1,010 | $ | i 5,003 | |||||
As of December 2022 | |||||||||||
Other secured financings (short-term): | |||||||||||
At fair value | $ | i 3,478 | $ | i 2,963 | $ | i 6,441 | |||||
At amortized cost | i 398 | i – | i 398 | ||||||||
Other secured financings (long-term): | |||||||||||
At fair value | i 3,793 | i 2,522 | i 6,315 | ||||||||
At amortized cost | i 395 | i 397 | i 792 | ||||||||
Total other secured financings | $ | i 8,064 | $ | i 5,882 | $ | i 13,946 | |||||
Other secured financings collateralized by: | |||||||||||
Financial instruments | $ | i 3,817 | $ | i 4,895 | $ | i 8,712 | |||||
Other assets | $ | i 4,247 | $ | i 987 | $ | i 5,234 |
As of | |||||
$ in millions | September 2023 | ||||
Other secured financings (short-term) | $ | i 8,682 | |||
Other secured financings (long-term): | |||||
2024 | i 973 | ||||
2025 | i 1,569 | ||||
2026 | i 582 | ||||
2027 | i 215 | ||||
2028 | i 1,094 | ||||
2029 - thereafter | i 1,613 | ||||
Total other secured financings (long-term) | i 6,046 | ||||
Total other secured financings | $ | i 14,728 |
Goldman
Sachs September 2023 Form 10-Q | 56 |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Collateral available to be delivered or repledged | $ | i 918,110 | $ | i 971,699 | ||||
Collateral that was delivered or repledged | $ | i 794,719 | $ | i 797,919 |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Pledged to counterparties that had the right to deliver or repledge | ||||||||
Trading assets | $ | i 97,406 | $ | i 40,143 | ||||
Investments | $ | i 8,463 | $ | i 9,818 | ||||
Pledged to counterparties that did not have the right to deliver or repledge | ||||||||
Trading assets | $ | i 126,626 | $ | i 70,912 | ||||
Investments | $ | i 19,090 | $ | i 1,726 | ||||
Loans | $ | i 8,099 | $ | i 6,600 | ||||
Other assets | $ | i 6,202 | $ | i 7,525 |
As
of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Property, leasehold improvements and equipment | $ | i 13,138 | $ | i 17,074 | ||||
Goodwill | i 5,913 | i 6,374 | ||||||
Identifiable intangible assets | i 1,341 | i 2,009 | ||||||
Operating lease right-of-use assets | i 2,165 | i 2,172 | ||||||
Income tax-related assets | i 7,360 | i 7,012 | ||||||
Miscellaneous receivables and other | i 7,024 | i 4,567 | ||||||
Total | $ | i 36,941 | $ | i 39,208 |
57 | Goldman
Sachs September 2023 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Global Banking & Markets: | ||||||||
Investment banking | $ | i 267 | $ | i 267 | ||||
FICC | i 269 | i 269 | ||||||
Equities | i 2,647 | i 2,647 | ||||||
Asset
& Wealth Management: | ||||||||
Asset management | i 1,376 | i 1,385 | ||||||
Wealth management | i 1,340 | i 1,310 | ||||||
Platform Solutions: | ||||||||
Consumer
platforms | i – | i 482 | ||||||
Transaction banking and other | i 14 | i 14 | ||||||
Total | $ | i 5,913 | $ | i 6,374 |
Goldman
Sachs September 2023 Form 10-Q | 58 |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Customer lists and merchant relationships | ||||||||
Gross carrying value | $ | i 3,208 | $ | i 3,225 | ||||
Accumulated amortization | ( i 1,904) | ( i 1,275) | ||||||
Net carrying value | i 1,304 | i 1,950 | ||||||
Acquired leases and other | ||||||||
Gross carrying value | i 480 | i 486 | ||||||
Accumulated amortization | ( i 443) | ( i 427) | ||||||
Net carrying value | i 37 | i 59 | ||||||
Total gross carrying value | i 3,688 | i 3,711 | ||||||
Total accumulated amortization | ( i 2,347) | ( i 1,702) | ||||||
Total net carrying value | $ | i 1,341 | $ | i 2,009 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Amortization | $ | i 554 | $ | i 54 | $ | i 654 | $ | i 124 |
As of | |||||
$ in millions | September 2023 | ||||
Estimated future amortization | |||||
Remainder of 2023 | $ | i 26 | |||
2024 | $ | i 99 | |||
2025 | $ | i 91 | |||
2026 | $ | i 84 | |||
2027 | $ | i 84 | |||
2028 | $ | i 83 |
59 | Goldman
Sachs September 2023 Form 10-Q |
Goldman
Sachs September 2023 Form 10-Q | 60 |
$ in millions | Savings and Demand | Time | Total | ||||||||
As of September 2023 | |||||||||||
Consumer | $ | i 117,177 | $ | i 33,392 | $ | i 150,569 | |||||
Private
bank | i 85,109 | i 6,319 | i 91,428 | ||||||||
Brokered certificates of deposit | i – | i 33,852 | i 33,852 | ||||||||
Deposit sweep programs | i 32,227 | i – | i 32,227 | ||||||||
Transaction banking | i 65,096 | i 2,813 | i 67,909 | ||||||||
Other | i 1,931 | i 25,046 | i 26,977 | ||||||||
Total | $ | i 301,540 | $ | i 101,422 | $ | i 402,962 | |||||
As of December 2022 | |||||||||||
Consumer | $ | i 98,580 | $ | i 21,330 | $ | i 119,910 | |||||
Private
bank | i 94,133 | i 11,716 | i 105,849 | ||||||||
Brokered certificates of deposit | i – | i 32,624 | i 32,624 | ||||||||
Deposit sweep programs | i 44,819 | i – | i 44,819 | ||||||||
Transaction banking | i 65,155 | i 5,069 | i 70,224 | ||||||||
Other | i 808 | i 12,431 | i 13,239 | ||||||||
Total | $ | i 303,495 | $ | i 83,170 | $ | i 386,665 |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
U.S. offices | $ | i 313,085 | $ | i 313,598 | ||||
Non-U.S. offices | i 89,877 | i 73,067 | ||||||
Total | $ | i 402,962 | $ | i 386,665 |
As of September 2023 | |||||||||||
$ in millions | U.S. | Non-U.S. | Total | ||||||||
Remainder of 2023 | $ | i 15,112 | $ | i 18,317 | $ | i 33,429 | |||||
2024 | i 45,259 | i 11,472 | i 56,731 | ||||||||
2025 | i 4,266 | i 472 | i 4,738 | ||||||||
2026 | i 2,719 | i 339 | i 3,058 | ||||||||
2027 | i 1,236 | i 187 | i 1,423 | ||||||||
2028 | i 669 | i 178 | i 847 | ||||||||
2029 - thereafter | i 945 | i 251 | i 1,196 | ||||||||
Total | $ | i 70,206 | $ | i 31,216 | $ | i 101,422 |
61 | Goldman Sachs September 2023 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Unsecured short-term borrowings | $ | i 70,009 | $ | i 60,961 | ||||
Unsecured long-term borrowings | i 224,024 | i 247,138 | ||||||
Total | $ | i 294,033 | $ | i 308,099 |
As
of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Current portion of unsecured long-term borrowings | $ | i 47,376 | $ | i 38,635 | ||||
Hybrid financial instruments | i 19,033 | i 18,383 | ||||||
Commercial paper | i 1,455 | i 1,718 | ||||||
Other unsecured short-term borrowings | i 2,145 | i 2,225 | ||||||
Total unsecured short-term borrowings | $ | i 70,009 | $ | i 60,961 | ||||
Weighted average interest rate | i 3.55 | % | i 3.71 | % |
$ in millions | U.S. Dollar | Non-U.S. Dollar | Total | ||||||||
As of September 2023 | |||||||||||
Fixed-rate obligations | $ | i 107,989 | $ | i 32,176 | $ | i 140,165 | |||||
Floating-rate obligations | i 50,834 | i 33,025 | i 83,859 | ||||||||
Total | $ | i 158,823 | $ | i 65,201 | $ | i 224,024 | |||||
As of December 2022 | |||||||||||
Fixed-rate obligations | $ | i 118,986 | $ | i 38,538 | $ | i 157,524 | |||||
Floating-rate obligations | i 55,689 | i 33,925 | i 89,614 | ||||||||
Total | $ | i 174,675 | $ | i 72,463 | $ | i 247,138 |
Goldman
Sachs September 2023 Form 10-Q | 62 |
As of | |||||||||||
$ in millions | September 2023 | ||||||||||
2024 | $ | i 13,961 | |||||||||
2025 | i 38,812 | ||||||||||
2026 | i 27,758 | ||||||||||
2027 | i 33,223 | ||||||||||
2028 | i 24,301 | ||||||||||
2029 - thereafter | i 85,969 | ||||||||||
Total | $ | i 224,024 |
As of | |||||||||||
September | December | ||||||||||
$ in millions | 2023 | 2022 | |||||||||
Fixed-rate obligations: | |||||||||||
At fair value | $ | i 8,121 | $ | i 6,147 | |||||||
At amortized cost | i 9,798 | i 6,065 | |||||||||
Floating-rate obligations: | |||||||||||
At fair value | i 65,795 | i 67,000 | |||||||||
At amortized cost | i 140,310 | i 167,926 | |||||||||
Total | $ | i 224,024 | $ | i 247,138 | |||||||
63 | Goldman Sachs September 2023 Form 10-Q |
$ in millions | Par Amount | Carrying Value | Rate | ||||||||
As of September 2023 | |||||||||||
Subordinated debt | $ | i 12,145 | $ | i 10,910 | i 7.70 | % | |||||
Junior subordinated debt | i 968 | i 985 | i 6.35 | % | |||||||
Total | $ | i 13,113 | $ | i 11,895 | i 7.60 | % | |||||
As of December 2022 | |||||||||||
Subordinated debt | $ | i 12,261 | $ | i 11,882 | i 6.40 | % | |||||
Junior subordinated debt | i 968 | i 1,054 | i 4.86 | % | |||||||
Total | $ | i 13,229 | $ | i 12,936 | i 6.29 | % |
Goldman
Sachs September 2023 Form 10-Q | 64 |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Compensation and benefits | $ | i 6,534 | $ | i 7,225 | ||||
Income tax-related liabilities | i 2,982 | i 2,669 | ||||||
Operating lease liabilities | i 2,222 | i 2,154 | ||||||
Noncontrolling interests | i 471 | i 649 | ||||||
Employee interests in consolidated funds | i 19 | i 25 | ||||||
Accrued expenses and other | i 7,855 | i 8,733 | ||||||
Total | $ | i 20,083 | $ | i 21,455 |
$ in millions | Operating lease liabilities | ||||
As of September 2023 | |||||
Remainder of 2023 | $ | i 54 | |||
2024 | i 365 | ||||
2025 | i 314 | ||||
2026 | i 278 | ||||
2027 | i 247 | ||||
2028 - thereafter | i 1,585 | ||||
Total undiscounted lease payments | i 2,843 | ||||
Imputed interest | ( i 621) | ||||
Total operating lease liabilities | $ | i 2,222 | |||
Weighted average remaining lease term | i 12 years | ||||
Weighted average discount rate | i 4.04 | % | |||
As of December 2022 | |||||
2023 | $ | i 325 | |||
2024 | i 334 | ||||
2025 | i 283 | ||||
2026 | i 236 | ||||
2027 | i 203 | ||||
2028 - thereafter | i 1,424 | ||||
Total undiscounted lease payments | i 2,805 | ||||
Imputed interest | ( i 651) | ||||
Total operating lease liabilities | $ | i 2,154 | |||
Weighted average remaining lease term | i 13 years | ||||
Weighted average discount rate | i 3.66 | % |
65 | Goldman
Sachs September 2023 Form 10-Q |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Residential mortgages | $ | i 6,894 | $ | i 6,128 | $ | i 18,267 | $ | i 25,069 | |||||||||
Commercial mortgages | i 1,798 | i 2,306 | i 3,196 | i 13,820 | |||||||||||||
Other financial assets | i – | i 902 | i 996 | i 3,519 | |||||||||||||
Total financial assets securitized | $ | i 8,692 | $ | i 9,336 | $ | i 22,459 | $ | i 42,408 | |||||||||
Retained interests cash flows | $ | i 187 | $ | i 125 | $ | i 407 | $ | i 428 |
$ in millions | Outstanding Principal Amount | Retained Interests | Purchased Interests | ||||||||
As of September 2023 | |||||||||||
U.S. government agency-issued CMOs | $ | i 34,962 | $ | i 2,508 | $ | i – | |||||
Other residential mortgage-backed | i 29,302 | i 1,186 | i 71 | ||||||||
Other commercial mortgage-backed | i 60,304 | i 1,236 | i 62 | ||||||||
Corporate debt and other asset-backed | i 8,044 | i 508 | i 40 | ||||||||
Total | $ | i 132,612 | $ | i 5,438 | $ | i 173 | |||||
As of December 2022 | |||||||||||
U.S. government agency-issued CMOs | $ | i 38,617 | $ | i 1,835 | $ | i – | |||||
Other residential mortgage-backed | i 27,075 | i 1,461 | i 117 | ||||||||
Other commercial mortgage-backed | i 59,688 | i 1,349 | i 82 | ||||||||
Corporate debt and other asset-backed | i 8,750 | i 398 | i 46 | ||||||||
Total | $ | i 134,130 | $ | i 5,043 | $ | i 245 |
Goldman
Sachs September 2023 Form 10-Q | 66 |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Fair value of retained interests | $ | i 4,865 | $ | i 4,644 | ||||
Weighted average life (years) | i 6.3 | i 6.6 | ||||||
Constant prepayment rate | i 9.3% | i 7.7% | ||||||
Impact of 10% adverse change | $ | ( i 47) | $ | ( i 27) | ||||
Impact of 20% adverse change | $ | ( i 91) | $ | ( i 48) | ||||
Discount rate | i 8.3% | i 9.5% | ||||||
Impact of 10% adverse change | $ | ( i 135) | $ | ( i 138) | ||||
Impact of 20% adverse change | $ | ( i 265) | $ | ( i 266) |
67 | Goldman
Sachs September 2023 Form 10-Q |
Goldman
Sachs September 2023 Form 10-Q | 68 |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Total nonconsolidated VIEs | ||||||||
Assets in VIEs | $ | i 190,941 | $ | i 181,697 | ||||
Carrying value of variable interests — assets | $ | i 14,076 | $ | i 12,325 | ||||
Carrying value of variable interests — liabilities | $ | i 924 | $ | i 659 | ||||
Maximum exposure to loss: | ||||||||
Retained interests | $ | i 5,438 | $ | i 5,043 | ||||
Purchased interests | i 905 | i 861 | ||||||
Commitments and guarantees | i 3,994 | i 3,087 | ||||||
Derivatives | i 8,623 | i 8,802 | ||||||
Debt and equity | i 7,314 | i 6,026 | ||||||
Total | $ | i 26,274 | $ | i 23,819 |
As
of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Mortgage-backed | ||||||||
Assets in VIEs | $ | i 126,178 | $ | i 127,290 | ||||
Carrying value of variable interests — assets | $ | i 5,187 | $ | i 4,977 | ||||
Maximum exposure to loss: | ||||||||
Retained interests | $ | i 4,930 | $ | i 4,645 | ||||
Purchased interests | i 256 | i 332 | ||||||
Commitments and guarantees | i 34 | i 64 | ||||||
Derivatives | i 2 | i 2 | ||||||
Total | $ | i 5,222 | $ | i 5,043 | ||||
Real estate, credit- and power-related and other investing | ||||||||
Assets in VIEs | $ | i 40,553 | $ | i 29,193 | ||||
Carrying value of variable interests — assets | $ | i 4,543 | $ | i 4,415 | ||||
Carrying value of variable interests — liabilities | $ | i 346 | $ | i 2 | ||||
Maximum exposure to loss: | ||||||||
Commitments and guarantees | $ | i 3,320 | $ | i 2,679 | ||||
Debt and equity | i 4,541 | i 4,414 | ||||||
Total | $ | i 7,861 | $ | i 7,093 | ||||
Corporate
debt and other asset-backed | ||||||||
Assets in VIEs | $ | i 19,827 | $ | i 19,428 | ||||
Carrying value of variable interests — assets | $ | i 4,254 | $ | i 2,817 | ||||
Carrying value of variable interests — liabilities | $ | i 578 | $ | i 657 | ||||
Maximum exposure to loss: | ||||||||
Retained interests | $ | i 508 | $ | i 398 | ||||
Purchased interests | i 649 | i 529 | ||||||
Commitments and guarantees | i 638 | i 190 | ||||||
Derivatives | i 8,621 | i 8,800 | ||||||
Debt and equity | i 2,681 | i 1,496 | ||||||
Total | $ | i 13,097 | $ | i 11,413 | ||||
Investments
in funds | ||||||||
Assets in VIEs | $ | i 4,383 | $ | i 5,786 | ||||
Carrying value of variable interests — assets | $ | i 92 | $ | i 116 | ||||
Maximum exposure to loss: | ||||||||
Commitments and guarantees | $ | i 2 | $ | i 154 | ||||
Debt and equity | i 92 | i 116 | ||||||
Total | $ | i 94 | $ | i 270 |
69 | Goldman
