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As Of Filer Filing For·On·As Docs:Size 2/23/24 Goldman Sachs Group Inc. 10-K 12/31/23 238:49M |
Document/Exhibit Description Pages Size 1: 10-K Annual Report HTML 9.85M 2: EX-4.1 Instrument Defining the Rights of Security Holders HTML 538K 3: EX-10.31 Material Contract HTML 91K 4: EX-10.32 Material Contract HTML 90K 5: EX-10.33 Material Contract HTML 181K 6: EX-10.34 Material Contract HTML 157K 7: EX-10.35 Material Contract HTML 196K 8: EX-10.36 Material Contract HTML 195K 9: EX-10.37 Material Contract HTML 148K 10: EX-10.41 Material Contract HTML 119K 11: EX-10.42 Material Contract HTML 107K 12: EX-10.44 Material Contract HTML 183K 13: EX-10.45 Material Contract HTML 196K 14: EX-10.47 Material Contract HTML 159K 15: EX-21.1 Subsidiaries List HTML 88K 16: EX-23.1 Consent of Expert or Counsel HTML 63K 19: EX-97.1 Clawback Policy re: Recovery of Erroneously HTML 86K Awarded Compensation 17: EX-31.1 Certification -- §302 - SOA'02 HTML 74K 18: EX-32.1 Certification -- §906 - SOA'02 HTML 67K 25: R1 Cover Page HTML 157K 26: R2 Audit Information HTML 67K 27: R3 Consolidated Statements of Earnings HTML 161K 28: R4 Consolidated Statements of Comprehensive Income HTML 95K (Unaudited) 29: R5 Consolidated Balance Sheets HTML 165K 30: R6 Consolidated Balance Sheets (Parenthetical) HTML 104K 31: R7 Consolidated Statements of Changes in HTML 145K Shareholders' Equity 32: R8 Consolidated Statements of Cash Flows HTML 172K 33: R9 Description of Business HTML 70K 34: R10 Basis of Presentation HTML 65K 35: R11 Significant Accounting Policies HTML 111K 36: R12 Fair Value Measurements HTML 934K 37: R13 Fair Value Hierarchy HTML 934K 38: R14 Trading Assets and Liabilities HTML 94K 39: R15 Derivatives and Hedging Activities HTML 414K 40: R16 Investments HTML 210K 41: R17 Loans HTML 637K 42: R18 Fair Value Option HTML 107K 43: R19 Collateralized Agreements and Financings HTML 210K 44: R20 Other Assets HTML 134K 45: R21 Deposits HTML 118K 46: R22 Unsecured Borrowings HTML 169K 47: R23 Other Liabilities HTML 94K 48: R24 Securitization Activities HTML 122K 49: R25 Variable Interest Entities HTML 194K 50: R26 Commitments, Contingencies and Guarantees HTML 169K 51: R27 Shareholders' Equity HTML 232K 52: R28 Regulation and Capital Adequacy HTML 304K 53: R29 Earnings Per Common Share HTML 79K 54: R30 Transactions with Affiliated Funds HTML 76K 55: R31 Interest Income and Interest Expense HTML 92K 56: R32 Income Taxes HTML 146K 57: R33 Business Segments HTML 210K 58: R34 Credit Concentrations HTML 81K 59: R35 Legal Proceedings HTML 159K 60: R36 Employee Benefit Plans HTML 70K 61: R37 Employee Incentive Plans HTML 104K 62: R38 Parent Company HTML 188K 63: R39 Pay vs Performance Disclosure HTML 74K 64: R40 Insider Trading Arrangements HTML 68K 65: R41 Basis of Presentation (Policies) HTML 428K 66: R42 Fair Value Measurements (Tables) HTML 516K 67: R43 Fair Value Hierarchy (Tables) HTML 851K 68: R44 Trading Assets and Liabilities (Tables) HTML 95K 69: R45 Derivatives and Hedging Activities (Tables) HTML 402K 70: R46 Investments (Tables) HTML 221K 71: R47 Loans (Tables) HTML 623K 72: R48 Fair Value Option (Tables) HTML 93K 73: R49 Collateralized Agreements and Financings (Tables) HTML 202K 74: R50 Other Assets (Tables) HTML 124K 75: R51 Deposits (Tables) HTML 118K 76: R52 Unsecured Borrowings (Tables) HTML 168K 77: R53 Other Liabilities (Tables) HTML 92K 78: R54 Securitization Activities (Tables) HTML 116K 79: R55 Variable Interest Entities (Tables) HTML 183K 80: R56 Commitments, Contingencies and Guarantees (Tables) HTML 145K 81: R57 Shareholders' Equity (Tables) HTML 230K 82: R58 Regulation and Capital Adequacy (Tables) HTML 285K 83: R59 Earnings Per Common Share (Tables) HTML 78K 84: R60 Transactions with Affiliated Funds (Tables) HTML 74K 85: R61 Interest Income and Interest Expense (Tables) HTML 91K 86: R62 Income Taxes (Tables) HTML 143K 87: R63 Business Segments (Tables) HTML 205K 88: R64 Credit Concentrations (Tables) HTML 83K 89: R65 Employee Incentive Plans (Tables) HTML 96K 90: R66 Parent Company (Tables) HTML 185K 91: R67 Description of Business - 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Changes in Fair Value for HTML 111K Level 3 Derivatives (Detail) 102: R78 Fair Value Hierarchy - Derivatives, Additional HTML 74K Information (Details) 103: R79 Fair Value Hierarchy - Investments Accounted for HTML 116K at Fair Value (Detail) 104: R80 Fair Value Hierarchy - Amount of Level 3 HTML 125K Investments and Significant Unobservable Inputs Used to Value Such Investments (Detail) 105: R81 Fair Value Hierarchy - Summary of Changes in Fair HTML 148K Value for Level 3 Investments (Detail) 106: R82 Fair Value Hierarchy - Investments, Additional HTML 76K Information (Details) 107: R83 Fair Value Hierarchy - Fair Value of Loans Held HTML 99K for Investment by Level (Detail) 108: R84 Fair Value Hierarchy - Loans, Additional HTML 80K Information (Details) 109: R85 Fair Value Hierarchy - Summary of Weighted Average HTML 101K of Significant Unobservable Inputs, Loans (Detail) 110: R86 Fair Value Hierarchy - Summary of Changes in Fair HTML 108K Value for Level 3 Loans (Detail) 111: R87 Fair Value Hierarchy - Financial Assets and HTML 109K Financial Liabilities by Level (Detail) 112: R88 Fair Value Hierarchy - Fair Value Option, HTML 102K Additional Information (Details) 113: R89 Fair Value Hierarchy - Other Financial Assets and HTML 116K Liabilities Level 3 Rollforward (Detail) 114: R90 Trading Assets and Liabilities - Summary of HTML 69K Trading Assets and Liabilities (Detail) 115: R91 Trading Assets and Liabilities - Summary of Market HTML 75K Making Revenues by Major Product Type (Detail) 116: R92 Derivatives and Hedging Activities - Additional HTML 114K Information (Detail) 117: R93 Derivatives and Hedging Activities - Fair Value of HTML 185K Derivatives on a Gross Basis (Detail) 118: R94 Derivatives and Hedging Activities - OTC HTML 139K Derivatives by Tenor and Major Product Type (Detail) 119: R95 Derivatives and Hedging Activities - Credit HTML 125K Derivatives (Detail) 120: R96 Derivatives and Hedging Activities - Summary of HTML 68K Information About CVA and FVA (Detail) 121: R97 Derivatives and Hedging Activities - 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Available-for-Sale Securities by HTML 107K Tenor (Detail) 132: R108 Investments - Summary of Gross Realized Gains and HTML 77K the Proceeds from the Sales of Available-for-Sale Securities (Detail) 133: R109 Investments - Held-to-maturity Securities by Type HTML 128K and Tenor (Detail) 134: R110 Loans - Summary of Loans (Detail) HTML 160K 135: R111 Loans - Summary of Concentration of Secured and HTML 178K Unsecured Loans (Detail) 136: R112 Loans - Additional Information (Detail) HTML 91K 137: R113 Loans - Schedule of Credit Quality Indicators for HTML 192K Term Loans by Origination Year (Detail) 138: R114 Loans - Summary of Consumer Loans by Refreshed HTML 109K FICO Credit Score (Detail) 139: R115 Loans - Summary of Credit Concentration by Region HTML 131K (Detail) 140: R116 Loans - Summary of Past Due Loans (Detail) HTML 118K 141: R117 Loans - Summary of Nonaccrual Loans (Detail) HTML 92K 142: R118 Loans - Summary of Loans and Lending Commitments HTML 119K Accounted for at Amortized Cost by Portfolio (Detail) 143: R119 Loans - Summary of Changes in Allowance for Credit HTML 104K Losses (Detail) 144: R120 Loans - Schedule of Forecasted Economic Scenarios HTML 75K (Detail) 145: R121 Loans - Summary of Estimated Fair Value of Loans HTML 87K and Lending Commitments that are not Accounted for at Fair Value (Detail) 146: R122 Fair Value Option - Gains and Losses on Other HTML 73K Financial Assets and Financial Liabilities at Fair Value (Detail) 147: R123 Fair Value Option - Additional Information HTML 77K (Detail) 148: R124 Fair Value Option - Summary of DVA Gains/(Losses) HTML 68K on Financial Liabilities (Detail) 149: R125 Fair Value Option - Loans and Lending Commitments HTML 69K (Detail) 150: R126 Collateralized Agreements and Financings - HTML 129K Offsetting Arrangements (Detail) 151: R127 Collateralized Agreements and Financings - HTML 91K Additional Information (Detail) 152: R128 Collateralized Agreements and Financings - HTML 89K Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Class of Collateral Pledged (Detail) 153: R129 Collateralized Agreements and Financings - HTML 80K Schedule of Repurchase Agreements and Securities Loaned by Maturity Date (Detail) 154: R130 Collateralized Agreements and Financings - Other HTML 83K Secured Financings (Detail) 155: R131 Collateralized Agreements and Financings - Other HTML 83K Secured Financings by Maturity Date (Detail) 156: R132 Collateralized Agreements and Financings - HTML 67K Financial Instruments Received as Collateral and Repledged (Detail) 157: R133 Collateralized Agreements and Financings - Assets HTML 82K Pledged as Collateral (Detail) 158: R134 Other Assets - Other Assets (Detail) HTML 81K 159: R135 Other Assets - Additional Information (Detail) HTML 132K 160: R136 Other Assets - Carrying Value of Goodwill (Detail) HTML 80K 161: R137 Other Assets - Identifiable Intangible Assets by HTML 84K Type (Detail) 162: R138 Other Assets - Amortization of Identifiable HTML 67K Intangible Assets (Detail) 163: R139 Other Assets - Estimated Future Amortization HTML 73K (Detail) 164: R140 Deposits - Types and Sources of Deposits (Detail) HTML 83K 165: R141 Deposits - 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Additional Information HTML 74K (Detail) 179: R155 Securitization Activities - Amount of Financial HTML 76K Assets Securitized and Cash Flows Received on Retained Interests (Detail) 180: R156 Securitization Activities - Additional Information HTML 95K (Detail) 181: R157 Securitization Activities - Firms Continuing HTML 84K Involvement in Securitization Entities to Which Firm Sold Assets (Detail) 182: R158 Securitization Activities - Weighted Average Key HTML 85K Economic Assumptions Used in Measuring Fair Value of Firm's Retained Interests and Sensitivity of This Fair Value to Immediate Adverse Changes (Detail) 183: R159 Variable Interest Entities - Nonconsolidated HTML 126K Variable Interest Entities (Detail) 184: R160 Variable Interest Entities - Consolidated Variable HTML 131K Interest Entities (Detail) 185: R161 Commitments, Contingencies and Guarantees - HTML 107K Commitments (Detail) 186: R162 Commitments, Contingencies and Guarantees - HTML 72K Lending Commitments (Detail) 187: R163 Commitments, Contingencies and Guarantees - HTML 110K Additional Information (Detail) 188: R164 Commitments, Contingencies and Guarantees - HTML 96K Guarantees (Detail) 189: R165 Shareholders' Equity - Additional Information HTML 182K (Detail) 190: R166 Shareholders' Equity - Summary of Amount of Common HTML 69K Stock Repurchased by the Firm (Detail) 191: R167 Shareholders' Equity - Summary of Dividends HTML 64K Declared on Common Stock (Detail) 192: R168 Shareholders' Equity - Summary of Perpetual HTML 153K Preferred Stock Issued and Outstanding (Detail) 193: R169 Shareholders' Equity - Summary of Dividend Rates HTML 99K of Perpetual Preferred Stock Issued and Outstanding (Detail) 194: R170 Shareholders' Equity - Summary of Preferred HTML 118K Dividends Declared on Preferred Stock Issued (Detail) 195: R171 Shareholders' Equity - Accumulated Other HTML 89K Comprehensive Income/(Loss), Net of Tax (Detail) 196: R172 Regulation and Capital Adequacy - Risk-Based HTML 98K Capital and Leverage Requirements (Detail) 197: R173 Regulation and Capital Adequacy - Risk-Based HTML 100K Capital Ratios (Detail) 198: R174 Regulation and Capital Adequacy - Leverage Ratios HTML 91K (Detail) 199: R175 Regulation and Capital Adequacy - Additional HTML 79K Information (Detail) 200: R176 Regulation and Capital Adequacy - Risk-Based HTML 113K Capital (Detail) 201: R177 Regulation and Capital Adequacy - CET1, Tier 1 HTML 107K Capital and Tier 2 Capital (Detail) 202: R178 Regulation and Capital Adequacy - Risk-Weighted HTML 111K Assets (Detail) 203: R179 Regulation and Capital Adequacy - Changes in HTML 102K Risk-Weighted Assets (Detail) 204: R180 Regulation and Capital Adequacy - Risk-Based HTML 100K Capital and Leverage Ratios and "Well-capitalized" Requirements (Detail) 205: R181 Regulation and Capital Adequacy - Risk Based HTML 99K Capital Requirements (Detail) 206: R182 Earnings Per Common Share - Earnings Per Common HTML 88K Share (Detail) 207: R183 Earnings Per Common Share - Additional Information HTML 67K (Detail) 208: R184 Transactions with Affiliated Funds - Fees Earned HTML 64K from Affiliated Funds (Detail) 209: R185 Transactions with Affiliated Funds - Fees HTML 66K Receivable from Affiliated Funds and the Aggregate Carrying Value of the Firm's Interests in these Funds (Detail) 210: R186 Transactions with Affiliated Funds - Additional HTML 64K Information (Detail) 211: R187 Interest Income and Interest Expense - Sources of HTML 97K Interest Income and Interest Expense (Detail) 212: R188 Income Taxes - Provision for Taxes (Details) HTML 90K 213: R189 Income Taxes - Reconciliation to Effective Income HTML 87K Tax Rate (Details) 214: R190 Income Taxes - Deferred Tax Assets and Liabilities HTML 100K (Details) 215: R191 Income Taxes - Additional Information (Details) HTML 100K 216: R192 Income Taxes - Changes in the Liability for HTML 76K Unrecognized Tax Benefits (Details) 217: R193 Income Taxes - Earliest Tax Years Subject to HTML 74K Examination by Major Jurisdiction (Detail) 218: R194 Business Segments - Segment Operating Results HTML 123K (Detail) 219: R195 Business Segments - Depreciation and Amortization HTML 86K (Detail) 220: R196 Business Segments - Assets by Segment (Detail) HTML 77K 221: R197 Business Segments - Total Net Revenues and Pre-Tax HTML 102K Earnings By Geographic Region (Detail) 222: R198 Credit Concentrations - Credit Concentrations HTML 71K Included in Trading Cash Instruments and Investments (Detail) 223: R199 Credit Concentrations - Additional Information HTML 71K (Detail) 224: R200 Credit Concentrations - U.S. Government and Agency HTML 70K Obligations and Non-U.S. Government and Agency Obligations that Collateralize Resale Agreements and Securities Borrowed Transactions (Detail) 225: R201 Legal Proceedings - Additional Information HTML 275K (Detail) 226: R202 Employee Benefit Plans (Details) HTML 68K 227: R203 Employee Incentive Plans - Additional Information HTML 107K (Details) 228: R204 Employee Incentive Plans - Activity Related to HTML 119K Stock Settled RSUs (Details) 229: R205 Employee Incentive Plans - Share-Based HTML 66K Compensation and Related Excess Tax Benefit (Details) 230: R206 Parent Company - Condensed Statements of Earnings HTML 131K (Details) 231: R207 Parent Company - Additional Information (Details) HTML 96K 232: R208 Parent Company - Condensed Balance Sheets HTML 176K (Details) 233: R209 Parent Company - Condensed Statements of Cash HTML 163K Flows (Details) 235: XML IDEA XML File -- Filing Summary XML 446K 238: XML XBRL Instance -- gs-20231231_htm XML 15.05M 234: EXCEL IDEA Workbook of Financial Report Info XLSX 679K 21: EX-101.CAL XBRL Calculations -- gs-20231231_cal XML 544K 22: EX-101.DEF XBRL Definitions -- gs-20231231_def XML 3.25M 23: EX-101.LAB XBRL Labels -- gs-20231231_lab XML 5.81M 24: EX-101.PRE XBRL Presentations -- gs-20231231_pre XML 4.15M 20: EX-101.SCH XBRL Schema -- gs-20231231 XSD 751K 236: JSON XBRL Instance as JSON Data -- MetaLinks 1,319± 2.10M 237: ZIP XBRL Zipped Folder -- 0000886982-24-000006-xbrl Zip 2.21M
gs-20231231 |
For the fiscal year ended i i December 31,
2023 / | Commission File Number: i 001-14965 |
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-K Item Number | Page No. | ||||
PART I | |||||
Item
1 | |||||
Business | |||||
Introduction | |||||
Our Business Segments | |||||
Global Banking & Markets | |||||
Asset & Wealth Management | |||||
Platform Solutions | |||||
Business Continuity and Information Security | |||||
Human Capital Management | |||||
Sustainability | |||||
Competition | |||||
Regulation | |||||
Information about our Executive Officers | |||||
Available Information | |||||
Forward-Looking Statements | |||||
Item 1A | |||||
Risk Factors | |||||
Item
1B | |||||
Unresolved Staff Comments | |||||
Item 1C | |||||
Cybersecurity | |||||
Item 2 | |||||
Properties | |||||
Item
3 | |||||
Legal Proceedings | |||||
Item 4 | |||||
Mine Safety Disclosures | |||||
PART II | |||||
Item 5 | |||||
Market for Registrant's Common Equity, Related Stockholder | |||||
Matters and Issuer Purchases of Equity Securities |
Page No. | |||||
Item 7 | |||||
Cybersecurity Risk Management | |||||
Item 7A | |||||
Quantitative and Qualitative Disclosures About Market Risk |
Goldman Sachs 2023 Form 10-K |
Page No. | |||||
Item 8 | |||||
Financial Statements and Supplementary Data | |||||
Management’s
Report on Internal Control over Financial Reporting | |||||
Consolidated Financial Statements | 128 | ||||
Note 5. Fair Value Hierarchy | |||||
Note
28. Employee Benefit Plans | |||||
Note 29. Employee Incentive Plans | |||||
Note 30. Parent Company |
Page No. | |||||
Supplemental Financial Information | |||||
Common Stock Performance | |||||
Statistical Disclosures | |||||
Item 9 | |||||
Changes in and Disagreements with Accountants on Accounting | |||||
and Financial Disclosure | |||||
Item 9A | |||||
Controls and Procedures | |||||
Item 9B | |||||
Other Information | |||||
Item 9C | |||||
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | |||||
PART III | |||||
Item
10 | |||||
Directors, Executive Officers and Corporate Governance | |||||
Item 11 | |||||
Executive Compensation | |||||
Item 12 | |||||
Security Ownership of Certain Beneficial Owners and | |||||
Management and Related Stockholder Matters | |||||
Item 13 | |||||
Certain Relationships and Related Transactions, and Director | |||||
Independence | |||||
Item
14 | |||||
Principal Accountant Fees and Services | |||||
PART IV | |||||
Item 15 | |||||
Exhibit
and Financial Statement Schedules | |||||
Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 1 |
2 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 3 |
4 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 5 |
6 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 7 |
8 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 9 |
10 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 11 |
12 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 13 |
14 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 15 |
16 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 17 |
18 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 19 |
20 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 21 |
22 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 23 |
24 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 25 |
26 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 27 |
28 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 29 |
30 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 31 |
32 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 33 |
34 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 35 |
36 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 37 |
38 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 39 |
40 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 41 |
42 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 43 |
44 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 45 |
46 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 47 |
48 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 49 |
50 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 51 |
52 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 53 |
54 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 55 |
56 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 57 |
58 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 59 |
60 | Goldman Sachs 2023 Form 10-K |
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) | |||||||||||
October | 1,666,259 | $ | 300.07 | 1,666,259 | $ | 24,704 | ||||||||
November | 1,548,116 | $ | 322.97 | 1,548,116 | $ | 24,204 | ||||||||
December | — | — | — | $ | 24,204 | |||||||||
Total | 3,214,375 | 3,214,375 |
Goldman Sachs 2023 Form 10-K | 61 |
62 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 63 |
64 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 65 |
66 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 67 |
Year Ended December | |||||||||||||||||
$ in millions, except per share amounts | 2023 | 2022 | 2021 | ||||||||||||||
Net revenues | $ | 46,254 | $ | 47,365 | $ | 59,339 | |||||||||||
Pre-tax earnings | $ | 10,739 | $ | 13,486 | $ | 27,044 | |||||||||||
Net earnings | $ | 8,516 | $ | 11,261 | $ | 21,635 | |||||||||||
Net earnings to common | $ | 7,907 | $ | 10,764 | $ | 21,151 | |||||||||||
Diluted EPS | $ | 22.87 | $ | 30.06 | $ | 59.45 | |||||||||||
ROE | 7.5 | % | 10.2 | % | 23.0 | % | |||||||||||
ROTE | 8.1 | % | 11.0 | % | 24.3 | % | |||||||||||
Net earnings to average assets | 0.5 | % | 0.7 | % | 1.6 | % | |||||||||||
Return on shareholders’ equity | 7.3 | % | 9.7 | % | 21.3 | % | |||||||||||
Average equity to average assets | 7.5 | % | 7.5 | % | 7.4 | % | |||||||||||
Dividend payout ratio | 45.9 | % | 29.9 | % | 10.9 | % |
Average for the Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Total shareholders’ equity | $ | 116,699 | $ | 115,990 | $ | 101,705 | |||||||||||
Preferred stock | (10,895) | (10,703) | (9,876) | ||||||||||||||
Common shareholders’ equity | 105,804 | 105,287 | 91,829 | ||||||||||||||
Goodwill | (6,147) | (5,726) | (4,327) | ||||||||||||||
Identifiable intangible assets | (1,736) | (1,583) | (536) | ||||||||||||||
Tangible common shareholders’ equity | $ | 97,921 | $ | 97,978 | $ | 86,966 |
Year
Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Investment banking | $ | 6,218 | $ | 7,360 | $ | 14,136 | |||||||||||
Investment management | 9,532 | 9,005 | 8,171 | ||||||||||||||
Commissions and fees | 3,789 | 4,034 | 3,590 | ||||||||||||||
Market making | 18,238 | 18,634 | 15,357 | ||||||||||||||
Other principal transactions | 2,126 | 654 | 11,615 | ||||||||||||||
Total non-interest revenues | 39,903 | 39,687 | 52,869 | ||||||||||||||
Interest income | 68,515 | 29,024 | 12,120 | ||||||||||||||
Interest expense | 62,164 | 21,346 | 5,650 | ||||||||||||||
Net interest income | 6,351 | 7,678 | 6,470 | ||||||||||||||
Total net revenues | $ | 46,254 | $ | 47,365 | $ | 59,339 |
68 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 69 |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Provision for credit losses | $ | 1,028 | $ | 2,715 | $ | 357 |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Compensation and benefits | $ | 15,499 | $ | 15,148 | $ | 17,719 | |||||||||||
Transaction based | 5,698 | 5,312 | 4,710 | ||||||||||||||
Market development | 629 | 812 | 553 | ||||||||||||||
Communications and technology | 1,919 | 1,808 | 1,573 | ||||||||||||||
Depreciation and amortization | 4,856 | 2,455 | 2,015 | ||||||||||||||
Occupancy | 1,053 | 1,026 | 981 | ||||||||||||||
Professional fees | 1,623 | 1,887 | 1,648 | ||||||||||||||
Other expenses | 3,210 | 2,716 | 2,739 | ||||||||||||||
Total operating expenses | $ | 34,487 | $ | 31,164 | $ | 31,938 | |||||||||||
Headcount at period-end | 45,300 | 48,500 | 43,900 |
70 | Goldman Sachs 2023 Form 10-K |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Global Banking & Markets | $ | 1,381,247 | $ | 1,169,539 | ||||
Asset
& Wealth Management | 191,863 | 214,970 | ||||||
Platform Solutions | 68,484 | 57,290 | ||||||
Total | $ | 1,641,594 | $ | 1,441,799 |
Year
Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Global Banking & Markets | |||||||||||||||||
Net revenues | $ | 29,996 | $ | 32,487 | $ | 36,734 | |||||||||||
Provision for credit losses | 401 | 468 | (171) | ||||||||||||||
Operating expenses | 18,040 | 17,851 | 19,542 | ||||||||||||||
Pre-tax earnings | $ | 11,555 | $ | 14,168 | $ | 17,363 | |||||||||||
Net earnings to common | $ | 8,703 | $ | 11,458 | $ | 13,535 | |||||||||||
Average common equity | $ | 71,863 | $ | 69,951 | $ | 60,064 | |||||||||||
Return on average common equity | 12.1 | % | 16.4 | % | 22.5 | % | |||||||||||
Asset & Wealth Management | |||||||||||||||||
Net revenues | $ | 13,880 | $ | 13,376 | $ | 21,965 | |||||||||||
Provision for credit losses | (508) | 519 | (169) | ||||||||||||||
Operating expenses | 13,029 | 11,550 | 11,406 | ||||||||||||||
Pre-tax earnings | $ | 1,359 | $ | 1,307 | $ | 10,728 | |||||||||||
Net earnings to common | $ | 952 | $ | 979 | $ | 8,459 | |||||||||||
Average common equity | $ | 30,078 | $ | 31,762 | $ | 29,988 | |||||||||||
Return on average common equity | 3.2 | % | 3.1 | % | 28.2 | % | |||||||||||
Platform Solutions | |||||||||||||||||
Net revenues | $ | 2,378 | $ | 1,502 | $ | 640 | |||||||||||
Provision for credit losses | 1,135 | 1,728 | 697 | ||||||||||||||
Operating expenses | 3,418 | 1,763 | 990 | ||||||||||||||
Pre-tax earnings/(loss) | $ | (2,175) | $ | (1,989) | $ | (1,047) | |||||||||||
Net
earnings/(loss) to common | $ | (1,748) | $ | (1,673) | $ | (843) | |||||||||||
Average common equity | $ | 3,863 | $ | 3,574 | $ | 1,777 | |||||||||||
Return on average common equity | (45.2) | % | (46.8) | % | (47.4) | % | |||||||||||
Total | |||||||||||||||||
Net revenues | $ | 46,254 | $ | 47,365 | $ | 59,339 | |||||||||||
Provision
for credit losses | 1,028 | 2,715 | 357 | ||||||||||||||
Operating expenses | 34,487 | 31,164 | 31,938 | ||||||||||||||
Pre-tax earnings | $ | 10,739 | $ | 13,486 | $ | 27,044 | |||||||||||
Net earnings to common | $ | 7,907 | $ | 10,764 | $ | 21,151 | |||||||||||
Average common equity | $ | 105,804 | $ | 105,287 | $ | 91,829 | |||||||||||
Return on average common equity | 7.5 | % | 10.2 | % | 23.0 | % |
Goldman Sachs 2023 Form 10-K | 71 |
