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GOLDMAN SACHS GROUP INC Depositary Shares, Each Representing 1/1,000th Interest in a Share of 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K 5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II NY false 0000886982 0000886982 2024-04-15 2024-04-15 0000886982 us-gaap:CommonStockMember 2024-04-15 2024-04-15 0000886982 us-gaap:SeriesAPreferredStockMember 2024-04-15 2024-04-15 0000886982 us-gaap:SeriesCPreferredStockMember 2024-04-15 2024-04-15 0000886982 us-gaap:SeriesDPreferredStockMember 2024-04-15 2024-04-15 0000886982 us-gaap:FixedIncomeInterestRateMember 2024-04-15 2024-04-15 0000886982 gs:M5.793FixedToFloatingRateNormalAutomaticPreferredEnhancedCapitalSecuritiesOfGoldmanSachsCapitalIiMember 2024-04-15 2024-04-15 0000886982 gs:FloatingRateNormalAutomaticPreferredEnhancedCapitalSecuritiesOfGoldmanSachsCapitalIiiMember 2024-04-15 2024-04-15 0000886982 gs:MediumTermNotesSeriesFCallableFixedAndFloatingRateNotesDueMarch2031OfGsFinanceCorpMember 2024-04-15 2024-04-15 0000886982 gs:MediumTermNotesSeriesFCallableFixedAndFloatingRateNotesDueMay2031OfGsFinanceCorpMember 2024-04-15 2024-04-15

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 8-K

 

          CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  Date of Report (Date of earliest event reported): April 15, 2024

The Goldman Sachs Group, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 001-14965

 

Delaware   13-4019460

(State or other jurisdiction of

incorporation)

 

(IRS Employer

Identification No.)

200 West Street, New York, N.Y.   10282
(Address of principal executive offices)   (Zip Code)

(212) 902-1000

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading
Symbol
 

Exchange

on which

registered

Common stock, par value $.01 per share   GS   NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A   GS PrA   NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C   GS PrC   NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D   GS PrD   NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K   GS PrK   NYSE
5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II   GS/43PE   NYSE
Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III   GS/43PF   NYSE
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp.   GS/31B   NYSE
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp.   GS/31X   NYSE

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


TABLE OF CONTENTS

 

Item 2.02 Results of Operations and Financial Condition

  

Item 7.01 Regulation FD Disclosure

  

Item 9.01 Financial Statements and Exhibits

  

SIGNATURE

  

Exhibit 99.1: PRESS RELEASE

  

Exhibit 99.2: PRESENTATION

  


Item 2.02 Results of Operations and Financial Condition.

On April 15, 2024, The Goldman Sachs Group, Inc. (Group Inc. and, together with its consolidated subsidiaries, the firm) reported its earnings for the first quarter ended March 31, 2024. A copy of Group Inc.’s press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On April 15, 2024, at 9:30 a.m. (ET), the firm will hold a conference call to discuss the firm’s financial results, outlook and related matters. A copy of the presentation for the conference call is attached as Exhibit 99.2 to this Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

  99.1

Press release of Group Inc. dated April 15, 2024 containing financial information for its first quarter ended March 31, 2024.

The quotation on page 1 of Exhibit 99.1 and the information under the caption “Highlights” on the following page (Excluded Sections) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (Exchange Act) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Group Inc. under the Securities Act of 1933 or the Exchange Act. The information included in Exhibit 99.1, other than in the Excluded Sections, shall be deemed “filed” for purposes of the Exchange Act.

 

  99.2

Presentation of Group Inc. dated April 15, 2024, for the conference call on April 15, 2024.

Exhibit 99.2 is being furnished pursuant to Item 7.01 of Form 8-K and the information included therein shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Group Inc. under the Securities Act of 1933 or the Exchange Act.

 

  101

Pursuant to Rule 406 of Regulation S-T, the cover page information is formatted in iXBRL (Inline eXtensible Business Reporting Language).

 

  104

Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101).


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    THE GOLDMAN SACHS GROUP, INC.
 
            (Registrant)  
Date: April 15, 2024     By:  

/s/ Denis P. Coleman III

 
                                Name: Denis P. Coleman III  
      Title:   Chief Financial Officer  
EX-99.1 2 d817877dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

 

 

First Quarter 2024

 

Earnings Results

 

Media Relations: Tony Fratto 212-902-5400

Investor Relations: Carey Halio 212-902-0300

 

  

 

The Goldman Sachs Group, Inc.    

200 West Street | New York, NY 10282    

 

  


First Quarter 2024 Earnings Results

Goldman Sachs Reports First Quarter Earnings Per Common Share of $11.58

 

 

 

“Our first quarter results reflect the strength of our world-class and interconnected franchises and the earnings power of Goldman Sachs. We continue to execute on our strategy, focusing on our core strengths to serve our clients and deliver for our shareholders.”

- David Solomon, Chairman and Chief Executive Officer

 

 

 

Financial Summary

 

 

 

  

   

  

 

 

Net Revenues

 

 

 

Net Earnings

 

 

 

EPS

 

 

1Q24        $14.21 billion 

 

 

 

1Q24        $4.13 billion 

 

 

 

1Q24         $11.58 

 

       

 

Annualized ROE1

 

   

 

Annualized ROTE1

 

   

 

Book Value Per Share

 

 

1Q24           14.8%

 

   

 

1Q24           15.9%

 

   

 

1Q24         $321.10 

 

       

NEW YORK, April 15, 2024 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $14.21 billion and net earnings of $4.13 billion for the first quarter ended March 31, 2024.

Diluted earnings per common share (EPS) was $11.58 for the first quarter of 2024 compared with $8.79 for the first quarter of 2023 and $5.48 for the fourth quarter of 2023.

Annualized return on average common shareholders’ equity (ROE)1 was 14.8% and annualized return on average tangible common shareholders’ equity (ROTE)1 was 15.9% for the first quarter of 2024.

1  


Goldman Sachs Reports

First Quarter 2024 Earnings Results

 

 

Highlights

 

 

   

During the quarter, the firm supported clients and continued to execute on strategic priorities, which contributed to strong quarterly net revenues of $14.21 billion, net earnings of $4.13 billion and diluted EPS of $11.58.

 

 

   

Global Banking & Markets generated quarterly net revenues of $9.73 billion, driven by strong performances in Investment banking fees, Fixed Income, Currency and Commodities (including record quarterly net revenues in financing) and Equities (including the second highest quarterly net revenues in financing).

 

 

   

The firm ranked #1 in worldwide announced and completed mergers and acquisitions for the year-to-date.2

 

 

   

Asset & Wealth Management generated quarterly net revenues of $3.79 billion, including record quarterly Management and other fees.

 

 

   

Assets under supervision3 increased $36 billion during the quarter to a record $2.85 trillion.

 

 

   

Book value per common share increased by 2.4% during the quarter to $321.10.

 

 

 

Net Revenues

 

Net revenues were $14.21 billion for the first quarter of 2024, 16% higher than the first quarter of 2023 and 26% higher than the fourth quarter of 2023. The increase compared with the first quarter of 2023 reflected higher net revenues across all segments.