Sachs September 2023 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Total consolidated VIEs | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 382 | $ | i 348 | ||||
Customer
and other receivables | i 333 | i 7 | ||||||
Trading assets | i 131 | i 103 | ||||||
Investments | i 77 | i 101 | ||||||
Loans | i 310 | i 1,177 | ||||||
Other assets | i 237 | i 336 | ||||||
Total | $ | i 1,470 | $ | i 2,072 | ||||
Liabilities | ||||||||
Other secured financings | $ | i 774 | $ | i 952 | ||||
Customer and other payables | i 2 | i 51 | ||||||
Trading liabilities | i – | i 9 | ||||||
Unsecured short-term borrowings | i 13 | i 58 | ||||||
Unsecured long-term borrowings | i 15 | i 16 | ||||||
Other liabilities | i 89 | i 112 | ||||||
Total | $ | i 893 | $ | i 1,198 |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Real estate, credit-related and other investing | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 362 | $ | i 339 | ||||
Customer
and other receivables | i – | i 7 | ||||||
Trading assets | i 38 | i 42 | ||||||
Investments | i 77 | i 101 | ||||||
Loans | i 310 | i 1,177 | ||||||
Other assets | i 237 | i 336 | ||||||
Total | $ | i 1,024 | $ | i 2,002 | ||||
Liabilities | ||||||||
Other secured financings | $ | i 139 | $ | i 170 | ||||
Customer and other payables | i 2 | i 51 | ||||||
Trading liabilities | i – | i 9 | ||||||
Other liabilities | i 89 | i 112 | ||||||
Total | $ | i 230 | $ | i 342 | ||||
Corporate
debt and other asset-backed | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 20 | $ | i 9 | ||||
Trading assets | i 4 | i 20 | ||||||
Total | $ | i 24 | $ | i 29 | ||||
Liabilities | ||||||||
Other secured financings | $ | i 353 | $ | i 482 | ||||
Total | $ | i 353 | $ | i 482 | ||||
Principal-protected
notes | ||||||||
Assets | ||||||||
Customer and other receivables | $ | i 333 | $ | i – | ||||
Trading assets | $ | i 89 | $ | i 41 | ||||
Total | $ | i 422 | $ | i 41 | ||||
Liabilities | ||||||||
Other secured financings | $ | i 282 | $ | i 300 | ||||
Unsecured short-term borrowings | i 13 | i 58 | ||||||
Unsecured long-term borrowings | i 15 | i 16 | ||||||
Total | $ | i 310 | $ | i 374 |
Goldman Sachs September 2023 Form 10-Q | 70 |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Commitment Type | ||||||||
Commercial lending: | ||||||||
Investment-grade | $ | i 103,435 | $ | i 100,438 | ||||
Non-investment-grade | i 55,873 | i 53,486 | ||||||
Warehouse financing | i 9,312 | i 9,116 | ||||||
Consumer | i 71,077 | i 64,098 | ||||||
Total lending | i 239,697 | i 227,138 | ||||||
Risk participations | i 8,651 | i 9,173 | ||||||
Collateralized agreement | i 107,459 | i 105,301 | ||||||
Collateralized financing | i 44,667 | i 22,532 | ||||||
Investment | i 20,745 | i 7,705 | ||||||
Other | i 7,831 | i 9,690 | ||||||
Total commitments | $ | i 429,050 | $ | i 381,539 |
As of September 2023 | ||||||||||||||
Remainder | 2024 - | 2026 - | 2028 - | |||||||||||
$ in millions | of 2023 | 2025 | 2027 | Thereafter | ||||||||||
Commitment Type | ||||||||||||||
Commercial lending: | ||||||||||||||
Investment-grade | $ | i 3,906 | $ | i 26,191 | $ | i 50,308 | $ | i 23,030 | ||||||
Non-investment-grade | i 1,227 | i 14,158 | i 26,034 | i 14,454 | ||||||||||
Warehouse financing | i 220 | i 5,863 | i 2,973 | i 256 | ||||||||||
Consumer | i 69,115 | i 1,962 | i – | i – | ||||||||||
Total lending | i 74,468 | i 48,174 | i 79,315 | i 37,740 | ||||||||||
Risk participations | i 1,056 | i 2,842 | i 3,731 | i 1,022 | ||||||||||
Collateralized agreement | i 99,463 | i 7,230 | i – | i 766 | ||||||||||
Collateralized financing | i 40,027 | i 4,586 | i – | i 54 | ||||||||||
Investment | i 15,246 | i 1,474 | i 1,015 | i 3,010 | ||||||||||
Other | i 6,720 | i 887 | i – | i 224 | ||||||||||
Total commitments | $ | i 236,980 | $ | i 65,193 | $ | i 84,061 | $ | i 42,816 |
As
of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Held for investment | $ | i 232,949 | $ | i 222,689 | ||||
Held for sale | i 5,955 | i 3,355 | ||||||
At fair value | i 793 | i 1,094 | ||||||
Total | $ | i 239,697 | $ | i 227,138 |
71 | Goldman Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 72 |
$ in millions | Derivatives | Securities lending and clearing | Other financial guarantees | ||||||||
As of September 2023 | |||||||||||
Carrying Value of Net Liability | $ | i 6,894 | $ | i – | $ | i 405 | |||||
Maximum Payout/Notional Amount by Period of Expiration | |||||||||||
Remainder of 2023 | $ | i 46,927 | $ | i 28,159 | $ | i 478 | |||||
2024 - 2025 | i 216,351 | i – | i 3,539 | ||||||||
2026 - 2027 | i 29,640 | i – | i 2,516 | ||||||||
2028 - thereafter | i 33,683 | i – | i 878 | ||||||||
Total | $ | i 326,601 | $ | i 28,159 | $ | i 7,411 | |||||
As of December 2022 | |||||||||||
Carrying Value of Net Liability | $ | i 7,485 | $ | i – | $ | i 395 | |||||
Maximum Payout/Notional Amount by Period of Expiration | |||||||||||
2023 | $ | i 110,599 | $ | i 20,970 | $ | i 1,634 | |||||
2024 - 2025 | i 133,090 | i – | i 3,308 | ||||||||
2026 - 2027 | i 20,252 | i – | i 1,837 | ||||||||
2028 - thereafter | i 27,518 | i – | i 93 | ||||||||
Total | $ | i 291,459 | $ | i 20,970 | $ | i 6,872 |
73 | Goldman Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 74 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
in millions, except per share amounts | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Common share repurchases | i 4.2 | i 3.0 | i 13.5 | i 5.9 | |||||||||||||
Average cost per share | $ | i 354.79 | $ | i 332.32 | $ | i 354.13 | $ | i 337.32 | |||||||||
Total cost of common share repurchases | $ | i 1,500 | $ | i 1,000 | $ | i 4,796 | $ | i 2,000 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Dividends declared per common share | $ | i 2.75 | $ | i 2.50 | $ | i 7.75 | $ | i 6.50 |
75 | Goldman
Sachs September 2023 Form 10-Q |
Series | Shares Authorized | Shares Issued | Shares Outstanding | Depositary Shares Per Share | ||||||||||
A | i 50,000 | i 30,000 | i 29,999 | i 1,000 | ||||||||||
C | i 25,000 | i 8,000 | i 8,000 | i 1,000 | ||||||||||
D | i 60,000 | i 54,000 | i 53,999 | i 1,000 | ||||||||||
E | i 17,500 | i 7,667 | i 7,667 | N.A. | ||||||||||
F | i 5,000 | i 1,615 | i 1,615 | N.A. | ||||||||||
K | i 32,200 | i 28,000 | i 28,000 | i 1,000 | ||||||||||
O | i 26,000 | i 26,000 | i 26,000 | i 25 | ||||||||||
P | i 66,000 | i 60,000 | i 60,000 | i 25 | ||||||||||
Q | i 20,000 | i 20,000 | i 20,000 | i 25 | ||||||||||
R | i 24,000 | i 24,000 | i 24,000 | i 25 | ||||||||||
S | i 14,000 | i 14,000 | i 14,000 | i 25 | ||||||||||
T | i 27,000 | i 27,000 | i 27,000 | i 25 | ||||||||||
U | i 30,000 | i 30,000 | i 30,000 | i 25 | ||||||||||
V | i 30,000 | i 30,000 | i 30,000 | i 25 | ||||||||||
W | i 60,000 | i 60,000 | i 60,000 | i 25 | ||||||||||
Total | i 486,700 | i 420,282 | i 420,280 |
Series | Earliest Redemption Date | Liquidation Preference | Redemption Value ($ in millions) | ||||||||
A | Currently redeemable | $ | i 25,000 | $ | i 750 | ||||||
C | Currently redeemable | $ | i 25,000 | i 200 | |||||||
D | Currently redeemable | $ | i 25,000 | i 1,350 | |||||||
E | Currently redeemable | $ | i 100,000 | i 767 | |||||||
F | Currently redeemable | $ | i 100,000 | i 161 | |||||||
K | May 10, 2024 | $ | i 25,000 | i 700 | |||||||
O | November 10, 2026 | $ | i 25,000 | i 650 | |||||||
P | Currently redeemable | $ | i 25,000 | i 1,500 | |||||||
Q | August 10, 2024 | $ | i 25,000 | i 500 | |||||||
R | February 10, 2025 | $ | i 25,000 | i 600 | |||||||
S | February 10, 2025 | $ | i 25,000 | i 350 | |||||||
T | May 10, 2026 | $ | i 25,000 | i 675 | |||||||
U | August 10, 2026 | $ | i 25,000 | i 750 | |||||||
V | November 10, 2026 | $ | i 25,000 | i 750 | |||||||
W | February 10, 2029 | $ | i 25,000 | i 1,500 | |||||||
Total | $ | i 11,203 |
Series | Per Annum Dividend Rate | ||||
A | i 3 month term SOFR + 1.01161%, with floor of 3.75%, payable quarterly | ||||
C | i 3
month term SOFR + 1.01161%, with floor of 4.00%, payable quarterly | ||||
D | i 3 month term SOFR + 0.93161%, with floor of 4.00%, payable quarterly | ||||
E | i 3 month term SOFR + 1.02911%, with floor
of 4.00%, payable quarterly | ||||
F | i 3 month term SOFR + 1.03161%, with floor of 4.00%, payable quarterly | ||||
K | i 6.375% to, but excluding, May 10,
2024; 3 month term SOFR + 3.81161% thereafter, payable quarterly | ||||
O | i 5.30%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 3 month term SOFR + 4.09561%, payable quarterly, thereafter | ||||
P | i 3
month term SOFR + 3.13561%, payable quarterly | ||||
Q | i 5.50%, payable semi-annually, from issuance date to, but excluding, August 10, 2024; 5 year treasury rate + 3.623%, payable semi-annually, thereafter | ||||
R | i 4.95%,
payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 3.224%, payable semi-annually, thereafter | ||||
S | i 4.40%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 2.85%, payable semi-annually thereafter | ||||
T | i 3.80%,
payable semi-annually, from issuance date to, but excluding, May 10, 2026; 5 year treasury rate + 2.969%, payable semi-annually, thereafter | ||||
U | i 3.65%, payable semi-annually, from issuance date to, but excluding, August 10, 2026; 5 year treasury rate + 2.915%, payable semi-annually, thereafter | ||||
V | i 4.125%,
payable semi-annually, from issuance date to, but excluding, November 10, 2026; 5 year treasury rate + 2.949%, payable semi-annually, thereafter | ||||
W | i 7.50%, payable semi-annually, from issuance date to, but excluding, February 10, 2029; 5 year treasury rate + 3.156%, payable semi-annually, thereafter |
Goldman
Sachs September 2023 Form 10-Q | 76 |
2023 | 2022 | |||||||||||||||||||||||||
Series | per share | $ in millions | per share | $ in millions | ||||||||||||||||||||||
Three Months Ended September | ||||||||||||||||||||||||||
A | $ | i 388.88 | $ | i 12 | $ | i 239.58 | $ | i 7 | ||||||||||||||||||
C | $ | i 388.88 | i 3 | $ | i 255.56 | i 2 | ||||||||||||||||||||
D | $ | i 383.77 | i 20 | $ | i 255.56 | i 14 | ||||||||||||||||||||
E | $ | i 1,600.67 | i 13 | $ | i 1,022.22 | i 7 | ||||||||||||||||||||
F | $ | i 1,601.31 | i 2 | $ | i 1,022.22 | i 2 | ||||||||||||||||||||
J | $ | i 573.52 | i 23 | $ | i 343.75 | i 13 | ||||||||||||||||||||
K | $ | i 398.44 | i 11 | $ | i 398.44 | i 11 | ||||||||||||||||||||
P | $ | i 524.58 | i 32 | $ | i – | i – | ||||||||||||||||||||
Q | $ | i 687.50 | i 14 | $ | i 687.50 | i 14 | ||||||||||||||||||||
R | $ | i 618.75 | i 15 | $ | i 618.75 | i 15 | ||||||||||||||||||||
S | $ | i 550.00 | i 8 | $ | i 550.00 | i 8 | ||||||||||||||||||||
U | $ | i 456.25 | i 13 | $ | i 456.25 | i 14 | ||||||||||||||||||||
Total | $ | i 166 | $ | i 107 | ||||||||||||||||||||||
Nine Months Ended September | ||||||||||||||||||||||||||
A | $ | i 1,076.86 | $ | i 32 | $ | i 710.93 | $ | i 21 | ||||||||||||||||||
C | $ | i 1,076.86 | i 9 | $ | i 758.34 | i 6 | ||||||||||||||||||||
D | $ | i 1,061.69 | i 57 | $ | i 758.34 | i 41 | ||||||||||||||||||||
E | $ | i 4,447.01 | i 34 | $ | i 3,044.44 | i 23 | ||||||||||||||||||||
F | $ | i 4,448.90 | i 7 | $ | i 3,044.44 | i 5 | ||||||||||||||||||||
J | $ | i 1,261.02 | i 51 | $ | i 1,031.25 | i 41 | ||||||||||||||||||||
K | $ | i 1,195.32 | i 33 | $ | i 1,195.32 | i 33 | ||||||||||||||||||||
O | $ | i 662.50 | i 17 | $ | i 662.50 | i 17 | ||||||||||||||||||||
P | $ | i 1,479.53 | i 89 | $ | i 625.00 | i 38 | ||||||||||||||||||||
Q | $ | i 1,375.00 | i 28 | $ | i 1,375.00 | i 28 | ||||||||||||||||||||
R | $ | i 1,237.50 | i 30 | $ | i 1,237.50 | i 30 | ||||||||||||||||||||
S | $ | i 1,100.00 | i 16 | $ | i 1,100.00 | i 16 | ||||||||||||||||||||
T | $ | i 475.00 | i 13 | $ | i 475.00 | i 13 | ||||||||||||||||||||
U | $ | i 912.50 | i 27 | $ | i 942.92 | i 28 | ||||||||||||||||||||
V | $ | i 515.63 | i 15 | $ | i 547.14 | i 16 | ||||||||||||||||||||
Total | $ | i 458 | $ | i 356 |
$ in millions | Beginning balance | Other comprehensive income/(loss) adjustments, net of tax | Ending balance | ||||||||
Three Months Ended September 2023 | |||||||||||
Currency translation | $ | ( i 828) | $ | ( i 16) | $ | ( i 844) | |||||
Debt valuation adjustment | i 281 | i 328 | i 609 | ||||||||
Pension and postretirement liabilities | ( i 475) | i 9 | ( i 466) | ||||||||
Available-for-sale securities | ( i 2,215) | i 317 | ( i 1,898) | ||||||||
Total | $ | ( i 3,237) | $ | i 638 | $ | ( i 2,599) | |||||
Three Months Ended September 2022 | |||||||||||
Currency translation | $ | ( i 769) | $ | i 26 | $ | ( i 743) | |||||
Debt valuation adjustment | i 1,417 | i 673 | i 2,090 | ||||||||
Pension and postretirement liabilities | ( i 315) | ( i 2) | ( i 317) | ||||||||
Available-for-sale securities | ( i 2,287) | ( i 615) | ( i 2,902) | ||||||||
Total | $ | ( i 1,954) | $ | i 82 | $ | ( i 1,872) | |||||
Nine Months Ended September 2023 | |||||||||||
Currency translation | $ | ( i 785) | $ | ( i 59) | $ | ( i 844) | |||||
Debt valuation adjustment | i 892 | ( i 283) | i 609 | ||||||||
Pension and postretirement liabilities | ( i 499) | i 33 | ( i 466) | ||||||||
Available-for-sale securities | ( i 2,618) | i 720 | ( i 1,898) | ||||||||
Total | $ | ( i 3,010) | $ | i 411 | $ | ( i 2,599) | |||||
Nine Months Ended September 2022 | |||||||||||
Currency translation | $ | ( i 738) | $ | ( i 5) | $ | ( i 743) | |||||
Debt valuation adjustment | ( i 511) | i 2,601 | i 2,090 | ||||||||
Pension and postretirement liabilities | ( i 327) | i 10 | ( i 317) | ||||||||
Available-for-sale securities | ( i 492) | ( i 2,410) | ( i 2,902) | ||||||||
Total | $ | ( i 2,068) | $ | i 196 | $ | ( i 1,872) |
77 | Goldman
Sachs September 2023 Form 10-Q |
Standardized | Advanced | |||||||
As of September 2023 | ||||||||
CET1 capital ratio | i 13.8 | % | i 10.0 | % | ||||
Tier 1 capital ratio | i 15.3 | % | i 11.5 | % | ||||
Total capital ratio | i 17.3 | % | i 13.5 | % | ||||
As of December 2022 | ||||||||
CET1 capital ratio | i 13.3 | % | i 9.5 | % | ||||
Tier
1 capital ratio | i 14.8 | % | i 11.0 | % | ||||
Total capital ratio | i 16.8 | % | i 13.0 | % |
Goldman Sachs September 2023 Form 10-Q | 78 |
$ in millions | Standardized | Advanced | ||||||
As of September 2023 | ||||||||
