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):

October 15, 2019

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.)

200 West Street New York, New York	10282
(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.)

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(s)	Name of each 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 5.50% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series J	GS PrJ	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
Depositary Shares, Each Representing 1/1,000th Interest in a Share of 6.30% Non-Cumulative Preferred Stock, Series N	GS PrN	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 A, Index-Linked Notes due 2037 of GS Finance Corp.	GCE	NYSE Arca
Medium-Term Notes, Series B, Index-Linked Notes due 2037	GSC	NYSE Arca
Medium-Term Notes, Series E, Index-Linked Notes due 2028 of GS Finance Corp.	FRLG	NYSE Arca

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

Exhibit 99.1: PRESS RELEASE

Exhibit 99.2: PRESENTATION

Item 2.02 Results of Operations and Financial Condition.

On October 15, 2019, The Goldman Sachs Group, Inc. (Group Inc. and, together with its consolidated subsidiaries, the firm) reported its earnings for the third quarter ended September 30, 2019. 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 October 15, 2019, at 11:00 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 8.01 Other Events.

On August 9, 2019, the Attorney General of Malaysia announced that criminal charges had been filed against seventeen current and former directors of Goldman Sachs International, Goldman Sachs (Asia) LLC and Goldman Sachs (Singapore) PTE in connection with three offerings of debt securities by 1Malaysia Development Berhad (1MDB).

The firm is cooperating with the U.S. Department of Justice and all other governmental and regulatory investigations relating to 1MDB. The firm is also engaged in discussions with certain governmental and regulatory authorities with respect to potential resolution of their investigations. There can be no assurance that the discussions will lead to resolution of any of those matters.

See the disclosures concerning 1MDB-related matters in our Quarterly Report on Form 10-Q for the period ended June 30, 2019.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release of Group Inc. dated October 15, 2019 containing financial information for its third quarter ended September 30, 2019.

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 October 15, 2019, for the conference call on October 15, 2019.

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: October 15, 2019	By:	/s/ Stephen M. Scherr
		Name:  Stephen M. Scherr
		Title:    Chief Financial Officer

EX-99.1

Exhibit 99.1

Third Quarter

2019 Earnings

Results

    Media Relations: Jake Siewert  212-902-5400

    Investor Relations: Heather Kennedy  Miner 212-902-0300    

The Goldman Sachs Group, Inc.              

200 West Street | New York, NY 10282              

Third Quarter 2019 Earnings Results

Goldman Sachs Reports Third Quarter Earnings Per Common Share of $4.79

“Our results through the third quarter reflect the underlying strength of our global client franchise and its ability to produce solid results in the context of a mixed operating environment. We continue to execute on our strategic priorities, including investing in important  growth opportunities in our existing and new businesses and in delivering for our clients in the most  efficient  and  effective manner possible. We believe that this focus will best position the firm to generate long-term, industry-leading returns for our shareholders.”

- David M. Solomon, Chairman and Chief Executive Officer     

Financial Summary

Net Revenues	Net Earnings	EPS
3Q                     $8.32 billion 3Q YTD          $26.59 billion	3Q                    $1.88 billion 3Q YTD           $6.55 billion	3Q                              $4.79 3Q YTD                    $16.32
Annualized ROE 1	Annualized ROTE  1	Book Value Per Share
3Q                                  9.0% 3Q YTD                        10.4%	3Q                                  9.5% 3Q YTD                        11.0%	3Q$218.82 3Q Growth                    2.2%

NEW YORK, October 15, 2019 – The Goldman Sachs Group, Inc. (NYSE: GS)  today reported net revenues of $8.32 billion and net earnings of $1.88 billion for the third quarter ended September 30, 2019. Net revenues were $26.59 billion and net earnings were $6.55 billion for the first nine months of 2019.

Diluted  earnings per common share (EPS) was  $4.79  for the third quarter of 2019  compared with $6.28 for the third quarter of 2018 and $5.81 for the second quarter of 2019, and was $16.32 for the first nine months of 2019 compared with $19.21 for the first nine months of 2018.

Annualized return on average common shareholders’ equity (ROE)¹ was 9.0% for the third quarter of 2019 and 10.4% for the first nine months of 2019. Annualized return on average  tangible common shareholders’  equity (ROTE)¹ was 9.5% for the third quarter of 2019 and 11.0% for the first nine months of 2019.

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Goldman Sachs Reports

Third Quarter 2019 Earnings Results

Highlights

◾ The firm ranked #1 in worldwide announced and completed mergers and acquisitions for the year-to-date². The firm also ranked#1  in worldwide equity and equity-related offerings,common stock offeringsand initial public  offerings for the year- to-date².

◾ Investing & Lending net  revenues included record  quarterly net interest income in debt securities and loans of $891 million.

◾ Investment Management net revenues included record quarterly management and other fees of $1.46 billion. Assets under supervision^3,4 increased $102 billion⁵ during the quarter to a record $1.76 trillion.

◾ Book value per common share was $218.82, 2.2% higher compared with the end of the second quarter of 2019 and 10.9% higher compared with the end of the third quarter of 2018.

Quarterly Net Revenue Mix by Segment

      

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Goldman Sachs Reports

Third Quarter 2019 Earnings Results

Net Revenues

Net revenues were $8.32 billion for the third quarter of 2019, 6% lower than the third quarter of 2018 and 12% lower than the second quarter of 2019. The decrease compared with the third quarter of 2018 primarily reflected lower net revenues in Investing & Lending and Investment Banking, partially offset by higher net revenues in Institutional Client Services.	Net Revenues
	$8.32 billion

Investment Banking

Net revenues in Investment Banking were $1.69 billion for the third quarter of 2019, 15% lower than the third quarter of 2018 and 9% lower than the second quarter of 2019. Net revenues in Financial Advisory were $716 million, 22% lower compared with a strong third quarter of 2018, reflecting a decrease in completed mergers and acquisitions transactions. Net revenues in Underwriting were $971 million, 9% lower than the third quarter of 2018,dueto lowernet revenues in equity underwriting, reflecting a significant decline in industry-wide initial public offerings, and in debt underwriting, reflecting a decrease in industry-wide leveraged finance transactions. The firm’s investment banking transaction backlog3 increased compared with the end of the second quarter of 2019.	Investment Banking
	$1.69 billion
	Financial Advisory	$716 million
	Underwriting	$971 million

Institutional Client Services

Net revenues inInstitutional Client Serviceswere $3.29 billion for the third quarter of 2019, 6% higher than the third quarter of 2018 and 5% lower than the second quarter of 2019. Net revenues in Fixed Income, Currency and Commodities (FICC) Client Execution were $1.41 billion, 8% higher than the third quarter of 2018, reflecting higher net revenues in commodities, credit products, mortgages and interest rate products, partially offset by lower net revenues in currencies. During the quarter, FICC Client Execution operated in an environment generally characterized by solid client activity. Net revenues in Equities were $1.88 billion, 5% higher than the third quarter of 2018, primarily due to higher commissions and fees, reflecting increased client activity, and higher net revenues in securities services, reflecting improved spreads. Net revenues in equities client execution were unchanged, reflecting significantly higher net revenues in cash products, offset by significantly lower net revenues in derivatives. During the quarter, Equities operated in an environment generally characterized by lower client activity compared with the second quarter of 2019.	Institutional Client Services
	$3.29 billion
	FICC	$1.41 billion
	Equities	$1.88 billion

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Goldman Sachs Reports

Third Quarter 2019 Earnings Results

Investing & Lending

Net revenues in Investing & Lending were $1.68 billion for the third quarter of 2019, 17%  lower than the third quarter of 2018 and 34% lower than the second quarter of 2019. Net  revenues in equity securities were  $662 million, 40% lower than the third  quarter of 2018, reflecting significantly lower net gains from investments in private equities as well as net losses from investments in public equities. Net revenues in debt securities and loans were $1.02 billion, 10% higher than the third quarter of 2018, driven by significantly higher net interest income. The third quarter of 2019 included net interest income of $891 million.	Investing & Lending
	$1.68 billion
	Equity Securities	$662 million
	Debt Securities   and Loans	$1.02 billion