 

 

 

Net Revenues

 

   

 

$14.21 billion

 

   
   

2  

 


Goldman Sachs Reports

First Quarter 2024 Earnings Results

 

 

   

 

  Global Banking & Markets  

 

   

 

     

 

Net revenues in Global Banking & Markets were $9.73 billion for the first quarter of 2024, 15% higher than the first quarter of 2023 and 53% higher than the fourth quarter of 2023.

 

Investment banking fees were $2.08 billion, 32% higher than the first quarter of 2023, reflecting significantly higher net revenues in Debt underwriting, primarily driven by leveraged finance activity, in Advisory, reflecting an increase in completed mergers and acquisitions transactions, and in Equity underwriting, primarily from initial public and secondary offerings. The firm’s Investment banking fees backlog3 decreased compared with the end of 2023.

 

Net revenues in Fixed Income, Currency and Commodities (FICC) were $4.32 billion, 10% higher than the first quarter of 2023, primarily reflecting significantly higher net revenues in FICC financing, driven by mortgages and structured lending. The increase also reflected higher net revenues in FICC intermediation due to significantly higher net revenues in mortgages and higher net revenues in currencies and credit products, partially offset by lower net revenues in commodities and slightly lower net revenues in interest rate products.

 

Net revenues in Equities were $3.31 billion, 10% higher than the first quarter of 2023, due to higher net revenues in Equities intermediation, reflecting significantly higher net revenues in derivatives, and slightly higher net revenues in Equities financing.

 

Net revenues in Other were $12 million compared with $(81) million for the first quarter of 2023, with the increase primarily due to lower net losses on hedges.

   

 

Global Banking & Markets

 

   

 

$9.73 billion

 

   

Advisory

 

$ 1.01 billion 

   

 

Equity underwriting

 

$ 370 million 

   

 

Debt underwriting

 

$ 699 million 

   

 

Investment banking fees

 

$ 2.08 billion 

   

 

FICC intermediation

 

$  3.47 billion 

   

 

FICC financing

 

$ 852 million 

   

 

FICC

 

$ 4.32 billion 

   

 

Equities intermediation

 

$ 1.99 billion 

   

 

Equities financing

 

$ 1.32 billion 

   

 

Equities

 

$ 3.31 billion 

   

 

Other

 

$  12 million 

     
     

 

   

 

  Asset & Wealth Management  

 

   

 

     

Net revenues in Asset & Wealth Management were $3.79 billion for the first quarter of 2024, 18% higher than the first quarter of 2023 and 14% lower than the fourth quarter of 2023. The increase compared with the first quarter of 2023 primarily reflected significantly higher net revenues in both Private banking and lending (the first quarter of 2023 included net revenues of approximately $(470) million related to a partial sale of the Marcus loans portfolio and the transfer of the remainder of the portfolio to held for sale) and Equity investments and higher Management and other fees.

 

The increase in Private banking and lending net revenues reflected the impact of the sale of the Marcus loans portfolio in 2023 (including the significant mark-down of the portfolio in the first quarter of 2023), partially offset by the impact of lower deposit spreads. The increase in Equity investments net revenues reflected significantly higher net gains from investments in private equities, partially offset by mark-to-market net losses from investments in public equities compared with net gains in the prior year period. The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. Debt investments net revenues were lower, reflecting lower net interest income due to a reduction in the debt investments balance sheet.

 

   

 

Asset & Wealth Management

   

 

$3.79 billion

 

   

 

Management and

 other fees

 

$2.45 billion 

   

Incentive fees

 

$ 88 million 

   

Private banking and  

 lending

 

$682 million 

   

Equity investments

 

$222 million 

 

 

Debt investments

 

 

$345 million 

 

     
     
     
     
     
     
     

3  


Goldman Sachs Reports

First Quarter 2024 Earnings Results

 

 

   

 

  Platform Solutions  

 

   

 

     

Net revenues in Platform Solutions were $698 million for the first quarter of 2024, 24% higher than the first quarter of 2023 and 21% higher than the fourth quarter of 2023. The increase compared with the first quarter of 2023 reflected significantly higher net revenues in Consumer platforms.

 

The increase in Consumer platforms net revenues primarily reflected higher average credit card balances and higher average deposit balances. Transaction banking and other net revenues were slightly higher, reflecting higher deposit spreads.

 

   

 

Platform Solutions

 

 

   

 

$698 million

 

   

 

Consumer platforms

  $ 618  million 
   

Transaction banking

 and other

 

 

$80  million 

 

     
     
     

 

Provision for Credit Losses

 

     

Provision for credit losses was $318 million for the first quarter of 2024, compared with a net benefit of $171 million for the first quarter of 2023 and net provisions of $577 million for the fourth quarter of 2023. Provisions for the first quarter of 2024 reflected net provisions related to both the credit card portfolio (driven by net charge-offs) and wholesale loans (driven by impairments). The net benefit for the first quarter of 2023 reflected a reserve reduction of approximately $440 million related to a partial sale of the Marcus loans portfolio and the transfer of the remainder of the portfolio to held for sale, partially offset by net provisions related to the credit card and point-of-sale loan portfolios (driven by net charge-offs and growth) and a provision related to a term deposit with First Republic Bank.

 

   

 

Provision for Credit Losses

 

   

 

$318 million

 

     
     
     
     
     

 

 

Operating Expenses

 

   

Operating expenses were $8.66 billion for the first quarter of 2024, 3% higher than the first quarter of 2023 and 2% higher than the fourth quarter of 2023. The firm’s efficiency ratio3 was 60.9% for the first quarter of 2024, compared with 68.7% for the first quarter of 2023.

 

The increase in operating expenses compared with the first quarter of 2023 primarily reflected higher compensation and benefits expenses (reflecting improved operating performance), higher transaction based expenses and an incremental expense for the FDIC special assessment fee (in other expenses), partially offset by significantly lower impairments related to consolidated real estate investments (in depreciation and amortization).

 

Net provisions for litigation and regulatory proceedings were $23 million for the first quarter of 2024 compared with $72 million for the first quarter of 2023.

 

Headcount decreased 2% compared with the end of 2023, primarily reflecting the impact of the sale of GreenSky Holdings, LLC.

 

 

 

Operating Expenses

 

 

 

$8.66 billion

 

 
 

 

Efficiency Ratio

 

 

 

60.9%

 

 
   
   
   
   
   
   
   
   
   

4  

 


Goldman Sachs Reports

First Quarter 2024 Earnings Results

 

 

Provision for Taxes

 

 

The effective income tax rate for the first quarter of 2024 was 21.1%, up from the full year rate of 20.7% for 2023, primarily due to a decrease in permanent tax benefits, partially offset by changes in the geographic mix of earnings.

 

   

 

Effective Tax Rate

 

   

21.1%

 

   

 

Other Matters

 

 

◾ On April 11, 2024, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.75 per common share to be paid on June 27, 2024 to common shareholders of record on May 30, 2024.

 

◾ During the quarter, the firm returned $2.43 billion of capital to common shareholders, including $1.50 billion of common share repurchases (3.9 million shares at an average cost of $384.55) and $929 million of common stock dividends.3

 

◾ Global core liquid assets3 averaged $423 billion for the first quarter of 2024, compared with an average of $414 billion for the fourth quarter of 2023.

