Exhibit 99.3 Strategic Update January 19, 2021 0 0Exhibit 99.3 Strategic Update January 19, 2021 0 0

2020 Financial Highlights 1 1 Net Revenues EPS ROE ROTE 2020 $44.6bn 2020 $24.74 2020 11.1% 2020 11.8% 4Q $11.7bn 4Q $12.08 4Q 21.1% 4Q 22.5% Highlights Highest FY net revenues since 2009 Record Assets Under Supervision 2 #1 in Announced and Completed M&A Highest Global Markets net revenues since 2010 2 #1 in Equity and equity-related offerings Record 4Q net revenues and strong momentum going into 2021 1 12020 Financial Highlights 1 1 Net Revenues EPS ROE ROTE 2020 $44.6bn 2020 $24.74 2020 11.1% 2020 11.8% 4Q $11.7bn 4Q $12.08 4Q 21.1% 4Q 22.5% Highlights Highest FY net revenues since 2009 Record Assets Under Supervision 2 #1 in Announced and Completed M&A Highest Global Markets net revenues since 2010 2 #1 in Equity and equity-related offerings Record 4Q net revenues and strong momentum going into 2021 1 1

Steady Progress Towards Our Medium-Term Goals 1 Medium-Term Targets 2020 Progress ■ 11.1% ROE (+390bps ex-litigation) >13% ROE Profitability 2 >14% ROTE ■ 11.8% ROTE (+410bps ex-litigation) ■ $70bn raised across channels $100bn in deposit growth Funding Optimization $1.0bn in revenues ■ Limited progress due to rate environment ■ 65.0% efficiency ratio (-760bps ex-litigation) ~60% efficiency ratio Efficiency & Expenses $1.3bn expense plan ■ Achieved approximately half of $1.3bn expense plan ■ Well positioned with CET1 ratio of 14.7% Capital 13-13.5% CET1 ratio ■ Sold or announced $4bn of private equity sales to reduce capital intensity We remain committed to our medium- and long-term targets 2 2Steady Progress Towards Our Medium-Term Goals 1 Medium-Term Targets 2020 Progress ■ 11.1% ROE (+390bps ex-litigation) >13% ROE Profitability 2 >14% ROTE ■ 11.8% ROTE (+410bps ex-litigation) ■ $70bn raised across channels $100bn in deposit growth Funding Optimization $1.0bn in revenues ■ Limited progress due to rate environment ■ 65.0% efficiency ratio (-760bps ex-litigation) ~60% efficiency ratio Efficiency & Expenses $1.3bn expense plan ■ Achieved approximately half of $1.3bn expense plan ■ Well positioned with CET1 ratio of 14.7% Capital 13-13.5% CET1 ratio ■ Sold or announced $4bn of private equity sales to reduce capital intensity We remain committed to our medium- and long-term targets 2 2

Reaffirmed Strategic Direction Grow and Strengthen Diversify our Products Operate More Existing and Services Efficiently Businesses Higher Wallet Share More Higher across Broader Client Set Durable Earnings Margins and Returns 3 3Reaffirmed Strategic Direction Grow and Strengthen Diversify our Products Operate More Existing and Services Efficiently Businesses Higher Wallet Share More Higher across Broader Client Set Durable Earnings Margins and Returns 3 3

Delivering One Goldman Sachs to Our Clients Clients Turn to Goldman Sachs at Times of Disruption Asset Management Quality of People and Advice Thought Leadership Global Investment Markets Banking Digital Client Engagement Consumer & Wealth Management Best in Class Client Experience Reinforcing our purpose to advance sustainable economic growth and financial opportunity 4 4Delivering One Goldman Sachs to Our Clients Clients Turn to Goldman Sachs at Times of Disruption Asset Management Quality of People and Advice Thought Leadership Global Investment Markets Banking Digital Client Engagement Consumer & Wealth Management Best in Class Client Experience Reinforcing our purpose to advance sustainable economic growth and financial opportunity 4 4