Investment Management

Net revenues in Investment Management  were $1.67  billion for the third quarter of 2019,  2% lower than the third quarter of 2018 and  5% higher than the second quarter of 2019. The decrease in net revenues compared with the third quarter of 2018 was due to significantly lower incentive fees. This decrease was partially offset by higher management and other fees (including the impact of the acquisition of United Capital Financial Partners, Inc. (United Capital)), reflecting higher average assets under supervision, partially offset by shifts in the mix of client assets and strategies. During the quarter, total assets under supervision3,4 increased $102 billion to $1.76 trillion. Long-term  assets under supervision increased $85  billion, including net inflows of  $69  billion5, primarily in equity and fixed income  assets, and net  market appreciation of  $16  billion, primarily in  fixed income  assets. Liquidity products increased $17 billion5.	Investment Management
	$1.67 billion
	Management and   Other Fees	$1.46  billion
	Incentive Fees	$  45 million
	Transaction   Revenues	$166  million

Provision for Credit Losses

Provision for credit losses was $291 million for the third quarter of 2019, 67% higher than the third quarter of 2018 and 36% higher than the second quarter of 2019. The increase  compared  with  the third  quarter of 2018 primarily reflected higher impairments.
	Provision for Credit Losses
	$291 million

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Goldman Sachs Reports

Third Quarter 2019 Earnings Results

Operating Expenses

Operating expenses were $5.62 billion for the third quarter of 2019, essentially unchanged compared with the third quarter of 2018 and 8% lower than the second quarter of 2019. The firm’s efficiency ratio3 for the first nine months of 2019 was 66.2%, compared with 64.2% for the first nine months of 2018.	Operating Expenses
	$5.62 billion
Operating expenses, compared with the third quarter of 2018, reflected higher expenses for consolidated investments (increase was primarily in depreciation and amortization, occupancy and other expenses) and higher brokerage, clearing, exchange and distribution fees, reflecting an increase in activity levels. In addition, the third quarter of 2019 included higher expenses related to technology and the firm’s credit card activities (increases were primarily in depreciation and amortization, communications and technology, professional fees and other expenses) and also included expenses related to United Capital. These increases were offset by lower compensation and benefits expenses and lower net provisions for litigation and regulatory proceedings. Net provisions for litigation and regulatory proceedings for the third quarter of 2019 were $47 million compared with $136 million for the third quarter of 2018. Headcount increased 6% during the third quarter of 2019, primarily reflecting the timing of campus hires and the acquisition of United Capital.	YTD Efficiency Ratio
	66.2%

Provision for Taxes

The effective income tax rate for the first nine months of 2019 increased to 20.7% from 20.1% for the first half of 2019, primarily due to a decrease in the impact of permanent tax benefits in the first nine months of 2019 compared with the first half of 2019.	YTD Effective Tax Rate
	20.7%

Other Matters

◾ On October 14, 2019, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $1.25 per common share to be paid on December 30, 2019 to common shareholders of record on December 2, 2019. ◾ During the quarter, the firm returned $1.14 billion of capital to common shareholders, including $673 million of share repurchases (3.1 million shares at an average cost of $217.66) and $466 million of common stock dividends.3 ◾ Global core liquid assets3 averaged $238 billion4 for the third quarter of 2019, compared with an average of $225 billion for the second quarter of 2019.	Declared Quarterly Dividend Per Common Share
	$1.25
	Common Share Repurchases
	3.1 million shares for $673 million
	Average GCLA
	$238 billion

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Goldman Sachs Reports

Third Quarter 2019 Earnings Results

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial 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, 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 and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results and financial condition, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2018.

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 transaction backlog also may constitute forward-looking statements. Such statements are subject to the risk that transactions may be modified or not completed at all and associated net revenues may not be realized or may be materially less than those currently expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, outbreak of hostilities, 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 transactions, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2018.

Conference Call

A conference call to discuss the firm’s financial results, outlook and related matters will be held at 11:00 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 1-888-281-7154 (in the U.S.) or 1-706-679-5627 (outside the U.S.). 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 or by dialing 1-855-859-2056 (in the U.S.) or 1-404-537- 3406 (outside the U.S.) passcode number 64774224 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.

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Goldman Sachs Reports

Third Quarter 2019 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)⁶

$ in millions

	THREE MONTHS ENDED						% CHANGE FROM
	SEPTEMBER 30, 2019		JUNE 30, 2019		SEPTEMBER 30, 2018		JUNE 30, 2019		SEPTEMBER 30, 2018
INVESTMENT BANKING
Financial Advisory		$               716		$             776		$             916		(8) %		(22) %
Equity underwriting		385		482		432		(20)		(11)
Debt underwriting		586		605		632		(3)		(7)
Total Underwriting		971		1,087		1,064		(11)		(9)
Total Investment Banking		1,687		1,863		1,980		(9)		(15)
INSTITUTIONAL CLIENT SERVICES
FICC Client Execution		1,410		1,469		1,307		(4)		8
Equities client execution		681		772		681		(12)		–
Commissions and fees		728		777		674		(6)		8
Securities services		468		458		439		2		7
Total Equities		1,877		2,007		1,794		(6)		5
Total Institutional Client Services		3,287		3,476		3,101		(5)		6
INVESTING & LENDING
Equity securities		662		1,541		1,111		(57)		(40)
Debt securities and loans		1,019		989		924		3		10
Total Investing & Lending		1,681		2,530		2,035		(34)		(17)
INVESTMENT MANAGEMENT
Management and other fees		1,457		1,395		1,382		4		5
Incentive fees		45		44		148		2		(70)
Transaction revenues		166		153		174		8		(5)
Total Investment Management		1,668		1,592		1,704		5		(2)
Total net revenues		$             8,323		$          9,461		$            8,820		(12)		(6)
Geographic Net Revenues (unaudited)3,6
$ in millions
	THREE MONTHS ENDED
	SEPTEMBER 30, 2019		JUNE 30, 2019		SEPTEMBER 30, 2018
Americas		$            4,941		$          5,652		$            5,351
EMEA		2,329		2,689		2,254
Asia		1,053		1,120		1,215
Total net revenues		$            8,323		$          9,461		$            8,820
Americas		59%		60%		61%
EMEA		28%		28%		25%
Asia		13%		12%		14%
Total		100%		100%		100%

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Goldman Sachs Reports

Third Quarter 2019 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)⁶

$ in millions

	NINE MONTHS ENDED				% CHANGE FROM
	SEPTEMBER 30, 2019		SEPTEMBER 30, 2018		SEPTEMBER 30, 2018
INVESTMENT BANKING
Financial Advisory		$           2,379		$           2,306		3 %
Equity underwriting		1,138		1,331		(15)
Debt underwriting		1,843		2,181		(15)
Total Underwriting		2,981		3,512		(15)
Total Investment Banking		5,360		5,818		(8)
INSTITUTIONAL CLIENT SERVICES
FICC Client Execution		4,718		5,060		(7)
Equities client execution		2,135		2,434		(12)
Commissions and fees		2,219		2,254		(2)
Securities services		1,296		1,308		(1)
Total Equities		5,650		5,996		(6)
Total Institutional Client Services		10,368		11,056		(6)
INVESTING & LENDING
Equity securities		3,050		3,461		(12)
Debt securities and loans		2,998		2,883		4
Total Investing & Lending		6,048		6,344		(5)
INVESTMENT MANAGEMENT
Management and other fees		4,184		4,073		3
Incentive fees		147		677		(78)
Transaction revenues		484		568		(15)
Total Investment Management		4,815		5,318		(9)
Total net revenues		$         26,591		$         28,536		(7)
Geographic Net Revenues (unaudited)3,6 $ in millions
	NINE MONTHS ENDED
	SEPTEMBER 30, 2019		SEPTEMBER 30, 2018
Americas		$         15,838		$         17,161
EMEA		7,477		7,478
Asia		3,276		3,897
Total net revenues		$         26,591		$         28,536
Americas		60%		60%
EMEA		28%		26%
Asia		12%		14%
Total		100%		100%