   

 

Declared Quarterly

Dividend Per Common Share

 

 

 

$2.75

 

 
 

 

Common Share Repurchases

 

 

 

3.9 million shares

for $1.50 billion

 

   
   

 

Average GCLA

 

   

 

$423 billion

 

   
   
   
   

5  

 


Goldman Sachs Reports

First Quarter 2024 Earnings Results

 

 

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

 

    

 

  Cautionary Note Regarding Forward-Looking Statements  

 

 

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2023.

Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements.

Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak or worsening of hostilities, including those in Ukraine and the Middle East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other important factors that could adversely affect the firm’s Investment banking fees, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2023.

 

    

 

  Conference Call  

 

 

A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-289-0459 (in the U.S.) or 1-323-794-2095 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com.

6  

 


Goldman Sachs Reports

First Quarter 2024 Earnings Results

 

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

 $ in millions

 

     
     THREE MONTHS ENDED           % CHANGE FROM  
         
    

MARCH 31,

2024

   

DECEMBER 31,

2023

   

MARCH 31,

2023

         

DECEMBER 31,

2023

   

MARCH 31,

2023

 

 

GLOBAL BANKING & MARKETS

 

                                         

Advisory

 

    $    1,011         $     1,005         $    818                1  %            24  %  

Equity underwriting

 

   

 

370  

 

 

 

   

 

252  

 

 

 

   

 

255  

 

 

 

     

 

47   

 

 

 

   

 

45   

 

 

 

Debt underwriting

 

   

 

699  

 

 

 

   

 

395  

 

 

 

   

 

506  

 

 

 

     

 

77   

 

 

 

   

 

38   

 

 

 

Investment banking fees

    2,080         1,652         1,579           26          32     
                 

FICC intermediation

 

   

 

3,471  

 

 

 

   

 

1,295  

 

 

 

   

 

3,280  

 

 

 

     

 

168   

 

 

 

   

 

6   

 

 

 

FICC financing

 

   

 

852  

 

 

 

   

 

739  

 

 

 

   

 

651  

 

 

 

     

 

15   

 

 

 

   

 

31   

 

 

 

FICC

    4,323         2,034         3,931           113          10     
                 

Equities intermediation

   

 

1,989  

 

 

 

   

 

1,502  

 

 

 

   

 

1,741  

 

 

 

     

 

32   

 

 

 

   

 

14   

 

 

 

Equities financing

 

   

 

1,322  

 

 

 

   

 

1,105  

 

 

 

   

 

1,274  

 

 

 

     

 

20   

 

 

 

   

 

4   

 

 

 

Equities

 

   

 

3,311  

 

 

 

   

 

2,607  

 

 

 

   

 

3,015  

 

 

 

     

 

27   

 

 

 

   

 

10   

 

 

 

                 

Other

 

   

 

12  

 

 

 

   

 

61  

 

 

 

   

 

(81) 

 

 

 

     

 

(80)  

 

 

 

   

 

N.M.   

 

 

 

Net revenues

 

   

 

9,726  

 

 

 

   

 

6,354  

 

 

 

   

 

8,444  

 

 

 

     

 

53   

 

 

 

   

 

15   

 

 

 

                 

 

ASSET & WEALTH MANAGEMENT

 

                                          

 

Management and other fees

 

    2,452         2,445         2,282           –          7     

Incentive fees

 

   

 

88  

 

 

 

   

 

59  

 

 

 

   

 

53  

 

 

 

     

 

49   

 

 

 

   

 

66   

 

 

 

Private banking and lending

 

   

 

682  

 

 

 

   

 

661  

 

 

 

   

 

354  

 

 

 

     

 

3   

 

 

 

   

 

93   

 

 

 

Equity investments

 

    222         838         119           (74)         87     

Debt investments

 

   

 

345  

 

 

 

   

 

384  

 

 

 

   

 

408  

 

 

 

     

 

(10)  

 

 

 

   

 

(15)  

 

 

 

 

Net revenues

 

   

 

3,789  

 

 

 

   

 

4,387  

 

 

 

   

 

3,216  

 

 

 

     

 

(14)  

 

 

 

   

 

18   

 

 

 

                 

 

PLATFORM SOLUTIONS

 

                                          

Consumer platforms

    618         504         490           23          26     

Transaction banking and other

 

   

 

80  

 

 

 

   

 

73  

 

 

 

   

 

74  

 

 

 

     

 

10   

 

 

 

   

 

8   

 

 

 

Net revenues

 

   

 

698  

 

 

 

   

 

577  

 

 

 

   

 

564  

 

 

 

     

 

21   

 

 

 

   

 

24   

 

 

 

                 

 

Total net revenues

 

   

 

$   14,213  

 

 

 

   

 

$  11,318  

 

 

 

   

 

$   12,224  

 

 

 

     

 

26   

 

 

 

   

 

16   

 

 

 

 

Geographic Net Revenues (unaudited)3

 

         
$ in millions            
   
     THREE MONTHS ENDED                    
     
    

MARCH 31,

2024

   

DECEMBER 31,

2023

   

MARCH 31,

2023

                   

 

Americas

    $    9,181         $   7,770         $    7,194          

EMEA

 

    3,470         2,481         3,584          

Asia

 

   

 

1,562  

 

 

 

   

 

1,067  

 

 

 

   

 

1,446  

 

 

 

     

Total net revenues

 

   

 

$   14,213  

 

 

 

   

 

$  11,318  

 

 

 

   

 

$   12,224  

 

 

 

     
               

Americas

 

    65%        69%        59%         

EMEA

 

    24%        22%        29%         

Asia

 

   

 

11% 

 

 

 

   

 

9% 

 

 

 

   

 

12% 

 

 

 

     

Total

 

   

 

100% 

 

 

 

   

 

100% 

 

 

 

   

 

100% 

 

 

 

     

 

7


Goldman Sachs Reports

First Quarter 2024 Earnings Results

 

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)

In millions, except per share amounts and headcount

     
     THREE MONTHS ENDED           % CHANGE FROM  
       
    

MARCH 31,

2024

   

DECEMBER 31,

2023

   

MARCH 31,

2023

         

DECEMBER 31,

2023

   

MARCH 31,

2023

 

 

REVENUES

 

                                         

Investment banking

 

 

 

 

 

 

$      2,085 

 

 

 

 

 

 

 

 

 

$        1,653 

 

 

 

 

 

 

 

 

 

$         1,578 

 

 

 

 

   

 

 

 

 

26  %

 

 

 

 

   

 

32  %

 

 

 

Investment management

 

   

 

2,491 

 

 

 

   

 

2,478 

 

 

 

   

 

2,289 

 

 

 

     

 

1   

 

 

 

   

 

9   

 

 

 

Commissions and fees

 

   

 

1,077 

 

 

 

   

 

925 

 

 

 

   

 

1,088 

 

 

 

     

 

16   

 

 

 

   

 

(1)  

 

 

 

Market making

 

   

 

5,992 

 

 

 

   

 

3,496 

 

 

 

   

 

5,433 

 

 

 

     

 

71   

 

 

 

   

 

10   

 

 

 

Other principal transactions

 

   

 

960 

 

 

 

   

 

1,427 

 

 

 

   

 

55 

 

 

 

     

 

(33)  

 

 

 

   

 

N.M.   

