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As Of Filer Filing For·On·As Docs:Size 2/24/23 Goldman Sachs Group Inc. 10-K 12/31/22 236:53M |
Document/Exhibit Description Pages Size 1: 10-K Annual Report HTML 12.52M 2: EX-4.1 Instrument Defining the Rights of Security Holders HTML 597K 3: EX-10.37 Material Contract HTML 89K 4: EX-10.38 Material Contract HTML 173K 5: EX-10.39 Material Contract HTML 157K 6: EX-10.40 Material Contract HTML 185K 7: EX-10.41 Material Contract HTML 185K 8: EX-10.42 Material Contract HTML 138K 9: EX-10.46 Material Contract HTML 118K 10: EX-10.47 Material Contract HTML 105K 11: EX-10.49 Material Contract HTML 173K 12: EX-10.50 Material Contract HTML 186K 13: EX-10.52 Material Contract HTML 163K 14: EX-21.1 Subsidiaries List HTML 86K 15: EX-23.1 Consent of Expert or Counsel HTML 60K 16: EX-31.1 Certification -- §302 - SOA'02 HTML 73K 17: EX-32.1 Certification -- §906 - SOA'02 HTML 66K 23: R1 Cover Page HTML 154K 24: R2 Audit Information HTML 66K 25: R3 Consolidated Statements of Earnings HTML 159K 26: R4 Consolidated Statements of Comprehensive Income HTML 93K 27: R5 Consolidated Balance Sheets HTML 155K 28: R6 Consolidated Balance Sheets (Parenthetical) HTML 100K 29: R7 Consolidated Statements of Changes in HTML 169K Shareholders' Equity 30: R8 Consolidated Statements of Cash Flows HTML 174K 31: R9 Description of Business HTML 68K 32: R10 Basis of Presentation HTML 63K 33: R11 Significant Accounting Policies HTML 108K 34: R12 Fair Value Measurements HTML 928K 35: R13 Fair Value Hierarchy HTML 928K 36: R14 Trading Assets and Liabilities HTML 90K 37: R15 Derivatives and Hedging Activities HTML 410K 38: R16 Investments HTML 194K 39: R17 Loans HTML 616K 40: R18 Fair Value Option HTML 105K 41: R19 Collateralized Agreements and Financings HTML 206K 42: R20 Other Assets HTML 126K 43: R21 Deposits HTML 112K 44: R22 Unsecured Borrowings HTML 161K 45: R23 Other Liabilities HTML 93K 46: R24 Securitization Activities HTML 120K 47: R25 Variable Interest Entities HTML 193K 48: R26 Commitments, Contingencies and Guarantees HTML 165K 49: R27 Shareholders' Equity HTML 227K 50: R28 Regulation and Capital Adequacy HTML 352K 51: R29 Earnings Per Common Share HTML 77K 52: R30 Transactions with Affiliated Funds HTML 63K 53: R31 Interest Income and Interest Expense HTML 90K 54: R32 Income Taxes HTML 144K 55: R33 Business Segments HTML 206K 56: R34 Credit Concentrations HTML 79K 57: R35 Legal Proceedings HTML 147K 58: R36 Employee Benefit Plans HTML 69K 59: R37 Employee Incentive Plans HTML 102K 60: R38 Parent Company HTML 189K 61: R39 Basis of Presentation (Policies) HTML 412K 62: R40 Commitment and Contingencies (Policies) HTML 70K 63: R41 Significant Accounting Policies (Tables) HTML 74K 64: R42 Fair Value Measurements (Tables) HTML 132K 65: R43 Fair Value Hierarchy (Tables) HTML 834K 66: R44 Trading Assets and Liabilities (Tables) HTML 91K 67: R45 Derivatives and Hedging Activities (Tables) HTML 394K 68: R46 Investments (Tables) HTML 197K 69: R47 Loans (Tables) HTML 605K 70: R48 Fair Value Option (Tables) HTML 94K 71: R49 Collateralized Agreements and Financings (Tables) HTML 201K 72: R50 Other Assets (Tables) HTML 122K 73: R51 Deposits (Tables) HTML 115K 74: R52 Unsecured Borrowings (Tables) HTML 162K 75: R53 Other Liabilities (Tables) HTML 91K 76: R54 Securitization Activities (Tables) HTML 113K 77: R55 Variable Interest Entities (Tables) HTML 180K 78: R56 Commitments, Contingencies and Guarantees (Tables) HTML 142K 79: R57 Shareholders' Equity (Tables) HTML 231K 80: R58 Regulation and Capital Adequacy (Tables) HTML 347K 81: R59 Earnings Per Common Share (Tables) HTML 76K 82: R60 Transactions with Affiliated Funds (Tables) HTML 74K 83: R61 Interest Income and Interest Expense (Tables) HTML 89K 84: R62 Income Taxes (Tables) HTML 142K 85: R63 Business Segments (Tables) HTML 201K 86: R64 Credit Concentrations (Tables) HTML 77K 87: R65 Employee Incentive Plans (Tables) HTML 95K 88: R66 Parent Company (Tables) HTML 185K 89: R67 Description of Business - Additional Information HTML 63K (Detail) 90: R68 Significant Accounting Policies - Additional HTML 89K Information (Detail) 91: R69 Fair Value Measurements - Summary of Financial HTML 102K Assets and Liabilities Carried at Fair Value (Detail) 92: R70 Fair Value Measurements - Summary of Level 3 HTML 85K Financial Assets (Detail) 93: R71 Fair Value Hierarchy - Schedule of Trading Cash HTML 173K Instruments by Level (Detail) 94: R72 Fair Value Hierarchy - Schedule of Level 3 Assets, HTML 117K and Ranges and Weighted Averages of Significant Unobservable Inputs (Detail) 95: R73 Fair Value Hierarchy - Summary of Changes in Fair HTML 120K Value for Level 3 Trading Cash Instruments (Detail) 96: R74 Fair Value Hierarchy - Trading Cash Instruments, HTML 77K Additional Information (Detail) 97: R75 Fair Value Hierarchy - Fair Value of Derivatives HTML 138K by Level (Detail) 98: R76 Fair Value Hierarchy - Significant Unobservable HTML 153K Inputs Used to Value Level 3 Derivatives (Detail) 99: R77 Fair Value Hierarchy - Changes in Fair Value for HTML 110K Level 3 Derivatives (Detail) 100: R78 Fair Value Hierarchy - Derivatives, Additional HTML 73K Information (Details) 101: R79 Fair Value Hierarchy - Investments Accounted for HTML 114K at Fair Value (Detail) 102: R80 Fair Value Hierarchy - Amount of Level 3 HTML 131K Investments and Significant Unobservable Inputs Used to Value Such Investments (Detail) 103: R81 Fair Value Hierarchy - Summary of Changes in Fair HTML 102K Value for Level 3 Investments (Detail) 104: R82 Fair Value Hierarchy - Investments, Additional HTML 75K Information (Details) 105: R83 Fair Value Hierarchy - Fair Value of Loans Held HTML 98K for Investment by Level (Detail) 106: R84 Fair Value Hierarchy - Summary of Weighted Average HTML 100K of Significant Unobservable Inputs, Loans (Detail) 107: R85 Fair Value Hierarchy - Summary of Changes in Fair HTML 102K Value for Level 3 Loans (Detail) 108: R86 Fair Value Hierarchy - Loans, Additional HTML 85K Information (Details) 109: R87 Fair Value Hierarchy - Financial Assets and HTML 107K Financial Liabilities by Level (Detail) 110: R88 Fair Value Hierarchy - Fair Value Option, HTML 101K Additional Information (Details) 111: R89 Fair Value Hierarchy - Level 3 Rollforward HTML 115K (Detail) 112: R90 Trading Assets and Liabilities - Summary of HTML 70K Trading Assets and Liabilities (Detail) 113: R91 Trading Assets and Liabilities - Summary of Market HTML 73K Making Revenues by Major Product Type (Detail) 114: R92 Derivatives and Hedging Activities - Fair Value of HTML 174K Derivatives on a Gross Basis (Detail) 115: R93 Derivatives and Hedging Activities - Additional HTML 126K Information (Detail) 116: R94 Derivatives and Hedging Activities - OTC HTML 126K Derivatives by Tenor and Major Product Type (Detail) 117: R95 Derivatives and Hedging Activities - Credit HTML 121K Derivatives (Detail) 118: R96 Derivatives and Hedging Activities - Summary of HTML 66K Information About CVA and FVA (Detail) 119: R97 Derivatives and Hedging Activities - Summary of HTML 72K Derivatives Bifurcated from their Related Borrowings (Detail) 120: R98 Derivatives and Hedging Activities - Derivatives HTML 71K with Credit-Related Contingent Features (Detail) 121: R99 Derivatives and Hedging Activities - Gain (Loss) HTML 74K from Interest Rate Hedges and Related Hedged Items (Detail) 122: R100 Derivatives and Hedging Activities - Carrying HTML 75K Amount of Hedged Items Currently Designated in a Hedging Relationship and Related Cumulative Hedging Adjustment (Detail) 123: R101 Derivatives and Hedging Activities - HTML 69K Gains/(Losses) from Net Investment Hedging (Detail) 124: R102 Investments - Information about Investments HTML 76K (Detail) 125: R103 Investments - Equity Securities At Fair Value HTML 77K (Detail) 126: R104 Investments - Additional Information (Detail) HTML 98K 127: R105 Investments - Debt Instruments At Fair Value HTML 71K (Detail) 128: R106 Investments - Fair Value of Investments in Funds HTML 83K at NAV and Related Unfunded Commitments (Detail) 129: R107 Investments - Available-for-Sale Securities by HTML 88K Tenor (Detail) 130: R108 Investments - Summary of Gross Realized Gains and HTML 71K the Proceeds from the Sales of Available-for-Sale Securities (Detail) 131: R109 Investments - Held-to-maturity Securities by Type HTML 86K and Tenor (Detail) 132: R110 Loans - Summary of Loans (Detail) HTML 135K 133: R111 Loans - Summary of Concentration of Secured and HTML 194K Unsecured Loans (Detail) 134: R112 Loans - Additional Information (Detail) HTML 76K 135: R113 Loans - Schedule of Credit Quality Indicators for HTML 185K Term Loans by Origination Year (Detail) 136: R114 Loans - Summary of Consumer Loans by Refreshed HTML 107K FICO Credit Score (Detail) 137: R115 Loans - Summary of Credit Concentration by Region HTML 132K (Detail) 138: R116 Loans - Summary of Past Due Loans (Detail) HTML 117K 139: R117 Loans - Summary of Nonaccrual Loans (Detail) HTML 87K 140: R118 Loans - Summary of Loans and Lending Commitments HTML 113K Accounted for at Amortized Cost by Portfolio (Detail) 141: R119 Loans - Summary of Changes in Allowance for Credit HTML 94K Losses (Detail) 142: R120 Loans - Schedule of Forecasted Economic Scenarios HTML 73K (Detail) 143: R121 Loans - Summary of Estimated Fair Value of Loans HTML 85K and Lending Commitments that are not Accounted for at Fair Value (Detail) 144: R122 Fair Value Option - Additional Information HTML 75K (Detail) 145: R123 Fair Value Option - Gains and Losses on Other HTML 70K Financial Assets and Financial Liabilities at Fair Value (Detail) 146: R124 Fair Value Option - Summary of DVA Gains/(Losses) HTML 67K on Financial Liabilities (Detail) 147: R125 Fair Value Option - Loans and Lending Commitments HTML 67K (Detail) 148: R126 Collateralized Agreements and Financings - HTML 127K Offsetting Arrangements (Detail) 149: R127 Collateralized Agreements and Financings - HTML 88K Additional Information (Detail) 150: R128 Collateralized Agreements and Financings - HTML 88K Schedule of Gross Carrying Value of Repurchase Agreements and Securities Loaned by Class of Collateral Pledged (Detail) 151: R129 Collateralized Agreements and Financings - HTML 79K Schedule of Repurchase Agreements and Securities Loaned by Maturity Date (Detail) 152: R130 Collateralized Agreements and Financings - Other HTML 82K Secured Financings (Detail) 153: R131 Collateralized Agreements and Financings - Other HTML 83K Secured Financings by Maturity Date (Detail) 154: R132 Collateralized Agreements and Financings - HTML 65K Financial Instruments Received as Collateral and Repledged (Detail) 155: R133 Collateralized Agreements and Financings - Assets HTML 76K Pledged as Collateral (Detail) 156: R134 Other Assets - Other Assets (Detail) HTML 79K 157: R135 Other Assets - Additional Information (Detail) HTML 108K 158: R136 Other Assets - Carrying Value of Goodwill (Detail) HTML 81K 159: R137 Other Assets - Identifiable Intangible Assets by HTML 73K Type (Detail) 160: R138 Other Assets - Amortization of Identifiable HTML 63K Intangible Assets (Detail) 161: R139 Other Assets - Estimated Future Amortization HTML 72K (Detail) 162: R140 Deposits - Types and Sources of Deposits (Detail) HTML 79K 163: R141 Deposits - Types and Sources of Deposits, HTML 68K Additional Information (Detail) 164: R142 Deposits - Location of Deposits (Detail) HTML 66K 165: R143 Deposits - Maturities of Time Deposits (Detail) HTML 83K 166: R144 Deposits - Additional Information (Detail) HTML 65K 167: R145 Unsecured Borrowings - Schedule of Unsecured HTML 66K Borrowings (Detail) 168: R146 Unsecured Borrowings - Unsecured Short-Term HTML 76K Borrowings (Detail) 169: R147 Unsecured Borrowings - Unsecured Long-Term HTML 97K Borrowings (Detail) 170: R148 Unsecured Borrowings - Unsecured Long-Term HTML 101K Borrowings by Maturity Date (Detail) 171: R149 Unsecured Borrowings - Unsecured Long-Term HTML 84K Borrowings after Hedging (Detail) 172: R150 Unsecured Borrowings - Additional Information HTML 88K (Detail) 173: R151 Unsecured Borrowings - Subordinated Borrowings HTML 83K (Detail) 174: R152 Other Liabilities - Other Liabilities by Type HTML 76K (Detail) 175: R153 Other Liabilities - Information About Operating HTML 85K Lease Liabilities (Detail) 176: R154 Other Liabilities - Additional Information HTML 71K (Detail) 177: R155 Securitization Activities - Amount of Financial HTML 70K Assets Securitized and Cash Flows Received on Retained Interests (Detail) 178: R156 Securitization Activities - Additional Information HTML 75K (Detail) 179: R157 Securitization Activities - Firms Continuing HTML 81K Involvement in Securitization Entities to Which Firm Sold Assets (Detail) 180: R158 Securitization Activities - Weighted Average Key HTML 83K Economic Assumptions Used in Measuring Fair Value of Firm's Retained Interests and Sensitivity of This Fair Value to Immediate Adverse Changes (Detail) 181: R159 Variable Interest Entities - Nonconsolidated HTML 125K Variable Interest Entities (Detail) 182: R160 Variable Interest Entities - Consolidated Variable HTML 126K Interest Entities (Detail) 183: R161 Commitments, Contingencies and Guarantees - HTML 114K Commitments (Detail) 184: R162 Commitments, Contingencies and Guarantees - HTML 67K Lending Commitments (Detail) 185: R163 Commitments, Contingencies and Guarantees - HTML 130K Additional Information (Detail) 186: R164 Commitments, Contingencies and Guarantees - HTML 93K Guarantees (Detail) 187: R165 Shareholders' Equity - Additional Information HTML 178K (Detail) 188: R166 Shareholders' Equity - Summary of Amount of Common HTML 68K Stock Repurchased by the Firm (Detail) 189: R167 Shareholders' Equity - Summary of Dividends HTML 63K Declared on Common Stock (Detail) 190: R168 Shareholders' Equity - Summary of Perpetual HTML 141K Preferred Stock Issued and Outstanding (Detail) 191: R169 Shareholders' Equity - Summary of Dividend Rates HTML 93K of Perpetual Preferred Stock Issued and Outstanding (Detail) 192: R170 Shareholders' Equity - Summary of Preferred HTML 112K Dividends Declared on Preferred Stock Issued (Detail) 193: R171 Shareholders' Equity - Accumulated Other HTML 86K Comprehensive Income/(Loss), Net of Tax (Detail) 194: R172 Regulation and Capital Adequacy - Risk-based HTML 86K Capital and Leverage Requirements (Detail) 195: R173 Regulation and Capital Adequacy - Risk-based HTML 107K Capital Ratios (Detail) 196: R174 Regulation and Capital Adequacy - Leverage Ratios HTML 94K (Detail) 197: R175 Regulation and Capital Adequacy - Additional HTML 98K Information (Detail) 198: R176 Regulation and Capital Adequacy - Risk-based HTML 118K Capital (Detail) 199: R177 Regulation and Capital Adequacy - CET1, Tier 1 HTML 102K Capital and Tier 2 Capital (Detail) 200: R178 Regulation and Capital Adequacy - Risk-weighted HTML 105K Assets (Detail) 201: R179 Regulation and Capital Adequacy - Changes in HTML 100K Risk-weighted Assets (Detail) 202: R180 Regulation and Capital Adequacy - Risk-based HTML 95K Capital and Leverage Ratios and "Well-capitalized" Requirements (Detail) 203: R181 Regulation and Capital Adequacy - Risk Based HTML 113K Capital Requirements (Detail) 204: R182 Earnings Per Common Share - Earnings Per Common HTML 88K Share (Detail) 205: R183 Earnings Per Common Share - Additional Information HTML 65K (Detail) 206: R184 Transactions with Affiliated Funds - Fees Earned HTML 62K from Affiliated Funds (Detail) 207: R185 Transactions with Affiliated Funds - Fees HTML 64K Receivable from Affiliated Funds and the Aggregate Carrying Value of the Firm's Interests in these Funds (Detail) 208: R186 Transactions with Affiliated Funds - Additional HTML 62K Information (Detail) 209: R187 Interest Income and Interest Expense - Sources of HTML 92K Interest Income and Interest Expense (Detail) 210: R188 Income Taxes - Provision for Taxes (Details) HTML 89K 211: R189 Income Taxes - Reconciliation to Effective Income HTML 83K Tax Rate (Details) 212: R190 Income Taxes - Deferred Tax Assets and Liabilities HTML 103K (Details) 213: R191 Income Taxes - Additional Information (Details) HTML 95K 214: R192 Income Taxes - Changes in the Liability for HTML 78K Unrecognized Tax Benefits (Details) 215: R193 Income Taxes - Earliest Tax Years Subject to HTML 73K Examination by Major Jurisdiction (Detail) 216: R194 Business Segments - Segment Operating Results HTML 123K (Detail) 217: R195 Business Segments - Depreciation and Amortization HTML 70K (Detail) 218: R196 Business Segments - Assets by Segment (Detail) HTML 76K 219: R197 Business Segments - Total Net Revenues and Pre-Tax HTML 100K Earnings By Geographic Region (Detail) 220: R198 Credit Concentrations - Credit Concentrations HTML 70K Included in Trading Cash Instruments and Investments (Detail) 221: R199 Credit Concentrations - Additional Information HTML 68K (Detail) 222: R200 Credit Concentrations - U.S. Government and Agency HTML 68K Obligations and Non-U.S. Government and Agency Obligations that Collateralize Resale Agreements and Securities Borrowed Transactions (Detail) 223: R201 Legal Proceedings - Additional Information HTML 240K (Detail) 224: R202 Employee Benefit Plans (Details) HTML 66K 225: R203 Employee Incentive Plans - Additional Information HTML 98K (Details) 226: R204 Employee Incentive Plans - Activity Related to HTML 117K Stock Settled RSUs (Details) 227: R205 Employee Incentive Plans - Share-Based HTML 65K Compensation and Related Excess Tax Benefit (Details) 228: R206 Parent Company - Condensed Statements of Earnings HTML 124K (Details) 229: R207 Parent Company - Additional Information (Details) HTML 112K 230: R208 Parent Company - Condensed Balance Sheets HTML 168K (Details) 231: R209 Parent Company - Condensed Statements of Cash HTML 166K Flows (Details) 234: XML IDEA XML File -- Filing Summary XML 449K 232: XML XBRL Instance -- gs-20221231_htm XML 17.44M 233: EXCEL IDEA Workbook of Financial Reports XLSX 666K 19: EX-101.CAL XBRL Calculations -- gs-20221231_cal XML 580K 20: EX-101.DEF XBRL Definitions -- gs-20221231_def XML 3.18M 21: EX-101.LAB XBRL Labels -- gs-20221231_lab XML 5.92M 22: EX-101.PRE XBRL Presentations -- gs-20221231_pre XML 4.02M 18: EX-101.SCH XBRL Schema -- gs-20221231 XSD 905K 235: JSON XBRL Instance as JSON Data -- MetaLinks 1,197± 1.97M 236: ZIP XBRL Zipped Folder -- 0000886982-23-000003-xbrl Zip 2.71M
gs-20221231 |
For the fiscal year ended i i December 31,
2022 / | 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 5.50% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series J | i GS PrJ | 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 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 | |||||
Item
7A | |||||
Quantitative and Qualitative Disclosures About Market Risk |
Goldman Sachs 2022 Form 10-K |
Page No. | |||||
Item 8 | |||||
Financial Statements and Supplementary Data | |||||
Management’s
Report on Internal Control over Financial Reporting | |||||
Consolidated Financial Statements | |||||
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 2022 Form 10-K |
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44 | Goldman Sachs 2022 Form 10-K |
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46 | Goldman Sachs 2022 Form 10-K |
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50 | Goldman Sachs 2022 Form 10-K |
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Total Shares Purchased | Average Price Paid Per Share | Total Shares Purchased as Part of a Publicly Announced Program | Maximum Shares That May Yet Be Purchased Under the Program | |||||||||||
October | 1,368,286 | $ | 328.88 | 1,368,286 | 27,092,986 | |||||||||
November | 2,816,047 | $ | 372.86 | 2,816,047 | 24,276,939 | |||||||||
December | — | — | — | 24,276,939 | ||||||||||
Total | 4,184,333 | 4,184,333 |
56 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 57 |
58 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 59 |
60 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 61 |
Year
Ended December | |||||||||||||||||
$ in millions, except per share amounts | 2022 | 2021 | 2020 | ||||||||||||||
Net revenues | $ | 47,365 | $ | 59,339 | $ | 44,560 | |||||||||||
Pre-tax earnings | $ | 13,486 | $ | 27,044 | $ | 12,479 | |||||||||||
Net earnings | $ | 11,261 | $ | 21,635 | $ | 9,459 | |||||||||||
Net earnings to common | $ | 10,764 | $ | 21,151 | $ | 8,915 | |||||||||||
Diluted EPS | $ | 30.06 | $ | 59.45 | $ | 24.74 | |||||||||||
ROE | 10.2 | % | 23.0 | % | 11.1 | % | |||||||||||
ROTE | 11.0 | % | 24.3 | % | 11.8 | % | |||||||||||
Net earnings to average assets | 0.7 | % | 1.6 | % | 0.8 | % | |||||||||||
Return on shareholders’ equity | 9.7 | % | 21.3 | % | 10.3 | % | |||||||||||
Average equity to average assets | 7.5 | % | 7.4 | % | 8.2 | % | |||||||||||
Dividend payout ratio | 29.9 | % | 10.9 | % | 20.2 | % |
62 | Goldman Sachs 2022 Form 10-K |
Average for the Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Total shareholders’ equity | $ | 115,990 | $ | 101,705 | $ | 91,779 | |||||||||||
Preferred stock | (10,703) | (9,876) | (11,203) | ||||||||||||||
Common shareholders’ equity | 105,287 | 91,829 | 80,576 | ||||||||||||||
Goodwill | (5,726) | (4,327) | (4,238) | ||||||||||||||
Identifiable intangible assets | (1,583) | (536) | (617) | ||||||||||||||
Tangible common shareholders’ equity | $ | 97,978 | $ | 86,966 | $ | 75,721 |
Year
Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Investment banking | $ | 7,360 | $ | 14,136 | $ | 9,100 | |||||||||||
Investment management | 9,005 | 8,171 | 6,986 | ||||||||||||||
Commissions and fees | 4,034 | 3,590 | 3,539 | ||||||||||||||
Market making | 18,634 | 15,357 | 15,428 | ||||||||||||||
Other principal transactions | 654 | 11,615 | 4,756 | ||||||||||||||
Total non-interest revenues | 39,687 | 52,869 | 39,809 | ||||||||||||||
Interest income | 29,024 | 12,120 | 13,689 | ||||||||||||||
Interest expense | 21,346 | 5,650 | 8,938 | ||||||||||||||
Net interest income | 7,678 | 6,470 | 4,751 | ||||||||||||||
Total net revenues | $ | 47,365 | $ | 59,339 | $ | 44,560 |
Goldman Sachs 2022 Form 10-K | 63 |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Provision for credit losses | $ | 2,715 | $ | 357 | $ | 3,098 |
64 | Goldman Sachs 2022 Form 10-K |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Compensation and benefits | $ | 15,148 | $ | 17,719 | $ | 13,309 | |||||||||||
Transaction based | 5,312 | 4,710 | 4,141 | ||||||||||||||
Market development | 812 | 553 | 401 | ||||||||||||||
Communications and technology | 1,808 | 1,573 | 1,347 | ||||||||||||||
Depreciation and amortization | 2,455 | 2,015 | 1,902 | ||||||||||||||
Occupancy | 1,026 | 981 | 960 | ||||||||||||||
Professional fees | 1,887 | 1,648 | 1,306 | ||||||||||||||
Other expenses | 2,716 | 2,739 | 5,617 | ||||||||||||||
Total operating expenses | $ | 31,164 | $ | 31,938 | $ | 28,983 | |||||||||||
Headcount at period-end | 48,500 | 43,900 | 40,500 |
Goldman Sachs 2022 Form 10-K | 65 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Global
Banking & Markets | $ | 1,169,539 | $ | 1,201,996 | ||||
Asset & Wealth Management | 214,970 | 221,150 | ||||||
Platform Solutions | 57,290 | 40,842 | ||||||
Total | $ | 1,441,799 | $ | 1,463,988 |
Year
Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Global Banking & Markets | |||||||||||||||||
Net revenues | $ | 32,487 | $ | 36,734 | $ | 30,469 | |||||||||||
Provision for credit losses | 468 | (171) | 1,216 | ||||||||||||||
Operating expenses | 17,851 | 19,542 | 18,884 | ||||||||||||||
Pre-tax earnings | $ | 14,168 | $ | 17,363 | $ | 10,369 | |||||||||||
Net earnings to common | $ | 11,458 | $ | 13,535 | $ | 7,428 | |||||||||||
Average common equity | $ | 69,951 | $ | 60,064 | $ | 54,749 | |||||||||||
Return on average common equity | 16.4 | % | 22.5 | % | 13.6 | % | |||||||||||
Asset & Wealth Management | |||||||||||||||||
Net revenues | $ | 13,376 | $ | 21,965 | $ | 13,757 | |||||||||||
Provision for credit losses | 519 | (169) | 1,395 | ||||||||||||||
Operating expenses | 11,550 | 11,406 | 9,469 | ||||||||||||||
Pre-tax
earnings | $ | 1,307 | $ | 10,728 | $ | 2,893 | |||||||||||
Net earnings to common | $ | 979 | $ | 8,459 | $ | 2,083 | |||||||||||
Average common equity | $ | 31,762 | $ | 29,988 | $ | 24,963 | |||||||||||
Return on average common equity | 3.1 | % | 28.2 | % | 8.3 | % | |||||||||||
Platform
Solutions | |||||||||||||||||
Net revenues | $ | 1,502 | $ | 640 | $ | 334 | |||||||||||
Provision for credit losses | 1,728 | 697 | 487 | ||||||||||||||
Operating expenses | 1,763 | 990 | 630 | ||||||||||||||
Pre-tax earnings/(loss) | $ | (1,989) | $ | (1,047) | $ | (783) | |||||||||||
Net earnings/(loss) to common | $ | (1,673) | $ | (843) | $ | (596) | |||||||||||
Average common equity | $ | 3,574 | $ | 1,777 | $ | 864 | |||||||||||
Return on average common equity | (46.8) | % | (47.4) | % | (69.0) | % | |||||||||||
Total | |||||||||||||||||
Net
revenues | $ | 47,365 | $ | 59,339 | $ | 44,560 | |||||||||||
Provision for credit losses | 2,715 | 357 | 3,098 | ||||||||||||||
Operating expenses | 31,164 | 31,938 | 28,983 | ||||||||||||||
Pre-tax
earnings | $ | 13,486 | $ | 27,044 | $ | 12,479 | |||||||||||
Net earnings to common | $ | 10,764 | $ | 21,151 | $ | 8,915 | |||||||||||
Average common equity | $ | 105,287 | $ | 91,829 | $ | 80,576 | |||||||||||
Return on average common equity | 10.2 | % | 23.0 | % | 11.1 | % |
66 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 67 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Cash and cash equivalents | $ | 167,203 | $ | 178,359 | ||||
Collateralized agreements | 380,157 | 359,100 | ||||||
Customer and other receivables | 122,037 | 147,958 | ||||||
Trading assets | 272,788 | 351,920 | ||||||
Investments | 103,229 | 56,228 | ||||||
Loans | 107,648 | 94,597 | ||||||
Other assets | 16,477 | 13,834 | ||||||
Total | $ | 1,169,539 | $ | 1,201,996 |
As
of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Corporate | $ | 25,776 | $ | 22,068 | ||||
Real estate | 33,215 | 34,986 | ||||||
Securities-based | 3,857 | 3,017 | ||||||
Other
collateralized | 45,407 | 33,077 | ||||||
Other | 561 | 2,311 | ||||||
Loans, gross | 108,816 | 95,459 | ||||||
Allowance for loan losses | (1,168) | (862) | ||||||
Total loans | $ | 107,648 | $ | 94,597 |
Year
Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Advisory | $ | 4,704 | $ | 5,654 | $ | 3,064 | |||||||||||
Equity
underwriting | 848 | 4,985 | 3,376 | ||||||||||||||
Debt underwriting | 1,808 | 3,497 | 2,660 | ||||||||||||||
Investment banking fees | 7,360 | 14,136 | 9,100 | ||||||||||||||
FICC
intermediation | 11,890 | 8,714 | 10,106 | ||||||||||||||