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Goldman Sachs Reports

Third Quarter 2019 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)⁶

In millions, except per share amounts and headcount

	THREE MONTHS ENDED						% CHANGE FROM
	SEPTEMBER 30, 2019		JUNE 30,  2019		SEPTEMBER 30, 2018		JUNE 30,  2019		SEPTEMBER 30, 2018
REVENUES
Investment banking		$           1,687		$         1,863		$         1,980		(9)%		(15)%
Investment management		1,556		1,480		1,580		5		(2)
Commissions and fees		758		807		704		(6)		8
Market making		2,384		2,423		2,281		(2)		5
Other principal transactions		930		1,817		1,419		(49)		(34)
Total non-interest revenues		7,315		8,390		7,964		(13)		(8)
Interest income		5,459		5,760		5,061		(5)		8
Interest expense		4,451		4,689		4,205		(5)		6
Net interest income		1,008		1,071		856		(6)		18
Total net revenues		8,323		9,461		8,820		(12)		(6)
Provision for credit losses		291		214		174		36		67
OPERATING EXPENSES
Compensation and benefits		2,731		3,317		3,019		(18)		(10)
Brokerage, clearing, exchange and distribution fees		853		823		714		4		19
Market development		169		186		167		(9)		1
Communications and technology		283		290		250		(2)		13
Depreciation and amortization		473		399		317		19		49
Occupancy		252		234		203		8		24
Professional fees		350		302		310		16		13
Other expenses		505		569		588		(11)		(14)
Total operating expenses		5,616		6,120		5,568		(8)		1
Pre-tax earnings		2,416		3,127		3,078		(23)		(22)
Provision for taxes		539		706		554		(24)		(3)
Net earnings		1,877		2,421		2,524		(22)		(26)
Preferred stock dividends		84		223		71		(62)		18
Net earnings applicable to common shareholders		$           1,793		$         2,198		$         2,453		(18)		(27)
EARNINGS PER COMMON SHARE
Basic3		$             4.83		$           5.86		$           6.35		(18)%		(24)%
Diluted		$             4.79		$           5.81		$           6.28		(18)		(24)
AVERAGE COMMON SHARES
Basic		370.0		374.5		385.4		(1)		(4)
Diluted		374.3		378.0		390.5		(1)		(4)
SELECTED DATA AT PERIOD-END
Common shareholders’ equity		$         80,809		$       79,689		$       75,559		1		7
Basic shares3		369.3		372.2		382.9		(1)		(4)
Book value per common share		$         218.82		$       214.10		$       197.33		2		11
Headcount		37,800		35,600		36,300		6		4

9

Goldman Sachs Reports

Third Quarter 2019 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)⁶

In millions, except per share amounts

	NINE MONTHS ENDED				% CHANGE FROM
	SEPTEMBER 30, 2019		SEPTEMBER 30,     2018		SEPTEMBER 30, 2018
REVENUES
Investment banking		$            5,360		$            5,818		(8) %
Investment management		4,469		4,947		(10)
Commissions and fees		2,308		2,361		(2)
Market making		7,346		8,031		(9)
Other principal transactions		3,811		4,603		(17)
Total non-interest revenues		23,294		25,760		(10)
Interest income		16,816		14,211		18
Interest expense		13,519		11,435		18
Net interest income		3,297		2,776		19
Total net revenues		26,591		28,536		(7)
Provision for credit losses		729		452		61
OPERATING EXPENSES
Compensation and benefits		9,307		10,471		(11)
Brokerage, clearing, exchange and distribution fees		2,438		2,370		3
Market development		539		532		1
Communications and technology		859		761		13
Depreciation and amortization		1,240		951		30
Occupancy		711		594		20
Professional fees		950		897		6
Other expenses		1,556		1,735		(10)
Total operating expenses		17,600		18,311		(4)
Pre-tax earnings		8,262		9,773		(15)
Provision for taxes		1,713		1,852		(8)
Net earnings		6,549		7,921		(17)
Preferred stock dividends		376		383		(2)
Net earnings applicable to common shareholders		$            6,173		$            7,538		(18)
EARNINGS PER COMMON SHARE
Basic3		$            16.43		$            19.42		(15) %
Diluted		$            16.32		$            19.21		(15)
AVERAGE COMMON SHARES
Basic		374.7		387.4		(3)
Diluted		378.2		392.3		(4)

10

Goldman Sachs Reports

Third Quarter 2019 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Financial Condition (unaudited)⁴

$ in billions

	AS OF
	SEPTEMBER 30, 2019		JUNE 30, 2019
ASSETS
Cash and cash equivalents		$                 94		$                 91
Collateralized agreements		279		276
Receivables		169		168
Financial instruments owned		425		371
Other assets		40		39
Total assets		$            1,007		$               945
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits		$               183		$               166
Collateralized financings		140		103
Payables		188		185
Financial instruments sold, but not yet purchased		116		111
Unsecured short-term borrowings		52		50
Unsecured long-term borrowings		217		221
Other liabilities		19		18
Total liabilities		915		854
Shareholders’ equity		92		91
Total liabilities and shareholders’ equity		$            1,007		$               945
Capital Ratios and Supplementary Leverage Ratio (unaudited)3,4 $ in billions
	AS OF
	SEPTEMBER 30, 2019		JUNE 30, 2019
Common equity tier 1 capital		$              75.7		$              75.6
STANDARDIZED CAPITAL RULES
Risk-weighted assets		$               557		$               548
Common equity tier 1 capital ratio		13.6%		13.8%
BASEL III ADVANCED CAPITAL RULES
Risk-weighted assets		$               566		$               559
Common equity tier 1 capital ratio		13.4%		13.5%
Supplementary leverage ratio		6.2%		6.4%
Average Daily VaR (unaudited)3,4 $ in millions
	THREE MONTHS ENDED
	SEPTEMBER 30, 2019		JUNE 30, 2019
RISK CATEGORIES
Interest rates		$                 49		$               41
Equity prices		28		27
Currency rates		12		10
Commodity prices		12		12
Diversification effect		(43)		(38)
Total		$                 58		$                 52

11

Goldman Sachs Reports

Third Quarter 2019 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)^3,4

$ in billions

	AS OF
	SEPTEMBER 30, 2019			JUNE 30, 2019			SEPTEMBER 30, 2018
ASSET CLASS
Alternative investments		$           182			$           174			$           175
Equity		392			350			349
Fixed income		784			749			668
Total long-term AUS		1,358			1,273			1,192
Liquidity products		404			387			358
Total AUS		$        1,762			$        1,660			$        1,550
	THREE MONTHS ENDED
	SEPTEMBER 30, 2019			JUNE 30, 2019			SEPTEMBER 30, 2018
Beginning balance		$        1,660			$        1,599			$        1,513
Net inflows / (outflows):
Alternative investments		8			1			3
Equity		41			4			7
Fixed income		20			12			3
Total long-term AUS net inflows / (outflows)		69			17			13
Liquidity products		17			12			8
Total AUS net inflows / (outflows)		86	5		29	7		21
Net market appreciation / (depreciation)		16			32			16
Ending balance		$        1,762			$        1,660			$        1,550

12

Goldman Sachs Reports

Third Quarter 2019 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 average equity and a reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity:

	AVERAGE FOR THE
Unaudited, $ in millions	THREE MONTHS ENDED  SEPTEMBER 30, 2019		NINE MONTHS ENDED  SEPTEMBER 30, 2019
Total shareholders’ equity		$            91,054		$            90,265
Preferred stock		(11,203)		(11,203)
Common shareholders’ equity		79,851		79,062
Goodwill and identifiable intangible assets		(4,704)		(4,347)
Tangible common shareholders’ equity		$            75,147		$            74,715

2. Dealogic – January 1, 2019 through September 30, 2019.

3. For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2019: (i) investment banking transaction backlog – see “Results of Operations – Investment Banking” (ii) assets under supervision – see  “Results of Operations – Investment Management” (iii) efficiency ratio – see “Results of Operations – Operating Expenses” (iv) share repurchase program – see “Equity Capital Management and Regulatory Capital – Equity 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 I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2019: (i) risk-based capital ratios and 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.”

4. Represents a preliminary estimate for the third quarter of 2019 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2019.

5. Includes $58 billion of inflows in assets under supervision (substantially all in equity and fixed income assets) in connection with the acquisitions of Standard & Poor’s Investment Advisory Services and United Capital Financial Partners, Inc.

6. The following reclassifications have been made to previously reported amounts for the third quarter and first nine months of 2018 to conform to the current presentation: (i) provision for credit losses, previously reported in other principal transactions revenues (and Investing & Lending segment net revenues), is now reported as a separate line item in the consolidated statements of earnings and (ii) headcount consists of the firm’s employees, and excludes consultants and temporary staff previously reported as part of total staff. As a result, expenses related to these consultants and temporary staff, previously reported in compensation and benefits, are now reported in professional fees.