 

 

 

Total non-interest revenues

    12,605        9,979        10,443          26          21     
                 

Interest income

 

   

 

19,555 

 

 

 

   

 

18,484 

 

 

 

   

 

14,938 

 

 

 

     

 

6   

 

 

 

   

 

31   

 

 

 

Interest expense

    17,947        17,145        13,157          5          36     

Net interest income

    1,608        1,339        1,781          20          (10)    
                 

Total net revenues

    14,213        11,318        12,224          26          16     
                 

Provision for credit losses

    318        577        (171)         (45)         N.M.    
                 

OPERATING EXPENSES

                                         

Compensation and benefits

 

   

 

4,585 

 

 

 

   

 

3,602 

 

 

 

   

 

4,090 

 

 

 

     

 

27   

 

 

 

   

 

12   

 

 

 

Transaction based

 

   

 

1,497 

 

 

 

   

 

1,456 

 

 

 

   

 

1,405 

 

 

 

     

 

3   

 

 

 

   

 

7   

 

 

 

Market development

 

   

 

153 

 

 

 

   

 

175 

 

 

 

   

 

172 

 

 

 

     

 

(13)  

 

 

 

   

 

(11)  

 

 

 

Communications and technology

 

   

 

470 

 

 

 

   

 

503 

 

 

 

   

 

466 

 

 

 

     

 

(7)  

 

 

 

   

 

1   

 

 

 

Depreciation and amortization

 

   

 

627 

 

 

 

   

 

780 

 

 

 

   

 

970 

 

 

 

     

 

(20)  

 

 

 

   

 

(35)  

 

 

 

Occupancy

 

   

 

247 

 

 

 

   

 

268 

 

 

 

   

 

265 

 

 

 

     

 

(8)  

 

 

 

   

 

(7)  

 

 

 

Professional fees

 

   

 

384 

 

 

 

   

 

471 

 

 

 

   

 

383 

 

 

 

     

 

(18)  

 

 

 

   

 

–   

 

 

 

Other expenses

 

   

 

695 

 

 

 

   

 

1,232 

 

 

 

   

 

651 

 

 

 

     

 

(44)  

 

 

 

   

 

7   

 

 

 

Total operating expenses

    8,658        8,487        8,402          2          3     
                 

Pre-tax earnings

 

   

 

5,237 

 

 

 

   

 

2,254 

 

 

 

   

 

3,993 

 

 

 

     

 

132   

 

 

 

   

 

31   

 

 

 

Provision for taxes

    1,105        246        759          349          46     

Net earnings

    4,132        2,008        3,234          106          28     

Preferred stock dividends

    201        141        147          43          37     

Net earnings applicable to common shareholders

    $      3,931        $        1,867        $         3,087          111          27     
                 

EARNINGS PER COMMON SHARE

                                         

Basic3

 

   

 

$      11.67 

 

 

 

   

 

$         5.52 

 

 

 

   

 

$          8.87 

 

 

 

     

 

111  %

 

 

 

   

 

32  %

 

 

 

Diluted

    $      11.58        $         5.48        $          8.79          111          32     

AVERAGE COMMON SHARES

                                         

Basic

     335.6        335.7        346.6          –          (3)    

Diluted

    339.5        340.9        351.3          –          (3)    
                 

SELECTED DATA AT PERIOD-END

                                         

Common shareholders’ equity

 

   

 

$    107,343 

 

 

 

   

 

$      105,702 

 

 

 

   

 

$       106,806 

 

 

 

     

 

2   

 

 

 

   

 

1  

 

 

 

Basic shares3

 

   

 

334.3 

 

 

 

   

 

337.1 

 

 

 

   

 

344.0 

 

 

 

     

 

(1)  

 

 

 

   

 

(3)  

 

 

 

Book value per common share

    $     321.10        $       313.56        $        310.48          2          3     
                 

Headcount

 

   

 

44,400 

 

 

 

   

 

45,300 

 

 

 

   

 

45,400 

 

 

 

     

 

(2)  

 

 

 

   

 

(2)  

 

 

 

 

8


Goldman Sachs Reports

First Quarter 2024 Earnings Results

 

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)3

$ in billions

 

   
     AS OF                           
   
    

MARCH 31,

2024

   

DECEMBER 31,

2023

                       

 

ASSETS

 

                         
   

Cash and cash equivalents

    $     209        $     242             
   

Collateralized agreements

    447        423             
   

Customer and other receivables

    160        132             
   

Trading assets

    508        478             
   

Investments

    155        147             
   

Loans

    184        183             
   

Other assets

 

   

 

35 

 

 

 

   

 

37 

 

 

 

         
     

Total assets

 

   

 

$   1,698 

 

 

 

   

 

$   1,642 

 

 

 

         
                 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

                         
   

Deposits

    $     441        $     428             
   

Collateralized financings

    349        324             
   

Customer and other payables

    257        231             
   

Trading liabilities

    201        200             
   

Unsecured short-term borrowings

    78        76             
   

Unsecured long-term borrowings

    234        242             
   

Other liabilities

 

   

 

20 

 

 

 

   

 

24 

 

 

 

         
     

Total liabilities

 

   

 

1,580 

 

 

 

   

 

1,525 

 

 

 

         
   

Shareholders’ equity

 

   

 

118 

 

 

 

   

 

117 

 

 

 

         
     

Total liabilities and shareholders’ equity

 

   

 

$   1,698 

 

 

 

   

 

$   1,642 

 

 

 

         

 

Capital Ratios and Supplementary Leverage Ratio (unaudited)3

$ in billions

 

 

 

       
   
     AS OF                            
   
    

MARCH 31,

2024

   

DECEMBER 31,

2023

                       
   

Common equity tier 1 capital

    $   101.7         $    99.4              
                 

STANDARDIZED CAPITAL RULES

 

                         
   

Risk-weighted assets

    $     693         $     693              
   

Common equity tier 1 capital ratio

    14.7%       14.4%            
                 

ADVANCED CAPITAL RULES

 

                         
   

Risk-weighted assets

    $     641         $     665              
   

Common equity tier 1 capital ratio

    15.9%       14.9%            
                 

SUPPLEMENTARY LEVERAGE RATIO

 

                         
   

Supplementary leverage ratio

 

   

 

5.4%

 

 

 

   

 

5.5%

 

 

 

         

 

Average Daily VaR (unaudited)3

$ in millions

 

 

 

       
   
     THREE MONTHS ENDED                      
   
    

MARCH 31,

2024

   

DECEMBER 31,

2023

                       

RISK CATEGORIES

 

                         
   

Interest rates

    $      86        $      87             
   

Equity prices

    29        29             
   

Currency rates

    18        18             
   

Commodity prices

    17        19             
   

Diversification effect

 

   

 

(63) 

 

 

 

   

 

(62) 

 

 

 

         
     

Total

 

   

 