72 | Goldman Sachs 2023 Form 10-K |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Cash and cash equivalents | $ | 168,857 | $ | 167,203 | ||||
Collateralized agreements | 401,554 | 380,157 | ||||||
Customer and other receivables | 117,633 | 122,037 | ||||||
Trading assets | 435,275 | 272,788 | ||||||
Investments | 122,350 | 103,229 | ||||||
Loans | 117,464 | 107,648 | ||||||
Other assets | 18,114 | 16,477 | ||||||
Total | $ | 1,381,247 | $ | 1,169,539 |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Corporate | $ | 24,159 | $ | 25,776 | ||||
Real
estate | 34,813 | 33,215 | ||||||
Securities-based | 3,758 | 3,857 | ||||||
Other collateralized | 55,527 | 45,407 | ||||||
Installment | 173 | – | ||||||
Other | 475 | 561 | ||||||
Loans, gross | 118,905 | 108,816 | ||||||
Allowance for loan losses | (1,441) | (1,168) | ||||||
Total loans | $ | 117,464 | $ | 107,648 |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Advisory | $ | 3,299 | $ | 4,704 | $ | 5,654 | |||||||||||
Equity
underwriting | 1,153 | 848 | 4,985 | ||||||||||||||
Debt underwriting | 1,764 | 1,808 | 3,497 | ||||||||||||||
Investment banking fees | 6,216 | 7,360 | 14,136 | ||||||||||||||
FICC
intermediation | 9,318 | 11,890 | 8,714 | ||||||||||||||
FICC financing | 2,742 | 2,786 | 1,897 | ||||||||||||||
FICC | 12,060 | 14,676 | 10,611 | ||||||||||||||
Equities
intermediation | 6,489 | 6,662 | 7,707 | ||||||||||||||
Equities financing | 5,060 | 4,326 | 4,015 | ||||||||||||||
Equities | 11,549 | 10,988 | 11,722 | ||||||||||||||
Other | 171 | (537) | 265 | ||||||||||||||
Net revenues | 29,996 | 32,487 | 36,734 | ||||||||||||||
Provision for credit losses | 401 | 468 | (171) | ||||||||||||||
Operating expenses | 18,040 | 17,851 | 19,542 | ||||||||||||||
Pre-tax earnings | 11,555 | 14,168 | 17,363 | ||||||||||||||
Provision for taxes | 2,392 | 2,338 | 3,473 | ||||||||||||||
Net earnings | 9,163 | 11,830 | 13,890 | ||||||||||||||
Preferred stock dividends | 460 | 372 | 355 | ||||||||||||||
Net earnings to common | $ | 8,703 | $ | 11,458 | $ | 13,535 | |||||||||||
Average
common equity | $ | 71,863 | $ | 69,951 | $ | 60,064 | |||||||||||
Return on average common equity | 12.1 | % | 16.4 | % | 22.5 | % |
Goldman Sachs 2023 Form 10-K | 73 |
$ in millions | FICC | Equities | ||||||
Year
Ended December 2023 | ||||||||
Market making | $ | 10,632 | $ | 7,606 | ||||
Commissions and fees | – | 3,736 | ||||||
Other principal transactions | 656 | 81 | ||||||
Net interest income | 772 | 126 | ||||||
Total | $ | 12,060 | $ | 11,549 | ||||
Year Ended December 2022 | ||||||||
Market making | $ | 12,422 | $ | 6,212 | ||||
Commissions and fees | – | 3,791 | ||||||
Other principal transactions | 377 | 41 | ||||||
Net interest income | 1,877 | 944 | ||||||
Total | $ | 14,676 | $ | 10,988 | ||||
Year Ended December 2021 | ||||||||
Market making | $ | 7,690 | $ | 7,667 | ||||
Commissions and fees | – | 3,514 | ||||||
Other principal transactions | 362 | 72 | ||||||
Net interest income | 2,559 | 469 | ||||||
Total | $ | 10,611 | $ | 11,722 | ||||
Year
Ended December | |||||||||||||||||
$ in billions | 2023 | 2022 | 2021 | ||||||||||||||
Announced mergers and acquisitions | $ | 923 | $ | 1,209 | $ | 1,770 | |||||||||||
Completed mergers and acquisitions | $ | 1,008 | $ | 1,357 | $ | 1,588 | |||||||||||
Equity and equity-related offerings | $ | 43 | $ | 33 | $ | 140 | |||||||||||
Debt offerings | $ | 209 | $ | 222 | $ | 341 |
74 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 75 |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Cash and cash equivalents | $ | 48,677 | $ | 54,065 | ||||
Collateralized agreements | 14,020 | 23,723 | ||||||
Customer and other receivables | 14,859 | 13,409 | ||||||
Trading assets | 27,324 | 19,860 | ||||||
Investments | 24,487 | 27,400 | ||||||
Loans | 45,866 | 56,338 | ||||||
Other assets | 16,630 | 20,175 | ||||||
Total | $ | 191,863 | $ | 214,970 |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Corporate | $ | 11,715 | $ | 14,359 | ||||
Real estate | 16,603 | 18,699 | ||||||
Securities-based | 10,863 | 12,814 | ||||||
Other
collateralized | 6,698 | 6,295 | ||||||
Installment | – | 4,474 | ||||||
Other | 1,121 | 1,700 | ||||||
Loans, gross | 47,000 | 58,341 | ||||||
Allowance for loan losses | (1,134) | (2,003) | ||||||
Total loans | $ | 45,866 | $ | 56,338 |
Year
Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Management and other fees | $ | 9,486 | $ | 8,781 | $ | 7,750 | |||||||||||
Incentive fees | 161 | 359 | 616 | ||||||||||||||
Private banking and lending | 2,576 | 2,458 | 1,661 | ||||||||||||||
Equity investments | 342 | 610 | 8,794 | ||||||||||||||
Debt
investments | 1,315 | 1,168 | 3,144 | ||||||||||||||
Net revenues | 13,880 | 13,376 | 21,965 | ||||||||||||||
Provision for credit losses | (508) | 519 | (169) | ||||||||||||||
Operating expenses | 13,029 | 11,550 | 11,406 | ||||||||||||||
Pre-tax earnings | 1,359 | 1,307 | 10,728 | ||||||||||||||
Provision for taxes | 281 | 215 | 2,146 | ||||||||||||||
Net
earnings | 1,078 | 1,092 | 8,582 | ||||||||||||||
Preferred stock dividends | 126 | 113 | 123 | ||||||||||||||
Net earnings to common | $ | 952 | $ | 979 | $ | 8,459 | |||||||||||
Average
common equity | $ | 30,078 | $ | 31,762 | $ | 29,988 | |||||||||||
Return on average common equity | 3.2 | % | 3.1 | % | 28.2 | % |
76 | Goldman Sachs 2023 Form 10-K |
$ in millions | Asset management | Wealth management | Asset & Wealth Management | ||||||||
Year Ended December 2023 | |||||||||||
Management and other fees | $ | 4,207 | $ | 5,279 | $ | 9,486 | |||||
Incentive fees | 161 | – | 161 | ||||||||
Private banking and lending | – | 2,576 | 2,576 | ||||||||
Equity investments | (7) | 349 | 342 | ||||||||
Debt investments | 1,315 | – | 1,315 | ||||||||
Total | $ | 5,676 | $ | 8,204 | $ | 13,880 | |||||
Year Ended December 2022 | |||||||||||
Management and other fees | $ | 3,817 | $ | 4,964 | $ | 8,781 | |||||
Incentive fees | 359 | – | 359 | ||||||||
Private banking and lending | – | 2,458 | 2,458 | ||||||||
Equity investments | 610 | – | 610 | ||||||||
Debt investments | 1,168 | – | 1,168 | ||||||||
Total | $ | 5,954 | $ | 7,422 | $ | 13,376 | |||||
Year Ended December 2021 | |||||||||||
Management and other fees | $ | 2,918 | $ | 4,832 | $ | 7,750 | |||||
Incentive fees | 616 | – | 616 | ||||||||
Private banking and lending | – | 1,661 | 1,661 | ||||||||
Equity investments | 8,794 | – | 8,794 | ||||||||
Debt investments | 3,144 | – | 3,144 | ||||||||
Total | $ | 15,472 | $ | 6,493 | $ | 21,965 | |||||
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Equity Type | |||||||||||||||||
Private equity | $ | 361 | $ | 2,078 | $ | 8,826 | |||||||||||
Public equity | (19) | (1,468) | (32) | ||||||||||||||
Total | $ | 342 | $ | 610 | $ | 8,794 | |||||||||||
Asset
Class | |||||||||||||||||
Real estate | $ | (181) | $ | 1,482 | $ | 2,489 | |||||||||||
Corporate | 523 | (872) | 6,305 | ||||||||||||||
Total | $ | 342 | $ | 610 | $ | 8,794 |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Fair value net gains/(losses) | $ | (61) | $ | (415) | $ | 1,216 | |||||||||||
Net interest income | 1,376 | 1,583 | 1,928 | ||||||||||||||
Total | $ | 1,315 | $ | 1,168 | $ | 3,144 |
Goldman Sachs 2023 Form 10-K | 77 |
As of December | |||||||||||
$ in billions | 2023 | 2022 | 2021 | ||||||||
Asset Class | |||||||||||
Alternative investments | $ | 295 | $ | 263 | $ | 236 | |||||
Equity | 658 | 563 | 613 | ||||||||
Fixed income | 1,122 | 1,010 | 940 | ||||||||
Total long-term AUS | 2,075 | 1,836 | 1,789 | ||||||||
Liquidity products | 737 | 711 | 681 | ||||||||
Total AUS | $ | 2,812 | $ | 2,547 | $ | 2,470 | |||||
Client Channel | |||||||||||
Institutional | $ | 1,033 | $ | 905 | $ | 824 | |||||
Wealth management | 798 | 712 | 751 | ||||||||
Third-party distributed | 981 | 930 | 895 | ||||||||
Total AUS | $ | 2,812 | $ | 2,547 | $ | 2,470 | |||||
Region | |||||||||||
Americas | $ | 1,951 | $ | 1,806 | $ | 1,930 | |||||
EMEA | 653 | 548 | 354 | ||||||||
Asia | 208 | 193 | 186 | ||||||||
Total AUS | $ | 2,812 | $ | 2,547 | $ | 2,470 | |||||
Vehicle | |||||||||||
Separate accounts | $ | 1,557 | $ | 1,388 | $ | 1,347 | |||||
Public funds | 901 | 862 | 811 | ||||||||
Private funds and other | 354 | 297 | 312 | ||||||||
Total AUS | $ | 2,812 | $ | 2,547 | $ | 2,470 |
Year Ended December | |||||||||||||||||
$ in billions | 2023 | 2022 | 2021 | ||||||||||||||
Beginning balance | $ | 2,547 | $ | 2,470 | $ | 2,145 | |||||||||||
Net inflows/(outflows): | |||||||||||||||||
Alternative investments | 25 | 19 | 33 | ||||||||||||||
Equity | (3) | 13 | 41 | ||||||||||||||
Fixed income | 52 | 18 | 56 | ||||||||||||||
Total long-term AUS net inflows/(outflows) | 74 | 50 | 130 | ||||||||||||||
Liquidity products | 27 | 16 | 98 | ||||||||||||||
Total AUS net inflows/(outflows) | 101 | 66 | 228 | ||||||||||||||
Acquisitions/(dispositions) | (23) | 316 | – | ||||||||||||||
Net market appreciation/(depreciation) | 187 | (305) | 97 | ||||||||||||||
Ending balance | $ | 2,812 | $ | 2,547 | $ | 2,470 |
Average for the | |||||||||||||||||
Year
Ended December | |||||||||||||||||
$ in billions | 2023 | 2022 | 2021 | ||||||||||||||
Asset Class | |||||||||||||||||
Alternative investments | $ | 269 | $ | 253 | $ | 211 | |||||||||||
Equity | 610 | 581 | 547 | ||||||||||||||
Fixed income | 1,050 | 992 | 919 | ||||||||||||||
Total long-term AUS | 1,929 | 1,826 | 1,677 | ||||||||||||||
Liquidity products | 749 | 693 | 625 | ||||||||||||||
Total AUS | $ | 2,678 | $ | 2,519 | $ | 2,302 |
Year Ended December | |||||||||||||||||
Effective fees (bps) | 2023 | 2022 | 2021 | ||||||||||||||
Alternative investments | 64 | 64 | 63 | ||||||||||||||
Equity | 57 | 57 | 60 | ||||||||||||||
Fixed income | 17 | 17 | 17 | ||||||||||||||
Liquidity products | 15 | 14 | 5 | ||||||||||||||
Total average effective fee | 31 | 31 | 29 |
78 | Goldman Sachs 2023 Form 10-K |
$ in billions | Direct strategies | Fund of funds | Total | ||||||||
Year Ended December 2023 | |||||||||||
Average AUS | |||||||||||
Corporate equity | $ | 29 | $ | 70 | $ | 99 | |||||
Credit | 44 | 2 | 46 | ||||||||
Real estate | 11 | 9 | 20 | ||||||||
Hedge funds and other | 42 | 22 | 64 | ||||||||
Funds and discretionary accounts | $ | 126 | $ | 103 | $ | 229 | |||||
Advisory accounts | 40 | ||||||||||
Total average AUS for alternative investments | $ | 269 | |||||||||
Effective Fees (bps) | |||||||||||
Corporate equity | 125 | 61 | 80 | ||||||||
Credit | 80 | 37 | 78 | ||||||||
Real estate | 82 | 42 | 64 | ||||||||
Hedge funds and other | 67 | 53 | 62 | ||||||||
Funds and discretionary accounts | 86 | 57 | 73 | ||||||||
Advisory accounts | 16 | ||||||||||
Total average effective fee | 64 | ||||||||||
Year Ended December 2022 | |||||||||||
Average AUS | |||||||||||
Corporate equity | $ | 27 | $ | 61 | $ | 88 | |||||
Credit | 36 | 2 | 38 | ||||||||
Real estate | 10 | 8 | 18 | ||||||||
Hedge funds and other | 45 | 22 | 67 | ||||||||
Funds and discretionary accounts | $ | 118 | $ | 93 | $ | 211 | |||||
Advisory accounts | 42 | ||||||||||
Total average AUS for alternative investments | $ | 253 | |||||||||
Effective Fees (bps) | |||||||||||
Corporate equity | 133 | 61 | 83 | ||||||||
Credit | 81 | 51 | 80 | ||||||||
Real estate | 87 | 50 | 70 | ||||||||
Hedge funds and other | 64 | 49 | 59 | ||||||||
Funds and discretionary accounts | 87 | 57 | 74 | ||||||||
Advisory accounts | 16 | ||||||||||
Total average effective fee | 64 | ||||||||||
Year Ended December 2021 | |||||||||||
Average AUS | |||||||||||
Corporate equity | $ | 20 | $ | 59 | $ | 79 | |||||
Credit | 18 | 2 | 20 | ||||||||
Real estate | 8 | 7 | 15 | ||||||||
Hedge funds and other | 43 | 19 | 62 | ||||||||
Funds and discretionary accounts | $ | 89 | $ | 87 | $ | 176 | |||||
Advisory accounts | 35 | ||||||||||
Total average AUS for alternative investments | $ | 211 | |||||||||
Effective Fees (bps) | |||||||||||
Corporate equity | 118 | 57 | 72 | ||||||||
Credit | 102 | 53 | 98 | ||||||||
Real estate | 94 | 55 | 76 | ||||||||
Hedge funds and other | 65 | 55 | 62 | ||||||||
Funds and discretionary accounts | 87 | 56 | 72 | ||||||||
Advisory accounts | 17 | ||||||||||
Total average effective fee | 63 | ||||||||||
$ in billions | AUS | Non-fee-earning alternative assets | Total alternative assets | ||||||||
As of December 2023 | |||||||||||
Corporate equity | $ | 109 | $ | 77 | $ | 186 | |||||
Credit | 55 | 75 | 130 | ||||||||
Real estate | 22 | 32 | 54 | ||||||||
Hedge funds and other | 66 | 3 | 69 | ||||||||
Funds and discretionary accounts | 252 | 187 | 439 | ||||||||
Advisory accounts | 43 | 3 | 46 | ||||||||
Total alternative investments | $ | 295 | $ | 190 | $ | 485 | |||||
As of December 2022 | |||||||||||
Corporate equity | $ | 94 | $ | 76 | $ | 170 | |||||
Credit | 44 | 73 | 117 | ||||||||
Real estate | 18 | 36 | 54 | ||||||||
Hedge funds and other | 65 | 2 | 67 | ||||||||
Funds and discretionary accounts | 221 | 187 | 408 | ||||||||
Advisory accounts | 42 | – | 42 | ||||||||
Total alternative investments | $ | 263 | $ | 187 | $ | 450 | |||||
As of December 2021 | |||||||||||
Corporate equity | $ | 87 | $ | 78 | $ | 165 | |||||
Credit | 25 | 79 | 104 | ||||||||
Real estate | 16 | 39 | 55 | ||||||||
Hedge funds and other | 70 | 2 | 72 | ||||||||
Funds and discretionary accounts | 198 | 198 | 396 | ||||||||
Advisory accounts | 38 | 2 | 40 | ||||||||
Total alternative investments | $ | 236 | $ | 200 | $ | 436 |
Goldman Sachs 2023 Form 10-K | 79 |
As of | |||||
$ in billions | December 2023 | ||||
Included in AUS | $ | 176 | |||
Included in non-fee-earning alternative assets | 75 | ||||
Third-party commitments raised | $ | 251 |
As
of December | ||||||||
$ in billions | 2023 | 2022 | ||||||
Loans | $ | 12.9 | $ | 19.0 | ||||
Debt securities | 10.8 | 12.3 | ||||||
Equity securities | 13.2 | 14.7 | ||||||
CIE
investments and other | 9.3 | 12.6 | ||||||
Total | $ | 46.2 | $ | 58.6 |
As
of December | ||||||||
$ in billions | 2023 | 2022 | ||||||
Client co-invest | $ | 21.3 | $ | 23.0 | ||||
Firmwide initiatives | 8.6 | 5.9 | ||||||
Historical
principal investments: | ||||||||
Loans | 3.5 | 8.4 | ||||||
Debt securities | 3.6 | 5.0 | ||||||
Equity securities | 4.0 | 5.6 | ||||||
CIE investments
and other | 5.2 | 10.7 | ||||||
Total historical principal investments | 16.3 | 29.7 | ||||||
Total | $ | 46.2 | $ | 58.6 |
Historical | |||||
principal | |||||
$ in billions | investments | ||||
Beginning balance | $ | 29.7 | |||
Additions | 1.9 | ||||
Dispositions | (12.9) | ||||
Net
markdowns | (2.4) | ||||
Ending balance | $ | 16.3 |
As
of | |||||
$ in billions | December 2023 | ||||
Loans | $ | 1.8 | |||
Debt securities | 0.5 | ||||
Equity securities | 3.8 | ||||
CIE investments, net of financings | 2.3 | ||||
Total | $ | 8.4 |
80 | Goldman Sachs 2023 Form 10-K |
As of December | ||||||||
$ in billions | 2023 | 2022 | ||||||
Loans | $12.9 | $19.0 | ||||||
Debt securities | 10.8 | 12.3 | ||||||
Total | $23.7 | $31.3 | ||||||
Accounting Classification | ||||||||
Debt securities at fair value | 45 | % | 39 | % | ||||
Loans at amortized cost | 49 | % | 49 | % | ||||
Loans at fair value | 3 | % | 6 | % | ||||
Loans held for sale | 3 | % | 6 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 52 | % | 51 | % | ||||
EMEA | 37 | % | 35 | % | ||||
Asia | 11 | % | 14 | % | ||||
Total | 100 | % | 100 | % | ||||
Industry | ||||||||
Consumer
& Retail | 11 | % | 10 | % | ||||
Financial Institutions | 6 | % | 7 | % | ||||
Healthcare | 15 | % | 13 | % | ||||
Industrials | 18 | % | 16 | % | ||||
Natural Resources & Utilities | 2 | % | 2 | % | ||||
Real Estate | 11 | % | 20 | % | ||||
Technology, Media & Telecommunications | 28 | % | 25 | % | ||||
Other | 9 | % | 7 | % | ||||
Total | 100 | % | 100 | % |
As of December | ||||||||
$ in billions | 2023 | 2022 | ||||||
Equity securities | $13.2 | $14.7 | ||||||
Region | ||||||||
Americas | 70 | % | 67 | % | ||||
EMEA | 15 | % | 15 | % | ||||
Asia | 15 | % | 18 | % | ||||
Total | 100 | % | 100 | % | ||||
Industry | ||||||||
Consumer
& Retail | 6 | % | 6 | % | ||||
Financial Institutions | 11 | % | 10 | % | ||||
Healthcare | 6 | % | 9 | % | ||||
Industrials | 10 | % | 7 | % | ||||
Natural Resources & Utilities | 13 | % | 14 | % | ||||
Real Estate | 30 | % | 30 | % | ||||
Technology, Media & Telecommunications | 22 | % | 23 | % | ||||
Other | 2 | % | 1 | % | ||||
Total | 100 | % | 100 | % |
Vintage | |||||
As of December 2023 | |||||
2016 or earlier | 25 | % | |||
2017 - 2019 | 26 | % | |||
2020 - thereafter | 49 | % | |||
Total | 100 | % | |||
As
of December 2022 | |||||
2015 or earlier | 26 | % | |||
2016 - 2018 | 26 | % | |||
2019 - thereafter | 48 | % | |||
Total | 100 | % |
As of December | ||||||||
$ in billions | 2023 | 2022 | ||||||
CIE assets, net of financings | $2.4 | $5.5 | ||||||
Region | ||||||||
Americas | 61 | % | 65 | % | ||||
EMEA | 25 | % | 25 | % | ||||
Asia | 14 | % | 10 | % | ||||
Total | 100 | % | 100 | % | ||||
Asset
Class | ||||||||
Hospitality | 6 | % | 4 | % | ||||
Industrials | 16 | % | 15 | % | ||||
Multifamily | 13 | % | 23 | % | ||||
Office | 24 | % | 22 | % | ||||
Retail | 7 | % | 3 | % | ||||
Senior Housing | 15 | % | 14 | % | ||||
Student Housing | 7 | % | 7 | % | ||||
Other | 12 | % | 12 | % | ||||
Total | 100 | % | 100 | % |
Goldman Sachs 2023 Form 10-K | 81 |
Vintage | |||||
As of December 2023 | |||||
2016 or earlier | 12 | % | |||
2017 - 2019 | 57 | % | |||
2020 - thereafter | 31 | % | |||
Total | 100 | % | |||
As of December 2022 | |||||
2015 or earlier | 5 | % | |||
2016 - 2018 | 45 | % | |||
2019 - thereafter | 50 | % | |||
Total | 100 | % |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Cash and cash equivalents | $ | 24,043 | $ | 20,557 | ||||
Collateralized agreements | 7,651 | 10,278 | ||||||
Customer and other receivables | 3 | 2 | ||||||
Trading assets | 14,911 | 8,597 | ||||||
Investments | 2 | – | ||||||
Loans | 20,028 | 15,300 | ||||||
Other assets | 1,846 | 2,556 | ||||||
Total | $ | 68,484 | $ | 57,290 |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Installment | $ | 3,125 | $ | 1,852 | ||||
Credit cards | 19,361 | 15,820 | ||||||
Other | 17 | – | ||||||
Loans, gross | 22,503 | 17,672 | ||||||
Allowance for loan losses | (2,475) | (2,372) | ||||||
Total loans | $ | 20,028 | $ | 15,300 |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Consumer platforms | $ | 2,072 | $ | 1,176 | $ | 424 | |||||||||||
Transaction banking and other | 306 | 326 | 216 | ||||||||||||||
Net revenues | 2,378 | 1,502 | 640 | ||||||||||||||
Provision for credit losses | 1,135 | 1,728 | 697 | ||||||||||||||
Operating expenses | 3,418 | 1,763 | 990 | ||||||||||||||
Pre-tax earnings/(loss) | (2,175) | (1,989) | (1,047) | ||||||||||||||
Provision/(benefit)
for taxes | (450) | (328) | (210) | ||||||||||||||
Net earnings/(loss) | (1,725) | (1,661) | (837) | ||||||||||||||
Preferred stock dividends | 23 | 12 | 6 | ||||||||||||||
Net
earnings/(loss) to common | $ | (1,748) | $ | (1,673) | $ | (843) | |||||||||||
Average common equity | $ | 3,863 | $ | 3,574 | $ | 1,777 | |||||||||||
Return on average common equity | (45.2) | % | (46.8) | % | (47.4) | % |
82 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 83 |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Total assets | $ | 1,641,594 | $ | 1,441,799 | ||||
Unsecured long-term borrowings | $ | 241,877 | $ | 247,138 | ||||
Total shareholders’ equity | $ | 116,905 | $ | 117,189 | ||||
Leverage ratio | 14.0x | 12.3x | ||||||
Debt-to-equity ratio | 2.1x | 2.1x |
As of December | ||||||||
$ in millions, except per share amounts | 2023 | 2022 | ||||||
Total shareholders’ equity | $ | 116,905 | $ | 117,189 | ||||
Preferred stock | (11,203) | (10,703) | ||||||
Common shareholders’ equity | 105,702 | 106,486 | ||||||
Goodwill | (5,916) | (6,374) | ||||||
Identifiable intangible assets | (1,177) | (2,009) | ||||||
Tangible common shareholders’ equity | $ | 98,609 | $ | 98,103 | ||||
Book value per common share | $ | 313.56 | $ | 303.55 | ||||
Tangible book value per common share | $ | 292.52 | $ | 279.66 |
84 | Goldman Sachs 2023 Form 10-K |
As
of December | ||||||||||||||
$ in millions | 2023 | 2022 | ||||||||||||
Deposits | $ | 428,417 | 36 | % | $ | 386,665 | 40 | % | ||||||
Collateralized financings | 323,564 | 27 | % | 155,022 | 16 | % | ||||||||
Unsecured short-term borrowings | 75,945 | 6 | % | 60,961 | 6 | % | ||||||||
Unsecured long-term borrowings | 241,877 | 21 | % | 247,138 | 26 | % | ||||||||
Total shareholders’ equity | 116,905 | 10 | % | 117,189 | 12 | % | ||||||||
Total | $ | 1,186,708 | 100 | % | $ | 966,975 | 100 | % |
Goldman Sachs 2023 Form 10-K | 85 |
$ in millions | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | ||||||||||||
As of December 2023 | |||||||||||||||||
2025 | $ | 15,074 | $ | 12,446 | $ | 7,099 | $ | 13,213 | $ | 47,832 | |||||||
2026 | $ | 6,702 | $ | 4,928 | $ | 7,966 | $ | 10,551 | 30,147 | ||||||||
2027 | $ | 8,989 | $ | 3,332 | $ | 6,981 | $ | 16,790 | 36,092 | ||||||||
2028 | $ | 11,505 | $ | 6,345 | $ | 4,790 | $ | 5,388 | 28,028 | ||||||||
2029 - thereafter | 99,778 | ||||||||||||||||
Total | $ | 241,877 |
86 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 87 |
88 | Goldman Sachs 2023 Form 10-K |
As of 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 December | ||||||||
$ in millions | 2023 | 2022 | ||||||
TLAC | $ | 278,188 | $ | 297,100 | ||||
External long-term debt | $ | 154,300 | $ | 172,845 | ||||
RWAs | $ | 692,737 | $ | 679,450 | ||||
Leverage exposure | $ | 1,995,756 | $ | 1,867,358 | ||||
TLAC to RWAs | 40.2 | % | 43.7 | % | ||||
TLAC to leverage exposure | 13.9 | % | 15.9 | % | ||||
External long-term debt to RWAs | 22.3 | % | 25.4 | % | ||||
External long-term debt to leverage exposure | 7.7 | % | 9.3 | % |
As of December | ||||||||
2023 | 2022 | |||||||
Risk-based capital requirements | ||||||||
CET1 capital ratio | 10.1 | % | 9.7 | % | ||||
Tier 1 capital ratio | 12.4 | % | 11.9 | % | ||||
Total capital ratio | 15.4 | % | 14.9 | % |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Risk-based capital and risk-weighted assets | ||||||||
CET1 capital | $ | 3,936 | $ | 3,395 | ||||
Tier 1 capital | $ | 3,936 | $ | 3,395 | ||||
Tier 2 capital | $ | 826 | $ | 828 | ||||
Total capital | $ | 4,762 | $ | 4,223 | ||||
RWAs | $ | 16,546 | $ | 15,766 | ||||
Risk-based capital ratios | ||||||||
CET1 capital ratio | 23.8 | % | 21.5 | % | ||||
Tier 1 capital ratio | 23.8 | % | 21.5 | % | ||||
Total capital ratio | 28.8 | % | 26.8 | % |
Goldman Sachs 2023 Form 10-K | 89 |
As of | |||||||||||
December 2023 | |||||||||||
Leverage ratio requirement | 3.6 | % | |||||||||
Leverage ratio | 7.4 | % |
As
of December | ||||||||
2023 | 2022 | |||||||
Risk-based capital requirements | ||||||||
CET1 capital ratio | 10.0 | % | 9.2 | % | ||||
Tier 1 capital ratio | 12.1 | % | 11.3 | % | ||||
Total capital ratio | 14.8 | % | 14.0 | % |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Risk-based capital and risk-weighted assets | ||||||||
CET1 capital | $ | 14,143 | $ | 9,536 | ||||
Tier 1 capital | $ | 14,143 | $ | 9,536 | ||||
Tier 2 capital | $ | 22 | $ | 21 | ||||
Total capital | $ | 14,165 | $ | 9,557 | ||||
RWAs | $ | 39,746 | $ | 30,154 | ||||
Risk-based capital ratios | ||||||||
CET1 capital ratio | 35.6 | % | 31.6 | % | ||||
Tier 1 capital ratio | 35.6 | % | 31.6 | % | ||||
Total capital ratio | 35.6 | % | 31.7 | % |
As of December | ||||||||
2023 | 2022 | |||||||
Leverage ratio requirement | 3.0 | % | 3.0 | % | ||||
Leverage ratio | 11.3 | % | 10.6 | % |
90 | Goldman Sachs 2023 Form 10-K |
As of 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 | 13.7 | % | 13.3 | % |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Risk-based capital and risk-weighted assets | ||||||||
CET1 capital | $ | 32,403 | $ | 31,780 | ||||
Tier 1 capital | $ | 37,903 | $ | 40,080 | ||||
Tier 2 capital | $ | 6,877 | $ | 5,377 | ||||
Total capital | $ | 44,780 | $ | 45,457 | ||||
RWAs | $ | 257,956 | $ | 247,653 | ||||
Risk-based
capital ratios | ||||||||
CET1 capital ratio | 12.6 | % | 12.8% | |||||
Tier 1 capital ratio | 14.7 | % | 16.2% | |||||
Total capital ratio | 17.4 | % | 18.4% |
As of | ||||||||
December 2023 | ||||||||
Leverage ratio requirement | 3.5 | % | ||||||
Leverage ratio | 4.9 | % |
Goldman Sachs 2023 Form 10-K | 91 |
Off-Balance Sheet Arrangement | Disclosure in Form 10-K | |||||||
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. |
92 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 93 |
94 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 95 |
96 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 97 |
98 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 99 |
100 | Goldman Sachs 2023 Form 10-K |
Average
for the | |||||||||||||||||
Three Months | Year Ended | ||||||||||||||||
Ended December | December | ||||||||||||||||
$ in millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Denomination | |||||||||||||||||
U.S. dollar | $ | 282,414 | $ | 312,414 | $ | 282,307 | $ | 281,427 | |||||||||
Non-U.S. dollar | 131,176 | 96,404 | 124,691 | 116,655 | |||||||||||||
Total | $ | 413,590 | $ | 408,818 | $ | 406,998 | $ | 398,082 | |||||||||
Asset
Class | |||||||||||||||||
Overnight cash deposits | $ | 204,929 | $ | 217,141 | $ | 231,066 | $ | 228,203 | |||||||||
U.S. government obligations | 150,806 | 149,519 | 133,000 | 126,349 | |||||||||||||
U.S. agency obligations | 22,895 | 12,789 | 16,387 | 11,007 | |||||||||||||
Non-U.S. government obligations | 34,960 | 29,369 | 26,545 | 32,523 | |||||||||||||
Total | $ | 413,590 | $ | 408,818 | $ | 406,998 | $ | 398,082 | |||||||||
Entity
Type | |||||||||||||||||
Group Inc. and Funding IHC | $ | 65,952 | $ | 69,386 | $ | 66,803 | $ | 64,579 | |||||||||
Major broker-dealer subsidiaries | 117,818 | 109,502 | 114,824 | 113,887 | |||||||||||||
Major bank subsidiaries | 229,820 | 229,930 | 225,371 | 219,616 | |||||||||||||
Total | $ | 413,590 | $ | 408,818 | $ | 406,998 | $ | 398,082 |
Average for the Three Months Ended | |||||||||||
December | September | December | |||||||||