7. Includes $13 billion of inflows in assets under supervision (substantially all in equity and fixed income assets) in connection with the acquisition of Rocaton Investment Advisors.

13      

EX-99.2

Exhibit 99.2 Third Quarter 2019 Earnings Results Presentation October 15, 2019 Exhibit 99.2 Third Quarter 2019 Earnings Results Presentation October 15, 2019

Results Snapshot Net Revenues Net Earnings EPS $4.79 3Q 3Q $1.88 billion 3Q $8.32 billion $16.32 3Q YTD 3Q YTD $6.55 billion 3Q YTD $26.59 billion 1 1 3Q19 Book Value Annualized ROTE Annualized ROE $218.82 BVPS 9.5% 9.0% 3Q 3Q 1 $205.59 TBVPS 11.0% 10.4% 3Q YTD 3Q YTD Highlights 2 #1 in Announced and Completed M&A Record quarterly management and other fees 2 3,4 #1 in Equity and equity-related offerings Record AUS Record NII in Debt I&L Successful launch of Apple Card 1 Results Snapshot Net Revenues Net Earnings EPS $4.79 3Q 3Q $1.88 billion 3Q $8.32 billion $16.32 3Q YTD 3Q YTD $6.55 billion 3Q YTD $26.59 billion 1 1 3Q19 Book Value Annualized ROTE Annualized ROE $218.82 BVPS 9.5% 9.0% 3Q 3Q 1 $205.59 TBVPS 11.0% 10.4% 3Q YTD 3Q YTD Highlights 2 #1 in Announced and Completed M&A Record quarterly management and other fees 2 3,4 #1 in Equity and equity-related offerings Record AUS Record NII in Debt I&L Successful launch of Apple Card 1

Macro Perspectives Constructive Fundamentals Macro Factors Continued positive global growth U.S. – China Trade Concerns 2020 GS Research U.S. Global Estimated GDP Brexit Deadline +2.1% +3.5% Growth: Supportive sentiment and fundamentals Idiosyncratic Events (Argentina & Oil Shock) Strong Consumer Low Global Low U.S. Sentiment Inflation Unemployment Accommodative Central Banks Mixed Backdrop in 3Q19 Continued U.S. Increased Inverted Market Central Bank Volatility Yield Curve Recovery Support Average VIX First inversion of S&P 500 and MSCI Two 25bp U.S. 2-yr vs. 10-yr World recovered interest rate cuts +43% in September from yield curve in August in the quarter August declines since 2007 vs. July 2 Macro Perspectives Constructive Fundamentals Macro Factors Continued positive global growth U.S. – China Trade Concerns 2020 GS Research U.S. Global Estimated GDP Brexit Deadline +2.1% +3.5% Growth: Supportive sentiment and fundamentals Idiosyncratic Events (Argentina & Oil Shock) Strong Consumer Low Global Low U.S. Sentiment Inflation Unemployment Accommodative Central Banks Mixed Backdrop in 3Q19 Continued U.S. Increased Inverted Market Central Bank Volatility Yield Curve Recovery Support Average VIX First inversion of S&P 500 and MSCI Two 25bp U.S. 2-yr vs. 10-yr World recovered interest rate cuts +43% in September from yield curve in August in the quarter August declines since 2007 vs. July 2

Financial Overview Financial Results 3Q19 YTD Net Revenue Mix by Segment vs. $ in millions, vs. vs. 3Q19 3Q18 except per share amounts 3Q19 2Q19 3Q18 YTD YTD Investment Banking $ 1,687 -9% -15% $ 5,360 -8% Investment Investment Institutional Client Services 3,287 -5% 6% 10,368 -6% Management Banking 18% 20% (Financial Investing & Lending 1,681 -34% -17% 6,048 -5% Advisory 9%) Investment Management 1,668 5% -2% 4,815 -9% (Underwriting 11%) Net revenues $ 8,323 -12% -6% $ 26,591 -7% Provision for credit losses 291 36% 67% 729 61% (Equity securities 12%) (FICC 18%) Operating expenses 5,616 -8% 1% 17,600 -4% Investing (Debt & Lending Pre-tax earnings 2,416 -23% -22% 8,262 -15% securities and 23% loans 11%) (Equities 21%) Provision for taxes 539 -24% -3% 1,713 -8% Institutional Net earnings 1,877 -22% -26% 6,549 -17% Client Services 39% Net earnings to common $ 1,793 -18% -27% $ 6,173 -18% Diluted EPS $ 4.79 -18% -24% $ 16.32 - 15% 1 ROE 9.0% -2.1pp -4.1pp 10.4% -3.3pp 1 ROTE 9.5% -2.2pp -4.3pp 11.0% -3.6pp 3 Financial Overview Financial Results 3Q19 YTD Net Revenue Mix by Segment vs. $ in millions, vs. vs. 3Q19 3Q18 except per share amounts 3Q19 2Q19 3Q18 YTD YTD Investment Banking $ 1,687 -9% -15% $ 5,360 -8% Investment Investment Institutional Client Services 3,287 -5% 6% 10,368 -6% Management Banking 18% 20% (Financial Investing & Lending 1,681 -34% -17% 6,048 -5% Advisory 9%) Investment Management 1,668 5% -2% 4,815 -9% (Underwriting 11%) Net revenues $ 8,323 -12% -6% $ 26,591 -7% Provision for credit losses 291 36% 67% 729 61% (Equity securities 12%) (FICC 18%) Operating expenses 5,616 -8% 1% 17,600 -4% Investing (Debt & Lending Pre-tax earnings 2,416 -23% -22% 8,262 -15% securities and 23% loans 11%) (Equities 21%) Provision for taxes 539 -24% -3% 1,713 -8% Institutional Net earnings 1,877 -22% -26% 6,549 -17% Client Services 39% Net earnings to common $ 1,793 -18% -27% $ 6,173 -18% Diluted EPS $ 4.79 -18% -24% $ 16.32 - 15% 1 ROE 9.0% -2.1pp -4.1pp 10.4% -3.3pp 1 ROTE 9.5% -2.2pp -4.3pp 11.0% -3.6pp 3

Investment Banking Financial Results Key Investment Banking Highlights vs. n Financial Advisory 3Q19 net revenues significantly lower YoY, vs. vs. 3Q19 3Q18 $ in millions reflecting a decrease in completed M&A transactions 3Q19 2Q19 3Q18 YTD YTD n Underwriting 3Q19 net revenues lower YoY due to a significant $ 716 -8% -22% $ 2,379 3% Financial Advisory decline in industry-wide IPOs and a decrease in industry-wide leveraged finance transactions; lower QoQ on lower equity 385 -20% -11% 1,138 -15% Equity underwriting underwriting, primarily from IPOs 3 n Overall backlog increased QoQ, reflecting higher advisory and debt Debt underwriting 586 -3% -7% 1,843 -15% underwriting backlog Total Underwriting 971 -11% -9% 2,981 -15% Investment Banking $ 1,687 -9% -15% $ 5,360 -8% 2 Investment Banking Net Revenues ($ in millions) Year-to-date Worldwide League Table Rankings $2,045 $2,044 $1,980 $1,863 #1 Announced M&A $1,810 $1,793 $1,687 $528 $752 $632 $605 #1 Completed M&A $652 $797 $586 $315 $432 #1 Equity & equity-related $489 $271 $482 $385 $410 #1 Common stock offerings $1,201 $916 $887 $804 $776 $716 $586 #1 Initial public offerings 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 #2 High-yield debt Financial Advisory Equity underwriting Debt underwriting 4 Investment Banking Financial Results Key Investment Banking Highlights vs. n Financial Advisory 3Q19 net revenues significantly lower YoY, vs. vs. 3Q19 3Q18 $ in millions reflecting a decrease in completed M&A transactions 3Q19 2Q19 3Q18 YTD YTD n Underwriting 3Q19 net revenues lower YoY due to a significant $ 716 -8% -22% $ 2,379 3% Financial Advisory decline in industry-wide IPOs and a decrease in industry-wide leveraged finance transactions; lower QoQ on lower equity 385 -20% -11% 1,138 -15% Equity underwriting underwriting, primarily from IPOs 3 n Overall backlog increased QoQ, reflecting higher advisory and debt Debt underwriting 586 -3% -7% 1,843 -15% underwriting backlog Total Underwriting 971 -11% -9% 2,981 -15% Investment Banking $ 1,687 -9% -15% $ 5,360 -8% 2 Investment Banking Net Revenues ($ in millions) Year-to-date Worldwide League Table Rankings $2,045 $2,044 $1,980 $1,863 #1 Announced M&A $1,810 $1,793 $1,687 $528 $752 $632 $605 #1 Completed M&A $652 $797 $586 $315 $432 #1 Equity & equity-related $489 $271 $482 $385 $410 #1 Common stock offerings $1,201 $916 $887 $804 $776 $716 $586 #1 Initial public offerings 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 #2 High-yield debt Financial Advisory Equity underwriting Debt underwriting 4