CET1 capital | $ | i 98,891 | $ | i 98,891 | ||||
Tier 1 capital | $ | i 109,752 | $ | i 109,752 | ||||
Tier 2 capital | $ | i 15,193 | $ | i 11,245 | ||||
Total capital | $ | i 124,945 | $ | i 120,997 | ||||
RWAs | $ | i 666,860 | $ | i 666,205 | ||||
CET1 capital ratio | i 14.8 | % | i 14.8 | % | ||||
Tier 1 capital ratio | i 16.5 | % | i 16.5 | % | ||||
Total capital ratio | i 18.7 | % | i 18.2 | % | ||||
As of December 2022 | ||||||||
CET1 capital | $ | i 98,050 | $ | i 98,050 | ||||
Tier 1 capital | $ | i 108,552 | $ | i 108,552 | ||||
Tier 2 capital | $ | i 15,958 | $ | i 12,115 | ||||
Total capital | $ | i 124,510 | $ | i 120,667 | ||||
RWAs | $ | i 653,419 | $ | i 679,450 | ||||
CET1 capital ratio | i 15.0 | % | i 14.4 | % | ||||
Tier 1 capital ratio | i 16.6 | % | i 16.0 | % | ||||
Total capital ratio | i 19.1 | % | i 17.8 | % |
Requirements | |||||
Tier 1 leverage ratio | i i 4.0 / | % | |||
SLR | i i 5.0 / | % |
For the Three Months | ||||||||
Ended or as of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Tier 1 capital | $ | i 109,752 | $ | i 108,552 | ||||
Average total assets | $ | i 1,557,715 | $ | i 1,500,225 | ||||
Deductions from Tier 1 capital | ( i 7,216) | ( i 8,259) | ||||||
Average adjusted total assets | i 1,550,499 | i 1,491,966 | ||||||
Off-balance sheet and other exposures | i 414,307 | i 375,392 | ||||||
Total leverage exposure | $ | i 1,964,806 | $ | i 1,867,358 | ||||
Tier 1 leverage ratio | i 7.1 | % | i 7.3% | |||||
SLR | i 5.6 | % | i 5.8% |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Common shareholders’ equity | $ | i 106,074 | $ | i 106,486 | ||||
Impact of CECL transition | i 553 | i 829 | ||||||
Deduction for goodwill | ( i 5,223) | ( i 5,674) | ||||||
Deduction for identifiable intangible assets | ( i 1,102) | ( i 1,770) | ||||||
Other adjustments | ( i 1,411) | ( i 1,821) | ||||||
CET1 capital | i 98,891 | i 98,050 | ||||||
Preferred stock | i 11,203 | i 10,703 | ||||||
Deduction for investments
in covered funds | ( i 339) | ( i 199) | ||||||
Other adjustments | ( i 3) | ( i 2) | ||||||
Tier 1 capital | $ | i 109,752 | $ | i 108,552 | ||||
Standardized Tier 2 and Total capital | ||||||||
Tier 1 capital | $ | i 109,752 | $ | i 108,552 | ||||
Qualifying subordinated debt | i 10,306 | i 10,637 | ||||||
Allowance for credit losses | i 4,907 | i 5,331 | ||||||
Other adjustments | ( i 20) | ( i 10) | ||||||
Standardized Tier 2 capital | i 15,193 | i 15,958 | ||||||
Standardized Total capital | $ | i 124,945 | $ | i 124,510 | ||||
Advanced Tier 2 and Total capital | ||||||||
Tier 1 capital | $ | i 109,752 | $ | i 108,552 | ||||
Standardized Tier 2 capital | i 15,193 | i 15,958 | ||||||
Allowance for credit losses | ( i 4,907) | ( i 5,331) | ||||||
Other adjustments | i 959 | i 1,488 | ||||||
Advanced Tier 2 capital | i 11,245 | i 12,115 | ||||||
Advanced Total capital | $ | i 120,997 | $ | i 120,667 |
79 | Goldman Sachs September 2023 Form 10-Q |
$ in millions | Standardized | Advanced | ||||||
Nine Months Ended September 2023 | ||||||||
CET1 capital | ||||||||
Beginning balance | $ | i 98,050 | $ | i 98,050 | ||||
Change in: | ||||||||
Common shareholders’ equity | ( i 412) | ( i 412) | ||||||
Impact of CECL transition | ( i 276) | ( i 276) | ||||||
Deduction for goodwill | i 451 | i 451 | ||||||
Deduction for identifiable intangible assets | i 668 | i 668 | ||||||
Other adjustments | i 410 | i 410 | ||||||
Ending balance | $ | i 98,891 | $ | i 98,891 | ||||
Tier 1 capital | ||||||||
Beginning balance | $ | i 108,552 | $ | i 108,552 | ||||
Change in: | ||||||||
CET1 capital | i 841 | i 841 | ||||||
Preferred
stock | i 500 | i 500 | ||||||
Deduction
for investments in covered funds | ( i 140) | ( i 140) | ||||||
Other adjustments | ( i 1) | ( i 1) | ||||||
Ending balance | i 109,752 | i 109,752 | ||||||
Tier 2 capital | ||||||||
Beginning balance | i 15,958 | i 12,115 | ||||||
Change in: | ||||||||
Qualifying subordinated debt | ( i 331) | ( i 331) | ||||||
Allowance for credit losses | ( i 424) | i – | ||||||
Other adjustments | ( i 10) | ( i 539) | ||||||
Ending balance | i 15,193 | i 11,245 | ||||||
Total capital | $ | i 124,945 | $ | i 120,997 |
Goldman
Sachs September 2023 Form 10-Q | 80 |
$ in millions | Standardized | Advanced | ||||||
As of September 2023 | ||||||||
Credit RWAs | ||||||||
Derivatives | $ | i 145,133 | $ | i 99,815 | ||||
Commitments, guarantees and loans | i 249,886 | i 200,225 | ||||||
Securities financing transactions | i 81,423 | i 25,041 | ||||||
Equity investments | i 31,703 | i 34,301 | ||||||
Other | i 75,273 | i 95,330 | ||||||
Total Credit RWAs | i 583,418 | i 454,712 | ||||||
Market RWAs | ||||||||
Regulatory VaR | i 16,704 | i 16,704 | ||||||
Stressed VaR | i 40,343 | i 40,343 | ||||||
Incremental risk | i 6,779 | i 6,779 | ||||||
Comprehensive risk | i 2,647 | i 2,647 | ||||||
Specific risk | i 16,969 | i 16,969 | ||||||
Total Market RWAs | i 83,442 | i 83,442 | ||||||
Total Operational RWAs | i – | i 128,051 | ||||||
Total RWAs | $ | i 666,860 | $ | i 666,205 | ||||
As of December 2022 | ||||||||
Credit RWAs | ||||||||
Derivatives | $ | i 142,696 | $ | i 111,344 | ||||
Commitments, guarantees and loans | i 247,026 | i 198,508 | ||||||
Securities financing transactions | i 73,189 | i 21,659 | ||||||
Equity investments | i 30,899 | i 33,451 | ||||||
Other | i 76,335 | i 96,351 | ||||||
Total Credit RWAs | i 570,145 | i 461,313 | ||||||
Market RWAs | ||||||||
Regulatory VaR | i 18,981 | i 18,981 | ||||||
Stressed VaR | i 37,833 | i 37,833 | ||||||
Incremental risk | i 6,470 | i 6,470 | ||||||
Comprehensive risk | i 3,641 | i 3,641 | ||||||
Specific risk | i 16,349 | i 16,349 | ||||||
Total Market RWAs | i 83,274 | i 83,274 | ||||||
Total Operational RWAs | i – | i 134,863 | ||||||
Total RWAs | $ | i 653,419 | $ | i 679,450 |
81 | Goldman Sachs September 2023 Form 10-Q |
$ in millions | Standardized | Advanced | ||||||
Nine Months Ended September 2023 | ||||||||
RWAs | ||||||||
Beginning balance | $ | i 653,419 | $ | i 679,450 | ||||
Credit RWAs | ||||||||
Change in: | ||||||||
Derivatives | i 2,437 | ( i 11,529) | ||||||
Commitments, guarantees and loans | i 2,860 | i 1,717 | ||||||
Securities financing transactions | i 8,234 | i 3,382 | ||||||
Equity investments | i 804 | i 850 | ||||||
Other | ( i 1,062) | ( i 1,021) | ||||||
Change in Credit RWAs | i 13,273 | ( i 6,601) | ||||||
Market RWAs | ||||||||
Change in: | ||||||||
Regulatory VaR | ( i 2,277) | ( i 2,277) | ||||||
Stressed VaR | i 2,510 | i 2,510 | ||||||
Incremental risk | i 309 | i 309 | ||||||
Comprehensive risk | ( i 994) | ( i 994) | ||||||
Specific risk | i 620 | i 620 | ||||||
Change in Market RWAs | i 168 | i 168 | ||||||
Change in Operational RWAs | i – | ( i 6,812) | ||||||
Ending balance | $ | i 666,860 | $ | i 666,205 |
Requirements | “Well-capitalized” Requirements | |||||||
Risk-based capital requirements | ||||||||
CET1 capital ratio | i i 7.0 / | % | i i 6.5 / | % | ||||
Tier 1 capital ratio | i i 8.5 / | % | i i 8.0 / | % | ||||
Total capital ratio | i i 10.5 / | % | i i 10.0 / | % | ||||
Leverage requirements | ||||||||
Tier 1 leverage ratio | i i 4.0 / | % | i i 5.0 / | % | ||||
SLR | i i 3.0 / | % | i i 6.0 / | % |
Goldman
Sachs September 2023 Form 10-Q | 82 |
$ in millions | Standardized | Advanced | ||||||
As of September 2023 | ||||||||
CET1 capital | $ | i 52,216 | $ | i 52,216 | ||||
Tier 1 capital | $ | i 52,216 | $ | i 52,216 | ||||
Tier 2 capital | $ | i 6,179 | $ | i 3,021 | ||||
Total capital | $ | i 58,395 | $ | i 55,237 | ||||
RWAs | $ | i 375,207 | $ | i 290,941 | ||||
CET1 capital ratio | i 13.9 | % | i 17.9 | % | ||||
Tier 1 capital ratio | i 13.9 | % | i 17.9 | % | ||||
Total capital ratio | i 15.6 | % | i 19.0 | % | ||||
As of December 2022 | ||||||||
CET1 capital | $ | i 46,845 | $ | i 46,845 | ||||
Tier 1 capital | $ | i 46,845 | $ | i 46,845 | ||||
Tier 2 capital | $ | i 8,042 | $ | i 5,382 | ||||
Total capital | $ | i 54,887 | $ | i 52,227 | ||||
RWAs | $ | i 357,112 | $ | i 275,451 | ||||
CET1 capital ratio | i 13.1 | % | i 17.0 | % | ||||
Tier 1 capital ratio | i 13.1 | % | i 17.0 | % | ||||
Total capital ratio | i 15.4 | % | i 19.0 | % |
For
the Three Months | ||||||||
Ended or as of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Tier 1 capital | $ | i 52,216 | $ | i 46,845 | ||||
Average adjusted total assets | $ | i 511,837 | $ | i 499,108 | ||||
Total leverage exposure | $ | i 709,811 | $ | i 671,215 | ||||
Tier 1 leverage ratio | i 10.2 | % | i 9.4 | % | ||||
SLR | i 7.4 | % | i 7.0 | % |
As of | ||||||||
September | December | |||||||
2023 | 2022 | |||||||
Risk-based capital requirements | ||||||||
CET1 capital ratio | i 10.1 | % | i 9.7 | % | ||||
Tier 1 capital ratio | i 12.4 | % | i 11.9 | % | ||||
Total capital ratio | i 15.4 | % | i 14.9 | % |
83 | Goldman
Sachs September 2023 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Risk-based capital and risk-weighted assets | ||||||||
CET1 capital | $ | i 3,782 | $ | i 3,395 | ||||
Tier 1 capital | $ | i 3,782 | $ | i 3,395 | ||||
Tier 2 capital | $ | i 826 | $ | i 828 | ||||
Total capital | $ | i 4,608 | $ | i 4,223 | ||||
RWAs | $ | i 16,722 | $ | i 15,766 | ||||
Risk-based capital ratios | ||||||||
CET1 capital ratio | i 22.6 | % | i 21.5 | % | ||||
Tier 1 capital ratio | i 22.6 | % | i 21.5 | % | ||||
Total capital ratio | i 27.6 | % | i 26.8 | % |
As of | |||||||||||
September 2023 | |||||||||||
Leverage ratio requirement | i 3.6 | % | |||||||||
Leverage ratio | i 5.8 | % |
As
of | ||||||||
September | December | |||||||
2023 | 2022 | |||||||
Risk-based capital requirements | ||||||||
CET1 capital ratio | i 10.1 | % | i 9.2 | % | ||||
Tier 1 capital ratio | i 12.1 | % | i 11.3 | % | ||||
Total capital ratio | i 14.9 | % | i 14.0 | % |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Risk-based capital and risk-weighted assets | ||||||||
CET1 capital | $ | i 13,442 | $ | i 9,536 | ||||
Tier 1 capital | $ | i 13,442 | $ | i 9,536 | ||||
Tier 2 capital | $ | i 21 | $ | i 21 | ||||
Total capital | $ | i 13,463 | $ | i 9,557 | ||||
RWAs | $ | i 36,281 | $ | i 30,154 | ||||
Risk-based capital ratios | ||||||||
CET1 capital ratio | i 37.0 | % | i 31.6 | % | ||||
Tier 1 capital ratio | i 37.0 | % | i 31.6 | % | ||||
Total capital ratio | i 37.1 | % | i 31.7 | % |
Goldman
Sachs September 2023 Form 10-Q | 84 |
As
of | ||||||||
September | December | |||||||
2023 | 2022 | |||||||
Leverage ratio requirement | i 3.0 | % | i 3.0 | % | ||||
Leverage ratio | i 10.6 | % | i 10.6 | % |
85 | Goldman
Sachs September 2023 Form 10-Q |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
in millions, except per share amounts | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Net earnings to common | $ | i 1,882 | $ | i 2,962 | $ | i 6,040 | $ | i 9,579 | |||||||||
Weighted average basic shares | i 338.7 | i 352.8 | i 342.5 | i 353.0 | |||||||||||||
Effect of dilutive RSUs | i 5.2 | i 6.4 | i 4.9 | i 5.6 | |||||||||||||
Weighted average diluted shares | i 343.9 | i 359.2 | i 347.4 | i 358.6 | |||||||||||||
Basic EPS | $ | i 5.52 | $ | i 8.35 | $ | i 17.52 | $ | i 27.03 | |||||||||
Diluted EPS | $ | i 5.47 | $ | i 8.25 | $ | i 17.39 | $ | i 26.71 |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Fees earned from funds | $ | i 1,179 | $ | i 1,172 | $ | i 3,496 | $ | i 3,422 |
As
of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Fees receivable from funds | $ | i 1,369 | $ | i 1,175 | ||||
Aggregate carrying value of interests in funds | $ | i 4,025 | $ | i 3,801 |
Goldman
Sachs September 2023 Form 10-Q | 86 |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Deposits with banks | $ | i 3,065 | $ | i 1,107 | $ | i 8,331 | $ | i 1,392 | |||||||||
Collateralized agreements | i 4,287 | i 1,542 | i 11,744 | i 1,712 | |||||||||||||
Trading assets | i 2,222 | i 1,334 | i 5,990 | i 3,551 | |||||||||||||
Investments | i 1,001 | i 578 | i 2,729 | i 1,433 | |||||||||||||
Loans | i 3,797 | i 2,487 | i 10,942 | i 5,937 | |||||||||||||
Other interest | i 3,885 | i 1,502 | i 10,295 | i 2,588 | |||||||||||||
Total interest income | i 18,257 | i 8,550 | i 50,031 | i 16,613 | |||||||||||||
Deposits | i 4,433 | i 1,811 | i 11,959 | i 2,975 | |||||||||||||
Collateralized financings | i 3,635 | i 990 | i 9,131 | i 1,308 | |||||||||||||
Trading liabilities | i 633 | i 513 | i 1,769 | i 1,427 | |||||||||||||
Short-term borrowings | i 317 | i 152 | i 848 | i 333 | |||||||||||||
Long-term borrowings | i 2,913 | i 1,503 | i 8,285 | i 3,433 | |||||||||||||
Other interest | i 4,779 | i 1,538 | i 13,027 | i 1,533 | |||||||||||||
Total interest expense | i 16,710 | i 6,507 | i 45,019 | i 11,009 | |||||||||||||
Net interest income | $ | i 1,547 | $ | i 2,043 | $ | i 5,012 | $ | i 5,604 |
87 | Goldman
Sachs September 2023 Form 10-Q |
As of | |||||
Jurisdiction | September 2023 | ||||
U.S. Federal | i 2011 | ||||
New York State and City | i 2015 | ||||
United Kingdom | i 2017 | ||||
Japan | i 2017 | ||||
Hong Kong | i 2017 |
Goldman Sachs September 2023 Form 10-Q | 88 |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Global Banking & Markets | |||||||||||||||||
Non-interest revenues | $ | i 7,838 | $ | i 6,933 | $ | i 22,922 | $ | i 24,156 | |||||||||
Net interest income | i 171 | i 631 | i 720 | i 1,812 | |||||||||||||
Total net revenues | i 8,009 | i 7,564 | i 23,642 | i 25,968 | |||||||||||||
Provision for credit losses | i 29 | i 63 | i 214 | i 462 | |||||||||||||
Operating expenses | i 4,791 | i 4,224 | i 13,702 | i 13,628 | |||||||||||||
Pre-tax earnings | $ | i 3,189 | $ | i 3,277 | $ | i 9,726 | $ | i 11,878 | |||||||||
Net earnings | $ | i 2,383 | $ | i 2,668 | $ | i 7,460 | $ | i 9,870 | |||||||||
Net earnings to common | $ | i 2,250 | $ | i 2,586 | $ | i 7,108 | $ | i 9,602 | |||||||||
Average common equity | $ | i 72,517 | $ | i 71,850 | $ | i 70,968 | $ | i 70,006 | |||||||||
Return on average common equity | i 12.4 | % | i 14.4 | % | i 13.4 | % | i 18.3 | % | |||||||||
Asset
& Wealth Management | |||||||||||||||||
Non-interest revenues | $ | i 2,544 | $ | i 3,085 | $ | i 7,100 | $ | i 7,210 | |||||||||