$ in millions | 2023 | 2023 | 2022 | ||||||||
Total HQLA | $ | 401,721 | $ | 397,758 | $ | 401,836 | |||||
Eligible HQLA | $ | 326,181 | $ | 316,291 | $ | 291,118 | |||||
Net cash outflows | $ | 255,106 | $ | 253,238 | $ | 226,532 | |||||
LCR | 128 | % | 125 | % | 129 | % |
Average
for the Three Months Ended | |||||||||||
December | September | ||||||||||
$ in millions | 2023 | 2023 | |||||||||
Total ASF | $ | 628,734 | $ | 617,341 | |||||||
Total RSF | $ | 542,089 | $ | 529,635 | |||||||
NSFR | 116 | % | 117 | % |
Goldman Sachs 2023 Form 10-K | 101 |
As of December 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 |
As of December 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 |
102 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 103 |
104 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 105 |
Year Ended December | ||||||||||||||||||||
$ in millions | 2023 | 2022 | ||||||||||||||||||
Categories | ||||||||||||||||||||
Interest rates | $ | 96 | $ | 96 | ||||||||||||||||
Equity prices | 29 | 35 | ||||||||||||||||||
Currency rates | 24 | 32 | ||||||||||||||||||
Commodity prices | 19 | 47 | ||||||||||||||||||
Diversification effect | (69) | (97) | ||||||||||||||||||
Total | $ | 99 | $ | 113 |
106 | Goldman Sachs 2023 Form 10-K |
As of December | |||||||||||
$ in millions | 2023 | 2022 | |||||||||
Categories | |||||||||||
Interest rates | $ | 93 | $ | 104 | |||||||
Equity prices | 25 | 28 | |||||||||
Currency rates | 15 | 36 | |||||||||
Commodity prices | 14 | 18 | |||||||||
Diversification effect | (54) | (84) | |||||||||
Total | $ | 93 | $ | 102 |
Year
Ended December | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
$ in millions | High | Low | High | Low | ||||||||||||||||||||||
Categories | ||||||||||||||||||||||||||
Interest rates | $ | 148 | $ | 70 | $ | 137 | $ | 56 | ||||||||||||||||||
Equity prices | $ | 49 | $ | 22 | $ | 59 | $ | 24 | ||||||||||||||||||
Currency rates | $ | 47 | $ | 9 | $ | 54 | $ | 18 | ||||||||||||||||||
Commodity prices | $ | 32 | $ | 11 | $ | 82 | $ | 18 | ||||||||||||||||||
Firmwide | ||||||||||||||||||||||||||
VaR | $ | 142 | $ | 79 | $ | 155 | $ | 75 |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | |||||||||||||||
>$100 | 52 | 85 | |||||||||||||||
$75 – $100 | 40 | 36 | |||||||||||||||
$50 – $75 | 52 | 27 | |||||||||||||||
$25 – $50 | 47 | 32 | |||||||||||||||
$0 – $25 | 22 | 34 | |||||||||||||||
$(25) – $0 | 30 | 18 | |||||||||||||||
$(50) – $(25) | 4 | 12 | |||||||||||||||
$(75) – $(50) | 2 | 2 | |||||||||||||||
$(100) – $(75) | – | 2 | |||||||||||||||
<$(100) | 1 | 3 | |||||||||||||||
Total | 250 | 251 |
Goldman Sachs 2023 Form 10-K | 107 |
As of December | |||||||||||
$ in millions | 2023 | 2022 | |||||||||
Equity | $ | 1,562 | $ | 1,593 | |||||||
Debt | 2,446 | 2,577 | |||||||||
Total | $ | 4,008 | $ | 4,170 |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
+100 basis points parallel shift in rates | $ | 225 | $ | 104 | ||||
-100 basis points parallel shift in rates | $ | (232) | $ | (104) | ||||
+200 basis points parallel shift in rates | $ | 445 | $ | 205 | ||||
-200 basis points parallel shift in rates | $ | (475) | $ | (205) |
108 | Goldman Sachs 2023 Form 10-K |
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 2023 Form 10-K | 109 |
110 | Goldman Sachs 2023 Form 10-K |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Cash and Cash Equivalents | $224,493 | $224,889 | ||||||
Industry | ||||||||
Financial Institutions | 9 | % | 6 | % | ||||
Sovereign | 91 | % | 94 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 50 | % | 77 | % | ||||
EMEA | 34 | % | 19 | % | ||||
Asia | 16 | % | 4 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit
Quality (Credit Rating Equivalent) | ||||||||
AAA | 65 | % | 89 | % | ||||
AA | 15 | % | 5 | % | ||||
A | 20 | % | 6 | % | ||||
Total | 100 | % | 100 | % |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
OTC derivative assets | $42,950 | $53,399 | ||||||
Collateral (not netted under U.S. GAAP) | (14,420) | (15,823) | ||||||
Net credit exposure | $28,530 | $37,576 | ||||||
Industry | ||||||||
Consumer & Retail | 3 | % | 3 | % | ||||
Diversified Industrials | 11 | % | 8 | % | ||||
Financial Institutions | 21 | % | 20 | % | ||||
Funds | 20 | % | 19 | % | ||||
Healthcare | 2 | % | 1 | % | ||||
Municipalities & Nonprofit | 4 | % | 2 | % | ||||
Natural Resources & Utilities | 17 | % | 34 | % | ||||
Sovereign | 14 | % | 7 | % | ||||
Technology, Media & Telecommunications | 6 | % | 4 | % | ||||
Other (including Special Purpose Vehicles) | 2 | % | 2 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 48 | % | 49 | % | ||||
EMEA | 45 | % | 43 | % | ||||
Asia | 7 | % | 8 | % | ||||
Total | 100 | % | 100 | % |
Goldman Sachs 2023 Form 10-K | 111 |
$ in millions | Investment- Grade | Non-Investment- Grade / Unrated | Total | ||||||||
As of December 2023 | |||||||||||
Less than 1 year | $ | 19,314 | $ | 7,700 | $ | 27,014 | |||||
1 – 5 years | 19,673 | 6,331 | 26,004 | ||||||||
Greater than 5 years | 51,944 | 3,999 | 55,943 | ||||||||
Total | 90,931 | 18,030 | 108,961 | ||||||||
Netting | (72,412) | (8,019) | (80,431) | ||||||||
Net credit exposure | $ | 18,519 | $ | 10,011 | $ | 28,530 | |||||
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 December 2023 | |||||||||||||||||
Less than 1 year | $ | 583 | $ | 4,383 | $ | 7,718 | $ | 6,630 | $ | 19,314 | |||||||
1 – 5 years | 1,226 | 4,850 | 6,755 | 6,842 | 19,673 | ||||||||||||
Greater than 5 years | 5,963 | 13,417 | 15,507 | 17,057 | 51,944 | ||||||||||||
Total | 7,772 | 22,650 | 29,980 | 30,529 | 90,931 | ||||||||||||
Netting | (5,308) | (18,364) | (25,470) | (23,270) | (72,412) | ||||||||||||
Net credit exposure | $ | 2,464 | $ | 4,286 | $ | 4,510 | $ | 7,259 | $ | 18,519 | |||||||
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 | Unrated | Total | ||||||||||||||
As of December 2023 | |||||||||||||||||
Less than 1 year | $ | 7,274 | $ | 426 | $ | 7,700 | |||||||||||
1 – 5 years | 6,244 | 87 | 6,331 | ||||||||||||||
Greater than 5 years | 3,887 | 112 | 3,999 | ||||||||||||||
Total | 17,405 | 625 | 18,030 | ||||||||||||||
Netting | (7,975) | (44) | (8,019) | ||||||||||||||
Net credit exposure | $ | 9,430 | $ | 581 | $ | 10,011 | |||||||||||
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 December 2023 | |||||||||||
Corporate | $ | 35,874 | $ | 144,463 | $ | 180,337 | |||||
Commercial real estate | 26,028 | 3,440 | 29,468 | ||||||||
Residential real estate | 25,388 | 1,471 | 26,859 | ||||||||
Securities-based | 14,621 | 691 | 15,312 | ||||||||
Other collateralized | 62,225 | 23,731 | 85,956 | ||||||||
Consumer: | |||||||||||
Installment | 3,298 | 2,250 | 5,548 | ||||||||
Credit cards | 19,361 | 70,824 | 90,185 | ||||||||
Other | 1,613 | 888 | 2,501 | ||||||||
Total | $ | 188,408 | $ | 247,758 | $ | 436,166 | |||||
Allowance
for loan losses | $ | (5,050) | $ | (620) | $ | (5,670) | |||||
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) |
112 | Goldman Sachs 2023 Form 10-K |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of December 2023 | |||||||||||
Corporate | $35,874 | $144,463 | $180,337 | ||||||||
Industry | |||||||||||
Consumer & Retail | 11 | % | 13 | % | 12 | % | |||||
Diversified Industrials | 17 | % | 20 | % | 20 | % | |||||
Financial Institutions | 8 | % | 9 | % | 9 | % | |||||
Funds | 4 | % | 3 | % | 3 | % | |||||
Healthcare | 9 | % | 11 | % | 10 | % | |||||
Natural Resources & Utilities | 8 | % | 18 | % | 16 | % | |||||
Real Estate | 13 | % | 5 | % | 7 | % | |||||
Technology, Media & Telecommunications | 25 | % | 20 | % | 21 | % | |||||
Other (including Special Purpose Vehicles) | 5 | % | 1 | % | 2 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Region | |||||||||||
Americas | 63 | % | 77 | % | 74 | % | |||||
EMEA | 29 | % | 22 | % | 23 | % | |||||
Asia | 8 | % | 1 | % | 3 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
AAA | – | 1 | % | 1 | % | ||||||
AA | 1 | % | 5 | % | 4 | % | |||||
A | 5 | % | 20 | % | 17 | % | |||||
BBB | 20 | % | 41 | % | 37 | % | |||||
BB or lower | 74 | % | 33 | % | 41 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
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 December 2023 | |||||||||||
Commercial Real Estate | $26,028 | $3,440 | $29,468 | ||||||||
Region | |||||||||||
Americas | 80 | % | 74 | % | 79 | % | |||||
EMEA | 17 | % | 25 | % | 18 | % | |||||
Asia | 3 | % | 1 | % | 3 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 47 | % | 46 | % | 47 | % | |||||
Non-investment-grade | 52 | % | 54 | % | 52 | % | |||||
Unrated | 1 | % | – | 1 | % | ||||||
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 2023 Form 10-K | 113 |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of December 2023 | |||||||||||
Residential Real Estate | $25,388 | $1,471 | $26,859 | ||||||||
Region | |||||||||||
Americas | 95 | % | 93 | % | 95 | % | |||||
EMEA | 4 | % | 7 | % | 4 | % | |||||
Asia | 1 | % | – | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 42 | % | 56 | % | 43 | % | |||||
Non-investment-grade | 13 | % | 25 | % | 13 | % | |||||
Other
metrics | 45 | % | 16 | % | 43 | % | |||||
Unrated | – | 3 | % | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
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 | 41 | % | 63 | % | 44 | % | |||||
Non-investment-grade | 13 | % | 29 | % | 15 | % | |||||
Other metrics | 46 | % | 8 | % | 41 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
114 | Goldman Sachs 2023 Form 10-K |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of December 2023 | |||||||||||
Securities-based | $14,621 | $691 | $15,312 | ||||||||
Region | |||||||||||
Americas | 79 | % | 98 | % | 80 | % | |||||
EMEA | 20 | % | 2 | % | 19 | % | |||||
Asia | 1 | % | – | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 75 | % | 25 | % | 73 | % | |||||
Non-investment-grade | 4 | % | 2 | % | 4 | % | |||||
Other metrics | 21 | % | 73 | % | 23 | % | |||||
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 | % |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of December 2023 | |||||||||||
Other
Collateralized | $62,225 | $23,731 | $85,956 | ||||||||
Region | |||||||||||
Americas | 89 | % | 94 | % | 90 | % | |||||
EMEA | 10 | % | 5 | % | 9 | % | |||||
Asia | 1 | % | 1 | % | 1 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 78 | % | 80 | % | 79 | % | |||||
Non-investment-grade | 21 | % | 18 | % | 20 | % | |||||
Unrated | 1 | % | 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 | % |
Goldman Sachs 2023 Form 10-K | 115 |
$ in millions | Installment | |||||||
As of December 2023 | ||||||||
Loans, gross | $3,298 | |||||||
California | 8 | % | ||||||
Texas | 8 | % | ||||||
Florida | 7 | % | ||||||
New York | 5 | % | ||||||
New Jersey | 5 | % | ||||||
Other | 67 | % | ||||||
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 December 2023 | ||||||||
Loans, gross | $19,361 | |||||||
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 | % | ||||||
Illinois | 4 | % | ||||||
Other | 55 | % | ||||||
Total | 100 | % |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of December 2023 | |||||||||||
Other | $1,613 | $888 | $2,501 | ||||||||
Region | |||||||||||
Americas | 97 | % | 100 | % | 98 | % | |||||
EMEA | 3 | % | – | 2 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 61 | % | 87 | % | 70 | % | |||||
Non-investment-grade | 9 | % | 13 | % | 11 | % | |||||
Other
metrics | 30 | % | – | 19 | % | ||||||
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 | % |
116 | Goldman Sachs 2023 Form 10-K |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Securities Financing Transactions | $40,201 | $34,762 | ||||||
Industry | ||||||||
Financial Institutions | 30 | % | 43 | % | ||||
Funds | 33 | % | 23 | % | ||||
Municipalities & Nonprofit | 7 | % | 5 | % | ||||
Sovereign | 29 | % | 28 | % | ||||
Other (including Special Purpose Vehicles) | 1 | % | 1 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 45 | % | 47 | % | ||||
EMEA | 38 | % | 34 | % | ||||
Asia | 17 | % | 19 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit
Quality (Credit Rating Equivalent) | ||||||||
AAA | 14 | % | 20 | % | ||||
AA | 31 | % | 31 | % | ||||
A | 38 | % | 31 | % | ||||
BBB | 7 | % | 8 | % | ||||
BB or lower | 10 | % | 10 | % | ||||
Total | 100 | % | 100 | % |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Other Credit Exposures | $50,820 | $48,916 | ||||||
Industry | ||||||||
Financial Institutions | 80 | % | 80 | % | ||||
Funds | 13 | % | 12 | % | ||||
Other (including Special Purpose Vehicles) | 7 | % | 8 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 35 | % | 41 | % | ||||
EMEA | 54 | % | 49 | % | ||||
Asia | 11 | % | 10 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit
Quality (Credit Rating Equivalent) | ||||||||
AAA | 2 | % | 7 | % | ||||
AA | 57 | % | 32 | % | ||||
A | 26 | % | 33 | % | ||||
BBB | 6 | % | 10 | % | ||||
BB or lower | 8 | % | 16 | % | ||||
Unrated | 1 | % | 2 | % | ||||
Total | 100 | % | 100 | % |
Goldman Sachs 2023 Form 10-K | 117 |
118 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 119 |
120 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 121 |
122 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 123 |
124 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 125 |
126 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 127 |
Year Ended December | |||||||||||||||||||||||
in millions, except per share amounts | 2023 | 2022 | 2021 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Investment banking | $ | i 6,218 | $ | i 7,360 | $ | i 14,136 | |||||||||||||||||
Investment management | i 9,532 | i 9,005 | i 8,171 | ||||||||||||||||||||
Commissions and fees | i 3,789 | i 4,034 | i 3,590 | ||||||||||||||||||||
Market making | i 18,238 | i 18,634 | i 15,357 | ||||||||||||||||||||
Other principal transactions | i 2,126 | i 654 | i 11,615 | ||||||||||||||||||||
Total non-interest revenues | i 39,903 | i 39,687 | i 52,869 | ||||||||||||||||||||
Interest
income | i 68,515 | i 29,024 | i 12,120 | ||||||||||||||||||||
Interest expense | i 62,164 | i 21,346 | i 5,650 | ||||||||||||||||||||
Net interest income | i 6,351 | i 7,678 | i 6,470 | ||||||||||||||||||||
Total net revenues | i 46,254 | i 47,365 | i 59,339 | ||||||||||||||||||||
Provision
for credit losses | i 1,028 | i 2,715 | i 357 | ||||||||||||||||||||
Operating
expenses | |||||||||||||||||||||||
Compensation and benefits | i 15,499 | i 15,148 | i 17,719 | ||||||||||||||||||||
Transaction based | i 5,698 | i 5,312 | i 4,710 | ||||||||||||||||||||
Market development | i 629 | i 812 | i 553 | ||||||||||||||||||||
Communications and technology | i 1,919 | i 1,808 | i 1,573 | ||||||||||||||||||||
Depreciation and amortization | i 4,856 | i 2,455 | i 2,015 | ||||||||||||||||||||
Occupancy | i 1,053 | i 1,026 | i 981 | ||||||||||||||||||||
Professional fees | i 1,623 | i 1,887 | i 1,648 | ||||||||||||||||||||
Other expenses | i 3,210 | i 2,716 | i 2,739 | ||||||||||||||||||||
Total operating expenses | i 34,487 | i 31,164 | i 31,938 | ||||||||||||||||||||
Pre-tax
earnings | i 10,739 | i 13,486 | i 27,044 | ||||||||||||||||||||
Provision for taxes | i 2,223 | i 2,225 | i 5,409 | ||||||||||||||||||||
Net earnings | i 8,516 | i 11,261 | i 21,635 | ||||||||||||||||||||
Preferred stock dividends | i 609 | i 497 | i 484 | ||||||||||||||||||||
Net earnings applicable to common shareholders | $ | i 7,907 | $ | i 10,764 | $ | i 21,151 | |||||||||||||||||
Earnings
per common share | |||||||||||||||||||||||
Basic | $ | i 23.05 | $ | i 30.42 | $ | i 60.25 | |||||||||||||||||
Diluted | $ | i 22.87 | $ | i 30.06 | $ | i 59.45 | |||||||||||||||||
Average
common shares | |||||||||||||||||||||||
Basic | i 340.8 | i 352.1 | i 350.5 | ||||||||||||||||||||
Diluted | i 345.8 | i 358.1 | i 355.8 |
Year Ended December | |||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||||||||
Net earnings | $ | i 8,516 | $ | i 11,261 | $ | i 21,635 | |||||||||||||||||
Other comprehensive income/(loss) adjustments, net of tax: | |||||||||||||||||||||||
Currency translation | ( i 62) | ( i 47) | ( i 42) | ||||||||||||||||||||
Debt valuation adjustment | ( i 1,015) | i 1,403 | i 322 | ||||||||||||||||||||
Pension and postretirement liabilities | ( i 76) | ( i 172) | i 41 | ||||||||||||||||||||
Available-for-sale securities | i 1,245 | ( i 2,126) | ( i 955) | ||||||||||||||||||||
Other
comprehensive income/(loss) | i 92 | ( i 942) | ( i 634) | ||||||||||||||||||||
Comprehensive income | $ | i 8,608 | $ | i 10,319 | $ | i 21,001 |
128 | Goldman Sachs 2023 Form 10-K |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 241,577 | $ | i 241,825 | ||||
Collateralized agreements: | ||||||||
Securities purchased under agreements to resell (includes $ i 223,543 and $ i 225,117
at fair value) | i 223,805 | i 225,117 | ||||||
Securities
borrowed (includes $ i 44,930 and $ i 38,578 at fair value) | i 199,420 | i 189,041 | ||||||
Customer
and other receivables (includes $ i 23 and $ i 25 at fair value) | i 132,495 | i 135,448 | ||||||
Trading
assets (at fair value and includes $ i 110,567 and $ i 40,143 pledged as collateral) | i 477,510 | i 301,245 | ||||||
Investments
(includes $ i 75,767 and $ i 78,201 at fair value) | i 146,839 | i 130,629 | ||||||
Loans
(net of allowance of $ i 5,050 and $ i 5,543, and includes $ i 6,506
and $ i 7,655 at fair value) | i 183,358 | i 179,286 | ||||||
Other
assets (includes $ i 366 and $ i 145 at fair value) | i 36,590 | i 39,208 | ||||||
Total assets | $ | i 1,641,594 | $ | i 1,441,799 | ||||
Liabilities
and shareholders’ equity | ||||||||
Deposits (includes $ i 29,460 and $ i 15,746 at fair value) | $ | i 428,417 | $ | i 386,665 | ||||
Collateralized financings: | ||||||||
Securities sold under agreements to repurchase (at fair value) | i 249,887 | i 110,349 | ||||||
Securities
loaned (includes $ i 8,934 and $ i 4,372
at fair value) | i 60,483 | i 30,727 | ||||||
Other secured financings (includes
$ i 12,554 and $ i 12,756 at fair value) | i 13,194 | i 13,946 | ||||||
Customer and other payables | i 230,728 | i 262,045 | ||||||
Trading liabilities (at fair value) | i 200,355 | i 191,324 | ||||||
Unsecured
short-term borrowings (includes $ i 46,127 and $ i 39,731 at fair value) | i 75,945 | i 60,961 | ||||||
Unsecured
long-term borrowings (includes $ i 86,410 and $ i 73,147 at fair value) | i 241,877 | i 247,138 | ||||||
Other
liabilities (includes $ i 266 and $ i 159 at fair value) | i 23,803 | i 21,455 | ||||||
Total liabilities | i 1,524,689 | 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 922,895,030 and i 917,815,030 shares issued, and i 323,376,354
and i 334,918,639 shares outstanding | i 9 | i 9 | ||||||
Share-based awards | i 5,121 | i 5,696 | ||||||
Nonvoting common stock; no shares issued and outstanding | i – | i – | ||||||
Additional paid-in capital | i 60,247 | i 59,050 | ||||||
Retained earnings | i 143,688 | i 139,372 | ||||||
Accumulated other comprehensive loss | ( i 2,918) | ( i 3,010) | ||||||
Stock
held in treasury, at cost; i 599,518,678 and i 582,896,393 shares | ( i 100,445) | ( i 94,631) | ||||||
Total shareholders’ equity | i 116,905 | i 117,189 | ||||||
Total liabilities and shareholders’ equity | $ | i 1,641,594 | $ | i 1,441,799 |
Goldman Sachs 2023 Form 10-K | 129 |
Year
Ended December | |||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||||||||
Preferred stock | |||||||||||||||||||||||
Beginning balance | $ | i 10,703 | $ | i 10,703 | $ | i 11,203 | |||||||||||||||||
Issued | i 1,500 | i – | i 2,175 | ||||||||||||||||||||
Redeemed | ( i 1,000) | i – | ( i 2,675) | ||||||||||||||||||||
Ending balance | i 11,203 | i 10,703 | i 10,703 | ||||||||||||||||||||
Common stock | |||||||||||||||||||||||
Beginning balance | i 9 | i 9 | i 9 | ||||||||||||||||||||
Issued | i – | i – | i – | ||||||||||||||||||||
Ending balance | i 9 | i 9 | i 9 | ||||||||||||||||||||
Share-based awards | |||||||||||||||||||||||
Beginning balance | i 5,696 | i 4,211 | i 3,468 | ||||||||||||||||||||
Issuance and amortization of share-based awards | i 2,098 | i 4,110 | i 2,527 | ||||||||||||||||||||
Delivery of common stock underlying share-based awards | ( i 2,504) | ( i 2,468) | ( i 1,626) | ||||||||||||||||||||
Forfeiture of share-based awards | ( i 169) | ( i 157) | ( i 158) | ||||||||||||||||||||
Ending balance | i 5,121 | i 5,696 | i 4,211 | ||||||||||||||||||||
Additional paid-in capital | |||||||||||||||||||||||
Beginning balance | i 59,050 | i 56,396 | i 55,679 | ||||||||||||||||||||
Delivery of common stock underlying share-based awards | i 2,549 | i 2,516 | i 1,678 | ||||||||||||||||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | ( i 1,345) | ( i 1,591) | ( i 984) | ||||||||||||||||||||
Preferred
stock issuance costs | i 5 | i – | i 24 | ||||||||||||||||||||
Issuance of common stock in connection with acquisition | i – | i 1,730 | i – | ||||||||||||||||||||
Other | ( i 12) | ( i 1) | ( i 1) | ||||||||||||||||||||
Ending balance | i 60,247 | i 59,050 | i 56,396 | ||||||||||||||||||||
Retained earnings | |||||||||||||||||||||||
Beginning balance | i 139,372 | i 131,811 | i 112,947 | ||||||||||||||||||||
Net earnings | i 8,516 | i 11,261 | i 21,635 | ||||||||||||||||||||
Dividends and dividend equivalents declared on common stock and share-based awards | ( i 3,591) | ( i 3,203) | ( i 2,287) | ||||||||||||||||||||
Dividends declared on preferred stock | ( i 599) | ( i 497) | ( i 443) | ||||||||||||||||||||
Preferred stock redemption premium | ( i 10) | i – | ( i 41) | ||||||||||||||||||||
Ending balance | i 143,688 | i 139,372 | i 131,811 | ||||||||||||||||||||
Accumulated other comprehensive income/(loss) | |||||||||||||||||||||||
Beginning balance | ( i 3,010) | ( i 2,068) | ( i 1,434) | ||||||||||||||||||||
Other
comprehensive income/(loss) | i 92 | ( i 942) | ( i 634) | ||||||||||||||||||||
Ending balance | ( i 2,918) | ( i 3,010) | ( i 2,068) | ||||||||||||||||||||
Stock held in treasury, at cost | |||||||||||||||||||||||
Beginning balance | ( i 94,631) | ( i 91,136) | ( i 85,940) | ||||||||||||||||||||
Repurchased | ( i 5,796) | ( i 3,500) | ( i 5,200) | ||||||||||||||||||||
Reissued | i 29 | i 20 | i 11 | ||||||||||||||||||||
Other | ( i 47) | ( i 15) | ( i 7) | ||||||||||||||||||||
Ending balance | ( i 100,445) | ( i 94,631) | ( i 91,136) | ||||||||||||||||||||
Total shareholders’ equity | $ | i 116,905 | $ | i 117,189 | $ | i 109,926 |
130 | Goldman Sachs 2023 Form 10-K |
Year
Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net earnings | $ | i 8,516 | $ | i 11,261 | $ | i 21,635 | |||||||||||
Adjustments to reconcile net earnings to net cash provided by/(used for) operating activities | |||||||||||||||||
Depreciation and amortization | i 4,856 | i 2,455 | i 2,015 | ||||||||||||||
Deferred
income taxes | ( i 1,360) | ( i 2,412) | i 5 | ||||||||||||||
Share-based compensation | i 2,085 | i 4,083 | i 2,348 | ||||||||||||||
Provision for credit losses | i 1,028 | i 2,715 | i 357 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Customer and other receivables and payables, net | ( i 28,219) | i 35,014 | i 21,971 | ||||||||||||||
Collateralized transactions (excluding other secured financings), net | i 160,227 | ( i 100,996) | ( i 70,058) | ||||||||||||||
Trading assets | ( i 163,807) | i 45,278 | i 15,232 | ||||||||||||||
Trading liabilities | i 5,751 | i 8,062 | i 26,616 | ||||||||||||||
Loans held for sale, net | i 1,635 | i 3,161 | ( i 5,556) | ||||||||||||||
Other, net | ( i 3,299) | i 87 | ( i 8,267) | ||||||||||||||
Net cash provided by/(used for) operating activities | ( i 12,587) | i 8,708 | i 6,298 | ||||||||||||||
Cash flows from investing activities | |||||||||||||||||
Purchase of property, leasehold improvements and equipment | ( i 2,316) | ( i 3,748) | ( i 4,667) | ||||||||||||||
Proceeds from sales of property, leasehold improvements and equipment | i 3,278 | i 2,706 | i 3,933 | ||||||||||||||
Net
cash received from/(used for) business dispositions or acquisitions | i 487 | ( i 2,115) | i – | ||||||||||||||
Purchase of investments | ( i 40,256) | ( i 60,536) | ( i 39,912) | ||||||||||||||
Proceeds from sales and paydowns of investments | i 26,848 | i 12,961 | i 45,701 | ||||||||||||||
Loans (excluding loans held for sale), net | ( i 5,353) | ( i 25,228) | ( i 35,520) | ||||||||||||||
Net cash used for investing activities | ( i 17,312) | ( i 75,960) | ( i 30,465) | ||||||||||||||
Cash flows from financing activities | |||||||||||||||||
Unsecured short-term borrowings, net | i 2,050 | i 321 | i 2,137 | ||||||||||||||
Other secured financings (short-term), net | i 673 | ( i 2,283) | ( i 1,320) | ||||||||||||||
Proceeds from issuance of other secured financings (long-term) | i 3,047 | i 1,800 | i 4,795 | ||||||||||||||
Repayment of other secured financings (long-term), including the current portion | ( i 3,570) | ( i 3,407) | ( i 6,590) | ||||||||||||||
Proceeds from issuance of unsecured long-term borrowings | i 47,153 | i 84,522 | i 92,717 | ||||||||||||||
Repayment of unsecured long-term borrowings, including the current portion | ( i 54,066) | ( i 42,806) | ( i 52,608) | ||||||||||||||
Derivative contracts with a financing element, net | i 3,280 | i 1,797 | i 1,121 | ||||||||||||||
Deposits, net | i 39,723 | i 28,074 | i 103,538 | ||||||||||||||
Preferred stock redemption | ( i 1,000) | i – | ( i 2,675) | ||||||||||||||
Common stock repurchased | ( i 5,796) | ( i 3,500) | ( i 5,200) | ||||||||||||||
Settlement of share-based awards in satisfaction of withholding tax requirements | ( i 1,345) | ( i 1,595) | ( i 985) | ||||||||||||||
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | ( i 4,189) | ( i 3,682) | ( i 2,725) | ||||||||||||||
Proceeds from issuance of preferred stock, net of issuance costs | i 1,496 | i – | i 2,172 | ||||||||||||||
Other financing, net | i 344 | i 361 | i 361 | ||||||||||||||
Net cash provided by financing activities | i 27,800 | i 59,602 | i 134,738 | ||||||||||||||
Effect
of exchange rate changes on cash and cash equivalents | i 1,851 | ( i 11,561) | ( i 5,377) | ||||||||||||||