Institutional Client Services – FICC Financial Results Key FICC Highlights vs. n 3Q19 net revenues increased YoY, reflecting higher net revenues in vs. vs. 3Q19 3Q18 commodities, credit products, mortgages and interest rate products, $ in millions 3Q19 2Q19 3Q18 YTD YTD partially offset by lower net revenues in currencies $ 1,410 -4% 8% $ 4,718 -7% FICC — Our businesses broadly improved, reflecting the strength of our client-centric model and diversification of our global business Equities 1,877 -6% 5% 5,650 -6% n 3Q19 net revenues were slightly lower QoQ, but reflected solid client activity during the quarter ICS $ 3,287 -5% 6% $ 10,368 -6% n Continue to invest to serve our clients electronically, automate workflows and improve straight-through processing 3 FICC Net Revenues ($ in millions) 3Q19 YTD FICC Net Revenue Mix Financing $2,074 ~10% $1,839 $1,679 $1,469 $1,410 $1,307 $822 Market Intermediation ~90% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 5 Institutional Client Services – FICC Financial Results Key FICC Highlights vs. n 3Q19 net revenues increased YoY, reflecting higher net revenues in vs. vs. 3Q19 3Q18 commodities, credit products, mortgages and interest rate products, $ in millions 3Q19 2Q19 3Q18 YTD YTD partially offset by lower net revenues in currencies $ 1,410 -4% 8% $ 4,718 -7% FICC — Our businesses broadly improved, reflecting the strength of our client-centric model and diversification of our global business Equities 1,877 -6% 5% 5,650 -6% n 3Q19 net revenues were slightly lower QoQ, but reflected solid client activity during the quarter ICS $ 3,287 -5% 6% $ 10,368 -6% n Continue to invest to serve our clients electronically, automate workflows and improve straight-through processing 3 FICC Net Revenues ($ in millions) 3Q19 YTD FICC Net Revenue Mix Financing $2,074 ~10% $1,839 $1,679 $1,469 $1,410 $1,307 $822 Market Intermediation ~90% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 5

Institutional Client Services – Equities Financial Results Key Equities Highlights vs. n 3Q19 net revenues were higher YoY: vs. vs. 3Q19 3Q18 $ in millions — Commissions and fees were higher, reflecting increased client 3Q19 2Q19 3Q18 YTD YTD activity FICC $ 1,410 -4% 8% $ 4,718 -7% — Net revenues in securities services were higher, reflecting improved spreads Equities client execution 681 -12% -% 2,135 -12% — Net revenues in equities client execution were 728 -6% 8% 2,219 -2% Commissions and fees unchanged, reflecting significantly higher net revenues in cash products, offset by significantly lower net revenues in Securities services 468 2% 7% 1,296 -1% derivatives n 3Q19 net revenues decreased QoQ, reflecting significantly lower net Equities 1,877 -6% 5% 5,650 -6% revenues in derivatives within equities client execution ICS $ 3,287 -5% 6% $ 10,368 -6% 3 3Q19 YTD Equities Net Revenue Mix Equities Net Revenues ($ in millions) $2,311 $2,007 $432 Financing $1,891 $1,877 $1,794 ~40% $1,766 $458 $1,604 $437 $468 $439 $370 $817 $402 $777 $763 $714 $728 $674 $801 Market $1,062 Intermediation $772 $691 $681 $682 $681 ~60% $401 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 6 Equities client execution Commissions and fees Securities services Institutional Client Services – Equities Financial Results Key Equities Highlights vs. n 3Q19 net revenues were higher YoY: vs. vs. 3Q19 3Q18 $ in millions — Commissions and fees were higher, reflecting increased client 3Q19 2Q19 3Q18 YTD YTD activity FICC $ 1,410 -4% 8% $ 4,718 -7% — Net revenues in securities services were higher, reflecting improved spreads Equities client execution 681 -12% -% 2,135 -12% — Net revenues in equities client execution were 728 -6% 8% 2,219 -2% Commissions and fees unchanged, reflecting significantly higher net revenues in cash products, offset by significantly lower net revenues in Securities services 468 2% 7% 1,296 -1% derivatives n 3Q19 net revenues decreased QoQ, reflecting significantly lower net Equities 1,877 -6% 5% 5,650 -6% revenues in derivatives within equities client execution ICS $ 3,287 -5% 6% $ 10,368 -6% 3 3Q19 YTD Equities Net Revenue Mix Equities Net Revenues ($ in millions) $2,311 $2,007 $432 Financing $1,891 $1,877 $1,794 ~40% $1,766 $458 $1,604 $437 $468 $439 $370 $817 $402 $777 $763 $714 $728 $674 $801 Market $1,062 Intermediation $772 $691 $681 $682 $681 ~60% $401 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 6 Equities client execution Commissions and fees Securities services

Investing & Lending – Equity Securities Financial Results Key Equity I&L Highlights vs. vs. vs. 3Q19 3Q18 n 3Q19 net revenues were significantly lower QoQ and YoY, reflecting $ in millions 3Q19 significantly lower net gains from investments in private equities as 2Q19 3Q18 YTD YTD well as net losses from investments in public equities Equity securities $ 662 -57% -40% $ 3,050 -12% — 3Q19 net losses of $267 million from investments in public equities, primarily from investments in Uber, Avantor and Tradeweb 1,019 3% 10% 2,998 4% Debt securities and loans n Our global equity portfolio has a total carrying value of $22 billion 5 Investing & Lending $ 1,681 -34% -17% $ 6,048 -5% n In addition, our consolidated investment entities have a carrying value of $16 billion, funded with liabilities of approximately $9 billion, substantially all of which were nonrecourse Equity I&L Net Revenues ($ in millions) 4,6 Equity I&L Asset Mix $1,541 $ in billions $ in billions 3Q19 3Q19 Public equity $ 2 Corporate $ 18 $1,281 27% Private equity 20 Real estate 4 $1,111 Total $ 22 Total $ 22 $1,069 $994 40% Vintage Geographic $847 30% 41% 52% $662 41% 2016 – 2012 or Asia Present Earlier 73% 32% Americas 37% 32% 52% 60% 70% 88% 2013 – 59% EMEA 2015 59% 48% 16% 31% 12% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Corporate Real Estate 7 Investing & Lending – Equity Securities Financial Results Key Equity I&L Highlights vs. vs. vs. 3Q19 3Q18 n 3Q19 net revenues were significantly lower QoQ and YoY, reflecting $ in millions 3Q19 significantly lower net gains from investments in private equities as 2Q19 3Q18 YTD YTD well as net losses from investments in public equities Equity securities $ 662 -57% -40% $ 3,050 -12% — 3Q19 net losses of $267 million from investments in public equities, primarily from investments in Uber, Avantor and Tradeweb 1,019 3% 10% 2,998 4% Debt securities and loans n Our global equity portfolio has a total carrying value of $22 billion 5 Investing & Lending $ 1,681 -34% -17% $ 6,048 -5% n In addition, our consolidated investment entities have a carrying value of $16 billion, funded with liabilities of approximately $9 billion, substantially all of which were nonrecourse Equity I&L Net Revenues ($ in millions) 4,6 Equity I&L Asset Mix $1,541 $ in billions $ in billions 3Q19 3Q19 Public equity $ 2 Corporate $ 18 $1,281 27% Private equity 20 Real estate 4 $1,111 Total $ 22 Total $ 22 $1,069 $994 40% Vintage Geographic $847 30% 41% 52% $662 41% 2016 – 2012 or Asia Present Earlier 73% 32% Americas 37% 32% 52% 60% 70% 88% 2013 – 59% EMEA 2015 59% 48% 16% 31% 12% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Corporate Real Estate 7