$      87 

 

 

 

   

 

$      91 

 

 

 

         

 

 

9


Goldman Sachs Reports

First Quarter 2024 Earnings Results

 

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)3

$ in billions

 

   
      AS OF                                 
   
     

MARCH 31,

2024

    

DECEMBER 31,

2023

    

MARCH 31,

2023

                             

ASSET CLASS

 

                                      

Alternative investments

 

    

 

$       296 

 

 

 

    

 

$       295 

 

 

 

    

 

$       268 

 

 

 

           

Equity

 

    

 

713 

 

 

 

    

 

658 

 

 

 

    

 

597 

 

 

 

           

Fixed income

 

    

 

1,141 

 

 

 

    

 

1,122 

 

 

 

    

 

1,047 

 

 

 

           

Total long-term AUS

 

    

 

2,150 

 

 

 

    

 

2,075 

 

 

 

    

 

1,912 

 

 

 

           

Liquidity products

 

    

 

698 

 

 

 

    

 

737 

 

 

 

    

 

760 

 

 

 

           

Total AUS

 

    

 

$     2,848 

 

 

 

    

 

$     2,812 

 

 

 

    

 

$     2,672 

 

 

 

           
           
   
      THREE MONTHS ENDED                         
   
     

MARCH 31,

2024

    

DECEMBER 31,

2023

    

MARCH 31,

2023

                             

 

Beginning balance

 

    

 

$     2,812 

 

 

 

    

 

$     2,680 

 

 

 

    

 

$     2,547 

 

 

 

           

Net inflows / (outflows):

 

                      

Alternative investments

 

    

 

– 

 

 

 

    

 

23 

 

 

 

    

 

1 

 

 

 

           

Equity

 

    

 

1 

 

 

 

    

 

2 

 

 

 

    

 

(2) 

 

 

 

           

Fixed income

 

    

 

23 

 

 

 

    

 

26 

 

 

 

    

 

9 

 

 

 

           

Total long-term AUS net inflows / (outflows)

 

    

 

24 

 

 

 

    

 

51 

 

 

 

    

 

8 

 

 

 

           

Liquidity products

 

    

 

(39) 

 

 

 

    

 

(37) 

 

 

 

    

 

49 

 

 

 

           

Total AUS net inflows / (outflows)

 

    

 

(15) 

 

 

 

    

 

14 

 

 

 

    

 

57 

 

 

 

           

Acquisitions / (dispositions)

 

    

 

– 

 

 

 

    

 

(23) 

 

 

 

    

 

– 

 

 

 

           

Net market appreciation / (depreciation)

 

    

 

51 

 

 

 

    

 

141 

 

 

 

    

 

68 

 

 

 

           

Ending balance

 

    

 

$     2,848 

 

 

 

    

 

$     2,812 

 

 

 

    

 

$     2,672 

 

 

 

           

 

10


Goldman Sachs Reports

First Quarter 2024 Earnings Results

 

 

Footnotes

 

  1.

Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Annualized ROTE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly tangible common shareholders’ equity (tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets). Management believes that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally, and that tangible common shareholders’ equity is meaningful because it is a measure that the firm and investors use to assess capital adequacy. ROTE and tangible common shareholders’ equity are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies.

 

The table below presents a reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity:

 

   
     AVERAGE FOR THE      
   

Unaudited, $ in millions

 

 

   THREE MONTHS ENDED

    MARCH 31, 2024

        

    

 

Total shareholders’ equity

 

   

 

$   117,393 

 

 

 

     

Preferred stock

 

   

 

(11,203)

 

 

 

     

Common shareholders’ equity

 

   

 

106,190 

 

 

 

     

Goodwill

   

 

(5,903)

 

 

 

     

Identifiable intangible assets

 

   

 

(1,124)

 

 

 

     

Tangible common shareholders’ equity

 

   

 

$     99,163 

 

 

 

     

 

  2.

Dealogic – January 1, 2024 through March 31, 2024.

 

 

  3.

For information about the following items, see the referenced sections in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2023: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets”, (ii) assets under supervision – see “Results of Operations – Asset & Wealth Management – Assets Under Supervision”, (iii) efficiency ratio – see “Results of Operations – Operating Expenses”, (iv) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management”, (v) global core liquid assets – see “Risk Management – Liquidity Risk Management”, (vi) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk Management – Market Risk Management.”

 

 

 

For information about the following items, see the referenced sections in Part II, Item 8 “Financial Statements and Supplementary Data” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2023: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy”, (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common Share.”

 

 

 

Represents a preliminary estimate for the first quarter of 2024 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2024.

 

11  

 

EX-99.2 3 d817877dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

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First Quarter 2024 Earnings Results Presentation April 15, 2024


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Results Snapshot Net Revenues Net Earnings EPS 1Q24 $14.21 billion 1Q24 $4.13 billion 1Q24 $11.58 Annualized ROE1 Annualized ROTE1 Book Value Per Share 1Q24 14.8% 1Q24 15.9% 1Q24 $321.10 (+2.4% YTD) Highlights Selected Items and FDIC Special Assessment Fee4 #1 in announced and completed M&A2 $ in millions, except per share amounts 1Q24 Pre-tax earnings: AWM historical principal investments5 $ 168 Record FICC financing and 2nd highest Equities financing net revenues GreenSky (24) General Motors (GM) Card (60) FDIC special assessment fee (78) Record Management and other fees of $2.45 billion Total impact to pre-tax earnings $ 6 Impact to net earnings $ 5 3 Impact to EPS $ 0.02 Record AUS of $2.85 trillion; 25th consecutive quarter of long-term fee-based net inflows Impact to ROE 0.0pp 1


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Financial Overview Financial Results $ in millions, vs. vs. except per share amounts 1Q24 4Q23 1Q23 Global Banking & Markets $ 9,726 53% 15% Asset & Wealth Management 3,789 (14)% 18% Platform Solutions 698 21% 24% Net revenues 14,213 26% 16% Provision for credit losses 318 (45)% N.M. Operating expenses 8,658 2% 3% Pre-tax earnings $ 5,237 132% 31% Net earnings $ 4,132 106% 28% Net earnings to common $ 3,931 111% 27% Diluted EPS $ 11.58 111% 32% ROE1 14.8% 7.7pp 3.2pp ROTE1 15.9% 8.3pp 3.3pp Efficiency Ratio3 60.9% (14.1)pp (7.8)pp Financial Overview Highlights 1Q24 results included EPS of $11.58 and ROE of 14.8% — 1Q24 net revenues were higher YoY, reflecting higher net revenues across all segments — 1Q24 provision for credit losses was $318 million, reflecting net provisions related to both the credit card portfolio (driven by net charge-offs) and wholesale loans (driven by impairments) — 1Q24 operating expenses were slightly higher YoY, reflecting higher compensation and benefits expenses, partially offset by lower non-compensation expenses Net Revenues by Segment ($ in millions) $14,213 $12,224 $11,318 Global Banking $9,726 & Markets $6,354 $8,444 Asset & Wealth Management Platform Solutions $3,789 $4,387 $3,216 $698 $577 $564 1Q24 4Q23 1Q23 2