FICC financing | 2,786 | 1,897 | 1,347 | ||||||||||||||
FICC | 14,676 | 10,611 | 11,453 | ||||||||||||||
Equities
intermediation | 6,662 | 7,707 | 7,069 | ||||||||||||||
Equities financing | 4,326 | 4,015 | 2,815 | ||||||||||||||
Equities | 10,988 | 11,722 | 9,884 | ||||||||||||||
Other | (537) | 265 | 32 | ||||||||||||||
Net revenues | 32,487 | 36,734 | 30,469 | ||||||||||||||
Provision for credit losses | 468 | (171) | 1,216 | ||||||||||||||
Operating expenses | 17,851 | 19,542 | 18,884 | ||||||||||||||
Pre-tax earnings | 14,168 | 17,363 | 10,369 | ||||||||||||||
Provision for taxes | 2,338 | 3,473 | 2,509 | ||||||||||||||
Net earnings | 11,830 | 13,890 | 7,860 | ||||||||||||||
Preferred stock dividends | 372 | 355 | 432 | ||||||||||||||
Net earnings to common | $ | 11,458 | $ | 13,535 | $ | 7,428 | |||||||||||
Average
common equity | $ | 69,951 | $ | 60,064 | $ | 54,749 | |||||||||||
Return on average common equity | 16.4 | % | 22.5 | % | 13.6 | % |
68 | Goldman Sachs 2022 Form 10-K |
$ in millions | FICC | Equities | ||||||
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 2020 | ||||||||
Market making | $ | 8,941 | $ | 6,487 | ||||
Commissions and fees | – | 3,339 | ||||||
Other principal transactions | 96 | 9 | ||||||
Net interest income | 2,416 | 49 | ||||||
Total | $ | 11,453 | $ | 9,884 | ||||
First | Second | Third | Fourth | ||||||||||||||
$ in millions | Quarter | Quarter | Quarter | Quarter | |||||||||||||
2022 | |||||||||||||||||
Advisory | $ | 1,127 | $ | 1,197 | $ | 972 | $ | 1,408 | |||||||||
Equity
underwriting | 276 | 145 | 244 | 183 | |||||||||||||
Debt underwriting | 741 | 457 | 328 | 282 | |||||||||||||
Investment
banking fees | 2,144 | 1,799 | 1,544 | 1,873 | |||||||||||||
FICC intermediation | 4,099 | 2,921 | 2,896 | 1,974 | |||||||||||||
FICC
financing | 631 | 721 | 721 | 713 | |||||||||||||
FICC | 4,730 | 3,642 | 3,617 | 2,687 | |||||||||||||
Equities intermediation | 2,178 | 1,767 | 1,608 | 1,109 | |||||||||||||
Equities financing | 1,061 | 1,177 | 1,124 | 964 | |||||||||||||
Equities | 3,239 | 2,944 | 2,732 | 2,073 | |||||||||||||
Other | (51) | (43) | (329) | (114) | |||||||||||||
Net revenues | 10,062 | 8,342 | 7,564 | 6,519 | |||||||||||||
Provision for credit losses | 191 | 208 | 63 | 6 | |||||||||||||
Operating expenses | 4,973 | 4,431 | 4,224 | 4,223 | |||||||||||||
Pre-tax earnings | $ | 4,898 | $ | 3,703 | $ | 3,277 | $ | 2,290 | |||||||||
2021 | |||||||||||||||||
Advisory | $ | 1,117 | $ | 1,257 | $ | 1,649 | $ | 1,631 | |||||||||
Equity
underwriting | 1,539 | 1,256 | 1,167 | 1,023 | |||||||||||||
Debt underwriting | 877 | 949 | 724 | 947 | |||||||||||||
Investment banking fees | 3,533 | 3,462 | 3,540 | 3,601 | |||||||||||||
FICC intermediation | 3,472 | 1,922 | 2,007 | 1,313 | |||||||||||||
FICC financing | 435 | 395 | 512 | 555 | |||||||||||||
FICC | 3,907 | 2,317 | 2,519 | 1,868 | |||||||||||||
Equities intermediation | 2,620 | 1,795 | 1,949 | 1,343 | |||||||||||||
Equities financing | 1,084 | 887 | 1,207 | 837 | |||||||||||||
Equities | 3,704 | 2,682 | 3,156 | 2,180 | |||||||||||||
Other | 170 | 239 | (85) | (59) | |||||||||||||
Net revenues | 11,314 | 8,700 | 9,130 | 7,590 | |||||||||||||
Provision for credit losses | (99) | (46) | (10) | (16) | |||||||||||||
Operating expenses | 5,892 | 5,470 | 4,090 | 4,090 | |||||||||||||
Pre-tax earnings | $ | 5,521 | $ | 3,276 | $ | 5,050 | $ | 3,516 | |||||||||
2020 | |||||||||||||||||
Advisory | $ | 780 | $ | 687 | $ | 506 | $ | 1,091 | |||||||||
Equity underwriting | 377 | 1,050 | 843 | 1,106 | |||||||||||||
Debt underwriting | 576 | 988 | 571 | 525 | |||||||||||||
Investment banking fees | 1,733 | 2,725 | 1,920 | 2,722 | |||||||||||||
FICC intermediation | 2,496 | 3,831 | 2,232 | 1,547 | |||||||||||||
FICC financing | 435 | 302 | 278 | 332 | |||||||||||||
FICC | 2,931 | 4,133 | 2,510 | 1,879 | |||||||||||||
Equities intermediation | 1,533 | 2,217 | 1,497 | 1,822 | |||||||||||||
Equities financing | 729 | 900 | 580 | 606 | |||||||||||||
Equities | 2,262 | 3,117 | 2,077 | 2,428 | |||||||||||||
Other | 351 | (151) | (36) | (132) | |||||||||||||
Net revenues | 7,277 | 9,824 | 6,471 | 6,897 | |||||||||||||
Provision for credit losses | 564 | 702 | (9) | (41) | |||||||||||||
Operating expenses | 4,007 | 7,777 | 3,510 | 3,590 | |||||||||||||
Pre-tax earnings | $ | 2,706 | $ | 1,345 | $ | 2,970 | $ | 3,348 |
Year
Ended December | |||||||||||||||||
$ in billions | 2022 | 2021 | 2020 | ||||||||||||||
Announced mergers and acquisitions | $ | 1,237 | $ | 1,771 | $ | 904 | |||||||||||
Completed mergers and acquisitions | $ | 1,355 | $ | 1,588 | $ | 1,037 | |||||||||||
Equity and equity-related offerings | $ | 33 | $ | 140 | $ | 115 | |||||||||||
Debt offerings | $ | 222 | $ | 341 | $ | 352 |
Goldman Sachs 2022 Form 10-K | 69 |
70 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 71 |
72 | Goldman Sachs 2022 Form 10-K |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Cash and cash equivalents | $ | 54,065 | $ | 62,652 | ||||
Collateralized agreements | 23,723 | 18,737 | ||||||
Customer and other receivables | 13,409 | 12,712 | ||||||
Trading assets | 19,860 | 17,739 | ||||||
Investments | 27,400 | 32,491 | ||||||
Loans | 56,338 | 56,676 | ||||||
Other assets | 20,175 | 20,143 | ||||||
Total | $ | 214,970 | $ | 221,150 |
As
of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Corporate | $ | 14,359 | $ | 15,575 | ||||
Real estate | 18,699 | 18,688 | ||||||
Securities-based | 12,814 | 13,635 | ||||||
Other
collateralized | 6,295 | 5,186 | ||||||
Installment | 4,474 | 3,646 | ||||||
Other | 1,700 | 1,708 | ||||||
Loans, gross | 58,341 | 58,438 | ||||||
Allowance for loan losses | (2,003) | (1,762) | ||||||
Total loans | $ | 56,338 | $ | 56,676 |
Year
Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Management and other fees | $ | 8,781 | $ | 7,750 | $ | 6,750 | |||||||||||
Incentive fees | 359 | 616 | 401 | ||||||||||||||
Private banking and lending | 2,458 | 1,661 | 1,372 | ||||||||||||||
Equity investments | 610 | 8,794 | 3,902 | ||||||||||||||
Debt
investments | 1,168 | 3,144 | 1,332 | ||||||||||||||
Net revenues | 13,376 | 21,965 | 13,757 | ||||||||||||||
Provision for credit losses | 519 | (169) | 1,395 | ||||||||||||||
Operating expenses | 11,550 | 11,406 | 9,469 | ||||||||||||||
Pre-tax earnings | 1,307 | 10,728 | 2,893 | ||||||||||||||
Provision for taxes | 215 | 2,146 | 700 | ||||||||||||||
Net
earnings | 1,092 | 8,582 | 2,193 | ||||||||||||||
Preferred stock dividends | 113 | 123 | 110 | ||||||||||||||
Net earnings to common | $ | 979 | $ | 8,459 | $ | 2,083 | |||||||||||
Average
common equity | $ | 31,762 | $ | 29,988 | $ | 24,963 | |||||||||||
Return on average common equity | 3.1 | % | 28.2 | % | 8.3 | % |
$ in millions | Asset management | Wealth management | Asset & Wealth Management | ||||||||
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 2020 | |||||||||||
Management and other fees | $ | 2,782 | $ | 3,968 | $ | 6,750 | |||||
Incentive fees | 401 | – | 401 | ||||||||
Private banking and lending | – | 1,372 | 1,372 | ||||||||
Equity investments | 3,902 | – | 3,902 | ||||||||
Debt investments | 1,332 | – | 1,332 | ||||||||
Total | $ | 8,417 | $ | 5,340 | $ | 13,757 |
Year
Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Equity Type | |||||||||||||||||
Private equity | $ | 2,078 | $ | 8,826 | $ | 2,329 | |||||||||||
Public equity | (1,468) | (32) | 1,573 | ||||||||||||||
Total | $ | 610 | $ | 8,794 | $ | 3,902 | |||||||||||
Asset
Class | |||||||||||||||||
Real estate | $ | 1,482 | $ | 2,489 | $ | 1,621 | |||||||||||
Corporate | (872) | 6,305 | 2,281 | ||||||||||||||
Total | $ | 610 | $ | 8,794 | $ | 3,902 |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Fair value net gains/(losses) | $ | (415) | $ | 1,216 | $ | (268) | |||||||||||
Net interest income | 1,583 | 1,928 | 1,600 | ||||||||||||||
Total | $ | 1,168 | $ | 3,144 | $ | 1,332 |
Goldman Sachs 2022 Form 10-K | 73 |
First | Second | Third | Fourth | ||||||||||||||
$ in millions | Quarter | Quarter | Quarter | Quarter | |||||||||||||
2022 | |||||||||||||||||
Management and other fees | $ | 2,035 | $ | 2,243 | $ | 2,255 | $ | 2,248 | |||||||||
Incentive fees | 79 | 185 | 56 | 39 | |||||||||||||
Private banking and lending | 492 | 538 | 675 | 753 | |||||||||||||
Equity investments | (294) | (104) | 721 | 287 | |||||||||||||
Debt investments | 291 | 317 | 326 | 234 | |||||||||||||
Net revenues | 2,603 | 3,179 | 4,033 | 3,561 | |||||||||||||
Provision for credit losses | 203 | 149 | (13) | 180 | |||||||||||||
Operating expenses | 2,409 | 2,823 | 2,955 | 3,363 | |||||||||||||
Pre-tax earnings/(loss) | $ | (9) | $ | 207 | $ | 1,091 | $ | 18 | |||||||||
2021 | |||||||||||||||||
Management and other fees | $ | 1,839 | $ | 1,879 | $ | 1,985 | $ | 2,047 | |||||||||
Incentive fees | 68 | 93 | 220 | 235 | |||||||||||||
Private
banking and lending | 416 | 387 | 432 | 426 | |||||||||||||
Equity investments | 2,965 | 3,425 | 957 | 1,447 | |||||||||||||
Debt investments | 963 | 765 | 711 | 705 | |||||||||||||
Net revenues | 6,251 | 6,549 | 4,305 | 4,860 | |||||||||||||
Provision for credit losses | (140) | (159) | 58 | 72 | |||||||||||||
Operating expenses | 3,315 | 2,983 | 2,232 | 2,876 | |||||||||||||
Pre-tax earnings | $ | 3,076 | $ | 3,725 | $ | 2,015 | $ | 1,912 | |||||||||
2020 | |||||||||||||||||
Management and other fees | $ | 1,603 | $ | 1,642 | $ | 1,708 | $ | 1,797 | |||||||||
Incentive fees | 223 | 44 | 35 | 99 | |||||||||||||
Private
banking and lending | 377 | 245 | 341 | 409 | |||||||||||||
Equity investments | (56) | 896 | 1,377 | 1,685 | |||||||||||||
Debt investments | (710) | 557 | 728 | 757 | |||||||||||||
Net revenues | 1,437 | 3,384 | 4,189 | 4,747 | |||||||||||||
Provision for credit losses | 281 | 781 | 203 | 130 | |||||||||||||
Operating expenses | 2,307 | 2,471 | 2,550 | 2,141 | |||||||||||||
Pre-tax
earnings/(loss) | $ | (1,151) | $ | 132 | $ | 1,436 | $ | 2,476 |
74 | Goldman Sachs 2022 Form 10-K |
As of December | |||||||||||
$ in billions | 2022 | 2021 | 2020 | ||||||||
Asset Class | |||||||||||
Alternative investments | $ | 263 | $ | 236 | $ | 191 | |||||
Equity | 563 | 613 | 475 | ||||||||
Fixed income | 1,010 | 940 | 896 | ||||||||
Total long-term AUS | 1,836 | 1,789 | 1,562 | ||||||||
Liquidity products | 711 | 681 | 583 | ||||||||
Total AUS | $ | 2,547 | $ | 2,470 | $ | 2,145 | |||||
Client Channel | |||||||||||
Institutional | $ | 905 | $ | 824 | $ | 761 | |||||
Wealth management | 712 | 751 | 615 | ||||||||
Third-party distributed | 930 | 895 | 769 | ||||||||
Total AUS | $ | 2,547 | $ | 2,470 | $ | 2,145 | |||||
Region | |||||||||||
Americas | $ | 1,806 | $ | 1,930 | $ | 1,656 | |||||
EMEA | 548 | 354 | 318 | ||||||||
Asia | 193 | 186 | 171 | ||||||||
Total AUS | $ | 2,547 | $ | 2,470 | $ | 2,145 | |||||
Vehicle | |||||||||||
Separate accounts | $ | 1,388 | $ | 1,347 | $ | 1,186 | |||||
Public funds | 862 | 811 | 707 | ||||||||
Private funds and other | 297 | 312 | 252 | ||||||||
Total AUS | $ | 2,547 | $ | 2,470 | $ | 2,145 |
Year
Ended December | |||||||||||||||||
$ in billions | 2022 | 2021 | 2020 | ||||||||||||||
Beginning balance | $ | 2,470 | $ | 2,145 | $ | 1,859 | |||||||||||
Net inflows/(outflows): | |||||||||||||||||
Alternative investments | 19 | 33 | (1) | ||||||||||||||
Equity | 13 | 41 | (4) | ||||||||||||||
Fixed income | 18 | 56 | 47 | ||||||||||||||
Total long-term AUS net inflows/(outflows) | 50 | 130 | 42 | ||||||||||||||
Liquidity products | 16 | 98 | 121 | ||||||||||||||
Total AUS net inflows/(outflows) | 66 | 228 | 163 | ||||||||||||||
Acquisitions | 316 | – | – | ||||||||||||||
Net market appreciation/(depreciation) | (305) | 97 | 123 | ||||||||||||||
Ending balance | $ | 2,547 | $ | 2,470 | $ | 2,145 |
Average
for the | |||||||||||||||||
Year Ended December | |||||||||||||||||
$ in billions | 2022 | 2021 | 2020 | ||||||||||||||
Asset Class | |||||||||||||||||
Alternative investments | $ | 253 | $ | 211 | $ | 183 | |||||||||||
Equity | 581 | 547 | 409 | ||||||||||||||
Fixed income | 992 | 919 | 829 | ||||||||||||||
Total long-term AUS | 1,826 | 1,677 | 1,421 | ||||||||||||||
Liquidity products | 693 | 625 | 573 | ||||||||||||||
Total AUS | $ | 2,519 | $ | 2,302 | $ | 1,994 |
Goldman Sachs 2022 Form 10-K | 75 |
Year Ended December | |||||||||||||||||
Effective fees (bps) | 2022 | 2021 | 2020 | ||||||||||||||
Alternative investments | 64 | 63 | 61 | ||||||||||||||
Equity | 57 | 60 | 58 | ||||||||||||||
Fixed income | 17 | 17 | 18 | ||||||||||||||
Liquidity products | 14 | 5 | 14 | ||||||||||||||
Total average effective fee | 31 | 29 | 29 |
$ in billions | Direct Strategies | Fund of Funds | Total | ||||||||
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 | ||||||||||
Year Ended December 2020 | |||||||||||
Average AUS | |||||||||||
Corporate equity | $ | 15 | $ | 58 | $ | 73 | |||||
Credit | 13 | 2 | 15 | ||||||||
Real estate | 7 | 6 | 13 | ||||||||
Hedge funds and other | 37 | 17 | 54 | ||||||||
Funds and discretionary accounts | $ | 72 | $ | 83 | $ | 155 | |||||
Advisory accounts | 28 | ||||||||||
Total average AUS for alternative investments | $ | 183 | |||||||||
Effective Fees (bps) | |||||||||||
Corporate equity | 132 | 57 | 73 | ||||||||
Credit | 95 | 52 | 89 | ||||||||
Real estate | 88 | 62 | 75 | ||||||||
Hedge funds and other | 63 | 53 | 60 | ||||||||
Funds and discretionary accounts | 86 | 57 | 70 | ||||||||
Advisory accounts | 13 | ||||||||||
Total average effective fee | 61 | ||||||||||
$ in billions | AUS | Non-fee-earning alternative assets | Total alternative assets | ||||||||
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 | |||||
As of December 2020 | |||||||||||
Corporate equity | $ | 74 | $ | 50 | $ | 124 | |||||
Credit | 18 | 80 | 98 | ||||||||
Real estate | 13 | 43 | 56 | ||||||||
Hedge funds and other | 56 | 2 | 58 | ||||||||
Funds and discretionary accounts | 161 | 175 | 336 | ||||||||
Advisory accounts | 30 | 1 | 31 | ||||||||
Total alternative investments | $ | 191 | $ | 176 | $ | 367 |
76 | Goldman Sachs 2022 Form 10-K |
As of | |||||
$ in billions | December 2022 | ||||
Included in AUS | $ | 118 | |||
Included in non-fee-earning alternative assets | 61 | ||||
Third-party commitments raised | $ | 179 |
$ in billions | Loans | Debt securities | Equity securities | CIE investments and other | Total | ||||||||||||
As of December 2022 | |||||||||||||||||
Corporate equity | $ | – | $ | – | $ | 10 | $ | – | $ | 10 | |||||||
Credit | 14 | 11 | – | – | 25 | ||||||||||||
Real estate | 5 | 1 | 5 | 12 | 23 | ||||||||||||
Other | – | – | – | 1 | 1 | ||||||||||||
Total | $ | 19 | $ | 12 | $ | 15 | $ | 13 | $ | 59 | |||||||
As of December 2021 | |||||||||||||||||
Corporate equity | $ | – | $ | – | $ | 14 | $ | – | $ | 14 | |||||||
Credit | 15 | 11 | – | – | 26 | ||||||||||||
Real estate | 7 | 2 | 4 | 14 | 27 | ||||||||||||
Other | – | – | – | 1 | 1 | ||||||||||||
Total | $ | 22 | $ | 13 | $ | 18 | $ | 15 | $ | 68 | |||||||
As of December 2020 | |||||||||||||||||
Corporate equity | $ | – | $ | – | $ | 16 | $ | – | $ | 16 | |||||||
Credit | 16 | 12 | – | – | 28 | ||||||||||||
Real estate | 9 | 2 | 3 | 19 | 33 | ||||||||||||
Other | – | – | – | 1 | 1 | ||||||||||||
Total | $ | 25 | $ | 14 | $ | 19 | $ | 20 | $ | 78 |
As of December | ||||||||
$ in billions | 2022 | 2021 | ||||||
Loans | $19 | $22 | ||||||
Debt securities | 12 | 13 | ||||||
Total | $31 | $35 | ||||||
Accounting
Classification | ||||||||
Debt securities at fair value | 39 | % | 38 | % | ||||
Loans at amortized cost | 49 | % | 53 | % | ||||
Loans at fair value | 6 | % | 9 | % | ||||
Loans
held for sale | 6 | % | — | |||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 51 | % | 50 | % | ||||
EMEA | 35 | % | 34 | % | ||||
Asia | 14 | % | 16 | % | ||||
Total | 100 | % | 100 | % | ||||
Industry | ||||||||
Consumer
& Retail | 10 | % | 9 | % | ||||
Financial Institutions | 7 | % | 6 | % | ||||
Healthcare | 13 | % | 12 | % | ||||
Industrials | 16 | % | 16 | % | ||||
Natural Resources & Utilities | 2 | % | 4 | % | ||||
Real Estate | 20 | % | 25 | % | ||||
Technology, Media & Telecommunications | 25 | % | 22 | % | ||||
Other | 7 | % | 6 | % | ||||
Total | 100 | % | 100 | % |
As of December | ||||||||
$ in billions | 2022 | 2021 | ||||||
Equity securities | $15 | $18 | ||||||
Region | ||||||||
Americas | 67 | % | 57 | % | ||||
EMEA | 15 | % | 23 | % | ||||
Asia | 18 | % | 20 | % | ||||
Total | 100 | % | 100 | % | ||||
Industry | ||||||||
Consumer
& Retail | 6 | % | 8 | % | ||||
Financial Institutions | 10 | % | 9 | % | ||||
Healthcare | 9 | % | 11 | % | ||||
Industrials | 7 | % | 8 | % | ||||
Natural Resources & Utilities | 14 | % | 11 | % | ||||
Real Estate | 30 | % | 23 | % | ||||
Technology, Media & Telecommunications | 23 | % | 29 | % | ||||
Other | 1 | % | 1 | % | ||||
Total | 100 | % | 100 | % |
Goldman Sachs 2022 Form 10-K | 77 |
Vintage | |||||
As of December 2022 | |||||
2015 or earlier | 26 | % | |||
2016 - 2018 | 26 | % | |||
2019 - thereafter | 48 | % | |||
Total | 100 | % | |||
As of December 2021 | |||||
2014 or earlier | 20 | % | |||
2015 - 2017 | 32 | % | |||
2018 - thereafter | 48 | % | |||
Total | 100 | % |
As of December | ||||||||
$ in billions | 2022 | 2021 | ||||||
CIE assets, net of financings | $6 | $7 | ||||||
Region | ||||||||
Americas | 65 | % | 63 | % | ||||
EMEA | 25 | % | 25 | % | ||||
Asia | 10 | % | 12 | % | ||||
Total | 100 | % | 100 | % | ||||
Asset
Class | ||||||||
Hospitality | 4 | % | 4 | % | ||||
Industrials | 10 | % | 10 | % | ||||
Multifamily | 23 | % | 23 | % | ||||
Office | 22 | % | 24 | % | ||||
Retail | 3 | % | 5 | % | ||||
Senior Housing | 14 | % | 16 | % | ||||
Student Housing | 7 | % | 6 | % | ||||
Other | 17 | % | 12 | % | ||||
Total | 100 | % | 100 | % |
Vintage | |||||
As of December 2022 | |||||
2015 or earlier | 5 | % | |||
2016 - 2018 | 45 | % | |||
2019 - thereafter | 50 | % | |||
Total | 100 | % | |||
As of December 2021 | |||||
2014 or earlier | 2 | % | |||
2015 - 2017 | 29 | % | |||
2018 - thereafter | 69 | % | |||
Total | 100 | % |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Cash and cash equivalents | $ | 20,557 | $ | 20,025 | ||||
Collateralized agreements | 10,278 | 6,637 | ||||||
Customer and other receivables | 2 | 3 | ||||||
Trading assets | 8,597 | 6,257 | ||||||
Loans | 15,300 | 7,289 | ||||||
Other assets | 2,556 | 631 | ||||||
Total | $ | 57,290 | $ | 40,842 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Installment | $ | 1,852 | $ | 26 | ||||
Credit cards | 15,820 | 8,212 | ||||||
Loans, gross | 17,672 | 8,238 | ||||||
Allowance for loan losses | (2,372) | (949) | ||||||
Total loans | $ | 15,300 | $ | 7,289 |
78 | Goldman Sachs 2022 Form 10-K |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Consumer platforms | $ | 1,176 | $ | 424 | $ | 188 | |||||||||||
Transaction banking and other | 326 | 216 | 146 | ||||||||||||||
Net revenues | 1,502 | 640 | 334 | ||||||||||||||
Provision for credit losses | 1,728 | 697 | 487 | ||||||||||||||
Operating expenses | 1,763 | 990 | 630 | ||||||||||||||
Pre-tax
earnings/(loss) | (1,989) | (1,047) | (783) | ||||||||||||||
Provision for taxes | (328) | (210) | (189) | ||||||||||||||
Net earnings/(loss) | (1,661) | (837) | (594) | ||||||||||||||
Preferred stock dividends | 12 | 6 | 2 | ||||||||||||||
Net earnings/(loss) to common | $ | (1,673) | $ | (843) | $ | (596) | |||||||||||
Average
common equity | $ | 3,574 | $ | 1,777 | $ | 864 | |||||||||||
Return on average common equity | (46.8) | % | (47.4) | % | (69.0) | % |
First | Second | Third | Fourth | ||||||||||||||
$ in millions | Quarter | Quarter | Quarter | Quarter | |||||||||||||
2022 | |||||||||||||||||
Consumer platforms | $ | 201 | $ | 252 | $ | 290 | $ | 433 | |||||||||
Transaction banking and other | 67 | 91 | 88 | 80 | |||||||||||||
Net revenues | 268 | 343 | 378 | 513 | |||||||||||||
Provision for credit losses | 167 | 310 | 465 | 786 | |||||||||||||
Operating expenses | 334 | 399 | 525 | 505 | |||||||||||||
Pre-tax earnings/(loss) | $ | (233) | $ | (366) | $ | (612) | $ | (778) | |||||||||
2021 | |||||||||||||||||
Consumer platforms | $ | 90 | $ | 90 | $ | 119 | $ | 125 | |||||||||
Transaction banking and other | 49 | 49 | 54 | 64 | |||||||||||||
Net revenues | 139 | 139 | 173 | 189 | |||||||||||||
Provision for credit losses | 169 | 113 | 127 | 288 | |||||||||||||
Operating expenses | 230 | 187 | 269 | 304 | |||||||||||||
Pre-tax earnings/(loss) | $ | (260) | $ | (161) | $ | (223) | $ | (403) | |||||||||
2020 | |||||||||||||||||
Consumer platforms | $ | 21 | $ | 50 | $ | 70 | $ | 47 | |||||||||
Transaction banking and other | 8 | 37 | 51 | 50 | |||||||||||||
Net revenues | 29 | 87 | 121 | 97 | |||||||||||||
Provision for credit losses | 92 | 107 | 84 | 204 | |||||||||||||
Operating expenses | 144 | 166 | 144 | 176 | |||||||||||||
Pre-tax earnings/(loss) | $ | (207) | $ | (186) | $ | (107) | $ | (283) |
Goldman Sachs 2022 Form 10-K | 79 |
80 | Goldman Sachs 2022 Form 10-K |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Total assets | $ | 1,441,799 | $ | 1,463,988 | ||||
Unsecured long-term borrowings | $ | 247,138 | $ | 254,092 | ||||
Total shareholders’ equity | $ | 117,189 | $ | 109,926 | ||||
Leverage ratio | 12.3x | 13.3x | ||||||
Debt-to-equity ratio | 2.1x | 2.3x |
As of December | ||||||||
$ in millions, except per share amounts | 2022 | 2021 | ||||||
Total shareholders’ equity | $ | 117,189 | $ | 109,926 | ||||
Preferred stock | (10,703) | (10,703) | ||||||
Common shareholders’ equity | 106,486 | 99,223 | ||||||
Goodwill | (6,374) | (4,285) | ||||||
Identifiable intangible assets | (2,009) | (418) | ||||||
Tangible common shareholders’ equity | $ | 98,103 | $ | 94,520 | ||||
Book value per common share | $ | 303.55 | $ | 284.39 | ||||
Tangible book value per common share | $ | 279.66 | $ | 270.91 |
Goldman Sachs 2022 Form 10-K | 81 |
As
of December | ||||||||||||||
$ in millions | 2022 | 2021 | ||||||||||||
Deposits | $ | 386,665 | 40 | % | $ | 364,227 | 36 | % | ||||||
Collateralized financings | 155,022 | 16 | % | 230,932 | 23 | % | ||||||||
Unsecured short-term borrowings | 60,961 | 6 | % | 46,955 | 5 | % | ||||||||
Unsecured long-term borrowings | 247,138 | 26 | % | 254,092 | 25 | % | ||||||||
Total shareholders’ equity | 117,189 | 12 | % | 109,926 | 11 | % | ||||||||
Total | $ | 966,975 | 100 | % | $ | 1,006,132 | 100 | % |
82 | Goldman Sachs 2022 Form 10-K |
$ in millions | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | ||||||||||||
As
of December 2022 | |||||||||||||||||
2024 | $ | 18,136 | $ | 11,053 | $ | 9,964 | $ | 11,858 | $ | 51,011 | |||||||
2025 | $ | 12,131 | $ | 10,681 | $ | 6,443 | $ | 7,887 | 37,142 | ||||||||
2026 | $ | 5,862 | $ | 3,835 | $ | 3,278 | $ | 9,227 | 22,202 | ||||||||
2027 | $ | 8,580 | $ | 3,435 | $ | 6,568 | $ | 11,777 | 30,360 | ||||||||
2028 - thereafter | 106,423 | ||||||||||||||||
Total | $ | 247,138 |
Goldman Sachs 2022 Form 10-K | 83 |
84 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 85 |
Requirements | |||||
TLAC to RWAs | 21.5 | % | |||
TLAC to leverage exposure | 9.5 | % | |||
External long-term debt to RWAs | 8.5 | % | |||
External long-term debt to leverage exposure | 4.5 | % |
For the Three Months Ended
or as of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
TLAC | $ | 297,100 | $ | 297,765 | ||||
External long-term debt | $ | 172,845 | $ | 174,500 | ||||
RWAs | $ | 679,450 | $ | 676,863 | ||||
Leverage exposure | $ | 1,867,358 | $ | 1,910,521 | ||||
TLAC to RWAs | 43.7 | % | 44.0 | % | ||||
TLAC to leverage exposure | 15.9 | % | 15.6 | % | ||||
External long-term debt to RWAs | 25.4 | % | 25.8 | % | ||||
External long-term debt to leverage exposure | 9.3 | % | 9.1 | % |
86 | Goldman Sachs 2022 Form 10-K |
As of December | ||||||||
2022 | 2021 | |||||||
Risk-based capital requirements | ||||||||
CET1 capital ratio | 8.7 | % | 8.1 | % | ||||
Tier 1 capital ratio | 10.7 | % | 9.9 | % | ||||
Total capital ratio | 13.3 | % | 12.4 | % |
As
of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Risk-based capital and risk-weighted assets | ||||||||
CET1 capital | $ | 31,780 | $ | 28,810 | ||||
Tier 1 capital | $ | 40,080 | $ | 37,110 | ||||
Tier 2 capital | $ | 5,377 | $ | 5,377 | ||||
Total capital | $ | 45,457 | $ | 42,487 | ||||
RWAs | $ | 247,653 | $ | 269,762 | ||||
Risk-based
capital ratios | ||||||||
CET1 capital ratio | 12.8% | 10.7% | ||||||
Tier 1 capital ratio | 16.2% | 13.8% | ||||||
Total capital ratio | 18.4% | 15.7% |
Goldman Sachs 2022 Form 10-K | 87 |
88 | Goldman Sachs 2022 Form 10-K |
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 (VIEs) | See
Note 17 to the consolidated financial statements. | |||||||
Guarantees, and lending and other commitments | See Note 18 to the consolidated financial statements. | |||||||
Derivatives | See “Risk Management — Credit Risk Management — Credit Exposures — OTC Derivatives” and Notes 4, 5, 7 and 18 to the consolidated financial statements. |
Goldman Sachs 2022 Form 10-K | 89 |
90 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 91 |
92 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 93 |
94 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 95 |
96 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 97 |
Average
for the | |||||||||||||||||
Three Months | Year Ended | ||||||||||||||||
Ended December | December | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Denomination | |||||||||||||||||
U.S. dollar | $ | 312,414 | $ | 230,720 | $ | 281,427 | $ | 217,797 | |||||||||
Non-U.S. dollar | 96,404 | 122,401 | 116,655 | 116,723 | |||||||||||||
Total | $ | 408,818 | $ | 353,121 | $ | 398,082 | $ | 334,520 | |||||||||
Asset
Class | |||||||||||||||||
Overnight cash deposits | $ | 217,141 | $ | 188,223 | $ | 228,203 | $ | 173,000 | |||||||||
U.S. government obligations | 149,519 | 107,898 | 126,349 | 108,260 | |||||||||||||
U.S. agency obligations | 12,789 | 13,154 | 11,007 | 10,183 | |||||||||||||
Non-U.S. government obligations | 29,369 | 43,846 | 32,523 | 43,077 | |||||||||||||
Total | $ | 408,818 | $ | 353,121 | $ | 398,082 | $ | 334,520 | |||||||||
Entity
Type | |||||||||||||||||
Group Inc. and Funding IHC | $ | 69,386 | $ | 54,489 | $ | 64,579 | $ | 53,205 | |||||||||
Major broker-dealer subsidiaries | 109,502 | 107,279 | 113,887 | 104,326 | |||||||||||||
Major bank subsidiaries | 229,930 | 191,353 | 219,616 | 176,989 | |||||||||||||
Total | $ | 408,818 | $ | 353,121 | $ | 398,082 | $ | 334,520 |
Average for the Three Months Ended | |||||||||||
December | September | December | |||||||||
$ in millions | 2022 | 2022 | 2021 | ||||||||
Total HQLA | $ | 401,836 | $ | 407,969 | $ | 342,047 | |||||
Eligible HQLA | $ | 291,118 | $ | 279,121 | $ | 248,570 | |||||
Net cash outflows | $ | 226,532 | $ | 224,408 | $ | 203,623 | |||||