Investing & Lending – Debt Securities and Loans Key Debt I&L Highlights Financial Results vs. vs. vs. 3Q19 3Q18 n Record net interest income in 3Q19 of $891 million (~$3.6 billion $ in millions 3Q19 2Q19 3Q18 YTD YTD annual pace) Equity securities $ 662 -57% -40% $ 3,050 -12% n As of 3Q19, ~84% of total loans were secured — Annualized net charge-off rate of 0.5% for 3Q19 1,019 3% 10% 2,998 4% Debt securities and loans Investing & Lending $ 1,681 -34% -17% $ 6,048 -5% 4,6 Debt I&L Asset Mix $ in billions 3Q19 2Q19 Corporate loans $ 41 $ 43 Debt I&L Net Revenues ($ in millions) PWM loans 18 17 18 17 Real estate loans $1,062 $1,019 6 5 $990 $989 Consumer loans $924 $912 $897 Other loans 4 3 Allowance for loan losses (1) (1) Loans receivable 86 84 14 14 Loans, at fair value $891 $872 $835 ~$800 Total loans 100 98 ~$700 ~$625 ~$550 Debt securities 14 13 Other 6 9 Total $ 120 $ 120 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Net interest income Other net revenues 8 Investing & Lending – Debt Securities and Loans Key Debt I&L Highlights Financial Results vs. vs. vs. 3Q19 3Q18 n Record net interest income in 3Q19 of $891 million (~$3.6 billion $ in millions 3Q19 2Q19 3Q18 YTD YTD annual pace) Equity securities $ 662 -57% -40% $ 3,050 -12% n As of 3Q19, ~84% of total loans were secured — Annualized net charge-off rate of 0.5% for 3Q19 1,019 3% 10% 2,998 4% Debt securities and loans Investing & Lending $ 1,681 -34% -17% $ 6,048 -5% 4,6 Debt I&L Asset Mix $ in billions 3Q19 2Q19 Corporate loans $ 41 $ 43 Debt I&L Net Revenues ($ in millions) PWM loans 18 17 18 17 Real estate loans $1,062 $1,019 6 5 $990 $989 Consumer loans $924 $912 $897 Other loans 4 3 Allowance for loan losses (1) (1) Loans receivable 86 84 14 14 Loans, at fair value $891 $872 $835 ~$800 Total loans 100 98 ~$700 ~$625 ~$550 Debt securities 14 13 Other 6 9 Total $ 120 $ 120 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Net interest income Other net revenues 8

Investment Management Financial Results Key Investment Management Highlights vs. n 3Q19 net revenues increased QoQ, driven by management and other vs. vs. 3Q19 3Q18 fees, primarily reflecting the impact of the acquisition of United $ in millions 3Q19 2Q19 3Q18 YTD YTD Capital; decreased slightly YoY on significantly lower incentive fees $ 1,457 4% 5% $ 4,184 3% Management and other fees 3,4 n AUS increased $102 billion in 3Q19 to a record $1.76 trillion Incentive fees 45 2% -70% 147 -78% — Net inflows of $86 billion 7 • Includes $58 billion from acquisitions of S&P’s Investment Transaction revenues 166 8% -5% 484 -15% Advisory Services and United Capital Investment Management $ 1,668 5% -2% $ 4,815 -9% • Organic liquidity products net inflows of $16 billion • Organic long-term AUS net inflows of $12 billion, primarily in 3,4 Assets Under Supervision alternative investment and fixed income assets vs. vs. $ in billions — Net market appreciation of $16 billion 3Q19 2Q19 3Q18 2Q19 3Q18 Long-term AUS $ 1,358 $ 1,273 $ 1,192 7% 14% n Over the past five years, total cumulative organic long-term AUS net inflows of ~$195 billion Liquidity products 404 387 358 4% 13% $ 1,762 $ 1,660 $ 1,550 6% 14% 3,4 Total AUS 3Q19 AUS Mix Asset Distribution Region Vehicle Class 3,4,7,8 Channel Long-Term AUS Net Flows ($ in billions) Private Alternative 9% 10% 10% Asia funds investments High-net- and other 30% worth 15% $69 EMEA 22% Equity individuals 31% Public funds Liquidity 23% 31% Third-party products distributed 76% Americas 59% Separate $20 $17 Fixed accounts 45% $13 $13 income 39% Institutional $8 $3 9 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Investment Management Financial Results Key Investment Management Highlights vs. n 3Q19 net revenues increased QoQ, driven by management and other vs. vs. 3Q19 3Q18 fees, primarily reflecting the impact of the acquisition of United $ in millions 3Q19 2Q19 3Q18 YTD YTD Capital; decreased slightly YoY on significantly lower incentive fees $ 1,457 4% 5% $ 4,184 3% Management and other fees 3,4 n AUS increased $102 billion in 3Q19 to a record $1.76 trillion Incentive fees 45 2% -70% 147 -78% — Net inflows of $86 billion 7 • Includes $58 billion from acquisitions of S&P’s Investment Transaction revenues 166 8% -5% 484 -15% Advisory Services and United Capital Investment Management $ 1,668 5% -2% $ 4,815 -9% • Organic liquidity products net inflows of $16 billion • Organic long-term AUS net inflows of $12 billion, primarily in 3,4 Assets Under Supervision alternative investment and fixed income assets vs. vs. $ in billions — Net market appreciation of $16 billion 3Q19 2Q19 3Q18 2Q19 3Q18 Long-term AUS $ 1,358 $ 1,273 $ 1,192 7% 14% n Over the past five years, total cumulative organic long-term AUS net inflows of ~$195 billion Liquidity products 404 387 358 4% 13% $ 1,762 $ 1,660 $ 1,550 6% 14% 3,4 Total AUS 3Q19 AUS Mix Asset Distribution Region Vehicle Class 3,4,7,8 Channel Long-Term AUS Net Flows ($ in billions) Private Alternative 9% 10% 10% Asia funds investments High-net- and other 30% worth 15% $69 EMEA 22% Equity individuals 31% Public funds Liquidity 23% 31% Third-party products distributed 76% Americas 59% Separate $20 $17 Fixed accounts 45% $13 $13 income 39% Institutional $8 $3 9 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Expenses Financial Results Key Expense Highlights n 3Q19YTD total operating expenses decreased YoY, reflecting: vs. vs. vs. 3Q19 3Q18 — Lower compensation and benefits expenses $ in millions 3Q19 2Q19 3Q18 YTD YTD — Partially offset by higher non-compensation expenses, which included: Compensation and benefits $ 2,731 -18% -10% $ 9,307 -11% • Higher expenses related to consolidated investments and Brokerage, clearing, exchange technology (primarily reflected in depreciation and 853 4% 19% 2,438 3% and distribution fees amortization, occupancy, communications and technology, and other expenses) Market development 169 -9% 1% 539 1% • Higher expenses related to the firm’s credit card activities (primarily reflected in professional fees and other expenses) Communications and 283 -2% 13% 859 13% technology • Partially offset by lower net provisions for litigation and regulatory proceedings Depreciation and amortization 473 19% 49% 1,240 30% 3 n YTD efficiency ratio higher YoY, reflecting lower net revenues, partially offset by a decrease in operating expenses Occupancy 252 8% 24% 711 20% n 3Q19YTD effective income tax rate of 20.7%, up from 20.1% for 2Q19YTD, primarily due to a decrease in the impact of permanent tax Professional fees 350 16% 13% 950 6% benefits in the first nine months of 2019 compared with the first half of 2019 Other expenses 505 -11% -14% 1,556 -10% — 2019 effective tax rate expected to be ~22% Operating expenses $ 5,616 -8% 1% $ 17,600 -4% Provision for taxes $ 539 -24% -3% $ 1,713 -8% 3 Efficiency Ratio 67.5% 2.8pp 4.4pp 66.2% 2.0pp 10 Expenses Financial Results Key Expense Highlights n 3Q19YTD total operating expenses decreased YoY, reflecting: vs. vs. vs. 3Q19 3Q18 — Lower compensation and benefits expenses $ in millions 3Q19 2Q19 3Q18 YTD YTD — Partially offset by higher non-compensation expenses, which included: Compensation and benefits $ 2,731 -18% -10% $ 9,307 -11% • Higher expenses related to consolidated investments and Brokerage, clearing, exchange technology (primarily reflected in depreciation and 853 4% 19% 2,438 3% and distribution fees amortization, occupancy, communications and technology, and other expenses) Market development 169 -9% 1% 539 1% • Higher expenses related to the firm’s credit card activities (primarily reflected in professional fees and other expenses) Communications and 283 -2% 13% 859 13% technology • Partially offset by lower net provisions for litigation and regulatory proceedings Depreciation and amortization 473 19% 49% 1,240 30% 3 n YTD efficiency ratio higher YoY, reflecting lower net revenues, partially offset by a decrease in operating expenses Occupancy 252 8% 24% 711 20% n 3Q19YTD effective income tax rate of 20.7%, up from 20.1% for 2Q19YTD, primarily due to a decrease in the impact of permanent tax Professional fees 350 16% 13% 950 6% benefits in the first nine months of 2019 compared with the first half of 2019 Other expenses 505 -11% -14% 1,556 -10% — 2019 effective tax rate expected to be ~22% Operating expenses $ 5,616 -8% 1% $ 17,600 -4% Provision for taxes $ 539 -24% -3% $ 1,713 -8% 3 Efficiency Ratio 67.5% 2.8pp 4.4pp 66.2% 2.0pp 10