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Global Banking & Markets Financial Results Global Banking & Markets Highlights 1Q24 net revenues were higher YoY vs. vs. — Investment banking fees reflected significantly higher net revenues in Debt underwriting, $ in millions 1Q24 4Q23 1Q23 Advisory and Equity underwriting Investment banking fees $ 2,080 26% 32% — FICC reflected significantly higher net revenues in financing and higher net revenues in intermediation FICC 4,323 113% 10% — Equities reflected higher net revenues in intermediation and slightly higher net revenues in financing 3,311 Investment banking fees backlog3 decreased QoQ, primarily in Advisory Equities 27% 10% 1Q24 select data3: Other 12 (80)% N.M. — Total assets of $1.45 trillion — Loan balance of $122 billion Net revenues 9,726 53% 15% — Net interest income of $243 million Provision for credit losses 96 (49)% (26)% Global Banking & Markets Net Revenues ($ in millions) Operating expenses 5,153 19% 11% Pre-tax earnings $ 4,477 145% 21% $9,726 $ 3,532 107% 18% $8,444 Net earnings $2,080 Investment $1,579 banking fees Net earnings to common $ 3,377 112% 17% $6,354 FICC $4,323 $1,652 Average common equity $ 75,000 1% 8% $3,931 Equities $2,034 Return on average common equity 18.0% 9.4pp 1.4pp Other $3,311 $2,607 $3,015 $12 $61 $(81) 1Q24 4Q23 1Q23 3


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Global Banking & Markets – Net Revenues Net Revenues Global Banking & Markets Net Revenues Highlights 1Q24 Investment banking fees were significantly higher YoY vs. vs. — Advisory reflected an increase in completed mergers and acquisitions transactions $ in millions 1Q24 4Q23 1Q23 — Equity underwriting primarily reflected an increase in initial public and secondary offerings Advisory $ 1,011 1% 24% — Debt underwriting primarily reflected a significant increase in leveraged finance activity Equity underwriting 370 47% 45% 1Q24 FICC net revenues were higher YoY — FICC intermediation reflected significantly higher net revenues in mortgages and higher net Debt underwriting 699 77% 38% revenues in currencies and credit products, partially offset by lower net revenues in commodities and slightly lower net revenues in interest rate products Investment banking fees 2,080 26% 32% — FICC financing was a record and primarily reflected significantly higher net revenues from mortgages and structured lending FICC intermediation 3,471 168% 6% 1Q24 Equities net revenues were higher YoY — Equities intermediation reflected significantly higher net revenues in derivatives FICC financing 852 15% 31% — Equities financing net revenues were slightly higher; record average prime balances FICC 4,323 113% 10% Equities intermediation 1,989 32% 14% Equities financing 1,322 20% 4% Equities 3,311 27% 10% Other 12 (80)% N.M. Net revenues $ 9,726 53% 15% 4


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Asset & Wealth Management Financial Results vs. vs. $ in millions 1Q24 4Q23 1Q23 Management and other fees: Asset management $ 1,113 2% 8% Wealth management 1,339 (1)% 7% Total Management and other fees 2,452 –7% Incentive fees 88 49% 66% Private banking and lending 682 3% 93% Equity investments 222 (74)% 87% Debt investments 345 (10)% (15)% Net revenues 3,789 (14)% 18% Provision for credit losses (22) (144)% 96% Operating expenses 2,934 (18)% (7)% Pre-tax earnings $ 877 8% 43% Net earnings $ 692 5% 40% Net earnings to common $ 653 3% 41% Average common equity $ 26,456 (5)% (19)% Return on average common equity 9.9% 0.8pp 4.2pp Asset & Wealth Management Highlights 1Q24 net revenues were higher YoY — Management and other fees primarily reflected the impact of higher average AUS — Private banking and lending net revenues reflected the impact of the sale of the Marcus loans portfolio in 2023 (including the significant mark-down of the portfolio in 1Q23), partially offset by the impact of lower deposit spreads — Equity investments reflected: o Private: 1Q24 ~$330 million, compared to 1Q23 ~$35 million o Public: 1Q24 ~$(110) million, compared to 1Q23 ~$85 million — Debt investments reflected lower net interest income due to a reduction in the debt investments balance sheet 1Q24 select data3: — Total assets of $190 billion — Loan balance of $45 billion, of which $33 billion related to Private banking and lending — Net interest income of $691 million — Total Wealth management client assets6 of ~$1.5 trillion — Pre-tax margin of 23% Asset & Wealth Management Net Revenues ($ in millions) $4,387 $3,789 Management and other fees $3,216 Incentive $2,445 fees $2,452 Private banking and lending $59 $2,282 Equity $661 investments $88 Debt $682 $838 $53 investments $354 $222 $119 $345 $384 $408 1Q24 4Q23 1Q23 5


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Asset & Wealth Management – Assets Under Supervision AUS Rollforward3 AUS by Asset Class3 $ in billions 1Q24 4Q23 1Q23 $ in billions 1Q24 4Q23 1Q23 Beginning balance $ 2,812 $ 2,680 $ 2,547 Alternative investments $ 296 $ 295 $ 268 Long-term AUS net inflows / (outflows) 24 51 8 Equity 713 658 597 Liquidity products (39) (37) 49 Fixed income 1,141 1,122 1,047 Total AUS net inflows / (outflows) (15) 14 57 Long-term AUS 2,150 2,075 1,912 Acquisitions / (dispositions) – (23) – Liquidity products 698 737 760 Net market appreciation / (depreciation) 51 141 68 Total AUS $ 2,848 $ 2,812 $ 2,672 Ending balance $ 2,848 $ 2,812 $ 2,672 AUS by Client Channel3 $ in billions 1Q24 4Q23 1Q23 AUS Highlights3 Institutional $ 1,048 $ 1,033 $ 939 Wealth management 845 798 745 During the quarter, AUS increased $36 billion to a record $2.85 trillion — Net market appreciation in equity assets Third-party distributed 955 981 988 Total AUS $ 2,848 $ 2,812 $ 2,672 — Net inflows in fixed income assets — Net outflows in liquidity products 1Q24 AUS by Region and Vehicle3 Total AUS net outflows of $15 billion during the quarter, of which: — $44 billion of net outflows in Third-party distributed client channel 7% 13% — $17 billion of net inflows in Wealth management client channel 23% — $12 billion of net inflows in Institutional client channel Region Vehicle 56% 31% 70%