Net interest income | i 686 | i 948 | i 2,393 | i 2,605 | |||||||||||||
Total net revenues | i 3,230 | i 4,033 | i 9,493 | i 9,815 | |||||||||||||
Provision for credit losses | i 51 | ( i 13) | ( i 499) | i 339 | |||||||||||||
Operating expenses | i 3,005 | i 2,955 | i 9,448 | i 8,187 | |||||||||||||
Pre-tax
earnings | $ | i 174 | $ | i 1,091 | $ | i 544 | $ | i 1,289 | |||||||||
Net
earnings | $ | i 129 | $ | i 905 | $ | i 417 | $ | i 1,071 | |||||||||
Net
earnings to common | $ | i 93 | $ | i 882 | $ | i 318 | $ | i 990 | |||||||||
Average common equity | $ | i 28,601 | $ | i 31,516 | $ | i 30,806 | $ | i 31,238 | |||||||||
Return on average common equity | i 1.3 | % | i 11.2 | % | i 1.4 | % | i 4.2 | % | |||||||||
Platform
Solutions | |||||||||||||||||
Non-interest revenues | $ | ( i 112) | $ | ( i 86) | $ | ( i 98) | $ | ( i 198) | |||||||||
Net interest income | i 690 | i 464 | i 1,899 | i 1,187 | |||||||||||||
Total net revenues | i 578 | i 378 | i 1,801 | i 989 | |||||||||||||
Provision for credit losses | ( i 73) | i 465 | i 736 | i 942 | |||||||||||||
Operating expenses | i 1,258 | i 525 | i 2,850 | i 1,258 | |||||||||||||
Pre-tax
earnings/(loss) | $ | ( i 607) | $ | ( i 612) | $ | ( i 1,785) | $ | ( i 1,211) | |||||||||
Net
earnings/(loss) | $ | ( i 454) | $ | ( i 504) | $ | ( i 1,369) | $ | ( i 1,006) | |||||||||
Net
earnings/(loss) to common | $ | ( i 461) | $ | ( i 506) | $ | ( i 1,386) | $ | ( i 1,013) | |||||||||
Average common equity | $ | i 4,227 | $ | i 3,944 | $ | i 4,060 | $ | i 3,471 | |||||||||
Return on average common equity | ( i 43.6) | % | ( i 51.3) | % | ( i 45.5) | % | ( i 38.9) | % | |||||||||
Total | |||||||||||||||||
Non-interest revenues | $ | i 10,270 | $ | i 9,932 | $ | i 29,924 | $ | i 31,168 | |||||||||
Net interest income | i 1,547 | i 2,043 | i 5,012 | i 5,604 | |||||||||||||
Total net revenues | i 11,817 | i 11,975 | i 34,936 | i 36,772 | |||||||||||||
Provision for credit losses | i 7 | i 515 | i 451 | i 1,743 | |||||||||||||
Operating expenses | i 9,054 | i 7,704 | i 26,000 | i 23,073 | |||||||||||||
Pre-tax earnings | $ | i 2,756 | $ | i 3,756 | $ | i 8,485 | $ | i 11,956 | |||||||||
Net earnings | $ | i 2,058 | $ | i 3,069 | $ | i 6,508 | $ | i 9,935 | |||||||||
Net earnings to common | $ | i 1,882 | $ | i 2,962 | $ | i 6,040 | $ | i 9,579 | |||||||||
Average common equity | $ | i 105,345 | $ | i 107,310 | $ | i 105,834 | $ | i 104,715 | |||||||||
Return on average common equity | i 7.1 | % | i 11.0 | % | i 7.6 | % | i 12.2 | % |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Global
Banking & Markets | $ | i 275 | $ | i 257 | $ | i 837 | $ | i 775 | |||||||||
Asset
& Wealth Management | i 607 | i 344 | i 1,954 | i 804 | |||||||||||||
Platform
Solutions | i 630 | i 65 | i 1,285 | i 149 | |||||||||||||
Total | $ | i 1,512 | $ | i 666 | $ | i 4,076 | $ | i 1,728 |
As
of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Global Banking & Markets | $ | i 1,318,009 | $ | i 1,169,539 | ||||
Asset
& Wealth Management | i 191,307 | i 214,970 | ||||||
Platform Solutions | i 67,837 | i 57,290 | ||||||
Total | $ | i 1,577,153 | $ | i 1,441,799 |
89 | Goldman Sachs September 2023 Form 10-Q |
$ in millions | 2023 | 2022 | ||||||||||||||||||
Three Months Ended September | ||||||||||||||||||||
Americas | $ | i 7,570 | i 64 | % | $ | i 7,435 | i 62 | % | ||||||||||||
EMEA | i 2,811 | i 24 | % | i 3,154 | i 26 | % | ||||||||||||||
Asia | i 1,436 | i 12 | % | i 1,386 | i 12 | % | ||||||||||||||
Total net revenues | $ | i 11,817 | i 100 | % | $ | i 11,975 | i 100 | % | ||||||||||||
Americas | $ | i 1,590 | i 58 | % | $ | i 2,207 | i 59 | % | ||||||||||||
EMEA | i 927 | i 33 | % | i 1,277 | i 34 | % | ||||||||||||||
Asia | i 239 | i 9 | % | i 272 | i 7 | % | ||||||||||||||
Total pre-tax earnings | $ | i 2,756 | i 100 | % | $ | i 3,756 | i 100 | % | ||||||||||||
Nine Months Ended September | ||||||||||||||||||||
Americas | $ | i 21,565 | i 62 | % | $ | i 21,749 | i 59 | % | ||||||||||||
EMEA | i 9,263 | i 26 | % | i 10,454 | i 29 | % | ||||||||||||||
Asia | i 4,108 | i 12 | % | i 4,569 | i 12 | % | ||||||||||||||
Total net revenues | $ | i 34,936 | i 100 | % | $ | i 36,772 | i 100 | % | ||||||||||||
Americas | $ | i 4,209 | i 50 | % | $ | i 6,271 | i 53 | % | ||||||||||||
EMEA | i 3,391 | i 40 | % | i 4,474 | i 37 | % | ||||||||||||||
Asia | i 885 | i 10 | % | i 1,211 | i 10 | % | ||||||||||||||
Total pre-tax earnings | $ | i 8,485 | i 100 | % | $ | i 11,956 | i 100 | % | ||||||||||||
As
of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
U.S. government and agency obligations | $ | i 265,459 | $ | i 205,935 | ||||
Percentage of total assets | i 16.8 | % | i 14.3 | % | ||||
Non-U.S. government and agency obligations | $ | i 77,168 | $ | i 40,334 | ||||
Percentage of total assets | i 4.9 | % | i 2.8 | % |
Goldman
Sachs September 2023 Form 10-Q | 90 |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
U.S. government and agency obligations | $ | i 114,609 | $ | i 164,897 | ||||
Non-U.S. government and agency obligations | $ | i 91,398 | $ | i 76,456 |
91 | Goldman Sachs September 2023
Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 92 |
93 | Goldman
Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 94 |
95 | Goldman Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 96 |
97 | Goldman
Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 98 |
99 | Goldman
Sachs September 2023 Form 10-Q |
Goldman
Sachs September 2023 Form 10-Q | 100 |
101 | Goldman Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 102 |
103 | Goldman Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 104 |
105 | Goldman Sachs September 2023 Form 10-Q |
Average Balance for the | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September | Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Assets | |||||||||||||||||
U.S. | $ | 140,127 | $ | 168,084 | $ | 138,467 | $ | 149,241 | |||||||||
Non-U.S. | 130,387 | 120,200 | 127,841 | 112,938 | |||||||||||||
Deposits with banks | 270,514 | 288,284 | 266,308 | 262,179 | |||||||||||||
U.S. | 210,743 | 227,090 | 206,090 | 249,144 | |||||||||||||
Non-U.S. | 155,246 | 174,042 | 161,926 | 173,144 | |||||||||||||
Collateralized agreements | 365,989 | 401,132 | 368,016 | 422,288 | |||||||||||||
U.S. | 209,673 | 165,218 | 196,817 | 163,125 | |||||||||||||
Non-U.S. | 147,591 | 125,816 | 140,177 | 127,958 | |||||||||||||
Trading assets | 357,264 | 291,034 | 336,994 | 291,083 | |||||||||||||
U.S. | 126,566 | 106,377 | 120,499 | 90,758 | |||||||||||||
Non-U.S. | 15,049 | 13,569 | 15,138 | 15,069 | |||||||||||||
Investments | 141,615 | 119,946 | 135,637 | 105,827 | |||||||||||||
U.S. | 154,948 | 150,531 | 154,604 | 141,455 | |||||||||||||
Non-U.S. | 18,777 | 21,543 | 19,663 | 22,861 | |||||||||||||
Loans | 173,725 | 172,074 | 174,267 | 164,316 | |||||||||||||
U.S. | 85,503 | 91,188 | 88,061 | 98,721 | |||||||||||||
Non-U.S. | 54,623 | 68,052 | 56,507 | 64,623 | |||||||||||||
Other interest-earning assets | 140,126 | 159,240 | 144,568 | 163,344 | |||||||||||||
Interest-earning assets | 1,449,233 | 1,431,710 | 1,425,790 | 1,409,037 | |||||||||||||
Cash and due from banks | 5,508 | 7,619 | 6,330 | 8,053 | |||||||||||||
Other non-interest-earning assets | 102,421 | 140,926 | 110,822 | 140,390 | |||||||||||||
Assets | $ | 1,557,162 | $ | 1,580,255 | $ | 1,542,942 | $ | 1,557,480 | |||||||||
Liabilities | |||||||||||||||||
U.S. | $ | 307,812 | $ | 316,845 | $ | 304,903 | $ | 300,297 | |||||||||
Non-U.S. | 85,904 | 71,787 | 79,661 | 75,102 | |||||||||||||
Interest-bearing deposits | 393,716 | 388,632 | 384,564 | 375,399 | |||||||||||||
U.S. | 166,256 | 106,562 | 148,679 | 110,478 | |||||||||||||
Non-U.S. | 102,897 | 89,191 | 93,525 | 87,584 | |||||||||||||
Collateralized financings | 269,153 | 195,753 | 242,204 | 198,062 | |||||||||||||
U.S. | 58,727 | 90,801 | 63,401 | 84,748 | |||||||||||||
Non-U.S. | 77,769 | 83,924 | 74,885 | 86,175 | |||||||||||||
Trading liabilities | 136,496 | 174,725 | 138,286 | 170,923 | |||||||||||||
U.S. | 50,022 | 36,371 | 46,391 | 32,875 | |||||||||||||
Non-U.S. | 25,974 | 30,263 | 26,483 | 29,788 | |||||||||||||
Short-term borrowings | 75,996 | 66,634 | 72,874 | 62,663 | |||||||||||||
U.S. | 190,429 | 218,298 | 200,382 | 224,555 | |||||||||||||
Non-U.S. | 44,613 | 39,900 | 44,774 | 36,047 | |||||||||||||
Long-term borrowings | 235,042 | 258,198 | 245,156 | 260,602 | |||||||||||||
U.S. | 144,973 | 166,913 | 152,537 | 167,553 | |||||||||||||
Non-U.S. | 93,142 | 100,113 | 95,673 | 98,679 | |||||||||||||
Other interest-bearing liabilities | 238,115 | 267,026 | 248,210 | 266,232 | |||||||||||||
Interest-bearing liabilities | 1,348,518 | 1,350,968 | 1,331,294 | 1,333,881 | |||||||||||||
Non-interest-bearing deposits | 4,731 | 4,509 | 4,750 | 4,875 | |||||||||||||
Other non-interest-bearing liabilities | 87,615 | 106,765 | 90,261 | 103,306 | |||||||||||||
Liabilities | 1,440,864 | 1,462,242 | 1,426,305 | 1,442,062 | |||||||||||||
Shareholders’ equity | |||||||||||||||||
Preferred stock | 10,953 | 10,703 | 10,803 | 10,703 | |||||||||||||
Common stock | 105,345 | 107,310 | 105,834 | 104,715 | |||||||||||||
Shareholders’ equity | 116,298 | 118,013 | 116,637 | 115,418 | |||||||||||||
Liabilities and shareholders’ equity | $ | 1,557,162 | $ | 1,580,255 | $ | 1,542,942 | $ | 1,557,480 | |||||||||
Percentage
attributable to non-U.S. operations | |||||||||||||||||
Interest-earning assets | 36.00 | % | 36.55 | % | 36.56 | % | 36.66 | % | |||||||||
Interest-bearing liabilities | 31.91 | % | 30.73 | % | 31.17 | % | 30.99 | % |
Interest
for the | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September | Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Assets | |||||||||||||||||
U.S. | $ | 1,911 | $ | 958 | $ | 5,522 | $ | 1,330 | |||||||||
Non-U.S. | 1,154 | 149 | 2,809 | 62 | |||||||||||||
Deposits with banks | 3,065 | 1,107 | 8,331 | 1,392 | |||||||||||||
U.S. | 2,892 | 1,176 | 8,028 | 1,448 | |||||||||||||
Non-U.S. | 1,395 | 366 | 3,716 | 264 | |||||||||||||
Collateralized agreements | 4,287 | 1,542 | 11,744 | 1,712 | |||||||||||||
U.S. | 1,482 | 843 | 3,958 | 2,282 | |||||||||||||
Non-U.S. | 740 | 491 | 2,032 | 1,269 | |||||||||||||
Trading assets | 2,222 | 1,334 | 5,990 | 3,551 | |||||||||||||
U.S. | 788 | 458 | 2,129 | 1,027 | |||||||||||||
Non-U.S. | 213 | 120 | 600 | 406 | |||||||||||||
Investments | 1,001 | 578 | 2,729 | 1,433 | |||||||||||||
U.S. | 3,403 | 2,212 | 9,760 | 5,160 | |||||||||||||
Non-U.S. | 394 | 275 | 1,182 | 777 | |||||||||||||
Loans | 3,797 | 2,487 | 10,942 | 5,937 | |||||||||||||
U.S. | 2,299 | 972 | 6,136 | 1,777 | |||||||||||||
Non-U.S. | 1,586 | 530 | 4,159 | 811 | |||||||||||||
Other interest-earning assets | 3,885 | 1,502 | 10,295 | 2,588 | |||||||||||||
Interest-earning assets | $ | 18,257 | $ | 8,550 | $ | 50,031 | $ | 16,613 | |||||||||
Liabilities | |||||||||||||||||
U.S. | $ | 3,580 | $ | 1,568 | $ | 9,900 | $ | 2,522 | |||||||||
Non-U.S. | 853 | 243 | 2,059 | 453 | |||||||||||||
Interest-bearing deposits | 4,433 | 1,811 | 11,959 | 2,975 | |||||||||||||
U.S. | 2,526 | 718 | 6,291 | 998 | |||||||||||||
Non-U.S. | 1,109 | 272 | 2,840 | 310 | |||||||||||||
Collateralized financings | 3,635 | 990 | 9,131 | 1,308 | |||||||||||||
U.S. | 246 | 217 | 692 | 649 | |||||||||||||
Non-U.S. | 387 | 296 | 1,077 | 778 | |||||||||||||
Trading liabilities | 633 | 513 | 1,769 | 1,427 | |||||||||||||
U.S. | 305 | 110 | 778 | 241 | |||||||||||||
Non-U.S. | 12 | 42 | 70 | 92 | |||||||||||||
Short-term borrowings | 317 | 152 | 848 | 333 | |||||||||||||
U.S. | 2,842 | 1,471 | 8,090 | 3,333 | |||||||||||||
Non-U.S. | 71 | 32 | 195 | 100 | |||||||||||||
Long-term borrowings | 2,913 | 1,503 | 8,285 | 3,433 | |||||||||||||
U.S. | 3,124 | 887 | 8,226 | 728 | |||||||||||||
Non-U.S. | 1,655 | 651 | 4,801 | 805 | |||||||||||||
Other interest-bearing liabilities | 4,779 | 1,538 | 13,027 | 1,533 | |||||||||||||
Interest-bearing liabilities | $ | 16,710 | $ | 6,507 | $ | 45,019 | $ | 11,009 | |||||||||
Net interest income | |||||||||||||||||
U.S. | $ | 152 | $ | 1,648 | $ | 1,556 | $ | 4,553 | |||||||||
Non-U.S. | 1,395 | 395 | 3,456 | 1,051 | |||||||||||||
Net interest income | $ | 1,547 | $ | 2,043 | $ | 5,012 | $ | 5,604 |
Goldman Sachs September 2023 Form 10-Q | 106 |
Annualized Average Rate for the | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September | Ended September | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Assets | |||||||||||||||||
U.S. | 5.46 | % | 2.26 | % | 5.32 | % | 1.19 | % | |||||||||
Non-U.S. | 3.54 | % | 0.49 | % | 2.93 | % | 0.07 | % | |||||||||
Deposits with banks | 4.53 | % | 1.52 | % | 4.17 | % | 0.71 | % | |||||||||
U.S. | 5.49 | % | 2.05 | % | 5.19 | % | 0.77 | % | |||||||||
Non-U.S. | 3.59 | % | 0.83 | % | 3.06 | % | 0.20 | % | |||||||||
Collateralized agreements | 4.69 | % | 1.52 | % | 4.25 | % | 0.54 | % | |||||||||
U.S. | 2.83 | % | 2.02 | % | 2.68 | % | 1.87 | % | |||||||||
Non-U.S. | 2.01 | % | 1.54 | % | 1.93 | % | 1.32 | % | |||||||||
Trading assets | 2.49 | % | 1.81 | % | 2.37 | % | 1.63 | % | |||||||||
U.S. | 2.49 | % | 1.70 | % | 2.36 | % | 1.51 | % | |||||||||
Non-U.S. | 5.66 | % | 3.50 | % | 5.28 | % | 3.59 | % | |||||||||
Investments | 2.83 | % | 1.91 | % | 2.68 | % | 1.81 | % | |||||||||
U.S. | 8.78 | % | 5.81 | % | 8.42 | % | 4.86 | % | |||||||||
Non-U.S. | 8.39 | % | 5.05 | % | 8.02 | % | 4.53 | % | |||||||||
Loans | 8.74 | % | 5.72 | % | 8.37 | % | 4.82 | % | |||||||||
U.S. | 10.76 | % | 4.22 | % | 9.29 | % | 2.40 | % | |||||||||
Non-U.S. | 11.61 | % | 3.08 | % | 9.81 | % | 1.67 | % | |||||||||
Other interest-earning assets | 11.09 | % | 3.73 | % | 9.49 | % | 2.11 | % | |||||||||
Interest-earning assets | 5.04 | % | 2.36 | % | 4.68 | % | 1.57 | % | |||||||||
Liabilities | |||||||||||||||||
U.S. | 4.65 | % | 1.96 | % | 4.33 | % | 1.12 | % | |||||||||
Non-U.S. | 3.97 | % | 1.34 | % | 3.45 | % | 0.80 | % | |||||||||
Interest-bearing
deposits | 4.50 | % | 1.84 | % | 4.15 | % | 1.06 | % | |||||||||
U.S. | 6.08 | % | 2.67 | % | 5.64 | % | 1.20 | % | |||||||||
Non-U.S. | 4.31 | % | 1.21 | % | 4.05 | % | 0.47 | % | |||||||||