Capital 3,4 Financial Metrics Key Capital Highlights $ in billions n CET1 capital ratios decreased QoQ 3Q19 2Q19 — Increase in Standardized RWAs reflects higher credit RWAs Common equity tier 1 (CET1) capital $ 75.7 $ 75.6 — Increase in Basel III Advanced RWAs reflects higher credit RWAs, partially offset by lower operational RWAs Standardized RWAs $ 557 $ 548 n Returned $1.14 billion of capital during the quarter Standardized CET1 capital ratio 13.6% 13.8% — Repurchased 3.1 million shares of common stock, for a total cost of $673 million Basel III Advanced RWAs $ 566 $ 559 — Paid $466 million in common stock dividends, reflecting a dividend of $1.25 per common share Basel III Advanced CET1 capital ratio 13.4% 13.5% 3 n Record low basic shares of 369.3 million n Book value per common share increased ~11% YoY to $218.82 Supplementary leverage ratio 6.2% 6.4% In millions, except per share amounts 3Q19 2Q19 3 Basic shares 369.3 372.2 Book value per common share $ 218.82 $ 214.10 1 Tangible book value per common share $ 205.59 $ 203.05 11 Capital 3,4 Financial Metrics Key Capital Highlights $ in billions n CET1 capital ratios decreased QoQ 3Q19 2Q19 — Increase in Standardized RWAs reflects higher credit RWAs Common equity tier 1 (CET1) capital $ 75.7 $ 75.6 — Increase in Basel III Advanced RWAs reflects higher credit RWAs, partially offset by lower operational RWAs Standardized RWAs $ 557 $ 548 n Returned $1.14 billion of capital during the quarter Standardized CET1 capital ratio 13.6% 13.8% — Repurchased 3.1 million shares of common stock, for a total cost of $673 million Basel III Advanced RWAs $ 566 $ 559 — Paid $466 million in common stock dividends, reflecting a dividend of $1.25 per common share Basel III Advanced CET1 capital ratio 13.4% 13.5% 3 n Record low basic shares of 369.3 million n Book value per common share increased ~11% YoY to $218.82 Supplementary leverage ratio 6.2% 6.4% In millions, except per share amounts 3Q19 2Q19 3 Basic shares 369.3 372.2 Book value per common share $ 218.82 $ 214.10 1 Tangible book value per common share $ 205.59 $ 203.05 11

Balance Sheet & Liquidity 4,6 Balance Sheet Allocation Key Balance Sheet & Liquidity Highlights n The firm’s balance sheet increased by $62 billion QoQ, reflecting $ in billions 3Q19 2Q19 client demand, notably in Repo and Equities GCLA, segregated assets and other $ 298 $ 293 n Maintained highly liquid balance sheet and robust liquidity metrics Secured client financing 134 132 3 4 — GCLA averaged $238 billion for 3Q19 398 344 Institutional Client Services n Deposits increased more than $30 billion YoY to $183 billion, with consumer deposits of $55 billion now representing the firm’s Investing & Lending 142 142 largest source of deposit funding n Continue to expect benchmark maturities to significantly outpace Other assets 35 34 benchmark issuance in 2019 Total assets $ 1,007 $ 945 4 Balance Sheet Assets 4 Sources of Funding ($ in billions) $ in billions 3Q19 2Q19 $684 $638 $625 $610 $ 94 $ 91 Cash and cash equivalents $183 $151 $158 Collateralized agreements 279 276 $139 Receivables 169 168 $140 $129 $124 $112 $41 $42 $52 $47 Financial instruments owned 425 371 40 39 Other assets $224 $229 $217 $218 Total assets $ 1,007 $ 945 $92 $90 $87 $82 2017 2018 3Q18 3Q19 Shar eholders' Equi ty Unsecured LT Debt Unsecured ST Debt Secured Funding Deposits 12 Balance Sheet & Liquidity 4,6 Balance Sheet Allocation Key Balance Sheet & Liquidity Highlights n The firm’s balance sheet increased by $62 billion QoQ, reflecting $ in billions 3Q19 2Q19 client demand, notably in Repo and Equities GCLA, segregated assets and other $ 298 $ 293 n Maintained highly liquid balance sheet and robust liquidity metrics Secured client financing 134 132 3 4 — GCLA averaged $238 billion for 3Q19 398 344 Institutional Client Services n Deposits increased more than $30 billion YoY to $183 billion, with consumer deposits of $55 billion now representing the firm’s Investing & Lending 142 142 largest source of deposit funding n Continue to expect benchmark maturities to significantly outpace Other assets 35 34 benchmark issuance in 2019 Total assets $ 1,007 $ 945 4 Balance Sheet Assets 4 Sources of Funding ($ in billions) $ in billions 3Q19 2Q19 $684 $638 $625 $610 $ 94 $ 91 Cash and cash equivalents $183 $151 $158 Collateralized agreements 279 276 $139 Receivables 169 168 $140 $129 $124 $112 $41 $42 $52 $47 Financial instruments owned 425 371 40 39 Other assets $224 $229 $217 $218 Total assets $ 1,007 $ 945 $92 $90 $87 $82 2017 2018 3Q18 3Q19 Shar eholders' Equi ty Unsecured LT Debt Unsecured ST Debt Secured Funding Deposits 12

Cautionary Note on 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, 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 and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these statements. For information about some of the risks and important factors that could affect the firm’s future results and financial condition 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, 2018. 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) the firm’s planned 2019 benchmark issuances, (ii) the firm’s expected 2019 effective income tax rate, (iii) estimated GDP growth, (iv) the timing and profitability of business initiatives, (v) the level of future compensation expense as a percentage of operating expenses, and (vi) the firm’s investment banking transaction backlog are forward-looking statements. Statements regarding the firm’s planned 2019 benchmark 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 firm's expected 2019 effective income tax rate are subject to the risk that the firm's 2019 effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in 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 the U.S. IRS. Statements regarding estimated GDP growth are subject to the risk that actual GDP growth may differ, possibly materially, due to, among other things, changes in general economic conditions. Statements about the timing and benefits of business initiatives are based on the firm’s current expectations regarding our ability to implement these initiatives and may change, possibly materially, from what is currently expected. Statements about the level of compensation expense, including as a percentage of operating expenses, as the firm's platform business initiatives reach scale are subject to the risks that the compensation costs to operate the firm's businesses, including platform initiatives, may be greater than currently expected. Statements about the firm’s investment banking transaction backlog are subject to the risk that transactions may be modified or not completed at all and associated net revenues may not be realized or may be materially less than those currently expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, outbreak of hostilities, 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. 13 Cautionary Note on 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, 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 and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these statements. For information about some of the risks and important factors that could affect the firm’s future results and financial condition 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, 2018. 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) the firm’s planned 2019 benchmark issuances, (ii) the firm’s expected 2019 effective income tax rate, (iii) estimated GDP growth, (iv) the timing and profitability of business initiatives, (v) the level of future compensation expense as a percentage of operating expenses, and (vi) the firm’s investment banking transaction backlog are forward-looking statements. Statements regarding the firm’s planned 2019 benchmark 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 firm's expected 2019 effective income tax rate are subject to the risk that the firm's 2019 effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in 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 the U.S. IRS. Statements regarding estimated GDP growth are subject to the risk that actual GDP growth may differ, possibly materially, due to, among other things, changes in general economic conditions. Statements about the timing and benefits of business initiatives are based on the firm’s current expectations regarding our ability to implement these initiatives and may change, possibly materially, from what is currently expected. Statements about the level of compensation expense, including as a percentage of operating expenses, as the firm's platform business initiatives reach scale are subject to the risks that the compensation costs to operate the firm's businesses, including platform initiatives, may be greater than currently expected. Statements about the firm’s investment banking transaction backlog are subject to the risk that transactions may be modified or not completed at all and associated net revenues may not be realized or may be materially less than those currently expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, outbreak of hostilities, 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. 13

