Exhibit 15.1

May 14, 2003

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC  20549

Re:      The Goldman Sachs Group, Inc.
         Registration Statement on Form S-3

Commissioners:

We are aware that our report dated April 9, 2003 on our review of the condensed
consolidated statement of financial condition of The Goldman Sachs Group, Inc.
and Subsidiaries (the "Company") as of February 28, 2003 and the related
condensed consolidated statements of earnings, cash flows and comprehensive
income for the three months ended February 28, 2003 and February 22, 2002
included in the Company's Quarterly Report on Form 10-Q for the quarter ended
February 28, 2003 is incorporated by reference into this Registration Statement
on Form S-3. Pursuant to Rule 436(c) under the Securities Act of 1933, such
report should not be considered a part of such Registration Statement, and is
not a report prepared or certified by us within the meaning of Sections 7 and 11
of that Act.

Very truly yours,

/s/ PricewaterhouseCoopers LLP