Collateralized financings | 5.40 | % | 2.00 | % | 5.03 | % | 0.88 | % | |||||||||
U.S. | 1.68 | % | 0.95 | % | 1.46 | % | 1.02 | % | |||||||||
Non-U.S. | 1.99 | % | 1.40 | % | 1.92 | % | 1.20 | % | |||||||||
Trading liabilities | 1.85 | % | 1.16 | % | 1.71 | % | 1.11 | % | |||||||||
U.S. | 2.44 | % | 1.20 | % | 2.24 | % | 0.98 | % | |||||||||
Non-U.S. | 0.18 | % | 0.55 | % | 0.35 | % | 0.41 | % | |||||||||
Short-term borrowings | 1.67 | % | 0.90 | % | 1.55 | % | 0.71 | % | |||||||||
U.S. | 5.97 | % | 2.67 | % | 5.38 | % | 1.98 | % | |||||||||
Non-U.S. | 0.64 | % | 0.32 | % | 0.58 | % | 0.37 | % | |||||||||
Long-term borrowings | 4.96 | % | 2.30 | % | 4.51 | % | 1.76 | % | |||||||||
U.S. | 8.62 | % | 2.10 | % | 7.19 | % | 0.58 | % | |||||||||
Non-U.S. | 7.11 | % | 2.57 | % | 6.69 | % | 1.09 | % | |||||||||
Other interest-bearing liabilities | 8.03 | % | 2.28 | % | 7.00 | % | 0.77 | % | |||||||||
Interest-bearing liabilities | 4.96 | % | 1.91 | % | 4.51 | % | 1.10 | % | |||||||||
Interest rate spread | 0.08 | % | 0.45 | % | 0.17 | % | 0.47 | % | |||||||||
U.S. | 0.07 | % | 0.72 | % | 0.23 | % | 0.68 | % | |||||||||
Non-U.S. | 1.07 | % | 0.30 | % | 0.88 | % | 0.27 | % | |||||||||
Net yield on interest-earning assets | 0.43 | % | 0.56 | % | 0.47 | % | 0.53 | % |
107 | Goldman Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 108 |
109 | Goldman
Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 110 |
111 | Goldman Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 112 |
113 | Goldman Sachs September 2023 Form 10-Q |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions, except per share amounts | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Net revenues | $ | 11,817 | $ | 11,975 | $ | 34,936 | $ | 36,772 | |||||||||
Pre-tax earnings | $ | 2,756 | $ | 3,756 | $ | 8,485 | $ | 11,956 | |||||||||
Net earnings | $ | 2,058 | $ | 3,069 | $ | 6,508 | $ | 9,935 | |||||||||
Net earnings to common | $ | 1,882 | $ | 2,962 | $ | 6,040 | $ | 9,579 | |||||||||
Diluted EPS | $ | 5.47 | $ | 8.25 | $ | 17.39 | $ | 26.71 | |||||||||
ROE | 7.1 | % | 11.0 | % | 7.6 | % | 12.2 | % | |||||||||
ROTE | 7.7 | % | 12.0 | % | 8.2 | % | 13.1 | % | |||||||||
Net earnings to average assets | 0.5 | % | 0.8 | % | 0.6 | % | 0.9 | % | |||||||||
Return on shareholders’ equity | 7.1 | % | 10.4 | % | 7.4 | % | 11.5 | % | |||||||||
Average equity to average assets | 7.5 | % | 7.5 | % | 7.6 | % | 7.4 | % | |||||||||
Dividend payout ratio | 50.3 | % | 30.3 | % | 44.6 | % | 24.3 | % |
Average
for the | |||||||||||||||||
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Total shareholders’ equity | $ | 116,298 | $ | 118,013 | $ | 116,637 | $ | 115,418 | |||||||||
Preferred stock | (10,953) | (10,703) | (10,803) | (10,703) | |||||||||||||
Common shareholders’ equity | 105,345 | 107,310 | 105,834 | 104,715 | |||||||||||||
Goodwill | (5,934) | (6,242) | (6,218) | (5,546) | |||||||||||||
Identifiable intangible assets | (1,764) | (1,987) | (1,888) | (1,463) | |||||||||||||
Tangible common shareholders’ equity | $ | 97,647 | $ | 99,081 | $ | 97,728 | $ | 97,706 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Investment banking | $ | 1,555 | $ | 1,544 | $ | 4,565 | $ | 5,487 | |||||||||
Investment management | 2,409 | 2,283 | 7,054 | 6,747 | |||||||||||||
Commissions and fees | 883 | 992 | 2,864 | 3,066 | |||||||||||||
Market making | 4,958 | 4,641 | 14,742 | 15,583 | |||||||||||||
Other principal transactions | 465 | 472 | 699 | 285 | |||||||||||||
Total non-interest revenues | 10,270 | 9,932 | 29,924 | 31,168 | |||||||||||||
Interest income | 18,257 | 8,550 | 50,031 | 16,613 | |||||||||||||
Interest expense | 16,710 | 6,507 | 45,019 | 11,009 | |||||||||||||
Net interest income | 1,547 | 2,043 | 5,012 | 5,604 | |||||||||||||
Total net revenues | $ | 11,817 | $ | 11,975 | $ | 34,936 | $ | 36,772 |
Goldman
Sachs September 2023 Form 10-Q | 114 |
115 | Goldman Sachs September 2023 Form 10-Q |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Provision for credit losses | $ | 7 | $ | 515 | $ | 451 | $ | 1,743 |
Goldman Sachs September 2023 Form 10-Q | 116 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Compensation and benefits | $ | 4,188 | $ | 3,606 | $ | 11,897 | $ | 11,384 | |||||||||
Transaction based | 1,452 | 1,317 | 4,242 | 3,878 | |||||||||||||
Market development | 136 | 199 | 454 | 596 | |||||||||||||
Communications and technology | 468 | 459 | 1,416 | 1,327 | |||||||||||||
Depreciation and amortization | 1,512 | 666 | 4,076 | 1,728 | |||||||||||||
Occupancy | 267 | 255 | 785 | 765 | |||||||||||||
Professional fees | 377 | 465 | 1,152 | 1,392 | |||||||||||||
Other expenses | 654 | 737 | 1,978 | 2,003 | |||||||||||||
Total operating expenses | $ | 9,054 | $ | 7,704 | $ | 26,000 | $ | 23,073 | |||||||||
Headcount at period-end | 45,900 | 49,100 |
117 | Goldman
Sachs September 2023 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Global Banking & Markets | $ | 1,318,009 | $ | 1,169,539 | ||||
Asset & Wealth Management | 191,307 | 214,970 | ||||||
Platform Solutions | 67,837 | 57,290 | ||||||
Total | $ | 1,577,153 | $ | 1,441,799 |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Global Banking & Markets | |||||||||||||||||
Net revenues | $ | 8,009 | $ | 7,564 | $ | 23,642 | $ | 25,968 | |||||||||
Provision for credit losses | 29 | 63 | 214 | 462 | |||||||||||||
Operating expenses | 4,791 | 4,224 | 13,702 | 13,628 | |||||||||||||
Pre-tax earnings | $ | 3,189 | $ | 3,277 | $ | 9,726 | $ | 11,878 | |||||||||
Net earnings to common | $ | 2,250 | $ | 2,586 | $ | 7,108 | $ | 9,602 | |||||||||
Average common equity | $ | 72,517 | $ | 71,850 | $ | 70,968 | $ | 70,006 | |||||||||
Return on average common equity | 12.4 | % | 14.4 | % | 13.4 | % | 18.3 | % | |||||||||
Asset & Wealth Management | |||||||||||||||||
Net revenues | $ | 3,230 | $ | 4,033 | $ | 9,493 | $ | 9,815 | |||||||||
Provision for credit losses | 51 | (13) | (499) | 339 | |||||||||||||
Operating expenses | 3,005 | 2,955 | 9,448 | 8,187 | |||||||||||||
Pre-tax earnings | $ | 174 | $ | 1,091 | $ | 544 | $ | 1,289 | |||||||||
Net earnings to common | $ | 93 | $ | 882 | $ | 318 | $ | 990 | |||||||||
Average common equity | $ | 28,601 | $ | 31,516 | $ | 30,806 | $ | 31,238 | |||||||||
Return on average common equity | 1.3 | % | 11.2 | % | 1.4 | % | 4.2 | % | |||||||||
Platform Solutions | |||||||||||||||||
Net revenues | $ | 578 | $ | 378 | $ | 1,801 | $ | 989 | |||||||||
Provision for credit losses | (73) | 465 | 736 | 942 | |||||||||||||
Operating expenses | 1,258 | 525 | 2,850 | 1,258 | |||||||||||||
Pre-tax earnings/(loss) | $ | (607) | $ | (612) | $ | (1,785) | $ | (1,211) | |||||||||
Net
earnings/(loss) to common | $ | (461) | $ | (506) | $ | (1,386) | $ | (1,013) | |||||||||
Average common equity | $ | 4,227 | $ | 3,944 | $ | 4,060 | $ | 3,471 | |||||||||
Return on average common equity | (43.6) | % | (51.3) | % | (45.5) | % | (38.9) | % | |||||||||
Total | |||||||||||||||||
Net revenues | $ | 11,817 | $ | 11,975 | $ | 34,936 | $ | 36,772 | |||||||||
Provision
for credit losses | 7 | 515 | 451 | 1,743 | |||||||||||||
Operating expenses | 9,054 | 7,704 | 26,000 | 23,073 | |||||||||||||
Pre-tax earnings | $ | 2,756 | $ | 3,756 | $ | 8,485 | $ | 11,956 | |||||||||
Net earnings to common | $ | 1,882 | $ | 2,962 | $ | 6,040 | $ | 9,579 | |||||||||
Average common equity | $ | 105,345 | $ | 107,310 | $ | 105,834 | $ | 104,715 | |||||||||
Return on average common equity | 7.1 | % | 11.0 | % | 7.6 | % | 12.2 | % |
Goldman Sachs September 2023 Form 10-Q | 118 |
119 | Goldman Sachs September 2023 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Cash and cash equivalents | $ | 167,366 | $ | 167,203 | ||||
Collateralized agreements | 370,848 | 380,157 | ||||||
Customer and other receivables | 126,963 | 122,037 | ||||||
Trading assets | 406,267 | 272,788 | ||||||
Investments | 120,043 | 103,229 | ||||||
Loans | 109,328 | 107,648 | ||||||
Other assets | 17,194 | 16,477 | ||||||
Total | $ | 1,318,009 | $ | 1,169,539 |
As
of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Corporate | $ | 24,378 | $ | 25,776 | ||||
Real estate | 33,073 | 33,215 | ||||||
Securities-based | 3,744 | 3,857 | ||||||
Other
collateralized | 48,965 | 45,407 | ||||||
Other | 517 | 561 | ||||||
Loans, gross | 110,677 | 108,816 | ||||||
Allowance for loan losses | (1,349) | (1,168) | ||||||
Total loans | $ | 109,328 | $ | 107,648 |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Advisory | $ | 831 | $ | 972 | $ | 2,294 | $ | 3,296 | |||||||||
Equity
underwriting | 308 | 244 | 901 | 665 | |||||||||||||
Debt underwriting | 415 | 328 | 1,369 | 1,526 | |||||||||||||
Investment banking fees | 1,554 | 1,544 | 4,564 | 5,487 | |||||||||||||
FICC
intermediation | 2,654 | 2,896 | 8,023 | 9,916 | |||||||||||||
FICC financing | 730 | 721 | 2,003 | 2,073 | |||||||||||||
FICC | 3,384 | 3,617 | 10,026 | 11,989 | |||||||||||||
Equities
intermediation | 1,713 | 1,608 | 4,987 | 5,553 | |||||||||||||
Equities financing | 1,248 | 1,124 | 3,955 | 3,362 | |||||||||||||
Equities | 2,961 | 2,732 | 8,942 | 8,915 | |||||||||||||
Other | 110 | (329) | 110 | (423) | |||||||||||||
Net revenues | 8,009 | 7,564 | 23,642 | 25,968 | |||||||||||||
Provision for credit losses | 29 | 63 | 214 | 462 | |||||||||||||
Operating expenses | 4,791 | 4,224 | 13,702 | 13,628 | |||||||||||||
Pre-tax earnings | 3,189 | 3,277 | 9,726 | 11,878 | |||||||||||||
Provision for taxes | 806 | 609 | 2,266 | 2,008 | |||||||||||||
Net earnings | 2,383 | 2,668 | 7,460 | 9,870 | |||||||||||||
Preferred stock dividends | 133 | 82 | 352 | 268 | |||||||||||||
Net earnings to common | $ | 2,250 | $ | 2,586 | $ | 7,108 | $ | 9,602 | |||||||||
Average
common equity | $ | 72,517 | $ | 71,850 | $ | 70,968 | $ | 70,006 | |||||||||
Return on average common equity | 12.4 | % | 14.4 | % | 13.4 | % | 18.3 | % |
$ in millions | FICC | Equities | ||||||
Three Months Ended September 2023 | ||||||||
Market making | $ | 3,060 | $ | 1,898 | ||||
Commissions and fees | – | 882 | ||||||
Other principal transactions | 243 | 29 | ||||||
Net interest income | 81 | 152 | ||||||
Total | $ | 3,384 | $ | 2,961 | ||||
Three Months Ended September 2022 | ||||||||
Market making | $ | 3,241 | $ | 1,400 | ||||
Commissions and fees | – | 916 | ||||||
Other principal transactions | 68 | 27 | ||||||
Net interest income | 308 | 389 | ||||||
Total | $ | 3,617 | $ | 2,732 | ||||
Nine Months Ended September 2023 | ||||||||
Market making | $ | 8,945 | $ | 5,797 | ||||
Commissions and fees | – | 2,807 | ||||||
Other principal transactions | 480 | 76 | ||||||
Net interest income | 601 | 262 | ||||||
Total | $ | 10,026 | $ | 8,942 | ||||
Nine Months Ended September 2022 | ||||||||
Market making | $ | 10,208 | $ | 5,375 | ||||
Commissions and fees | – | 2,856 | ||||||
Other principal transactions | 305 | 42 | ||||||
Net interest income | 1,476 | 642 | ||||||
Total | $ | 11,989 | $ | 8,915 |
Goldman Sachs September 2023 Form 10-Q | 120 |
Three Months Ended September | Nine
Months Ended September | ||||||||||||||||
$ in billions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Announced mergers and acquisitions | $ | 249 | $ | 177 | $ | 585 | $ | 998 | |||||||||
Completed mergers and acquisitions | $ | 312 | $ | 223 | $ | 671 | $ | 989 | |||||||||
Equity and equity-related offerings | $ | 12 | $ | 10 | $ | 33 | $ | 27 | |||||||||
Debt offerings | $ | 39 | $ | 45 | $ | 170 | $ | 184 |
121 | Goldman Sachs September 2023 Form 10-Q |
Goldman
Sachs September 2023 Form 10-Q | 122 |
123 | Goldman Sachs September 2023 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Cash and cash equivalents | $ | 48,916 | $ | 54,065 | ||||
Collateralized agreements | 10,860 | 23,723 | ||||||
Customer and other receivables | 13,903 | 13,409 | ||||||
Trading assets | 27,060 | 19,860 | ||||||
Investments | 25,487 | 27,400 | ||||||
Loans | 47,251 | 56,338 | ||||||
Other assets | 17,830 | 20,175 | ||||||
Total | $ | 191,307 | $ | 214,970 |
As
of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Corporate | $ | 12,437 | $ | 14,359 | ||||
Real estate | 16,552 | 18,699 | ||||||
Securities-based | 11,309 | 12,814 | ||||||
Other
collateralized | 6,681 | 6,295 | ||||||
Installment | 201 | 4,474 | ||||||
Other | 1,201 | 1,700 | ||||||
Loans, gross | 48,381 | 58,341 | ||||||
Allowance for loan losses | (1,130) | (2,003) | ||||||
Total loans | $ | 47,251 | $ | 56,338 |
Three Months Ended September | Nine Months
Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Management and other fees | $ | 2,405 | $ | 2,255 | $ | 7,041 | $ | 6,533 | |||||||||
Incentive fees | 24 | 56 | 102 | 320 | |||||||||||||
Private banking and lending | 687 | 675 | 1,915 | 1,705 | |||||||||||||
Equity investments | (212) | 721 | (496) | 323 | |||||||||||||
Debt
investments | 326 | 326 | 931 | 934 | |||||||||||||
Net revenues | 3,230 | 4,033 | 9,493 | 9,815 | |||||||||||||
Provision for credit losses | 51 | (13) | (499) | 339 | |||||||||||||
Operating expenses | 3,005 | 2,955 | 9,448 | 8,187 | |||||||||||||
Pre-tax earnings | 174 | 1,091 | 544 | 1,289 | |||||||||||||
Provision for taxes | 45 | 186 | 127 | 218 | |||||||||||||
Net
earnings | 129 | 905 | 417 | 1,071 | |||||||||||||
Preferred stock dividends | 36 | 23 | 99 | 81 | |||||||||||||
Net earnings to common | $ | 93 | $ | 882 | $ | 318 | $ | 990 | |||||||||
Average
common equity | $ | 28,601 | $ | 31,516 | $ | 30,806 | $ | 31,238 | |||||||||
Return on average common equity | 1.3 | % | 11.2 | % | 1.4 | % | 4.2 | % |
$ in millions | Asset management | Wealth management | Asset & Wealth Management | ||||||||
Three Months Ended September 2023 | |||||||||||
Management and other fees | $ | 1,052 | $ | 1,353 | $ | 2,405 | |||||
Incentive fees | 24 | – | 24 | ||||||||
Private banking and lending | – | 687 | 687 | ||||||||
Equity investments | (212) | – | (212) | ||||||||
Debt investments | 326 | – | 326 | ||||||||
Total | $ | 1,190 | $ | 2,040 | $ | 3,230 | |||||
Three Months Ended September 2022 | |||||||||||
Management and other fees | $ | 1,028 | $ | 1,227 | $ | 2,255 | |||||
Incentive fees | 56 | – | 56 | ||||||||
Private banking and lending | – | 675 | 675 | ||||||||
