8-K

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):
December 12, 2003

THE GOLDMAN SACHS GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware	No. 001-14965	No. 13-4019460
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

85 Broad Street
New York, New York	10004
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 902-1000

N/A

(Former Name or Former Address, if Changed Since Last Report)

TABLE OF CONTENTS

	Item 5. Other Events.
	Item 7. Financial Statements and Exhibits.
SIGNATURE
PRIOR PERIOD SEGMENT OPERATING RESULTS

Item 5. Other Events.

     The Goldman Sachs Group, Inc. will be making certain changes to its business segment reporting structure, commencing with its earnings release for the fourth fiscal quarter of 2003, which we anticipate will be issued on December 18, 2003.

     These changes include:

• reclassifying equity commissions and clearing and execution fees from the Commissions component of the Asset Management and Securities Services segment to the Equities component of the Trading and Principal Investments segment;

• reclassifying merchant banking overrides from the Commissions component of the Asset Management and Securities Services segment to the Principal Investments component of the Trading and Principal Investments segment; and

• reclassifying the matched book businesses from the Securities Services component of the Asset Management and Securities Services segment to the Fixed Income, Currency and Commodities (FICC) component of the Trading and Principal Investments segment.

     These reclassifications will have no effect on the firm’s historical consolidated results of operations. In an attached exhibit to this Form 8-K, prior period segment operating results and certain income statement line items have been changed to conform to the new business segment reporting structure.

Item 7. Financial Statements and Exhibits.

     The following exhibit is filed as part of this Current Report on Form 8-K:

99.1 Prior period segment operating results and selected income statement data of the Registrant.

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: December 12, 2003	By:	/s/ Dan H. Jester
		Name:	Dan H. Jester
		Title:	Vice President and Deputy Chief Financial Officer

EX-99.1 3 y92445exv99w1.htm PRIOR PERIOD SEGMENT OPERATING RESULTS

Exhibit 99.1

The Goldman Sachs Group, Inc. and Subsidiaries

Operating Results by Segment
(unaudited)
($ in millions)

		Three Months Ended
		Aug. 29,		May 30,			Feb. 28,
		2003		2003			2003
Investment Banking
Financial Advisory		$	304	$	258		$	337
	Equity Underwriting		196		130			163
	Debt Underwriting		187		271			218
Total Underwriting			383		401			381
Net revenues			687		659			718
Operating expenses			604		578			588
Pre-tax earnings		$	83	$	81		$	130
Trading and Principal Investments
FICC		$	879	$	1,646		$	1,935
	Equities Trading		441		446			349
	Equities Commissions		661		629			590
Total Equities			1,102		1,075			939
Principal Investments			360		(44	)		(71	)
Net revenues			2,341		2,677			2,803
Operating expenses			1,671		1,897			2,010
Pre-tax earnings		$	670	$	780		$	793
Asset Management and Securities Services
Asset Management		$	481	$	404		$	455
Securities Services			284		245			211
Net revenues			765		649			666
Operating expenses			529		450			432
Pre-tax earnings		$	236	$	199		$	234
Total
Net revenues		$	3,793	$	3,985		$	4,187
Operating expenses (1)			2,813		2,947			3,169
Pre-tax earnings		$	980	$	1,038		$	1,018

⁽¹⁾ Includes expenses that have not been allocated to the firm’s segments. These reported expenses have not been affected by the reclassifications.

The Goldman Sachs Group, Inc. and Subsidiaries

Operating Results by Segment
(unaudited)
($ in millions)

		Nine Months Ended					Year Ended
		Aug. 29,		Aug. 30,			Nov. 29,			Nov. 30,
		2003		2002			2002			2001
Investment Banking
Financial Advisory		$	899	$	1,200		$	1,499		$	2,070
	Equity Underwriting		489		626			734			983
	Debt Underwriting		676		481			597			783
Total Underwriting			1,165		1,107			1,331			1,766
Net revenues			2,064		2,307			2,830			3,836
Operating expenses			1,770		2,002			2,454			3,117
Pre-tax earnings		$	294	$	305		$	376		$	719
Trading and Principal Investments
FICC		$	4,460	$	3,847		$	4,680		$	4,272
	Equities Trading		1,236		804			1,008			2,923
	Equities Commissions		1,880		2,279			2,994			2,603
Total Equities			3,116		3,083			4,002			5,526
Principal Investments			245		(57	)		(35	)		(228	)
Net revenues			7,821		6,873			8,647			9,570
Operating expenses			5,578		5,153			6,505			7,310
Pre-tax earnings		$	2,243	$	1,720		$	2,142		$	2,260
Asset Management and Securities Services
Asset Management		$	1,340	$	1,266		$	1,653		$	1,473
Securities Services			740		652			856			932
Net revenues			2,080		1,918			2,509			2,405
Operating expenses			1,411		1,210			1,562			1,325
Pre-tax earnings		$	669	$	708		$	947		$	1,080
Total
Net revenues		$	11,965	$	11,098		$	13,986		$	15,811
Operating expenses (1)			8,929		8,564			10,733			12,115
Pre-tax earnings		$	3,036	$	2,534		$	3,253		$	3,696

⁽¹⁾ Includes expenses that have not been allocated to the firm’s segments. These reported expenses have not been affected by the reclassifications.

The Goldman Sachs Group, Inc. and Subsidiaries

Selected Income Statement Data
(unaudited)
($ in millions)

		Three Months Ended
		Aug. 29,		May 30,		Feb. 28,
		2003		2003		2003
Revenues
Investment banking		$	592	$	556	$	626
Trading and principal investments			1,782		2,149		2,367
Asset management and securities services			500		413		469
Interest income			2,841		2,867		2,632
	Total revenues		5,715		5,985		6,094
Interest expense			1,922		2,000		1,907
	Revenues, net of interest expense	$	3,793	$	3,985	$	4,187

		Nine Months Ended				Year Ended
		Aug. 29,		Aug. 30,		Nov. 29,		Nov. 30,
		2003		2002		2002		2001
Revenues
Investment banking		$	1,774	$	2,123	$	2,572	$	3,677
Trading and principal investments			6,298		5,878		7,297		9,296
Asset management and securities services			1,382		1,316		1,716		1,545
Interest income			8,340		8,489		11,269		16,620
	Total revenues		17,794		17,806		22,854		31,138
Interest expense			5,829		6,708		8,868		15,327
	Revenues, net of interest expense	$	11,965	$	11,098	$	13,986	$	15,811

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EX-99.1

PRIOR PERIOD SEGMENT OPERATING RESULTS