Net increase/(decrease) in cash and cash equivalents | ( i 248) | ( i 19,211) | i 105,194 | ||||||||||||||
Cash and cash equivalents, beginning balance | i 241,825 | i 261,036 | i 155,842 | ||||||||||||||
Cash and cash equivalents, ending balance | $ | i 241,577 | $ | i 241,825 | $ | i 261,036 | |||||||||||
Supplemental disclosures: | |||||||||||||||||
Cash payments for interest, net of capitalized interest | $ | i 60,026 | $ | i 19,022 | $ | i 5,521 | |||||||||||
Cash payments for income taxes, net | $ | i 2,389 | $ | i 4,555 | $ | i 6,195 |
Goldman Sachs 2023 Form 10-K | 131 |
132 | Goldman Sachs 2023 Form 10-K |
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 | ||||
Employee Benefit Plans | Note 28 | ||||
Employee Incentive Plans | Note 29 | ||||
Parent Company | Note 30 |
Goldman Sachs 2023 Form 10-K | 133 |
134 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 135 |
136 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 137 |
138 | Goldman Sachs 2023 Form 10-K |
As of December | |||||||||||
$ in millions | 2023 | 2022 | |||||||||
Total level 1 financial assets | $ | i 332,549 | $ | i 194,698 | |||||||
Total level 2 financial assets | i 519,130 | i 485,134 | |||||||||
Total level 3 financial assets | i 25,100 | i 26,048 | |||||||||
Investments in funds at NAV | i 3,000 | i 2,941 | |||||||||
Counterparty and cash collateral netting | ( i 51,134) | ( i 57,855) | |||||||||
Total financial assets at fair value | $ | i 828,645 | $ | i 650,966 | |||||||
$ | i 1,641,594 | $ | i 1,441,799 | ||||||||
Total level 3 financial assets divided by: | |||||||||||
Total assets | i 1.5 | % | i 1.8 | % | |||||||
Total financial assets at fair value | i 3.0 | % | i 4.0 | % | |||||||
Total level 1 financial liabilities | $ | i 125,715 | $ | i 119,578 | |||||||
Total level 2 financial liabilities | i 523,709 | i 353,060 | |||||||||
Total level 3 financial liabilities | i 28,704 | i 22,830 | |||||||||
Counterparty and cash collateral netting | ( i 44,135) | ( i 47,884) | |||||||||
Total financial liabilities at fair value | $ | i 633,993 | $ | i 447,584 | |||||||
Total liabilities | $ | i 1,524,689 | $ | i 1,324,610 | |||||||
Total level 3 financial liabilities divided by: | |||||||||||
Total liabilities | i 1.9 | % | i 1.7% | ||||||||
Total financial liabilities at fair value | i 4.5 | % | i 5.1% |
As of December | |||||||||||
$ in millions | 2023 | 2022 | |||||||||
Trading assets: | |||||||||||
Trading cash instruments | $ | i 1,791 | $ | i 1,734 | |||||||
Derivatives | i 5,161 | i 5,461 | |||||||||
Investments | i 17,138 | i 16,942 | |||||||||
Loans | i 823 | i 1,837 | |||||||||
Other
assets | i 187 | i 74 | |||||||||
Total | $ | i 25,100 | $ | i 26,048 |
Goldman Sachs 2023 Form 10-K | 139 |
140 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 141 |
142 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 143 |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
As of December 2023 | ||||||||||||||
Assets | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | i 85,190 | $ | i 58,862 | $ | i – | $ | i 144,052 | ||||||
Non-U.S. | i 61,981 | i 25,702 | i 91 | i 87,774 | ||||||||||
Loans and securities backed by: | ||||||||||||||
Commercial real estate | i – | i 916 | i 45 | i 961 | ||||||||||
Residential real estate | i – | i 8,940 | i 99 | i 9,039 | ||||||||||
Corporate debt instruments | i 177 | i 37,883 | i 1,415 | i 39,475 | ||||||||||
State and municipal obligations | i – | i 371 | i – | i 371 | ||||||||||
Other debt obligations | i 80 | i 2,086 | i 37 | i 2,203 | ||||||||||
Equity securities | i 135,032 | i 1,739 | i 103 | i 136,874 | ||||||||||
Commodities | i – | i 5,640 | i 1 | i 5,641 | ||||||||||
Total | $ | i 282,460 | $ | i 142,139 | $ | i 1,791 | $ | i 426,390 | ||||||
Liabilities | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | ( i 26,400) | $ | ( i 32) | $ | i – | $ | ( i 26,432) | ||||||
Non-U.S. | ( i 50,825) | ( i 2,343) | i – | ( i 53,168) | ||||||||||
Loans and securities backed by: | ||||||||||||||
Commercial real estate | i – | ( i 27) | i – | ( i 27) | ||||||||||
Residential real estate | i – | ( i 5) | i – | ( i 5) | ||||||||||
Corporate debt instruments | ( i 124) | ( i 15,317) | ( i 70) | ( i 15,511) | ||||||||||
Equity securities | ( i 48,347) | ( i 37) | ( i 8) | ( i 48,392) | ||||||||||
Commodities | i – | ( i 66) | i – | ( i 66) | ||||||||||
Total | $ | ( i 125,696) | $ | ( i 17,827) | $ | ( i 78) | $ | ( i 143,601) | ||||||
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 December 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 144 | $ | i 154 | |||||||||||||
Yield | i 3.8%
to i 26.1% | i 12.8 | % | i 3.0%
to i 36.0% | i 14.2 | % | |||||||||||
Recovery rate | i 35.5%
to i 76.0% | i 44.6 | % | 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 0.3
to i 15.3 | i 5.2 | i 0.9
to i 12.3 | i 4.6 | |||||||||||||
Corporate debt instruments | |||||||||||||||||
Level 3 assets | $ | i 1,415 | $ | i 1,238 | |||||||||||||
Yield | i 2.8%
to i 40.0% | i 9.3 | % | i 1.1%
to i 34.3% | i 6.9 | % | |||||||||||
Recovery rate | i 7.3%
to i 65.0% | i 39.4 | % | i 11.5%
to i 77.0% | i 48.0 | % | |||||||||||
Duration (years) | i 0.9
to i 11.3 | i 3.4 | i 0.3
to i 20.3 | i 4.5 | |||||||||||||
Other | |||||||||||||||||
Level 3 assets | $ | i 232 | $ | i 342 | |||||||||||||
Yield | i 3.6%
to i 31.3% | i 14.6 | % | i 2.8%
to i 47.8% | i 10.0 | % | |||||||||||
Multiples | i 0.7x
to i 4.5x | i 3.9x | i 3.3x
to i 4.5x | i 4.3x | |||||||||||||
Duration (years) | i 2.3
to i 6.4 | i 4.1 | i 1.2
to i 14.4 | i 6.1 |
144 | Goldman Sachs 2023 Form 10-K |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | |||||||||||||||
Assets | |||||||||||||||||
Beginning balance | $ | i 1,734 | $ | i 1,889 | |||||||||||||
Net realized gains/(losses) | i 154 | i 167 | |||||||||||||||
Net unrealized gains/(losses) | ( i 32) | ( i 1,889) | |||||||||||||||
Purchases | i 825 | i 1,271 | |||||||||||||||
Sales | ( i 515) | ( i 704) | |||||||||||||||
Settlements | ( i 286) | ( i 345) | |||||||||||||||
Transfers into level 3 | i 167 | i 1,680 | |||||||||||||||
Transfers out of level 3 | ( i 256) | ( i 335) | |||||||||||||||
Ending balance | $ | i 1,791 | $ | i 1,734 | |||||||||||||
Liabilities | |||||||||||||||||
Beginning balance | $ | ( i 64) | $ | ( i 104) | |||||||||||||
Net realized gains/(losses) | i 3 | i 18 | |||||||||||||||
Net unrealized gains/(losses) | ( i 66) | i 65 | |||||||||||||||
Purchases | i 90 | i 137 | |||||||||||||||
Sales | ( i 77) | ( i 106) | |||||||||||||||
Settlements | i 1 | i 5 | |||||||||||||||
Transfers into level 3 | ( i 3) | ( i 89) | |||||||||||||||
Transfers out of level 3 | i 38 | i 10 | |||||||||||||||
Ending balance | $ | ( i 78) | $ | ( i 64) |
Goldman Sachs 2023 Form 10-K | 145 |
Year
Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | |||||||||||||||
Loans and securities backed by real estate | |||||||||||||||||
Beginning balance | $ | i 154 | $ | i 289 | |||||||||||||
Net realized gains/(losses) | i 10 | i 11 | |||||||||||||||
Net unrealized gains/(losses) | i 5 | ( i 11) | |||||||||||||||
Purchases | i 28 | i 51 | |||||||||||||||
Sales | ( i 57) | ( i 127) | |||||||||||||||
Settlements | ( i 16) | ( i 26) | |||||||||||||||
Transfers into level 3 | i 31 | i 19 | |||||||||||||||
Transfers out of level 3 | ( i 11) | ( i 52) | |||||||||||||||
Ending balance | $ | i 144 | $ | i 154 | |||||||||||||
Corporate
debt instruments | |||||||||||||||||
Beginning balance | $ | i 1,238 | $ | i 1,318 | |||||||||||||
Net realized gains/(losses) | i 56 | i 29 | |||||||||||||||
Net unrealized gains/(losses) | ( i 26) | ( i 111) | |||||||||||||||
Purchases | i 656 | i 607 | |||||||||||||||
Sales | ( i 277) | ( i 372) | |||||||||||||||
Settlements | ( i 201) | ( i 247) | |||||||||||||||
Transfers into level 3 | i 98 | i 278 | |||||||||||||||
Transfers out of level 3 | ( i 129) | ( i 264) | |||||||||||||||
Ending balance | $ | i 1,415 | $ | i 1,238 | |||||||||||||
Other | |||||||||||||||||
Beginning balance | $ | i 342 | $ | i 282 | |||||||||||||
Net realized gains/(losses) | i 88 | i 127 | |||||||||||||||
Net unrealized gains/(losses) | ( i 11) | ( i 1,767) | |||||||||||||||
Purchases | i 141 | i 613 | |||||||||||||||
Sales | ( i 181) | ( i 205) | |||||||||||||||
Settlements | ( i 69) | ( i 72) | |||||||||||||||
Transfers into level 3 | i 38 | i 1,383 | |||||||||||||||
Transfers out of level 3 | ( i 116) | ( i 19) | |||||||||||||||
Ending balance | $ | i 232 | $ | i 342 |
146 | Goldman Sachs 2023 Form 10-K |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
As of December 2023 | ||||||||||||||
Assets | ||||||||||||||
Interest rates | $ | i 15 | $ | i 241,850 | $ | i 758 | $ | i 242,623 | ||||||
Credit | i – | i 9,964 | i 2,861 | i 12,825 | ||||||||||
Currencies | i – | i 89,694 | i 210 | i 89,904 | ||||||||||
Commodities | i – | i 15,393 | i 1,449 | i 16,842 | ||||||||||
Equities | i 2 | i 59,220 | i 816 | i 60,038 | ||||||||||
Gross fair value | i 17 | i 416,121 | i 6,094 | i 422,232 | ||||||||||
Counterparty netting in levels | i – | ( i 319,045) | ( i 933) | ( i 319,978) | ||||||||||
Subtotal | $ | i 17 | $ | i 97,076 | $ | i 5,161 | $ | i 102,254 | ||||||
Cross-level counterparty netting | ( i 1,411) | |||||||||||||
Cash collateral netting | ( i 49,723) | |||||||||||||
Net fair value | $ | i 51,120 | ||||||||||||
Liabilities | ||||||||||||||
Interest rates | $ | ( i 14) | $ | ( i 213,861) | $ | ( i 1,197) | $ | ( i 215,072) | ||||||
Credit | i – | ( i 8,923) | ( i 1,211) | ( i 10,134) | ||||||||||
Currencies | i – | ( i 97,436) | ( i 168) | ( i 97,604) | ||||||||||
Commodities | i – | ( i 17,122) | ( i 821) | ( i 17,943) | ||||||||||
Equities | ( i 5) | ( i 78,222) | ( i 1,887) | ( i 80,114) | ||||||||||
Gross fair value | ( i 19) | ( i 415,564) | ( i 5,284) | ( i 420,867) | ||||||||||
Counterparty netting in levels | i – | i 319,045 | i 933 | i 319,978 | ||||||||||
Subtotal | $ | ( i 19) | $ | ( i 96,519) | $ | ( i 4,351) | $ | ( i 100,889) | ||||||
Cross-level counterparty netting | i 1,411 | |||||||||||||
Cash collateral netting | i 42,724 | |||||||||||||
Net fair value | $ | ( i 56,754) | ||||||||||||
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) |
As of December 2023 | As of December 2022 | ||||||||||||||||
$ in millions, except inputs | Amount or Range | Average/ Median | Amount or Range | Average/ Median | |||||||||||||
Interest rates, net | $ | ( i 439) | $ | ( i 459) | |||||||||||||
Correlation | ( i 10)%
to i 75% | i 60%/ i 66% | ( 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 1,650 | $ | i 1,460 | |||||||||||||
Credit spreads (bps) | i 3 to i 1,750 | i 130/ i 85 | i 5
to i 935 | i 149/ i 116 | |||||||||||||
Upfront credit points | i 0 to i 100 | i 26/ i 15 | ( i 1)
to i 100 | i 29/ i 18 | |||||||||||||
Recovery rates | i 20% to i 70% | i 43%/ i 40% | i 20%
to i 50% | i 40%/ i 40% | |||||||||||||
Currencies, net | $ | i 42 | $ | i 162 | |||||||||||||
Correlation | i 20%
to i 90% | i 41%/ i 43% | i 20%
to i 71% | i 40%/ i 23% | |||||||||||||
Volatility | i 15%
to i 16% | i 16%/ i 16% | i 20%
to i 21% | i 20%/ i 20% | |||||||||||||
Commodities, net | $ | i 628 | $ | i 919 | |||||||||||||
Volatility | i 23%
to i 98% | i 42%/ i 39% | i 20%
to i 118% | i 50%/ i 46% | |||||||||||||
Natural
gas spread | $( i 1.39) to $ i 3.06 | $( i 0.32)/$( i 0.35) | $( i 3.21)
to $ i 5.85 | $( i 0.20)/ $( i 0.27) | |||||||||||||
Oil
spread | $( i 5.39) to $ i 31.69 | $ i 15.39/$ i 19.35 | $ i 12.68
to $ i 48.92 | $ i 20.42/ $ i 20.36 | |||||||||||||
Electricity
price | $ i 2.72 to $ i 1,088.00 | $ i 48.15/$ i 35.16 | $ i 3.00
to $ i 329.28 | $ i 47.19/ $ i 39.69 | |||||||||||||
Equities, net | $ | ( i 1,071) | $ | ( i 561) | |||||||||||||
Correlation | ( i 70)%
to i 100% | i 65%/ i 71% | ( i 75)%
to i 100% | i 66%/ i 75% | |||||||||||||
Volatility | i 1%
to i 106% | i 14%/ i 13% | i 2%
to i 74% | i 13%/ i 7% |
Goldman Sachs 2023 Form 10-K | 147 |
148 | Goldman Sachs 2023 Form 10-K |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | |||||||||||||||
Total level 3 derivatives, net | |||||||||||||||||
Beginning balance | $ | i 1,521 | $ | i 440 | |||||||||||||
Net realized gains/(losses) | i 65 | i 839 | |||||||||||||||
Net unrealized gains/(losses) | ( i 327) | i 1,817 | |||||||||||||||
Purchases | i 366 | i 510 | |||||||||||||||
Sales | ( i 1,420) | ( i 1,592) | |||||||||||||||
Settlements | i 466 | i 100 | |||||||||||||||
Transfers into level 3 | ( i 90) | ( i 482) | |||||||||||||||
Transfers out of level 3 | i 229 | ( i 111) | |||||||||||||||
Ending balance | $ | i 810 | $ | i 1,521 |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | |||||||||||||||
Interest rates, net | |||||||||||||||||
Beginning balance | $ | ( i 459) | $ | i 183 | |||||||||||||
Net realized gains/(losses) | i 9 | i 88 | |||||||||||||||
Net unrealized gains/(losses) | ( i 78) | i 137 | |||||||||||||||
Purchases | i 85 | i 50 | |||||||||||||||
Sales | ( i 408) | ( i 585) | |||||||||||||||
Settlements | i 423 | ( i 20) | |||||||||||||||
Transfers into level 3 | ( i 81) | ( i 13) | |||||||||||||||
Transfers out of level 3 | i 70 | ( i 299) | |||||||||||||||
Ending balance | $ | ( i 439) | $ | ( i 459) | |||||||||||||
Credit,
net | |||||||||||||||||
Beginning balance | $ | i 1,460 | $ | i 1,854 | |||||||||||||
Net realized gains/(losses) | ( i 58) | i 217 | |||||||||||||||
Net unrealized gains/(losses) | i 274 | ( i 343) | |||||||||||||||
Purchases | i 89 | i 107 | |||||||||||||||
Sales | ( i 50) | ( i 90) | |||||||||||||||
Settlements | ( i 138) | ( i 27) | |||||||||||||||
Transfers into level 3 | ( i 20) | ( i 21) | |||||||||||||||
Transfers out of level 3 | i 93 | ( i 237) | |||||||||||||||
Ending balance | $ | i 1,650 | $ | i 1,460 | |||||||||||||
Currencies,
net | |||||||||||||||||
Beginning balance | $ | i 162 | $ | ( i 147) | |||||||||||||
Net realized gains/(losses) | i 80 | i 95 | |||||||||||||||
Net unrealized gains/(losses) | ( i 182) | i 270 | |||||||||||||||
Purchases | i 2 | i 41 | |||||||||||||||
Sales | ( i 1) | ( i 36) | |||||||||||||||
Settlements | ( i 56) | i 19 | |||||||||||||||
Transfers into level 3 | i 4 | ( i 83) | |||||||||||||||
Transfers out of level 3 | i 33 | i 3 | |||||||||||||||
Ending balance | $ | i 42 | $ | i 162 | |||||||||||||
Commodities,
net | |||||||||||||||||
Beginning balance | $ | i 919 | $ | i 438 | |||||||||||||
Net realized gains/(losses) | ( i 113) | ( i 59) | |||||||||||||||
Net unrealized gains/(losses) | ( i 373) | i 741 | |||||||||||||||
Purchases | i 4 | i 31 | |||||||||||||||
Sales | ( i 17) | ( i 30) | |||||||||||||||
Settlements | i 68 | ( i 245) | |||||||||||||||
Transfers into level 3 | i 122 | i 182 | |||||||||||||||
Transfers out of level 3 | i 18 | ( i 139) | |||||||||||||||
Ending balance | $ | i 628 | $ | i 919 | |||||||||||||
Equities,
net | |||||||||||||||||
Beginning balance | $ | ( i 561) | $ | ( i 1,888) | |||||||||||||
Net realized gains/(losses) | i 147 | i 498 | |||||||||||||||
Net unrealized gains/(losses) | i 32 | i 1,012 | |||||||||||||||
Purchases | i 186 | i 281 | |||||||||||||||
Sales | ( i 944) | ( i 851) | |||||||||||||||
Settlements | i 169 | i 373 | |||||||||||||||
Transfers into level 3 | ( i 115) | ( i 547) | |||||||||||||||
Transfers out of level 3 | i 15 | i 561 | |||||||||||||||
Ending balance | $ | ( i 1,071) | $ | ( i 561) |
Goldman Sachs 2023 Form 10-K | 149 |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
As of December 2023 | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | i 46,731 | $ | i – | $ | i – | $ | i 46,731 | ||||||
Non-U.S. | i 2,399 | i 144 | i – | i 2,543 | ||||||||||
Corporate debt securities | i 160 | i 2,299 | i 6,533 | i 8,992 | ||||||||||
Securities backed by real estate | i – | i 2 | i 687 | i 689 | ||||||||||
Money market instruments | i 52 | i 999 | i – | i 1,051 | ||||||||||
Other debt obligations | i 9 | i 14 | i 244 | i 267 | ||||||||||
Equity securities | i 721 | i 2,099 | i 9,674 | i 12,494 | ||||||||||
Subtotal | $ | i 50,072 | $ | i 5,557 | $ | i 17,138 | $ | i 72,767 | ||||||
Investments in funds at NAV | i 3,000 | |||||||||||||
Total investments | $ | i 75,767 | ||||||||||||
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 |
150 | Goldman Sachs 2023 Form 10-K |
As of December 2023 | As of December 2022 | ||||||||||||||||
$ in millions | Amount or Range | Weighted Average | Amount
or Range | Weighted Average | |||||||||||||
Corporate debt securities | |||||||||||||||||
Level 3 assets | $ | i 6,533 | $ | i 7,003 | |||||||||||||
Yield | i 6.0%
to i 31.0% | i 12.1 | % | i 5.0%
to i 21.8% | i 11.6 | % | |||||||||||
Recovery rate | i 7.3%
to i 41.2% | i 27.6 | % | i 10.0%
to i 70.0% | i 55.5 | % | |||||||||||
Duration (years) | i 0.4
to i 5.3 | i 3.0 | i 1.3
to i 5.7 | i 3.3 | |||||||||||||
Multiples | i 0.9x
to i 53.3x | i 7.7x | i 1.8x
to i 83.4x | i 8.3x | |||||||||||||
Securities backed by real estate | |||||||||||||||||
Level 3 assets | $ | i 687 | $ | i 827 | |||||||||||||
Yield | i 7.4%
to i 18.8% | i 14.1 | % | i 8.0%
to i 20.3% | i 14.6 | % | |||||||||||
Duration (years) | i 0.4
to i 4.1 | i 3.9 | i 0.6
to i 4.2 | i 4.1 | |||||||||||||
Other debt obligations | |||||||||||||||||
Level 3 assets | $ | i 244 | $ | i 256 | |||||||||||||
Yield | i 7.6%
to i 8.8% | i 8.2 | % | i 5.2%
to i 8.4% | i 7.4 | % | |||||||||||
Equity securities | |||||||||||||||||
Level 3 assets | $ | i 9,674 | $ | i 8,856 | |||||||||||||
Multiples | i 0.5x
to i 25.2x | i 8.3x | i 0.5x
to i 34.3x | i 8.3x | |||||||||||||
Discount rate/yield | i 6.0%
to i 38.5% | i 12.3 | % | i 5.4%
to i 38.5% | i 14.6 | % | |||||||||||
Capitalization rate | i 4.5%
to i 8.0% | i 5.3 | % | i 4.0%
to i 10.8% | i 5.4 | % |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | |||||||||||||||
Beginning balance | $ | i 16,942 | $ | i 13,902 | |||||||||||||
Net realized gains/(losses) | i 463 | i 563 | |||||||||||||||
Net unrealized gains/(losses) | ( i 722) | ( i 1,649) | |||||||||||||||
Purchases | i 1,651 | i 2,362 | |||||||||||||||
Sales | ( i 1,186) | ( i 1,514) | |||||||||||||||
Settlements | ( i 1,762) | ( i 1,995) | |||||||||||||||
Transfers into level 3 | i 2,918 | i 6,345 | |||||||||||||||
Transfers out of level 3 | ( i 1,166) | ( i 1,072) | |||||||||||||||
Ending balance | $ | i 17,138 | $ | i 16,942 |
Goldman Sachs 2023 Form 10-K | 151 |
Year
Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | |||||||||||||||
Corporate debt securities | |||||||||||||||||
Beginning balance | $ | i 7,003 | $ | i 4,527 | |||||||||||||
Net realized gains/(losses) | i 360 | i 352 | |||||||||||||||
Net unrealized gains/(losses) | i 1 | ( i 173) | |||||||||||||||
Purchases | i 590 | i 1,007 | |||||||||||||||
Sales | ( i 458) | ( i 125) | |||||||||||||||
Settlements | ( i 1,110) | ( i 1,117) | |||||||||||||||
Transfers into level 3 | i 755 | i 2,790 | |||||||||||||||
Transfers out of level 3 | ( i 608) | ( i 258) | |||||||||||||||
Ending balance | $ | i 6,533 | $ | i 7,003 | |||||||||||||
Securities backed by real estate | |||||||||||||||||
Beginning balance | $ | i 827 | $ | i 1,078 | |||||||||||||
Net realized gains/(losses) | i 12 | i 42 | |||||||||||||||
Net unrealized gains/(losses) | ( i 166) | ( i 338) | |||||||||||||||
Purchases | i 58 | i 199 | |||||||||||||||
Sales | ( i 148) | ( i 169) | |||||||||||||||
Settlements | ( i 62) | ( i 320) | |||||||||||||||
Transfers into level 3 | i 171 | i 344 | |||||||||||||||
Transfers out of level 3 | ( i 5) | ( i 9) | |||||||||||||||
Ending balance | $ | i 687 | $ | i 827 | |||||||||||||
Other debt obligations | |||||||||||||||||
Beginning balance | $ | i 256 | $ | i 382 | |||||||||||||
Net realized gains/(losses) | i 4 | i 12 | |||||||||||||||
Net unrealized gains/(losses) | i – | ( i 5) | |||||||||||||||
Purchases | i 2 | i 25 | |||||||||||||||
Sales | i – | ( i 6) | |||||||||||||||
Settlements | ( i 18) | ( i 147) | |||||||||||||||
Transfers out of level 3 | i – | ( i 5) | |||||||||||||||
Ending balance | $ | i 244 | $ | i 256 | |||||||||||||
Equity securities | |||||||||||||||||
Beginning balance | $ | i 8,856 | $ | i 7,915 | |||||||||||||
Net realized gains/(losses) | i 87 | i 157 | |||||||||||||||
Net unrealized gains/(losses) | ( i 557) | ( i 1,133) | |||||||||||||||
Purchases | i 1,001 | i 1,131 | |||||||||||||||
Sales | ( i 580) | ( i 1,214) | |||||||||||||||
Settlements | ( i 572) | ( i 411) | |||||||||||||||
Transfers into level 3 | i 1,992 | i 3,211 | |||||||||||||||
Transfers out of level 3 | ( i 553) | ( i 800) | |||||||||||||||
Ending balance | $ | i 9,674 | $ | i 8,856 |
152 | Goldman Sachs 2023 Form 10-K |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
As of December 2023 | ||||||||||||||
Loan Type | ||||||||||||||
Corporate | $ | i – | $ | i 415 | $ | i 344 | $ | i 759 | ||||||
Real
estate: | ||||||||||||||
Commercial | i – | i 360 | i 203 | i 563 | ||||||||||
Residential
| i – | i 4,087 | i 58 | i 4,145 | ||||||||||
Other
collateralized | i – | i 775 | i 136 | i 911 | ||||||||||
Other | i – | i 46 | i 82 | i 128 | ||||||||||
Total | $ | i – | $ | i 5,683 | $ | i 823 | $ | i 6,506 | ||||||
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 December 2023 | As of December 2022 | ||||||||||||||||
$ in millions | Amount
or Range | Weighted Average | Amount or Range | Weighted Average | |||||||||||||
Corporate | |||||||||||||||||
Level 3 assets | $ | i 344 | $ | i 637 | |||||||||||||
Yield | i 8.0%
to i 17.1% | i 10.5 | % | i 4.1%
to i 26.9% | i 9.6 | % | |||||||||||
Recovery rate | i 2.0%
to i 95.0% | i 74.0 | % | i 23.1%
to i 95.0% | i 66.0 | % | |||||||||||
Duration (years) | i 0.7
to i 2.3 | i 1.7 | i 1.6
to i 3.3 | i 2.6 | |||||||||||||
Real estate | |||||||||||||||||
Level 3 assets | $ | i 261 | $ | i 785 | |||||||||||||
Yield | i 5.0%
to i 21.4% | i 18.1 | % | i 3.0%
to i 27.0% | i 16.1 | % | |||||||||||
Recovery rate | i 5.3%
to i 99.2% | i 66.0 | % | i 3.6%
to i 66.2% | i 54.4 | % | |||||||||||
Duration (years) | i 0.5
to i 6.2 | i 1.6 | i 0.6
to i 6.7 | i 2.5 | |||||||||||||
Other collateralized | |||||||||||||||||
Level 3 assets | $ | i 136 | $ | i 140 | |||||||||||||
Yield | i 5.6%
to i 8.7% | i 6.1 | % | i 5.8%
to i 12.7% | i 7.7 | % | |||||||||||
Duration (years) | N/A | N/A | i 2.5
to i 2.9 | i 2.7 | |||||||||||||
Other | |||||||||||||||||
Level 3 assets | $ | i 82 | $ | i 275 | |||||||||||||
Yield | i 7.3%
to i 13.5% | i 9.6 | % | i 9.4%
to i 10.0% | i 9.9 | % | |||||||||||
Duration (years) | i 3.6
to i 5.2 | i 4.2 | N/A | N/A |
Goldman Sachs 2023 Form 10-K | 153 |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | |||||||||||||||
Beginning balance | $ | i 1,837 | $ | i 2,354 | |||||||||||||
Net realized gains/(losses) | i 26 | i 82 | |||||||||||||||
Net unrealized gains/(losses) | ( i 169) | ( i 129) | |||||||||||||||
Purchases | i 53 | i 113 | |||||||||||||||
Sales | ( i 540) | ( i 82) | |||||||||||||||
Settlements | ( i 318) | ( i 403) | |||||||||||||||
Transfers into level 3 | i 2 | i 236 | |||||||||||||||
Transfers out of level 3 | ( i 68) | ( i 334) | |||||||||||||||
Ending balance | $ | i 823 | $ | i 1,837 |
Year Ended December | |||||||||||||||||||||||
$ in millions | 2023 | 2022 | |||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Beginning balance | $ | i 637 | $ | i 672 | |||||||||||||||||||
Net realized gains/(losses) | i 10 | i 29 | |||||||||||||||||||||
Net unrealized gains/(losses) | ( i 124) | ( i 40) | |||||||||||||||||||||
Purchases | i 10 | i 27 | |||||||||||||||||||||
Sales | ( i 47) | ( i 74) | |||||||||||||||||||||
Settlements | ( i 113) | ( i 95) | |||||||||||||||||||||
Transfers into level 3 | i 2 | i 121 | |||||||||||||||||||||
Transfers out of level 3 | ( i 31) | ( i 3) | |||||||||||||||||||||
Ending balance | $ | i 344 | $ | i 637 | |||||||||||||||||||
Real
estate | |||||||||||||||||||||||
Beginning balance | $ | i 785 | $ | i 1,188 | |||||||||||||||||||
Net realized gains/(losses) | i 11 | i 45 | |||||||||||||||||||||
Net unrealized gains/(losses) | ( i 42) | ( i 108) | |||||||||||||||||||||
Purchases | i 7 | i 65 | |||||||||||||||||||||
Sales | ( i 272) | ( i 8) | |||||||||||||||||||||
Settlements | ( i 192) | ( i 233) | |||||||||||||||||||||
Transfers into level 3 | i – | i 102 | |||||||||||||||||||||
Transfers out of level 3 | ( i 36) | ( i 266) | |||||||||||||||||||||
Ending balance | $ | i 261 | $ | i 785 | |||||||||||||||||||
Other
collateralized | |||||||||||||||||||||||
Beginning balance | $ | i 140 | $ | i 229 | |||||||||||||||||||
Net realized gains/(losses) | i 1 | i 3 | |||||||||||||||||||||
Net unrealized gains/(losses) | ( i 6) | ( i 2) | |||||||||||||||||||||
Purchases | i 5 | i 3 | |||||||||||||||||||||
Sales | ( i 2) | i – | |||||||||||||||||||||
Settlements | ( i 2) | ( i 55) | |||||||||||||||||||||
Transfers into level 3 | i – | i 13 | |||||||||||||||||||||
Transfers out of level 3 | i – | ( i 51) | |||||||||||||||||||||
Ending balance | $ | i 136 | $ | i 140 | |||||||||||||||||||
Other | |||||||||||||||||||||||
Beginning balance | $ | i 275 | $ | i 265 | |||||||||||||||||||
Net realized gains/(losses) | i 4 | i 5 | |||||||||||||||||||||
Net unrealized gains/(losses) | i 3 | i 21 | |||||||||||||||||||||
Purchases | i 31 | i 18 | |||||||||||||||||||||
Sales | ( i 219) | i – | |||||||||||||||||||||
Settlements | ( i 11) | ( i 20) | |||||||||||||||||||||
Transfers out of level 3 | ( i 1) | ( i 14) | |||||||||||||||||||||
Ending balance | $ | i 82 | $ | i 275 |
154 | Goldman Sachs 2023 Form 10-K |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
As of December 2023 | ||||||||||||||
Assets | ||||||||||||||
Resale agreements | $ | i – | $ | i 223,543 | $ | i – | $ | i 223,543 | ||||||
Securities borrowed | i – | i 44,930 | i – | i 44,930 | ||||||||||
Customer and other receivables | i – | i 23 | i – | i 23 | ||||||||||
Other
assets | i – | i 179 | i 187 | i 366 | ||||||||||
Total | $ | i – | $ | i 268,675 | $ | i 187 | $ | i 268,862 | ||||||
Liabilities | ||||||||||||||
Deposits | $ | i – | $ | ( i 26,723) | $ | ( i 2,737) | $ | ( i 29,460) | ||||||