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Asset & Wealth Management – Alternative Investments Alternative Investments AUS and Effective Fees3 Alternative Investments Highlights3 1Q24 Management and other fees from alternative investments were $486 million, down 2% 1Q24 compared with 1Q23 $ in billions Average AUS Effective Fees (bps) During the quarter, alternative investments AUS increased $1 billion to $296 billion Corporate equity $ 109 78 1Q24 gross third-party alternatives fundraising across strategies was $14 billion, including: Credit 55 72 — $4 billion in corporate equity, $7 billion in credit, $1 billion in real estate and $2 billion in hedge Real estate 23 59 funds and other Hedge funds and other 66 62 — $265 billion raised since the end of 2019 Funds and discretionary accounts 253 71 During the quarter, on-balance sheet alternative investments declined by $2.2 billion to $44.0 billion Advisory accounts 42 17 — Historical principal investments5 declined by $1.5 billion to $14.8 billion and included $3.1 Total alternative investments AUS $ 295 63 billion of loans, $3.5 billion of debt securities, $3.8 billion of equity securities and $4.4 billion of CIE investments and other On-Balance Sheet Alternative Investments3 Historical Principal Investments Rollforward3,5 ($ in billions) $ in billions 1Q24 $ in billions 1Q24 Loans $ 12.1 Client co-invest $ 20.5 $16.3 $(0.1) $0.2 $(1.6) Debt securities 10.4 Firmwide initiatives / CRA investments 8.7 $14.8 Equity securities 13.1 Historical principal investments5 14.8 CIE investments and other7 8.4 Total On-B/S alternative investments $ 44.0 Total On-B/S alternative investments $ 44.0 Historical principal investments ($ in billions) $29.7 $9bn $16.3 $14.8 Attributed $6bn $5bn Equity Attributed Attributed Equity Equity YE22 YE23 1Q24 7


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Platform Solutions Financial Results Platform Solutions Highlights 1Q24 net revenues were higher YoY vs. vs. — Consumer platforms primarily reflected higher average credit card balances and higher $ in millions 1Q24 4Q23 1Q23 average deposit balances Consumer platforms $ 618 23% 26% — Transaction banking and other reflected higher deposit spreads 1Q24 provision for credit losses of $244 million reflected net provisions related to the credit card Transaction banking and other 80 10% 8% portfolio (driven by net charge-offs) 1Q24 select data3: Net revenues 698 21% 24% — Total assets of $59 billion Provision for credit losses 244 (39)% (8)% — Loan balance of $17 billion — Net interest income of $674 million Operating expenses 571 1% (6)% Pre-tax earnings / (loss) $ (117) 70% 62% Platform Solutions Net Revenues ($ in millions) Net earnings / (loss) $ (92) 74% 63% Net earnings / (loss) to common $ (99) 73% 61% $698 Average common equity $ 4,734 30% 20% $577 $564 Return on average common equity (8.4)% 31.3pp 17.3pp Consumer platforms $618 Transaction $504 $490 banking and other $80 $73 $74 1Q24 4Q23 1Q23 8


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Loans and Net Interest Income Loans by Segment3 ($ in billions) Loans by Type3 Metrics $184 $183 $178 $ in billions 1Q24 4Q23 1Q23 2.8% Corporate $ 36 $ 36 $ 40 ALLL to Total Gross Loans, at Commercial real estate 27 26 29 Amortized Cost Residential real estate 24 25 22 1.6% $122 $117 $109 Global Banking & Markets Securities-based lending 14 15 16 ALLL to Gross Wholesale Loans, at Other collateralized lending 67 62 53 Amortized Cost Asset & Wealth Management Installment – 3 6 13.7% Credit cards 19 19 15 ALLL to Gross $53 Platform Consumer Loans, at $45 $46 Solutions Other 2 2 2 Amortized Cost Allowance for loan losses (5) (5) (5) ~80% $17 $20 $16 Total loans $ 184 $ 183 $ 178 Gross Loans 1Q24 4Q23 1Q23 Secured Net Interest Income by Segment ($ in millions) Loans and Net Interest Income Highlights3 ??1Q24 loans increased slightly QoQ $1,781 — Gross loans by type: $178 billion—amortized cost, $6 billion—fair value, $5 billion—held for sale $1,608 — Average loans of $185 billion $243 $347 — Total allowance for loan losses and losses on lending commitments was $5.54 billion ($4.90 $1,339 billion for funded loans) $22 Global Banking o $3.18 billion for wholesale loans, $2.36 billion for consumer loans & Markets $691 — Net charge-offs of $380 million for an annualized net charge-off rate of 0.9% $697 $886 Asset & Wealth Management o 0.0% for wholesale loans, 8.4% for consumer loans ??1Q24 net interest income decreased 10% YoY, reflecting an increase in funding costs supporting Platform Solutions trading activities $674 $620 — 1Q24 average interest-earning assets of $1.53 trillion $548 1Q24 4Q23 1Q23 9


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Commercial Real Estate (CRE) 1Q24 Firmwide Loans, Net of ALLL3 1Q24 AWM On-Balance Sheet Alternative Investments3 $ in billions 1Q24 $ in billions CRE-related Office-related Warehouse / other indirect $12 Loans (included in firmwide loans) $ 1.6 $ 0.2 Industrials $3 Multifamily $3 $26 Hospitality $2 Debt securities $ 0.5 $ 0.1 Mixed use $1 Office $1 Other $4 Equity securities $ 3.8 $ 0.3 CIE investments7 $ 4.7 / 2.0 $ 0.6 CRE loans Other loans gross / net net of financings of financings 14.1% 2.4% 0.3% CRE Loans to Past Due (30+ days) Ratio 1Q24 Annualized Total Loans, Net of on CRE Loans, at Net Charge-Off Ratio ALLL Amortized Cost on CRE Loans, at Amortized Cost 50% of the CRE loan portfolio was investment-grade, based on internally determined public Office-related exposures were primarily secured by Class A office properties rating agency equivalents ~36% of the CRE-related on-balance sheet alternative investments consisted of historical Office-related loans were primarily secured by Class A office properties principal investments, which the firm intends to exit over the medium term5 Additionally, the firm has $3.4 billion of CRE-related unfunded lending commitments, including $0.6 billion of office-related commitments 10


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Expenses Financial Results Expense Highlights ??1Q24 total operating expenses were slightly higher YoY vs. vs. — Compensation and benefits expenses were higher, reflecting improved operating $ in millions 1Q24 4Q23 1Q23 performance Compensation and benefits $ 4,585 27% 12% — Non-compensation expenses were lower, reflecting: o Significantly lower impairments related to consolidated real estate investments (in Transaction based 1,497 3% 7% depreciation and amortization) o Partially offset by higher transaction based expenses and an incremental expense for the FDIC special assessment fee of $78 million (in other expenses) Market development 153 (13)% (11)% ??The effective income tax rate for 1Q24 was 21.1%, up from the full year rate of 20.7% for 2023, primarily due to a decrease in permanent tax benefits, partially offset by changes in the Communications and technology 470 (7)% 1% geographic mix of earnings Depreciation and amortization 627 (20)% (35)% Efficiency Ratio3 Occupancy 247 (8)% (7)% Professional fees 384 (18)% – 68.7% 60.9% Other expenses 695 (44)% 7% Total operating expenses $ 8,658 2% 3% Provision for taxes $ 1,105 349% 46% Effective Tax Rate 21.1% 1Q24 1Q23 11