LCR | 129 | % | 124 | % | 122 | % |
98 | Goldman Sachs 2022 Form 10-K |
As of December 2022 | |||||||||||||||||
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 |
Goldman Sachs 2022 Form 10-K | 99 |
As of December 2022 | |||||||||||
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 |
100 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 101 |
102 | Goldman Sachs 2022 Form 10-K |
Year Ended December | ||||||||||||||||||||
$ in millions | 2022 | 2021 | ||||||||||||||||||
Categories | ||||||||||||||||||||
Interest rates | $ | 97 | $ | 60 | ||||||||||||||||
Equity prices | 33 | 43 | ||||||||||||||||||
Currency rates | 32 | 13 | ||||||||||||||||||
Commodity prices | 47 | 25 | ||||||||||||||||||
Diversification effect | (95) | (55) | ||||||||||||||||||
Total | $ | 114 | $ | 86 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Categories | ||||||||
Interest rates | $ | 108 | $ | 69 | ||||
Equity prices | 27 | 31 | ||||||
Currency rates | 35 | 19 | ||||||
Commodity prices | 18 | 30 | ||||||
Diversification effect | (85) | (58) | ||||||
Total | $ | 103 | $ | 91 |
Goldman Sachs 2022 Form 10-K | 103 |
Year
Ended December | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
$ in millions | High | Low | High | Low | ||||||||||||||||||||||
Categories | ||||||||||||||||||||||||||
Interest rates | $ | 139 | $ | 57 | $ | 74 | $ | 49 | ||||||||||||||||||
Equity prices | $ | 48 | $ | 25 | $ | 71 | $ | 30 | ||||||||||||||||||
Currency rates | $ | 55 | $ | 16 | $ | 20 | $ | 8 | ||||||||||||||||||
Commodity prices | $ | 82 | $ | 18 | $ | 45 | $ | 14 | ||||||||||||||||||
Firmwide | ||||||||||||||||||||||||||
VaR | $ | 158 | $ | 76 | $ | 105 | $ | 69 |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | |||||||||||||||
>$100 | 92 | 53 | |||||||||||||||
$75 – $100 | 25 | 45 | |||||||||||||||
$50 – $75 | 29 | 42 | |||||||||||||||
$25 – $50 | 33 | 33 | |||||||||||||||
$0 – $25 | 36 | 45 | |||||||||||||||
$(25) – $0 | 17 | 24 | |||||||||||||||
$(50) – $(25) | 13 | 6 | |||||||||||||||
$(75) – $(50) | 1 | 2 | |||||||||||||||
$(100) – $(75) | 3 | 1 | |||||||||||||||
<$(100) | 2 | 1 | |||||||||||||||
Total | 251 | 252 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Equity | $ | 1,621 | $ | 1,953 | ||||
Debt | 1,986 | 2,244 | ||||||
Total | $ | 3,607 | $ | 4,197 |
104 | Goldman Sachs 2022 Form 10-K |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
+100 basis points parallel shift in rates | $ | 104 | $ | 782 | ||||
-100 basis points parallel shift in rates | $ | (104) | N.M. |
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 | ||||
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 2022 Form 10-K | 105 |
106 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 107 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Cash and Cash Equivalents | $224,889 | $236,168 | ||||||
Industry | ||||||||
Financial Institutions | 6 | % | 5 | % | ||||
Sovereign | 94 | % | 95 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 77 | % | 55 | % | ||||
EMEA | 19 | % | 36 | % | ||||
Asia | 4 | % | 9 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit
Quality (Credit Rating Equivalent) | ||||||||
AAA | 89 | % | 64 | % | ||||
AA | 5 | % | 24 | % | ||||
A | 6 | % | 11 | % | ||||
BBB | – | 1 | % | |||||
Total | 100 | % | 100 | % |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
OTC derivative assets | $53,399 | $58,637 | ||||||
Collateral (not netted under U.S. GAAP) | (15,823) | (17,245) | ||||||
Net credit exposure | $37,576 | $41,392 | ||||||
Industry | ||||||||
Consumer & Retail | 3 | % | 2 | % | ||||
Diversified Industrials | 8 | % | 10 | % | ||||
Financial Institutions | 20 | % | 15 | % | ||||
Funds | 19 | % | 13 | % | ||||
Healthcare | 1 | % | 1 | % | ||||
Municipalities & Nonprofit | 2 | % | 5 | % | ||||
Natural Resources & Utilities | 34 | % | 33 | % | ||||
Sovereign | 7 | % | 8 | % | ||||
Technology, Media & Telecommunications | 4 | % | 8 | % | ||||
Other (including Special Purpose Vehicles) | 2 | % | 5 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 49 | % | 53 | % | ||||
EMEA | 43 | % | 37 | % | ||||
Asia | 8 | % | 10 | % | ||||
Total | 100 | % | 100 | % |
108 | Goldman Sachs 2022 Form 10-K |
$ in millions | Investment- Grade | Non-Investment- Grade / Unrated | Total | ||||||||
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 | |||||
As of December 2021 | |||||||||||
Less than 1 year | $ | 27,668 | $ | 11,203 | $ | 38,871 | |||||
1 – 5 years | 21,746 | 9,515 | 31,261 | ||||||||
Greater than 5 years | 64,670 | 6,590 | 71,260 | ||||||||
Total | 114,084 | 27,308 | 141,392 | ||||||||
Netting | (89,244) | (10,756) | (100,000) | ||||||||
Net credit exposure | $ | 24,840 | $ | 16,552 | $ | 41,392 |
Investment-Grade | |||||||||||||||||
$ in millions | AAA | AA | A | BBB | Total | ||||||||||||
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 | |||||||
As of December 2021 | |||||||||||||||||
Less than 1 year | $ | 1,017 | $ | 4,926 | $ | 12,481 | $ | 9,244 | $ | 27,668 | |||||||
1 – 5 years | 1,150 | 3,071 | 8,298 | 9,227 | 21,746 | ||||||||||||
Greater than 5 years | 13,777 | 5,421 | 23,867 | 21,605 | 64,670 | ||||||||||||
Total | 15,944 | 13,418 | 44,646 | 40,076 | 114,084 | ||||||||||||
Netting | (13,535) | (9,501) | (36,005) | (30,203) | (89,244) | ||||||||||||
Net credit exposure | $ | 2,409 | $ | 3,917 | $ | 8,641 | $ | 9,873 | $ | 24,840 | |||||||
Non-Investment-Grade / Unrated | |||||||||||||||||
$ in millions | BB or lower | Unrated | Total | ||||||||||||||
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 | |||||||||||
As of December 2021 | |||||||||||||||||
Less than 1 year | $ | 10,446 | $ | 757 | $ | 11,203 | |||||||||||
1 – 5 years | 9,210 | 305 | 9,515 | ||||||||||||||
Greater than 5 years | 6,320 | 270 | 6,590 | ||||||||||||||
Total | 25,976 | 1,332 | 27,308 | ||||||||||||||
Netting | (10,683) | (73) | (10,756) | ||||||||||||||
Net credit exposure | $ | 15,293 | $ | 1,259 | $ | 16,552 |
$ in millions | Loans | Lending Commitments | Total | ||||||||
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) | |||||
As of December 2021 | |||||||||||
Corporate | $ | 37,643 | $ | 146,694 | $ | 184,337 | |||||
Commercial real estate | 29,000 | 6,736 | 35,736 | ||||||||
Residential real estate | 24,674 | 4,031 | 28,705 | ||||||||
Securities-based | 16,652 | 454 | 17,106 | ||||||||
Other collateralized | 38,263 | 17,253 | 55,516 | ||||||||
Consumer: | |||||||||||
Installment | 3,672 | 9 | 3,681 | ||||||||
Credit cards | 8,212 | 35,932 | 44,144 | ||||||||
Other | 4,019 | 443 | 4,462 | ||||||||
Total | $ | 162,135 | $ | 211,552 | $ | 373,687 | |||||
Allowance
for loan losses | $ | (3,573) | $ | (776) | $ | (4,349) |
Goldman Sachs 2022 Form 10-K | 109 |
$ in millions | Loans | Lending Commitments | Total | ||||||||
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 | % | |||||
As
of December 2021 | |||||||||||
Corporate | $37,643 | $146,694 | $184,337 | ||||||||
Industry | |||||||||||
Consumer & Retail | 11 | % | 14 | % | 13 | % | |||||
Diversified Industrials | 17 | % | 17 | % | 17 | % | |||||
Financial Institutions | 7 | % | 7 | % | 7 | % | |||||
Funds | 2 | % | 3 | % | 3 | % | |||||
Healthcare | 10 | % | 10 | % | 10 | % | |||||
Natural Resources & Utilities | 13 | % | 17 | % | 16 | % | |||||
Real Estate | 10 | % | 5 | % | 6 | % | |||||
Technology, Media & Telecommunications | 24 | % | 25 | % | 25 | % | |||||
Other (including Special Purpose Vehicles) | 6 | % | 2 | % | 3 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Region | |||||||||||
Americas | 52 | % | 76 | % | 71 | % | |||||
EMEA | 38 | % | 21 | % | 25 | % | |||||
Asia | 10 | % | 3 | % | 4 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
AAA | – | 1 | % | 1 | % | ||||||
AA | 1 | % | 5 | % | 4 | % | |||||
A | 6 | % | 17 | % | 14 | % | |||||
BBB | 15 | % | 37 | % | 33 | % | |||||
BB or lower | 78 | % | 40 | % | 48 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
$ in millions | Loans | Lending Commitments | Total | ||||||||
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 | 18 | % | 27 | % | 19 | % | |||||
Non-investment-grade | 82 | % | 72 | % | 80 | % | |||||
Unrated | – | 1 | % | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
As
of December 2021 | |||||||||||
Commercial Real Estate | $29,000 | $6,736 | $35,736 | ||||||||
Region | |||||||||||
Americas | 82 | % | 78 | % | 81 | % | |||||
EMEA | 13 | % | 10 | % | 13 | % | |||||
Asia | 5 | % | 12 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 22 | % | 20 | % | 21 | % | |||||
Non-investment-grade | 77 | % | 80 | % | 78 | % | |||||
Unrated | 1 | % | – | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % |
110 | Goldman Sachs 2022 Form 10-K |
$ in millions | Loans | Lending Commitments | Total | ||||||||
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 | 16 | % | 8 | % | 15 | % | |||||
Non-investment-grade | 61 | % | 91 | % | 64 | % | |||||
Other
metrics | 23 | % | 1 | % | 21 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
As
of December 2021 | |||||||||||
Residential Real Estate | $24,674 | $4,031 | $28,705 | ||||||||
Region | |||||||||||
Americas | 96 | % | 82 | % | 94 | % | |||||
EMEA | 2 | % | 16 | % | 4 | % | |||||
Asia | 2 | % | 2 | % | 2 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 13 | % | 21 | % | 14 | % | |||||
Non-investment-grade | 65 | % | 70 | % | 66 | % | |||||
Other metrics | 21 | % | 9 | % | 19 | % | |||||
Unrated | 1 | % | – | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % |
$ in millions | Loans | Lending Commitments | Total | ||||||||
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 | % | |||||
As of December 2021 | |||||||||||
Securities-based | $16,652 | $454 | $17,106 | ||||||||
Region | |||||||||||
Americas | 77 | % | 100 | % | 78 | % | |||||
EMEA | 16 | % | – | 15 | % | ||||||
Asia | 7 | % | – | 7 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 83 | % | 46 | % | 82 | % | |||||
Non-investment-grade | 3 | % | – | 3 | % | ||||||
Other metrics | 14 | % | 54 | % | 15 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
Goldman Sachs 2022 Form 10-K | 111 |
$ in millions | Loans | Lending Commitments | Total | ||||||||
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 | 64 | % | 66 | % | 65 | % | |||||
Non-investment-grade | 35 | % | 31 | % | 34 | % | |||||
Other
metrics | 1 | % | – | – | |||||||
Unrated | – | 3 | % | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2021 | |||||||||||
Other Collateralized | $38,263 | $17,253 | $55,516 | ||||||||
Region | |||||||||||
Americas | 74 | % | 92 | % | 79 | % | |||||
EMEA | 23 | % | 7 | % | 18 | % | |||||
Asia | 3 | % | 1 | % | 3 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 58 | % | 69 | % | 62 | % | |||||
Non-investment-grade | 41 | % | 30 | % | 38 | % | |||||
Other metrics | 1 | % | – | – | |||||||
Unrated | – | 1 | % | – | |||||||
Total | 100 | % | 100 | % | 100 | % |
$ in millions | Installment | |||||||
As of December 2022 | ||||||||
Loans, gross | $6,326 | |||||||
California | 10 | % | ||||||
Texas | 9 | % | ||||||
Florida | 7 | % | ||||||
New York | 6 | % | ||||||
Illinois | 4 | % | ||||||
Other | 64 | % | ||||||
Total | 100 | % | ||||||
As
of December 2021 | ||||||||
Loans, gross | $3,672 | |||||||
California | 11 | % | ||||||
Texas | 9 | % | ||||||
Florida | 7 | % | ||||||
New
York | 7 | % | ||||||
Illinois | 4 | % | ||||||
Other | 62 | % | ||||||
Total | 100 | % |
$ in millions | Credit Cards | |||||||
As of December 2022 | ||||||||
Loans, gross | $15,820 | |||||||
California | 16 | % | ||||||
Texas | 9 | % | ||||||
New
York | 8 | % | ||||||
Florida | 8 | % | ||||||
Illinois | 4 | % | ||||||
Other | 55 | % | ||||||
Total | 100 | % | ||||||
As
of December 2021 | ||||||||
Loans, gross | $8,212 | |||||||
California | 18 | % | ||||||
Texas | 9 | % | ||||||
New York | 8 | % | ||||||
Florida | 8 | % | ||||||
New Jersey | 4 | % | ||||||
Other | 53 | % | ||||||
Total | 100 | % |
112 | Goldman Sachs 2022 Form 10-K |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of December 2022 | |||||||||||
Other | $2,261 | $944 | $3,205 | ||||||||
Region | |||||||||||
Americas | 89 | % | 99 | % | 92 | % | |||||
EMEA | 11 | % | 1 | % | 8 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 47 | % | 93 | % | 60 | % | |||||
Non-investment-grade | 26 | % | 7 | % | 21 | % | |||||
Other
metrics | 27 | % | – | 19 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2021 | |||||||||||
Other | $4,019 | $443 | $4,462 | ||||||||
Region | |||||||||||
Americas | 89 | % | 100 | % | 90 | % | |||||
EMEA | 11 | % | – | 10 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit
Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 24 | % | 78 | % | 29 | % | |||||
Non-investment-grade | 23 | % | 14 | % | 22 | % | |||||
Other metrics | 51 | % | – | 46 | % | ||||||
Unrated | 2 | % | 8 | % | 3 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Securities Financing Transactions | $34,762 | $34,505 | ||||||
Industry | ||||||||
Financial Institutions | 43 | % | 34 | % | ||||
Funds | 23 | % | 23 | % | ||||
Municipalities & Nonprofit | 5 | % | 5 | % | ||||
Sovereign | 28 | % | 35 | % | ||||
Other (including Special Purpose Vehicles) | 1 | % | 3 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 47 | % | 36 | % | ||||
EMEA | 34 | % | 44 | % | ||||
Asia | 19 | % | 20 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit
Quality (Credit Rating Equivalent) | ||||||||
AAA | 20 | % | 19 | % | ||||
AA | 31 | % | 28 | % | ||||
A | 31 | % | 33 | % | ||||
BBB | 8 | % | 9 | % | ||||
BB or lower | 10 | % | 11 | % | ||||
Total | 100 | % | 100 | % |
Goldman Sachs 2022 Form 10-K | 113 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Other Credit Exposures | $48,916 | $61,187 | ||||||
Industry | ||||||||
Financial Institutions | 80 | % | 86 | % | ||||
Funds | 12 | % | 9 | % | ||||
Other (including Special Purpose Vehicles) | 8 | % | 5 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 41 | % | 50 | % | ||||
EMEA | 49 | % | 43 | % | ||||
Asia | 10 | % | 7 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit
Quality (Credit Rating Equivalent) | ||||||||
AAA | 7 | % | 4 | % | ||||
AA | 32 | % | 47 | % | ||||
A | 33 | % | 29 | % | ||||
BBB | 10 | % | 6 | % | ||||
BB or lower | 16 | % | 13 | % | ||||
Unrated | 2 | % | 1 | % | ||||
Total | 100 | % | 100 | % |
114 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 115 |
116 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 117 |
118 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 119 |
120 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 121 |
122 | Goldman Sachs 2022 Form 10-K |
Year Ended December | |||||||||||||||||||||||
in millions, except per share amounts | 2022 | 2021 | 2020 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Investment banking | $ | i 7,360 | $ | i 14,136 | $ | i 9,100 | |||||||||||||||||
Investment management | i 9,005 | i 8,171 | i 6,986 | ||||||||||||||||||||
Commissions and fees | i 4,034 | i 3,590 | i 3,539 | ||||||||||||||||||||
Market making | i 18,634 | i 15,357 | i 15,428 | ||||||||||||||||||||
Other principal transactions | i 654 | i 11,615 | i 4,756 | ||||||||||||||||||||
Total non-interest revenues | i 39,687 | i 52,869 | i 39,809 | ||||||||||||||||||||
Interest
income | i 29,024 | i 12,120 | i 13,689 | ||||||||||||||||||||
Interest expense | i 21,346 | i 5,650 | i 8,938 | ||||||||||||||||||||
Net interest income | i 7,678 | i 6,470 | i 4,751 | ||||||||||||||||||||
Total net revenues | i 47,365 | i 59,339 | i 44,560 | ||||||||||||||||||||
Provision
for credit losses | i 2,715 | i 357 | i 3,098 | ||||||||||||||||||||
Operating
expenses | |||||||||||||||||||||||
Compensation and benefits | i 15,148 | i 17,719 | i 13,309 | ||||||||||||||||||||
Transaction based | i 5,312 | i 4,710 | i 4,141 | ||||||||||||||||||||
Market development | i 812 | i 553 | i 401 | ||||||||||||||||||||
Communications and technology | i 1,808 | i 1,573 | i 1,347 | ||||||||||||||||||||
Depreciation and amortization | i 2,455 | i 2,015 | i 1,902 | ||||||||||||||||||||
Occupancy | i 1,026 | i 981 | i 960 | ||||||||||||||||||||
Professional fees | i 1,887 | i 1,648 | i 1,306 | ||||||||||||||||||||
Other expenses | i 2,716 | i 2,739 | i 5,617 | ||||||||||||||||||||
Total operating expenses | i 31,164 | i 31,938 | i 28,983 | ||||||||||||||||||||
Pre-tax
earnings | i 13,486 | i 27,044 | i 12,479 | ||||||||||||||||||||
Provision for taxes | i 2,225 | i 5,409 | i 3,020 | ||||||||||||||||||||
Net earnings | i 11,261 | i 21,635 | i 9,459 | ||||||||||||||||||||
Preferred stock dividends | i 497 | i 484 | i 544 | ||||||||||||||||||||
Net earnings applicable to common shareholders | $ | i 10,764 | $ | i 21,151 | $ | i 8,915 | |||||||||||||||||
Earnings
per common share | |||||||||||||||||||||||
Basic | $ | i 30.42 | $ | i 60.25 | $ | i 24.94 | |||||||||||||||||
Diluted | $ | i 30.06 | $ | i 59.45 | $ | i 24.74 | |||||||||||||||||
Average
common shares | |||||||||||||||||||||||
Basic | i 352.1 | i 350.5 | i 356.4 | ||||||||||||||||||||
Diluted | i 358.1 | i 355.8 | i 360.3 |
Year Ended December | |||||||||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||||||||
Net earnings | $ | i 11,261 | $ | i 21,635 | $ | i 9,459 | |||||||||||||||||
Other comprehensive income/(loss) adjustments, net of tax: | |||||||||||||||||||||||
Currency translation | ( i 47) | ( i 42) | ( i 80) | ||||||||||||||||||||
Debt valuation adjustment | i 1,403 | i 322 | ( i 261) | ||||||||||||||||||||
Pension and postretirement liabilities | ( i 172) | i 41 | ( i 26) | ||||||||||||||||||||
Available-for-sale securities | ( i 2,126) | ( i 955) | i 417 | ||||||||||||||||||||
Other comprehensive income/(loss) | ( i 942) | ( i 634) | i 50 | ||||||||||||||||||||
Comprehensive income | $ | i 10,319 | $ | i 21,001 | $ | i 9,509 |
Goldman Sachs 2022 Form 10-K | 123 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 241,825 | $ | i 261,036 | ||||
Collateralized agreements: | ||||||||
Securities purchased under agreements to resell (at fair value) | i 225,117 | i 205,703 | ||||||
Securities
borrowed (includes $ i 38,578 and $ i 39,955 at fair value) | i 189,041 | i 178,771 | ||||||
Customer
and other receivables (includes $ i 25 and $ i 42 at fair value) | i 135,448 | i 160,673 | ||||||
Trading
assets (at fair value and includes $ i 40,143 and $ i 68,208
pledged as collateral) | i 301,245 | i 375,916 | ||||||
Investments
(includes $ i 78,201 and $ i 83,427 at fair value, and $ i 9,818
and $ i 12,840 pledged as collateral) | i 130,629 | i 88,719 | ||||||
Loans
(net of allowance of $ i 5,543 and $ i 3,573, and includes $ i 7,655
and $ i 10,769 at fair value) | i 179,286 | i 158,562 | ||||||
Other
assets (includes $ i 145 and $ i 0 at fair value) | i 39,208 | i 34,608 | ||||||
Total assets | $ | i 1,441,799 | $ | i 1,463,988 | ||||
Liabilities
and shareholders’ equity | ||||||||
Deposits (includes $ i 15,746 and $ i 35,425
at fair value) | $ | i 386,665 | $ | i 364,227 | ||||
Collateralized financings: | ||||||||
Securities sold under agreements to repurchase (at fair value) | i 110,349 | i 165,883 | ||||||
Securities
loaned (includes $ i 4,372 and $ i 9,170
at fair value) | i 30,727 | i 46,505 | ||||||
Other
secured financings (includes $ i 12,756 and $ i 17,074 at fair value) | i 13,946 | i 18,544 | ||||||
Customer and other payables | i 262,045 | i 251,931 | ||||||
Trading liabilities (at fair value) | i 191,324 | i 181,424 | ||||||
Unsecured
short-term borrowings (includes $ i 39,731 and $ i 29,832 at fair value) | i 60,961 | i 46,955 | ||||||
Unsecured
long-term borrowings (includes $ i 73,147 and $ i 52,390 at fair value) | i 247,138 | i 254,092 | ||||||
Other
liabilities (includes $ i 159 and $ i 359 at fair value) | i 21,455 | i 24,501 | ||||||
Total liabilities | i 1,324,610 | i 1,354,062 | ||||||
Commitments,
contingencies and guarantees | i | i | ||||||
Shareholders’ equity | ||||||||
Preferred
stock; aggregate liquidation preference of $ i 10,703 and $ i 10,703 | i 10,703 | i 10,703 | ||||||
Common
stock; i 917,815,030 and i 906,430,314 shares issued, and i 334,918,639
and i 333,573,254 shares outstanding | i 9 | i 9 | ||||||
Share-based awards | i 5,696 | i 4,211 | ||||||
Nonvoting common stock; no shares issued and outstanding | i – | i – | ||||||
Additional paid-in capital | i 59,050 | i 56,396 | ||||||
Retained earnings | i 139,372 | i 131,811 | ||||||
Accumulated other comprehensive loss | ( i 3,010) | ( i 2,068) | ||||||
Stock
held in treasury, at cost; i 582,896,393 and i 572,857,062 shares | ( i 94,631) | ( i 91,136) | ||||||
Total shareholders’ equity | i 117,189 | i 109,926 | ||||||
Total liabilities and shareholders’ equity | $ | i 1,441,799 | $ | i 1,463,988 |
124 | Goldman Sachs 2022 Form 10-K |
Year
Ended December | |||||||||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||||||||
Preferred stock | |||||||||||||||||||||||
Beginning balance | $ | i 10,703 | $ | i 11,203 | $ | i 11,203 | |||||||||||||||||
Issued | i – | i 2,175 | i 350 | ||||||||||||||||||||
Redeemed | i – | ( i 2,675) | ( i 350) | ||||||||||||||||||||
Ending balance | i 10,703 | i 10,703 | i 11,203 | ||||||||||||||||||||
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 4,211 | i 3,468 | i 3,195 | ||||||||||||||||||||
Issuance and amortization of share-based awards | i 4,110 | i 2,527 | i 1,967 | ||||||||||||||||||||
Delivery of common stock underlying share-based awards | ( i 2,468) | ( i 1,626) | ( i 1,601) | ||||||||||||||||||||
Forfeiture of share-based awards | ( i 157) | ( i 158) | ( i 93) | ||||||||||||||||||||
Ending balance | i 5,696 | i 4,211 | i 3,468 | ||||||||||||||||||||
Additional paid-in capital | |||||||||||||||||||||||
Beginning balance | i 56,396 | i 55,679 | i 54,883 | ||||||||||||||||||||
Delivery of common stock underlying share-based awards | i 2,516 | i 1,678 | i 1,619 | ||||||||||||||||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | ( i 1,591) | ( i 984) | ( i 829) | ||||||||||||||||||||
Issuance costs of redeemed preferred stock | i – | i 24 | i – | ||||||||||||||||||||
Issuance of common stock in connection with acquisition | i 1,730 | i – | i – | ||||||||||||||||||||
Other | ( i 1) | ( i 1) | i 6 | ||||||||||||||||||||
Ending balance | i 59,050 | i 56,396 | i 55,679 | ||||||||||||||||||||
Retained earnings | |||||||||||||||||||||||
Beginning balance, as previously reported | i 131,811 | i 112,947 | i 106,465 | ||||||||||||||||||||
Cumulative effect of change in accounting principle for current expected credit losses, net of tax | i – | i – | ( i 638) | ||||||||||||||||||||
Beginning
balance, adjusted | i 131,811 | i 112,947 | i 105,827 | ||||||||||||||||||||
Net earnings | i 11,261 | i 21,635 | i 9,459 | ||||||||||||||||||||
Dividends and dividend equivalents declared on common stock and share-based awards | ( i 3,203) | ( i 2,287) | ( i 1,795) | ||||||||||||||||||||
Dividends declared on preferred stock | ( i 497) | ( i 443) | ( i 543) | ||||||||||||||||||||
Preferred stock redemption premium | i – | ( i 41) | ( i 1) | ||||||||||||||||||||
Ending balance | i 139,372 | i 131,811 | i 112,947 | ||||||||||||||||||||
Accumulated other comprehensive income/(loss) | |||||||||||||||||||||||
Beginning balance | ( i 2,068) | ( i 1,434) | ( i 1,484) | ||||||||||||||||||||
Other comprehensive income/(loss) | ( i 942) | ( i 634) | i 50 | ||||||||||||||||||||
Ending balance | ( i 3,010) | ( i 2,068) | ( i 1,434) | ||||||||||||||||||||
Stock held in treasury, at cost | |||||||||||||||||||||||
Beginning balance | ( i 91,136) | ( i 85,940) | ( i 84,006) | ||||||||||||||||||||
Repurchased | ( i 3,500) | ( i 5,200) | ( i 1,928) | ||||||||||||||||||||
Reissued | i 20 | i 11 | i 11 | ||||||||||||||||||||
Other | ( i 15) | ( i 7) | ( i 17) | ||||||||||||||||||||
Ending balance | ( i 94,631) | ( i 91,136) | ( i 85,940) | ||||||||||||||||||||
Total shareholders’ equity | $ | i 117,189 | $ | i 109,926 | $ | i 95,932 |
Goldman Sachs 2022 Form 10-K | 125 |
Year
Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net earnings | $ | i 11,261 | $ | i 21,635 | $ | i 9,459 | |||||||||||
Adjustments to reconcile net earnings to net cash provided by/(used for) operating activities | |||||||||||||||||
Depreciation and amortization | i 2,455 | i 2,015 | i 1,902 | ||||||||||||||
Deferred
income taxes | ( i 2,412) | i 5 | ( i 833) | ||||||||||||||
Share-based compensation | i 4,083 | i 2,348 | i 1,920 | ||||||||||||||
Gain
related to extinguishment of unsecured borrowings | i – | i – | ( i 1) | ||||||||||||||
Provision for credit losses | i 2,715 | i 357 | i 3,098 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Customer and other receivables and payables, net | i 35,014 | i 21,971 | ( i 30,895) | ||||||||||||||
Collateralized transactions (excluding other secured financings), net | ( i 100,996) | ( i 70,058) | ( i 13,007) | ||||||||||||||
Trading assets | i 45,278 | i 15,232 | ( i 33,405) | ||||||||||||||
Trading liabilities | i 8,062 | i 26,616 | i 44,892 | ||||||||||||||
Loans held for sale, net | i 3,161 | ( i 5,556) | i 1,820 | ||||||||||||||
Other, net | i 87 | ( i 8,267) | ( i 3,485) | ||||||||||||||
Net cash provided by/(used for) operating activities | i 8,708 | i 6,298 | ( i 18,535) | ||||||||||||||
Cash flows from investing activities | |||||||||||||||||
Purchase of property, leasehold improvements and equipment | ( i 3,748) | ( i 4,667) | ( i 6,309) | ||||||||||||||
Proceeds from sales of property, leasehold improvements and equipment | i 2,706 | i 3,933 | i 2,970 | ||||||||||||||
Net cash used for business acquisitions | ( i 2,115) | i – | ( i 231) | ||||||||||||||
Purchase of investments | ( i 60,536) | ( i 39,912) | ( i 48,670) | ||||||||||||||
Proceeds from sales and paydowns of investments | i 12,961 | i 45,701 | i 29,057 | ||||||||||||||
Loans (excluding loans held for sale), net | ( i 25,228) | ( i 35,520) | ( i 11,173) | ||||||||||||||
Net cash used for investing activities | ( i 75,960) | ( i 30,465) | ( i 34,356) | ||||||||||||||
Cash flows from financing activities | |||||||||||||||||
Unsecured short-term borrowings, net | i 321 | i 2,137 | i 7,707 | ||||||||||||||
Other secured financings (short-term), net | ( i 2,283) | ( i 1,320) | i 2,861 | ||||||||||||||
Proceeds from issuance of other secured financings (long-term) | i 1,800 | i 4,795 | i 8,073 | ||||||||||||||
Repayment of other secured financings (long-term), including the current portion | ( i 3,407) | ( i 6,590) | ( i 4,137) | ||||||||||||||
Purchase
of Trust Preferred securities | i – | i – | ( i 11) | ||||||||||||||
Proceeds from issuance of unsecured long-term borrowings | i 84,522 | i 92,717 | i 47,250 | ||||||||||||||
Repayment of unsecured long-term borrowings, including the current portion | ( i 42,806) | ( i 52,608) | ( i 55,040) | ||||||||||||||