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. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. 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 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 average and ending equity, and 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 NINE MONTHS ENDED Unaudited, $ in millions SEPTEMBER 30, 2019 SEPTEMBER 30, 2019 SEPTEMBER 30, 2019 JUNE 30, 2019 Total shareholders’ equity $ 91,054 $ 90,265 $ 92,012 $ 90,892 Preferred stock (11,203) (11,203) (11,203) (11,203) Common shareholders’ equity 79,851 79,062 80,809 79,689 Goodwill and identifiable intangible assets (4,704) (4,347) (4,886) (4,114) Tangible common shareholders’ equity $ 75,147 $ 74,715 $ 75,923 $ 75,575 2. Dealogic – January 1, 2019 through September 30, 2019. 3. For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2019: (i) investment banking transaction backlog – see “Results of Operations – Investment Banking” (ii) financing net revenues in FICC and Equities – see “Results of Operations – Institutional Client Services” (iii) assets under supervision – see “Results of Operations – Investment Management” (iv) efficiency ratio – see “Results of Operations – Operating Expenses” (v) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” (vi) share repurchase program – see “Equity Capital Management and Regulatory Capital – Equity Capital Management” and (vii) global core liquid assets – see “Risk Management – Liquidity Risk Management.” For information about risk-based capital ratios and supplementary leverage ratio, see Note 20 “Regulation and Capital Adequacy” in Part I, Item 1 “Financial Statements” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2019. 4. Represents a preliminary estimate for the third quarter of 2019 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2019. 5. Includes consolidated investment entities reported in “Other assets” in the consolidated statements of financial condition, substantially all of which related to entities engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation. 14 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. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. 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 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 average and ending equity, and 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 NINE MONTHS ENDED Unaudited, $ in millions SEPTEMBER 30, 2019 SEPTEMBER 30, 2019 SEPTEMBER 30, 2019 JUNE 30, 2019 Total shareholders’ equity $ 91,054 $ 90,265 $ 92,012 $ 90,892 Preferred stock (11,203) (11,203) (11,203) (11,203) Common shareholders’ equity 79,851 79,062 80,809 79,689 Goodwill and identifiable intangible assets (4,704) (4,347) (4,886) (4,114) Tangible common shareholders’ equity $ 75,147 $ 74,715 $ 75,923 $ 75,575 2. Dealogic – January 1, 2019 through September 30, 2019. 3. For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2019: (i) investment banking transaction backlog – see “Results of Operations – Investment Banking” (ii) financing net revenues in FICC and Equities – see “Results of Operations – Institutional Client Services” (iii) assets under supervision – see “Results of Operations – Investment Management” (iv) efficiency ratio – see “Results of Operations – Operating Expenses” (v) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” (vi) share repurchase program – see “Equity Capital Management and Regulatory Capital – Equity Capital Management” and (vii) global core liquid assets – see “Risk Management – Liquidity Risk Management.” For information about risk-based capital ratios and supplementary leverage ratio, see Note 20 “Regulation and Capital Adequacy” in Part I, Item 1 “Financial Statements” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2019. 4. Represents a preliminary estimate for the third quarter of 2019 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2019. 5. Includes consolidated investment entities reported in “Other assets” in the consolidated statements of financial condition, substantially all of which related to entities engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation. 14

Footnotes 6. In addition to preparing the firm’s consolidated statements of financial condition in accordance with U.S. GAAP, the firm prepares a balance sheet that generally allocates assets to the firm’s businesses, which is a non-GAAP presentation and may not be comparable to similar non-GAAP presentations used by other companies. The firm believes that presenting the firm’s assets on this basis is meaningful because it is consistent with the way management views and manages risks associated with the firm’s assets and better enables investors to assess the liquidity of the firm’s assets. For further information about the firm's balance sheet allocation, see “Balance Sheet and Funding Sources – Balance Sheet Allocation in Part I, Item 2 “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the firm's Quarterly Report on Form 10-Q for the period ended June 30, 2019. The table below presents the reconciliations of the balance sheet allocation to the firm’s businesses to the firm’s U.S. GAAP balance sheet: GCLA, segregated Secured Institutional Investing & Other Unaudited, $ in billions assets and other client financing Client Services Lending assets Total As of September 30, 2019 Cash and cash equivalents $ 94 $ – $ – $ – $ – $ 94 113 103 63 – – 279 Collateralized agreements – 31 46 92 – 169 Receivables Financial instruments owned 86 – 289 50 – 425 5 – – – 35 40 Other assets Total assets $ 298 $ 134 $ 398 $ 142 $ 35 $ 1,007 As of June 30, 2019 $ 91 $ – $ – $ – $ – $ 91 Cash and cash equivalents Collateralized agreements 120 96 60 – – 276 Receivables – 36 39 93 – 168 77 – 245 49 – 371 Financial instruments owned Other assets 5 – – – 34 39 Total assets $ 293 $ 132 $ 344 $ 142 $ 34 $ 945 7. 3Q19 includes $58 billion of inflows in assets under supervision (substantially all in equity and fixed income assets) in connection with the acquisitions of Standard & Poor’s Investment Advisory Services and United Capital Financial Partners, Inc. 8. 2Q19 includes $13 billion of inflows in assets under supervision (substantially all in equity and fixed income assets) in connection with the acquisition of Rocaton Investment Advisors. 15 Footnotes 6. In addition to preparing the firm’s consolidated statements of financial condition in accordance with U.S. GAAP, the firm prepares a balance sheet that generally allocates assets to the firm’s businesses, which is a non-GAAP presentation and may not be comparable to similar non-GAAP presentations used by other companies. The firm believes that presenting the firm’s assets on this basis is meaningful because it is consistent with the way management views and manages risks associated with the firm’s assets and better enables investors to assess the liquidity of the firm’s assets. For further information about the firm's balance sheet allocation, see “Balance Sheet and Funding Sources – Balance Sheet Allocation in Part I, Item 2 “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the firm's Quarterly Report on Form 10-Q for the period ended June 30, 2019. The table below presents the reconciliations of the balance sheet allocation to the firm’s businesses to the firm’s U.S. GAAP balance sheet: GCLA, segregated Secured Institutional Investing & Other Unaudited, $ in billions assets and other client financing Client Services Lending assets Total As of September 30, 2019 Cash and cash equivalents $ 94 $ – $ – $ – $ – $ 94 113 103 63 – – 279 Collateralized agreements – 31 46 92 – 169 Receivables Financial instruments owned 86 – 289 50 – 425 5 – – – 35 40 Other assets Total assets $ 298 $ 134 $ 398 $ 142 $ 35 $ 1,007 As of June 30, 2019 $ 91 $ – $ – $ – $ – $ 91 Cash and cash equivalents Collateralized agreements 120 96 60 – – 276 Receivables – 36 39 93 – 168 77 – 245 49 – 371 Financial instruments owned Other assets 5 – – – 34 39 Total assets $ 293 $ 132 $ 344 $ 142 $ 34 $ 945 7. 3Q19 includes $58 billion of inflows in assets under supervision (substantially all in equity and fixed income assets) in connection with the acquisitions of Standard & Poor’s Investment Advisory Services and United Capital Financial Partners, Inc. 8. 2Q19 includes $13 billion of inflows in assets under supervision (substantially all in equity and fixed income assets) in connection with the acquisition of Rocaton Investment Advisors. 15

XML

Document and Entity Information	Oct. 15, 2019
Document And Entity Information [Line Items]
Entity Registrant Name	GOLDMAN SACHS GROUP INC
Entity Address, State or Province	NY
Amendment Flag	false
Entity Central Index Key	0000886982
Document Type	8-K
Document Period End Date	Oct. 15, 2019
Entity Incorporation State Country Code	DE
Entity File Number	001-14965
Entity Tax Identification Number	13-4019460
Entity Address, Address Line One	200 West Street
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10282
City Area Code	(212)
Local Phone Number	902-1000
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