Repurchase agreements | i – | ( i 249,887) | i – | ( i 249,887) | ||||||||||
Securities loaned | i – | ( i 8,934) | i – | ( i 8,934) | ||||||||||
Other secured financings | i – | ( i 10,532) | ( i 2,022) | ( i 12,554) | ||||||||||
Unsecured borrowings: | ||||||||||||||
Short-term | i – | ( i 40,538) | ( i 5,589) | ( i 46,127) | ||||||||||
Long-term | i – | ( i 72,562) | ( i 13,848) | ( i 86,410) | ||||||||||
Other liabilities | i – | ( i 187) | ( i 79) | ( i 266) | ||||||||||
Total | $ | i – | $ | ( i 409,363) | $ | ( i 24,275) | $ | ( i 433,638) | ||||||
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 2023 Form 10-K | 155 |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | |||||||||||||||
Assets | |||||||||||||||||
Beginning balance | $ | i 74 | $ | i – | |||||||||||||
Net realized gains/(losses) | ( i 2) | i – | |||||||||||||||
Net unrealized gains/(losses) | i 95 | i 65 | |||||||||||||||
Purchases | i 20 | i 9 | |||||||||||||||
Ending balance | $ | i 187 | $ | i 74 | |||||||||||||
Liabilities | |||||||||||||||||
Beginning balance | $ | ( i 18,826) | $ | ( i 23,567) | |||||||||||||
Net realized gains/(losses) | ( i 212) | ( i 311) | |||||||||||||||
Net unrealized gains/(losses) | ( i 1,667) | i 4,459 | |||||||||||||||
Issuances | ( i 8,153) | ( i 10,090) | |||||||||||||||
Settlements | i 8,298 | i 10,255 | |||||||||||||||
Transfers into level 3 | ( i 4,542) | ( i 1,851) | |||||||||||||||
Transfers out of level 3 | i 827 | i 2,279 | |||||||||||||||
Ending balance | $ | ( i 24,275) | $ | ( i 18,826) |
156 | Goldman Sachs 2023 Form 10-K |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | |||||||||||||||
Deposits | |||||||||||||||||
Beginning balance | $ | ( i 2,743) | $ | ( i 3,613) | |||||||||||||
Net realized gains/(losses) | ( i 2) | ( i 5) | |||||||||||||||
Net unrealized gains/(losses) | ( i 140) | i 391 | |||||||||||||||
Issuances | ( i 506) | ( i 937) | |||||||||||||||
Settlements | i 773 | i 1,264 | |||||||||||||||
Transfers into level 3 | ( i 153) | ( i 13) | |||||||||||||||
Transfers out of level 3 | i 34 | i 170 | |||||||||||||||
Ending balance | $ | ( i 2,737) | $ | ( i 2,743) | |||||||||||||
Other secured financings | |||||||||||||||||
Beginning balance | $ | ( i 1,842) | $ | ( i 2,566) | |||||||||||||
Net realized gains/(losses) | ( i 19) | ( i 12) | |||||||||||||||
Net unrealized gains/(losses) | ( i 50) | i 31 | |||||||||||||||
Issuances | ( i 657) | ( i 621) | |||||||||||||||
Settlements | i 1,479 | i 850 | |||||||||||||||
Transfers into level 3 | ( i 941) | ( i 110) | |||||||||||||||
Transfers out of level 3 | i 8 | i 586 | |||||||||||||||
Ending balance | $ | ( i 2,022) | $ | ( i 1,842) | |||||||||||||
Unsecured short-term borrowings | |||||||||||||||||
Beginning balance | $ | ( i 4,090) | $ | ( i 7,829) | |||||||||||||
Net realized gains/(losses) | ( i 36) | ( i 112) | |||||||||||||||
Net unrealized gains/(losses) | ( i 563) | i 730 | |||||||||||||||
Issuances | ( i 4,315) | ( i 3,497) | |||||||||||||||
Settlements | i 3,418 | i 6,201 | |||||||||||||||
Transfers into level 3 | ( i 281) | ( i 265) | |||||||||||||||
Transfers out of level 3 | i 278 | i 682 | |||||||||||||||
Ending balance | $ | ( i 5,589) | $ | ( i 4,090) | |||||||||||||
Unsecured long-term borrowings | |||||||||||||||||
Beginning balance | $ | ( i 10,066) | $ | ( i 9,413) | |||||||||||||
Net realized gains/(losses) | ( i 155) | ( i 182) | |||||||||||||||
Net unrealized gains/(losses) | ( i 914) | i 3,246 | |||||||||||||||
Issuances | ( i 2,675) | ( i 5,035) | |||||||||||||||
Settlements | i 2,622 | i 1,940 | |||||||||||||||
Transfers into level 3 | ( i 3,167) | ( i 1,463) | |||||||||||||||
Transfers out of level 3 | i 507 | i 841 | |||||||||||||||
Ending balance | $ | ( i 13,848) | $ | ( i 10,066) | |||||||||||||
Other liabilities | |||||||||||||||||
Beginning balance | $ | ( i 85) | $ | ( i 146) | |||||||||||||
Net unrealized gains/(losses) | i – | i 61 | |||||||||||||||
Settlements | i 6 | i – | |||||||||||||||
Ending balance | $ | ( i 79) | $ | ( i 85) |
Goldman Sachs 2023 Form 10-K | 157 |
Trading | Trading | ||||||||||
$ in millions | Assets | Liabilities | |||||||||
As of December 2023 | |||||||||||
Trading cash instruments | $ | i 426,390 | $ | i 143,601 | |||||||
Derivatives | i 51,120 | i 56,754 | |||||||||
Total | $ | i 477,510 | $ | i 200,355 | |||||||
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 |
Year
Ended December | |||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||||||||
Interest rates | $ | i 4,437 | $ | ( i 4,890) | $ | ( i 2,664) | |||||||||||||||||
Credit | i 1,141 | i 1,095 | i 1,739 | ||||||||||||||||||||
Currencies | i 2,827 | i 11,662 | i 5,627 | ||||||||||||||||||||
Equities | i 7,938 | i 7,734 | i 8,459 | ||||||||||||||||||||
Commodities | i 1,895 | i 3,033 | i 2,196 | ||||||||||||||||||||
Total | $ | i 18,238 | $ | i 18,634 | $ | i 15,357 |
158 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 159 |
As of December 2023 | As of December 2022 | ||||||||||||||||
$ in millions | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||
Not accounted for as hedges | |||||||||||||||||
Exchange-traded | $ | i 3,401 | $ | i 1,129 | $ | i 675 | $ | i 1,385 | |||||||||
OTC-cleared | i 67,815 | i 64,490 | i 74,297 | i 72,979 | |||||||||||||
Bilateral OTC | i 171,109 | i 149,444 | i 195,052 | i 174,687 | |||||||||||||
Total interest rates | i 242,325 | i 215,063 | i 270,024 | i 249,051 | |||||||||||||
OTC-cleared | i 1,271 | i 1,533 | i 1,516 | i 1,802 | |||||||||||||
Bilateral OTC | i 11,554 | i 8,601 | i 10,751 | i 9,478 | |||||||||||||
Total credit | i 12,825 | i 10,134 | i 12,267 | i 11,280 | |||||||||||||
Exchange-traded | i 708 | i 15 | i 1,041 | i 22 | |||||||||||||
OTC-cleared | i 1,033 | i 1,632 | i 520 | i 589 | |||||||||||||
Bilateral OTC | i 88,158 | i 95,742 | i 102,301 | i 111,276 | |||||||||||||
Total currencies | i 89,899 | i 97,389 | i 103,862 | i 111,887 | |||||||||||||
Exchange-traded | i 5,468 | i 5,998 | i 9,225 | i 9,542 | |||||||||||||
OTC-cleared | i 635 | i 711 | i 698 | i 838 | |||||||||||||
Bilateral OTC | i 10,739 | i 11,234 | i 30,017 | i 22,745 | |||||||||||||
Total commodities | i 16,842 | i 17,943 | i 39,940 | i 33,125 | |||||||||||||
Exchange-traded | i 31,315 | i 39,247 | i 26,302 | i 26,607 | |||||||||||||
OTC-cleared | i 122 | i 171 | i 685 | i 19 | |||||||||||||
Bilateral OTC | i 28,601 | i 40,696 | i 23,574 | i 30,157 | |||||||||||||
Total equities | i 60,038 | i 80,114 | i 50,561 | i 56,783 | |||||||||||||
Subtotal | i 421,929 | i 420,643 | i 476,654 | i 462,126 | |||||||||||||
Accounted for as hedges | |||||||||||||||||
Bilateral OTC | i 298 | i 9 | i 335 | i 11 | |||||||||||||
Total interest rates | i 298 | i 9 | i 335 | i 11 | |||||||||||||
OTC-cleared | i – | i 7 | i 29 | i 29 | |||||||||||||
Bilateral OTC | i 5 | i 208 | i 53 | i 256 | |||||||||||||
Total currencies | i 5 | i 215 | i 82 | i 285 | |||||||||||||
Subtotal | i 303 | i 224 | i 417 | i 296 | |||||||||||||
Total gross fair value | $ | i 422,232 | $ | i 420,867 | $ | i 477,071 | $ | i 462,422 | |||||||||
Offset
in the consolidated balance sheets | |||||||||||||||||
Exchange-traded | $ | ( i 32,722) | $ | ( i 32,722) | $ | ( i 31,229) | $ | ( i 31,229) | |||||||||
OTC-cleared | ( i 67,272) | ( i 67,272) | ( i 75,349) | ( i 75,349) | |||||||||||||
Bilateral OTC | ( i 221,395) | ( i 221,395) | ( i 254,304) | ( i 254,304) | |||||||||||||
Counterparty netting | ( i 321,389) | ( i 321,389) | ( i 360,882) | ( i 360,882) | |||||||||||||
OTC-cleared | ( i 1,335) | ( i 486) | ( i 1,388) | ( i 406) | |||||||||||||
Bilateral OTC | ( i 48,388) | ( i 42,238) | ( i 55,388) | ( i 46,399) | |||||||||||||
Cash collateral netting | ( i 49,723) | ( i 42,724) | ( i 56,776) | ( i 46,805) | |||||||||||||
Total amounts offset | $ | ( i 371,112) | $ | ( i 364,113) | $ | ( i 417,658) | $ | ( i 407,687) | |||||||||
Included in the consolidated balance sheets | |||||||||||||||||
Exchange-traded | $ | i 8,170 | $ | i 13,667 | $ | i 6,014 | $ | i 6,327 | |||||||||
OTC-cleared | i 2,269 | i 786 | i 1,008 | i 501 | |||||||||||||
Bilateral OTC | i 40,681 | i 42,301 | i 52,391 | i 47,907 | |||||||||||||
Total | $ | i 51,120 | $ | i 56,754 | $ | i 59,413 | $ | i 54,735 | |||||||||
Not
offset in the consolidated balance sheets | |||||||||||||||||
Cash collateral | $ | ( i 877) | $ | ( i 2,732) | $ | ( i 298) | $ | ( i 1,887) | |||||||||
Securities collateral | ( i 13,425) | ( i 6,516) | ( i 15,229) | ( i 4,329) | |||||||||||||
Total | $ | i 36,818 | $ | i 47,506 | $ | i 43,886 | $ | i 48,519 |
Notional
Amounts as of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Not accounted for as hedges | ||||||||
Exchange-traded | $ | i 3,854,689 | $ | i 4,241,937 | ||||
OTC-cleared | i 16,007,915 | i 13,104,682 | ||||||
Bilateral OTC | i 12,390,595 | i 11,137,127 | ||||||
Total interest rates | i 32,253,199 | i 28,483,746 | ||||||
Exchange-traded | i 299 | i 369 | ||||||
OTC-cleared | i 498,720 | i 529,543 | ||||||
Bilateral OTC | i 619,975 | i 577,542 | ||||||
Total credit | i 1,118,994 | i 1,107,454 | ||||||
Exchange-traded | i 11,586 | i 9,012 | ||||||
OTC-cleared | i 268,293 | i 150,561 | ||||||
Bilateral OTC | i 6,363,700 | i 5,304,069 | ||||||
Total currencies | i 6,643,579 | i 5,463,642 | ||||||
Exchange-traded | i 306,787 | i 341,526 | ||||||
OTC-cleared | i 3,323 | i 3,188 | ||||||
Bilateral OTC | i 199,270 | i 255,208 | ||||||
Total commodities | i 509,380 | i 599,922 | ||||||
Exchange-traded | i 1,564,341 | i 1,107,659 | ||||||
OTC-cleared | i 1,487 | i 1,639 | ||||||
Bilateral OTC | i 1,204,140 | i 1,026,736 | ||||||
Total equities | i 2,769,968 | i 2,136,034 | ||||||
Subtotal | i 43,295,120 | i 37,790,798 | ||||||
Accounted for as hedges | ||||||||
OTC-cleared | i 241,160 | i 257,739 | ||||||
Bilateral OTC | i 2,914 | i 3,156 | ||||||
Total interest rates | i 244,074 | i 260,895 | ||||||
OTC-cleared | i 1,227 | i 2,048 | ||||||
Bilateral OTC | i 9,130 | i 7,701 | ||||||
Total currencies | i 10,357 | i 9,749 | ||||||
Subtotal | i 254,431 | i 270,644 | ||||||
Total notional amounts | $ | i 43,549,551 | $ | i 38,061,442 |
160 | Goldman Sachs 2023 Form 10-K |
$ in millions | Less than 1 Year | 1 -
5 Years | Greater than 5 Years | Total | ||||||||||
As of December 2023 | ||||||||||||||
Assets | ||||||||||||||
Interest rates | $ | i 9,511 | $ | i 12,178 | $ | i 49,045 | $ | i 70,734 | ||||||
Credit | i 1,814 | i 3,283 | i 1,961 | i 7,058 | ||||||||||
Currencies | i 9,117 | i 7,579 | i 5,479 | i 22,175 | ||||||||||
Commodities | i 2,993 | i 2,574 | i 1,451 | i 7,018 | ||||||||||
Equities | i 6,625 | i 3,155 | i 1,655 | i 11,435 | ||||||||||
Counterparty netting in tenors | ( i 3,046) | ( i 2,765) | ( i 3,648) | ( i 9,459) | ||||||||||
Subtotal | $ | i 27,014 | $ | i 26,004 | $ | i 55,943 | $ | i 108,961 | ||||||
Cross-tenor counterparty netting | ( i 16,288) | |||||||||||||
Cash collateral netting | ( i 49,723) | |||||||||||||
Total OTC derivative assets | $ | i 42,950 | ||||||||||||
Liabilities | ||||||||||||||
Interest rates | $ | i 11,952 | $ | i 15,972 | $ | i 17,540 | $ | i 45,464 | ||||||
Credit | i 792 | i 2,508 | i 1,067 | i 4,367 | ||||||||||
Currencies | i 15,335 | i 7,934 | i 7,299 | i 30,568 | ||||||||||
Commodities | i 2,526 | i 3,643 | i 1,419 | i 7,588 | ||||||||||
Equities | i 10,183 | i 10,048 | i 3,340 | i 23,571 | ||||||||||
Counterparty netting in tenors | ( i 3,046) | ( i 2,765) | ( i 3,648) | ( i 9,459) | ||||||||||
Subtotal | $ | i 37,742 | $ | i 37,340 | $ | i 27,017 | $ | i 102,099 | ||||||
Cross-tenor counterparty netting | ( i 16,288) | |||||||||||||
Cash collateral netting | ( i 42,724) | |||||||||||||
Total OTC derivative liabilities | $ | i 43,087 | ||||||||||||
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 2023 Form 10-K | 161 |
Credit Spread on Underlier (basis points) | |||||||||||||||||
$ in millions | 0 - 250 | 251 - 500 | 501 - 1,000 | Greater than 1,000 | Total | ||||||||||||
As of December 2023 | |||||||||||||||||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | |||||||||||||||||
Less than 1 year | $ | i 126,667 | $ | i 12,594 | $ | i 892 | $ | i 3,611 | $ | i 143,764 | |||||||
1 - 5 years | i 324,577 | i 11,371 | i 5,613 | i 5,802 | i 347,363 | ||||||||||||
Greater than 5 years | i 30,406 | i 1,316 | i 671 | i 249 | i 32,642 | ||||||||||||
Total | $ | i 481,650 | $ | i 25,281 | $ | i 7,176 | $ | i 9,662 | $ | i 523,769 | |||||||
Maximum
Payout/Notional Amount of Purchased Credit Derivatives | |||||||||||||||||
Offsetting | $ | i 396,984 | $ | i 11,857 | $ | i 6,241 | $ | i 8,246 | $ | i 423,328 | |||||||
Other | i 155,468 | i 12,862 | i 1,948 | i 1,619 | i 171,897 | ||||||||||||
Total | $ | i 552,452 | $ | i 24,719 | $ | i 8,189 | $ | i 9,865 | $ | i 595,225 | |||||||
Fair Value of Written Credit Derivatives | |||||||||||||||||
Asset | $ | i 11,147 | $ | i 654 | $ | i 221 | $ | i 165 | $ | i 12,187 | |||||||
Liability | i 1,723 | i 47 | i 201 | i 1,034 | i 3,005 | ||||||||||||
Net asset/(liability) | $ | i 9,424 | $ | i 607 | $ | i 20 | $ | ( i 869) | $ | i 9,182 | |||||||
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 | ||||||||||||
Total | $ | i 501,188 | $ | i 46,360 | $ | i 17,432 | $ | i 14,164 | $ | i 579,144 | |||||||
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 |
162 | Goldman Sachs 2023 Form 10-K |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
CVA, net of hedges | $ | ( i 139) | $ | i 320 | $ | i 25 | |||||||||||
FVA, net of hedges | i 131 | ( i 193) | i 60 | ||||||||||||||
Total | $ | ( i 8) | $ | i 127 | $ | i 85 |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Fair value of assets | $ | i 450 | $ | i 288 | ||||
Fair value of liabilities | ( i 307) | ( i 392) | ||||||
Net asset/(liability) | $ | i 143 | $ | ( i 104) | ||||
Notional
amount | $ | i 8,082 | $ | i 8,892 |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Net derivative liabilities under bilateral agreements | $ | i 30,021 | $ | i 33,059 | ||||
Collateral posted | $ | i 20,758 | $ | i 27,657 | ||||
Additional collateral or termination payments: | ||||||||
One-notch downgrade | $ | i 271 | $ | i 343 | ||||
Two-notch downgrade | $ | i 1,584 | $ | i 1,115 |
Goldman Sachs 2023 Form 10-K | 163 |
Year
Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Investments | |||||||||||||||||
Interest rate hedges | $ | ( i 109) | $ | i 366 | $ | i – | |||||||||||
Hedged investments | i 111 | ( i 350) | i – | ||||||||||||||
Gains/(losses) | $ | i 2 | $ | i 16 | $ | i – | |||||||||||
Borrowings
and deposits | |||||||||||||||||
Interest rate hedges | $ | i 3,859 | $ | ( i 22,183) | $ | ( i 6,638) | |||||||||||
Hedged borrowings and deposits | ( i 4,344) | i 21,662 | i 6,085 | ||||||||||||||
Gains/(losses) | $ | ( i 485) | $ | ( i 521) | $ | ( i 553) |
$ in millions | Carrying Value | Cumulative Hedging Adjustment | ||||||
As of December 2023 | ||||||||
Assets | ||||||||
Investments | $ | i 16,523 | $ | ( i 104) | ||||
Liabilities | ||||||||
Deposits | $ | i 3,435 | $ | ( i 123) | ||||
Unsecured short-term borrowings | $ | i 14,449 | $ | ( i 94) | ||||
Unsecured long-term borrowings | $ | i 134,992 | $ | ( i 10,810) | ||||
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) |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Hedges: | |||||||||||||||||
Foreign currency forward contract | $ | ( i 276) | $ | i 1,713 | $ | i 755 | |||||||||||
Foreign currency-denominated debt | $ | ( i 550) | $ | ( i 269) | $ | i 386 |
164 | Goldman Sachs 2023 Form 10-K |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Equity securities, at fair value | $ | i 13,747 | $ | i 14,892 | ||||
Debt instruments, at fair value | i 12,879 | i 14,075 | ||||||
Available-for-sale securities, at fair value | i 49,141 | i 49,234 | ||||||
Investments, at fair value | i 75,767 | i 78,201 | ||||||
Held-to-maturity securities | i 70,310 | i 51,662 | ||||||
Equity-method
investments | i 762 | i 766 | ||||||
Total investments | $ | i 146,839 | $ | i 130,629 |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Equity securities, at fair value | $ | i 13,747 | $ | 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 73 | % | i 71 | % | ||||
Real estate | i 27 | % | i 29 | % | ||||
Total | i 100 | % | i 100 | % |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Corporate debt securities | $ | i 8,992 | $ | i 10,098 | ||||
Securities backed by real estate | i 689 | i 1,003 | ||||||
Money market instruments | i 1,051 | i 1,005 | ||||||
Other | i 2,147 | i 1,969 | ||||||
Total | $ | i 12,879 | $ | i 14,075 |
Goldman Sachs 2023 Form 10-K | 165 |
$ in millions | Fair Value of Investments | Unfunded Commitments | ||||||
As of December 2023 | ||||||||
Private equity funds | $ | i 875 | $ | i 484 | ||||
Credit funds | i 1,733 | i 248 | ||||||
Hedge funds | i 46 | i – | ||||||
Real estate funds | i 346 | i 65 | ||||||
Total | $ | i 3,000 | $ | i 797 | ||||
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 |
$ in millions | Amortized Cost | Fair Value | Weighted Average Yield | ||||||||
As of December 2023 | |||||||||||
Less than 1 year | $ | i 20,027 | $ | i 19,687 | i 0.45 | % | |||||
1 year to 5 years | i 27,592 | i 26,500 | i 1.83 | % | |||||||
5 years to 10 years | i 586 | i 544 | i 2.05 | % | |||||||
Total U.S. government obligations | i 48,205 | i 46,731 | i 1.25 | % | |||||||
Less
than 1 year | i 11 | i 11 | i 0.01 | % | |||||||
1
year to 5 years | i 1,635 | i 1,420 | i 0.10 | % | |||||||
5
years to 10 years | i 1,150 | i 979 | i 0.84 | % | |||||||
Total non-U.S. government obligations | i 2,796 | i 2,410 | i 0.40 | % | |||||||
Total available-for-sale securities | $ | i 51,001 | $ | i 49,141 | i 1.21 | % | |||||
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 | % |
166 | Goldman Sachs 2023 Form 10-K |
Year
Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Purchases | $ | ( i 9,185) | $ | ( i 3,753) | $ | ( i 29,213) | |||||||||||
Proceeds
from sales | $ | i 3,161 | $ | i 2 | $ | i 24,882 | |||||||||||
Proceeds
from maturities | $ | i 8,130 | $ | i 25 | $ | i 50 | |||||||||||
Gross
realized gains | $ | i 8 | $ | i – | $ | i 206 | |||||||||||
Gross
realized losses | i – | i – | ( i 19) | ||||||||||||||
Net
gains/(losses) | $ | i 8 | $ | i – | $ | i 187 |
$ in millions | Amortized Cost | Fair Value | Weighted Average Yield | ||||||||
As of December 2023 | |||||||||||
Less than 1 year | $ | i 13,475 | $ | i 13,382 | i 2.90 | % | |||||
1 year to 5 years | i 54,789 | i 54,352 | i 3.58 | % | |||||||
5 years to 10 years | i 1,848 | i 1,861 | i 3.94 | % | |||||||
Total
government obligations | i 70,112 | i 69,595 | i 3.46 | % | |||||||
1
year to 5 years | i 3 | i 2 | i 7.92 | % | |||||||
Greater than 10 years | i 195 | i 195 | i 5.98 | % | |||||||
Total securities backed by real estate | i 198 | i 197 | i 6.02 | % | |||||||
Total held-to-maturity securities | $ | i 70,310 | $ | i 69,792 | i 3.47 | % | |||||
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 | % |
Year Ended December | |||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||
Purchases | $ | ( i 26,238) | $ | ( i 50,099) | $ | ( i 28) | |||||
Proceeds
from paydowns and maturities | $ | i 8,604 | $ | i 3,671 | $ | i 636 |
Goldman Sachs 2023 Form 10-K | 167 |
$ in millions | Amortized Cost | Fair Value | Held For Sale | Total | ||||||||||
As of December 2023 | ||||||||||||||
Loan Type | ||||||||||||||
Corporate | $ | i 33,866 | $ | i 759 | $ | i 1,249 | $ | i 35,874 | ||||||
Commercial real estate | i 25,025 | i 563 | i 440 | i 26,028 | ||||||||||
Residential real estate | i 21,243 | i 4,145 | i – | i 25,388 | ||||||||||
Securities-based | i 14,621 | i – | i – | i 14,621 | ||||||||||
Other
collateralized | i 61,105 | i 911 | i 209 | i 62,225 | ||||||||||
Consumer: | ||||||||||||||
Installment | i 250 | i – | i 3,048 | i 3,298 | ||||||||||
Credit cards | i 17,432 | i – | i 1,929 | i 19,361 | ||||||||||
Other | i 1,333 | i 128 | i 152 | i 1,613 | ||||||||||
Total loans, gross | i 174,875 | i 6,506 | i 7,027 | i 188,408 | ||||||||||
Allowance for loan losses | ( i 5,050) | i – | i – | ( i 5,050) | ||||||||||
Total loans | $ | i 169,825 | $ | i 6,506 | $ | i 7,027 | $ | i 183,358 | ||||||
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 |
168 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 169 |
$ in millions | Investment-Grade | Non-Investment- Grade | Other Metrics/Unrated | Total | ||||||||||
As of December 2023 | ||||||||||||||
Accounting Method | ||||||||||||||
Amortized cost | $ | i 91,324 | $ | i 54,200 | $ | i 29,351 | $ | i 174,875 | ||||||
Fair value | i 1,212 | i 1,213 | i 4,081 | i 6,506 | ||||||||||
Held for sale | i 255 | i 1,628 | i 5,144 | i 7,027 | ||||||||||
Total | $ | i 92,791 | $ | i 57,041 | $ | i 38,576 | $ | i 188,408 | ||||||
Loan Type | ||||||||||||||
Corporate | $ | i 9,408 | $ | i 26,328 | $ | i 138 | $ | i 35,874 | ||||||
Real estate: | ||||||||||||||
Commercial | i 12,097 | i 13,574 | i 357 | i 26,028 | ||||||||||
Residential | i 10,771 | i 3,217 | i 11,400 | i 25,388 | ||||||||||
Securities-based | i 10,991 | i 561 | i 3,069 | i 14,621 | ||||||||||
Other
collateralized | i 48,536 | i 13,207 | i 482 | i 62,225 | ||||||||||
Consumer: | ||||||||||||||
Installment | i – | i – | i 3,298 | i 3,298 | ||||||||||
Credit cards | i – | i – | i 19,361 | i 19,361 | ||||||||||
Other | i 988 | i 154 | i 471 | i 1,613 | ||||||||||
Total | $ | i 92,791 | $ | i 57,041 | $ | i 38,576 | $ | i 188,408 | ||||||
Secured | i 91 | % | i 92 | % | i 40 | % | i 81 | % | ||||||
Unsecured | i 9 | % | i 8 | % | i 60 | % | i 19 | % | ||||||
Total | i 100 | % | i 100 | % | i 100 | % | i 100 | % | ||||||
As of December 2022 | ||||||||||||||
Accounting Method | ||||||||||||||
Amortized cost | $ | i 87,019 | $ | i 53,560 | $ | i 32,001 | $ | i 172,580 | ||||||
Fair value | i 1,112 | i 1,844 | i 4,699 | i 7,655 | ||||||||||
Held for sale | i 557 | i 3,991 | i 46 | i 4,594 | ||||||||||
Total | $ | i 88,688 | $ | i 59,395 | $ | i 36,746 | $ | 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 9,512 | i 2,984 | i 10,539 | 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 88,688 | $ | i 59,395 | $ | i 36,746 | $ | i 184,829 | ||||||
Secured | i 89 | % | i 90 | % | i 37 | % | i 79 | % | ||||||
Unsecured | i 11 | % | i 10 | % | i 63 | % | i 21 | % | ||||||
Total | i 100 | % | i 100 | % | i 100 | % | i 100 | % |
170 | Goldman Sachs 2023 Form 10-K |
As of December 2023 | ||||||||||||||
$ in millions | Investment- Grade | Non-Investment- Grade | Other Metrics/ Unrated | Total | ||||||||||
2023 | $ | i 2,475 | $ | i 1,912 | $ | i 16 | $ | i 4,403 | ||||||
2022 | i 1,223 | i 3,284 | i – | i 4,507 | ||||||||||
2021 | i 848 | i 4,045 | i – | i 4,893 | ||||||||||
2020 | i 306 | i 2,098 | i – | i 2,404 | ||||||||||
2019 | i 45 | i 1,909 | i – | i 1,954 | ||||||||||
2018 or earlier | i 371 | i 2,102 | i – | i 2,473 | ||||||||||
Revolving | i 3,857 | i 9,355 | i 20 | i 13,232 | ||||||||||
Corporate | i 9,125 | i 24,705 | i 36 | i 33,866 | ||||||||||
2023 | i 553 | i 1,547 | i 38 | i 2,138 | ||||||||||
2022 | i 1,251 | i 2,838 | i – | i 4,089 | ||||||||||
2021 | i 1,134 | i 2,661 | i – | i 3,795 | ||||||||||
2020 | i 271 | i 1,234 | i – | i 1,505 | ||||||||||
2019 | i 430 | i 631 | i – | i 1,061 | ||||||||||
2018 or earlier | i 832 | i 744 | i – | i 1,576 | ||||||||||
Revolving | i 7,129 | i 3,192 | i 309 | i 10,630 | ||||||||||
Revolving converted to term | i 231 | i – | i – | i 231 | ||||||||||
Commercial real estate | i 11,831 | i 12,847 | i 347 | i 25,025 | ||||||||||
2023 | i 619 | i 54 | i 1,627 | i 2,300 | ||||||||||
2022 | i 108 | i 41 | i 2,687 | i 2,836 | ||||||||||
2021 | i 22 | i 249 | i 2,724 | i 2,995 | ||||||||||
2020 | i 3 | i 23 | i 81 | i 107 | ||||||||||
2019 | i 6 | i – | i 89 | i 95 | ||||||||||
2018 or earlier | i – | i 20 | i 254 | i 274 | ||||||||||
Revolving | i 9,813 | i 2,823 | i – | i 12,636 | ||||||||||
Residential real estate | i 10,571 | i 3,210 | i 7,462 | i 21,243 | ||||||||||
2023 | i 8 | i – | i – | i 8 | ||||||||||
2022 | i 5 | i – | i – | i 5 | ||||||||||
2018 or earlier | i – | i 303 | i – | i 303 | ||||||||||
Revolving | i 10,978 | i 258 | i 3,069 | i 14,305 | ||||||||||
Securities-based | i 10,991 | i 561 | i 3,069 | i 14,621 | ||||||||||
2023 | i 5,412 | i 2,767 | i 245 | i 8,424 | ||||||||||
2022 | i 1,940 | i 293 | i 69 | i 2,302 | ||||||||||
2021 | i 1,883 | i 845 | i 102 | i 2,830 | ||||||||||
2020 | i 1,256 | i 469 | i 32 | i 1,757 | ||||||||||
2019 | i 177 | i 74 | i 9 | i 260 | ||||||||||
2018 or earlier | i 436 | i 66 | i 21 | i 523 | ||||||||||
Revolving | i 35,605 | i 8,242 | i 1 | i 43,848 | ||||||||||
Revolving converted to term | i 1,161 | i – | i – | i 1,161 | ||||||||||
Other collateralized | i 47,870 | i 12,756 | i 479 | i 61,105 | ||||||||||
2023 | i 60 | i 21 | i – | i 81 | ||||||||||
2022 | i 67 | i 9 | i – | i 76 | ||||||||||
2021 | i 6 | i 8 | i 51 | i 65 | ||||||||||
2020 | i – | i 3 | i 218 | i 221 | ||||||||||
2019 | i – | i – | i 4 | i 4 | ||||||||||
2018 or earlier | i – | i – | i 3 | i 3 | ||||||||||
Revolving | i 803 | i 80 | i – | i 883 | ||||||||||
Other | i 936 | i 121 | i 276 | i 1,333 | ||||||||||
Total | $ | i 91,324 | $ | i 54,200 | $ | i 11,669 | $ | i 157,193 | ||||||
Percentage of total | i 58 | % | i 35 | % | i 7 | % | 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 335 | i 1,255 | i – | i 1,590 | ||||||||||
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 | ||||||||||
Revolving converted to term | i 145 | i 12 | i – | i 157 | ||||||||||
Commercial real estate | i 11,573 | i 14,636 | i 13 | i 26,222 | ||||||||||
2022 | i 774 | i 24 | i 2,835 | i 3,633 | ||||||||||
2021 | i 517 | i 143 | i 2,848 | 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 2 | i 150 | i 183 | ||||||||||
Revolving | i 8,052 | i 2,727 | i 13 | i 10,792 | ||||||||||
Residential real estate | i 9,399 | i 2,952 | i 6,172 | 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 3,289 | i 1,078 | i 146 | i 4,513 | ||||||||||