Derivative contracts with a financing element, net | i 1,797 | i 1,121 | i 1,037 | ||||||||||||||
Deposits, net | i 28,074 | i 103,538 | i 67,343 | ||||||||||||||
Preferred stock redemption | i – | ( i 2,675) | ( i 350) | ||||||||||||||
Common stock repurchased | ( i 3,500) | ( i 5,200) | ( i 1,928) | ||||||||||||||
Settlement of share-based awards in satisfaction of withholding tax requirements | ( i 1,595) | ( i 985) | ( i 830) | ||||||||||||||
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | ( i 3,682) | ( i 2,725) | ( i 2,336) | ||||||||||||||
Proceeds from issuance of preferred stock, net of issuance costs | i – | i 2,172 | i 349 | ||||||||||||||
Other financing, net | i 361 | i 361 | i 392 | ||||||||||||||
Net cash provided by financing activities | i 59,602 | i 134,738 | i 70,380 | ||||||||||||||
Effect
of exchange rate changes on cash and cash equivalents | ( i 11,561) | ( i 5,377) | i 4,807 | ||||||||||||||
Net increase/(decrease) in cash and cash equivalents | ( i 19,211) | i 105,194 | i 22,296 | ||||||||||||||
Cash and cash equivalents, beginning balance | i 261,036 | i 155,842 | i 133,546 | ||||||||||||||
Cash and cash equivalents, ending balance | $ | i 241,825 | $ | i 261,036 | $ | i 155,842 | |||||||||||
Supplemental disclosures: | |||||||||||||||||
Cash payments for interest, net of capitalized interest | $ | i 19,022 | $ | i 5,521 | $ | i 9,091 | |||||||||||
Cash payments for income taxes, net | $ | i 4,555 | $ | i 6,195 | $ | i 2,754 |
126 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 127 |
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 |
128 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 129 |
130 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 131 |
132 | Goldman Sachs 2022 Form 10-K |
As
of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Total level 1 financial assets | $ | i 194,698 | $ | i 255,774 | ||||
Total level 2 financial assets | i 485,134 | i 498,527 | ||||||
Total level 3 financial assets | i 26,048 | i 24,083 | ||||||
Investments in funds at NAV | i 2,941 | i 3,469 | ||||||
Counterparty and cash collateral netting | ( i 57,855) | ( i 66,041) | ||||||
Total financial assets at fair value | $ | i 650,966 | $ | i 715,812 | ||||
$ | i 1,441,799 | $ | i 1,463,988 | |||||
Total level 3 financial assets divided by: | ||||||||
Total assets | i 1.8 | % | i 1.6% | |||||
Total financial assets at fair value | i 4.0 | % | i 3.4% | |||||
Total level 1 financial liabilities | $ | i 119,578 | $ | i 110,030 | ||||
Total level 2 financial liabilities | i 353,060 | i 403,627 | ||||||
Total level 3 financial liabilities | i 22,830 | i 29,169 | ||||||
Counterparty and cash collateral netting | ( i 47,884) | ( i 51,269) | ||||||
Total financial liabilities at fair value | $ | i 447,584 | $ | i 491,557 | ||||
Total liabilities | $ | i 1,324,610 | $ | i 1,354,062 | ||||
Total level 3 financial liabilities divided by: | ||||||||
Total liabilities | i 1.7 | % | i 2.2% | |||||
Total financial liabilities at fair value | i 5.1 | % | i 5.9% |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Trading assets: | ||||||||
Trading cash instruments | $ | i 1,734 | $ | i 1,889 | ||||
Derivatives | i 5,461 | i 5,938 | ||||||
Investments | i 16,942 | i 13,902 | ||||||
Loans | i 1,837 | i 2,354 | ||||||
Other
assets | i 74 | i – | ||||||
Total | $ | i 26,048 | $ | i 24,083 |
Goldman Sachs 2022 Form 10-K | 133 |
134 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 135 |
136 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 137 |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
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) | ||||||||||
Commodities | i – | i – | i – | i – | ||||||||||
Total | $ | ( i 119,531) | $ | ( i 16,994) | $ | ( i 64) | $ | ( i 136,589) | ||||||
As of December 2021 | ||||||||||||||
Assets | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | i 63,388 | $ | i 27,427 | $ | i – | $ | i 90,815 | ||||||
Non-U.S. | i 35,284 | i 13,511 | i 19 | i 48,814 | ||||||||||
Loans and securities backed by: | ||||||||||||||
Commercial real estate | i – | i 1,717 | i 137 | i 1,854 | ||||||||||
Residential real estate | i – | i 13,083 | i 152 | i 13,235 | ||||||||||
Corporate debt instruments | i 590 | i 36,874 | i 1,318 | i 38,782 | ||||||||||
State and municipal obligations | i – | i 568 | i 36 | i 604 | ||||||||||
Other debt obligations | i 69 | i 1,564 | i 66 | i 1,699 | ||||||||||
Equity securities | i 105,233 | i 2,958 | i 156 | i 108,347 | ||||||||||
Commodities | i – | i 7,801 | i 5 | i 7,806 | ||||||||||
Total | $ | i 204,564 | $ | i 105,503 | $ | i 1,889 | $ | i 311,956 | ||||||
Liabilities | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | ( i 21,002) | $ | ( i 25) | $ | i – | $ | ( i 21,027) | ||||||
Non-U.S. | ( i 39,983) | ( i 2,602) | i – | ( i 42,585) | ||||||||||
Loans and securities backed by: | ||||||||||||||
Commercial real estate | i – | ( i 40) | ( i 2) | ( i 42) | ||||||||||
Residential real estate | i – | ( i 5) | i – | ( i 5) | ||||||||||
Corporate debt instruments | ( i 23) | ( i 15,781) | ( i 71) | ( i 15,875) | ||||||||||
Equity securities | ( i 48,991) | ( i 915) | ( i 31) | ( i 49,937) | ||||||||||
Total | $ | ( i 109,999) | $ | ( i 19,368) | $ | ( i 104) | $ | ( i 129,471) |
As of December 2022 | As of December 2021 | ||||||||||||||||
$ in millions | Amount or Range | Weighted Average | Amount
or Range | Weighted Average | |||||||||||||
Loans and securities backed by real estate | |||||||||||||||||
Level 3 assets | $ | i 154 | $ | i 289 | |||||||||||||
Yield | i 3.0%
to i 36.0% | i 14.2 | % | i 0.4%
to i 28.5% | i 9.7 | % | |||||||||||
Recovery rate | i 35.8%
to i 76.1% | i 54.7 | % | i 5.1%
to i 86.5% | i 55.0 | % | |||||||||||
Cumulative
loss rate | i 3.7% to i 29.9% | i 10.4 | % | i 0.1%
to i 43.4% | i 17.7 | % | |||||||||||
Duration (years) | i 0.9
to i 12.3 | i 4.6 | i 0.1
to i 17.2 | i 4.3 | |||||||||||||
Corporate debt instruments | |||||||||||||||||
Level 3 assets | $ | i 1,238 | $ | i 1,318 | |||||||||||||
Yield | i 1.1%
to i 34.3% | i 6.9 | % | i 0.0%
to i 18.0% | i 7.1 | % | |||||||||||
Recovery rate | i 11.5%
to i 77.0% | i 48.0 | % | i 9.0%
to i 69.9% | i 52.0 | % | |||||||||||
Duration (years) | i 0.3
to i 20.3 | i 4.5 | i 2.0
to i 28.5 | i 4.5 | |||||||||||||
Other | |||||||||||||||||
Level 3 assets | $ | i 342 | $ | i 282 | |||||||||||||
Yield | i 2.8%
to i 47.8% | i 10.0 | % | i 1.1%
to i 44.8% | i 9.4 | % | |||||||||||
Multiples | i 3.3x
to i 4.5x | i 4.3x | N/A | N/A | |||||||||||||
Duration (years) | i 1.2 to i 14.4 | i 6.1 | i 0.9
to i 5.2 | i 2.4 |
138 | Goldman Sachs 2022 Form 10-K |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | |||||||||||||||
Assets | |||||||||||||||||
Beginning balance | $ | i 1,889 | $ | i 1,237 | |||||||||||||
Net realized gains/(losses) | i 167 | i 80 | |||||||||||||||
Net unrealized gains/(losses) | ( i 1,889) | i 52 | |||||||||||||||
Purchases | i 1,271 | i 1,241 | |||||||||||||||
Sales | ( i 704) | ( i 456) | |||||||||||||||
Settlements | ( i 345) | ( i 273) | |||||||||||||||
Transfers into level 3 | i 1,680 | i 272 | |||||||||||||||
Transfers out of level 3 | ( i 335) | ( i 264) | |||||||||||||||
Ending balance | $ | i 1,734 | $ | i 1,889 | |||||||||||||
Liabilities | |||||||||||||||||
Beginning balance | $ | ( i 104) | $ | ( i 80) | |||||||||||||
Net realized gains/(losses) | i 18 | i 6 | |||||||||||||||
Net unrealized gains/(losses) | i 65 | ( i 5) | |||||||||||||||
Purchases | i 137 | i 36 | |||||||||||||||
Sales | ( i 106) | ( i 64) | |||||||||||||||
Settlements | i 5 | i 13 | |||||||||||||||
Transfers into level 3 | ( i 89) | ( i 16) | |||||||||||||||
Transfers out of level 3 | i 10 | i 6 | |||||||||||||||
Ending balance | $ | ( i 64) | $ | ( i 104) |
Goldman Sachs 2022 Form 10-K | 139 |
Year
Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | |||||||||||||||
Loans and securities backed by real estate | |||||||||||||||||
Beginning balance | $ | i 289 | $ | i 334 | |||||||||||||
Net realized gains/(losses) | i 11 | i 12 | |||||||||||||||
Net unrealized gains/(losses) | ( i 11) | i 3 | |||||||||||||||
Purchases | i 51 | i 135 | |||||||||||||||
Sales | ( i 127) | ( i 75) | |||||||||||||||
Settlements | ( i 26) | ( i 53) | |||||||||||||||
Transfers into level 3 | i 19 | i 42 | |||||||||||||||
Transfers out of level 3 | ( i 52) | ( i 109) | |||||||||||||||
Ending balance | $ | i 154 | $ | i 289 | |||||||||||||
Corporate
debt instruments | |||||||||||||||||
Beginning balance | $ | i 1,318 | $ | i 797 | |||||||||||||
Net realized gains/(losses) | i 29 | i 57 | |||||||||||||||
Net unrealized gains/(losses) | ( i 111) | i 28 | |||||||||||||||
Purchases | i 607 | i 894 | |||||||||||||||
Sales | ( i 372) | ( i 330) | |||||||||||||||
Settlements | ( i 247) | ( i 182) | |||||||||||||||
Transfers into level 3 | i 278 | i 207 | |||||||||||||||
Transfers out of level 3 | ( i 264) | ( i 153) | |||||||||||||||
Ending balance | $ | i 1,238 | $ | i 1,318 | |||||||||||||
Other | |||||||||||||||||
Beginning balance | $ | i 282 | $ | i 106 | |||||||||||||
Net realized gains/(losses) | i 127 | i 11 | |||||||||||||||
Net unrealized gains/(losses) | ( i 1,767) | i 21 | |||||||||||||||
Purchases | i 613 | i 212 | |||||||||||||||
Sales | ( i 205) | ( i 51) | |||||||||||||||
Settlements | ( i 72) | ( i 38) | |||||||||||||||
Transfers into level 3 | i 1,383 | i 23 | |||||||||||||||
Transfers out of level 3 | ( i 19) | ( i 2) | |||||||||||||||
Ending balance | $ | i 342 | $ | i 282 |
140 | Goldman Sachs 2022 Form 10-K |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
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 2021 | ||||||||||||||
Assets | ||||||||||||||
Interest rates | $ | i 2 | $ | i 246,525 | $ | i 1,065 | $ | i 247,592 | ||||||
Credit | i – | i 12,823 | i 3,433 | i 16,256 | ||||||||||
Currencies | i – | i 86,773 | i 237 | i 87,010 | ||||||||||
Commodities | i – | i 34,501 | i 1,044 | i 35,545 | ||||||||||
Equities | i 33 | i 72,570 | i 963 | i 73,566 | ||||||||||
Gross fair value | i 35 | i 453,192 | i 6,742 | i 459,969 | ||||||||||
Counterparty netting in levels | i – | ( i 329,164) | ( i 804) | ( i 329,968) | ||||||||||
Subtotal | $ | i 35 | $ | i 124,028 | $ | i 5,938 | $ | i 130,001 | ||||||
Cross-level counterparty netting | ( i 1,924) | |||||||||||||
Cash collateral netting | ( i 64,117) | |||||||||||||
Net fair value | $ | i 63,960 | ||||||||||||
Liabilities | ||||||||||||||
Interest rates | $ | ( i 2) | $ | ( i 217,438) | $ | ( i 882) | $ | ( i 218,322) | ||||||
Credit | i – | ( i 14,176) | ( i 1,579) | ( i 15,755) | ||||||||||
Currencies | i – | ( i 85,925) | ( i 384) | ( i 86,309) | ||||||||||
Commodities | i – | ( i 31,925) | ( i 606) | ( i 32,531) | ||||||||||
Equities | ( i 29) | ( i 77,393) | ( i 2,851) | ( i 80,273) | ||||||||||
Gross fair value | ( i 31) | ( i 426,857) | ( i 6,302) | ( i 433,190) | ||||||||||
Counterparty netting in levels | i – | i 329,164 | i 804 | i 329,968 | ||||||||||
Subtotal | $ | ( i 31) | $ | ( i 97,693) | $ | ( i 5,498) | $ | ( i 103,222) | ||||||
Cross-level counterparty netting | i 1,924 | |||||||||||||
Cash collateral netting | i 49,345 | |||||||||||||
Net fair value | $ | ( i 51,953) |
As of December 2022 | As of December 2021 | ||||||||||||||||
$ in millions, except inputs | Amount or Range | Average/ Median | Amount or Range | Average/ Median | |||||||||||||
Interest rates, net | $ | ( i 459) | $ | i 183 | |||||||||||||
Correlation | ( i 10)%
to i 81% | i 61%/ i 60% | i 25%
to i 81% | i 63%/ i 62% | |||||||||||||
Volatility (bps) | i 31 to i 101 | i 60/ i 57 | i 31
to i 100 | i 59/ i 54 | |||||||||||||
Credit, net | $ | i 1,460 | $ | i 1,854 | |||||||||||||
Credit spreads (bps) | i 5 to i 935 | i 149/ i 116 | i 1
to i 568 | i 136/ i 107 | |||||||||||||
Upfront credit points | ( i 1) to i 100 | i 29/ i 18 | i 2
to i 100 | i 34/ i 26 | |||||||||||||
Recovery rates | i 20% to i 50% | i 40%/ i 40% | i 20%
to i 50% | i 37%/ i 40% | |||||||||||||
Currencies, net | $ | i 162 | $ | ( i 147) | |||||||||||||
Correlation | i 20%
to i 71% | i 40%/ i 23% | i 20%
to i 71% | i 40%/ i 41% | |||||||||||||
Volatility | i 20%
to i 21% | i 20%/ i 20% | i 19%
to i 19% | i 19%/ i 19% | |||||||||||||
Commodities, net | $ | i 919 | $ | i 438 | |||||||||||||
Volatility | i 20%
to i 118% | i 50%/ i 46% | i 15%
to i 93% | i 32%/ i 29% | |||||||||||||
Natural
gas spread | $( i 3.21) to $ i 5.85 | $( i 0.20)/
$( i 0.27) | $( i 1.33) to $ i 2.60 | $( i 0.11)/
$( i 0.07) | |||||||||||||
Oil spread | $ i 12.68
to $ i 48.92 | $ i 20.42/ $ i 20.36 | $ i 8.64
to $ i 22.68 | $ i 13.36/ $ i 12.69 | |||||||||||||
Electricity
price | $ i 3.00 to $ i 329.28 | $ i 47.19/
$ i 39.69 | $ i 1.50 to $ i 289.96 | $ i 37.42/
$ i 32.20 | |||||||||||||
Equities, net | $ | ( i 561) | $ | ( i 1,888) | |||||||||||||
Correlation | ( i 75)%
to i 100% | i 66%/ i 75% | ( i 70)%
to i 99% | i 59%/ i 62% | |||||||||||||
Volatility | i 2%
to i 74% | i 13%/ i 7% | i 3%
to i 150% | i 17%/ i 17% |
Goldman Sachs 2022 Form 10-K | 141 |
142 | Goldman Sachs 2022 Form 10-K |
Year
Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | |||||||||||||||
Total level 3 derivatives, net | |||||||||||||||||
Beginning balance | $ | i 440 | $ | i 1,175 | |||||||||||||
Net realized gains/(losses) | i 839 | i 265 | |||||||||||||||
Net unrealized gains/(losses) | i 1,817 | i 452 | |||||||||||||||
Purchases | i 510 | i 501 | |||||||||||||||
Sales | ( i 1,592) | ( i 1,541) | |||||||||||||||
Settlements | i 100 | ( i 59) | |||||||||||||||
Transfers into level 3 | ( i 482) | ( i 131) | |||||||||||||||
Transfers out of level 3 | ( i 111) | ( i 222) | |||||||||||||||
Ending balance | $ | i 1,521 | $ | i 440 |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | |||||||||||||||
Interest rates, net | |||||||||||||||||
Beginning balance | $ | i 183 | $ | i 267 | |||||||||||||
Net realized gains/(losses) | i 88 | i 72 | |||||||||||||||
Net unrealized gains/(losses) | i 137 | i 316 | |||||||||||||||
Purchases | i 50 | i 124 | |||||||||||||||
Sales | ( i 585) | ( i 341) | |||||||||||||||
Settlements | ( i 20) | i 18 | |||||||||||||||
Transfers into level 3 | ( i 13) | i 2 | |||||||||||||||
Transfers out of level 3 | ( i 299) | ( i 275) | |||||||||||||||
Ending balance | $ | ( i 459) | $ | i 183 | |||||||||||||
Credit,
net | |||||||||||||||||
Beginning balance | $ | i 1,854 | $ | i 1,778 | |||||||||||||
Net realized gains/(losses) | i 217 | ( i 21) | |||||||||||||||
Net unrealized gains/(losses) | ( i 343) | i 409 | |||||||||||||||
Purchases | i 107 | i 53 | |||||||||||||||
Sales | ( i 90) | ( i 217) | |||||||||||||||
Settlements | ( i 27) | ( i 77) | |||||||||||||||
Transfers into level 3 | ( i 21) | ( i 70) | |||||||||||||||
Transfers out of level 3 | ( i 237) | ( i 1) | |||||||||||||||
Ending balance | $ | i 1,460 | $ | i 1,854 | |||||||||||||
Currencies,
net | |||||||||||||||||
Beginning balance | $ | ( i 147) | $ | ( i 338) | |||||||||||||
Net realized gains/(losses) | i 95 | i 9 | |||||||||||||||
Net unrealized gains/(losses) | i 270 | i 155 | |||||||||||||||
Purchases | i 41 | i 7 | |||||||||||||||
Sales | ( i 36) | ( i 10) | |||||||||||||||
Settlements | i 19 | i 32 | |||||||||||||||
Transfers into level 3 | ( i 83) | ( i 17) | |||||||||||||||
Transfers out of level 3 | i 3 | i 15 | |||||||||||||||
Ending balance | $ | i 162 | $ | ( i 147) | |||||||||||||
Commodities,
net | |||||||||||||||||
Beginning balance | $ | i 438 | $ | i 300 | |||||||||||||
Net realized gains/(losses) | ( i 59) | ( i 80) | |||||||||||||||
Net unrealized gains/(losses) | i 741 | i 355 | |||||||||||||||
Purchases | i 31 | i 42 | |||||||||||||||
Sales | ( i 30) | ( i 15) | |||||||||||||||
Settlements | ( i 245) | ( i 149) | |||||||||||||||
Transfers into level 3 | i 182 | ( i 3) | |||||||||||||||
Transfers out of level 3 | ( i 139) | ( i 12) | |||||||||||||||
Ending balance | $ | i 919 | $ | i 438 | |||||||||||||
Equities,
net | |||||||||||||||||
Beginning balance | $ | ( i 1,888) | $ | ( i 832) | |||||||||||||
Net realized gains/(losses) | i 498 | i 285 | |||||||||||||||
Net unrealized gains/(losses) | i 1,012 | ( i 783) | |||||||||||||||
Purchases | i 281 | i 275 | |||||||||||||||
Sales | ( i 851) | ( i 958) | |||||||||||||||
Settlements | i 373 | i 117 | |||||||||||||||
Transfers into level 3 | ( i 547) | ( i 43) | |||||||||||||||
Transfers out of level 3 | i 561 | i 51 | |||||||||||||||
Ending balance | $ | ( i 561) | $ | ( i 1,888) |
Goldman Sachs 2022 Form 10-K | 143 |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
As of December 2022 | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | i 47,055 | $ | i – | $ | i – | $ | i 47,055 | ||||||
Non-U.S. | i 2,169 | i 66 | i – | i 2,235 | ||||||||||
Corporate debt securities | i 145 | i 2,950 | i 7,003 | i 10,098 | ||||||||||
Securities backed by real estate | i – | i 176 | i 827 | i 1,003 | ||||||||||
Money market instruments | i 48 | i 957 | i – | i 1,005 | ||||||||||
Other debt obligations | i – | i 3 | i 256 | i 259 | ||||||||||
Equity securities | i 1,522 | i 3,227 | i 8,856 | i 13,605 | ||||||||||
Subtotal | $ | i 50,939 | $ | i 7,379 | $ | i 16,942 | $ | i 75,260 | ||||||
Investments in funds at NAV | i 2,941 | |||||||||||||
Total investments | $ | i 78,201 | ||||||||||||
As of December 2021 | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | i 46,322 | $ | i – | $ | i – | $ | i 46,322 | ||||||
Non-U.S. | i 2,612 | i – | i – | i 2,612 | ||||||||||
Corporate debt securities | i 65 | i 5,201 | i 4,527 | i 9,793 | ||||||||||
Securities backed by real estate | i – | i 1,202 | i 1,078 | i 2,280 | ||||||||||
Money market instruments | i 41 | i 1,355 | i – | i 1,396 | ||||||||||
Other debt obligations | i – | i 35 | i 382 | i 417 | ||||||||||
Equity securities | i 2,135 | i 7,088 | i 7,915 | i 17,138 | ||||||||||
Subtotal | $ | i 51,175 | $ | i 14,881 | $ | i 13,902 | $ | i 79,958 | ||||||
Investments in funds at NAV | i 3,469 | |||||||||||||
Total investments | $ | i 83,427 |
144 | Goldman Sachs 2022 Form 10-K |
As of December 2022 | As of December 2021 | ||||||||||||||||
$ in millions | Amount or Range | Weighted Average | Amount or Range | Weighted Average | |||||||||||||
Corporate debt securities | |||||||||||||||||
Level 3 assets | $ | i 7,003 | $ | i 4,527 | |||||||||||||
Yield | i 5.0%
to i 21.8% | i 11.6 | % | i 2.0%
to i 29.0% | i 10.8 | % | |||||||||||
Recovery rate | i 10.0%
to i 70.0% | i 55.5 | % | i 9.1%
to i 76.0% | i 59.1 | % | |||||||||||
Duration (years) | i 1.3
to i 5.7 | i 3.3 | i 1.4
to i 6.4 | i 3.8 | |||||||||||||
Multiples | i 1.8x
to i 83.4x | i 8.3x | i 0.5x
to i 28.2x | i 6.9x | |||||||||||||
Securities backed by real estate | |||||||||||||||||
Level 3 assets | $ | i 827 | $ | i 1,078 | |||||||||||||
Yield | i 8.0%
to i 20.3% | i 14.6 | % | i 8.3%
to i 20.3% | i 13.1 | % | |||||||||||
Recovery rate | N/A | N/A | i 55.1%
to i 61.0% | i 56.4 | % | ||||||||||||
Duration (years) | i 0.6
to i 4.2 | i 4.1 | i 0.1
to i 2.6 | i 1.2 | |||||||||||||
Other debt obligations | |||||||||||||||||
Level 3 assets | $ | i 256 | $ | i 382 | |||||||||||||
Yield | i 5.2%
to i 8.4% | i 7.4 | % | i 2.3%
to i 10.6% | i 3.2 | % | |||||||||||
Duration (years) | N/A | N/A | i 0.9
to i 9.3 | i 4.8 | |||||||||||||
Equity securities | |||||||||||||||||
Level 3 assets | $ | i 8,856 | $ | i 7,915 | |||||||||||||
Multiples | i 0.5x
to i 34.3x | i 8.3x | i 0.4x
to i 30.5x | i 10.1x | |||||||||||||
Discount rate/yield | i 5.4%
to i 38.5% | i 14.6 | % | i 2.0%
to i 35.0% | i 14.1 | % | |||||||||||
Capitalization rate | i 4.0%
to i 10.8% | i 5.4 | % | i 3.5%
to i 14.0% | i 5.7 | % |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | |||||||||||||||
Beginning balance | $ | i 13,902 | $ | i 16,423 | |||||||||||||
Net realized gains/(losses) | i 563 | i 449 | |||||||||||||||
Net unrealized gains/(losses) | ( i 1,649) | i 1,263 | |||||||||||||||
Purchases | i 2,362 | i 1,600 | |||||||||||||||
Sales | ( i 1,514) | ( i 2,135) | |||||||||||||||
Settlements | ( i 1,995) | ( i 3,265) | |||||||||||||||
Transfers into level 3 | i 6,345 | i 3,080 | |||||||||||||||
Transfers out of level 3 | ( i 1,072) | ( i 3,513) | |||||||||||||||
Ending balance | $ | i 16,942 | $ | i 13,902 |
Goldman Sachs 2022 Form 10-K | 145 |
Year
Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | |||||||||||||||
Corporate debt securities | |||||||||||||||||
Beginning balance | $ | i 4,527 | $ | i 5,286 | |||||||||||||
Net realized gains/(losses) | i 352 | i 167 | |||||||||||||||
Net unrealized gains/(losses) | ( i 173) | i 311 | |||||||||||||||
Purchases | i 1,007 | i 431 | |||||||||||||||
Sales | ( i 125) | ( i 594) | |||||||||||||||
Settlements | ( i 1,117) | ( i 1,876) | |||||||||||||||
Transfers into level 3 | i 2,790 | i 1,871 | |||||||||||||||
Transfers out of level 3 | ( i 258) | ( i 1,069) | |||||||||||||||
Ending balance | $ | i 7,003 | $ | i 4,527 | |||||||||||||
Securities backed by real estate | |||||||||||||||||
Beginning balance | $ | i 1,078 | $ | i 998 | |||||||||||||
Net realized gains/(losses) | i 42 | i 45 | |||||||||||||||
Net unrealized gains/(losses) | ( i 338) | i 6 | |||||||||||||||
Purchases | i 199 | i 182 | |||||||||||||||
Sales | ( i 169) | ( i 44) | |||||||||||||||
Settlements | ( i 320) | ( i 234) | |||||||||||||||
Transfers into level 3 | i 344 | i 142 | |||||||||||||||
Transfers out of level 3 | ( i 9) | ( i 17) | |||||||||||||||
Ending balance | $ | i 827 | $ | i 1,078 | |||||||||||||
Other debt obligations | |||||||||||||||||
Beginning balance | $ | i 382 | $ | i 497 | |||||||||||||
Net realized gains/(losses) | i 12 | i 12 | |||||||||||||||
Net unrealized gains/(losses) | ( i 5) | i 1 | |||||||||||||||
Purchases | i 25 | i 63 | |||||||||||||||
Sales | ( i 6) | i – | |||||||||||||||
Settlements | ( i 147) | ( i 96) | |||||||||||||||
Transfers out of level 3 | ( i 5) | ( i 95) | |||||||||||||||
Ending balance | $ | i 256 | $ | i 382 | |||||||||||||
Equity securities | |||||||||||||||||
Beginning balance | $ | i 7,915 | $ | i 9,642 | |||||||||||||
Net realized gains/(losses) | i 157 | i 225 | |||||||||||||||
Net unrealized gains/(losses) | ( i 1,133) | i 945 | |||||||||||||||
Purchases | i 1,131 | i 924 | |||||||||||||||
Sales | ( i 1,214) | ( i 1,497) | |||||||||||||||
Settlements | ( i 411) | ( i 1,059) | |||||||||||||||
Transfers into level 3 | i 3,211 | i 1,067 | |||||||||||||||
Transfers out of level 3 | ( i 800) | ( i 2,332) | |||||||||||||||
Ending balance | $ | i 8,856 | $ | i 7,915 |
146 | Goldman Sachs 2022 Form 10-K |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
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 2021 | ||||||||||||||
Loan Type | ||||||||||||||
Corporate | $ | i – | $ | i 937 | $ | i 672 | $ | i 1,609 | ||||||
Real
estate: | ||||||||||||||
Commercial | i – | i 605 | i 983 | i 1,588 | ||||||||||
Residential
| i – | i 5,980 | i 205 | i 6,185 | ||||||||||
Other
collateralized | i – | i 726 | i 229 | i 955 | ||||||||||
Other | i – | i 167 | i 265 | i 432 | ||||||||||
Total | $ | i – | $ | i 8,415 | $ | i 2,354 | $ | i 10,769 |
As of December 2022 | As of December 2021 | ||||||||||||||||
$ in millions | Amount or Range | Weighted Average | Amount or Range | Weighted Average | |||||||||||||
Corporate | |||||||||||||||||
Level 3 assets | $ | i 637 | $ | i 672 | |||||||||||||
Yield | i 4.1%
to i 26.9% | i 9.6 | % | i 1.5%
to i 55.6% | i 17.8 | % | |||||||||||
Recovery rate | i 23.1%
to i 95.0% | i 66.0 | % | i 20.0%
to i 92.0% | i 46.6 | % | |||||||||||
Duration (years) | i 1.6
to i 3.3 | i 2.6 | i 1.0
to i 4.3 | i 2.5 | |||||||||||||
Real estate | |||||||||||||||||
Level 3 assets | $ | i 785 | $ | i 1,188 | |||||||||||||
Yield | i 3.0%
to i 27.0% | i 16.1 | % | i 2.1%
to i 20.0% | i 13.2 | % | |||||||||||
Recovery rate | i 3.6%
to i 66.2% | i 54.4 | % | i 3.8%
to i 99.5% | i 43.7 | % | |||||||||||
Duration (years) | i 0.6
to i 6.7 | i 2.5 | i 0.1
to i 4.0 | i 1.7 | |||||||||||||
Other collateralized | |||||||||||||||||
Level 3 assets | $ | i 140 | $ | i 229 | |||||||||||||
Yield | i 5.8%
to i 12.7% | i 7.7 | % | i 1.8%
to i 4.3% | i 3.3 | % | |||||||||||
Duration (years) | i 2.5
to i 2.9 | i 2.7 | i 0.9
to i 6.8 | i 3.2 | |||||||||||||
Other | |||||||||||||||||
Level 3 assets | $ | i 275 | $ | i 265 | |||||||||||||
Yield | i 9.4%
to i 10.0% | i 9.9 | % | i 3.8%
to i 18.7% | i 7.9 | % | |||||||||||
Duration (years) | N/A | N/A | i 2.9
to i 5.5 | i 3.6 |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | |||||||||||||||
Beginning balance | $ | i 2,354 | $ | i 2,678 | |||||||||||||
Net realized gains/(losses) | i 82 | i 99 | |||||||||||||||
Net unrealized gains/(losses) | ( i 129) | ( i 33) | |||||||||||||||
Purchases | i 113 | i 272 | |||||||||||||||
Sales | ( i 82) | ( i 54) | |||||||||||||||
Settlements | ( i 403) | ( i 668) | |||||||||||||||
Transfers into level 3 | i 236 | i 369 | |||||||||||||||
Transfers out of level 3 | ( i 334) | ( i 309) | |||||||||||||||
Ending balance | $ | i 1,837 | $ | i 2,354 |
Goldman Sachs 2022 Form 10-K | 147 |
Year Ended December | |||||||||||||||||||||||
$ in millions | 2022 | 2021 | |||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Beginning balance | $ | i 672 | $ | i 896 | |||||||||||||||||||
Net realized gains/(losses) | i 29 | i 30 | |||||||||||||||||||||
Net unrealized gains/(losses) | ( i 40) | ( i 34) | |||||||||||||||||||||
Purchases | i 27 | i 81 | |||||||||||||||||||||
Sales | ( i 74) | ( i 17) | |||||||||||||||||||||
Settlements | ( i 95) | ( i 228) | |||||||||||||||||||||
Transfers into level 3 | i 121 | i 37 | |||||||||||||||||||||
Transfers out of level 3 | ( i 3) | ( i 93) | |||||||||||||||||||||
Ending balance | $ | i 637 | $ | i 672 | |||||||||||||||||||
Real
estate | |||||||||||||||||||||||
Beginning balance | $ | i 1,188 | $ | i 1,364 | |||||||||||||||||||
Net realized gains/(losses) | i 45 | i 57 | |||||||||||||||||||||
Net unrealized gains/(losses) | ( i 108) | ( i 62) | |||||||||||||||||||||
Purchases | i 65 | i 78 | |||||||||||||||||||||
Sales | ( i 8) | ( i 10) | |||||||||||||||||||||
Settlements | ( i 233) | ( i 353) | |||||||||||||||||||||
Transfers into level 3 | i 102 | i 242 | |||||||||||||||||||||
Transfers out of level 3 | ( i 266) | ( i 128) | |||||||||||||||||||||
Ending balance | $ | i 785 | $ | i 1,188 | |||||||||||||||||||
Other
collateralized | |||||||||||||||||||||||
Beginning balance | $ | i 229 | $ | i 97 | |||||||||||||||||||
Net realized gains/(losses) | i 3 | i 1 | |||||||||||||||||||||
Net unrealized gains/(losses) | ( i 2) | ( i 1) | |||||||||||||||||||||
Purchases | i 3 | i 62 | |||||||||||||||||||||
Settlements | ( i 55) | ( i 20) | |||||||||||||||||||||
Transfers into level 3 | i 13 | i 90 | |||||||||||||||||||||