Equity investments | 721 | – | 721 | ||||||||
Debt investments | 326 | – | 326 | ||||||||
Total | $ | 2,131 | $ | 1,902 | $ | 4,033 | |||||
Nine Months Ended September 2023 | |||||||||||
Management and other fees | $ | 3,114 | $ | 3,927 | $ | 7,041 | |||||
Incentive fees | 102 | – | 102 | ||||||||
Private banking and lending | – | 1,915 | 1,915 | ||||||||
Equity investments | (496) | – | (496) | ||||||||
Debt investments | 931 | – | 931 | ||||||||
Total | $ | 3,651 | $ | 5,842 | $ | 9,493 | |||||
Nine Months Ended September 2022 | |||||||||||
Management and other fees | $ | 2,812 | $ | 3,721 | $ | 6,533 | |||||
Incentive fees | 320 | – | 320 | ||||||||
Private banking and lending | – | 1,705 | 1,705 | ||||||||
Equity investments | 323 | – | 323 | ||||||||
Debt investments | 934 | – | 934 | ||||||||
Total | $ | 4,389 | $ | 5,426 | $ | 9,815 | |||||
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Equity Type | |||||||||||||||||
Private equity | $ | (170) | $ | 503 | $ | (440) | $ | 1,307 | |||||||||
Public equity | (42) | 218 | (56) | (984) | |||||||||||||
Total | $ | (212) | $ | 721 | $ | (496) | $ | 323 | |||||||||
Asset
Class | |||||||||||||||||
Real estate | $ | (129) | $ | 167 | $ | (369) | $ | 1,106 | |||||||||
Corporate | (83) | 554 | (127) | (783) | |||||||||||||
Total | $ | (212) | $ | 721 | $ | (496) | $ | 323 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Fair value net gains/(losses) | $ | (2) | $ | (47) | $ | (146) | $ | (289) | |||||||||
Net interest income | 328 | 373 | 1,077 | 1,223 | |||||||||||||
Total | $ | 326 | $ | 326 | $ | 931 | $ | 934 |
Goldman
Sachs September 2023 Form 10-Q | 124 |
125 | Goldman
Sachs September 2023 Form 10-Q |
As of September | |||||||||||
$ in billions | 2023 | 2022 | |||||||||
Asset Class | |||||||||||
Alternative investments | $ | 267 | $ | 256 | |||||||
Equity | 607 | 516 | |||||||||
Fixed income | 1,031 | 955 | |||||||||
Total long-term AUS | 1,905 | 1,727 | |||||||||
Liquidity products | 775 | 700 | |||||||||
Total AUS | $ | 2,680 | $ | 2,427 | |||||||
Client Channel | |||||||||||
Institutional | $ | 924 | $ | 855 | |||||||
Wealth management | 771 | 667 | |||||||||
Third-party distributed | 985 | 905 | |||||||||
Total AUS | $ | 2,680 | $ | 2,427 | |||||||
Region | |||||||||||
Americas | $ | 1,914 | $ | 1,751 | |||||||
EMEA | 572 | 497 | |||||||||
Asia | 194 | 179 | |||||||||
Total AUS | $ | 2,680 | $ | 2,427 | |||||||
Vehicle | |||||||||||
Separate accounts | $ | 1,428 | $ | 1,296 | |||||||
Public funds | 891 | 837 | |||||||||
Private funds and other | 361 | 294 | |||||||||
Total AUS | $ | 2,680 | $ | 2,427 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in billions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Beginning balance | $ | 2,714 | $ | 2,495 | $ | 2,547 | $ | 2,470 | |||||||||
Net inflows/(outflows): | |||||||||||||||||
Alternative investments | 2 | 7 | 2 | 16 | |||||||||||||
Equity | – | (2) | (5) | 13 | |||||||||||||
Fixed income | 5 | 4 | 26 | (1) | |||||||||||||
Total long-term AUS net inflows/(outflows) | 7 | 9 | 23 | 28 | |||||||||||||
Liquidity products | 11 | 18 | 64 | 5 | |||||||||||||
Total AUS net inflows/(outflows) | 18 | 27 | 87 | 33 | |||||||||||||
Acquisitions | – | 4 | – | 316 | |||||||||||||
Net market appreciation/(depreciation) | (52) | (99) | 46 | (392) | |||||||||||||
Ending balance | $ | 2,680 | $ | 2,427 | $ | 2,680 | $ | 2,427 |
Average for the | |||||||||||||||||
Three Months Ended September | Nine
Months Ended September | ||||||||||||||||
$ in billions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Asset Class | |||||||||||||||||
Alternative investments | $ | 267 | $ | 256 | $ | 266 | $ | 251 | |||||||||
Equity | 628 | 556 | 606 | 586 | |||||||||||||
Fixed income | 1,054 | 999 | 1,044 | 995 | |||||||||||||
Total long-term AUS | 1,949 | 1,811 | 1,916 | 1,832 | |||||||||||||
Liquidity products | 768 | 696 | 748 | 681 | |||||||||||||
Total AUS | $ | 2,717 | $ | 2,507 | $ | 2,664 | $ | 2,513 |
Three
Months Ended September | Nine Months Ended September | ||||||||||||||||
Effective fees (bps) | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Alternative investments | 65 | 64 | 65 | 64 | |||||||||||||
Equity | 57 | 58 | 58 | 58 | |||||||||||||
Fixed income | 17 | 18 | 18 | 17 | |||||||||||||
Liquidity products | 15 | 15 | 15 | 13 | |||||||||||||
Total average effective fee | 31 | 31 | 31 | 31 |
Goldman Sachs September 2023 Form 10-Q | 126 |
$ in billions | Direct strategies | Fund of funds | Total | ||||||||
Three Months Ended September 2023 | |||||||||||
Average AUS | |||||||||||
Corporate equity | $ | 29 | $ | 69 | $ | 98 | |||||
Credit | 44 | 2 | 46 | ||||||||
Real estate | 11 | 9 | 20 | ||||||||
Hedge funds and other | 42 | 22 | 64 | ||||||||
Funds and discretionary accounts | $ | 126 | $ | 102 | $ | 228 | |||||
Advisory accounts | 39 | ||||||||||
Total average AUS for alternative investments | $ | 267 | |||||||||
Effective Fees (bps) | |||||||||||
Corporate equity | 123 | 62 | 80 | ||||||||
Credit | 79 | 40 | 77 | ||||||||
Real estate | 84 | 42 | 66 | ||||||||
Hedge funds and other | 68 | 54 | 63 | ||||||||
Funds and discretionary accounts | 86 | 58 | 73 | ||||||||
Advisory accounts | 17 | ||||||||||
Total average effective fee | 65 | ||||||||||
Three Months Ended September 2022 | |||||||||||
Average AUS | |||||||||||
Corporate equity | $ | 27 | $ | 61 | $ | 88 | |||||
Credit | 40 | 2 | 42 | ||||||||
Real estate | 10 | 8 | 18 | ||||||||
Hedge funds and other | 44 | 22 | 66 | ||||||||
Funds and discretionary accounts | $ | 121 | $ | 93 | $ | 214 | |||||
Advisory accounts | 42 | ||||||||||
Total average AUS for alternative investments | $ | 256 | |||||||||
Effective Fees (bps) | |||||||||||
Corporate equity | 139 | 62 | 86 | ||||||||
Credit | 78 | 55 | 77 | ||||||||
Real estate | 82 | 48 | 66 | ||||||||
Hedge funds and other | 63 | 47 | 58 | ||||||||
Funds and discretionary accounts | 86 | 57 | 74 | ||||||||
Advisory accounts | 16 | ||||||||||
Total average effective fee | 64 | ||||||||||
Nine Months Ended September 2023 | |||||||||||
Average AUS | |||||||||||
Corporate equity | $ | 29 | $ | 69 | $ | 98 | |||||
Credit | 43 | 2 | 45 | ||||||||
Real estate | 11 | 8 | 19 | ||||||||
Hedge funds and other | 42 | 22 | 64 | ||||||||
Funds and discretionary accounts | $ | 125 | $ | 101 | $ | 226 | |||||
Advisory accounts | 41 | ||||||||||
Total average AUS for alternative investments | $ | 267 | |||||||||
Effective Fees (bps) | |||||||||||
Corporate equity | 127 | 61 | 81 | ||||||||
Credit | 79 | 47 | 77 | ||||||||
Real estate | 81 | 44 | 65 | ||||||||
Hedge funds and other | 67 | 53 | 62 | ||||||||
Funds and discretionary accounts | 86 | 58 | 73 | ||||||||
Advisory accounts | 16 | ||||||||||
Total average effective fee | 65 | ||||||||||
Nine Months Ended September 2022 | |||||||||||
Average AUS | |||||||||||
Corporate equity | $ | 26 | $ | 60 | $ | 86 | |||||
Credit | 35 | 2 | 37 | ||||||||
Real estate | 10 | 8 | 18 | ||||||||
Hedge funds and other | 46 | 22 | 68 | ||||||||
Funds and discretionary accounts | $ | 117 | $ | 92 | $ | 209 | |||||
Advisory accounts | 42 | ||||||||||
Total average AUS for alternative investments | $ | 251 | |||||||||
Effective Fees (bps) | |||||||||||
Corporate equity | 134 | 60 | 82 | ||||||||
Credit | 81 | 56 | 80 | ||||||||
Real estate | 89 | 50 | 71 | ||||||||
Hedge funds and other | 64 | 48 | 59 | ||||||||
Funds and discretionary accounts | 87 | 56 | 73 | ||||||||
Advisory accounts | 16 | ||||||||||
Total average effective fee | 64 |
$ in billions | AUS | Non-fee-earning alternative assets | Total alternative assets | ||||||||
As of September 2023 | |||||||||||
Corporate equity | $ | 98 | $ | 80 | $ | 178 | |||||
Credit | 46 | 75 | 121 | ||||||||
Real estate | 20 | 32 | 52 | ||||||||
Hedge funds and other | 64 | 2 | 66 | ||||||||
Funds and discretionary accounts | 228 | 189 | 417 | ||||||||
Advisory accounts | 39 | – | 39 | ||||||||
Total alternative investments | $ | 267 | $ | 189 | $ | 456 | |||||
As of September 2022 | |||||||||||
Corporate equity | $ | 92 | $ | 75 | $ | 167 | |||||
Credit | 41 | 71 | 112 | ||||||||
Real estate | 17 | 37 | 54 | ||||||||
Hedge funds and other | 65 | 2 | 67 | ||||||||
Funds and discretionary accounts | 215 | 185 | 400 | ||||||||
Advisory accounts | 41 | – | 41 | ||||||||
Total alternative investments | $ | 256 | $ | 185 | $ | 441 | |||||
127 | Goldman Sachs September 2023 Form 10-Q |
As of | |||||
$ in billions | September 2023 | ||||
Included in AUS | $ | 146 | |||
Included in non-fee-earning alternative assets | 73 | ||||
Third-party commitments raised | $ | 219 |
As
of | ||||||||
September | December | |||||||
$ in billions | 2023 | 2022 | ||||||
Loans | $ | 14.0 | $ | 19.0 | ||||
Debt securities | 11.5 | 12.3 | ||||||
Equity
securities | 13.5 | 14.7 | ||||||
CIE investments and other | 10.3 | 12.6 | ||||||
Total | $ | 49.3 | $ | 58.6 |
As of | ||||||||
September | December | |||||||
$ in billions | 2023 | 2022 | ||||||
Client co-invest | $ | 22.1 | $ | 23.0 | ||||
Firmwide
initiatives | 6.6 | 5.9 | ||||||
Historical principal investments: | ||||||||
Loans | 4.1 | 8.4 | ||||||
Debt securities | 4.2 | 5.0 | ||||||
Equity
securities | 4.5 | 5.6 | ||||||
CIE investments and other | 7.8 | 10.7 | ||||||
Total historical principal investments | 20.6 | 29.7 | ||||||
Total | $ | 49.3 | $ | 58.6 |
Historical | |||||
principal | |||||
$ in billions | investments | ||||
Beginning balance | $ | 29.7 | |||
Additions | 1.5 | ||||
Dispositions | (8.1) | ||||
Net
markdowns | (2.5) | ||||
Ending balance | $ | 20.6 |
As
of | |||||
$ in billions | September 2023 | ||||
Loans | $ | 2.1 | |||
Debt securities | 0.6 | ||||
Equity securities | 3.9 | ||||
CIE investments, net of financings | 3.1 | ||||
Total | $ | 9.7 |
Goldman Sachs September 2023 Form 10-Q | 128 |
As of | ||||||||
September | December | |||||||
$ in billions | 2023 | 2022 | ||||||
Loans | $14.0 | $19.0 | ||||||
Debt securities | 11.5 | 12.3 | ||||||
Total | $25.5 | $31.3 | ||||||
Accounting Classification | ||||||||
Debt securities at fair value | 45 | % | 39 | % | ||||
Loans at amortized cost | 50 | % | 49 | % | ||||
Loans at fair value | 3 | % | 6 | % | ||||
Loans held for sale | 2 | % | 6 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 52 | % | 51 | % | ||||
EMEA | 36 | % | 35 | % | ||||
Asia | 12 | % | 14 | % | ||||
Total | 100 | % | 100 | % | ||||
Industry | ||||||||
Consumer
& Retail | 11 | % | 10 | % | ||||
Financial Institutions | 6 | % | 7 | % | ||||
Healthcare | 15 | % | 13 | % | ||||
Industrials | 17 | % | 16 | % | ||||
Natural Resources & Utilities | 2 | % | 2 | % | ||||
Real Estate | 12 | % | 20 | % | ||||
Technology, Media & Telecommunications | 29 | % | 25 | % | ||||
Other | 8 | % | 7 | % | ||||
Total | 100 | % | 100 | % |
As of | ||||||||
September | December | |||||||
$ in billions | 2023 | 2022 | ||||||
Equity securities | $13.5 | $14.7 | ||||||
Region | ||||||||
Americas | 68 | % | 67 | % | ||||
EMEA | 16 | % | 15 | % | ||||
Asia | 16 | % | 18 | % | ||||
Total | 100 | % | 100 | % | ||||
Industry | ||||||||
Consumer
& Retail | 6 | % | 6 | % | ||||
Financial Institutions | 11 | % | 10 | % | ||||
Healthcare | 6 | % | 9 | % | ||||
Industrials | 8 | % | 7 | % | ||||
Natural Resources & Utilities | 13 | % | 14 | % | ||||
Real Estate | 30 | % | 30 | % | ||||
Technology, Media & Telecommunications | 24 | % | 23 | % | ||||
Other | 2 | % | 1 | % | ||||
Total | 100 | % | 100 | % |
Vintage | |||||
As of September 2023 | |||||
2016 or earlier | 27 | % | |||
2017 - 2019 | 26 | % | |||
2020 - thereafter | 47 | % | |||
Total | 100 | % | |||
As of December 2022 | |||||
2015 or earlier | 26 | % | |||
2016 - 2018 | 26 | % | |||
2019 - thereafter | 48 | % | |||
Total | 100 | % |
As of | ||||||||
September | December | |||||||
$ in billions | 2023 | 2022 | ||||||
CIE assets, net of financings | $3.3 | $5.5 | ||||||
Region | ||||||||
Americas | 66 | % | 65 | % | ||||
EMEA | 22 | % | 25 | % | ||||
Asia | 12 | % | 10 | % | ||||
Total | 100 | % | 100 | % | ||||
Asset
Class | ||||||||
Hospitality | 5 | % | 4 | % | ||||
Industrials | 15 | % | 15 | % | ||||
Multifamily | 19 | % | 23 | % | ||||
Office | 19 | % | 22 | % | ||||
Retail | 3 | % | 3 | % | ||||
Senior Housing | 19 | % | 14 | % | ||||
Student Housing | 9 | % | 7 | % | ||||
Other | 11 | % | 12 | % | ||||
Total | 100 | % | 100 | % |
129 | Goldman Sachs September 2023 Form 10-Q |
Vintage | |||||
As of September 2023 | |||||
2016 or earlier | 10 | % | |||
2017 - 2019 | 59 | % | |||
2020 - thereafter | 31 | % | |||
Total | 100 | % | |||
As of December 2022 | |||||
2015 or earlier | 5 | % | |||
2016 - 2018 | 45 | % | |||
2019 - thereafter | 50 | % | |||
Total | 100 | % |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Cash and cash equivalents | $ | 23,597 | $ | 20,557 | ||||
Collateralized agreements | 5,912 | 10,278 | ||||||
Customer and other receivables | – | 2 | ||||||
Trading assets | 14,733 | 8,597 | ||||||
Loans | 21,678 | 15,300 | ||||||
Other assets | 1,917 | 2,556 | ||||||
Total | $ | 67,837 | $ | 57,290 |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Installment | $ | 6,174 | $ | 1,852 | ||||
Credit cards | 17,885 | 15,820 | ||||||
Other | 35 | – | ||||||
Loans, gross | 24,094 | 17,672 | ||||||
Allowance for loan losses | (2,416) | (2,372) | ||||||
Total loans | $ | 21,678 | $ | 15,300 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Consumer platforms | $ | 501 | $ | 290 | $ | 1,568 | $ | 743 | |||||||||
Transaction banking and other | 77 | 88 | 233 | 246 | |||||||||||||
Net revenues | 578 | 378 | 1,801 | 989 | |||||||||||||
Provision for credit losses | (73) | 465 | 736 | 942 | |||||||||||||
Operating expenses | 1,258 | 525 | 2,850 | 1,258 | |||||||||||||
Pre-tax
earnings/(loss) | (607) | (612) | (1,785) | (1,211) | |||||||||||||
Provision/(benefit) for taxes | (153) | (108) | (416) | (205) | |||||||||||||
Net earnings/(loss) | (454) | (504) | (1,369) | (1,006) | |||||||||||||
Preferred stock dividends | 7 | 2 | 17 | 7 | |||||||||||||
Net earnings/(loss) to common | $ | (461) | $ | (506) | $ | (1,386) | $ | (1,013) | |||||||||
Average