Investment Banking Investor Day Goals 2020 Progress Revenues Maintain and #1 Announced & improve share: $3.1bn Advisory 1 Completed M&A IB Fees: #1 Grow Share in 1 Equity U/W #1 Equity & Equity-Related $3.4bn Core Business M&A: #1 Equity: #1 2 Debt U/W #4 Debt U/W Wallet Share $2.7bn Debt: Top 4 Wallet Share $800+mm Added ~300 clients in 2020 Expand Share Revenue Expand Client with Clients Generation Footprint Expanded coverage by ~2,700 corporates $500mm-2bn from Footprint since 2017 3 Expansion 4 Longer-term : $50bn Deposits ~225 clients 2Q20 Transaction ~$135mm $29bn Platform Banking in Revenues deposits Launch 3 partnerships $1bn Revenues 5 5Investment Banking Investor Day Goals 2020 Progress Revenues Maintain and #1 Announced & improve share: $3.1bn Advisory 1 Completed M&A IB Fees: #1 Grow Share in 1 Equity U/W #1 Equity & Equity-Related $3.4bn Core Business M&A: #1 Equity: #1 2 Debt U/W #4 Debt U/W Wallet Share $2.7bn Debt: Top 4 Wallet Share $800+mm Added ~300 clients in 2020 Expand Share Revenue Expand Client with Clients Generation Footprint Expanded coverage by ~2,700 corporates $500mm-2bn from Footprint since 2017 3 Expansion 4 Longer-term : $50bn Deposits ~225 clients 2Q20 Transaction ~$135mm $29bn Platform Banking in Revenues deposits Launch 3 partnerships $1bn Revenues 5 5

Global Markets Investor Day Goals 2020 Progress 1 Ranked #2 in both FICC and Equities globally Deepen and Take Top 2 Top 3 position with 64 of the top 100 clients Broaden Client 3 Position with Base Top 100 Clients 1 120bps of wallet share gain vs 2019 Increase Client Record Financing Financing Leverage Risk Revenues in FICC Expertise, Deploy Technology Financing and +36% Platforms Technology to Record Prime YE Total Monthly Serve Clients Superior Risk 3 Active Users Balances in Equities Intermediation Medium-term: 14.1% ~$400mm $700mm Expense Optimize Expense efficiencies achieved Opportunity 6.8% Medium-term Resource target of 10% Consumption ~$1.25bn $2bn Capital Capital reallocated to Optimization 2019 ROE 2020 ROE accretive opportunities 6 6Global Markets Investor Day Goals 2020 Progress 1 Ranked #2 in both FICC and Equities globally Deepen and Take Top 2 Top 3 position with 64 of the top 100 clients Broaden Client 3 Position with Base Top 100 Clients 1 120bps of wallet share gain vs 2019 Increase Client Record Financing Financing Leverage Risk Revenues in FICC Expertise, Deploy Technology Financing and +36% Platforms Technology to Record Prime YE Total Monthly Serve Clients Superior Risk 3 Active Users Balances in Equities Intermediation Medium-term: 14.1% ~$400mm $700mm Expense Optimize Expense efficiencies achieved Opportunity 6.8% Medium-term Resource target of 10% Consumption ~$1.25bn $2bn Capital Capital reallocated to Optimization 2019 ROE 2020 ROE accretive opportunities 6 6