Transfers out of level 3 | ( i 51) | i – | |||||||||||||||||||||
Ending balance | $ | i 140 | $ | i 229 | |||||||||||||||||||
Other | |||||||||||||||||||||||
Beginning balance | $ | i 265 | $ | i 321 | |||||||||||||||||||
Net realized gains/(losses) | i 5 | i 11 | |||||||||||||||||||||
Net unrealized gains/(losses) | i 21 | i 64 | |||||||||||||||||||||
Purchases | i 18 | i 51 | |||||||||||||||||||||
Sales | i – | ( i 27) | |||||||||||||||||||||
Settlements | ( i 20) | ( i 67) | |||||||||||||||||||||
Transfers out of level 3 | ( i 14) | ( i 88) | |||||||||||||||||||||
Ending balance | $ | i 275 | $ | i 265 |
148 | Goldman Sachs 2022 Form 10-K |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
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) | ||||||
As of December 2021 | ||||||||||||||
Assets | ||||||||||||||
Resale agreements | $ | i – | $ | i 205,703 | $ | i – | $ | i 205,703 | ||||||
Securities borrowed | i – | i 39,955 | i – | i 39,955 | ||||||||||
Customer and other receivables | i – | i 42 | i – | i 42 | ||||||||||
Total | $ | i – | $ | i 245,700 | $ | i – | $ | i 245,700 | ||||||
Liabilities | ||||||||||||||
Deposits | $ | i – | $ | ( i 31,812) | $ | ( i 3,613) | $ | ( i 35,425) | ||||||
Repurchase agreements | i – | ( i 165,883) | i – | ( i 165,883) | ||||||||||
Securities loaned | i – | ( i 9,170) | i – | ( i 9,170) | ||||||||||
Other secured financings | i – | ( i 14,508) | ( i 2,566) | ( i 17,074) | ||||||||||
Unsecured borrowings: | ||||||||||||||
Short-term | i – | ( i 22,003) | ( i 7,829) | ( i 29,832) | ||||||||||
Long-term | i – | ( i 42,977) | ( i 9,413) | ( i 52,390) | ||||||||||
Other liabilities | i – | ( i 213) | ( i 146) | ( i 359) | ||||||||||
Total | $ | i – | $ | ( i 286,566) | $ | ( i 23,567) | $ | ( i 310,133) |
Goldman Sachs 2022 Form 10-K | 149 |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | |||||||||||||||
Assets | |||||||||||||||||
Beginning balance | $ | i – | $ | i – | |||||||||||||
Net unrealized gains/(losses) | i 65 | i – | |||||||||||||||
Purchases | i 9 | i – | |||||||||||||||
Ending balance | $ | i 74 | $ | i – | |||||||||||||
Liabilities | |||||||||||||||||
Beginning balance | $ | ( i 23,567) | $ | ( i 28,058) | |||||||||||||
Net realized gains/(losses) | ( i 311) | ( i 401) | |||||||||||||||
Net unrealized gains/(losses) | i 4,459 | i 825 | |||||||||||||||
Issuances | ( i 10,090) | ( i 12,632) | |||||||||||||||
Settlements | i 10,255 | i 14,930 | |||||||||||||||
Transfers into level 3 | ( i 1,851) | ( i 736) | |||||||||||||||
Transfers out of level 3 | i 2,279 | i 2,505 | |||||||||||||||
Ending balance | $ | ( i 18,826) | $ | ( i 23,567) |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | |||||||||||||||
Deposits | |||||||||||||||||
Beginning balance | $ | ( i 3,613) | $ | ( i 4,221) | |||||||||||||
Net realized gains/(losses) | ( i 5) | ( i 28) | |||||||||||||||
Net unrealized gains/(losses) | i 391 | ( i 110) | |||||||||||||||
Issuances | ( i 937) | ( i 473) | |||||||||||||||
Settlements | i 1,264 | i 1,203 | |||||||||||||||
Transfers into level 3 | ( i 13) | ( i 70) | |||||||||||||||
Transfers out of level 3 | i 170 | i 86 | |||||||||||||||
Ending balance | $ | ( i 2,743) | $ | ( i 3,613) | |||||||||||||
Repurchase agreements | |||||||||||||||||
Beginning balance | $ | i – | $ | ( i 2) | |||||||||||||
Net unrealized gains/(losses) | i – | i 1 | |||||||||||||||
Settlements | i – | i 1 | |||||||||||||||
Ending balance | $ | i – | $ | i – | |||||||||||||
Other secured financings | |||||||||||||||||
Beginning balance | $ | ( i 2,566) | $ | ( i 3,474) | |||||||||||||
Net realized gains/(losses) | ( i 12) | ( i 27) | |||||||||||||||
Net unrealized gains/(losses) | i 31 | i 63 | |||||||||||||||
Issuances | ( i 621) | ( i 145) | |||||||||||||||
Settlements | i 850 | i 779 | |||||||||||||||
Transfers into level 3 | ( i 110) | ( i 135) | |||||||||||||||
Transfers out of level 3 | i 586 | i 373 | |||||||||||||||
Ending balance | $ | ( i 1,842) | $ | ( i 2,566) | |||||||||||||
Unsecured short-term borrowings | |||||||||||||||||
Beginning balance | $ | ( i 7,829) | $ | ( i 7,523) | |||||||||||||
Net realized gains/(losses) | ( i 112) | ( i 134) | |||||||||||||||
Net unrealized gains/(losses) | i 730 | i 374 | |||||||||||||||
Issuances | ( i 3,497) | ( i 7,878) | |||||||||||||||
Settlements | i 6,201 | i 7,188 | |||||||||||||||
Transfers into level 3 | ( i 265) | ( i 163) | |||||||||||||||
Transfers out of level 3 | i 682 | i 307 | |||||||||||||||
Ending balance | $ | ( i 4,090) | $ | ( i 7,829) | |||||||||||||
Unsecured long-term borrowings | |||||||||||||||||
Beginning balance | $ | ( i 9,413) | $ | ( i 12,576) | |||||||||||||
Net realized gains/(losses) | ( i 182) | ( i 212) | |||||||||||||||
Net unrealized gains/(losses) | i 3,246 | i 381 | |||||||||||||||
Issuances | ( i 5,035) | ( i 4,136) | |||||||||||||||
Settlements | i 1,940 | i 5,759 | |||||||||||||||
Transfers into level 3 | ( i 1,463) | ( i 368) | |||||||||||||||
Transfers out of level 3 | i 841 | i 1,739 | |||||||||||||||
Ending balance | $ | ( i 10,066) | $ | ( i 9,413) | |||||||||||||
Other liabilities | |||||||||||||||||
Beginning balance | $ | ( i 146) | $ | ( i 262) | |||||||||||||
Net unrealized gains/(losses) | i 61 | i 116 | |||||||||||||||
Ending balance | $ | ( i 85) | $ | ( i 146) |
150 | Goldman Sachs 2022 Form 10-K |
Trading | Trading | ||||||||||
$ in millions | Assets | Liabilities | |||||||||
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 | |||||||
As of December 2021 | |||||||||||
Trading cash instruments | $ | i 311,956 | $ | i 129,471 | |||||||
Derivatives | i 63,960 | i 51,953 | |||||||||
Total | $ | i 375,916 | $ | i 181,424 |
Goldman Sachs 2022 Form 10-K | 151 |
Year
Ended December | |||||||||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||||||||
Interest rates | $ | ( i 4,890) | $ | ( i 2,664) | $ | i 6,074 | |||||||||||||||||
Credit | i 1,095 | i 1,739 | i 3,269 | ||||||||||||||||||||
Currencies | i 11,662 | i 5,627 | ( i 3,312) | ||||||||||||||||||||
Equities | i 7,734 | i 8,459 | i 6,792 | ||||||||||||||||||||
Commodities | i 3,033 | i 2,196 | i 2,605 | ||||||||||||||||||||
Total | $ | i 18,634 | $ | i 15,357 | $ | i 15,428 |
152 | Goldman Sachs 2022 Form 10-K |
As of December 2022 | As of December 2021 | ||||||||||||||||
$ in millions | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||
Not accounted for as hedges | |||||||||||||||||
Exchange-traded | $ | i 675 | $ | i 1,385 | $ | i 256 | $ | i 557 | |||||||||
OTC-cleared | i 74,297 | i 72,979 | i 13,795 | i 12,692 | |||||||||||||
Bilateral OTC | i 195,052 | i 174,687 | i 232,595 | i 205,073 | |||||||||||||
Total interest rates | i 270,024 | i 249,051 | i 246,646 | i 218,322 | |||||||||||||
OTC-cleared | i 1,516 | i 1,802 | i 3,665 | i 4,053 | |||||||||||||
Bilateral OTC | i 10,751 | i 9,478 | i 12,591 | i 11,702 | |||||||||||||
Total credit | i 12,267 | i 11,280 | i 16,256 | i 15,755 | |||||||||||||
Exchange-traded | i 1,041 | i 22 | i 417 | i 10 | |||||||||||||
OTC-cleared | i 520 | i 589 | i 423 | i 338 | |||||||||||||
Bilateral OTC | i 102,301 | i 111,276 | i 86,076 | i 85,795 | |||||||||||||
Total currencies | i 103,862 | i 111,887 | i 86,916 | i 86,143 | |||||||||||||
Exchange-traded | i 9,225 | i 9,542 | i 6,534 | i 6,189 | |||||||||||||
OTC-cleared | i 698 | i 838 | i 652 | i 373 | |||||||||||||
Bilateral OTC | i 30,017 | i 22,745 | i 28,359 | i 25,969 | |||||||||||||
Total commodities | i 39,940 | i 33,125 | i 35,545 | i 32,531 | |||||||||||||
Exchange-traded | i 26,302 | i 26,607 | i 33,840 | i 35,518 | |||||||||||||
OTC-cleared | i 685 | i 19 | i 8 | i 5 | |||||||||||||
Bilateral OTC | i 23,574 | i 30,157 | i 39,718 | i 44,750 | |||||||||||||
Total equities | i 50,561 | i 56,783 | i 73,566 | i 80,273 | |||||||||||||
Subtotal | i 476,654 | i 462,126 | i 458,929 | i 433,024 | |||||||||||||
Accounted for as hedges | |||||||||||||||||
OTC-cleared | i – | i – | i 1 | i – | |||||||||||||
Bilateral OTC | i 335 | i 11 | i 945 | i – | |||||||||||||
Total interest rates | i 335 | i 11 | i 946 | i – | |||||||||||||
OTC-cleared | i 29 | i 29 | i 34 | i 27 | |||||||||||||
Bilateral OTC | i 53 | i 256 | i 60 | i 139 | |||||||||||||
Total currencies | i 82 | i 285 | i 94 | i 166 | |||||||||||||
Subtotal | i 417 | i 296 | i 1,040 | i 166 | |||||||||||||
Total gross fair value | $ | i 477,071 | $ | i 462,422 | $ | i 459,969 | $ | i 433,190 | |||||||||
Offset
in the consolidated balance sheets | |||||||||||||||||
Exchange-traded | $ | ( i 31,229) | $ | ( i 31,229) | $ | ( i 35,724) | $ | ( i 35,724) | |||||||||
OTC-cleared | ( i 75,349) | ( i 75,349) | ( i 16,979) | ( i 16,979) | |||||||||||||
Bilateral OTC | ( i 254,304) | ( i 254,304) | ( i 279,189) | ( i 279,189) | |||||||||||||
Counterparty netting | ( i 360,882) | ( i 360,882) | ( i 331,892) | ( i 331,892) | |||||||||||||
OTC-cleared | ( i 1,388) | ( i 406) | ( i 1,033) | ( i 361) | |||||||||||||
Bilateral OTC | ( i 55,388) | ( i 46,399) | ( i 63,084) | ( i 48,984) | |||||||||||||
Cash collateral netting | ( i 56,776) | ( i 46,805) | ( i 64,117) | ( i 49,345) | |||||||||||||
Total amounts offset | $ | ( i 417,658) | $ | ( i 407,687) | $ | ( i 396,009) | $ | ( i 381,237) | |||||||||
Included in the consolidated balance sheets | |||||||||||||||||
Exchange-traded | $ | i 6,014 | $ | i 6,327 | $ | i 5,323 | $ | i 6,550 | |||||||||
OTC-cleared | i 1,008 | i 501 | i 566 | i 148 | |||||||||||||
Bilateral OTC | i 52,391 | i 47,907 | i 58,071 | i 45,255 | |||||||||||||
Total | $ | i 59,413 | $ | i 54,735 | $ | i 63,960 | $ | i 51,953 | |||||||||
Not
offset in the consolidated balance sheets | |||||||||||||||||
Cash collateral | $ | ( i 298) | $ | ( i 1,887) | $ | ( i 1,008) | $ | ( i 1,939) | |||||||||
Securities collateral | ( i 15,229) | ( i 4,329) | ( i 15,751) | ( i 7,349) | |||||||||||||
Total | $ | i 43,886 | $ | i 48,519 | $ | i 47,201 | $ | i 42,665 |
Notional
Amounts as of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Not accounted for as hedges | ||||||||
Exchange-traded | $ | i 4,241,937 | $ | i 2,630,915 | ||||
OTC-cleared | i 13,104,682 | i 17,874,504 | ||||||
Bilateral OTC | i 11,137,127 | i 11,122,871 | ||||||
Total interest rates | i 28,483,746 | i 31,628,290 | ||||||
Exchange-traded | i 369 | i – | ||||||
OTC-cleared | i 529,543 | i 463,477 | ||||||
Bilateral OTC | i 577,542 | i 616,095 | ||||||
Total credit | i 1,107,454 | i 1,079,572 | ||||||
Exchange-traded | i 9,012 | i 14,617 | ||||||
OTC-cleared | i 150,561 | i 194,124 | ||||||
Bilateral OTC | i 5,304,069 | i 6,606,927 | ||||||
Total currencies | i 5,463,642 | i 6,815,668 | ||||||
Exchange-traded | i 341,526 | i 308,917 | ||||||
OTC-cleared | i 3,188 | i 3,647 | ||||||
Bilateral OTC | i 255,208 | i 234,322 | ||||||
Total commodities | i 599,922 | i 546,886 | ||||||
Exchange-traded | i 1,107,659 | i 1,149,777 | ||||||
OTC-cleared | i 1,639 | i 198 | ||||||
Bilateral OTC | i 1,026,736 | i 1,173,103 | ||||||
Total equities | i 2,136,034 | i 2,323,078 | ||||||
Subtotal | i 37,790,798 | i 42,393,494 | ||||||
Accounted for as hedges | ||||||||
OTC-cleared | i 257,739 | i 219,083 | ||||||
Bilateral OTC | i 3,156 | i 4,499 | ||||||
Total interest rates | i 260,895 | i 223,582 | ||||||
OTC-cleared | i 2,048 | i 2,758 | ||||||
Bilateral OTC | i 7,701 | i 18,658 | ||||||
Total currencies | i 9,749 | i 21,416 | ||||||
Exchange-traded | i – | i 1,050 | ||||||
Total commodities | i – | i 1,050 | ||||||
Subtotal | i 270,644 | i 246,048 | ||||||
Total notional amounts | $ | i 38,061,442 | $ | i 42,639,542 |
Goldman Sachs 2022 Form 10-K | 153 |
$ in millions | Less
than 1 Year | 1 - 5 Years | Greater than 5 Years | Total | ||||||||||
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 | ||||||||||||
As of December 2021 | ||||||||||||||
Assets | ||||||||||||||
Interest rates | $ | i 6,076 | $ | i 11,655 | $ | i 61,380 | $ | i 79,111 | ||||||
Credit | i 1,800 | i 2,381 | i 3,113 | i 7,294 | ||||||||||
Currencies | i 13,366 | i 6,642 | i 6,570 | i 26,578 | ||||||||||
Commodities | i 10,178 | i 7,348 | i 770 | i 18,296 | ||||||||||
Equities | i 11,075 | i 6,592 | i 2,100 | i 19,767 | ||||||||||
Counterparty netting in tenors | ( i 3,624) | ( i 3,357) | ( i 2,673) | ( i 9,654) | ||||||||||
Subtotal | $ | i 38,871 | $ | i 31,261 | $ | i 71,260 | $ | i 141,392 | ||||||
Cross-tenor counterparty netting | ( i 18,638) | |||||||||||||
Cash collateral netting | ( i 64,117) | |||||||||||||
Total OTC derivative assets | $ | i 58,637 | ||||||||||||
Liabilities | ||||||||||||||
Interest rates | $ | i 3,929 | $ | i 10,932 | $ | i 34,676 | $ | i 49,537 | ||||||
Credit | i 1,695 | i 3,257 | i 1,841 | i 6,793 | ||||||||||
Currencies | i 14,122 | i 6,581 | i 5,580 | i 26,283 | ||||||||||
Commodities | i 7,591 | i 6,274 | i 1,763 | i 15,628 | ||||||||||
Equities | i 8,268 | i 12,944 | i 3,587 | i 24,799 | ||||||||||
Counterparty netting in tenors | ( i 3,624) | ( i 3,357) | ( i 2,673) | ( i 9,654) | ||||||||||
Subtotal | $ | i 31,981 | $ | i 36,631 | $ | i 44,774 | $ | i 113,386 | ||||||
Cross-tenor counterparty netting | ( i 18,638) | |||||||||||||
Cash collateral netting | ( i 49,345) | |||||||||||||
Total OTC derivative liabilities | $ | i 45,403 |
154 | Goldman Sachs 2022 Form 10-K |
Credit Spread on Underlier (basis points) | |||||||||||||||||
$ in millions | 0 - 250 | 251 - 500 | 501 - 1,000 | Greater than 1,000 | Total | ||||||||||||
As of December 2022 | |||||||||||||||||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | |||||||||||||||||
Less than 1 year | $ | i 108,703 | $ | i 12,166 | $ | i 1,879 | $ | i 4,135 | $ | i 126,883 | |||||||
1 - 5 years | i 306,484 | i 28,188 | i 13,724 | i 9,092 | i 357,488 | ||||||||||||
Greater than 5 years | i 39,302 | i 2,916 | i 1,416 | i 305 | i 43,939 | ||||||||||||
Total | $ | i 454,489 | $ | i 43,270 | $ | i 17,019 | $ | i 13,532 | $ | i 528,310 | |||||||
Maximum
Payout/Notional Amount of Purchased Credit Derivatives | |||||||||||||||||
Offsetting | $ | i 372,360 | $ | i 33,149 | $ | i 14,817 | $ | i 11,757 | $ | i 432,083 | |||||||
Other | i 128,828 | i 13,211 | i 2,615 | i 2,407 | i 147,061 | ||||||||||||
Fair Value of Written Credit Derivatives | |||||||||||||||||
Asset | $ | i 5,405 | $ | i 460 | $ | i 132 | $ | i 84 | $ | i 6,081 | |||||||
Liability | i 681 | i 1,081 | i 1,027 | i 2,673 | i 5,462 | ||||||||||||
Net asset/(liability) | $ | i 4,724 | $ | ( i 621) | $ | ( i 895) | $ | ( i 2,589) | $ | i 619 | |||||||
As of December 2021 | |||||||||||||||||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | |||||||||||||||||
Less than 1 year | $ | i 120,456 | $ | i 6,173 | $ | i 1,656 | $ | i 4,314 | $ | i 132,599 | |||||||
1 - 5 years | i 305,255 | i 14,328 | i 12,754 | i 3,814 | i 336,151 | ||||||||||||
Greater than 5 years | i 35,558 | i 3,087 | i 2,529 | i 311 | i 41,485 | ||||||||||||
Total | $ | i 461,269 | $ | i 23,588 | $ | i 16,939 | $ | i 8,439 | $ | i 510,235 | |||||||
Maximum
Payout/Notional Amount of Purchased Credit Derivatives | |||||||||||||||||
Offsetting | $ | i 381,715 | $ | i 17,210 | $ | i 12,806 | $ | i 6,714 | $ | i 418,445 | |||||||
Other | $ | i 138,214 | $ | i 7,780 | $ | i 3,576 | $ | i 1,322 | $ | i 150,892 | |||||||
Fair Value of Written Credit Derivatives | |||||||||||||||||
Asset | $ | i 9,803 | $ | i 924 | $ | i 318 | $ | i 137 | $ | i 11,182 | |||||||
Liability | i 941 | i 123 | i 1,666 | i 1,933 | i 4,663 | ||||||||||||
Net asset/(liability) | $ | i 8,862 | $ | i 801 | $ | ( i 1,348) | $ | ( i 1,796) | $ | i 6,519 |
Goldman Sachs 2022 Form 10-K | 155 |
Year
Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
CVA, net of hedges | $ | i 320 | $ | i 25 | $ | ( i 143) | |||||||||||
FVA, net of hedges | ( i 193) | i 60 | i 173 | ||||||||||||||
Total | $ | i 127 | $ | i 85 | $ | i 30 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Fair value of assets | $ | i 288 | $ | i 845 | ||||
Fair value of liabilities | ( i 392) | ( i 124) | ||||||
Net asset/(liability) | $ | ( i 104) | $ | i 721 | ||||
Notional
amount | $ | i 8,892 | $ | i 10,743 |
As
of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Net derivative liabilities under bilateral agreements | $ | i 33,059 | $ | i 34,315 | ||||
Collateral posted | $ | i 27,657 | $ | i 29,214 | ||||
Additional collateral or termination payments: | ||||||||
One-notch downgrade | $ | i 343 | $ | i 345 | ||||
Two-notch downgrade | $ | i 1,115 | $ | i 1,536 |
156 | Goldman Sachs 2022 Form 10-K |
Year
Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Investments | |||||||||||||||||
Interest rate hedges | $ | i 366 | $ | i – | $ | i – | |||||||||||
Hedged investments | ( i 350) | i – | i – | ||||||||||||||
Gains/(losses) | $ | i 16 | $ | i – | $ | i – | |||||||||||
Borrowings
and deposits | |||||||||||||||||
Interest rate hedges | $ | ( i 22,183) | $ | ( i 6,638) | $ | i 3,862 | |||||||||||
Hedged borrowings and deposits | i 21,662 | i 6,085 | ( i 4,557) | ||||||||||||||
Gains/(losses) | $ | ( i 521) | $ | ( i 553) | $ | ( i 695) |
$ in millions | Carrying Value | Cumulative Hedging Adjustment | ||||||
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) | ||||
As of December 2021 | ||||||||
Liabilities | ||||||||
Deposits | $ | i 14,131 | $ | i 246 | ||||
Unsecured short-term borrowings | $ | i 2,167 | $ | i 5 | ||||
Unsecured long-term borrowings | $ | i 144,934 | $ | i 6,169 |
Goldman Sachs 2022 Form 10-K | 157 |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Hedges: | |||||||||||||||||
Foreign currency forward contract | $ | i 1,713 | $ | i 755 | $ | ( i 126) | |||||||||||
Foreign currency-denominated debt | $ | ( i 269) | $ | i 386 | $ | ( i 297) |
As
of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Equity securities, at fair value | $ | i 14,892 | $ | i 18,937 | ||||
Debt instruments, at fair value | i 14,075 | i 15,558 | ||||||
Available-for-sale securities, at fair value | i 49,234 | i 48,932 | ||||||
Investments, at fair value | i 78,201 | i 83,427 | ||||||
Held-to-maturity securities | i 51,662 | i 4,699 | ||||||
Equity method investments | i 766 | i 593 | ||||||
Total investments | $ | i 130,629 | $ | i 88,719 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Equity securities, at fair value | $ | i 14,892 | $ | i 18,937 | ||||
Equity Type | ||||||||
Public equity | i 13 | % | i 24 | % | ||||
Private equity | i 87 | % | i 76 | % | ||||
Total | i 100 | % | i 100 | % | ||||
Asset Class | ||||||||
Corporate | i 71 | % | i 78 | % | ||||
Real estate | i 29 | % | i 22 | % | ||||
Total | i 100 | % | i 100 | % |
158 | Goldman Sachs 2022 Form 10-K |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Corporate debt securities | $ | i 10,098 | $ | i 9,793 | ||||
Securities backed by real estate | i 1,003 | i 2,280 | ||||||
Money market instruments | i 1,005 | i 1,396 | ||||||
Other | i 1,969 | i 2,089 | ||||||
Total | $ | i 14,075 | $ | i 15,558 |
Goldman Sachs 2022 Form 10-K | 159 |
$ in millions | Fair Value of Investments | Unfunded Commitments | ||||||
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 | ||||
As of December 2021 | ||||||||
Private equity funds | $ | i 1,411 | $ | i 619 | ||||
Credit funds | i 1,686 | i 556 | ||||||
Hedge funds | i 84 | i – | ||||||
Real estate funds | i 288 | i 147 | ||||||
Total | $ | i 3,469 | $ | i 1,322 |
$ in millions | Amortized Cost | Fair Value | Weighted Average Yield | ||||||||
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 | % | |||||
As of December 2021 | |||||||||||
Less than 1 year | $ | i 25 | $ | i 25 | i 0.12 | % | |||||
1 year to 5 years | i 41,536 | i 41,066 | i 0.47 | % | |||||||
5 years to 10 years | i 5,337 | i 5,229 | i 0.92 | % | |||||||
Greater than 10 years | i 2 | i 2 | i 2.00 | % | |||||||
Total U.S. government obligations | i 46,900 | i 46,322 | i 0.53 | % | |||||||
5
years to 10 years | i 2,693 | i 2,610 | i 0.33 | % | |||||||
Total non-U.S. government obligations | i 2,693 | i 2,610 | i 0.33 | % | |||||||
Total available-for-sale securities | $ | i 49,593 | $ | i 48,932 | i 0.52 | % |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Gross realized gains | $ | i – | $ | i 206 | $ | i 319 | |||||||||||
Gross realized losses | i – | ( i 19) | i – | ||||||||||||||
Gains/(losses) | $ | i – | $ | i 187 | $ | i 319 | |||||||||||
Proceeds from sales | $ | i 2 | $ | i 24,882 | $ | i 4,489 |
160 | Goldman Sachs 2022 Form 10-K |
$ in millions | Amortized Cost | Fair Value | Weighted Average Yield | ||||||||
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 U.S. 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 | % | |||||
As of December 2021 | |||||||||||
1 year to 5 years | $ | i 4,054 | $ | i 4,200 | i 2.30 | % | |||||
Total U.S. government obligations | i 4,054 | i 4,200 | i 2.30 | % | |||||||
5 years to 10 years | i 3 | i 3 | i 2.78 | % | |||||||
Greater than 10 years | i 642 | i 670 | i 1.03 | % | |||||||
Total securities backed by real estate | i 645 | i 673 | i 1.04 | % | |||||||
Total held-to-maturity securities | $ | i 4,699 | $ | i 4,873 | i 2.13 | % |
$ in millions | Amortized Cost | Fair Value | Held For Sale | Total | ||||||||||
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 | ||||||
As of December 2021 | ||||||||||||||
Loan Type | ||||||||||||||
Corporate | $ | i 34,663 | $ | i 1,609 | $ | i 1,371 | $ | i 37,643 | ||||||
Commercial real estate | i 24,267 | i 1,588 | i 3,145 | i 29,000 | ||||||||||
Residential real estate | i 18,389 | i 6,185 | i 100 | i 24,674 | ||||||||||
Securities-based | i 16,652 | i – | i – | i 16,652 | ||||||||||
Other
collateralized | i 35,916 | i 955 | i 1,392 | i 38,263 | ||||||||||
Consumer: | ||||||||||||||
Installment | i 3,672 | i – | i – | i 3,672 | ||||||||||
Credit cards | i 8,212 | i – | i – | i 8,212 | ||||||||||
Other | i 1,736 | i 432 | i 1,851 | i 4,019 | ||||||||||
Total loans, gross | i 143,507 | i 10,769 | i 7,859 | i 162,135 | ||||||||||
Allowance for loan losses | ( i 3,573) | i – | i – | ( i 3,573) | ||||||||||
Total loans | $ | i 139,934 | $ | i 10,769 | $ | i 7,859 | $ | i 158,562 |
Goldman Sachs 2022 Form 10-K | 161 |
162 | Goldman Sachs 2022 Form 10-K |
$ in millions | Investment-Grade | Non-Investment- Grade | Other Metrics/Unrated | Total | ||||||||||
As of December 2022 | ||||||||||||||
Accounting Method | ||||||||||||||
Amortized cost | $ | i 63,971 | $ | i 79,648 | $ | i 28,961 | $ | i 172,580 | ||||||
Fair value | i 1,735 | i 3,349 | i 2,571 | i 7,655 | ||||||||||
Held for sale | i 466 | i 4,082 | i 46 | i 4,594 | ||||||||||
Total | $ | i 66,172 | $ | i 87,079 | $ | i 31,578 | $ | i 184,829 | ||||||
Loan Type | ||||||||||||||
Corporate | $ | i 10,200 | $ | i 29,935 | $ | i – | $ | i 40,135 | ||||||
Real estate: | ||||||||||||||
Commercial | i 5,208 | i 23,536 | i 135 | i 28,879 | ||||||||||
Residential | i 3,710 | i 13,954 | i 5,371 | i 23,035 | ||||||||||
Securities-based | i 12,901 | i 764 | i 3,006 | i 16,671 | ||||||||||
Other
collateralized | i 33,093 | i 18,291 | 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 66,172 | $ | i 87,079 | $ | i 31,578 | $ | i 184,829 | ||||||
Secured | i 85 | % | i 93 | % | i 27 | % | i 79 | % | ||||||
Unsecured | i 15 | % | i 7 | % | i 73 | % | i 21 | % | ||||||
Total | i 100 | % | i 100 | % | i 100 | % | i 100 | % | ||||||
As of December 2021 | ||||||||||||||
Accounting Method | ||||||||||||||
Amortized cost | $ | i 50,923 | $ | i 75,179 | $ | i 17,405 | $ | i 143,507 | ||||||
Fair value | i 2,301 | i 4,634 | i 3,834 | i 10,769 | ||||||||||
Held for sale | i 1,650 | i 4,747 | i 1,462 | i 7,859 | ||||||||||
Total | $ | i 54,874 | $ | i 84,560 | $ | i 22,701 | $ | i 162,135 | ||||||
Loan Type | ||||||||||||||
Corporate | $ | i 8,345 | $ | i 29,183 | $ | i 115 | $ | i 37,643 | ||||||
Real estate: | ||||||||||||||
Commercial | i 6,283 | i 22,344 | i 373 | i 29,000 | ||||||||||
Residential | i 3,194 | i 16,071 | i 5,409 | i 24,674 | ||||||||||
Securities-based | i 13,801 | i 447 | i 2,404 | i 16,652 | ||||||||||
Other
collateralized | i 22,290 | i 15,601 | i 372 | i 38,263 | ||||||||||
Consumer: | ||||||||||||||
Installment | i – | i – | i 3,672 | i 3,672 | ||||||||||
Credit cards | i – | i – | i 8,212 | i 8,212 | ||||||||||
Other | i 961 | i 914 | i 2,144 | i 4,019 | ||||||||||
Total | $ | i 54,874 | $ | i 84,560 | $ | i 22,701 | $ | i 162,135 | ||||||
Secured | i 85 | % | i 92 | % | i 36 | % | i 82 | % | ||||||
Unsecured | i 15 | % | i 8 | % | i 64 | % | i 18 | % | ||||||
Total | i 100 | % | i 100 | % | i 100 | % | i 100 | % |
Goldman Sachs 2022 Form 10-K | 163 |
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 734 | i 3,971 | i 2 | i 4,707 | ||||||||||
2021 | i 744 | i 3,487 | i – | i 4,231 | ||||||||||
2020 | i 407 | i 1,740 | i – | i 2,147 | ||||||||||
2019 | i 335 | i 1,412 | i – | i 1,747 | ||||||||||
2018 | i 212 | i 469 | i – | i 681 | ||||||||||
2017 or earlier | i 1,238 | i 797 | i 11 | i 2,046 | ||||||||||
Revolving | i 1,281 | i 9,382 | i – | i 10,663 | ||||||||||
Commercial real estate | i 4,951 | i 21,258 | i 13 | i 26,222 | ||||||||||
2022 | i 941 | i 1,385 | i 1,307 | i 3,633 | ||||||||||
2021 | i 932 | i 1,219 | i 1,357 | i 3,508 | ||||||||||
2020 | i – | i 14 | i 89 | i 103 | ||||||||||
2019 | i 7 | i – | i 99 | i 106 | ||||||||||
2018 | i 10 | i 50 | i 138 | i 198 | ||||||||||
2017 or earlier | i 31 | i 10 | i 142 | i 183 | ||||||||||
Revolving | i 773 | i 10,019 | i – | i 10,792 | ||||||||||
Residential real estate | i 2,694 | i 12,697 | i 3,132 | i 18,523 | ||||||||||
2022 | i 5 | i – | i – | i 5 | ||||||||||
2018 | i 1 | i – | i – | i 1 | ||||||||||
2017 or earlier | i – | i 291 | i – | i 291 | ||||||||||
Revolving | i 12,895 | i 473 | i 3,006 | i 16,374 | ||||||||||
Securities-based | i 12,901 | i 764 | i 3,006 | i 16,671 | ||||||||||
2022 | i 4,095 | i 1,212 | i 113 | i 5,420 | ||||||||||
2021 | i 1,860 | i 2,577 | i 146 | i 4,583 | ||||||||||
2020 | i 777 | i 1,795 | i 36 | i 2,608 | ||||||||||
2019 | i 235 | i 367 | i 12 | i 614 | ||||||||||
2018 | i 504 | i 149 | i 6 | i 659 | ||||||||||
2017 or earlier | i 294 | i 301 | i – | i 595 | ||||||||||
Revolving | i 24,504 | i 11,488 | i 2 | i 35,994 | ||||||||||
Other collateralized | i 32,269 | i 17,889 | 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 63,971 | $ | i 79,648 | $ | i 6,815 | $ | i 150,434 | ||||||
Percentage of total | i 42 | % | i 53 | % | i 5 | % | i 100 | % |
As of December 2021 | ||||||||||||||
$ in millions | Investment- Grade | Non-Investment- Grade | Other Metrics/ Unrated | Total | ||||||||||
2021 | $ | i 2,932 | $ | i 6,843 | $ | i – | $ | i 9,775 | ||||||
2020 | i 675 | i 3,051 | i 7 | i 3,733 | ||||||||||
2019 | i 314 | i 3,630 | i – | i 3,944 | ||||||||||
2018 | i 1,310 | i 2,751 | i – | i 4,061 | ||||||||||
2017 | i 431 | i 1,737 | i – | i 2,168 | ||||||||||