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Capital and Balance Sheet Capital3 Capital and Balance Sheet Highlights3 ??Standardized CET1 capital ratio increased QoQ, reflecting an increase in CET1 capital 1Q24 4Q23??Advanced CET1 capital ratio increased QoQ, primarily reflecting a decrease in credit RWAs and an increase in CET1 capital Standardized CET1 capital ratio 14.7% 14.4% ??Returned $2.43 billion of capital to common shareholders during the quarter Advanced CET1 capital ratio 15.9% 14.9% — 3.9 million common shares repurchased for a total cost of $1.50 billion — $929 million of common stock dividends Supplementary leverage ratio (SLR) 5.4% 5.5% ??Deposits of $441 billion consisted of consumer $174 billion, private bank $101 billion, transaction banking $64 billion, brokered CDs $42 billion, deposit sweep programs $31 billion and other $29 billion??BVPS increased 2.4% QoQ, driven by net earnings Selected Balance Sheet Data3 Book Value $ in billions 1Q24 4Q23 In millions, except per share amounts 1Q24 4Q23 Total assets $ 1,698 $ 1,642 Basic shares3 334.3 337.1 Deposits $ 441 $ 428 Book value per common share $ 321.10 $ 313.56 Unsecured long-term borrowings $ 234 $ 242 Tangible book value per common share1 $ 300.40 $ 292.52 Shareholders’ equity $ 118 $ 117 Average GCLA $ 423 $ 414 12


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Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity and the forward-looking statements below, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2023. Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets (GCLA) consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements regarding (i) estimated GDP growth or contraction, interest rate and inflation trends and volatility, (ii) the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of targets and goals, (iii) the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s stress capital buffer and G-SIB buffer, and the potential impact of changes to U.S. regulatory capital rules), (iv) the firm’s prospective capital distributions (including dividends and repurchases), (v) the firm’s future effective income tax rate, (vi) the firm’s Investment banking fees backlog and future results, (vii) the firm’s planned 2024 benchmark debt issuances, (viii) the impact of Russia’s invasion of Ukraine and related sanctions and other developments and the impact of the conflict in the Middle East on the firm’s business, results and financial position, and (ix) the firm’s ability to sell, and the terms of any proposed or pending sale of, Asset & Wealth Management historical principal investments and the firm’s ability to transition the GM credit card are forward-looking statements. Statements regarding estimated GDP growth or contraction, interest rate and inflation trends and volatility are subject to the risk that actual GDP growth or contraction, interest rate and inflation trends and volatility may differ, possibly materially, due to, among other things, changes in general economic conditions and monetary and fiscal policy. Statements about the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of targets and goals are based on the firm’s current expectations regarding the firm’s ability to effectively implement these initiatives and achieve these targets and goals and may change, possibly materially, from what is currently expected. Statements about the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s stress capital buffer and G-SIB buffer), as well as its prospective capital distributions (including dividends and repurchases), are subject to the risk that the firm’s actual liquidity, regulatory capital ratios and capital distributions may differ, possibly materially, from what is currently expected, including due to, among other things, potential future changes to regulatory capital rules, which may not be what the firm expects. Statements about the firm’s future effective income tax rate are subject to the risk that the firm’s future effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the tax rates applicable to the firm, the firm’s earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm’s expected tax rate, and potential future guidance from tax authorities. Statements about the firm’s Investment banking fees backlog and future advisory and capital market results are subject to the risk that advisory and capital market activity may not increase as the firm expects or that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak or worsening of hostilities, including those in Ukraine and the Middle East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. Statements regarding the firm’s planned 2024 benchmark debt issuances are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm’s funding needs. Statements about the impact of Russia’s invasion of Ukraine and related sanctions and other developments and the impact of the conflict in the Middle East on the firm’s business, results and financial position are subject to the risks that hostilities may escalate and expand, that sanctions may increase and that the actual impact may differ, possibly materially, from what is currently expected. Statements about the proposed or pending sales of Asset & Wealth Management historical principal investments are subject to the risks that buyers may not bid on these assets or bid at levels, or with terms, that are unacceptable to the firm, and that the performance of these activities may deteriorate as a result of the proposed and pending sales, and statements about the process to transition the GM credit card are subject to the risk that a transaction may not close on the anticipated timeline or at all, including due to a failure to obtain requisite regulatory approvals. 13


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Footnotes 1. Annualized return on average common shareholders’ equity (ROE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Annualized return on average tangible common shareholders’ equity (ROTE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly tangible common shareholders’ equity. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. Tangible book value per common share (TBVPS) is calculated by dividing tangible common shareholders’ equity by basic shares. Management believes that tangible common shareholders’ equity and TBVPS are meaningful because they are measures that the firm and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders’ equity, ROTE and TBVPS are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. The table below presents a reconciliation of average and ending common shareholders’ equity to average and ending tangible common shareholders’ equity: AVERAGE FOR THE AS OF THREE MONTHS ENDED Unaudited, $ in millions MARCH 31, 2024 MARCH 31, 2024 DECEMBER 31, 2023 MARCH 31, 2023 Total shareholders’ equity $ 117,393 $ 118,546 $ 116,905 $ 117,509 Preferred stock (11,203) (11,203) (11,203) (10,703) Common shareholders’ equity 106,190 107,343 105,702 106,806 Goodwill (5,903) (5,897) (5,916) (6,439) Identifiable intangible assets (1,124) (1,021) (1,177) (1,965) Tangible common shareholders’ equity $ 99,163 $ 100,425 $ 98,609 $ 98,402 2. Dealogic – January 1, 2024 through March 31, 2024. 3. For information about the following items, see the referenced sections in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2023: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets”, (ii) assets under supervision (AUS) – see “Results of Operations – Asset & Wealth Management – Assets Under Supervision”, (iii) efficiency ratio – see “Results of Operations – Operating Expenses”, (iv) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics”, (v) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management” and (vi) global core liquid assets – see “Risk Management – Liquidity Risk Management.” For information about the following items, see the referenced sections in Part II, Item 8 “Financial Statements and Supplementary Data” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2023: (i) interest-earning assets – see “Statistical Disclosures – Distribution of Assets, Liabilities and Shareholders’ Equity” and (ii) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy.” Represents a preliminary estimate for the first quarter of 2024 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets. These may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2024. 4. Includes selected items that the firm has sold or is selling related to the narrowing of the firm’s ambitions in consumer-related activities and related to the transitioning of Asset & Wealth Management to a less capital-intensive business. In 1Q24, the FDIC notified banks subject to the special assessment fee that the estimated cost to the Deposit Insurance Fund resulting from the closures in 2023 of Silicon Valley Bank and Signature Bank has increased. As a result, the firm recognized an incremental pre-tax expense of $78 million. Net earnings reflects the effective income tax rate for the respective segment of each item. 14


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Footnotes—Continued 5. Includes consolidated investment entities (CIEs) and other legacy investments the firm intends to exit over the medium term (medium term refers to a 3-5 year time horizon from year-end 2022). 6. Consists of AUS, brokerage assets and Marcus deposits. 7. Includes CIEs and other investments. CIEs are generally accounted for at historical cost less depreciation. Substantially all of the firm’s CIEs are engaged in commercial real estate investment activities. Assets held by CIEs of $5 billion as of March 31, 2024 and $6 billion as of December 31, 2023 were funded with liabilities of approximately $3 billion as of both March 31, 2024 and December 31, 2023. Substantially all such liabilities are nonrecourse, thereby reducing the firm’s equity at risk. 15