2020 | i 1,871 | i 701 | i 36 | i 2,608 | ||||||||||
2019 | i 260 | i 79 | i 12 | i 351 | ||||||||||
2018 | i 545 | i 67 | i 6 | i 618 | ||||||||||
2017 or earlier | i 293 | i 108 | i – | i 401 | ||||||||||
Revolving | i 30,669 | i 5,323 | i 2 | i 35,994 | ||||||||||
Revolving converted to term | i 507 | i 61 | i – | i 568 | ||||||||||
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 87,019 | $ | i 53,560 | $ | i 9,855 | $ | i 150,434 | ||||||
Percentage
of total | i 58 | % | i 36 | % | i 6 | % | i 100 | % |
Goldman Sachs 2023 Form 10-K | 171 |
$ in millions | Greater than or equal to 660 | Less than 660 | Total | ||||||||
As of December 2023 | |||||||||||
2023 | $ | i 79 | $ | i 10 | $ | i 89 | |||||
2022 | i 132 | i 18 | i 150 | ||||||||
2021 or earlier | i 11 | i – | i 11 | ||||||||
Installment | i 222 | i 28 | i 250 | ||||||||
Credit cards | i 11,119 | i 6,313 | i 17,432 | ||||||||
Total | $ | i 11,341 | $ | i 6,341 | $ | i 17,682 | |||||
Percentage of total: | |||||||||||
Installment | i 89 | % | i 11 | % | i 100 | % | |||||
Credit cards | i 64 | % | i 36 | % | i 100 | % | |||||
Total | i 64 | % | i 36 | % | 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 December 2023 | |||||||||||||||||
Corporate | $ | i 35,874 | i 63 | % | i 29 | % | i 8 | % | i 100 | % | |||||||
Commercial real estate | i 26,028 | i 80 | % | i 17 | % | i 3 | % | i 100 | % | ||||||||
Residential real estate | i 25,388 | i 95 | % | i 4 | % | i 1 | % | i 100 | % | ||||||||
Securities-based | i 14,621 | i 79 | % | i 20 | % | i 1 | % | i 100 | % | ||||||||
Other
collateralized | i 62,225 | i 89 | % | i 10 | % | i 1 | % | i 100 | % | ||||||||
Consumer: | |||||||||||||||||
Installment | i 3,298 | i 100 | % | i – | i – | i 100 | % | ||||||||||
Credit cards | i 19,361 | i 100 | % | i – | i – | i 100 | % | ||||||||||
Other | i 1,613 | i 97 | % | i 3 | % | i – | i 100 | % | |||||||||
Total | $ | i 188,408 | i 84 | % | i 13 | % | 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 December 2023 | |||||||||||
Corporate | $ | i 45 | $ | i 73 | $ | i 118 | |||||
Commercial real estate | i 137 | i 352 | i 489 | ||||||||
Residential real estate | i 12 | i 4 | i 16 | ||||||||
Securities-based
| i 2 | i – | i 2 | ||||||||
Other
collateralized | i 9 | i 7 | i 16 | ||||||||
Consumer: | |||||||||||
Installment | i 6 | i 7 | i 13 | ||||||||
Credit cards | i 463 | i 486 | i 949 | ||||||||
Other | i 7 | i 11 | i 18 | ||||||||
Total | $ | i 681 | $ | i 940 | $ | i 1,621 | |||||
Total divided by gross loans at amortized cost | i 0.9 | % | |||||||||
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 | % |
172 | Goldman Sachs 2023 Form 10-K |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Corporate | $ | i 1,779 | $ | i 1,432 | ||||
Commercial real estate | i 1,466 | i 1,079 | ||||||
Residential real estate | i 19 | i 93 | ||||||
Other
collateralized | i 860 | i 65 | ||||||
Other | i 17 | i – | ||||||
Installment | i – | i 41 | ||||||
Total | $ | i 4,141 | $ | i 2,710 | ||||
Total divided by gross loans at amortized cost | i 2.4 | % | i 1.6 | % |
Goldman Sachs 2023 Form 10-K | 173 |
As of December | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
$ in millions | Loans | Lending Commitments | Loans | Lending Commitments | |||||||||||||
Wholesale | |||||||||||||||||
Corporate | $ | i 33,866 | $ | i 141,976 | $ | i 36,822 | $ | i 137,149 | |||||||||
Commercial real estate | i 25,025 | i 3,379 | i 26,222 | i 3,692 | |||||||||||||
Residential real estate | i 21,243 | i 1,431 | i 18,523 | i 3,089 | |||||||||||||
Securities-based
| i 14,621 | i 691 | i 16,671 | i 508 | |||||||||||||
Other
collateralized | i 61,105 | i 23,020 | i 50,473 | i 13,209 | |||||||||||||
Other | i 1,333 | i 888 | i 1,723 | i 944 | |||||||||||||
Consumer | |||||||||||||||||
Installment | i 250 | i 1 | i 6,326 | i 1,882 | |||||||||||||
Credit cards | i 17,432 | i 56,479 | i 15,820 | i 62,216 | |||||||||||||
Total | $ | i 174,875 | $ | i 227,865 | $ | i 172,580 | $ | i 222,689 |
174 | Goldman Sachs 2023 Form 10-K |
$ in millions | Wholesale | Consumer | Total | ||||||||
Year Ended December 2023 | |||||||||||
Allowance for loan losses | |||||||||||
Beginning balance | $ | i 2,562 | $ | i 2,981 | $ | i 5,543 | |||||
Charge-offs | ( i 455) | ( i 1,246) | ( i 1,701) | ||||||||
Recoveries | i 55 | i 98 | i 153 | ||||||||
Net (charge-offs)/recoveries | ( i 400) | ( i 1,148) | ( i 1,548) | ||||||||
Provision | i 540 | i 641 | i 1,181 | ||||||||
Other | ( i 126) | i – | ( i 126) | ||||||||
Ending balance | $ | i 2,576 | $ | i 2,474 | $ | i 5,050 | |||||
Allowance ratio | i 1.6 | % | i 14.0 | % | i 2.9 | % | |||||
Net charge-off ratio | i 0.3 | % | i 5.5 | % | i 0.9 | % | |||||
Allowance for losses on lending commitments | |||||||||||
Beginning balance | $ | i 711 | $ | i 63 | $ | i 774 | |||||
Provision | ( i 90) | ( i 63) | ( i 153) | ||||||||
Other | ( i 1) | i – | ( i 1) | ||||||||
Ending balance | $ | i 620 | $ | i – | $ | i 620 | |||||
Year Ended December 2022 | |||||||||||
Allowance for loan losses | |||||||||||
Beginning balance | $ | i 2,135 | $ | i 1,438 | $ | i 3,573 | |||||
Charge-offs | ( i 318) | ( i 555) | ( i 873) | ||||||||
Recoveries | i 65 | i 82 | i 147 | ||||||||
Net (charge-offs)/recoveries | ( i 253) | ( i 473) | ( i 726) | ||||||||
Provision | i 699 | i 2,016 | i 2,715 | ||||||||
Other | ( i 19) | i – | ( i 19) | ||||||||
Ending balance | $ | i 2,562 | $ | i 2,981 | $ | i 5,543 | |||||
Allowance ratio | i 1.7 | % | i 13.5 | % | i 3.2 | % | |||||
Net charge-off ratio | i 0.2 | % | i 2.8 | % | i 0.5 | % | |||||
Allowance for losses on lending commitments | |||||||||||
Beginning balance | $ | i 589 | $ | i 187 | $ | i 776 | |||||
Provision | i 124 | ( i 124) | i – | ||||||||
Other | ( i 2) | i – | ( i 2) | ||||||||
Ending balance | $ | i 711 | $ | i 63 | $ | i 774 |
Goldman Sachs 2023 Form 10-K | 175 |
As of December 2023 | |||||
U.S. unemployment rate | |||||
Forecast for the quarter ended: | |||||
June 2024 | i 4.2 | % | |||
December 2024 | i 4.3 | % | |||
June 2025 | i 4.2 | % | |||
Growth in U.S. GDP | |||||
Forecast for the year: | |||||
2024 | i 1.7 | % | |||
2025 | i 1.7 | % | |||
2026 | i 1.7 | % |
Carrying Value | Estimated Fair Value | ||||||||||||||||
$ in millions | Level 2 | Level 3 | Total | ||||||||||||||
As of December 2023 | |||||||||||||||||
Amortized cost | $ | i 169,825 | $ | i 88,485 | $ | i 83,288 | $ | i 171,773 | |||||||||
Held for sale | $ | i 7,027 | $ | i 3,992 | $ | i 3,038 | $ | i 7,030 | |||||||||
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 |
176 | Goldman Sachs 2023 Form 10-K |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Unsecured short-term borrowings | $ | ( i 4,341) | $ | i 4,055 | $ | ( i 1,016) | |||||||||||
Unsecured long-term borrowings | ( i 4,937) | i 6,506 | ( i 2,393) | ||||||||||||||
Other | ( i 513) | i 1,072 | ( i 135) | ||||||||||||||
Total | $ | ( i 9,791) | $ | i 11,633 | $ | ( i 3,544) |
Goldman Sachs 2023 Form 10-K | 177 |
Year
Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Pre-tax DVA | $ | ( i 1,355) | $ | i 1,882 | $ | i 433 | |||||||||||
After-tax
DVA | $ | ( i 1,015) | $ | i 1,403 | $ | i 322 |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Performing loans | ||||||||
Aggregate contractual principal in excess of fair value | $ | i 1,893 | $ | i 2,645 | ||||
Loans on nonaccrual status and/or more than 90 days past due | ||||||||
Aggregate contractual principal in excess of fair value | $ | i 2,305 | $ | i 3,331 | ||||
Aggregate fair value | $ | i 1,508 | $ | i 2,633 |
178 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 179 |
Assets | Liabilities | ||||||||||||||||
$ in millions | Resale agreements | Securities borrowed | Repurchase agreements | Securities loaned | |||||||||||||
As of December 2023 | |||||||||||||||||
Included in the consolidated balance sheets | |||||||||||||||||
Gross carrying value | $ | i 315,112 | $ | i 199,753 | $ | i 341,194 | $ | i 60,816 | |||||||||
Counterparty netting | ( i 91,307) | ( i 333) | ( i 91,307) | ( i 333) | |||||||||||||
Total | i 223,805 | i 199,420 | i 249,887 | i 60,483 | |||||||||||||
Amounts not offset | |||||||||||||||||
Counterparty netting | ( i 29,136) | ( i 9,373) | ( i 29,136) | ( i 9,373) | |||||||||||||
Collateral | ( i 189,358) | ( i 182,918) | ( i 217,498) | ( i 50,807) | |||||||||||||
Total | $ | i 5,311 | $ | i 7,129 | $ | i 3,253 | $ | i 303 | |||||||||
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 |
$ in millions | Repurchase agreements | Securities loaned | ||||||
As of December 2023 | ||||||||
Money market instruments | $ | i 3 | $ | i – | ||||
U.S. government and agency obligations | i 228,718 | i 216 | ||||||
Non-U.S. government and agency obligations | i 85,230 | i 376 | ||||||
Securities backed by commercial real estate | i 135 | i – | ||||||
Securities backed by residential real estate | i 641 | i – | ||||||
Corporate debt securities | i 10,585 | i 230 | ||||||
State and municipal obligations | i 57 | i – | ||||||
Other
debt obligations | i 144 | i – | ||||||
Equity securities | i 15,681 | i 59,994 | ||||||
Total | $ | i 341,194 | $ | i 60,816 | ||||
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 December 2023 | |||||||||||
$ in millions | Repurchase agreements | Securities loaned | |||||||||
No stated maturity and overnight | $ | i 147,945 | $ | i 37,750 | |||||||
2 - 30 days | i 101,637 | i 754 | |||||||||
31 - 90 days | i 33,323 | i 454 | |||||||||
91 days - 1 year | i 46,597 | i 11,703 | |||||||||
Greater than 1 year | i 11,692 | i 10,155 | |||||||||
Total | $ | i 341,194 | $ | i 60,816 |
180 | Goldman Sachs 2023 Form 10-K |
$ in millions | U.S. Dollar | Non-U.S. Dollar | Total | ||||||||
As of December 2023 | |||||||||||
Other secured financings (short-term): | |||||||||||
At fair value | $ | i 3,385 | $ | i 3,451 | $ | i 6,836 | |||||
At amortized cost | i – | i 368 | i 368 | ||||||||
Other secured financings (long-term): | |||||||||||
At fair value | i 1,872 | i 3,846 | i 5,718 | ||||||||
At amortized cost | i 272 | i – | i 272 | ||||||||
Total other secured financings | $ | i 5,529 | $ | i 7,665 | $ | i 13,194 | |||||
Other secured financings collateralized by: | |||||||||||
Financial instruments | $ | i 3,122 | $ | i 6,755 | $ | i 9,877 | |||||
Other assets | $ | i 2,407 | $ | i 910 | $ | i 3,317 | |||||
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 |
Goldman Sachs 2023 Form 10-K | 181 |
As of | |||||
$ in millions | December 2023 | ||||
Other secured financings (short-term) | $ | i 7,204 | |||
Other secured financings (long-term): | |||||
2025 | i 1,930 | ||||
2026 | i 763 | ||||
2027 | i 124 | ||||
2028 | i 1,504 | ||||
2029 - thereafter | i 1,669 | ||||
Total other secured financings (long-term) | i 5,990 | ||||
Total other secured financings | $ | i 13,194 |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Collateral available to be delivered or repledged | $ | i 1,002,891 | $ | i 971,699 | ||||
Collateral that was delivered or repledged | $ | i 862,988 | $ | i 797,919 |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Pledged to counterparties that had the right to deliver or repledge | ||||||||
Trading assets | $ | i 110,567 | $ | i 40,143 | ||||
Pledged to counterparties that did not have the right to deliver or repledge | ||||||||
Trading assets | $ | i 138,404 | $ | i 70,912 | ||||
Investments | $ | i 22,165 | $ | i 2,932 | ||||
Loans | $ | i 8,865 | $ | i 6,600 | ||||
Other assets | $ | i 3,924 | $ | i 7,525 |
182 | Goldman Sachs 2023 Form 10-K |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Property, leasehold improvements and equipment | $ | i 11,244 | $ | i 17,074 | ||||
Goodwill | i 5,916 | i 6,374 | ||||||
Identifiable intangible assets | i 1,177 | i 2,009 | ||||||
Operating lease right-of-use assets | i 2,171 | i 2,172 | ||||||
Income tax-related assets | i 8,157 | i 7,012 | ||||||
Miscellaneous receivables and other | i 7,925 | i 4,567 | ||||||
Total | $ | i 36,590 | $ | i 39,208 |
As of 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 1,410 | i 1,385 | ||||||
Wealth management | i 1,309 | i 1,310 | ||||||
Platform Solutions: | ||||||||
Consumer
platforms | i – | i 482 | ||||||
Transaction banking and other | i 14 | i 14 | ||||||
Total | $ | i 5,916 | $ | i 6,374 |
Goldman Sachs 2023 Form 10-K | 183 |
184 | Goldman Sachs 2023 Form 10-K |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Customer lists | ||||||||
Gross carrying value | $ | i 2,339 | $ | i 2,520 | ||||
Accumulated amortization | ( i 1,292) | ( i 1,227) | ||||||
Net carrying value | i 1,047 | i 1,293 | ||||||
Other | ||||||||
Gross carrying value | i 866 | i 1,191 | ||||||
Accumulated amortization | ( i 736) | ( i 475) | ||||||
Net carrying value | i 130 | i 716 | ||||||
Total gross carrying value | i 3,205 | i 3,711 | ||||||
Total accumulated amortization | ( i 2,028) | ( i 1,702) | ||||||
Total net carrying value | $ | i 1,177 | $ | i 2,009 |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Amortization | $ | i 681 | $ | i 174 | $ | i 120 |
As of | |||||
$ in millions | December 2023 | ||||
Estimated future amortization | |||||
2024 | $ | i 101 | |||
2025 | $ | i 93 | |||
2026 | $ | i 86 | |||
2027 | $ | i 86 | |||
2028 | $ | i 86 |
Goldman Sachs 2023 Form 10-K | 185 |
186 | Goldman Sachs 2023 Form 10-K |
$ in millions | Savings and Demand | Time | Total | ||||||||
As of December 2023 | |||||||||||
Consumer | $ | i 120,211 | $ | i 36,903 | $ | i 157,114 | |||||
Private
bank | i 86,457 | i 6,855 | i 93,312 | ||||||||
Brokered certificates of deposit | i – | i 46,860 | i 46,860 | ||||||||
Deposit sweep programs | i 31,916 | i – | i 31,916 | ||||||||
Transaction banking | i 68,177 | i 3,643 | i 71,820 | ||||||||
Other | i 1,568 | i 25,827 | i 27,395 | ||||||||
Total | $ | i 308,329 | $ | i 120,088 | $ | i 428,417 | |||||
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 December | ||||||||
$ in millions | 2023 | 2022 | ||||||
U.S. offices | $ | i 333,116 | $ | i 313,598 | ||||
Non-U.S. offices | i 95,301 | i 73,067 | ||||||
Total | $ | i 428,417 | $ | i 386,665 |
As of December 2023 | |||||||||||
$ in millions | U.S. | Non-U.S. | Total | ||||||||
2024 | $ | i 76,602 | $ | i 30,318 | $ | i 106,920 | |||||
2025 | i 5,534 | i 796 | i 6,330 | ||||||||
2026 | i 2,808 | i 294 | i 3,102 | ||||||||
2027 | i 1,262 | i 204 | i 1,466 | ||||||||
2028 | i 768 | i 198 | i 966 | ||||||||
2029 - thereafter | i 1,069 | i 235 | i 1,304 | ||||||||
Total | $ | i 88,043 | $ | i 32,045 | $ | i 120,088 |
Goldman Sachs 2023 Form 10-K | 187 |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Unsecured short-term borrowings | $ | i 75,945 | $ | i 60,961 | ||||
Unsecured long-term borrowings | i 241,877 | i 247,138 | ||||||
Total | $ | i 317,822 | $ | i 308,099 |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Current portion of unsecured long-term borrowings | $ | i 49,361 | $ | i 38,635 | ||||
Hybrid financial instruments | i 23,073 | i 18,383 | ||||||
Commercial paper | i 1,213 | i 1,718 | ||||||
Other unsecured short-term borrowings | i 2,298 | i 2,225 | ||||||
Total unsecured short-term borrowings | $ | i 75,945 | $ | i 60,961 | ||||
Weighted average interest rate | i 3.64 | % | i 3.71 | % |
$ in millions | U.S. Dollar | Non-U.S. Dollar | Total | ||||||||
As of December 2023 | |||||||||||
Fixed-rate
obligations: | |||||||||||
Group Inc. | $ | i 112,821 | $ | i 31,023 | $ | i 143,844 | |||||
i 1,992 | i 3,739 | i 5,731 | |||||||||
Floating-rate obligations: | |||||||||||
Group Inc. | i 18,936 | i 12,555 | i 31,491 | ||||||||
Subsidiaries | i 38,117 | i 22,694 | i 60,811 | ||||||||
Total | $ | i 171,866 | $ | i 70,011 | $ | i 241,877 | |||||
As of December 2022 | |||||||||||
Fixed-rate obligations: | |||||||||||
Group Inc. | $ | i 117,092 | $ | i 35,541 | $ | i 152,633 | |||||
Subsidiaries | i 1,894 | i 2,997 | i 4,891 | ||||||||
Floating-rate obligations: | |||||||||||
Group Inc. | i 19,308 | i 14,032 | i 33,340 | ||||||||
Subsidiaries | i 36,381 | i 19,893 | i 56,274 | ||||||||
Total | $ | i 174,675 | $ | i 72,463 | $ | i 247,138 |
188 | Goldman Sachs 2023 Form 10-K |
As of December 2023 | |||||||||||
$ in millions | Group Inc. | Total | |||||||||
2025 | $ | i 28,946 | $ | i 18,886 | $ | i 47,832 | |||||
2026 | i 21,970 | i 8,177 | i 30,147 | ||||||||
2027 | i 26,938 | i 9,154 | i 36,092 | ||||||||
2028 | i 19,390 | i 8,638 | i 28,028 | ||||||||
2029 - thereafter | i 78,091 | i 21,687 | i 99,778 | ||||||||
Total | $ | i 175,335 | $ | i 66,542 | $ | i 241,877 |
$ in millions | Group Inc. | Total | |||||||||
As of December 2023 | |||||||||||
Fixed-rate obligations: | |||||||||||
At fair value | $ | i 10,563 | $ | i 1,654 | $ | i 12,217 | |||||
At amortized cost | i 4,897 | i 3,258 | i 8,155 | ||||||||
Floating-rate obligations: | |||||||||||
At fair value | i 18,402 | i 55,791 | i 74,193 | ||||||||
At amortized cost | i 141,473 | i 5,839 | i 147,312 | ||||||||
Total | $ | i 175,335 | $ | i 66,542 | $ | i 241,877 | |||||
As of December 2022 | |||||||||||
Fixed-rate obligations: | |||||||||||
At fair value | $ | i 6,094 | $ | i 53 | $ | i 6,147 | |||||
At amortized cost | i 2,667 | i 3,398 | i 6,065 | ||||||||
Floating-rate obligations: | |||||||||||
At fair value | i 16,328 | i 50,672 | i 67,000 | ||||||||
At amortized cost | i 160,884 | i 7,042 | i 167,926 | ||||||||
Total | $ | i 185,973 | $ | i 61,165 | $ | i 247,138 |
Goldman Sachs 2023 Form 10-K | 189 |
$ in millions | Par Amount | Carrying Value | Rate | ||||||||
As of December 2023 | |||||||||||
Subordinated debt | $ | i 12,215 | $ | i 11,898 | i 7.79 | % | |||||
Junior subordinated debt | i 968 | i 1,053 | i 6.30 | % | |||||||
Total | $ | i 13,183 | $ | i 12,951 | i 7.68 | % | |||||
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 | % |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Compensation and benefits | $ | i 7,804 | $ | i 7,225 | ||||
Income tax-related liabilities | i 2,947 | i 2,669 | ||||||
Operating lease liabilities | i 2,232 | i 2,154 | ||||||
Noncontrolling interests | i 363 | i 649 | ||||||
Employee interests in consolidated funds | i 19 | i 25 | ||||||
Accrued expenses and other | i 10,438 | i 8,733 | ||||||
Total | $ | i 23,803 | $ | i 21,455 |
190 | Goldman Sachs 2023 Form 10-K |
$ in millions | Operating lease liabilities | ||||
As of December 2023 | |||||
2024 | $ | i 325 | |||
2025 | i 325 | ||||
2026 | i 288 | ||||
2027 | i 256 | ||||
2028 | i 231 | ||||
2029 - thereafter | i 1,462 | ||||
Total undiscounted lease payments | i 2,887 | ||||
Imputed interest | ( i 655) | ||||
Total operating lease liabilities | $ | i 2,232 | |||
Weighted average remaining lease term | i 12 years | ||||
Weighted average discount rate | i 4.13 | % | |||
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 | % |
Goldman Sachs 2023 Form 10-K | 191 |
Year
Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Residential mortgages | $ | i 20,276 | $ | i 26,717 | $ | i 29,048 | |||||||||||
Commercial mortgages | i 4,446 | i 13,935 | i 18,396 | ||||||||||||||
Other financial assets | i 5,951 | i 3,617 | i 4,377 | ||||||||||||||
Total financial assets securitized | $ | i 30,673 | $ | i 44,269 | $ | i 51,821 | |||||||||||
Retained interests cash flows | $ | i 493 | $ | i 551 | $ | i 513 |
$ in millions | Outstanding Principal Amount | Retained Interests | Purchased Interests | ||||||||
As of December 2023 | |||||||||||
U.S. government agency-issued CMOs | $ | i 31,140 | $ | i 2,260 | $ | i – | |||||
Other residential mortgage-backed | i 28,767 | i 1,162 | i 78 | ||||||||
Other commercial mortgage-backed | i 61,648 | i 1,192 | i 61 | ||||||||
Corporate debt and other asset-backed | i 12,501 | i 685 | i 56 | ||||||||
Total | $ | i 134,056 | $ | i 5,299 | $ | i 195 | |||||
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 |
192 | Goldman Sachs 2023 Form 10-K |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Fair value of retained interests | $ | i 4,590 | $ | i 4,644 | ||||
Weighted average life (years) | i 5.7 | i 6.6 | ||||||
Constant prepayment rate | i 12.2% | i 7.7% | ||||||
Impact of 10% adverse change | $ | ( i 50) | $ | ( i 27) | ||||
Impact of 20% adverse change | $ | ( i 94) | $ | ( i 48) | ||||
Discount rate | i 7.6% | i 9.5% | ||||||
Impact of 10% adverse change | $ | ( i 117) | $ | ( i 138) | ||||
Impact of 20% adverse change | $ | ( i 226) | $ | ( i 266) |
Goldman Sachs 2023 Form 10-K | 193 |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Total nonconsolidated VIEs | ||||||||
Assets in VIEs | $ | i 193,934 | $ | i 181,697 | ||||
Carrying value of variable interests — assets | $ | i 15,478 | $ | i 12,325 | ||||
Carrying value of variable interests — liabilities | $ | i 2,750 | $ | i 659 | ||||
Maximum exposure to loss: | ||||||||
Retained interests | $ | i 5,299 | $ | i 5,043 | ||||
Purchased interests | i 902 | i 861 | ||||||
Commitments and guarantees | i 4,159 | i 3,087 | ||||||
Derivatives | i 8,636 | i 8,802 | ||||||
Debt and equity | i 6,927 | i 6,026 | ||||||
Total | $ | i 25,923 | $ | i 23,819 |
194 | Goldman Sachs 2023 Form 10-K |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Mortgage-backed | ||||||||
Assets in VIEs | $ | i 123,108 | $ | i 127,290 | ||||
Carrying value of variable interests — assets | $ | i 4,867 | $ | i 4,977 | ||||
Maximum exposure to loss: | ||||||||
Retained interests | $ | i 4,614 | $ | i 4,645 | ||||
Purchased interests | i 253 | i 332 | ||||||
Commitments and guarantees | i 35 | i 64 | ||||||
Derivatives | i 2 | i 2 | ||||||
Total | $ | i 4,904 | $ | i 5,043 | ||||
Real estate, credit- and power-related and other investing | ||||||||
Assets in VIEs | $ | i 43,035 | $ | i 29,193 | ||||
Carrying value of variable interests — assets | $ | i 6,625 | $ | i 4,415 | ||||
Carrying value of variable interests — liabilities | $ | i 2,220 | $ | i 2 | ||||
Maximum exposure to loss: | ||||||||
Commitments and guarantees | $ | i 3,891 | $ | i 2,679 | ||||
Debt and equity | i 4,733 | i 4,414 | ||||||
Total | $ | i 8,624 | $ | i 7,093 | ||||
Corporate
debt and other asset-backed | ||||||||
Assets in VIEs | $ | i 23,188 | $ | i 19,428 | ||||
Carrying value of variable interests — assets | $ | i 3,895 | $ | i 2,817 | ||||
Carrying value of variable interests — liabilities | $ | i 530 | $ | i 657 | ||||
Maximum exposure to loss: | ||||||||
Retained interests | $ | i 685 | $ | i 398 | ||||
Purchased interests | i 649 | i 529 | ||||||
Commitments and guarantees | i 231 | i 190 | ||||||
Derivatives | i 8,634 | i 8,800 | ||||||
Debt and equity | i 2,103 | i 1,496 | ||||||
Total | $ | i 12,302 | $ | i 11,413 | ||||
Investments
in funds | ||||||||
Assets in VIEs | $ | i 4,603 | $ | i 5,786 | ||||
Carrying value of variable interests — assets | $ | i 91 | $ | i 116 | ||||
Maximum exposure to loss: | ||||||||
Commitments and guarantees | $ | i 2 | $ | i 154 | ||||
Debt and equity | i 91 | i 116 | ||||||
Total | $ | i 93 | $ | i 270 |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Total consolidated VIEs | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 439 | $ | i 348 | ||||
Customer
and other receivables | i 347 | i 7 | ||||||
Trading assets | i 95 | i 103 | ||||||
Investments | i 80 | i 101 | ||||||
Loans | i 267 | i 1,177 | ||||||
Other assets | i 248 | i 336 | ||||||
Total | $ | i 1,476 | $ | i 2,072 | ||||
Liabilities | ||||||||
Other secured financings | $ | i 850 | $ | i 952 | ||||
Customer and other payables | i 2 | i 51 | ||||||
Trading liabilities | i – | i 9 | ||||||
Unsecured short-term borrowings | i 14 | i 58 | ||||||
Unsecured long-term borrowings | i 17 | i 16 | ||||||
Other liabilities | i 91 | i 112 | ||||||
Total | $ | i 974 | $ | i 1,198 |
Goldman Sachs 2023 Form 10-K | 195 |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Real estate, credit-related and other investing | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 417 | $ | i 339 | ||||
Customer
and other receivables | i – | i 7 | ||||||
Trading assets | i 28 | i 42 | ||||||
Investments | i 80 | i 101 | ||||||
Loans | i 267 | i 1,177 | ||||||
Other assets | i 248 | i 336 | ||||||
Total | $ | i 1,040 | $ | i 2,002 | ||||
Liabilities | ||||||||
Other secured financings | $ | i 143 | $ | i 170 | ||||
Customer and other payables | i 2 | i 51 | ||||||
Trading liabilities | i – | i 9 | ||||||
Other liabilities | i 91 | i 112 | ||||||
Total | $ | i 236 | $ | i 342 | ||||
Corporate
debt and other asset-backed | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 22 | $ | i 9 | ||||
Trading assets | i – | i 20 | ||||||
Total | $ | i 22 | $ | i 29 | ||||
Liabilities | ||||||||
Other secured financings | $ | i 374 | $ | i 482 | ||||
Total | $ | i 374 | $ | i 482 | ||||
Principal-protected
notes | ||||||||
Assets | ||||||||
Customer and other receivables | $ | i 347 | $ | i – | ||||
Trading assets | i 67 | i 41 | ||||||
Total | $ | i 414 | $ | i 41 | ||||
Liabilities | ||||||||
Other secured financings | $ | i 333 | $ | i 300 | ||||
Unsecured short-term borrowings | i 14 | i 58 | ||||||
Unsecured long-term borrowings | i 17 | i 16 | ||||||
Total | $ | i 364 | $ | i 374 |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Commitment Type | ||||||||
Commercial lending: | ||||||||
Investment-grade | $ | i 111,202 | $ | i 100,438 | ||||
Non-investment-grade | i 54,298 | i 53,486 | ||||||
Warehouse financing | i 9,184 | i 9,116 | ||||||
Consumer | i 73,074 | i 64,098 | ||||||
Total lending | i 247,758 | i 227,138 | ||||||
Risk participations | i 8,167 | i 9,173 | ||||||
Collateralized agreement | i 100,503 | i 105,301 | ||||||
Collateralized financing | i 84,276 | i 22,532 | ||||||
Investment | i 4,592 | i 7,705 | ||||||
Other | i 8,258 | i 9,690 | ||||||
Total commitments | $ | i 453,554 | $ | i 381,539 |
As of December 2023 | ||||||||||||||
2025 - | 2027 - | 2029 - | ||||||||||||
$ in millions | 2024 | 2026 | 2028 | Thereafter | ||||||||||
Commitment Type | ||||||||||||||
Commercial lending: | ||||||||||||||
Investment-grade | $ | i 21,672 | $ | i 37,000 | $ | i 51,918 | $ | i 612 | ||||||