2016 or earlier | i 273 | i 1,648 | i – | i 1,921 | ||||||||||
Revolving | i 2,180 | i 6,806 | i 75 | i 9,061 | ||||||||||
Corporate | i 8,115 | i 26,466 | i 82 | i 34,663 | ||||||||||
2021 | i 799 | i 4,139 | i 94 | i 5,032 | ||||||||||
2020 | i 532 | i 2,081 | i – | i 2,613 | ||||||||||
2019 | i 444 | i 1,548 | i – | i 1,992 | ||||||||||
2018 | i 478 | i 854 | i – | i 1,332 | ||||||||||
2017 | i 760 | i 625 | i – | i 1,385 | ||||||||||
2016 or earlier | i 692 | i 824 | i 7 | i 1,523 | ||||||||||
Revolving | i 1,883 | i 8,507 | i – | i 10,390 | ||||||||||
Commercial real estate | i 5,588 | i 18,578 | i 101 | i 24,267 | ||||||||||
2021 | i 864 | i 2,744 | i 1,517 | i 5,125 | ||||||||||
2020 | i 271 | i 564 | i 103 | i 938 | ||||||||||
2019 | i 9 | i – | i 173 | i 182 | ||||||||||
2018 | i – | i 96 | i 165 | i 261 | ||||||||||
2017 | i 25 | i 73 | i 119 | i 217 | ||||||||||
2016 or earlier | i – | i 1 | i 56 | i 57 | ||||||||||
Revolving | i 690 | i 10,919 | i – | i 11,609 | ||||||||||
Residential real estate | i 1,859 | i 14,397 | i 2,133 | i 18,389 | ||||||||||
2018 | i – | i 1 | i – | i 1 | ||||||||||
2017 | i – | i 22 | i – | i 22 | ||||||||||
2016 or earlier | i 264 | i – | i – | i 264 | ||||||||||
Revolving | i 13,537 | i 424 | i 2,404 | i 16,365 | ||||||||||
Securities-based
| i 13,801 | i 447 | i 2,404 | i 16,652 | ||||||||||
2021 | i 1,876 | i 4,316 | i 304 | i 6,496 | ||||||||||
2020 | i 1,378 | i 1,598 | i 48 | i 3,024 | ||||||||||
2019 | i 243 | i 464 | i 19 | i 726 | ||||||||||
2018 | i 595 | i 180 | i – | i 775 | ||||||||||
2017 | i 303 | i 125 | i – | i 428 | ||||||||||
2016 or earlier | i 15 | i 47 | i – | i 62 | ||||||||||
Revolving | i 16,257 | i 8,148 | i – | i 24,405 | ||||||||||
Other collateralized | i 20,667 | i 14,878 | i 371 | i 35,916 | ||||||||||
2021 | i 68 | i 290 | i 10 | i 368 | ||||||||||
2020 | i – | i 60 | i 330 | i 390 | ||||||||||
2019 | i 30 | i 20 | i – | i 50 | ||||||||||
2017 | i – | i – | i 8 | i 8 | ||||||||||
Revolving | i 795 | i 43 | i 82 | i 920 | ||||||||||
Other | i 893 | i 413 | i 430 | i 1,736 | ||||||||||
Total | $ | i 50,923 | $ | i 75,179 | $ | i 5,521 | $ | i 131,623 | ||||||
Percentage
of total | i 39 | % | i 57 | % | i 4 | % | i 100 | % |
164 | Goldman Sachs 2022 Form 10-K |
$ in millions | Greater than or equal to 660 | Less than 660 | Total | ||||||||
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 | % | |||||
As of December 2021 | |||||||||||
2021 | $ | i 2,017 | $ | i 42 | $ | i 2,059 | |||||
2020 | i 665 | i 40 | i 705 | ||||||||
2019 | i 508 | i 61 | i 569 | ||||||||
2018 | i 257 | i 42 | i 299 | ||||||||
2017 | i 32 | i 7 | i 39 | ||||||||
2016 | i 1 | i – | i 1 | ||||||||
Installment | i 3,480 | i 192 | i 3,672 | ||||||||
Credit cards | i 6,100 | i 2,112 | i 8,212 | ||||||||
Total | $ | i 9,580 | $ | i 2,304 | $ | i 11,884 | |||||
Percentage of total: | |||||||||||
Installment | i 95 | % | i 5 | % | i 100 | % | |||||
Credit cards | i 74 | % | i 26 | % | i 100 | % | |||||
Total | i 81 | % | i 19 | % | i 100 | % |
$ in millions | Carrying Value | Americas | EMEA | Asia | Total | ||||||||||||
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 | % | |||||||
As of December 2021 | |||||||||||||||||
Corporate | $ | i 37,643 | i 52 | % | i 38 | % | i 10 | % | i 100 | % | |||||||
Commercial real estate | i 29,000 | i 82 | % | i 13 | % | i 5 | % | i 100 | % | ||||||||
Residential real estate | i 24,674 | i 96 | % | i 2 | % | i 2 | % | i 100 | % | ||||||||
Securities-based
| i 16,652 | i 77 | % | i 16 | % | i 7 | % | i 100 | % | ||||||||
Other
collateralized | i 38,263 | i 74 | % | i 23 | % | i 3 | % | i 100 | % | ||||||||
Consumer: | |||||||||||||||||
Installment | i 3,672 | i 100 | % | i – | i – | i 100 | % | ||||||||||
Credit cards | i 8,212 | i 100 | % | i – | i – | i 100 | % | ||||||||||
Other | i 4,019 | i 89 | % | i 11 | % | i – | i 100 | % | |||||||||
Total | $ | i 162,135 | i 76 | % | i 19 | % | i 5 | % | i 100 | % |
Goldman Sachs 2022 Form 10-K | 165 |
$ in millions | 30-89 days | 90 days or more | Total | ||||||||
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 | % | |||||||||
As of December 2021 | |||||||||||
Corporate | $ | i 5 | $ | i 90 | $ | i 95 | |||||
Commercial real estate | i 7 | i 158 | i 165 | ||||||||
Residential real estate | i 3 | i 4 | i 7 | ||||||||
Securities-based
| i – | i 5 | i 5 | ||||||||
Consumer: | |||||||||||
Installment | i 20 | i 7 | i 27 | ||||||||
Credit cards | i 86 | i 71 | i 157 | ||||||||
Other | i 15 | i 3 | i 18 | ||||||||
Total | $ | i 136 | $ | i 338 | $ | i 474 | |||||
Total divided by gross loans at amortized cost | i 0.3 | % |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Corporate | $ | i 1,432 | $ | i 1,421 | ||||
Commercial real estate | i 1,079 | i 856 | ||||||
Residential real estate | i 93 | i 5 | ||||||
Securities-based
| i – | i 5 | ||||||
Other
collateralized | i 65 | i 139 | ||||||
Installment | i 41 | i 43 | ||||||
Total | $ | i 2,710 | $ | i 2,469 | ||||
Total divided by gross loans at amortized cost | i 1.6 | % | i 1.7 | % |
166 | Goldman Sachs 2022 Form 10-K |
As of December | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
$ in millions | Loans | Lending Commitments | Loans | Lending Commitments | |||||||||||||
Wholesale | |||||||||||||||||
Corporate | $ | i 36,822 | $ | i 137,149 | $ | i 34,663 | $ | i 135,968 | |||||||||
Commercial real estate | i 26,222 | i 3,692 | i 24,267 | i 5,229 | |||||||||||||
Residential real estate | i 18,523 | i 3,089 | i 18,389 | i 3,949 | |||||||||||||
Securities-based
| i 16,671 | i 508 | i 16,652 | i 454 | |||||||||||||
Other
collateralized | i 50,473 | i 13,209 | i 35,916 | i 15,137 | |||||||||||||
Other | i 1,723 | i 944 | i 1,736 | i 442 | |||||||||||||
Consumer | |||||||||||||||||
Installment | i 6,326 | i 1,882 | i 3,672 | i 9 | |||||||||||||
Credit cards | i 15,820 | i 62,216 | i 8,212 | i 35,932 | |||||||||||||
Total | $ | i 172,580 | $ | i 222,689 | $ | i 143,507 | $ | i 197,120 |
Goldman Sachs 2022 Form 10-K | 167 |
$ in millions | Wholesale | Consumer | Total | ||||||||
Year Ended December 2022 | |||||||||||
Allowance for loan losses | |||||||||||
Beginning balance | $ | i 2,135 | $ | i 1,438 | $ | i 3,573 | |||||
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 | |||||
Year Ended December 2021 | |||||||||||
Allowance for loan losses | |||||||||||
Beginning balance | $ | i 2,584 | $ | i 1,290 | $ | i 3,874 | |||||
Net (charge-offs)/recoveries | ( i 130) | ( i 203) | ( i 333) | ||||||||
Provision | ( i 231) | i 351 | i 120 | ||||||||
Other | ( i 88) | i – | ( i 88) | ||||||||
Ending balance | $ | i 2,135 | $ | i 1,438 | $ | i 3,573 | |||||
Allowance ratio | i 1.6 | % | i 12.1 | % | i 2.5 | % | |||||
Net charge-off ratio | i 0.1 | % | i 2.3 | % | i 0.3 | % | |||||
Allowance for losses on lending commitments | |||||||||||
Beginning balance | $ | i 557 | $ | i – | $ | i 557 | |||||
Provision | i 50 | i 187 | i 237 | ||||||||
Other | ( i 18) | i – | ( i 18) | ||||||||
Ending balance | $ | i 589 | $ | i 187 | $ | i 776 |
168 | Goldman Sachs 2022 Form 10-K |
As of December 2022 | |||||
U.S. unemployment rate | |||||
Forecast for the quarter ended: | |||||
June 2023 | i 4.2 | % | |||
December 2023 | i 4.6 | % | |||
June 2024 | i 4.6 | % | |||
Growth in U.S. GDP | |||||
Forecast for the year: | |||||
2023 | i 0.4 | % | |||
2024 | i 1.3 | % | |||
2025 | i 1.7 | % |
Carrying Value | Estimated Fair Value | ||||||||||||||||
$ in millions | Level 2 | Level 3 | Total | ||||||||||||||
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 | |||||||||
As of December 2021 | |||||||||||||||||
Amortized cost | $ | i 139,934 | $ | i 87,676 | $ | i 54,127 | $ | i 141,803 | |||||||||
Held for sale | $ | i 7,859 | $ | i 5,970 | $ | i 1,917 | $ | i 7,887 |
Goldman Sachs 2022 Form 10-K | 169 |
Year
Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Unsecured short-term borrowings | $ | i 4,055 | $ | ( i 1,016) | $ | i 206 | |||||||||||
Unsecured long-term borrowings | i 6,506 | ( i 2,393) | ( i 2,804) | ||||||||||||||
Other | i 1,072 | ( i 135) | ( i 563) | ||||||||||||||
Total | $ | i 11,633 | $ | ( i 3,544) | $ | ( i 3,161) |
170 | Goldman Sachs 2022 Form 10-K |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Pre-tax DVA | $ | i 1,882 | $ | i 433 | $ | ( i 347) | |||||||||||
After-tax
DVA | $ | i 1,403 | $ | i 322 | $ | ( i 261) |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Performing loans | ||||||||
Aggregate contractual principal in excess of fair value | $ | i 2,645 | $ | i 1,373 | ||||
Loans on nonaccrual status and/or more than 90 days past due | ||||||||
Aggregate contractual principal in excess of fair value | $ | i 3,331 | $ | i 8,600 | ||||
Aggregate fair value | $ | i 2,633 | $ | i 3,559 |
Goldman Sachs 2022 Form 10-K | 171 |
172 | Goldman Sachs 2022 Form 10-K |
Assets | Liabilities | ||||||||||||||||
$ in millions | Resale agreements | Securities borrowed | Repurchase agreements | Securities loaned | |||||||||||||
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 | |||||||||
As of December 2021 | |||||||||||||||||
Included in the consolidated balance sheets | |||||||||||||||||
Gross carrying value | $ | i 334,725 | $ | i 190,197 | $ | i 294,905 | $ | i 57,931 | |||||||||
Counterparty netting | ( i 129,022) | ( i 11,426) | ( i 129,022) | ( i 11,426) | |||||||||||||
Total | i 205,703 | i 178,771 | i 165,883 | i 46,505 | |||||||||||||
Amounts not offset | |||||||||||||||||
Counterparty netting | ( i 27,376) | ( i 12,822) | ( i 27,376) | ( i 12,822) | |||||||||||||
Collateral | ( i 173,915) | ( i 157,752) | ( i 134,465) | ( i 33,143) | |||||||||||||
Total | $ | i 4,412 | $ | i 8,197 | $ | i 4,042 | $ | i 540 |
$ in millions | Repurchase agreements | Securities loaned | ||||||
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 2021 | ||||||||
Money market instruments | $ | i 328 | $ | i 14 | ||||
U.S. government and agency obligations | i 132,049 | i 503 | ||||||
Non-U.S. government and agency obligations | i 126,397 | i 1,254 | ||||||
Securities backed by commercial real estate | i 362 | i – | ||||||
Securities backed by residential real estate | i 919 | i – | ||||||
Corporate debt securities | i 11,034 | i 510 | ||||||
State and municipal obligations | i 248 | i – | ||||||
Other debt obligations | i 374 | i – | ||||||
Equity securities | i 23,194 | i 55,650 | ||||||
Total | $ | i 294,905 | $ | i 57,931 |
As of December 2022 | |||||||||||
$ in millions | Repurchase agreements | Securities loaned | |||||||||
No stated maturity and overnight | $ | i 86,835 | $ | i 27,791 | |||||||
2 - 30 days | i 70,351 | i 956 | |||||||||
31 - 90 days | i 17,776 | i 936 | |||||||||
91 days - 1 year | i 35,096 | i 7,596 | |||||||||
Greater than 1 year | i 9,216 | i 4,030 | |||||||||
Total | $ | i 219,274 | $ | i 41,309 |
Goldman Sachs 2022 Form 10-K | 173 |
$ in millions | U.S. Dollar | Non-U.S. Dollar | Total | ||||||||
As of December 2022 | |||||||||||
Other secured financings (short-term): | |||||||||||
At fair value | $ | i 3,478 | $ | i 2,963 | $ | i 6,441 | |||||
At amortized cost | i 398 | i – | i 398 | ||||||||
Other secured financings (long-term): | |||||||||||
At fair value | i 3,793 | i 2,522 | i 6,315 | ||||||||
At amortized cost | i 395 | i 397 | i 792 | ||||||||
Total other secured financings | $ | i 8,064 | $ | i 5,882 | $ | i 13,946 | |||||
Other secured financings collateralized by: | |||||||||||
Financial instruments | $ | i 3,817 | $ | i 4,895 | $ | i 8,712 | |||||
Other assets | $ | i 4,247 | $ | i 987 | $ | i 5,234 | |||||
As of December 2021 | |||||||||||
Other secured financings (short-term): | |||||||||||
At fair value | $ | i 5,315 | $ | i 3,664 | $ | i 8,979 | |||||
At amortized cost | i – | i 191 | i 191 | ||||||||
Other secured financings (long-term): | |||||||||||
At fair value | i 4,170 | i 3,925 | i 8,095 | ||||||||
At amortized cost | i 827 | i 452 | i 1,279 | ||||||||
Total other secured financings | $ | i 10,312 | $ | i 8,232 | $ | i 18,544 | |||||
Other secured financings collateralized by: | |||||||||||
Financial instruments | $ | i 5,990 | $ | i 6,834 | $ | i 12,824 | |||||
Other assets | $ | i 4,322 | $ | i 1,398 | $ | i 5,720 |
174 | Goldman Sachs 2022 Form 10-K |
As of | |||||
$ in millions | December 2022 | ||||
Other secured financings (short-term) | $ | i 6,839 | |||
Other secured financings (long-term): | |||||
2024 | i 2,956 | ||||
2025 | i 1,053 | ||||
2026 | i 978 | ||||
2027 | i 152 | ||||
2028 - thereafter | i 1,968 | ||||
Total other secured financings (long-term) | i 7,107 | ||||
Total other secured financings | $ | i 13,946 |
Goldman Sachs 2022 Form 10-K | 175 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Collateral available to be delivered or repledged | $ | i 971,699 | $ | i 1,057,195 | ||||
Collateral that was delivered or repledged | $ | i 797,919 | $ | i 875,213 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Pledged to counterparties that had the right to deliver or repledge | ||||||||
Trading assets | $ | i 40,143 | $ | i 68,208 | ||||
Investments | $ | i 9,818 | $ | i 12,840 | ||||
Pledged to counterparties that did not have the right to deliver or repledge | ||||||||
Trading assets | $ | i 70,912 | $ | i 102,259 | ||||
Investments | $ | i 1,726 | $ | i 8,683 | ||||
Loans | $ | i 6,600 | $ | i 6,808 | ||||
Other assets | $ | i 7,525 | $ | i 8,878 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Property, leasehold improvements and equipment | $ | i 17,074 | $ | i 18,094 | ||||
Goodwill | i 6,374 | i 4,285 | ||||||
Identifiable intangible assets | i 2,009 | i 418 | ||||||
Operating lease right-of-use assets | i 2,172 | i 2,292 | ||||||
Income tax-related assets | i 7,012 | i 3,860 | ||||||
Miscellaneous receivables and other | i 4,567 | i 5,659 | ||||||
Total | $ | i 39,208 | $ | i 34,608 |
176 | Goldman Sachs 2022 Form 10-K |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
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 1,385 | i 349 | ||||||
Wealth management | i 1,310 | i 718 | ||||||
Platform Solutions: | ||||||||
Consumer
platforms | i 482 | i 21 | ||||||
Transaction banking and other | i 14 | i 14 | ||||||
Total | $ | i 6,374 | $ | i 4,285 |
Goldman Sachs 2022 Form 10-K | 177 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Customer lists and merchant relationships | ||||||||
Gross carrying value | $ | i 3,225 | $ | i 1,460 | ||||
Accumulated amortization | ( i 1,275) | ( i 1,130) | ||||||
Net carrying value | i 1,950 | i 330 | ||||||
Acquired leases and other | ||||||||
Gross carrying value | i 486 | i 500 | ||||||
Accumulated amortization | ( i 427) | ( i 412) | ||||||
Net carrying value | i 59 | i 88 | ||||||
Total gross carrying value | i 3,711 | i 1,960 | ||||||
Total accumulated amortization | ( i 1,702) | ( i 1,542) | ||||||
Total net carrying value | $ | i 2,009 | $ | i 418 |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Amortization | $ | i 174 | $ | i 120 | $ | i 147 |
As of | |||||
$ in millions | December 2022 | ||||
Estimated future amortization | |||||
2023 | $ | i 200 | |||
2024 | $ | i 188 | |||
2025 | $ | i 171 | |||
2026 | $ | i 164 | |||
2027 | $ | i 163 |
178 | Goldman Sachs 2022 Form 10-K |
$ in millions | Savings and Demand | Time | Total | ||||||||
As of December 2022 | |||||||||||
Private bank and consumer | $ | i 192,713 | $ | i 33,046 | $ | i 225,759 | |||||
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 2021 | |||||||||||
Private bank and consumer | $ | i 174,577 | $ | i 30,198 | $ | i 204,775 | |||||
Brokered certificates of deposit | i – | i 30,816 | i 30,816 | ||||||||
Deposit sweep programs | i 37,965 | i – | i 37,965 | ||||||||
Transaction banking | i 48,618 | i 5,689 | i 54,307 | ||||||||
Other | i 275 | i 36,089 | i 36,364 | ||||||||
Total | $ | i 261,435 | $ | i 102,792 | $ | i 364,227 |
Goldman Sachs 2022 Form 10-K | 179 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
U.S. offices | $ | i 313,598 | $ | i 283,705 | ||||
Non-U.S. offices | i 73,067 | i 80,522 | ||||||
Total | $ | i 386,665 | $ | i 364,227 |
As of December 2022 | |||||||||||
$ in millions | U.S. | Non-U.S. | Total | ||||||||
2023 | $ | i 42,113 | $ | i 19,364 | $ | i 61,477 | |||||
2024 | i 11,457 | i 310 | i 11,767 | ||||||||
2025 | i 3,828 | i 217 | i 4,045 | ||||||||
2026 | i 2,522 | i 257 | i 2,779 | ||||||||
2027 | i 1,179 | i 185 | i 1,364 | ||||||||
2028 - thereafter | i 1,382 | i 356 | i 1,738 | ||||||||
Total | $ | i 62,481 | $ | i 20,689 | $ | i 83,170 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Unsecured short-term borrowings | $ | i 60,961 | $ | i 46,955 | ||||
Unsecured long-term borrowings | i 247,138 | i 254,092 | ||||||
Total | $ | i 308,099 | $ | i 301,047 |
As
of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Current portion of unsecured long-term borrowings | $ | i 38,635 | $ | i 18,118 | ||||
Hybrid financial instruments | i 18,383 | i 20,073 | ||||||
Commercial paper | i 1,718 | i 6,730 | ||||||
Other unsecured short-term borrowings | i 2,225 | i 2,034 | ||||||
Total unsecured short-term borrowings | $ | i 60,961 | $ | i 46,955 | ||||
Weighted average interest rate | i 3.71 | % | i 2.34 | % |
180 | Goldman Sachs 2022 Form 10-K |
$ in millions | U.S. Dollar | Non-U.S. Dollar | Total | ||||||||
As of December 2022 | |||||||||||
Fixed-rate
obligations: | |||||||||||
Group Inc. | $ | i 117,092 | $ | i 35,541 | $ | i 152,633 | |||||
i 1,894 | i 2,997 | i 4,891 | |||||||||
Floating-rate obligations: | |||||||||||
Group Inc. | i 19,308 | i 14,032 | i 33,340 | ||||||||
i 36,381 | i 19,893 | i 56,274 | |||||||||
Total | $ | i 174,675 | $ | i 72,463 | $ | i 247,138 | |||||
As of December 2021 | |||||||||||
Fixed-rate obligations: | |||||||||||
Group Inc. | $ | i 124,731 | $ | i 43,219 | $ | i 167,950 | |||||
i 1,803 | i 3,189 | i 4,992 | |||||||||
Floating-rate obligations: | |||||||||||
Group Inc. | i 23,452 | i 17,394 | i 40,846 | ||||||||
i 27,543 | i 12,761 | i 40,304 | |||||||||
Total | $ | i 177,529 | $ | i 76,563 | $ | i 254,092 |
As of December 2022 | |||||||||||
$ in millions | Group Inc. | Total | |||||||||
2024 | $ | i 34,130 | $ | i 16,881 | $ | i 51,011 | |||||
2025 | i 26,690 | i 10,452 | i 37,142 | ||||||||
2026 | i 17,662 | i 4,540 | i 22,202 | ||||||||
2027 | i 21,835 | i 8,525 | i 30,360 | ||||||||
2028 - thereafter | i 85,655 | i 20,768 | i 106,423 | ||||||||
Total | $ | i 185,972 | $ | i 61,166 | $ | i 247,138 |
$ in millions | Group Inc. | Total | |||||||||
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 | |||||
As of December 2021 | |||||||||||
Fixed-rate obligations: | |||||||||||
At fair value | $ | i 4,798 | $ | i 65 | $ | i 4,863 | |||||
At amortized cost | i 27,133 | i 3,237 | i 30,370 | ||||||||
Floating-rate obligations: | |||||||||||
At fair value | i 12,864 | i 34,663 | i 47,527 | ||||||||
At amortized cost | i 164,001 | i 7,331 | i 171,332 | ||||||||
Total | $ | i 208,796 | $ | i 45,296 | $ | i 254,092 |
Goldman Sachs 2022 Form 10-K | 181 |
$ in millions | Par Amount | Carrying Value | Rate | ||||||||
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 2021 | |||||||||||
Subordinated debt | $ | i 12,437 | $ | i 15,571 | i 1.74 | % | |||||
Junior subordinated debt | i 968 | i 1,321 | i 1.31 | % | |||||||
Total | $ | i 13,405 | $ | i 16,892 | i 1.71 | % |
As
of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Compensation and benefits | $ | i 7,225 | $ | i 10,838 | ||||
Income tax-related liabilities | i 2,669 | i 2,360 | ||||||
Operating lease liabilities | i 2,154 | i 2,288 | ||||||
Noncontrolling interests | i 649 | i 840 | ||||||
Employee interests in consolidated funds | i 25 | i 29 | ||||||
Accrued expenses and other | i 8,733 | i 8,146 | ||||||
Total | $ | i 21,455 | $ | i 24,501 |
182 | Goldman Sachs 2022 Form 10-K |
$ in millions | Operating lease liabilities | ||||
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 | % | |||
As of December 2021 | |||||
2022 | $ | i 305 | |||
2023 | i 307 | ||||
2024 | i 284 | ||||
2025 | i 258 | ||||
2026 | i 216 | ||||
2027 - thereafter | i 1,655 | ||||
Total undiscounted lease payments | i 3,025 | ||||
Imputed interest | ( i 737) | ||||
Total operating lease liabilities | $ | i 2,288 | |||
Weighted average remaining lease term | i 14 years | ||||
Weighted average discount rate | i 3.61 | % |
Goldman Sachs 2022 Form 10-K | 183 |
Year
Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Residential mortgages | $ | i 26,717 | $ | i 29,048 | $ | i 20,167 | |||||||||||
Commercial mortgages | i 13,935 | i 18,396 | i 14,904 | ||||||||||||||
Other financial assets | i 3,617 | i 4,377 | i 1,775 | ||||||||||||||
Total financial assets securitized | $ | i 44,269 | $ | i 51,821 | $ | i 36,846 | |||||||||||
Retained interests cash flows | $ | i 551 | $ | i 513 | $ | i 331 |
$ in millions | Outstanding Principal Amount | Retained Interests | Purchased Interests | ||||||||
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 | |||||
As of December 2021 | |||||||||||
U.S. government agency-issued CMOs | $ | i 33,984 | $ | i 955 | $ | i 3 | |||||
Other residential mortgage-backed | i 23,262 | i 1,114 | i 96 | ||||||||
Other commercial mortgage-backed | i 50,350 | i 1,123 | i 130 | ||||||||
Corporate debt and other asset-backed | i 7,755 | i 360 | i 37 | ||||||||
Total | $ | i 115,351 | $ | i 3,552 | $ | i 266 |
184 | Goldman Sachs 2022 Form 10-K |
As
of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Fair value of retained interests | $ | i 4,644 | $ | i 3,209 | ||||
Weighted average life (years) | i 6.6 | i 5.1 | ||||||
Constant prepayment rate | i 7.7% | i 14.1% | ||||||
Impact of 10% adverse change | $ | ( i 27) | $ | ( i 38) | ||||
Impact of 20% adverse change | $ | ( i 48) | $ | ( i 69) | ||||
Discount rate | i 9.5% | i 5.6% | ||||||
Impact of 10% adverse change | $ | ( i 138) | $ | ( i 49) | ||||
Impact of 20% adverse change | $ | ( i 266) | $ | ( i 96) |
Goldman Sachs 2022 Form 10-K | 185 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Total nonconsolidated VIEs | ||||||||
Assets in VIEs | $ | i 181,697 | $ | i 176,809 | ||||
Carrying value of variable interests — assets | $ | i 12,325 | $ | i 9,582 | ||||
Carrying value of variable interests — liabilities | $ | i 659 | $ | i 928 | ||||
Maximum exposure to loss: | ||||||||
Retained interests | $ | i 5,043 | $ | i 3,552 | ||||
Purchased interests | i 861 | i 1,071 | ||||||
Commitments and guarantees | i 3,087 | i 2,440 | ||||||
Derivatives | i 8,802 | i 8,682 | ||||||
Debt and equity | i 6,026 | i 4,639 | ||||||
Total | $ | i 23,819 | $ | i 20,384 |
186 | Goldman Sachs 2022 Form 10-K |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Mortgage-backed | ||||||||
Assets in VIEs | $ | i 127,290 | $ | i 120,343 | ||||
Carrying value of variable interests — assets | $ | i 4,977 | $ | i 4,147 | ||||
Maximum exposure to loss: | ||||||||
Retained interests | $ | i 4,645 | $ | i 3,192 | ||||
Purchased interests | i 332 | i 955 | ||||||
Commitments and guarantees | i 64 | i 34 | ||||||
Derivatives | i 2 | i 18 | ||||||
Total | $ | i 5,043 | $ | i 4,199 | ||||
Real estate, credit- and power-related and other investing | ||||||||
Assets in VIEs | $ | i 29,193 | $ | i 26,867 | ||||
Carrying value of variable interests — assets | $ | i 4,415 | $ | i 3,923 | ||||
Carrying value of variable interests — liabilities | $ | i 2 | $ | i 8 | ||||
Maximum exposure to loss: | ||||||||
Commitments and guarantees | $ | i 2,679 | $ | i 2,030 | ||||
Derivatives | i – | i 64 | ||||||
Debt and equity | i 4,414 | i 3,923 | ||||||
Total | $ | i 7,093 | $ | i 6,017 | ||||
Corporate
debt and other asset-backed | ||||||||
Assets in VIEs | $ | i 19,428 | $ | i 18,391 | ||||
Carrying value of variable interests — assets | $ | i 2,817 | $ | i 1,156 | ||||
Carrying value of variable interests — liabilities | $ | i 657 | $ | i 920 | ||||
Maximum exposure to loss: | ||||||||
Retained interests | $ | i 398 | $ | i 360 | ||||
Purchased interests | i 529 | i 116 | ||||||
Commitments and guarantees | i 190 | i 250 | ||||||
Derivatives | i 8,800 | i 8,597 | ||||||
Debt and equity | i 1,496 | i 360 | ||||||
Total | $ | i 11,413 | $ | i 9,683 | ||||
Investments
in funds | ||||||||
Assets in VIEs | $ | i 5,786 | $ | i 11,208 | ||||
Carrying value of variable interests — assets | $ | i 116 | $ | i 356 | ||||
Maximum exposure to loss: | ||||||||
Commitments and guarantees | $ | i 154 | $ | i 126 | ||||
Derivatives | i – | i 3 | ||||||
Debt and equity | i 116 | i 356 | ||||||
Total | $ | i 270 | $ | i 485 |
As
of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Total consolidated VIEs | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 348 | $ | i 501 | ||||
Customer
and other receivables | i 7 | i – | ||||||
Trading assets | i 103 | i 122 | ||||||
Investments | i 101 | i 153 | ||||||
Loans | i 1,177 | i 1,988 | ||||||
Other assets | i 336 | i 314 | ||||||
Total | $ | i 2,072 | $ | i 3,078 | ||||
Liabilities | ||||||||
Other secured financings | $ | i 952 | $ | i 1,143 | ||||
Customer and other payables | i 51 | i 34 | ||||||
Trading liabilities | i 9 | i 7 | ||||||
Unsecured short-term borrowings | i 58 | i 146 | ||||||
Unsecured long-term borrowings | i 16 | i 81 | ||||||
Other liabilities | i 112 | i 163 | ||||||
Total | $ | i 1,198 | $ | i 1,574 |
Goldman Sachs 2022 Form 10-K | 187 |
As
of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Real estate, credit-related and other investing | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 339 | $ | i 274 | ||||
Customer
and other receivables | i 7 | i – | ||||||
Trading assets | i 42 | i 16 | ||||||
Investments | i 101 | i 153 | ||||||
Loans | i 1,177 | i 1,988 | ||||||
Other assets | i 336 | i 314 | ||||||
Total | $ | i 2,002 | $ | i 2,745 | ||||
Liabilities | ||||||||
Other secured financings | $ | i 170 | $ | i 150 | ||||
Customer and other payables | i 51 | i 34 | ||||||
Trading liabilities | i 9 | i 7 | ||||||
Other liabilities | i 112 | i 163 | ||||||
Total | $ | i 342 | $ | i 354 | ||||
Corporate
debt and other asset-backed | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | i 9 | $ | i 227 | ||||
Trading assets | i 20 | i 17 | ||||||
Total | $ | i 29 | $ | i 244 | ||||
Liabilities | ||||||||
Other secured financings | $ | i 482 | $ | i 602 | ||||
Total | $ | i 482 | $ | i 602 | ||||
Principal-protected
notes | ||||||||
Assets | ||||||||
Trading assets | $ | i 41 | $ | i 89 | ||||
Total | $ | i 41 | $ | i 89 | ||||
Liabilities | ||||||||
Other secured financings | $ | i 300 | $ | i 391 | ||||
Unsecured short-term borrowings | i 58 | i 146 | ||||||
Unsecured long-term borrowings | i 16 | i 81 | ||||||
Total | $ | i 374 | $ | i 618 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Commitment Type | ||||||||
Commercial lending: | ||||||||