common equity | $ | 4,227 | $ | 3,944 | $ | 4,060 | $ | 3,471 | |||||||||
Return on average common equity | (43.6) | % | (51.3) | % | (45.5) | % | (38.9) | % |
Goldman
Sachs September 2023 Form 10-Q | 130 |
131 | Goldman Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 132 |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Total assets | $ | 1,577,153 | $ | 1,441,799 | ||||
Unsecured long-term borrowings | $ | 224,024 | $ | 247,138 | ||||
Total shareholders’ equity | $ | 117,277 | $ | 117,189 | ||||
Leverage ratio | 13.4x | 12.3x | ||||||
Debt-to-equity ratio | 1.9x | 2.1x |
As
of | ||||||||
September | December | |||||||
$ in millions, except per share amounts | 2023 | 2022 | ||||||
Total shareholders’ equity | $ | 117,277 | $ | 117,189 | ||||
Preferred stock | (11,203) | (10,703) | ||||||
Common shareholders’ equity | 106,074 | 106,486 | ||||||
Goodwill | (5,913) | (6,374) | ||||||
Identifiable intangible assets | (1,341) | (2,009) | ||||||
Tangible common shareholders’ equity | $ | 98,820 | $ | 98,103 | ||||
Book
value per common share | $ | 313.83 | $ | 303.55 | ||||
Tangible book value per common share | $ | 292.37 | $ | 279.66 |
As
of | ||||||||||||||
$ in millions | September 2023 | December 2022 | ||||||||||||
Deposits | $ | 402,962 | 36 | % | $ | 386,665 | 40 | % | ||||||
Collateralized financings | 295,333 | 27 | % | 155,022 | 16 | % | ||||||||
Unsecured short-term borrowings | 70,009 | 6 | % | 60,961 | 6 | % | ||||||||
Unsecured long-term borrowings | 224,024 | 20 | % | 247,138 | 26 | % | ||||||||
Total shareholders’ equity | 117,277 | 11 | % | 117,189 | 12 | % | ||||||||
Total | $ | 1,109,605 | 100 | % | $ | 966,975 | 100 | % |
133 | Goldman Sachs September 2023 Form 10-Q |
$ in millions | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | ||||||||||||
As of September 2023 | |||||||||||||||||
2024 | $ | – | $ | – | $ | – | $ | 13,961 | $ | 13,961 | |||||||
2025 | $ | 12,441 | $ | 12,134 | $ | 6,799 | $ | 7,438 | 38,812 | ||||||||
2026 | $ | 6,819 | $ | 4,621 | $ | 7,566 | $ | 8,752 | 27,758 | ||||||||
2027 | $ | 8,650 | $ | 3,223 | $ | 6,814 | $ | 14,536 | 33,223 | ||||||||
2028 | $ | 10,950 | $ | 5,998 | $ | 4,668 | $ | 2,685 | 24,301 | ||||||||
2029 - thereafter | 85,969 | ||||||||||||||||
Total | $ | 224,024 |
Goldman
Sachs September 2023 Form 10-Q | 134 |
135 | Goldman
Sachs September 2023 Form 10-Q |
Goldman
Sachs September 2023 Form 10-Q | 136 |
As of | ||||||||
September | December | |||||||
2023 | 2022 | |||||||
TLAC to RWAs | 22.0 | % | 21.5 | % | ||||
TLAC to leverage exposure | 9.5 | % | 9.5 | % | ||||
External long-term debt to RWAs | 9.0 | % | 8.5 | % | ||||
External long-term debt to leverage exposure | 4.5 | % | 4.5 | % |
For the Three Months Ended or as of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
TLAC | $ | 277,052 | $ | 297,100 | ||||
External long-term debt | $ | 154,100 | $ | 172,845 | ||||
RWAs | $ | 666,860 | $ | 679,450 | ||||
Leverage exposure | $ | 1,964,806 | $ | 1,867,358 | ||||
TLAC
to RWAs | 41.5 | % | 43.7 | % | ||||
TLAC to leverage exposure | 14.1 | % | 15.9 | % | ||||
External long-term debt to RWAs | 23.1 | % | 25.4 | % | ||||
External long-term debt to leverage exposure | 7.8 | % | 9.3 | % |
137 | Goldman
Sachs September 2023 Form 10-Q |
As of | ||||||||
September | December | |||||||
2023 | 2022 | |||||||
Risk-based capital requirements | ||||||||
CET1 capital ratio | 9.1 | % | 8.7 | % | ||||
Tier 1 capital ratio | 11.0 | % | 10.7 | % | ||||
Total capital ratio | 13.6 | % | 13.3 | % |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Risk-based capital and risk-weighted assets | ||||||||
CET1 capital | $ | 33,123 | $ | 31,780 | ||||
Tier 1 capital | $ | 38,623 | $ | 40,080 | ||||
Tier 2 capital | $ | 6,877 | $ | 5,377 | ||||
Total capital | $ | 45,500 | $ | 45,457 | ||||
RWAs | $ | 271,452 | $ | 247,653 | ||||
Risk-based capital ratios | ||||||||
CET1 capital ratio | 12.2 | % | 12.8% | |||||
Tier 1 capital ratio | 14.2 | % | 16.2% | |||||
Total capital ratio | 16.8 | % | 18.4% |
Goldman
Sachs September 2023 Form 10-Q | 138 |
As of | ||||||||
September 2023 | ||||||||
Leverage ratio requirement | 3.5 | % | ||||||
Leverage ratio | 5.1 | % |
139 | Goldman
Sachs September 2023 Form 10-Q |
Off-Balance Sheet Arrangement | Disclosure in Form 10-Q | |||||||
Variable interests and other obligations, including contingent obligations, arising from variable interests in nonconsolidated variable interest entities | See Note 17 to the consolidated financial statements. | |||||||
Guarantees, and lending and other commitments | See
Note 18 to the consolidated financial statements. | |||||||
Derivatives | See “Risk Management — Credit Risk Management — Credit Exposures — OTC Derivatives” and Notes 4, 5, 7 and 18 to the consolidated financial statements. |
Goldman Sachs September 2023 Form 10-Q | 140 |
141 | Goldman
Sachs September 2023 Form 10-Q |
Goldman
Sachs September 2023 Form 10-Q | 142 |
143 | Goldman Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 144 |
145 | Goldman
Sachs September 2023 Form 10-Q |
Goldman
Sachs September 2023 Form 10-Q | 146 |
147 | Goldman
Sachs September 2023 Form 10-Q |
Average for the Three Months Ended | |||||||||||||||||
September | June | ||||||||||||||||
$ in millions | 2023 | 2023 | |||||||||||||||
Denomination | |||||||||||||||||
U.S. dollar | $ | 274,279 | $ | 290,232 | |||||||||||||
Non-U.S. dollar | 131,425 | 119,417 | |||||||||||||||
Total | $ | 405,704 | $ | 409,649 | |||||||||||||
Asset
Class | |||||||||||||||||
Overnight cash deposits | $ | 243,478 | $ | 238,560 | |||||||||||||
U.S. government obligations | 120,301 | 138,231 | |||||||||||||||
U.S. agency obligations | 17,290 | 12,835 | |||||||||||||||
Non-U.S. government obligations | 24,635 | 20,023 | |||||||||||||||
Total | $ | 405,704 | $ | 409,649 | |||||||||||||
Entity
Type | |||||||||||||||||
Group Inc. and Funding IHC | $ | 61,014 | $ | 72,470 | |||||||||||||
Major broker-dealer subsidiaries | 116,077 | 114,777 | |||||||||||||||
Major bank subsidiaries | 228,613 | 222,402 | |||||||||||||||
Total | $ | 405,704 | $ | 409,649 |
Average for the Three Months Ended | |||||||||||
September | June | ||||||||||
$ in millions | 2023 | 2023 | |||||||||
Total HQLA | $ | 397,758 | $ | 405,552 | |||||||
Eligible HQLA | $ | 316,291 | $ | 330,507 | |||||||
Net cash outflows | $ | 253,238 | $ | 262,258 | |||||||
LCR | 125 | % | 126 | % |
Average
for the Three Months Ended | |||||||||||
September | June | ||||||||||
$ in millions | 2023 | 2023 | |||||||||
Total ASF | $ | 617,341 | $ | 621,274 | |||||||
Total RSF | $ | 529,635 | $ | 547,907 | |||||||
NSFR | 117 | % | 113 | % |
Goldman Sachs September 2023 Form 10-Q | 148 |
As of September 2023 | |||||||||||||||||
DBRS | Fitch | Moody’s | R&I | S&P | |||||||||||||
Short-term debt | R-1 (middle) | F1 | P-1 | a-1 | A-2 | ||||||||||||
Long-term debt | A (high) | A | A2 | A | BBB+ | ||||||||||||
Subordinated debt | A | BBB+ | Baa2 | A- | BBB | ||||||||||||
Trust preferred | A | BBB- | Baa3 | N/A | BB+ | ||||||||||||
Preferred stock | BBB (high) | BBB- | Ba1 | N/A | BB+ | ||||||||||||
Ratings outlook | Stable | Stable | Stable | Stable | Stable |
149 | Goldman
Sachs September 2023 Form 10-Q |
As of September 2023 | |||||||||||
Fitch | Moody’s | S&P | |||||||||
GS Bank USA | |||||||||||
Short-term debt | F1 | P-1 | A-1 | ||||||||
Long-term debt | A+ | A1 | A+ | ||||||||
Short-term bank deposits | F1+ | P-1 | N/A | ||||||||
Long-term bank deposits | AA- | A1 | N/A | ||||||||
Ratings outlook | Stable | Stable | Stable | ||||||||
GSIB | |||||||||||
Short-term debt | F1 | P-1 | A-1 | ||||||||
Long-term debt | A+ | A1 | A+ | ||||||||
Short-term bank deposits | F1 | P-1 | N/A | ||||||||
Long-term bank deposits | A+ | A1 | N/A | ||||||||
Ratings outlook | Stable | Stable | Stable | ||||||||
GSBE | |||||||||||
Short-term debt | F1 | P-1 | A-1 | ||||||||
Long-term debt | A+ | A1 | A+ | ||||||||
Short-term bank deposits | N/A | P-1 | N/A | ||||||||
Long-term bank deposits | N/A | A1 | N/A | ||||||||
Ratings outlook | Stable | Stable | Stable | ||||||||
GS&Co. | |||||||||||
Short-term debt | F1 | N/A | A-1 | ||||||||
Long-term debt | A+ | N/A | A+ | ||||||||
Ratings outlook | Stable | N/A | Stable | ||||||||
GSI | |||||||||||
Short-term debt | F1 | P-1 | A-1 | ||||||||
Long-term debt | A+ | A1 | A+ | ||||||||
Ratings outlook | Stable | Stable | Stable |
Goldman Sachs September 2023 Form 10-Q | 150 |
151 | Goldman
Sachs September 2023 Form 10-Q |
Goldman
Sachs September 2023 Form 10-Q | 152 |
Three Months Ended | Nine Months Ended September | |||||||||||||||||||
September | June | September | ||||||||||||||||||
$ in millions | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
Categories | ||||||||||||||||||||
Interest rates | $ | 88 | $ | 118 | $ | 111 | $ | 99 | $ | 96 | ||||||||||
Equity prices | 28 | 31 | 35 | 29 | 37 | |||||||||||||||
Currency rates | 19 | 25 | 33 | 26 | 29 | |||||||||||||||
Commodity prices | 18 | 16 | 51 | 19 | 54 | |||||||||||||||
Diversification effect | (66) | (73) | (102) | (72) | (100) | |||||||||||||||
Total | $ | 87 | $ | 117 | $ | 128 | $ | 101 | $ | 116 |
153 | Goldman
Sachs September 2023 Form 10-Q |
As
of | |||||||||||
September | June | September | |||||||||
$ in millions | 2023 | 2023 | 2022 | ||||||||
Categories | |||||||||||
Interest rates | $ | 78 | $ | 105 | $ | 94 | |||||
Equity prices | 24 | 26 | 39 | ||||||||
Currency rates | 18 | 19 | 41 | ||||||||
Commodity prices | 19 | 18 | 35 | ||||||||
Diversification effect | (54) | (69) | (101) | ||||||||
Total | $ | 85 | $ | 99 | $ | 108 |
Three Months Ended | ||||||||||||||||||||||||||
September 2023 | June 2023 | September 2022 | ||||||||||||||||||||||||
$ in millions | High | Low | High | Low | High | Low | ||||||||||||||||||||
Categories | ||||||||||||||||||||||||||
Interest rates | $ | 111 | $ | 78 | $ | 141 | $ | 97 | $ | 137 | $ | 92 | ||||||||||||||
Equity prices | $ | 49 | $ | 23 | $ | 42 | $ | 22 | $ | 48 | $ | 29 | ||||||||||||||
Currency rates | $ | 26 | $ | 14 | $ | 36 | $ | 17 | $ | 51 | $ | 20 | ||||||||||||||
Commodity prices | $ | 23 | $ | 15 | $ | 21 | $ | 11 | $ | 67 | $ | 35 | ||||||||||||||
Firmwide | ||||||||||||||||||||||||||
VaR | $ | 102 | $ | 79 | $ | 142 | $ | 95 | $ | 155 | $ | 102 |
Three Months Ended September | Nine
Months Ended September | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
>$100 | 13 | 22 | 47 | 77 | |||||||||||||
$75 – $100 | 13 | 8 | 32 | 27 | |||||||||||||
$50 – $75 | 12 | 8 | 40 | 20 | |||||||||||||
$25 – $50 | 19 | 9 | 34 | 22 | |||||||||||||
$0 – $25 | 4 | 8 | 14 | 20 | |||||||||||||
$(25) – $0 | 2 | 4 | 16 | 10 | |||||||||||||
$(50) – $(25) | – | 3 | 2 | 6 | |||||||||||||
$(75) – $(50) | – | – | 1 | 2 | |||||||||||||
$(100) – $(75) | – | 1 | – | 1 | |||||||||||||
<$(100) | – | 1 | 1 | 3 | |||||||||||||
Total | 63 | 64 | 187 | 188 |
Goldman Sachs September 2023 Form 10-Q | 154 |
As
of | |||||||||||
September | June | September | |||||||||
$ in millions | 2023 | 2023 | 2022 | ||||||||
Equity | $ | 1,528 | $ | 1,527 | $ | 1,589 | |||||
Debt | 2,662 | 2,382 | 2,504 | ||||||||
Total | $ | 4,190 | $ | 3,909 | $ | 4,093 |
As of | ||||||||
September | June | |||||||
$ in millions | 2023 | 2023 | ||||||
+100 basis points parallel shift in rates | $ | 109 | $ | 239 | ||||
-100 basis points parallel shift in rates | $ | (98) | $ | (226) |
155 | Goldman Sachs September 2023 Form 10-Q |
Assets or Liabilities | Market Risk Measures | ||||
Collateralized agreements and financings | VaR | ||||
Customer and other receivables | 10% Sensitivity Measures | ||||
Trading assets and liabilities | VaR Credit Spread Sensitivity 10% Sensitivity Measures | ||||
Investments | VaR 10%
Sensitivity Measures | ||||
Loans | VaR 10% Sensitivity Measures | ||||
Other assets and liabilities | VaR | ||||
Deposits | VaR Credit Spread Sensitivity | ||||
Unsecured borrowings | VaR Credit Spread Sensitivity |
Goldman Sachs September 2023 Form 10-Q | 156 |
157 | Goldman Sachs September 2023 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Cash and Cash Equivalents | $221,930 | $224,889 | ||||||
Industry | ||||||||
Financial Institutions | 7 | % | 6 | % | ||||
Sovereign | 93 | % | 94 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 58 | % | 77 | % | ||||
EMEA | 32 | % | 19 | % | ||||
Asia | 10 | % | 4 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit
Quality (Credit Rating Equivalent) | ||||||||
AAA | 76 | % | 89 | % | ||||
AA | 11 | % | 5 | % | ||||
A | 13 | % | 6 | % | ||||
Total | 100 | % | 100 | % |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
OTC derivative assets | $45,500 | $53,399 | ||||||
Collateral (not netted under U.S. GAAP) | (16,386) | (15,823) | ||||||
Net credit exposure | $29,114 | $37,576 | ||||||
Industry | ||||||||
Consumer & Retail | 3 | % | 3 | % | ||||
Diversified Industrials | 13 | % | 8 | % | ||||
Financial Institutions | 16 | % | 20 | % | ||||
Funds | 24 | % | 19 | % | ||||
Healthcare | 1 | % | 1 | % | ||||
Municipalities & Nonprofit | 2 | % | 2 | % | ||||
Natural Resources & Utilities | 21 | % | 34 | % | ||||
Sovereign | 12 | % | 7 | % | ||||
Technology, Media & Telecommunications | 6 | % | 4 | % | ||||
Other (including Special Purpose Vehicles) | 2 | % | 2 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 46 | % | 49 | % | ||||
EMEA | 46 | % | 43 | % | ||||
Asia | 8 | % | 8 | % | ||||
Total | 100 | % | 100 | % |
Goldman Sachs September 2023 Form 10-Q | 158 |
$ in millions | Investment- Grade | Non-Investment- Grade / Unrated | Total | ||||||||
As of September 2023 | |||||||||||
Less than 1 year | $ | 25,194 | $ | 6,783 | $ | 31,977 | |||||
1 – 5 years | 23,812 | 5,804 | 29,616 | ||||||||
Greater than 5 years | 55,998 | 4,467 | 60,465 | ||||||||
Total | 105,004 | 17,054 | 122,058 | ||||||||
Netting | (85,702) | (7,242) | (92,944) | ||||||||
Net credit exposure | $ | 19,302 | $ | 9,812 | $ | 29,114 | |||||
As of December 2022 | |||||||||||
Less than 1 year | $ | 23,112 | $ | 8,812 | $ | 31,924 | |||||
1 – 5 years | 26,627 | 8,355 | 34,982 | ||||||||
Greater than 5 years | 58,354 | 4,342 | 62,696 | ||||||||