Asset Management Investor Day Goals 2020 Progress Longer-term: $2.1tn Firmwide AUS Continued $250bn Net Growth with $286bn Firmwide AUS Growth Traditional Inflows Asset (Fixed Income and Equity) Allocators Long-term fee based inflows of $42bn Additional ~$40bn $100bn Net 2021 Priorities: rd Gross commitments across: Grow 3 Party Alternative Inflows Growth Equity Alternatives ($150bn Gross Fundraising) Corporate Equity Private Credit Infrastructure Real Estate Multi-Asset ESG Longer-term: $4bn Expect $2bn of $4bn Capital Optimize Capital Sold or announced sales of related capital reduction Reduction on-balance sheet positions 7 7Asset Management Investor Day Goals 2020 Progress Longer-term: $2.1tn Firmwide AUS Continued $250bn Net Growth with $286bn Firmwide AUS Growth Traditional Inflows Asset (Fixed Income and Equity) Allocators Long-term fee based inflows of $42bn Additional ~$40bn $100bn Net 2021 Priorities: rd Gross commitments across: Grow 3 Party Alternative Inflows Growth Equity Alternatives ($150bn Gross Fundraising) Corporate Equity Private Credit Infrastructure Real Estate Multi-Asset ESG Longer-term: $4bn Expect $2bn of $4bn Capital Optimize Capital Sold or announced sales of related capital reduction Reduction on-balance sheet positions 7 7

Consumer & Wealth Management Investor Day Goals 2020 Progress 1 Hired >100 client-facing professionals in 2020; solid expansion Increase client-facing despite slowed plans due to COVID professionals Grow Premier 2 Hosted 250+ events , driving engagement with >190K UHNW Business clients and other participants Earn additional Globally wallet share 3 $17bn of AUS inflows with total client assets exceeding $1tn from clients 4 >4K Client referrals ($7bn+ AUS opportunity) Leverage corporate Expand our relationships and +33 Corporates added HNW Platform expand HNW franchise reach Serve ~55% of Fortune 100 Deposits ($bn) Loan/Cards ($bn) $125+ Scale existing $20+ products, launch new Build Leading $97 Digital products, embed $8 $60 $7 $5 $36 Consumer Bank capabilities in partner ecosystems 2018 2019 2020 2024 2018 2019 2020 2024 Target Target 8 8Consumer & Wealth Management Investor Day Goals 2020 Progress 1 Hired >100 client-facing professionals in 2020; solid expansion Increase client-facing despite slowed plans due to COVID professionals Grow Premier 2 Hosted 250+ events , driving engagement with >190K UHNW Business clients and other participants Earn additional Globally wallet share 3 $17bn of AUS inflows with total client assets exceeding $1tn from clients 4 >4K Client referrals ($7bn+ AUS opportunity) Leverage corporate Expand our relationships and +33 Corporates added HNW Platform expand HNW franchise reach Serve ~55% of Fortune 100 Deposits ($bn) Loan/Cards ($bn) $125+ Scale existing $20+ products, launch new Build Leading $97 Digital products, embed $8 $60 $7 $5 $36 Consumer Bank capabilities in partner ecosystems 2018 2019 2020 2024 2018 2019 2020 2024 Target Target 8 8

Consumer | Build Leading Digital Consumer Bank Integrated & Self-Reinforcing Strategy New Products & Partnerships 1 1 Invest Spend Go-to-market strategies Marcus Large Direct Partnerships State-of-the-art Product / Platform Spend Borrow Save / Invest Borrow Checking Credit Invest Loans Savings (2021) Cards (2021) 9 9Consumer | Build Leading Digital Consumer Bank Integrated & Self-Reinforcing Strategy New Products & Partnerships 1 1 Invest Spend Go-to-market strategies Marcus Large Direct Partnerships State-of-the-art Product / Platform Spend Borrow Save / Invest Borrow Checking Credit Invest Loans Savings (2021) Cards (2021) 9 9