Investment-grade | $ | i 97,659 | $ | i 95,585 | ||||
Non-investment-grade | i 56,265 | i 69,635 | ||||||
Warehouse financing | i 9,116 | i 10,391 | ||||||
Consumer | i 64,098 | i 35,941 | ||||||
Total lending | i 227,138 | i 211,552 | ||||||
Risk participations | i 9,173 | i 10,016 | ||||||
Collateralized agreement | i 105,301 | i 101,031 | ||||||
Collateralized financing | i 22,532 | i 29,561 | ||||||
Investment | i 7,705 | i 11,381 | ||||||
Other | i 9,690 | i 9,143 | ||||||
Total commitments | $ | i 381,539 | $ | i 372,684 |
As of December 2022 | ||||||||||||||
2024 - | 2026 - | 2028 - | ||||||||||||
$ in millions | 2023 | 2025 | 2027 | Thereafter | ||||||||||
Commitment Type | ||||||||||||||
Commercial lending: | ||||||||||||||
Investment-grade | $ | i 14,764 | $ | i 26,601 | $ | i 54,258 | $ | i 2,036 | ||||||
Non-investment-grade | i 4,850 | i 17,875 | i 27,601 | i 5,939 | ||||||||||
Warehouse financing | i 1,633 | i 6,248 | i 1,197 | i 38 | ||||||||||
Consumer | i 64,097 | i 1 | i – | i – | ||||||||||
Total lending | i 85,344 | i 50,725 | i 83,056 | i 8,013 | ||||||||||
Risk participations | i 2,932 | i 3,394 | i 2,760 | i 87 | ||||||||||
Collateralized agreement | i 104,392 | i 909 | i – | i – | ||||||||||
Collateralized financing | i 21,816 | i 716 | i – | i – | ||||||||||
Investment | i 1,266 | i 1,379 | i 2,344 | i 2,716 | ||||||||||
Other | i 9,168 | i 285 | i – | i 237 | ||||||||||
Total commitments | $ | i 224,918 | $ | i 57,408 | $ | i 88,160 | $ | i 11,053 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Held for investment | $ | i 222,689 | $ | i 197,120 | ||||
Held for sale | i 3,355 | i 13,175 | ||||||
At fair value | i 1,094 | i 1,257 | ||||||
Total | $ | i 227,138 | $ | i 211,552 |
188 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 189 |
$ in millions | Derivatives | Securities lending and clearing | Other financial guarantees | ||||||||
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 | |||||
As of December 2021 | |||||||||||
Carrying Value of Net Liability | $ | i 3,406 | $ | i – | $ | i 234 | |||||
Maximum Payout/Notional Amount by Period of Expiration | |||||||||||
2022 | $ | i 68,212 | $ | i 11,046 | $ | i 871 | |||||
2023 - 2024 | i 48,273 | i – | i 3,608 | ||||||||
2025 - 2026 | i 19,706 | i – | i 2,015 | ||||||||
2027 - thereafter | i 30,006 | i – | i 97 | ||||||||
Total | $ | i 166,197 | $ | i 11,046 | $ | i 6,591 |
190 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 191 |
Year Ended December | |||||||||||||||||
in millions, except per share amounts | 2022 | 2021 | 2020 | ||||||||||||||
Common share repurchases | i 10.1 | i 15.3 | i 8.2 | ||||||||||||||
Average cost per share | $ | i 346.07 | $ | i 339.81 | $ | i 236.35 | |||||||||||
Total cost of common share repurchases | $ | i 3,500 | $ | i 5,200 | $ | i 1,928 |
Year Ended December | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Dividends declared per common share | $ | i 9.00 | $ | i 6.50 | $ | i 5.00 |
192 | Goldman Sachs 2022 Form 10-K |
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. | ||||||||||
J | i 46,000 | i 40,000 | i 40,000 | i 1,000 | ||||||||||
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 | ||||||||||
Total | i 472,700 | i 400,282 | i 400,280 |
Series | Earliest Redemption Date | Liquidation Preference | Redemption Value ($ in millions) | ||||||||
A | i Currently redeemable | $ | i 25,000 | $ | i 750 | ||||||
C | i Currently redeemable | $ | i 25,000 | i 200 | |||||||
D | i Currently redeemable | $ | i 25,000 | i 1,350 | |||||||
E | i Currently redeemable | $ | i 100,000 | i 767 | |||||||
F | i Currently redeemable | $ | i 100,000 | i 161 | |||||||
J | i May 10, 2023 | $ | i 25,000 | i 1,000 | |||||||
K | i May 10, 2024 | $ | i 25,000 | i 700 | |||||||
O | i November 10, 2026 | $ | i 25,000 | i 650 | |||||||
P | i Currently redeemable | $ | i 25,000 | i 1,500 | |||||||
Q | i August 10, 2024 | $ | i 25,000 | i 500 | |||||||
R | i February 10, 2025 | $ | i 25,000 | i 600 | |||||||
S | i February 10, 2025 | $ | i 25,000 | i 350 | |||||||
T | i May 10, 2026 | $ | i 25,000 | i 675 | |||||||
U | i August 10, 2026 | $ | i 25,000 | i 750 | |||||||
V | i November 10, 2026 | $ | i 25,000 | i 750 | |||||||
Total | $ | i 10,703 |
Goldman Sachs 2022 Form 10-K | 193 |
Series | Per Annum Dividend Rate | ||||
A | i 3 month LIBOR + 0.75%, with floor of 3.75%, payable quarterly | ||||
C | i 3
month LIBOR + 0.75%, with floor of 4.00%, payable quarterly | ||||
D | i 3 month LIBOR + 0.67%, with floor of 4.00%, payable quarterly | ||||
E | i 3 month LIBOR + 0.7675%, with floor of 4.00%, payable quarterly | ||||
F | i 3 month LIBOR + 0.77%, with floor of 4.00%, payable quarterly | ||||
J | i 5.50%
to, but excluding, May 10, 2023; 3 month LIBOR + 3.64% thereafter, payable quarterly | ||||
K | i 6.375% to, but excluding, May 10, 2024; 3 month LIBOR + 3.55% thereafter, payable quarterly | ||||
O | i 5.30%,
payable semi-annually, from issuance date to, but excluding, November 10, 2026; 3 month LIBOR + 3.834%, payable quarterly, thereafter | ||||
P | i 3 month LIBOR + 2.874%, 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 |
Year
Ended December | ||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||
Series | per share | $ in millions | per share | $ in millions | per share | $ in millions | ||||||||||||||||||||
A | $ | i 950.51 | $ | i 28 | $ | i 950.51 | $ | i 28 | $ | i 947.92 | $ | i 28 | ||||||||||||||
C | $ | i 1,013.90 | i 8 | $ | i 1,013.90 | i 8 | $ | i 1,011.12 | i 8 | |||||||||||||||||
D | $ | i 1,013.90 | i 55 | $ | i 1,013.90 | i 55 | $ | i 1,011.12 | i 55 | |||||||||||||||||
E | $ | i 4,055.55 | i 31 | $ | i 4,055.55 | i 31 | $ | i 4,055.55 | i 31 | |||||||||||||||||
F | $ | i 4,055.55 | i 6 | $ | i 4,055.55 | i 7 | $ | i 4,055.55 | i 6 | |||||||||||||||||
J | $ | i 1,375.00 | i 55 | $ | i 1,375.00 | i 55 | $ | i 1,375.00 | i 55 | |||||||||||||||||
K | $ | i 1,593.76 | i 45 | $ | i 1,593.76 | i 44 | $ | i 1,593.76 | i 45 | |||||||||||||||||
L | $ | i – | i – | $ | i – | i – | $ | i 361.54 | i 4 | |||||||||||||||||
M | $ | i – | i – | $ | i – | i – | $ | i 1,217.16 | i 97 | |||||||||||||||||
N | $ | i – | i – | $ | i 787.50 | i 19 | $ | i 1,575.00 | i 43 | |||||||||||||||||
O | $ | i 1,325.00 | i 34 | $ | i 1,325.00 | i 34 | $ | i 1,325.00 | i 34 | |||||||||||||||||
P | $ | i 1,250.00 | i 75 | $ | 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 1,577.43 | i 32 | |||||||||||||||||
R | $ | i 1,237.50 | i 30 | $ | i 1,237.50 | i 30 | $ | i 910.94 | i 22 | |||||||||||||||||
S | $ | i 1,100.00 | i 16 | $ | i 1,100.00 | i 15 | $ | i 586.67 | i 8 | |||||||||||||||||
T | $ | i 950.00 | i 26 | $ | i 511.94 | i 14 | $ | i – | i – | |||||||||||||||||
U | $ | i 942.92 | i 28 | $ | i – | i – | $ | i – | i – | |||||||||||||||||
V | $ | i 1,062.76 | i 32 | $ | i – | i – | $ | i – | i – | |||||||||||||||||
Total | $ | i 497 | $ | i 443 | $ | i 543 | ||||||||||||||||||||
$ in millions | Beginning balance | Other comprehensive income/(loss) adjustments, net of tax | Ending balance | ||||||||
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) | |||||
Year Ended December 2020 | |||||||||||
Currency translation | $ | ( i 616) | $ | ( i 80) | $ | ( i 696) | |||||
Debt valuation adjustment | ( i 572) | ( i 261) | ( i 833) | ||||||||
Pension and postretirement liabilities | ( i 342) | ( i 26) | ( i 368) | ||||||||
Available-for-sale securities | i 46 | i 417 | i 463 | ||||||||
Total | $ | ( i 1,484) | $ | i 50 | $ | ( i 1,434) | |||||
194 | Goldman Sachs 2022 Form 10-K |
Standardized | Advanced | |||||||
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 | % | ||||
As
of December 2021 | ||||||||
CET1 capital ratio | i 13.4 | % | i 9.5 | % | ||||
Tier
1 capital ratio | i 14.9 | % | i 11.0 | % | ||||
Total capital ratio | i 16.9 | % | i 13.0 | % |
Goldman Sachs 2022 Form 10-K | 195 |
$ in millions | Standardized | Advanced | ||||||
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 | % | ||||
As of December 2021 | ||||||||
CET1 capital | $ | i 96,254 | $ | i 96,254 | ||||
Tier 1 capital | $ | i 106,766 | $ | i 106,766 | ||||
Tier 2 capital | $ | i 14,636 | $ | i 12,051 | ||||
Total capital | $ | i 121,402 | $ | i 118,817 | ||||
RWAs | $ | i 676,863 | $ | i 647,921 | ||||
CET1 capital ratio | i 14.2 | % | i 14.9 | % | ||||
Tier 1 capital ratio | i 15.8 | % | i 16.5 | % | ||||
Total capital ratio | i 17.9 | % | i 18.3 | % |
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 | 2022 | 2021 | ||||||
Tier 1 capital | $ | i 108,552 | $ | i 106,766 | ||||
Average total assets | $ | i 1,500,225 | $ | i 1,466,770 | ||||
Deductions from Tier 1 capital | ( i 8,259) | ( i 4,583) | ||||||
Average adjusted total assets | i 1,491,966 | i 1,462,187 | ||||||
Off-balance sheet and other exposures | i 375,392 | i 448,334 | ||||||
Total leverage exposure | $ | i 1,867,358 | $ | i 1,910,521 | ||||
Tier 1 leverage ratio | i 7.3 | % | i 7.3% | |||||
SLR | i 5.8 | % | i 5.6% |
196 | Goldman Sachs 2022 Form 10-K |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Common shareholders’ equity | $ | i 106,486 | $ | i 99,223 | ||||
Impact of CECL transition | i 829 | i 1,105 | ||||||
Deduction for goodwill | ( i 5,674) | ( i 3,610) | ||||||
Deduction for identifiable intangible assets | ( i 1,770) | ( i 401) | ||||||
Other adjustments | ( i 1,821) | ( i 63) | ||||||
CET1 capital | i 98,050 | i 96,254 | ||||||
Preferred stock | i 10,703 | i 10,703 | ||||||
Deduction
for investments in covered funds | ( i 199) | ( i 189) | ||||||
Other adjustments | ( i 2) | ( i 2) | ||||||
Tier 1 capital | $ | i 108,552 | $ | i 106,766 | ||||
Standardized Tier 2 and Total capital | ||||||||
Tier 1 capital | $ | i 108,552 | $ | i 106,766 | ||||
Qualifying subordinated debt | i 10,637 | i 11,554 | ||||||
Junior subordinated debt | i – | i 94 | ||||||
Allowance for credit losses | i 5,331 | i 3,034 | ||||||
Other adjustments | ( i 10) | ( i 46) | ||||||
Standardized Tier 2 capital | i 15,958 | i 14,636 | ||||||
Standardized Total capital | $ | i 124,510 | $ | i 121,402 | ||||
Advanced Tier 2 and Total capital | ||||||||
Tier 1 capital | $ | i 108,552 | $ | i 106,766 | ||||
Standardized Tier 2 capital | i 15,958 | i 14,636 | ||||||
Allowance for credit losses | ( i 5,331) | ( i 3,034) | ||||||
Other adjustments | i 1,488 | i 449 | ||||||
Advanced Tier 2 capital | i 12,115 | i 12,051 | ||||||
Advanced Total capital | $ | i 120,667 | $ | i 118,817 |
Goldman Sachs 2022 Form 10-K | 197 |
$ in millions | Standardized | Advanced | ||||||
Year Ended December 2022 | ||||||||
CET1 capital | ||||||||
Beginning balance | $ | i 96,254 | $ | i 96,254 | ||||
Change in: | ||||||||
Common shareholders’ equity | i 7,263 | i 7,263 | ||||||
Impact of CECL transition | ( i 276) | ( i 276) | ||||||
Deduction for goodwill | ( i 2,064) | ( i 2,064) | ||||||
Deduction for identifiable intangible assets | ( i 1,369) | ( i 1,369) | ||||||
Other adjustments | ( i 1,758) | ( i 1,758) | ||||||
Ending balance | $ | i 98,050 | $ | i 98,050 | ||||
Tier 1 capital | ||||||||
Beginning balance | $ | i 106,766 | $ | i 106,766 | ||||
Change in: | ||||||||
CET1 capital | i 1,796 | i 1,796 | ||||||
Deduction
for investments in covered funds | ( i 10) | ( i 10) | ||||||
Ending balance | i 108,552 | i 108,552 | ||||||
Tier 2 capital | ||||||||
Beginning balance | i 14,636 | i 12,051 | ||||||
Change in: | ||||||||
Qualifying subordinated debt | ( i 917) | ( i 917) | ||||||
Junior subordinated debt | ( i 94) | ( i 94) | ||||||
Allowance for credit losses | i 2,297 | i – | ||||||
Other adjustments | i 36 | i 1,075 | ||||||
Ending balance | i 15,958 | i 12,115 | ||||||
Total capital | $ | i 124,510 | $ | i 120,667 |
198 | Goldman Sachs 2022 Form 10-K |
$ in millions | Standardized | Advanced | ||||||
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 | ||||
As of December 2021 | ||||||||
Credit RWAs | ||||||||
Derivatives | $ | i 175,628 | $ | i 109,532 | ||||
Commitments, guarantees and loans | i 233,639 | i 182,210 | ||||||
Securities financing transactions | i 76,346 | i 14,407 | ||||||
Equity investments | i 43,256 | i 45,582 | ||||||
Other | i 71,485 | i 86,768 | ||||||
Total Credit RWAs | i 600,354 | i 438,499 | ||||||
Market RWAs | ||||||||
Regulatory VaR | i 13,510 | i 13,510 | ||||||
Stressed VaR | i 38,922 | i 38,922 | ||||||
Incremental risk | i 6,867 | i 6,867 | ||||||
Comprehensive risk | i 2,521 | i 2,521 | ||||||
Specific risk | i 14,689 | i 14,689 | ||||||
Total Market RWAs | i 76,509 | i 76,509 | ||||||
Total Operational RWAs | i – | i 132,913 | ||||||
Total RWAs | $ | i 676,863 | $ | i 647,921 |
Goldman Sachs 2022 Form 10-K | 199 |
$ in millions | Standardized | Advanced | ||||||
Year Ended December 2022 | ||||||||
RWAs | ||||||||
Beginning balance | $ | i 676,863 | $ | i 647,921 | ||||
Credit RWAs | ||||||||
Change in: | ||||||||
Derivatives | ( i 32,932) | i 1,812 | ||||||
Commitments, guarantees and loans | i 13,387 | i 16,298 | ||||||
Securities financing transactions | ( i 3,157) | i 7,252 | ||||||
Equity investments | ( i 12,357) | ( i 12,131) | ||||||
Other | i 4,850 | i 9,583 | ||||||
Change in Credit RWAs | ( i 30,209) | i 22,814 | ||||||
Market RWAs | ||||||||
Change in: | ||||||||
Regulatory VaR | i 5,471 | i 5,471 | ||||||
Stressed VaR | ( i 1,089) | ( i 1,089) | ||||||
Incremental risk | ( i 397) | ( i 397) | ||||||
Comprehensive risk | i 1,120 | i 1,120 | ||||||
Specific risk | i 1,660 | i 1,660 | ||||||
Change in Market RWAs | i 6,765 | i 6,765 | ||||||
Change in Operational RWAs | i – | i 1,950 | ||||||
Ending balance | $ | i 653,419 | $ | i 679,450 |
200 | Goldman Sachs 2022 Form 10-K |
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 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 | % | ||||
As of December 2021 | ||||||||
CET1 capital | $ | i 42,535 | $ | i 42,535 | ||||
Tier 1 capital | $ | i 42,535 | $ | i 42,535 | ||||
Tier 2 capital | $ | i 6,430 | $ | i 4,646 | ||||
Total capital | $ | i 48,965 | $ | i 47,181 | ||||
RWAs | $ | i 312,601 | $ | i 222,607 | ||||
CET1 capital ratio | i 13.6 | % | i 19.1 | % | ||||
Tier 1 capital ratio | i 13.6 | % | i 19.1 | % | ||||
Total capital ratio | i 15.7 | % | i 21.2 | % |
Goldman Sachs 2022 Form 10-K | 201 |
For
the Three Months | ||||||||
Ended or as of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Tier 1 capital | $ | i 46,845 | $ | i 42,535 | ||||
Average adjusted total assets | $ | i 499,108 | $ | i 409,739 | ||||
Total leverage exposure | $ | i 671,215 | $ | i 627,799 | ||||
Tier 1 leverage ratio | i 9.4 | % | i 10.4% | |||||
SLR | i 7.0 | % | i 6.8 | % |
As of December | ||||||||
2022 | 2021 | |||||||
Risk-based capital requirements | ||||||||
CET1 capital ratio | i 9.7 | % | i 8.5 | % | ||||
Tier 1 capital ratio | i 11.9 | % | i 10.5 | % | ||||
Total capital ratio | i 14.9 | % | i 13.2 | % |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Risk-based capital and risk-weighted assets | ||||||||
CET1 capital | $ | i 3,395 | $ | i 3,408 | ||||
Tier 1 capital | $ | i 3,395 | $ | i 3,408 | ||||
Tier 2 capital | $ | i 828 | $ | i 826 | ||||
Total capital | $ | i 4,223 | $ | i 4,234 | ||||
RWAs | $ | i 15,766 | $ | i 17,196 | ||||
Risk-based capital ratios | ||||||||
CET1 capital ratio | i 21.5 | % | i 19.8 | % | ||||
Tier 1 capital ratio | i 21.5 | % | i 19.8 | % | ||||
Total capital ratio | i 26.8 | % | i 24.6 | % |
202 | Goldman Sachs 2022 Form 10-K |
As
of December | ||||||||
2022 | 2021 | |||||||
Risk-based capital requirements | ||||||||
CET1 capital ratio | i 9.2 | % | i 8.7 | % | ||||
Tier 1 capital ratio | i 11.3 | % | i 10.8 | % | ||||
Total capital ratio | i 14.0 | % | i 13.5 | % |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Risk-based capital and risk-weighted assets | ||||||||
CET1 capital | $ | i 9,536 | $ | i 6,527 | ||||
Tier 1 capital | $ | i 9,536 | $ | i 6,527 | ||||
Tier 2 capital | $ | i 21 | $ | i 23 | ||||
Total capital | $ | i 9,557 | $ | i 6,550 | ||||
RWAs | $ | i 30,154 | $ | i 28,924 | ||||
Risk-based capital ratios | ||||||||
CET1 capital ratio | i 31.6 | % | i 22.6% | |||||
Tier 1 capital ratio | i 31.6 | % | i 22.6% | |||||
Total capital ratio | i 31.7 | % | i 22.6% |
As of December | ||||||||
2022 | 2021 | |||||||
Leverage ratio requirement | i 3.0 | % | i 3.0 | % | ||||
Leverage ratio | i 10.6 | % | i 7.6 | % |
Goldman Sachs 2022 Form 10-K | 203 |
Year Ended December | |||||||||||||||||
in millions, except per share amounts | 2022 | 2021 | 2020 | ||||||||||||||
Net earnings to common | $ | i 10,764 | $ | i 21,151 | $ | i 8,915 | |||||||||||
Weighted average basic shares | i 352.1 | i 350.5 | i 356.4 | ||||||||||||||
Effect of dilutive RSUs | i 6.0 | i 5.3 | i 3.9 | ||||||||||||||
Weighted average diluted shares | i 358.1 | i 355.8 | i 360.3 | ||||||||||||||
Basic EPS | $ | i 30.42 | $ | i 60.25 | $ | i 24.94 | |||||||||||
Diluted EPS | $ | i 30.06 | $ | i 59.45 | $ | i 24.74 |
Year
Ended December | |||||||||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||||||||
Fees earned from funds | $ | i 4,553 | $ | i 3,707 | $ | i 3,393 |
As
of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Fees receivable from funds | $ | i 1,175 | $ | i 873 | ||||
Aggregate carrying value of interests in funds | $ | i 3,801 | $ | i 4,321 |
204 | Goldman Sachs 2022 Form 10-K |
Year
Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Deposits with banks | $ | i 3,233 | $ | ( i 24) | $ | i 245 | |||||||||||
Collateralized agreements | i 4,468 | ( i 980) | i 282 | ||||||||||||||
Trading assets | i 5,087 | i 4,716 | i 5,210 | ||||||||||||||
Investments | i 2,199 | i 1,589 | i 1,627 | ||||||||||||||
Loans | i 9,059 | i 5,319 | i 4,883 | ||||||||||||||
Other interest | i 4,978 | i 1,500 | i 1,442 | ||||||||||||||
Total interest income | i 29,024 | i 12,120 | i 13,689 | ||||||||||||||
Deposits | i 5,823 | i 1,303 | i 2,386 | ||||||||||||||
Collateralized financings | i 2,808 | i – | i 599 | ||||||||||||||
Trading liabilities | i 1,923 | i 1,662 | i 1,238 | ||||||||||||||
Short-term borrowings | i 541 | i 527 | i 542 | ||||||||||||||
Long-term borrowings | i 5,716 | i 3,231 | i 4,153 | ||||||||||||||
Other interest | i 4,535 | ( i 1,073) | i 20 | ||||||||||||||
Total interest expense | i 21,346 | i 5,650 | i 8,938 | ||||||||||||||
Net interest income | $ | i 7,678 | $ | i 6,470 | $ | i 4,751 |
Year Ended December | |||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||
Current taxes | |||||||||||
U.S. federal | $ | i 2,356 | $ | i 2,904 | $ i 1,759 | ||||||
State and local | i 623 | i 574 | i 555 | ||||||||
Non-U.S. | i 1,658 | i 1,926 | i 1,539 | ||||||||
Total current tax expense | i 4,637 | i 5,404 | i 3,853 | ||||||||
Deferred taxes | |||||||||||
U.S. federal | ( i 2,079) | i 192 | ( i 798) | ||||||||
State and local | ( i 436) | i 72 | ( i 42) | ||||||||
Non-U.S. | i 103 | ( i 259) | i 7 | ||||||||
Total
deferred tax (benefit)/expense | ( i 2,412) | i 5 | ( i 833) | ||||||||
Provision for taxes | $ | i 2,225 | $ | i 5,409 | $ | i 3,020 |
Year Ended December | |||||||||||
2022 | 2021 | 2020 | |||||||||
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 1.3 | i 1.9 | i 3.1 | ||||||||
Settlement of employee share-based awards | ( i 2.4) | ( i 0.7) | ( i 1.0) | ||||||||
Non-U.S. operations | ( i 1.6) | ( i 1.5) | ( i 2.4) | ||||||||
Tax credits | ( i 0.9) | ( i 0.6) | ( i 1.2) | ||||||||
Tax-exempt income, including dividends | ( i 2.2) | ( i 0.5) | ( i 0.6) | ||||||||
Non-deductible legal expenses | i 0.8 | i – | i 5.6 | ||||||||
Other | i 0.5 | i 0.4 | ( i 0.3) | ||||||||
Effective income tax rate | i 16.5 | % | i 20.0 | % | i 24.2 | % |
Goldman Sachs 2022 Form 10-K | 205 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Deferred tax assets | ||||||||
Compensation and benefits | $ | i 1,889 | $ | i 1,978 | ||||
ASC 740 asset related to unrecognized tax benefits | i 315 | i 287 | ||||||
Non-U.S. operations | i 1,224 | i 606 | ||||||
Unrealized
losses | i 887 | i – | ||||||
Net operating losses | i 787 | i 681 | ||||||
Occupancy-related | i 123 | i 151 | ||||||
Other comprehensive income/(loss)-related | i 1,225 | i 593 | ||||||
Tax credits carryforward | i 87 | i 43 | ||||||
Operating lease liabilities | i 587 | i 624 | ||||||
Allowance for credit losses | i 1,580 | i 1,081 | ||||||
Other, net | i 221 | i 271 | ||||||
Subtotal | i 8,925 | i 6,315 | ||||||
Valuation allowance | ( i 1,569) | ( i 895) | ||||||
Total deferred tax assets | $ | i 7,356 | $ | i 5,420 | ||||
Deferred tax liabilities | ||||||||
Depreciation and amortization | $ | i 1,240 | $ | i 1,225 | ||||
Unrealized gains | i – | i 1,114 | ||||||
Operating lease right-of-use assets | i 556 | i 585 | ||||||
Total deferred tax liabilities | $ | i 1,796 | $ | i 2,924 |
206 | Goldman Sachs 2022 Form 10-K |
Year Ended or as of December | |||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||
Beginning balance | $ | i 1,446 | $ | i 1,251 | $ | i 1,445 | |||||
Increases
based on current year tax positions | i 190 | i 297 | i 164 | ||||||||
Increases based on prior years' tax positions | i 10 | i 95 | i 209 | ||||||||
Decreases based on prior years' tax positions | ( i 32) | ( i 111) | ( i 205) | ||||||||
Decreases
related to settlements | ( i 76) | ( i 80) | ( i 367) | ||||||||
Exchange
rate fluctuations | ( i 5) | ( i 6) | i 5 | ||||||||
Ending
balance | $ | i 1,533 | $ | i 1,446 | $ | i 1,251 | |||||
Related
deferred income tax asset | i 315 | i 287 | i 200 | ||||||||
Net
unrecognized tax benefit | $ | i 1,218 | $ | i 1,159 | $ | i 1,051 |
As of | |||||
Jurisdiction | December 2022 | ||||
U.S. Federal | i 2011 | ||||
New York State and City | i 2015 | ||||
United Kingdom | i 2017 | ||||
Japan | i 2016 | ||||
Hong Kong | i 2016 |
Goldman Sachs 2022 Form 10-K | 207 |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Global
Banking & Markets | |||||||||||||||||
Non-interest revenues | $ | i 30,042 | $ | i 34,079 | $ | i 28,285 | |||||||||||
Net interest income | i 2,445 | i 2,655 | i 2,184 | ||||||||||||||
Total net revenues | i 32,487 | i 36,734 | i 30,469 | ||||||||||||||
Provision for credit losses | i 468 | ( i 171) | i 1,216 | ||||||||||||||
Operating expenses | i 17,851 | i 19,542 | i 18,884 | ||||||||||||||
Pre-tax earnings | $ | i 14,168 | $ | i 17,363 | $ | i 10,369 | |||||||||||
Net earnings | $ | i 11,830 | $ | i 13,890 | $ | i 7,860 | |||||||||||
Net earnings to common | $ | i 11,458 | $ | i 13,535 | $ | i 7,428 | |||||||||||
Average common equity | $ | i 69,951 | $ | i 60,064 | $ | i 54,749 | |||||||||||
Return on average common equity | i 16.4 | % | i 22.5 | % | i 13.6 | % | |||||||||||
Asset
& Wealth Management | |||||||||||||||||
Non-interest revenues | $ | i 9,843 | $ | i 18,922 | $ | i 11,541 | |||||||||||
Net interest income | i 3,533 | i 3,043 | i 2,216 | ||||||||||||||
Total net revenues | i 13,376 | i 21,965 | i 13,757 | ||||||||||||||
Provision for credit losses | i 519 | ( i 169) | i 1,395 | ||||||||||||||
Operating expenses | i 11,550 | i 11,406 | i 9,469 | ||||||||||||||
Pre-tax
earnings | $ | i 1,307 | $ | i 10,728 | $ | i 2,893 | |||||||||||
Net
earnings | $ | i 1,092 | $ | i 8,582 | $ | i 2,193 | |||||||||||
Net
earnings to common | $ | i 979 | $ | i 8,459 | $ | i 2,083 | |||||||||||
Average common equity | $ | i 31,762 | $ | i 29,988 | $ | i 24,963 | |||||||||||
Return on average common equity | i 3.1 | % | i 28.2 | % | i 8.3 | % | |||||||||||
Platform
Solutions | |||||||||||||||||
Non-interest revenues | $ | ( i 198) | $ | ( i 132) | $ | ( i 17) | |||||||||||
Net interest income | i 1,700 | i 772 | i 351 | ||||||||||||||
Total net revenues | i 1,502 | i 640 | i 334 | ||||||||||||||
Provision for credit losses | i 1,728 | i 697 | i 487 | ||||||||||||||
Operating expenses | i 1,763 | i 990 | i 630 | ||||||||||||||
Pre-tax
earnings/(loss) | $ | ( i 1,989) | $ | ( i 1,047) | $ | ( i 783) | |||||||||||
Net
earnings/(loss) | $ | ( i 1,661) | $ | ( i 837) | $ | ( i 594) | |||||||||||
Net
earnings/(loss) to common | $ | ( i 1,673) | $ | ( i 843) | $ | ( i 596) | |||||||||||
Average common equity | $ | i 3,574 | $ | i 1,777 | $ | i 864 | |||||||||||
Return on average common equity | ( i 46.8) | % | ( i 47.4) | % | ( i 69.0) | % | |||||||||||
Total | |||||||||||||||||
Non-interest revenues | $ | i 39,687 | $ | i 52,869 | $ | i 39,809 | |||||||||||
Net interest income | i 7,678 | i 6,470 | i 4,751 | ||||||||||||||
Total net revenues | i 47,365 | i 59,339 | i 44,560 | ||||||||||||||
Provision for credit losses | i 2,715 | i 357 | i 3,098 | ||||||||||||||
Operating expenses | i 31,164 | i 31,938 | i 28,983 | ||||||||||||||
Pre-tax earnings | $ | i 13,486 | $ | i 27,044 | $ | i 12,479 | |||||||||||
Net earnings | $ | i 11,261 | $ | i 21,635 | $ | i 9,459 | |||||||||||
Net earnings to common | $ | i 10,764 | $ | i 21,151 | $ | i 8,915 | |||||||||||
Average common equity | $ | i 105,287 | $ | i 91,829 | $ | i 80,576 | |||||||||||
Return on average common equity | i 10.2 | % | i 23.0 | % | i 11.1 | % |
208 | Goldman Sachs 2022 Form 10-K |
Year Ended December | |||||||||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||||||||
Global
Banking & Markets | $ | i 1,033 | $ | i 934 | $ | i 760 | |||||||||||
Asset
& Wealth Management | i 1,212 | i 1,003 | i 1,087 | ||||||||||||||
Platform
Solutions | i 210 | i 78 | i 55 | ||||||||||||||
Total | $ | i 2,455 | $ | i 2,015 | $ | i 1,902 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Global Banking & Markets | $ | i 1,169,539 | $ | i 1,201,996 | ||||
Asset
& Wealth Management | i 214,970 | i 221,150 | ||||||
Platform
Solutions | i 57,290 | i 40,842 | ||||||
Total | $ | i 1,441,799 | $ | i 1,463,988 |
$ in millions | 2022 | 2021 | 2020 | |||||||||||||||||
Year Ended December | ||||||||||||||||||||
Americas | $ | i 28,669 | i 61 | % | $ | i 37,217 | i 63 | % | $ | i 27,293 | i 61 | % | ||||||||
EMEA | i 12,860 | i 27 | % | i 14,474 | i 24 | % | i 10,946 | i 25 | % | |||||||||||
Asia | i 5,836 | i 12 | % | i 7,648 | i 13 | % | i 6,321 | i 14 | % | |||||||||||
Total net revenues | $ | i 47,365 | i 100 | % | $ | i 59,339 | i 100 | % | $ | i 44,560 | i 100 | % | ||||||||
Americas | $ | i 7,016 | i 52 | % | $ | i 17,314 | i 64 | % | $ | i 8,804 | i 71 | % | ||||||||
EMEA | i 5,260 | i 39 | % | i 7,164 | i 27 | % | i 3,119 | i 25 | % | |||||||||||
Asia | i 1,210 | i 9 | % | i 2,566 | i 9 | % | i 556 | i 4 | % | |||||||||||
Total pre-tax earnings | $ | i 13,486 | i 100 | % | $ | i 27,044 | i 100 | % | $ | i 12,479 | i 100 | % | ||||||||
Americas | $ | i 6,067 | i 54 | % | $ | i 13,796 | i 64 | % | $ | i 7,300 | i 77 | % | ||||||||
EMEA | i 4,164 | i 37 | % | i 5,778 | i 27 | % | i 2,150 | i 23 | % | |||||||||||
Asia | i 1,030 | i 9 | % | i 2,061 | i 9 | % | i 9 | i – | ||||||||||||