Non-investment-grade | i 5,559 | i 21,500 | i 22,972 | i 4,267 | ||||||||||
Warehouse financing | i 2,244 | i 5,114 | i 1,770 | i 56 | ||||||||||
Consumer | i 73,073 | i 1 | i – | i – | ||||||||||
Total lending | i 102,548 | i 63,615 | i 76,660 | i 4,935 | ||||||||||
Risk participations | i 2,028 | i 3,520 | i 2,592 | i 27 | ||||||||||
Collateralized agreement | i 98,860 | i 1,191 | i – | i 452 | ||||||||||
Collateralized financing | i 84,130 | i – | i – | i 146 | ||||||||||
Investment | i 947 | i 430 | i 352 | i 2,863 | ||||||||||
Other | i 7,801 | i 239 | i 42 | i 176 | ||||||||||
Total commitments | $ | i 296,314 | $ | i 68,995 | $ | i 79,646 | $ | i 8,599 |
196 | Goldman Sachs 2023 Form 10-K |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Held for investment | $ | i 227,865 | $ | i 222,689 | ||||
Held for sale | i 19,129 | i 3,355 | ||||||
At fair value | i 764 | i 1,094 | ||||||
Total | $ | i 247,758 | $ | i 227,138 |
Goldman Sachs 2023 Form 10-K | 197 |
$ in millions | Derivatives | Securities lending and clearing | Other financial guarantees | ||||||||
As of December 2023 | |||||||||||
Carrying Value of Net Liability | $ | i 5,240 | $ | i – | $ | i 430 | |||||
Maximum Payout/Notional Amount by Period of Expiration | |||||||||||
2024 | $ | i 177,895 | $ | i 28,787 | $ | i 2,325 | |||||
2025 - 2026 | i 98,843 | i – | i 3,108 | ||||||||
2027 - 2028 | i 19,282 | i – | i 2,109 | ||||||||
2029 - thereafter | i 29,030 | i – | i 231 | ||||||||
Total | $ | i 325,050 | $ | i 28,787 | $ | i 7,773 | |||||
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 |
198 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 199 |
200 | Goldman Sachs 2023 Form 10-K |
Year Ended December | |||||||||||||||||
in millions, except per share amounts | 2023 | 2022 | 2021 | ||||||||||||||
Common share repurchases | i 16.8 | i 10.1 | i 15.3 | ||||||||||||||
Average cost per share | $ | i 345.87 | $ | i 346.07 | $ | i 339.81 | |||||||||||
Total cost of common share repurchases | $ | i 5,796 | $ | i 3,500 | $ | i 5,200 |
Year Ended December | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Dividends declared per common share | $ | i 10.50 | $ | i 9.00 | $ | i 6.50 |
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 |
Goldman Sachs 2023 Form 10-K | 201 |
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 |
2023 | 2022 | 2021 | ||||||||||||||||||||||||
Series | per share | $ in millions | per share | $ in millions | per share | $ in millions | ||||||||||||||||||||
Year Ended December | ||||||||||||||||||||||||||
A | $ | i 1,484.27 | $ | i 44 | $ | i 950.51 | $ | i 28 | $ | i 950.51 | $ | i 28 | ||||||||||||||
C | $ | i 1,484.27 | i 12 | $ | i 1,013.90 | i 8 | $ | i 1,013.90 | i 8 | |||||||||||||||||
D | $ | i 1,463.99 | i 79 | $ | i 1,013.90 | i 55 | $ | i 1,013.90 | i 55 | |||||||||||||||||
E | $ | i 6,074.57 | i 46 | $ | i 4,055.55 | i 31 | $ | i 4,055.55 | i 31 | |||||||||||||||||
F | $ | i 6,077.09 | i 10 | $ | i 4,055.55 | i 6 | $ | i 4,055.55 | i 7 | |||||||||||||||||
J | $ | i 1,261.02 | i 51 | $ | i 1,375.00 | i 55 | $ | i 1,375.00 | i 55 | |||||||||||||||||
K | $ | i 1,593.76 | i 44 | $ | i 1,593.76 | i 45 | $ | i 1,593.76 | i 44 | |||||||||||||||||
N | $ | i – | i – | $ | i – | i – | $ | i 787.50 | i 19 | |||||||||||||||||
O | $ | i 1,325.00 | i 34 | $ | i 1,325.00 | i 34 | $ | i 1,325.00 | i 34 | |||||||||||||||||
P | $ | i 2,022.64 | i 121 | $ | i 1,250.00 | i 75 | $ | i 1,250.00 | i 75 | |||||||||||||||||
Q | $ | i 1,375.00 | i 28 | $ | 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 | $ | i 1,237.50 | i 30 | |||||||||||||||||
S | $ | i 1,100.00 | i 16 | $ | i 1,100.00 | i 16 | $ | i 1,100.00 | i 15 | |||||||||||||||||
T | $ | i 950.00 | i 26 | $ | i 950.00 | i 26 | $ | i 511.94 | i 14 | |||||||||||||||||
U | $ | i 912.50 | i 27 | $ | i 942.92 | i 28 | $ | i – | i – | |||||||||||||||||
V | $ | i 1,031.25 | i 31 | $ | i 1,062.76 | i 32 | $ | i – | i – | |||||||||||||||||
Total | $ | i 599 | $ | i 497 | $ | i 443 | ||||||||||||||||||||
202 | Goldman Sachs 2023 Form 10-K |
$ in millions | Beginning balance | Other comprehensive income/(loss) adjustments, net of tax | Ending balance | ||||||||
Year Ended December 2023 | |||||||||||
Currency translation | $ | ( i 785) | $ | ( i 62) | $ | ( i 847) | |||||
Debt valuation adjustment | i 892 | ( i 1,015) | ( i 123) | ||||||||
Pension and postretirement liabilities | ( i 499) | ( i 76) | ( i 575) | ||||||||
Available-for-sale securities | ( i 2,618) | i 1,245 | ( i 1,373) | ||||||||
Total | $ | ( i 3,010) | $ | i 92 | $ | ( i 2,918) | |||||
Year Ended December 2022 | |||||||||||
Currency translation | $ | ( i 738) | $ | ( i 47) | $ | ( i 785) | |||||
Debt valuation adjustment | ( i 511) | i 1,403 | i 892 | ||||||||
Pension and postretirement liabilities | ( i 327) | ( i 172) | ( i 499) | ||||||||
Available-for-sale securities | ( i 492) | ( i 2,126) | ( i 2,618) | ||||||||
Total | $ | ( i 2,068) | $ | ( i 942) | $ | ( i 3,010) | |||||
Year Ended December 2021 | |||||||||||
Currency translation | $ | ( i 696) | $ | ( i 42) | $ | ( i 738) | |||||
Debt valuation adjustment | ( i 833) | i 322 | ( i 511) | ||||||||
Pension and postretirement liabilities | ( i 368) | i 41 | ( i 327) | ||||||||
Available-for-sale securities | i 463 | ( i 955) | ( i 492) | ||||||||
Total | $ | ( i 1,434) | $ | ( i 634) | $ | ( i 2,068) | |||||
Goldman Sachs 2023 Form 10-K | 203 |
Standardized | Advanced | |||||||
As of December 2023 | ||||||||
CET1 capital ratio | i 13.0 | % | i 10.0 | % | ||||
Tier 1 capital ratio | i 14.5 | % | i 11.5 | % | ||||
Total capital ratio | i 16.5 | % | 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 | % |
$ in millions | Standardized | Advanced | ||||||
As of December 2023 | ||||||||
CET1 capital | $ | i 99,442 | $ | i 99,442 | ||||
Tier 1 capital | $ | i 110,288 | $ | i 110,288 | ||||
Tier 2 capital | $ | i 14,874 | $ | i 10,684 | ||||
Total capital | $ | i 125,162 | $ | i 120,972 | ||||
RWAs | $ | i 692,737 | $ | i 665,348 | ||||
CET1 capital ratio | i 14.4 | % | i 14.9 | % | ||||
Tier 1 capital ratio | i 15.9 | % | i 16.6 | % | ||||
Total capital ratio | i 18.1 | % | 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 December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Tier 1 capital | $ | i 110,288 | $ | i 108,552 | ||||
Average total assets | $ | i 1,579,237 | $ | i 1,500,225 | ||||
Deductions from Tier 1 capital | ( i 7,167) | ( i 8,259) | ||||||
Average adjusted total assets | i 1,572,070 | i 1,491,966 | ||||||
Off-balance sheet and other exposures | i 423,686 | i 375,392 | ||||||
Total leverage exposure | $ | i 1,995,756 | $ | i 1,867,358 | ||||
Tier 1 leverage ratio | i 7.0 | % | i 7.3% | |||||
SLR | i 5.5 | % | i 5.8% |
204 | Goldman Sachs 2023 Form 10-K |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Common shareholders’ equity | $ | i 105,702 | $ | i 106,486 | ||||
Impact of CECL transition | i 553 | i 829 | ||||||
Deduction for goodwill | ( i 5,224) | ( i 5,674) | ||||||
Deduction for identifiable intangible assets | ( i 950) | ( i 1,770) | ||||||
Other adjustments | ( i 639) | ( i 1,821) | ||||||
CET1 capital | i 99,442 | i 98,050 | ||||||
Preferred stock | i 11,203 | i 10,703 | ||||||
Deduction for investments in covered
funds | ( i 354) | ( i 199) | ||||||
Other adjustments | ( i 3) | ( i 2) | ||||||
Tier 1 capital | $ | i 110,288 | $ | i 108,552 | ||||
Standardized Tier 2 and Total capital | ||||||||
Tier 1 capital | $ | i 110,288 | $ | i 108,552 | ||||
Qualifying subordinated debt | i 9,886 | i 10,637 | ||||||
Allowance for credit losses | i 5,012 | i 5,331 | ||||||
Other adjustments | ( i 24) | ( i 10) | ||||||
Standardized Tier 2 capital | i 14,874 | i 15,958 | ||||||
Standardized Total capital | $ | i 125,162 | $ | i 124,510 | ||||
Advanced Tier 2 and Total capital | ||||||||
Tier 1 capital | $ | i 110,288 | $ | i 108,552 | ||||
Standardized Tier 2 capital | i 14,874 | i 15,958 | ||||||
Allowance for credit losses | ( i 5,012) | ( i 5,331) | ||||||
Other adjustments | i 822 | i 1,488 | ||||||
Advanced Tier 2 capital | i 10,684 | i 12,115 | ||||||
Advanced Total capital | $ | i 120,972 | $ | i 120,667 |
$ in millions | Standardized | Advanced | ||||||
Year Ended December 2023 | ||||||||
CET1 capital | ||||||||
Beginning balance | $ | i 98,050 | $ | i 98,050 | ||||
Change in: | ||||||||
Common shareholders’ equity | ( i 784) | ( i 784) | ||||||
Impact of CECL transition | ( i 276) | ( i 276) | ||||||
Deduction for goodwill | i 450 | i 450 | ||||||
Deduction for identifiable intangible assets | i 820 | i 820 | ||||||
Other adjustments | i 1,182 | i 1,182 | ||||||
Ending balance | $ | i 99,442 | $ | i 99,442 | ||||
Tier 1 capital | ||||||||
Beginning balance | $ | i 108,552 | $ | i 108,552 | ||||
Change in: | ||||||||
CET1 capital | i 1,392 | i 1,392 | ||||||
Preferred
stock | i 500 | i 500 | ||||||
Deduction
for investments in covered funds | ( i 155) | ( i 155) | ||||||
Other adjustments | ( i 1) | ( i 1) | ||||||
Ending balance | i 110,288 | i 110,288 | ||||||
Tier 2 capital | ||||||||
Beginning balance | i 15,958 | i 12,115 | ||||||
Change in: | ||||||||
Qualifying subordinated debt | ( i 751) | ( i 751) | ||||||
Allowance for credit losses | ( i 319) | i – | ||||||
Other adjustments | ( i 14) | ( i 680) | ||||||
Ending balance | i 14,874 | i 10,684 | ||||||
Total capital | $ | i 125,162 | $ | i 120,972 |
Goldman Sachs 2023 Form 10-K | 205 |
206 | Goldman Sachs 2023 Form 10-K |
$ in millions | Standardized | Advanced | ||||||
As of December 2023 | ||||||||
Credit RWAs | ||||||||
Derivatives | $ | i 146,357 | $ | i 96,322 | ||||
Commitments, guarantees and loans | i 243,094 | i 194,236 | ||||||
Securities financing transactions | i 103,704 | i 23,637 | ||||||
Equity investments | i 34,223 | i 36,920 | ||||||
Other | i 76,481 | i 96,755 | ||||||
Total Credit RWAs | i 603,859 | i 447,870 | ||||||
Market RWAs | ||||||||
Regulatory VaR | i 16,457 | i 16,457 | ||||||
Stressed VaR | i 48,496 | i 48,496 | ||||||
Incremental risk | i 5,032 | i 5,032 | ||||||
Comprehensive risk | i 2,718 | i 2,718 | ||||||
Specific risk | i 16,175 | i 16,175 | ||||||
Total Market RWAs | i 88,878 | i 88,878 | ||||||
Total Operational RWAs | i – | i 128,600 | ||||||
Total RWAs | $ | i 692,737 | $ | i 665,348 | ||||
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 |
$ in millions | Standardized | Advanced | ||||||
Year Ended December 2023 | ||||||||
RWAs | ||||||||
Beginning balance | $ | i 653,419 | $ | i 679,450 | ||||
Credit RWAs | ||||||||
Change in: | ||||||||
Derivatives | i 3,661 | ( i 15,022) | ||||||
Commitments, guarantees and loans | ( i 3,932) | ( i 4,272) | ||||||
Securities financing transactions | i 30,515 | i 1,978 | ||||||
Equity investments | i 3,324 | i 3,469 | ||||||
Other | i 146 | i 404 | ||||||
Change in Credit RWAs | i 33,714 | ( i 13,443) | ||||||
Market RWAs | ||||||||
Change in: | ||||||||
Regulatory VaR | ( i 2,524) | ( i 2,524) | ||||||
Stressed VaR | i 10,663 | i 10,663 | ||||||
Incremental risk | ( i 1,438) | ( i 1,438) | ||||||
Comprehensive risk | ( i 923) | ( i 923) | ||||||
Specific risk | ( i 174) | ( i 174) | ||||||
Change in Market RWAs | i 5,604 | i 5,604 | ||||||
Change in Operational RWAs | i – | ( i 6,263) | ||||||
Ending balance | $ | i 692,737 | $ | i 665,348 |
Goldman Sachs 2023 Form 10-K | 207 |
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 / | % |
$ in millions | Standardized | Advanced | ||||||
As of December 2023 | ||||||||
CET1 capital | $ | i 53,781 | $ | i 53,781 | ||||
Tier 1 capital | $ | i 53,781 | $ | i 53,781 | ||||
Tier 2 capital | $ | i 6,314 | $ | i 2,951 | ||||
Total capital | $ | i 60,095 | $ | i 56,732 | ||||
RWAs | $ | i 380,774 | $ | i 288,938 | ||||
CET1 capital ratio | i 14.1 | % | i 18.6 | % | ||||
Tier 1 capital ratio | i 14.1 | % | i 18.6 | % | ||||
Total capital ratio | i 15.8 | % | i 19.6 | % | ||||
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 | % |
208 | Goldman Sachs 2023 Form 10-K |
For the Three Months | ||||||||
Ended
or as of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Tier 1 capital | $ | i 53,781 | $ | i 46,845 | ||||
Average adjusted total assets | $ | i 523,546 | $ | i 499,108 | ||||
Total leverage exposure | $ | i 722,465 | $ | i 671,215 | ||||
Tier 1 leverage ratio | i 10.3 | % | i 9.4 | % | ||||
SLR | i 7.4 | % | i 7.0 | % |
Goldman Sachs 2023 Form 10-K | 209 |
Year Ended December | |||||||||||||||||
in millions, except per share amounts | 2023 | 2022 | 2021 | ||||||||||||||
Net earnings to common | $ | i 7,907 | $ | i 10,764 | $ | i 21,151 | |||||||||||
Weighted average basic shares | i 340.8 | i 352.1 | i 350.5 | ||||||||||||||
Effect of dilutive RSUs | i 5.0 | i 6.0 | i 5.3 | ||||||||||||||
Weighted average diluted shares | i 345.8 | i 358.1 | i 355.8 | ||||||||||||||
Basic EPS | $ | i 23.05 | $ | i 30.42 | $ | i 60.25 | |||||||||||
Diluted EPS | $ | i 22.87 | $ | i 30.06 | $ | i 59.45 |
Year Ended December | |||||||||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||||||||
Fees earned from funds | $ | i 4,726 | $ | i 4,553 | $ | i 3,707 |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Fees receivable from funds | $ | i 1,536 | $ | i 1,175 | ||||
Aggregate carrying value of interests in funds | $ | i 4,042 | $ | i 3,801 |
210 | Goldman Sachs 2023 Form 10-K |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Deposits with banks | $ | i 10,949 | $ | i 3,233 | $ | ( i 24) | |||||||||||
Collateralized agreements | i 16,405 | i 4,468 | ( i 980) | ||||||||||||||
Trading assets | i 8,460 | i 5,087 | i 4,716 | ||||||||||||||
Investments | i 3,856 | i 2,199 | i 1,589 | ||||||||||||||
Loans | i 14,905 | i 9,059 | i 5,319 | ||||||||||||||
Other interest | i 13,940 | i 4,978 | i 1,500 | ||||||||||||||
Total interest income | i 68,515 | i 29,024 | i 12,120 | ||||||||||||||
Deposits | i 17,010 | i 5,823 | i 1,303 | ||||||||||||||
Collateralized financings | i 12,705 | i 2,808 | i – | ||||||||||||||
Trading liabilities | i 2,453 | i 1,923 | i 1,662 | ||||||||||||||
Short-term borrowings | i 1,322 | i 541 | i 527 | ||||||||||||||
Long-term borrowings | i 11,084 | i 5,716 | i 3,231 | ||||||||||||||
Other interest | i 17,590 | i 4,535 | ( i 1,073) | ||||||||||||||
Total interest expense | i 62,164 | i 21,346 | i 5,650 | ||||||||||||||
Net interest income | $ | i 6,351 | $ | i 7,678 | $ | i 6,470 |
Year Ended December | |||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||
Current taxes | |||||||||||
U.S. federal | $ | i 1,230 | $ | i 2,356 | $ i 2,904 | ||||||
State and local | i 389 | i 623 | i 574 | ||||||||
Non-U.S. | i 1,964 | i 1,658 | i 1,926 | ||||||||
Total current tax expense | i 3,583 | i 4,637 | i 5,404 | ||||||||
Deferred taxes | |||||||||||
U.S. federal | ( i 954) | ( i 2,079) | i 192 | ||||||||
State and local | ( i 356) | ( i 436) | i 72 | ||||||||
Non-U.S. | ( i 50) | i 103 | ( i 259) | ||||||||
Total
deferred tax (benefit)/expense | ( i 1,360) | ( i 2,412) | i 5 | ||||||||
Provision for taxes | $ | i 2,223 | $ | i 2,225 | $ | i 5,409 |
Year Ended December | |||||||||||
2023 | 2022 | 2021 | |||||||||
U.S. federal statutory income tax rate | i 21.0 | % | i 21.0 | % | i 21.0 | % | |||||
State and local taxes, net of U.S. federal benefit | i 0.6 | i 1.3 | i 1.9 | ||||||||
Settlement of employee share-based awards | ( i 1.8) | ( i 2.4) | ( i 0.7) | ||||||||
Non-U.S. operations | ( i 2.4) | ( i 3.4) | ( i 1.8) | ||||||||
GILTI | i 4.4 | i 1.8 | i 0.3 | ||||||||
Tax credits | ( i 1.6) | ( i 0.9) | ( i 0.6) | ||||||||
Tax-exempt income, including dividends | ( i 1.0) | ( i 2.2) | ( i 0.5) | ||||||||
Non-deductible legal expenses | i 0.2 | i 0.8 | i – | ||||||||
Other | i 1.3 | i 0.5 | i 0.4 | ||||||||
Effective income tax rate | i 20.7 | % | i 16.5 | % | i 20.0 | % |
Goldman Sachs 2023 Form 10-K | 211 |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Deferred tax assets | ||||||||
Compensation and benefits | $ | i 1,773 | $ | i 1,889 | ||||
ASC 740 asset related to unrecognized tax benefits | i 331 | i 315 | ||||||
Non-U.S. operations | i 1,278 | i 1,224 | ||||||
Unrealized
losses | i 2,100 | i 887 | ||||||
Net operating losses | i 929 | i 787 | ||||||
Occupancy-related | i 98 | i 123 | ||||||
Other comprehensive income/(loss)-related | i 1,198 | i 1,225 | ||||||
Tax credits carryforward | i 236 | i 87 | ||||||
Operating lease liabilities | i 636 | i 587 | ||||||
Allowance for credit losses | i 1,450 | i 1,580 | ||||||
Other, net | i 165 | i 221 | ||||||
Subtotal | i 10,194 | i 8,925 | ||||||
Valuation allowance | ( i 1,978) | ( i 1,569) | ||||||
Total deferred tax assets | $ | i 8,216 | $ | i 7,356 | ||||
Deferred tax liabilities | ||||||||
Depreciation and amortization | $ | i 752 | $ | i 1,240 | ||||
Operating lease right-of-use assets | i 574 | i 556 | ||||||
Total deferred tax liabilities | $ | i 1,326 | $ | i 1,796 |
212 | Goldman Sachs 2023 Form 10-K |
Year Ended or as of December | |||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||
Beginning balance | $ | i 1,533 | $ | i 1,446 | $ | i 1,251 | |||||
Increases
based on current year tax positions | i 143 | i 190 | i 297 | ||||||||
Increases based on prior years' tax positions | i 164 | i 10 | i 95 | ||||||||
Decreases based on prior years' tax positions | ( i 92) | ( i 32) | ( i 111) | ||||||||
Decreases
related to settlements | ( i 20) | ( i 76) | ( i 80) | ||||||||
Exchange
rate fluctuations | ( i 2) | ( i 5) | ( i 6) | ||||||||
Ending
balance | $ | i 1,726 | $ | i 1,533 | $ | i 1,446 | |||||
As of | |||||
Jurisdiction | December 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 2023 Form 10-K | 213 |
Year Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Global Banking & Markets | |||||||||||||||||
Non-interest revenues | $ | i 29,254 | $ | i 30,042 | $ | i 34,079 | |||||||||||
Net interest income | i 742 | i 2,445 | i 2,655 | ||||||||||||||
Total net revenues | i 29,996 | i 32,487 | i 36,734 | ||||||||||||||
Provision for credit losses | i 401 | i 468 | ( i 171) | ||||||||||||||
Operating expenses | i 18,040 | i 17,851 | i 19,542 | ||||||||||||||
Pre-tax earnings | $ | i 11,555 | $ | i 14,168 | $ | i 17,363 | |||||||||||
Net earnings | $ | i 9,163 | $ | i 11,830 | $ | i 13,890 | |||||||||||
Net earnings to common | $ | i 8,703 | $ | i 11,458 | $ | i 13,535 | |||||||||||
Average common equity | $ | i 71,863 | $ | i 69,951 | $ | i 60,064 | |||||||||||
Return on average common equity | i 12.1 | % | i 16.4 | % | i 22.5 | % | |||||||||||
Asset
& Wealth Management | |||||||||||||||||
Non-interest revenues | $ | i 10,790 | $ | i 9,843 | $ | i 18,922 | |||||||||||
Net interest income | i 3,090 | i 3,533 | i 3,043 | ||||||||||||||
Total net revenues | i 13,880 | i 13,376 | i 21,965 | ||||||||||||||
Provision for credit losses | ( i 508) | i 519 | ( i 169) | ||||||||||||||
Operating expenses | i 13,029 | i 11,550 | i 11,406 | ||||||||||||||
Pre-tax
earnings | $ | i 1,359 | $ | i 1,307 | $ | i 10,728 | |||||||||||
Net
earnings | $ | i 1,078 | $ | i 1,092 | $ | i 8,582 | |||||||||||
Net
earnings to common | $ | i 952 | $ | i 979 | $ | i 8,459 | |||||||||||
Average common equity | $ | i 30,078 | $ | i 31,762 | $ | i 29,988 | |||||||||||
Return on average common equity | i 3.2 | % | i 3.1 | % | i 28.2 | % | |||||||||||
Platform
Solutions | |||||||||||||||||
Non-interest revenues | $ | ( i 141) | $ | ( i 198) | $ | ( i 132) | |||||||||||
Net interest income | i 2,519 | i 1,700 | i 772 | ||||||||||||||
Total net revenues | i 2,378 | i 1,502 | i 640 | ||||||||||||||
Provision for credit losses | i 1,135 | i 1,728 | i 697 | ||||||||||||||
Operating expenses | i 3,418 | i 1,763 | i 990 | ||||||||||||||
Pre-tax
earnings/(loss) | $ | ( i 2,175) | $ | ( i 1,989) | $ | ( i 1,047) | |||||||||||
Net
earnings/(loss) | $ | ( i 1,725) | $ | ( i 1,661) | $ | ( i 837) | |||||||||||
Net
earnings/(loss) to common | $ | ( i 1,748) | $ | ( i 1,673) | $ | ( i 843) | |||||||||||
Average common equity | $ | i 3,863 | $ | i 3,574 | $ | i 1,777 | |||||||||||
Return on average common equity | ( i 45.2) | % | ( i 46.8) | % | ( i 47.4) | % | |||||||||||
Total | |||||||||||||||||
Non-interest revenues | $ | i 39,903 | $ | i 39,687 | $ | i 52,869 | |||||||||||
Net interest income | i 6,351 | i 7,678 | i 6,470 | ||||||||||||||
Total net revenues | i 46,254 | i 47,365 | i 59,339 | ||||||||||||||
Provision for credit losses | i 1,028 | i 2,715 | i 357 | ||||||||||||||
Operating expenses | i 34,487 | i 31,164 | i 31,938 | ||||||||||||||
Pre-tax earnings | $ | i 10,739 | $ | i 13,486 | $ | i 27,044 | |||||||||||
Net earnings | $ | i 8,516 | $ | i 11,261 | $ | i 21,635 | |||||||||||
Net earnings to common | $ | i 7,907 | $ | i 10,764 | $ | i 21,151 | |||||||||||
Average common equity | $ | i 105,804 | $ | i 105,287 | $ | i 91,829 | |||||||||||
Return on average common equity | i 7.5 | % | i 10.2 | % | i 23.0 | % |
214 | Goldman Sachs 2023 Form 10-K |
Year
Ended December | |||||||||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||||||||
Global Banking & Markets | $ | i 1,109 | $ | i 1,033 | $ | i 934 | |||||||||||
Asset
& Wealth Management | i 2,425 | i 1,212 | i 1,003 | ||||||||||||||
Platform
Solutions | i 1,322 | i 210 | i 78 | ||||||||||||||
Total | $ | i 4,856 | $ | i 2,455 | $ | i 2,015 |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Global Banking & Markets | $ | i 1,381,247 | $ | i 1,169,539 | ||||
Asset
& Wealth Management | i 191,863 | i 214,970 | ||||||
Platform Solutions | i 68,484 | i 57,290 | ||||||
Total | $ | i 1,641,594 | $ | i 1,441,799 |
$ in millions | 2023 | 2022 | 2021 | |||||||||||||||||
Year Ended December | ||||||||||||||||||||
Americas | $ | i 29,335 | i 64 | % | $ | i 28,669 | i 61 | % | $ | i 37,217 | i 63 | % | ||||||||
EMEA | i 11,744 | i 25 | % | i 12,860 | i 27 | % | i 14,474 | i 24 | % | |||||||||||
Asia | i 5,175 | i 11 | % | i 5,836 | i 12 | % | i 7,648 | i 13 | % | |||||||||||
Total net revenues | $ | i 46,254 | i 100 | % | $ | i 47,365 | i 100 | % | $ | i 59,339 | i 100 | % | ||||||||
Americas | $ | i 6,038 | i 56 | % | $ | i 7,016 | i 52 | % | $ | i 17,314 | i 64 | % | ||||||||
EMEA | i 4,033 | i 38 | % | i 5,260 | i 39 | % | i 7,164 | i 27 | % | |||||||||||
Asia | i 668 | i 6 | % | i 1,210 | i 9 | % | i 2,566 | i 9 | % | |||||||||||
Total pre-tax earnings | $ | i 10,739 | i 100 | % | $ | i 13,486 | i 100 | % | $ | i 27,044 | i 100 | % | ||||||||
Americas | $ | i 4,849 | i 57 | % | $ | i 6,067 | i 54 | % | $ | i 13,796 | i 64 | % | ||||||||
EMEA | i 3,137 | i 37 | % | i 4,164 | i 37 | % | i 5,778 | i 27 | % | |||||||||||
Asia | i 530 | i 6 | % | i 1,030 | i 9 | % | i 2,061 | i 9 | % | |||||||||||
Total net earnings | $ | i 8,516 | i 100 | % | $ | i 11,261 | i 100 | % | $ | i 21,635 | i 100 | % |
Goldman Sachs 2023 Form 10-K | 215 |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
U.S. government and agency obligations | $ | i 260,531 | $ | i 205,935 | ||||
Percentage of total assets | i 15.9 | % | i 14.3 | % | ||||
Non-U.S. government and agency obligations | $ | i 90,681 | $ | i 40,334 | ||||
Percentage of total assets | i 5.5 | % | i 2.8 | % |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
U.S. government and agency obligations | $ | i 154,056 | $ | i 164,897 | ||||
Non-U.S. government and agency obligations | $ | i 92,833 | $ | i 76,456 |
216 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 217 |
218 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 219 |
220 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 221 |
222 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 223 |
224 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 225 |
226 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 227 |
228 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 229 |
230 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 231 |
Weighted
Average | |||||||||||||||||
Grant-Date Fair Value of | |||||||||||||||||
Restricted Stock | Restricted Stock | ||||||||||||||||
Units Outstanding | Units Outstanding | ||||||||||||||||
Future | No Future | Future | No Future | ||||||||||||||
Service | Service | Service | Service | ||||||||||||||
Required | Required | Required | Required | ||||||||||||||
Beginning
balance | i 5,288,222 | i 17,326,792 | $ | i 298.14 | $ | i 281.78 | |||||||||||
Granted | i 3,000,465 | i 3,874,660 | $ | i 332.02 | $ | i 327.07 | |||||||||||
Forfeited | ( i 441,127) | ( i 344,784) | $ | i 315.63 | $ | i 305.62 | |||||||||||
Delivered | i – | ( i 9,018,166) | $ | i – | $ | i 272.79 | |||||||||||
Vested | ( i 3,468,419) | i 3,468,419 | $ | i 309.85 | $ | i 309.85 | |||||||||||
Ending
balance | i 4,379,141 | i 15,306,921 | $ | i 310.31 | $ | i 304.37 |
Year Ended December | |||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||
Share-based compensation | $ | i 2,098 | $ | i 4,107 | $ | i 2,553 | |||||
Excess
net tax benefit for share-based awards | $ | i 198 | $ | i 324 | $ | i 196 |
232 | Goldman Sachs 2023 Form 10-K |
Year Ended December | |||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||
Revenues | |||||||||||
Dividends from subsidiaries and other affiliates: | |||||||||||
Bank | $ | i 58 | $ | i 101 | $ | i 16,990 | |||||
Nonbank | i 11,499 | i 6,243 | i 15,562 | ||||||||
Other revenues | ( i 1,965) | ( i 3,590) | i 529 | ||||||||
Total non-interest revenues | i 9,592 | i 2,754 | i 33,081 | ||||||||
Interest income | i 18,839 | i 8,367 | i 3,695 | ||||||||
Interest expense | i 21,479 | i 9,428 | i 4,570 | ||||||||
Net interest loss | ( i 2,640) | ( i 1,061) | ( i 875) | ||||||||
Total net revenues | i 6,952 | i 1,693 | i 32,206 | ||||||||
Operating expenses | |||||||||||
Compensation and benefits | i 287 | i 328 | i 750 | ||||||||
Other expenses | i 219 | i 685 | i 1,005 | ||||||||
Total operating expenses | i 506 | i 1,013 | i 1,755 | ||||||||
Pre-tax earnings | i 6,446 | i 680 | i 30,451 | ||||||||
Benefit for taxes | ( i 1,070) | ( i 1,398) | ( i 551) | ||||||||
Undistributed earnings/(loss) of subsidiaries | |||||||||||