Total | 108,093 | 21,509 | 129,602 | ||||||||
Netting | (83,531) | (8,495) | (92,026) | ||||||||
Net credit exposure | $ | 24,562 | $ | 13,014 | $ | 37,576 |
Investment-Grade | |||||||||||||||||
$ in millions | AAA | AA | A | BBB | Total | ||||||||||||
As of September 2023 | |||||||||||||||||
Less than 1 year | $ | 758 | $ | 4,520 | $ | 12,323 | $ | 7,593 | $ | 25,194 | |||||||
1 – 5 years | 1,616 | 7,044 | 7,622 | 7,530 | 23,812 | ||||||||||||
Greater than 5 years | 5,070 | 16,140 | 17,548 | 17,240 | 55,998 | ||||||||||||
Total | 7,444 | 27,704 | 37,493 | 32,363 | 105,004 | ||||||||||||
Netting | (4,779) | (24,582) | (31,931) | (24,410) | (85,702) | ||||||||||||
Net credit exposure | $ | 2,665 | $ | 3,122 | $ | 5,562 | $ | 7,953 | $ | 19,302 | |||||||
As of December 2022 | |||||||||||||||||
Less than 1 year | $ | 521 | $ | 2,113 | $ | 10,516 | $ | 9,962 | $ | 23,112 | |||||||
1 – 5 years | 1,684 | 5,383 | 9,057 | 10,503 | 26,627 | ||||||||||||
Greater than 5 years | 5,594 | 16,063 | 21,060 | 15,637 | 58,354 | ||||||||||||
Total | 7,799 | 23,559 | 40,633 | 36,102 | 108,093 | ||||||||||||
Netting | (5,025) | (20,582) | (31,956) | (25,968) | (83,531) | ||||||||||||
Net credit exposure | $ | 2,774 | $ | 2,977 | $ | 8,677 | $ | 10,134 | $ | 24,562 | |||||||
Non-Investment-Grade / Unrated | |||||||||||||||||
$ in millions | BB or lower | Unrated | Total | ||||||||||||||
As of September 2023 | |||||||||||||||||
Less than 1 year | $ | 6,325 | $ | 458 | $ | 6,783 | |||||||||||
1 – 5 years | 5,719 | 85 | 5,804 | ||||||||||||||
Greater than 5 years | 4,007 | 460 | 4,467 | ||||||||||||||
Total | 16,051 | 1,003 | 17,054 | ||||||||||||||
Netting | (7,193) | (49) | (7,242) | ||||||||||||||
Net credit exposure | $ | 8,858 | $ | 954 | $ | 9,812 | |||||||||||
As of December 2022 | |||||||||||||||||
Less than 1 year | $ | 8,245 | $ | 567 | $ | 8,812 | |||||||||||
1 – 5 years | 8,150 | 205 | 8,355 | ||||||||||||||
Greater than 5 years | 4,232 | 110 | 4,342 | ||||||||||||||
Total | 20,627 | 882 | 21,509 | ||||||||||||||
Netting | (8,436) | (59) | (8,495) | ||||||||||||||
Net credit exposure | $ | 12,191 | $ | 823 | $ | 13,014 |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2023 | |||||||||||
Corporate | $ | 36,815 | $ | 145,340 | $ | 182,155 | |||||
Commercial real estate | 25,672 | 3,366 | 29,038 | ||||||||
Residential real estate | 23,953 | 1,932 | 25,885 | ||||||||
Securities-based | 15,053 | 815 | 15,868 | ||||||||
Other collateralized | 55,646 | 16,284 | 71,930 | ||||||||
Consumer: | |||||||||||
Installment | 6,375 | 2,683 | 9,058 | ||||||||
Credit cards | 17,885 | 68,394 | 86,279 | ||||||||
Other | 1,753 | 883 | 2,636 | ||||||||
Total | $ | 183,152 | $ | 239,697 | $ | 422,849 | |||||
Allowance
for loan losses | $ | (4,895) | $ | (670) | $ | (5,565) | |||||
As of December 2022 | |||||||||||
Corporate | $ | 40,135 | $ | 139,718 | $ | 179,853 | |||||
Commercial real estate | 28,879 | 4,271 | 33,150 | ||||||||
Residential real estate | 23,035 | 3,192 | 26,227 | ||||||||
Securities-based | 16,671 | 508 | 17,179 | ||||||||
Other collateralized | 51,702 | 14,407 | 66,109 | ||||||||
Consumer: | |||||||||||
Installment | 6,326 | 1,882 | 8,208 | ||||||||
Credit cards | 15,820 | 62,216 | 78,036 | ||||||||
Other | 2,261 | 944 | 3,205 | ||||||||
Total | $ | 184,829 | $ | 227,138 | $ | 411,967 | |||||
Allowance
for loan losses | $ | (5,543) | $ | (774) | $ | (6,317) |
159 | Goldman Sachs September 2023 Form 10-Q |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2023 | |||||||||||
Corporate | $36,815 | $145,340 | $182,155 | ||||||||
Industry | |||||||||||
Consumer & Retail | 10 | % | 14 | % | 13 | % | |||||
Diversified Industrials | 17 | % | 20 | % | 20 | % | |||||
Financial Institutions | 7 | % | 9 | % | 9 | % | |||||
Funds | 4 | % | 4 | % | 3 | % | |||||
Healthcare | 10 | % | 10 | % | 10 | % | |||||
Natural Resources & Utilities | 9 | % | 17 | % | 16 | % | |||||
Real Estate | 12 | % | 5 | % | 6 | % | |||||
Technology, Media & Telecommunications | 26 | % | 19 | % | 21 | % | |||||
Other (including Special Purpose Vehicles) | 5 | % | 2 | % | 2 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Region | |||||||||||
Americas | 62 | % | 77 | % | 74 | % | |||||
EMEA | 30 | % | 22 | % | 23 | % | |||||
Asia | 8 | % | 1 | % | 3 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
AAA | – | 1 | % | 1 | % | ||||||
AA | 1 | % | 5 | % | 4 | % | |||||
A | 4 | % | 19 | % | 16 | % | |||||
BBB | 18 | % | 41 | % | 36 | % | |||||
BB or lower | 77 | % | 34 | % | 43 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2022 | |||||||||||
Corporate | $40,135 | $139,718 | $179,853 | ||||||||
Industry | |||||||||||
Consumer & Retail | 10 | % | 13 | % | 12 | % | |||||
Diversified Industrials | 18 | % | 18 | % | 18 | % | |||||
Financial Institutions | 7 | % | 8 | % | 8 | % | |||||
Funds | 3 | % | 4 | % | 4 | % | |||||
Healthcare | 10 | % | 12 | % | 12 | % | |||||
Natural Resources & Utilities | 9 | % | 18 | % | 16 | % | |||||
Real Estate | 11 | % | 5 | % | 7 | % | |||||
Technology, Media & Telecommunications | 26 | % | 20 | % | 21 | % | |||||
Other (including Special Purpose Vehicles) | 6 | % | 2 | % | 2 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Region | |||||||||||
Americas | 57 | % | 77 | % | 73 | % | |||||
EMEA | 34 | % | 21 | % | 24 | % | |||||
Asia | 9 | % | 2 | % | 3 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
AAA | – | 2 | % | 1 | % | ||||||
AA | 1 | % | 5 | % | 4 | % | |||||
A | 5 | % | 21 | % | 18 | % | |||||
BBB | 19 | % | 38 | % | 34 | % | |||||
BB or lower | 75 | % | 34 | % | 43 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2023 | |||||||||||
Commercial Real Estate | $25,672 | $3,366 | $29,038 | ||||||||
Region | |||||||||||
Americas | 83 | % | 76 | % | 82 | % | |||||
EMEA | 14 | % | 23 | % | 15 | % | |||||
Asia | 3 | % | 1 | % | 3 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 47 | % | 45 | % | 47 | % | |||||
Non-investment-grade | 53 | % | 55 | % | 53 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2022 | |||||||||||
Commercial Real Estate | $28,879 | $4,271 | $33,150 | ||||||||
Region | |||||||||||
Americas | 79 | % | 74 | % | 78 | % | |||||
EMEA | 16 | % | 17 | % | 16 | % | |||||
Asia | 5 | % | 9 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 42 | % | 35 | % | 41 | % | |||||
Non-investment-grade | 58 | % | 64 | % | 59 | % | |||||
Unrated | – | 1 | % | – | |||||||
Total | 100 | % | 100 | % | 100 | % |
Goldman Sachs September 2023 Form 10-Q | 160 |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2023 | |||||||||||
Residential Real Estate | $23,953 | $1,932 | $25,885 | ||||||||
Region | |||||||||||
Americas | 96 | % | 86 | % | 95 | % | |||||
EMEA | 3 | % | 3 | % | 3 | % | |||||
Asia | 1 | % | 11 | % | 2 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 56 | % | 55 | % | 56 | % | |||||
Non-investment-grade | 21 | % | 34 | % | 22 | % | |||||
Other
metrics | 23 | % | 9 | % | 22 | % | |||||
Unrated | – | 2 | % | – | |||||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2022 | |||||||||||
Residential Real Estate | $23,035 | $3,192 | $26,227 | ||||||||
Region | |||||||||||
Americas | 96 | % | 93 | % | 95 | % | |||||
EMEA | 3 | % | 7 | % | 4 | % | |||||
Asia | 1 | % | – | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 52 | % | 63 | % | 53 | % | |||||
Non-investment-grade | 25 | % | 36 | % | 26 | % | |||||
Other metrics | 23 | % | 1 | % | 21 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2023 | |||||||||||
Securities-based | $15,053 | $815 | $15,868 | ||||||||
Region | |||||||||||
Americas | 80 | % | 99 | % | 81 | % | |||||
EMEA | 19 | % | 1 | % | 18 | % | |||||
Asia | 1 | % | – | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 76 | % | 37 | % | 74 | % | |||||
Non-investment-grade | 4 | % | 1 | % | 4 | % | |||||
Other
metrics | 20 | % | 62 | % | 22 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2022 | |||||||||||
Securities-based | $16,671 | $508 | $17,179 | ||||||||
Region | |||||||||||
Americas | 83 | % | 98 | % | 83 | % | |||||
EMEA | 15 | % | 2 | % | 15 | % | |||||
Asia | 2 | % | – | 2 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 77 | % | 18 | % | 76 | % | |||||
Non-investment-grade | 5 | % | 2 | % | 4 | % | |||||
Other metrics | 18 | % | 80 | % | 20 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
161 | Goldman Sachs September 2023 Form 10-Q |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2023 | |||||||||||
Other Collateralized | $55,646 | $16,284 | $71,930 | ||||||||
Region | |||||||||||
Americas | 84 | % | 84 | % | 84 | % | |||||
EMEA | 14 | % | 15 | % | 15 | % | |||||
Asia | 2 | % | 1 | % | 1 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 80 | % | 76 | % | 79 | % | |||||
Non-investment-grade | 20 | % | 22 | % | 20 | % | |||||
Unrated | – | 2 | % | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2022 | |||||||||||
Other Collateralized | $51,702 | $14,407 | $66,109 | ||||||||
Region | |||||||||||
Americas | 86 | % | 93 | % | 87 | % | |||||
EMEA | 12 | % | 7 | % | 11 | % | |||||
Asia | 2 | % | – | 2 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 83 | % | 83 | % | 83 | % | |||||
Non-investment-grade | 16 | % | 14 | % | 16 | % | |||||
Other metrics | 1 | % | – | – | |||||||
Unrated | – | 3 | % | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % |
$ in millions | Installment | |||||||
As of September 2023 | ||||||||
Loans, gross | $6,375 | |||||||
Texas | 8 | % | ||||||
California | 7 | % | ||||||
New Jersey | 5 | % | ||||||
Florida | 5 | % | ||||||
New York | 5 | % | ||||||
Other | 70 | % | ||||||
Total | 100 | % | ||||||
As of December 2022 | ||||||||
Loans, gross | $6,326 | |||||||
California | 10 | % | ||||||
Texas | 9 | % | ||||||
Florida | 7 | % | ||||||
New York | 6 | % | ||||||
Illinois | 4 | % | ||||||
Other | 64 | % | ||||||
Total | 100 | % |
$ in millions | Credit Cards | |||||||
As of September 2023 | ||||||||
Loans, gross | $17,885 | |||||||
California | 17 | % | ||||||
Texas | 9 | % | ||||||
Florida | 8 | % | ||||||
New
York | 8 | % | ||||||
Illinois | 4 | % | ||||||
Other | 54 | % | ||||||
Total | 100 | % | ||||||
As
of December 2022 | ||||||||
Loans, gross | $15,820 | |||||||
California | 16 | % | ||||||
Texas | 9 | % | ||||||
New York | 8 | % | ||||||
Florida | 8 | % | ||||||
New Jersey | 4 | % | ||||||
Other | 55 | % | ||||||
Total | 100 | % |
Goldman Sachs September 2023 Form 10-Q | 162 |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2023 | |||||||||||
Other | $1,753 | $883 | $2,636 | ||||||||
Region | |||||||||||
Americas | 91 | % | 100 | % | 94 | % | |||||
EMEA | 9 | % | – | 6 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 53 | % | 84 | % | 63 | % | |||||
Non-investment-grade | 41 | % | 16 | % | 33 | % | |||||
Other
metrics | 6 | % | – | 4 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2022 | |||||||||||
Other | $2,261 | $944 | $3,205 | ||||||||
Region | |||||||||||
Americas | 89 | % | 99 | % | 92 | % | |||||
EMEA | 11 | % | 1 | % | 8 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 47 | % | 93 | % | 60 | % | |||||
Non-investment-grade | 26 | % | 7 | % | 21 | % | |||||
Other metrics | 27 | % | – | 19 | % | ||||||
Total | 100 | % | 100 | % | 100 | % |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Securities Financing Transactions | $37,468 | $34,762 | ||||||
Industry | ||||||||
Financial Institutions | 31 | % | 43 | % | ||||
Funds | 41 | % | 23 | % | ||||
Municipalities & Nonprofit | 4 | % | 5 | % | ||||
Sovereign | 23 | % | 28 | % | ||||
Other (including Special Purpose Vehicles) | 1 | % | 1 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 39 | % | 47 | % | ||||
EMEA | 44 | % | 34 | % | ||||
Asia | 17 | % | 19 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit
Quality (Credit Rating Equivalent) | ||||||||
AAA | 12 | % | 20 | % | ||||
AA | 29 | % | 31 | % | ||||
A | 36 | % | 31 | % | ||||
BBB | 12 | % | 8 | % | ||||
BB or lower | 11 | % | 10 | % | ||||
Total | 100 | % | 100 | % |
163 | Goldman
Sachs September 2023 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2023 | 2022 | ||||||
Other Credit Exposures | $47,143 | $48,916 | ||||||
Industry | ||||||||
Financial Institutions | 81 | % | 80 | % | ||||
Funds | 12 | % | 12 | % | ||||
Other (including Special Purpose Vehicles) | 7 | % | 8 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 41 | % | 41 | % | ||||
EMEA | 46 | % | 49 | % | ||||
Asia | 13 | % | 10 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit
Quality (Credit Rating Equivalent) | ||||||||
AAA | 1 | % | 7 | % | ||||
AA | 42 | % | 32 | % | ||||
A | 33 | % | 33 | % | ||||
BBB | 8 | % | 10 | % | ||||
BB or lower | 15 | % | 16 | % | ||||
Unrated | 1 | % | 2 | % | ||||
Total | 100 | % | 100 | % |
Goldman
Sachs September 2023 Form 10-Q | 164 |
165 | Goldman
Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 166 |
167 | Goldman Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 168 |
169 | Goldman Sachs September 2023 Form 10-Q |
Goldman Sachs September 2023 Form 10-Q | 170 |
171 | Goldman
Sachs September 2023 Form 10-Q |
Goldman
Sachs September 2023 Form 10-Q | 172 |
173 | Goldman
Sachs September 2023 Form 10-Q |
Total Shares Purchased | Average Price Paid Per Share | Total Shares Purchased as Part of a Publicly Announced Program | Dollar Value of Remaining Authorized Repurchases ($ in millions) | |||||||||||
July | 3,611,548 | $ | 354.96 | 3,611,179 | $ | 25,422 | ||||||||
August | 616,677 | $ | 353.83 | 616,677 | $ | 25,204 | ||||||||
September | – | $ | – | – | $ | 25,204 | ||||||||
Total | 4,228,225 | 4,227,856 |
Goldman Sachs September 2023 Form 10-Q | 174 |
By: | /s/ | Denis P. Coleman III | |||||||||
Name: | Denis P. Coleman III | ||||||||||
Title: | Chief Financial Officer (Principal Financial Officer) | ||||||||||
Date: | November 3, 2023 | ||||||||||
By: | /s/ | Sheara J. Fredman | |||||||||
Name: | Sheara J. Fredman | ||||||||||
Title: | Chief Accounting Officer (Principal Accounting Officer) | ||||||||||
Date: | November 3, 2023 |
175 | Goldman
Sachs September 2023 Form 10-Q |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/28/24 Goldman Sachs Group Inc. 10-K/A 12/31/23 14:488K |