Total net earnings | $ | i 11,261 | i 100 | % | $ | i 21,635 | i 100 | % | $ | i 9,459 | i 100 | % |
Goldman Sachs 2022 Form 10-K | 209 |
As
of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
U.S. government and agency obligations | $ | i 205,935 | $ | i 141,191 | ||||
Percentage of total assets | i 14.3 | % | i 9.6 | % | ||||
Non-U.S. government and agency obligations | $ | i 40,334 | $ | i 51,426 | ||||
Percentage of total assets | i 2.8 | % | i 3.5 | % |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
U.S. government and agency obligations | $ | i 164,897 | $ | i 86,274 | ||||
Non-U.S. government and agency obligations | $ | i 76,456 | $ | i 141,588 |
210 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 211 |
212 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 213 |
214 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 215 |
216 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 217 |
218 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 219 |
220 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 221 |
222 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 223 |
224 | Goldman Sachs 2022 Form 10-K |
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 4,043,074 | i 15,933,696 | $ | i 255.08 | $ | i 228.14 | |||||||||||
Granted | i 5,478,475 | i 8,660,927 | $ | i 315.33 | $ | i 318.03 | |||||||||||
Forfeited | ( i 606,404) | ( i 260,799) | $ | i 292.38 | $ | i 261.99 | |||||||||||
Delivered | i – | ( i 10,633,955) | $ | i – | $ | i 229.81 | |||||||||||
Vested | ( i 3,626,923) | i 3,626,923 | $ | i 277.07 | $ | i 277.07 | |||||||||||
Ending
balance | i 5,288,222 | i 17,326,792 | $ | i 298.14 | $ | i 281.78 |
Year
Ended December | |||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||
Share-based compensation | $ | i 4,107 | $ | i 2,553 | $ | i 1,985 | |||||
Excess
net tax benefit for share-based awards | $ | i 324 | $ | i 196 | $ | i 120 |
Goldman Sachs 2022 Form 10-K | 225 |
Year Ended December | |||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||
Revenues | |||||||||||
Dividends from subsidiaries and other affiliates: | |||||||||||
Bank | $ | i 101 | $ | i 16,990 | $ | i 40 | |||||
Nonbank | i 6,243 | i 15,562 | i 11,860 | ||||||||
Other revenues | ( i 3,590) | i 529 | i 774 | ||||||||
Total non-interest revenues | i 2,754 | i 33,081 | i 12,674 | ||||||||
Interest income | i 8,367 | i 3,695 | i 4,020 | ||||||||
Interest expense | i 9,428 | i 4,570 | i 5,861 | ||||||||
Net interest loss | ( i 1,061) | ( i 875) | ( i 1,841) | ||||||||
Total net revenues | i 1,693 | i 32,206 | i 10,833 | ||||||||
Operating expenses | |||||||||||
Compensation and benefits | i 328 | i 750 | i 367 | ||||||||
Other expenses | i 685 | i 1,005 | i 3,339 | ||||||||
Total operating expenses | i 1,013 | i 1,755 | i 3,706 | ||||||||
Pre-tax earnings | i 680 | i 30,451 | i 7,127 | ||||||||
Benefit for taxes | ( i 1,398) | ( i 551) | ( i 696) | ||||||||
Undistributed earnings/(loss) of subsidiaries | |||||||||||
and other affiliates | i 9,183 | ( i 9,367) | i 1,636 | ||||||||
Net earnings | i 11,261 | i 21,635 | i 9,459 | ||||||||
Preferred stock dividends | i 497 | i 484 | i 544 | ||||||||
Net
earnings applicable to common shareholders | $ | i 10,764 | $ | i 21,151 | $ | i 8,915 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Assets | ||||||||
Cash and cash equivalents: | ||||||||
With third-party banks | $ | i 35 | $ | i 47 | ||||
With subsidiary bank | i 46 | i 2 | ||||||
Loans to and receivables from subsidiaries: | ||||||||
Bank | i 3,545 | i 1,024 | ||||||
Nonbank
($ i 4,825 and $ i 7,638
at fair value) | i 259,402 | i 273,416 | ||||||
Investments in subsidiaries and other affiliates: | ||||||||
Bank | i 49,533 | i 43,021 | ||||||
Nonbank | i 85,058 | i 75,883 | ||||||
Trading assets (at fair value) | i 5,431 | i 4,663 | ||||||
Investments
($ i 23,894 and $ i 22,525 at fair value) | i 69,483 | i 26,078 | ||||||
Other assets | i 6,576 | i 6,098 | ||||||
Total assets | $ | i 479,109 | $ | i 430,232 | ||||
Liabilities and shareholders’ equity | ||||||||
Repurchase agreements with subsidiaries (at fair value) | $ | i 66,839 | $ | i – | ||||
Secured borrowings with subsidiaries | i 16,749 | i 50,805 | ||||||
Payables to subsidiaries | i 510 | i 1,357 | ||||||
Trading liabilities (at fair value) | i 2,544 | i 1,116 | ||||||
Unsecured short-term borrowings: | ||||||||
With third parties ($ i 5,002 and $ i 1,215
at fair value) | i 23,823 | i 11,127 | ||||||
With subsidiaries | i 4,328 | i 3,687 | ||||||
Unsecured long-term borrowings: | ||||||||
With third parties ($ i 22,422 and $ i 17,690
at fair value) | i 185,972 | i 208,796 | ||||||
With subsidiaries | i 57,565 | i 40,405 | ||||||
Other liabilities | i 3,590 | i 3,013 | ||||||
Total liabilities | i 361,920 | i 320,306 | ||||||
Commitments, contingencies and guarantees | i | i | ||||||
Shareholders' equity | ||||||||
Preferred stock | i 10,703 | i 10,703 | ||||||
Common stock | i 9 | i 9 | ||||||
Share-based awards | i 5,696 | i 4,211 | ||||||
Additional paid-in capital | i 59,050 | i 56,396 | ||||||
Retained earnings | i 139,372 | i 131,811 | ||||||
Accumulated other comprehensive loss | ( i 3,010) | ( i 2,068) | ||||||
Stock held in treasury, at cost | ( i 94,631) | ( i 91,136) | ||||||
Total shareholders’ equity | i 117,189 | i 109,926 | ||||||
Total liabilities and shareholders’ equity | $ | i 479,109 | $ | i 430,232 |
226 | Goldman Sachs 2022 Form 10-K |
Year Ended December | |||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||
Cash flows from operating activities | |||||||||||
Net earnings | $ | i 11,261 | $ | i 21,635 | $ | i 9,459 | |||||
Adjustments to reconcile net earnings to net | |||||||||||
cash provided by operating activities: | |||||||||||
Undistributed (earnings)/loss of | |||||||||||
subsidiaries and other affiliates | ( i 9,183) | i 9,367 | ( i 1,636) | ||||||||
Depreciation and amortization | i 9 | i 9 | i 6 | ||||||||
Deferred income taxes | ( i 1,523) | ( i 241) | ( i 160) | ||||||||
Share-based compensation | i 378 | i 335 | i 127 | ||||||||
Gain on extinguishment of | |||||||||||
unsecured borrowings | i – | i – | ( i 1) | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Collateralized transactions (excluding | |||||||||||
secured borrowings, net) | i 66,839 | i – | i 332 | ||||||||
Trading assets | ( i 23,451) | ( i 10,273) | i 3,484 | ||||||||
Trading liabilities | i 1,428 | i 796 | ( i 97) | ||||||||
Other, net | i 5,933 | ( i 5,213) | ( i 1,492) | ||||||||
Net cash provided by operating activities | i 51,691 | i 16,415 | i 10,022 | ||||||||
Cash flows from investing activities | |||||||||||
Purchase of property, leasehold | |||||||||||
improvements and equipment | ( i 64) | ( i 13) | ( i 26) | ||||||||
Repayments/(issuances) of short-term loans | |||||||||||
to subsidiaries, net | i 2,210 | ( i 9,951) | i 7,021 | ||||||||
Issuance of term loans to subsidiaries | ( i 1,859) | ( i 37,260) | ( i 32,472) | ||||||||
Repayments of term loans by subsidiaries | i 2,311 | i 10,059 | i 29,568 | ||||||||
Purchase of investments | ( i 47,247) | ( i 16,964) | ( i 3,767) | ||||||||
Sales/paydowns of investments | i 3,162 | i 10,896 | i 4,135 | ||||||||
Capital contributions to subsidiaries, net | ( i 5,665) | ( i 23,978) | ( i 5,617) | ||||||||
Net cash used for investing activities | ( i 47,152) | ( i 67,211) | ( i 1,158) | ||||||||
Cash flows from financing activities | |||||||||||
Secured borrowings with subsidiary, net | ( i 36,389) | i 12,346 | ( i 6,360) | ||||||||
Unsecured short-term borrowings, net: | |||||||||||
With third parties | i 13 | ( i 683) | ( i 1,372) | ||||||||
With subsidiaries | i 27,803 | i 7,007 | i 12,603 | ||||||||
Issuance of unsecured long-term borrowings | i 78,803 | i 73,164 | i 24,789 | ||||||||
Repayment of unsecured long-term borrowings | ( i 65,960) | ( i 31,588) | ( i 33,432) | ||||||||
Purchase of Trust Preferred securities | i – | i – | ( i 11) | ||||||||
Preferred stock redemption | i – | ( i 2,675) | ( i 350) | ||||||||
Common stock repurchased | ( i 3,500) | ( i 5,200) | ( i 1,928) | ||||||||
Settlement of share-based awards in | |||||||||||
satisfaction of withholding tax requirements | ( i 1,595) | ( i 985) | ( i 830) | ||||||||
Dividends and dividend equivalents paid on | |||||||||||
stock and share-based awards | ( i 3,682) | ( i 2,725) | ( i 2,336) | ||||||||
Issuance of preferred stock, net of costs | i – | i 2,172 | i 349 | ||||||||
Other financing, net | i – | ( i 14) | i – | ||||||||
Net cash provided by/(used for) financing | |||||||||||
activities | ( i 4,507) | i 50,819 | ( i 8,878) | ||||||||
Net increase/(decrease) in cash and cash | |||||||||||
equivalents | i 32 | i 23 | ( i 14) | ||||||||
Cash and cash equivalents, beginning balance | i 49 | i 26 | i 40 | ||||||||
Cash and cash equivalents, ending balance | $ | i 81 | $ | i 49 | $ | i 26 |
Goldman Sachs 2022 Form 10-K | 227 |
As of December | ||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||
Group Inc. | $ | 100.00 | $ | 66.48 | $ | 93.38 | $ | 109.70 | $ | 161.91 | $ | 149.18 | ||||||||
S&P 500 | $ | 100.00 | $ | 95.61 | $ | 125.70 | $ | 148.81 | $ | 191.49 | $ | 156.78 | ||||||||
S&P 500 Financials | $ | 100.00 | $ | 86.96 | $ | 114.87 | $ | 112.84 | $ | 152.19 | $ | 136.11 |
Average Balance for the | |||||||||||
Year Ended December | |||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||
Assets | |||||||||||
U.S. | $ | 151,152 | $ | 103,182 | $ | 55,662 | |||||
Non-U.S. | 107,843 | 95,735 | 71,312 | ||||||||
Deposits with banks | 258,995 | 198,917 | 126,974 | ||||||||
U.S. | 241,968 | 202,841 | 138,447 | ||||||||
Non-U.S. | 169,621 | 148,604 | 114,974 | ||||||||
Collateralized agreements | 411,589 | 351,445 | 253,421 | ||||||||
U.S. | 165,331 | 173,498 | 204,118 | ||||||||
Non-U.S. | 123,332 | 136,075 | 118,642 | ||||||||
Trading assets | 288,663 | 309,573 | 322,760 | ||||||||
U.S. | 97,221 | 69,893 | 56,167 | ||||||||
Non-U.S. | 14,696 | 18,573 | 17,156 | ||||||||
Investments | 111,917 | 88,466 | 73,323 | ||||||||
U.S. | 144,781 | 108,032 | 94,115 | ||||||||
Non-U.S. | 22,067 | 21,455 | 18,867 | ||||||||
Loans | 166,848 | 129,487 | 112,982 | ||||||||
U.S. | 95,513 | 98,086 | 57,149 | ||||||||
Non-U.S. | 64,301 | 55,530 | 45,672 | ||||||||
Other interest-earning assets | 159,814 | 153,616 | 102,821 | ||||||||
Interest-earning assets | 1,397,826 | 1,231,504 | 992,281 | ||||||||
Cash and due from banks | 7,715 | 10,804 | 10,303 | ||||||||
Other non-interest-earning assets | 137,418 | 128,521 | 116,750 | ||||||||
Assets | $ | 1,542,959 | $ | 1,370,829 | $ | 1,119,334 | |||||
Liabilities | |||||||||||
U.S. | $ | 302,678 | $ | 231,967 | $ | 188,767 | |||||
Non-U.S. | 74,662 | 72,899 | 51,997 | ||||||||
Interest-bearing deposits | 377,340 | 304,866 | 240,764 | ||||||||
U.S. | 107,008 | 110,099 | 77,727 | ||||||||
Non-U.S. | 83,783 | 72,691 | 35,284 | ||||||||
Collateralized financings | 190,791 | 182,790 | 113,011 | ||||||||
U.S. | 80,950 | 67,734 | 42,213 | ||||||||
Non-U.S. | 83,657 | 75,763 | 55,119 | ||||||||
Trading liabilities | 164,607 | 143,497 | 97,332 | ||||||||
U.S. | 34,322 | 31,866 | 34,449 | ||||||||
Non-U.S. | 28,675 | 34,326 | 22,113 | ||||||||
Short-term borrowings | 62,997 | 66,192 | 56,562 | ||||||||
U.S. | 221,598 | 216,864 | 199,196 | ||||||||
Non-U.S. | 37,656 | 29,764 | 30,941 | ||||||||
Long-term borrowings | 259,254 | 246,628 | 230,137 | ||||||||
U.S. | 166,200 | 139,278 | 127,489 | ||||||||
Non-U.S. | 98,130 | 85,913 | 66,403 | ||||||||
Other interest-bearing liabilities | 264,330 | 225,191 | 193,892 | ||||||||
Interest-bearing liabilities | 1,319,319 | 1,169,164 | 931,698 | ||||||||
Non-interest-bearing deposits | 4,811 | 5,920 | 6,672 | ||||||||
Other non-interest-bearing liabilities | 102,839 | 94,040 | 89,185 | ||||||||
Liabilities | 1,426,969 | 1,269,124 | 1,027,555 | ||||||||
Shareholders’ equity | |||||||||||
Preferred stock | 10,703 | 9,876 | 11,203 | ||||||||
Common stock | 105,287 | 91,829 | 80,576 | ||||||||
Shareholders’ equity | 115,990 | 101,705 | 91,779 | ||||||||
Liabilities and shareholders’ equity | $ | 1,542,959 | $ | 1,370,829 | $ | 1,119,334 | |||||
Percentage
attributable to non-U.S. operations | |||||||||||
Interest-earning assets | 35.90 | % | 38.65 | % | 38.96 | % | |||||
Interest-bearing liabilities | 30.82 | % | 31.76 | % | 28.11 | % |
228 | Goldman Sachs 2022 Form 10-K |
Interest for the | |||||||||||
Year Ended December | |||||||||||
$ in millions | 2022 | 2021 | 2020 | ||||||||
Assets | |||||||||||
U.S. | $ | 2,793 | $ | 143 | $ | 219 | |||||
Non-U.S. | 440 | (167) | 26 | ||||||||
Deposits with banks | 3,233 | (24) | 245 | ||||||||
U.S. | 3,463 | (383) | 371 | ||||||||
Non-U.S. | 1,005 | (597) | (89) | ||||||||
Collateralized agreements | 4,468 | (980) | 282 | ||||||||
U.S. | 3,362 | 2,943 | 3,649 | ||||||||
Non-U.S. | 1,725 | 1,773 | 1,561 | ||||||||
Trading assets | 5,087 | 4,716 | 5,210 | ||||||||
U.S. | 1,656 | 991 | 1,081 | ||||||||
Non-U.S. | 543 | 598 | 546 | ||||||||
Investments | 2,199 | 1,589 | 1,627 | ||||||||
U.S. | 7,967 | 4,423 | 4,061 | ||||||||
Non-U.S. | 1,092 | 896 | 822 | ||||||||
Loans | 9,059 | 5,319 | 4,883 | ||||||||
U.S. | 3,236 | 1,201 | 1,099 | ||||||||
Non-U.S. | 1,742 | 299 | 343 | ||||||||
Other interest-earning assets | 4,978 | 1,500 | 1,442 | ||||||||
Interest-earning assets | $ | 29,024 | $ | 12,120 | $ | 13,689 | |||||
Liabilities | |||||||||||
U.S. | $ | 4,959 | $ | 1,098 | $ | 1,967 | |||||
Non-U.S. | 864 | 205 | 419 | ||||||||
Interest-bearing deposits | 5,823 | 1,303 | 2,386 | ||||||||
U.S. | 2,027 | 146 | 554 | ||||||||
Non-U.S. | 781 | (146) | 45 | ||||||||
Collateralized financings | 2,808 | – | 599 | ||||||||
U.S. | 872 | 661 | 477 | ||||||||
Non-U.S. | 1,051 | 1,001 | 761 | ||||||||
Trading liabilities | 1,923 | 1,662 | 1,238 | ||||||||
U.S. | 408 | 476 | 492 | ||||||||
Non-U.S. | 133 | 51 | 50 | ||||||||
Short-term borrowings | 541 | 527 | 542 | ||||||||
U.S. | 5,570 | 3,139 | 4,034 | ||||||||
Non-U.S. | 146 | 92 | 119 | ||||||||
Long-term borrowings | 5,716 | 3,231 | 4,153 | ||||||||
U.S. | 2,356 | (897) | (148) | ||||||||
Non-U.S. | 2,179 | (176) | 168 | ||||||||
Other interest-bearing liabilities | 4,535 | (1,073) | 20 | ||||||||
Interest-bearing liabilities | $ | 21,346 | $ | 5,650 | $ | 8,938 | |||||
Net interest income | |||||||||||
U.S. | $ | 6,285 | $ | 4,695 | $ | 3,104 | |||||
Non-U.S. | 1,393 | 1,775 | 1,647 | ||||||||
Net interest income | $ | 7,678 | $ | 6,470 | $ | 4,751 |
Average Rate for the | ||||||||||||||
Year
Ended December | ||||||||||||||
2022 | 2021 | 2020 | ||||||||||||
Assets | ||||||||||||||
U.S. | 1.85 | % | 0.14 | % | 0.39 | % | ||||||||
Non-U.S. | 0.41 | % | (0.17) | % | 0.04 | % | ||||||||
Deposits with banks | 1.25 | % | (0.01) | % | 0.19 | % | ||||||||
U.S. | 1.43 | % | (0.19) | % | 0.27 | % | ||||||||
Non-U.S. | 0.59 | % | (0.40) | % | (0.08) | % | ||||||||
Collateralized agreements | 1.09 | % | (0.28) | % | 0.11 | % | ||||||||
U.S. | 2.03 | % | 1.70 | % | 1.79 | % | ||||||||
Non-U.S. | 1.40 | % | 1.30 | % | 1.32 | % | ||||||||
Trading assets | 1.76 | % | 1.52 | % | 1.61 | % | ||||||||
U.S. | 1.70 | % | 1.42 | % | 1.92 | % | ||||||||
Non-U.S. | 3.69 | % | 3.22 | % | 3.18 | % | ||||||||
Investments | 1.96 | % | 1.80 | % | 2.22 | % | ||||||||
U.S. | 5.50 | % | 4.09 | % | 4.31 | % | ||||||||
Non-U.S. | 4.95 | % | 4.18 | % | 4.36 | % | ||||||||
Loans | 5.43 | % | 4.11 | % | 4.32 | % | ||||||||
U.S. | 3.39 | % | 1.22 | % | 1.92 | % | ||||||||
Non-U.S. | 2.71 | % | 0.54 | % | 0.75 | % | ||||||||
Other interest-earning assets | 3.11 | % | 0.98 | % | 1.40 | % | ||||||||
Interest-earning assets | 2.08 | % | 0.98 | % | 1.38 | % | ||||||||
Liabilities | ||||||||||||||
U.S. | 1.64 | % | 0.47 | % | 1.04 | % | ||||||||
Non-U.S. | 1.16 | % | 0.28 | % | 0.81 | % | ||||||||
Interest-bearing
deposits | 1.54 | % | 0.43 | % | 0.99 | % | ||||||||
U.S. | 1.89 | % | 0.13 | % | 0.71 | % | ||||||||
Non-U.S. | 0.93 | % | (0.20) | % | 0.13 | % | ||||||||
Collateralized financings | 1.47 | % | 0.00 | % | 0.53 | % | ||||||||
U.S. | 1.08 | % | 0.98 | % | 1.13 | % | ||||||||
Non-U.S. | 1.26 | % | 1.32 | % | 1.38 | % | ||||||||
Trading liabilities | 1.17 | % | 1.16 | % | 1.27 | % | ||||||||
U.S. | 1.19 | % | 1.49 | % | 1.43 | % | ||||||||
Non-U.S. | 0.46 | % | 0.15 | % | 0.23 | % | ||||||||
Short-term borrowings | 0.86 | % | 0.80 | % | 0.96 | % | ||||||||
U.S. | 2.51 | % | 1.45 | % | 2.03 | % | ||||||||
Non-U.S. | 0.39 | % | 0.31 | % | 0.38 | % | ||||||||
Long-term borrowings | 2.20 | % | 1.31 | % | 1.80 | % | ||||||||
U.S. | 1.42 | % | (0.64) | % | (0.12) | % | ||||||||
Non-U.S. | 2.22 | % | (0.20) | % | 0.25 | % | ||||||||
Other interest-bearing liabilities | 1.72 | % | (0.48) | % | 0.01 | % | ||||||||
Interest-bearing liabilities | 1.62 | % | 0.48 | % | 0.96 | % | ||||||||
Interest rate spread | 0.46 | % | 0.50 | % | 0.42 | % | ||||||||
U.S. | 0.70 | % | 0.62 | % | 0.51 | % | ||||||||
Non-U.S. | 0.28 | % | 0.37 | % | 0.43 | % | ||||||||
Net yield on interest-earning assets | 0.55 | % | 0.53 | % | 0.48 | % |
Goldman Sachs 2022 Form 10-K | 229 |
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 |
Year Ended December 2021 | |||||||||||
versus December 2020 | |||||||||||
Increase (decrease) | |||||||||||
due to change in: | |||||||||||
$ in millions | Volume | Rate | Net Change | ||||||||
Interest-earning assets | |||||||||||
U.S. | $ | 66 | $ | (142) | $ | (76) | |||||
Non-U.S. | (43) | (150) | (193) | ||||||||
Deposits
with banks | 23 | (292) | (269) | ||||||||
U.S. | (122) | (632) | (754) | ||||||||
Non-U.S. | (135) | (373) | (508) | ||||||||
Collateralized agreements | (257) | (1,005) | (1,262) | ||||||||
U.S. | (519) | (187) | (706) | ||||||||
Non-U.S. | 227 | (15) | 212 | ||||||||
Trading
assets | (292) | (202) | (494) | ||||||||
U.S. | 195 | (285) | (90) | ||||||||
Non-U.S. | 46 | 6 | 52 | ||||||||
Investments | 241 | (279) | (38) | ||||||||
U.S. | 570 | (208) | 362 | ||||||||
Non-U.S. | 108 | (34) | 74 | ||||||||
Loans | 678 | (242) | 436 | ||||||||
U.S. | 501 | (399) | 102 | ||||||||
Non-U.S. | 53 | (97) | (44) | ||||||||
Other
interest-earning assets | 554 | (496) | 58 | ||||||||
Change in interest income | 947 | (2,516) | (1,569) | ||||||||
Interest-bearing liabilities | |||||||||||
U.S. | 204 | (1,073) | (869) | ||||||||
Non-U.S. | 59 | (273) | (214) | ||||||||
Interest-bearing
deposits | 263 | (1,346) | (1,083) | ||||||||
U.S. | 43 | (451) | (408) | ||||||||
Non-U.S. | (75) | (116) | (191) | ||||||||
Collateralized financings | (32) | (567) | (599) | ||||||||
U.S. | 249 | (65) | 184 | ||||||||
Non-U.S. | 273 | (33) | 240 | ||||||||
Trading
liabilities | 522 | (98) | 424 | ||||||||
U.S. | (39) | 23 | (16) | ||||||||
Non-U.S. | 18 | (17) | 1 | ||||||||
Short-term borrowings | (21) | 6 | (15) | ||||||||
U.S. | 256 | (1,151) | (895) | ||||||||
Non-U.S. | (4) | (23) | (27) | ||||||||
Long-term
borrowings | 252 | (1,174) | (922) | ||||||||
U.S. | (76) | (673) | (749) | ||||||||
Non-U.S. | (40) | (304) | (344) | ||||||||
Other interest-bearing liabilities | (116) | (977) | (1,093) | ||||||||
Change
in interest expense | 868 | (4,156) | (3,288) | ||||||||
Change in net interest income | $ | 79 | $ | 1,640 | $ | 1,719 |
Year Ended December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Average balances | ||||||||
U.S. | ||||||||
Savings and demand | $ | 231,693 | $ | 174,745 | ||||
Time | 70,985 | 57,222 | ||||||
Total
U.S. | 302,678 | 231,967 | ||||||
Non-U.S. | ||||||||
Demand | 45,066 | 43,709 | ||||||
Time | 29,596 | 29,190 | ||||||
Total non-U.S. | 74,662 | 72,899 | ||||||
Total | $ | 377,340 | $ | 304,866 | ||||
Average
interest rates | ||||||||
U.S. | ||||||||
Savings and demand | 1.69 | % | 0.34 | % | ||||
Time | 1.48 | % | 0.89 | % | ||||
Total U.S. | 1.64 | % | 0.47 | % | ||||
Non-U.S. | ||||||||
Demand | 1.20 | % | 0.33 | % | ||||
Time | 1.09 | % | 0.21 | % | ||||
Total
non-U.S. | 1.16 | % | 0.28 | % | ||||
Total | 1.54 | % | 0.43 | % |
230 | Goldman Sachs 2022 Form 10-K |
As of December 2022 | ||||||||
$ in millions | U.S. | Non-U.S. | ||||||
3 months or less | $ | 5,064 | $ | 11,093 | ||||
3 to 6 months | 2,376 | 5,158 | ||||||
6 to 12 months | 3,122 | 1,191 | ||||||
Greater than 12 months | 584 | 1,335 | ||||||
Total | $ | 11,146 | $ | 18,777 |
As of December | |||||||||||||||||
$ in millions | 2022 | 2021 | |||||||||||||||
Corporate | $ | 40,135 | 22 | % | $ | 37,643 | 23 | % | |||||||||
Commercial real estate | 28,879 | 16 | % | 29,000 | 18 | % | |||||||||||
Residential real estate | 23,035 | 12 | % | 24,674 | 15 | % | |||||||||||
Securities-based | 16,671 | 9 | % | 16,652 | 10 | % | |||||||||||
Other
collateralized | 51,702 | 28 | % | 38,263 | 24 | % | |||||||||||
Consumer: | |||||||||||||||||
Installment | 6,326 | 3 | % | 3,672 | 2 | % | |||||||||||
Credit cards | 15,820 | 9 | % | 8,212 | 5 | % | |||||||||||
Other | 2,261 | 1 | % | 4,019 | 3 | % | |||||||||||
Total | $ | 184,829 | 100 | % | $ | 162,135 | 100 | % |
As of December 2022 | |||||||||||||||||
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 | $ | 3,078 | $ | 30,605 | $ | 6,451 | $ | 1 | $ | 40,135 | |||||||
Commercial real estate | 4,736 | 22,578 | 1,561 | 4 | 28,879 | ||||||||||||
Residential real estate | 3,934 | 8,588 | 80 | 10,433 | 23,035 | ||||||||||||
Securities-based | 16,666 | 5 | – | – | 16,671 | ||||||||||||
Other
collateralized | 20,522 | 29,692 | 1,251 | 237 | 51,702 | ||||||||||||
Consumer: | |||||||||||||||||
Installment | 129 | 4,269 | 1,793 | 135 | 6,326 | ||||||||||||
Credit cards | 15,820 | – | – | – | 15,820 | ||||||||||||
Other | 1,038 | 780 | 355 | 88 | 2,261 | ||||||||||||
Total | $ | 65,923 | $ | 96,517 | $ | 11,491 | $ | 10,898 | $ | 184,829 |
As of December 2022 | ||||||||||||||
1 year | More than one year | |||||||||||||
$ in millions | or less | Fixed-rate | Floating-rate | Total | ||||||||||
Corporate | $ | 3,078 | $ | 533 | $ | 36,524 | $ | 40,135 | ||||||
Commercial real estate | 4,736 | 607 | 23,536 | 28,879 | ||||||||||
Residential real estate | 3,934 | 11,290 | 7,811 | 23,035 | ||||||||||
Securities-based | 16,666 | – | 5 | 16,671 | ||||||||||
Other
collateralized | 20,522 | 880 | 30,300 | 51,702 | ||||||||||
Consumer: | ||||||||||||||
Installment | 129 | 6,197 | – | 6,326 | ||||||||||
Credit cards | 15,820 | – | – | 15,820 | ||||||||||
Other | 1,038 | 455 | 768 | 2,261 | ||||||||||
Total | $ | 65,923 | $ | 19,962 | $ | 98,944 | $ | 184,829 |
As of December | ||||||||
$ in millions | 2022 | 2021 | ||||||
Corporate | $ | 1,535 | $ | 1,288 | ||||
Commercial real estate | 572 | 482 | ||||||
Residential real estate | 122 | 141 | ||||||
Securities-based | – | – | ||||||
Other collateralized | 264 | 153 | ||||||
Other | 69 | 71 | ||||||
Wholesale | 2,562 | 2,135 | ||||||
Installment | 831 | 490 | ||||||
Credit cards | 2,150 | 948 | ||||||
Consumer | 2,981 | 1,438 | ||||||
Total | $ | 5,543 | $ | 3,573 |
Net | Average | Net charge- | |||||||||
$ in millions | Charge-offs | balance | off ratio | ||||||||
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 | % | |||||
Year Ended December 2021 | |||||||||||
Wholesale | $ | 130 | $ | 111,088 | 0.1 | % | |||||
Installment | 68 | 3,497 | 1.9 | % | |||||||
Credit cards | 135 | 5,495 | 2.5 | % | |||||||
Consumer | 203 | 8,992 | 2.3 | % | |||||||
Total | $ | 333 | $ | 120,080 | 0.3 | % |
Goldman Sachs 2022 Form 10-K | 231 |
232 | Goldman Sachs 2022 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 | 23,282,691 | N/A | 60,775,322 | ||||||||
Not
approved by security holders | – | – | – | ||||||||
Total | 23,282,691 | 60,775,322 |
Goldman Sachs 2022 Form 10-K | 233 |
234 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 235 |
236 | Goldman Sachs 2022 Form 10-K |
Goldman Sachs 2022 Form 10-K | 237 |
By: | /s/ | Denis P. Coleman III | |||||||||
Name: | Denis P. Coleman III | ||||||||||
Title: | Chief Financial Officer | ||||||||||
Date: | February 23, 2023 |
By: | /s/ | David Solomon | |||||||||
Name: | David Solomon | ||||||||||
Title: | Director, Chairman and Chief Executive | ||||||||||
Officer (Principal Executive Officer) | |||||||||||
Date: | February 23, 2023 | ||||||||||
By: | /s/ | M. Michele Burns | |||||||||
Name: | M. Michele Burns | ||||||||||
Title: | Director | ||||||||||
Date: | February 23, 2023 | ||||||||||
By: | /s/ | Drew G. Faust | |||||||||
Name: | Drew G. Faust | ||||||||||
Title: | Director | ||||||||||
Date: | February 23, 2023 | ||||||||||
By: | /s/ | Mark A. Flaherty | |||||||||
Name: | Mark A. Flaherty | ||||||||||
Title: | Director | ||||||||||
Date: | February 23, 2023 | ||||||||||
By: | /s/ | Kimberley D. Harris | |||||||||
Name: | Kimberley D. Harris | ||||||||||
Title: | Director | ||||||||||
Date: | February 23, 2023 | ||||||||||
By: | /s/ | Kevin R. Johnson | |||||||||
Name: | Kevin R. Johnson | ||||||||||
Title: | Director | ||||||||||
Date: | February 23, 2023 | ||||||||||
By: | /s/ | Ellen J. Kullman | |||||||||
Name: | Ellen J. Kullman | ||||||||||
Title: | Director | ||||||||||
Date: | February 23, 2023 |
By: | /s/ | Lakshmi N. Mittal | |||||||||
Name: | Lakshmi N. Mittal | ||||||||||
Title: | Director | ||||||||||
Date: | February 23, 2023 | ||||||||||
By: | /s/ | Adebayo O. Ogunlesi | |||||||||
Name: | Adebayo O. Ogunlesi | ||||||||||
Title: | Director | ||||||||||
Date: | February 23, 2023 | ||||||||||
By: | /s/ | Peter Oppenheimer | |||||||||
Name: | Peter Oppenheimer | ||||||||||
Title: | Director | ||||||||||
Date: | February 23, 2023 | ||||||||||
By: | /s/ | Jan E. Tighe | |||||||||
Name: | Jan E. Tighe | ||||||||||
Title: | Director | ||||||||||
Date: | February 23, 2023 | ||||||||||
By: | /s/ | Jessica R. Uhl | |||||||||
Name: | Jessica R. Uhl | ||||||||||
Title: | Director | ||||||||||
Date: | February 23, 2023 | ||||||||||
By: | /s/ | David A. Viniar | |||||||||
Name: | David A. Viniar | ||||||||||
Title: | Director | ||||||||||
Date: | February 23, 2023 | ||||||||||
By: | /s/ | Mark O. Winkelman | |||||||||
Name: | Mark O. Winkelman | ||||||||||
Title: | Director | ||||||||||
Date: | February 23, 2023 | ||||||||||
By: | /s/ | Denis P. Coleman III | |||||||||
Name: | Denis P. Coleman III | ||||||||||
Title: | Chief Financial Officer | ||||||||||
(Principal Financial Officer) | |||||||||||
Date: | February 23, 2023 | ||||||||||
By: | /s/ | Sheara J. Fredman | |||||||||
Name: | Sheara J. Fredman | ||||||||||
Title: | Chief Accounting Officer | ||||||||||
(Principal Accounting Officer) | |||||||||||
Date: | February 23, 2023 |
238 | Goldman Sachs 2022 Form 10-K |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/10/23 Service Employees Int’l Union PX14A6G 4/10/23 1:27K Goldman Sachs Group Inc. Securex Filings/FA 4/07/23 NY City Comptroller’s Office… Fds PX14A6G 4/07/23 1:77K JPMorgan Chase & Co. Securex Filings/FA |