and other affiliates | i 1,000 | i 9,183 | ( i 9,367) | ||||||||
Net earnings | i 8,516 | i 11,261 | i 21,635 | ||||||||
Preferred stock dividends | i 609 | i 497 | i 484 | ||||||||
Net
earnings applicable to common shareholders | $ | i 7,907 | $ | i 10,764 | $ | i 21,151 |
As
of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Assets | ||||||||
Cash and cash equivalents: | ||||||||
With third-party banks | $ | i 35 | $ | i 35 | ||||
With subsidiary bank | i 7 | i 46 | ||||||
Loans to and receivables from subsidiaries: | ||||||||
Bank | i 1,833 | i 3,545 | ||||||
Nonbank
($ i 4,813 and $ i 4,825 at fair value) | i 286,688 | i 259,402 | ||||||
Investments in subsidiaries and other affiliates: | ||||||||
Bank | i 55,164 | i 49,533 | ||||||
Nonbank | i 78,591 | i 85,058 | ||||||
Trading assets (at fair value) | i 3,197 | i 5,431 | ||||||
Investments ($ i 22,443
and $ i 23,894 at fair value) | i 79,300 | i 69,483 | ||||||
Other assets | i 7,408 | i 6,576 | ||||||
Total assets | $ | i 512,223 | $ | i 479,109 | ||||
Liabilities and shareholders’ equity | ||||||||
Repurchase agreements with subsidiaries (at fair value) | $ | i 78,776 | $ | i 66,839 | ||||
Secured borrowings with subsidiaries | i 19,233 | i 16,749 | ||||||
Payables to subsidiaries | i 568 | i 510 | ||||||
Trading liabilities (at fair value) | i 898 | i 2,544 | ||||||
Unsecured short-term borrowings: | ||||||||
With
third parties ($ i 4,721 and $ i 5,002
at fair value) | i 31,833 | i 23,823 | ||||||
With subsidiaries | i 5,710 | i 4,328 | ||||||
Unsecured long-term borrowings: | ||||||||
With third parties ($ i 28,966 and $ i 22,422
at fair value) | i 175,335 | i 185,972 | ||||||
With subsidiaries | i 79,316 | i 57,565 | ||||||
Other liabilities | i 3,649 | i 3,590 | ||||||
Total liabilities | i 395,318 | i 361,920 | ||||||
Commitments, contingencies and guarantees | i | i | ||||||
Shareholders' equity | ||||||||
Preferred stock | i 11,203 | i 10,703 | ||||||
Common stock | i 9 | i 9 | ||||||
Share-based awards | i 5,121 | i 5,696 | ||||||
Additional paid-in capital | i 60,247 | i 59,050 | ||||||
Retained earnings | i 143,688 | i 139,372 | ||||||
Accumulated other comprehensive loss | ( i 2,918) | ( i 3,010) | ||||||
Stock held in treasury, at cost | ( i 100,445) | ( i 94,631) | ||||||
Total shareholders’ equity | i 116,905 | i 117,189 | ||||||
Total liabilities and shareholders’ equity | $ | i 512,223 | $ | i 479,109 |
Goldman Sachs 2023 Form 10-K | 233 |
Year Ended December | |||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||
Cash flows from operating activities | |||||||||||
Net earnings | $ | i 8,516 | $ | i 11,261 | $ | i 21,635 | |||||
Adjustments to reconcile net earnings to net | |||||||||||
cash provided by operating activities: | |||||||||||
Undistributed (earnings)/loss of | |||||||||||
subsidiaries and other affiliates | ( i 1,000) | ( i 9,183) | i 9,367 | ||||||||
Depreciation and amortization | i 13 | i 9 | i 9 | ||||||||
Deferred income taxes | ( i 380) | ( i 1,523) | ( i 241) | ||||||||
Share-based compensation | ( i 11) | i 378 | i 335 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Collateralized transactions (excluding | |||||||||||
secured borrowings, net) | i 11,937 | i 66,839 | i – | ||||||||
Trading assets | i 7,620 | ( i 23,451) | ( i 10,273) | ||||||||
Trading liabilities | ( i 1,646) | i 1,428 | i 796 | ||||||||
Other, net | ( i 221) | i 5,933 | ( i 5,213) | ||||||||
Net cash provided by operating activities | i 24,828 | i 51,691 | i 16,415 | ||||||||
Cash flows from investing activities | |||||||||||
Purchase of property, leasehold | |||||||||||
improvements and equipment | ( i 48) | ( i 64) | ( i 13) | ||||||||
Repayments/(issuances) of short-term loans | |||||||||||
to subsidiaries, net | i 3,145 | i 2,210 | ( i 9,951) | ||||||||
Issuance of term loans to subsidiaries | ( i 25,473) | ( i 1,859) | ( i 37,260) | ||||||||
Repayments of term loans by subsidiaries | i 921 | i 2,311 | i 10,059 | ||||||||
Purchase of investments | ( i 25,904) | ( i 47,247) | ( i 16,964) | ||||||||
Sales/paydowns of investments | i 17,801 | i 3,162 | i 10,896 | ||||||||
Capital
distributions from/(contributions to) | |||||||||||
subsidiaries, net | i 1,205 | ( i 5,665) | ( i 23,978) | ||||||||
Net cash used for investing activities | ( i 28,353) | ( i 47,152) | ( i 67,211) | ||||||||
Cash flows from financing activities | |||||||||||
Secured borrowings with subsidiary, net | i 3,810 | ( i 36,389) | i 12,346 | ||||||||
Unsecured short-term borrowings, net: | |||||||||||
With third parties | i 87 | i 13 | ( i 683) | ||||||||
With subsidiaries | i 19,314 | i 27,803 | i 7,007 | ||||||||
Issuance of unsecured long-term borrowings | i 127,728 | i 78,803 | i 73,164 | ||||||||
Repayment of unsecured long-term borrowings | ( i 136,618) | ( i 65,960) | ( i 31,588) | ||||||||
Preferred stock redemption | ( i 1,000) | i – | ( i 2,675) | ||||||||
Common stock repurchased | ( i 5,796) | ( i 3,500) | ( i 5,200) | ||||||||
Settlement of share-based awards in | |||||||||||
satisfaction of withholding tax requirements | ( i 1,345) | ( i 1,595) | ( i 985) | ||||||||
Dividends and dividend equivalents paid on | |||||||||||
stock and share-based awards | ( i 4,189) | ( i 3,682) | ( i 2,725) | ||||||||
Issuance of preferred stock, net of costs | i 1,496 | i – | i 2,172 | ||||||||
Other financing, net | ( i 1) | i – | ( i 14) | ||||||||
Net
cash provided by/(used for) financing activities | i 3,486 | ( i 4,507) | i 50,819 | ||||||||
Net
increase/(decrease) in cash and cash equivalents | ( i 39) | i 32 | i 23 | ||||||||
Cash and cash equivalents, beginning balance | i 81 | i 49 | i 26 | ||||||||
Cash and cash equivalents, ending balance | $ | i 42 | $ | i 81 | $ | i 49 |
234 | Goldman Sachs 2023 Form 10-K |
As of December | ||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||||
Group Inc. | $ | 100.00 | $ | 140.46 | $ | 165.01 | $ | 243.54 | $ | 224.40 | $ | 260.10 | ||||||||
S&P 500 | $ | 100.00 | $ | 131.47 | $ | 155.65 | $ | 200.29 | $ | 163.97 | $ | 207.03 | ||||||||
S&P 500 Financials | $ | 100.00 | $ | 132.09 | $ | 129.77 | $ | 175.01 | $ | 156.52 | $ | 175.45 |
Average Balance for the | |||||||||||
Year Ended December | |||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||
Assets | |||||||||||
U.S. | $ | 129,718 | $ | 151,152 | $ | 103,182 | |||||
Non-U.S. | 127,250 | 107,843 | 95,735 | ||||||||
Deposits with banks | 256,968 | 258,995 | 198,917 | ||||||||
U.S. | 214,772 | 241,968 | 202,841 | ||||||||
Non-U.S. | 158,347 | 169,621 | 148,604 | ||||||||
Collateralized agreements | 373,119 | 411,589 | 351,445 | ||||||||
U.S. | 205,013 | 165,331 | 173,498 | ||||||||
Non-U.S. | 146,655 | 123,332 | 136,075 | ||||||||
Trading assets | 351,668 | 288,663 | 309,573 | ||||||||
U.S. | 123,828 | 97,221 | 69,893 | ||||||||
Non-U.S. | 15,003 | 14,696 | 18,573 | ||||||||
Investments | 138,831 | 111,917 | 88,466 | ||||||||
U.S. | 156,349 | 144,781 | 108,032 | ||||||||
Non-U.S. | 19,112 | 22,067 | 21,455 | ||||||||
Loans | 175,461 | 166,848 | 129,487 | ||||||||
U.S. | 85,373 | 95,513 | 98,086 | ||||||||
Non-U.S. | 55,043 | 64,301 | 55,530 | ||||||||
Other interest-earning assets | 140,416 | 159,814 | 153,616 | ||||||||
Interest-earning assets | 1,436,463 | 1,397,826 | 1,231,504 | ||||||||
Cash and due from banks | 6,372 | 7,715 | 10,804 | ||||||||
Other non-interest-earning assets | 109,042 | 137,418 | 128,521 | ||||||||
Assets | $ | 1,551,877 | $ | 1,542,959 | $ | 1,370,829 | |||||
Liabilities | |||||||||||
U.S. | $ | 307,686 | $ | 302,678 | $ | 231,967 | |||||
Non-U.S. | 82,321 | 74,662 | 72,899 | ||||||||
Interest-bearing deposits | 390,007 | 377,340 | 304,866 | ||||||||
U.S. | 154,341 | 107,008 | 110,099 | ||||||||
Non-U.S. | 93,697 | 83,783 | 72,691 | ||||||||
Collateralized financings | 248,038 | 190,791 | 182,790 | ||||||||
U.S. | 62,254 | 80,950 | 67,734 | ||||||||
Non-U.S. | 76,057 | 83,657 | 75,763 | ||||||||
Trading liabilities | 138,311 | 164,607 | 143,497 | ||||||||
U.S. | 47,878 | 34,322 | 31,866 | ||||||||
Non-U.S. | 27,166 | 28,675 | 34,326 | ||||||||
Short-term borrowings | 75,044 | 62,997 | 66,192 | ||||||||
U.S. | 197,442 | 221,598 | 216,864 | ||||||||
Non-U.S. | 45,611 | 37,656 | 29,764 | ||||||||
Long-term borrowings | 243,053 | 259,254 | 246,628 | ||||||||
U.S. | 149,883 | 166,200 | 139,278 | ||||||||
Non-U.S. | 94,915 | 98,130 | 85,913 | ||||||||
Other interest-bearing liabilities | 244,798 | 264,330 | 225,191 | ||||||||
Interest-bearing liabilities | 1,339,251 | 1,319,319 | 1,169,164 | ||||||||
Non-interest-bearing deposits | 4,733 | 4,811 | 5,920 | ||||||||
Other non-interest-bearing liabilities | 91,194 | 102,839 | 94,040 | ||||||||
Liabilities | 1,435,178 | 1,426,969 | 1,269,124 | ||||||||
Shareholders’ equity | |||||||||||
Preferred stock | 10,895 | 10,703 | 9,876 | ||||||||
Common stock | 105,804 | 105,287 | 91,829 | ||||||||
Shareholders’ equity | 116,699 | 115,990 | 101,705 | ||||||||
Liabilities and shareholders’ equity | $ | 1,551,877 | $ | 1,542,959 | $ | 1,370,829 | |||||
Percentage
attributable to non-U.S. operations | |||||||||||
Interest-earning assets | 36.30 | % | 35.90 | % | 38.65 | % | |||||
Interest-bearing liabilities | 31.34 | % | 30.82 | % | 31.76 | % |
Goldman Sachs 2023 Form 10-K | 235 |
Interest for the | |||||||||||
Year Ended December | |||||||||||
$ in millions | 2023 | 2022 | 2021 | ||||||||
Assets | |||||||||||
U.S. | $ | 7,074 | $ | 2,793 | $ | 143 | |||||
Non-U.S. | 3,875 | 440 | (167) | ||||||||
Deposits with banks | 10,949 | 3,233 | (24) | ||||||||
U.S. | 11,301 | 3,463 | (383) | ||||||||
Non-U.S. | 5,104 | 1,005 | (597) | ||||||||
Collateralized agreements | 16,405 | 4,468 | (980) | ||||||||
U.S. | 5,717 | 3,362 | 2,943 | ||||||||
Non-U.S. | 2,743 | 1,725 | 1,773 | ||||||||
Trading assets | 8,460 | 5,087 | 4,716 | ||||||||
U.S. | 3,055 | 1,656 | 991 | ||||||||
Non-U.S. | 801 | 543 | 598 | ||||||||
Investments | 3,856 | 2,199 | 1,589 | ||||||||
U.S. | 13,332 | 7,967 | 4,423 | ||||||||
Non-U.S. | 1,573 | 1,092 | 896 | ||||||||
Loans | 14,905 | 9,059 | 5,319 | ||||||||
U.S. | 8,266 | 3,236 | 1,201 | ||||||||
Non-U.S. | 5,674 | 1,742 | 299 | ||||||||
Other interest-earning assets | 13,940 | 4,978 | 1,500 | ||||||||
Interest-earning assets | $ | 68,515 | $ | 29,024 | $ | 12,120 | |||||
Liabilities | |||||||||||
U.S. | $ | 13,658 | $ | 4,959 | $ | 1,098 | |||||
Non-U.S. | 3,352 | 864 | 205 | ||||||||
Interest-bearing deposits | 17,010 | 5,823 | 1,303 | ||||||||
U.S. | 8,750 | 2,027 | 146 | ||||||||
Non-U.S. | 3,955 | 781 | (146) | ||||||||
Collateralized financings | 12,705 | 2,808 | – | ||||||||
U.S. | 969 | 872 | 661 | ||||||||
Non-U.S. | 1,484 | 1,051 | 1,001 | ||||||||
Trading liabilities | 2,453 | 1,923 | 1,662 | ||||||||
U.S. | 1,200 | 408 | 476 | ||||||||
Non-U.S. | 122 | 133 | 51 | ||||||||
Short-term borrowings | 1,322 | 541 | 527 | ||||||||
U.S. | 10,838 | 5,570 | 3,139 | ||||||||
Non-U.S. | 246 | 146 | 92 | ||||||||
Long-term borrowings | 11,084 | 5,716 | 3,231 | ||||||||
U.S. | 11,228 | 2,356 | (897) | ||||||||
Non-U.S. | 6,362 | 2,179 | (176) | ||||||||
Other interest-bearing liabilities | 17,590 | 4,535 | (1,073) | ||||||||
Interest-bearing liabilities | $ | 62,164 | $ | 21,346 | $ | 5,650 | |||||
Net interest income | |||||||||||
U.S. | $ | 2,102 | $ | 6,285 | $ | 4,695 | |||||
Non-U.S. | 4,249 | 1,393 | 1,775 | ||||||||
Net interest income | $ | 6,351 | $ | 7,678 | $ | 6,470 |
Average Rate for the | ||||||||||||||
Year Ended December | ||||||||||||||
2023 | 2022 | 2021 | ||||||||||||
Assets | ||||||||||||||
U.S. | 5.45 | % | 1.85 | % | 0.14 | % | ||||||||
Non-U.S. | 3.05 | % | 0.41 | % | (0.17) | % | ||||||||
Deposits with banks | 4.26 | % | 1.25 | % | (0.01) | % | ||||||||
U.S. | 5.26 | % | 1.43 | % | (0.19) | % | ||||||||
Non-U.S. | 3.22 | % | 0.59 | % | (0.40) | % | ||||||||
Collateralized agreements | 4.40 | % | 1.09 | % | (0.28) | % | ||||||||
U.S. | 2.79 | % | 2.03 | % | 1.70 | % | ||||||||
Non-U.S. | 1.87 | % | 1.40 | % | 1.30 | % | ||||||||
Trading assets | 2.41 | % | 1.76 | % | 1.52 | % | ||||||||
U.S. | 2.47 | % | 1.70 | % | 1.42 | % | ||||||||
Non-U.S. | 5.34 | % | 3.69 | % | 3.22 | % | ||||||||
Investments | 2.78 | % | 1.96 | % | 1.80 | % | ||||||||
U.S. | 8.53 | % | 5.50 | % | 4.09 | % | ||||||||
Non-U.S. | 8.23 | % | 4.95 | % | 4.18 | % | ||||||||
Loans | 8.49 | % | 5.43 | % | 4.11 | % | ||||||||
U.S. | 9.68 | % | 3.39 | % | 1.22 | % | ||||||||
Non-U.S. | 10.31 | % | 2.71 | % | 0.54 | % | ||||||||
Other interest-earning assets | 9.93 | % | 3.11 | % | 0.98 | % | ||||||||
Interest-earning assets | 4.77 | % | 2.08 | % | 0.98 | % | ||||||||
Liabilities | ||||||||||||||
U.S. | 4.44 | % | 1.64 | % | 0.47 | % | ||||||||
Non-U.S. | 4.07 | % | 1.16 | % | 0.28 | % | ||||||||
Interest-bearing
deposits | 4.36 | % | 1.54 | % | 0.43 | % | ||||||||
U.S. | 5.67 | % | 1.89 | % | 0.13 | % | ||||||||
Non-U.S. | 4.22 | % | 0.93 | % | (0.20) | % | ||||||||
Collateralized financings | 5.12 | % | 1.47 | % | 0.00 | % | ||||||||
U.S. | 1.56 | % | 1.08 | % | 0.98 | % | ||||||||
Non-U.S. | 1.95 | % | 1.26 | % | 1.32 | % | ||||||||
Trading liabilities | 1.77 | % | 1.17 | % | 1.16 | % | ||||||||
U.S. | 2.51 | % | 1.19 | % | 1.49 | % | ||||||||
Non-U.S. | 0.45 | % | 0.46 | % | 0.15 | % | ||||||||
Short-term borrowings | 1.76 | % | 0.86 | % | 0.80 | % | ||||||||
U.S. | 5.49 | % | 2.51 | % | 1.45 | % | ||||||||
Non-U.S. | 0.54 | % | 0.39 | % | 0.31 | % | ||||||||
Long-term borrowings | 4.56 | % | 2.20 | % | 1.31 | % | ||||||||
U.S. | 7.49 | % | 1.42 | % | (0.64) | % | ||||||||
Non-U.S. | 6.70 | % | 2.22 | % | (0.20) | % | ||||||||
Other interest-bearing liabilities | 7.19 | % | 1.72 | % | (0.48) | % | ||||||||
Interest-bearing liabilities | 4.64 | % | 1.62 | % | 0.48 | % | ||||||||
Interest rate spread | 0.13 | % | 0.46 | % | 0.50 | % | ||||||||
U.S. | 0.23 | % | 0.70 | % | 0.62 | % | ||||||||
Non-U.S. | 0.81 | % | 0.28 | % | 0.37 | % | ||||||||
Net yield on interest-earning assets | 0.44 | % | 0.55 | % | 0.53 | % |
236 | Goldman Sachs 2023 Form 10-K |
Year Ended December 2023 | |||||||||||
versus December 2022 | |||||||||||
Increase (decrease) | |||||||||||
due to change in: | |||||||||||
$ in millions | Volume | Rate | Net Change | ||||||||
Interest-earning assets | |||||||||||
U.S. | $ | (1,169) | $ | 5,450 | $ | 4,281 | |||||
Non-U.S. | 591 | 2,844 | 3,435 | ||||||||
Deposits with banks | (578) | 8,294 | 7,716 | ||||||||
U.S. | (1,431) | 9,269 | 7,838 | ||||||||
Non-U.S. | (363) | 4,462 | 4,099 | ||||||||
Collateralized agreements | (1,794) | 13,731 | 11,937 | ||||||||
U.S. | 1,107 | 1,248 | 2,355 | ||||||||
Non-U.S. | 436 | 582 | 1,018 | ||||||||
Trading assets | 1,543 | 1,830 | 3,373 | ||||||||
U.S. | 656 | 743 | 1,399 | ||||||||
Non-U.S. | 16 | 242 | 258 | ||||||||
Investments | 672 | 985 | 1,657 | ||||||||
U.S. | 986 | 4,379 | 5,365 | ||||||||
Non-U.S. | (243) | 724 | 481 | ||||||||
Loans | 743 | 5,103 | 5,846 | ||||||||
U.S. | (982) | 6,012 | 5,030 | ||||||||
Non-U.S. | (954) | 4,886 | 3,932 | ||||||||
Other interest-earning assets | (1,936) | 10,898 | 8,962 | ||||||||
Change in interest income | (1,350) | 40,841 | 39,491 | ||||||||
Interest-bearing liabilities | |||||||||||
U.S. | 222 | 8,477 | 8,699 | ||||||||
Non-U.S. | 312 | 2,176 | 2,488 | ||||||||
Interest-bearing deposits | 534 | 10,653 | 11,187 | ||||||||
U.S. | 2,683 | 4,040 | 6,723 | ||||||||
Non-U.S. | 418 | 2,756 | 3,174 | ||||||||
Collateralized financings | 3,101 | 6,796 | 9,897 | ||||||||
U.S. | (291) | 388 | 97 | ||||||||
Non-U.S. | (148) | 581 | 433 | ||||||||
Trading liabilities | (439) | 969 | 530 | ||||||||
U.S. | 340 | 452 | 792 | ||||||||
Non-U.S. | (7) | (4) | (11) | ||||||||
Short-term borrowings | 333 | 448 | 781 | ||||||||
U.S. | (1,326) | 6,594 | 5,268 | ||||||||
Non-U.S. | 43 | 57 | 100 | ||||||||
Long-term borrowings | (1,283) | 6,651 | 5,368 | ||||||||
U.S. | (1,222) | 10,094 | 8,872 | ||||||||
Non-U.S. | (215) | 4,398 | 4,183 | ||||||||
Other interest-bearing liabilities | (1,437) | 14,492 | 13,055 | ||||||||
Change in interest expense | 809 | 40,009 | 40,818 | ||||||||
Change in net interest income | $ | (2,159) | $ | 832 | $ | (1,327) |
Year Ended December 2022 | |||||||||||
versus December 2021 | |||||||||||
Increase (decrease) | |||||||||||
due to change in: | |||||||||||
$ in millions | Volume | Rate | Net Change | ||||||||
Interest-earning assets | |||||||||||
U.S. | $ | 886 | $ | 1,764 | $ | 2,650 | |||||
Non-U.S. | 49 | 558 | 607 | ||||||||
Deposits with banks | 935 | 2,322 | 3,257 | ||||||||
U.S. | 560 | 3,286 | 3,846 | ||||||||
Non-U.S. | 125 | 1,477 | 1,602 | ||||||||
Collateralized agreements | 685 | 4,763 | 5,448 | ||||||||
U.S. | (166) | 585 | 419 | ||||||||
Non-U.S. | (178) | 130 | (48) | ||||||||
Trading assets | (344) | 715 | 371 | ||||||||
U.S. | 465 | 200 | 665 | ||||||||
Non-U.S. | (143) | 88 | (55) | ||||||||
Investments | 322 | 288 | 610 | ||||||||
U.S. | 2,022 | 1,522 | 3,544 | ||||||||
Non-U.S. | 30 | 166 | 196 | ||||||||
Loans | 2,052 | 1,688 | 3,740 | ||||||||
U.S. | (87) | 2,122 | 2,035 | ||||||||
Non-U.S. | 238 | 1,205 | 1,443 | ||||||||
Other interest-earning assets | 151 | 3,327 | 3,478 | ||||||||
Change in interest income | 3,801 | 13,103 | 16,904 | ||||||||
Interest-bearing liabilities | |||||||||||
U.S. | 1,159 | 2,702 | 3,861 | ||||||||
Non-U.S. | 20 | 639 | 659 | ||||||||
Interest-bearing deposits | 1,179 | 3,341 | 4,520 | ||||||||
U.S. | (59) | 1,940 | 1,881 | ||||||||
Non-U.S. | 103 | 824 | 927 | ||||||||
Collateralized financings | 44 | 2,764 | 2,808 | ||||||||
U.S. | 142 | 69 | 211 | ||||||||
Non-U.S. | 99 | (49) | 50 | ||||||||
Trading liabilities | 241 | 20 | 261 | ||||||||
U.S. | 29 | (97) | (68) | ||||||||
Non-U.S. | (26) | 108 | 82 | ||||||||
Short-term borrowings | 3 | 11 | 14 | ||||||||
U.S. | 119 | 2,312 | 2,431 | ||||||||
Non-U.S. | 31 | 23 | 54 | ||||||||
Long-term borrowings | 150 | 2,335 | 2,485 | ||||||||
U.S. | 382 | 2,871 | 3,253 | ||||||||
Non-U.S. | 271 | 2,084 | 2,355 | ||||||||
Other interest-bearing liabilities | 653 | 4,955 | 5,608 | ||||||||
Change in interest expense | 2,270 | 13,426 | 15,696 | ||||||||
Change in net interest income | $ | 1,531 | $ | (323) | $ | 1,208 |
Goldman Sachs 2023 Form 10-K | 237 |
Year Ended December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Average balances | ||||||||
U.S. | ||||||||
Savings and demand | $ | 241,356 | $ | 231,693 | ||||
Time | 66,330 | 70,985 | ||||||
Total U.S. | 307,686 | 302,678 | ||||||
Non-U.S. | ||||||||
Demand | 57,506 | 45,066 | ||||||
Time | 24,815 | 29,596 | ||||||
Total non-U.S. | 82,321 | 74,662 | ||||||
Total | $ | 390,007 | $ | 377,340 | ||||
Average interest rates | ||||||||
U.S. | ||||||||
Savings and demand | 4.57 | % | 1.69 | % | ||||
Time | 3.97 | % | 1.48 | % | ||||
Total U.S. | 4.44 | % | 1.64 | % | ||||
Non-U.S. | ||||||||
Demand | 3.99 | % | 1.20 | % | ||||
Time | 4.26 | % | 1.09 | % | ||||
Total non-U.S. | 4.07 | % | 1.16 | % | ||||
Total | 4.36 | % | 1.54 | % |
As of December 2023 | ||||||||
$ in millions | U.S. | Non-U.S. | ||||||
3 months or less | $ | 3,667 | $ | 18,133 | ||||
3 to 6 months | 2,253 | 8,763 | ||||||
6 to 12 months | 2,534 | 2,646 | ||||||
Greater than 12 months | 411 | 1,775 | ||||||
Total | $ | 8,865 | $ | 31,317 |
As of December | |||||||||||||||||
$ in millions | 2023 | 2022 | |||||||||||||||
Corporate | $ | 35,874 | 19 | % | $ | 40,135 | 22 | % | |||||||||
Commercial real estate | 26,028 | 14 | % | 28,879 | 16 | % | |||||||||||
Residential real estate | 25,388 | 13 | % | 23,035 | 12 | % | |||||||||||
Securities-based | 14,621 | 8 | % | 16,671 | 9 | % | |||||||||||
Other
collateralized | 62,225 | 33 | % | 51,702 | 28 | % | |||||||||||
Consumer: | |||||||||||||||||
Installment | 3,298 | 2 | % | 6,326 | 3 | % | |||||||||||
Credit cards | 19,361 | 10 | % | 15,820 | 9 | % | |||||||||||
Other | 1,613 | 1 | % | 2,261 | 1 | % | |||||||||||
Total | $ | 188,408 | 100 | % | $ | 184,829 | 100 | % |
238 | Goldman Sachs 2023 Form 10-K |
As of December 2023 | |||||||||||||||||
More than | More than | ||||||||||||||||
1 year | 1 year to | 5 years to | More than | ||||||||||||||
$ in millions | or less | 5 years | 15 years | 15 years | Total | ||||||||||||
Corporate | $ | 2,813 | $ | 28,853 | $ | 4,207 | $ | 1 | $ | 35,874 | |||||||
Commercial real estate | 4,571 | 19,663 | 1,791 | 3 | 26,028 | ||||||||||||
Residential real estate | 3,522 | 10,493 | 127 | 11,246 | 25,388 | ||||||||||||
Securities-based | 14,608 | 13 | – | – | 14,621 | ||||||||||||
Other
collateralized | 23,660 | 36,486 | 1,623 | 456 | 62,225 | ||||||||||||
Consumer: | |||||||||||||||||
Installment | 70 | 803 | 2,334 | 91 | 3,298 | ||||||||||||
Credit cards | 19,361 | – | – | – | 19,361 | ||||||||||||
Other | 740 | 455 | 416 | 2 | 1,613 | ||||||||||||
Total | $ | 69,345 | $ | 96,766 | $ | 10,498 | $ | 11,799 | $ | 188,408 |
As of December 2023 | ||||||||||||||
1 year | More than one year | |||||||||||||
$ in millions | or less | Fixed-rate | Floating-rate | Total | ||||||||||
Corporate | $ | 2,813 | $ | 345 | $ | 32,716 | $ | 35,874 | ||||||
Commercial real estate | 4,571 | 1,274 | 20,183 | 26,028 | ||||||||||
Residential real estate | 3,522 | 11,937 | 9,929 | 25,388 | ||||||||||
Securities-based | 14,608 | 13 | – | 14,621 | ||||||||||
Other
collateralized | 23,660 | 850 | 37,715 | 62,225 | ||||||||||
Consumer: | ||||||||||||||
Installment | 70 | 3,228 | – | 3,298 | ||||||||||
Credit cards | 19,361 | – | – | 19,361 | ||||||||||
Other | 740 | 377 | 496 | 1,613 | ||||||||||
Total | $ | 69,345 | $ | 18,024 | $ | 101,039 | $ | 188,408 |
As of December | ||||||||
$ in millions | 2023 | 2022 | ||||||
Corporate | $ | 1,307 | $ | 1,535 | ||||
Commercial real estate | 765 | 572 | ||||||
Residential real estate | 129 | 122 | ||||||
Other collateralized | 340 | 264 | ||||||
Other | 35 | 69 | ||||||
Wholesale | 2,576 | 2,562 | ||||||
Installment | 23 | 831 | ||||||
Credit cards | 2,451 | 2,150 | ||||||
Consumer | 2,474 | 2,981 | ||||||
Total | $ | 5,050 | $ | 5,543 |
Net | Average | Net charge- | |||||||||
$ in millions | charge-offs | balance | off ratio | ||||||||
Year Ended December 2023 | |||||||||||
Wholesale | $ | 400 | $ | 151,834 | 0.3 | % | |||||
Installment | 86 | 3,721 | 2.3 | % | |||||||
Credit cards | 1,062 | 17,028 | 6.2 | % | |||||||
Consumer | 1,148 | 20,749 | 5.5 | % | |||||||
Total | $ | 1,548 | $ | 172,583 | 0.9 | % | |||||
Year Ended December 2022 | |||||||||||
Wholesale | $ | 253 | $ | 144,129 | 0.2 | % | |||||
Installment | 46 | 4,711 | 1.0 | % | |||||||
Credit cards | 427 | 11,984 | 3.6 | % | |||||||
Consumer | 473 | 16,695 | 2.8 | % | |||||||
Total | $ | 726 | $ | 160,824 | 0.5 | % |
Goldman Sachs 2023 Form 10-K | 239 |
240 | Goldman Sachs 2023 Form 10-K |
Plan Category | Securities to be Issued Upon Exercise of Outstanding Options and Rights (a) | Weighted Average Exercise Price of Outstanding Options (b) | Securities Available For Future Issuance Under Equity Compensation Plans (c) | ||||||||
Equity compensation plans: | |||||||||||
Approved
by security holders | 20,444,953 | N/A | 58,360,508 | ||||||||
Not approved by security holders | – | – | – | ||||||||
Total | 20,444,953 | 58,360,508 |
Goldman Sachs 2023 Form 10-K | 241 |
242 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 243 |
244 | Goldman Sachs 2023 Form 10-K |
Goldman Sachs 2023 Form 10-K | 245 |
By: | /s/ | Denis P. Coleman III | |||||||||
Name: | Denis P. Coleman III | ||||||||||
Title: | Chief Financial Officer | ||||||||||
Date: | February 22, 2024 |
By: | /s/ | David Solomon | |||||||||
Name: | David Solomon | ||||||||||
Title: | Director, Chairman and Chief Executive | ||||||||||
Officer (Principal Executive Officer) | |||||||||||
Date: | February 22, 2024 | ||||||||||
By: | /s/ | M. Michele Burns | |||||||||
Name: | M. Michele Burns | ||||||||||
Title: | Director | ||||||||||
Date: | February 22, 2024 | ||||||||||
By: | /s/ | Mark A. Flaherty | |||||||||
Name: | Mark A. Flaherty | ||||||||||
Title: | Director | ||||||||||
Date: | February 22, 2024 | ||||||||||
By: | /s/ | Kimberley D. Harris | |||||||||
Name: | Kimberley D. Harris | ||||||||||
Title: | Director | ||||||||||
Date: | February 22, 2024 | ||||||||||
By: | /s/ | Kevin R. Johnson | |||||||||
Name: | Kevin R. Johnson | ||||||||||
Title: | Director | ||||||||||
Date: | February 22, 2024 | ||||||||||
By: | /s/ | Ellen J. Kullman | |||||||||
Name: | Ellen J. Kullman | ||||||||||
Title: | Director | ||||||||||
Date: | February 22, 2024 |
By: | /s/ | Lakshmi N. Mittal | |||||||||
Name: | Lakshmi N. Mittal | ||||||||||
Title: | Director | ||||||||||
Date: | February 22, 2024 | ||||||||||
By: | /s/ | ||||||||||
Name: | |||||||||||
Title: | Director | ||||||||||
Date: | February 22, 2024 | ||||||||||
By: | /s/ | Adebayo O. Ogunlesi | |||||||||
Name: | Adebayo O. Ogunlesi | ||||||||||
Title: | Director | ||||||||||
Date: | February 22, 2024 | ||||||||||
By: | /s/ | Peter Oppenheimer | |||||||||
Name: | Peter Oppenheimer | ||||||||||
Title: | Director | ||||||||||
Date: | February 22, 2024 | ||||||||||
By: | /s/ | Jan E. Tighe | |||||||||
Name: | Jan E. Tighe | ||||||||||
Title: | Director | ||||||||||
Date: | February 22, 2024 | ||||||||||
By: | /s/ | Jessica R. Uhl | |||||||||
Name: | Jessica R. Uhl | ||||||||||
Title: | Director | ||||||||||
Date: | February 22, 2024 | ||||||||||
By: | /s/ | David A. Viniar | |||||||||
Name: | David A. Viniar | ||||||||||
Title: | Director | ||||||||||
Date: | February 22, 2024 | ||||||||||
By: | /s/ | Denis P. Coleman III | |||||||||
Name: | Denis P. Coleman III | ||||||||||
Title: | Chief Financial Officer | ||||||||||
(Principal Financial Officer) | |||||||||||
Date: | February 22, 2024 | ||||||||||
By: | /s/ | Sheara J. Fredman | |||||||||
Name: | Sheara J. Fredman | ||||||||||
Title: | Chief Accounting Officer | ||||||||||
(Principal Accounting Officer) | |||||||||||
Date: | February 22, 2024 |
246 | Goldman Sachs 2023 Form 10-K |
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 |