Funding Optimization Further diversify funding mix via deposits 1 $1.0+ billion Enhance asset-liability management 2 in revenue uplift over medium term Optimize liquidity pool 3 1 Deposits Remain on target for 30bps funding improvement ~50% $70bn deposit growth Wholesale across channels Unsecured Liability Liability in 2020 ~50% Acceleration of MixMix Liability liability mix-shift Mix Liability Material shift 2 % of Firm Assets in Bank Entities in rate Liabil Pric ityin g environment Pricing Liability Pricing ~15% ~25% Investor Day Current as of 4Q17 as of 4Q20 Projection Projection 10 10Funding Optimization Further diversify funding mix via deposits 1 $1.0+ billion Enhance asset-liability management 2 in revenue uplift over medium term Optimize liquidity pool 3 1 Deposits Remain on target for 30bps funding improvement ~50% $70bn deposit growth Wholesale across channels Unsecured Liability Liability in 2020 ~50% Acceleration of MixMix Liability liability mix-shift Mix Liability Material shift 2 % of Firm Assets in Bank Entities in rate Liabil Pric ityin g environment Pricing Liability Pricing ~15% ~25% Investor Day Current as of 4Q17 as of 4Q20 Projection Projection 10 10

Focused On Expense Efficiencies On track to generate $1.3bn in run-rate expense savings over the medium term Investment in Centralized Expense Streamlined Automation and Real Estate Strategy Organization Management Infrastructure n Disciplined approach to n Extracting benefit from n Footprint consolidation in n Uplifting integrated organizational design front-to-back London and Bengaluru planning capabilities reengineering programs n Enhanced focus on spans n Expanded presence in n Extracting benefit from and layersn Increased straight- strategic locations procure-to-pay solution through-processing n Reduced cost per trade Achieved approximately half of our medium-term plan in 2020 11 11Focused On Expense Efficiencies On track to generate $1.3bn in run-rate expense savings over the medium term Investment in Centralized Expense Streamlined Automation and Real Estate Strategy Organization Management Infrastructure n Disciplined approach to n Extracting benefit from n Footprint consolidation in n Uplifting integrated organizational design front-to-back London and Bengaluru planning capabilities reengineering programs n Enhanced focus on spans n Expanded presence in n Extracting benefit from and layersn Increased straight- strategic locations procure-to-pay solution through-processing n Reduced cost per trade Achieved approximately half of our medium-term plan in 2020 11 11

Dynamic Capital Management CET1 Ratio Target Capital Management Philosophy Key Forward Drivers 1 13.0-13.5% § Stress Capital Buffer Achievement of capital efficiencies from Prudent capital management in Stress planned sales of on-balance sheet context of evolving regulatory Capital Buffer investments; ongoing engagement with FRB landscape on stress loss modeling 5.0-5.5% Prioritize deploying capital to support § G-SIB G-SIB client activity and grow our Expected surcharge of 3.0% effective Jan 1 businesses 3.0% 2023 as we continue to deploy balance sheet to support client financing activity Return excess capital in the Minimum § Management Buffer form of dividends and buybacks 4.5% Estimated buffer of 50-100bps to anticipate client opportunities and potential volatility 12 12Dynamic Capital Management CET1 Ratio Target Capital Management Philosophy Key Forward Drivers 1 13.0-13.5% § Stress Capital Buffer Achievement of capital efficiencies from Prudent capital management in Stress planned sales of on-balance sheet context of evolving regulatory Capital Buffer investments; ongoing engagement with FRB landscape on stress loss modeling 5.0-5.5% Prioritize deploying capital to support § G-SIB G-SIB client activity and grow our Expected surcharge of 3.0% effective Jan 1 businesses 3.0% 2023 as we continue to deploy balance sheet to support client financing activity Return excess capital in the Minimum § Management Buffer form of dividends and buybacks 4.5% Estimated buffer of 50-100bps to anticipate client opportunities and potential volatility 12 12

Clear Strategic Direction Diversify our Products Operate More Grow and Strengthen Existing Businesses and Services Efficiently Expand our global footprint: Increase organizational and Investment Banking, Global Markets, Build Transaction Banking process efficiency Ultra High Net Worth Remix to lower cost Increase financing activities Grow third party Alternatives deposit funding Scale digital Consumer Banking, Grow asset management Optimize capital footprint High Net Worth and Mass Affluent Higher Wallet Share More Durable Higher Margins across Broader Client Set Earnings and Returns 13 13Clear Strategic Direction Diversify our Products Operate More Grow and Strengthen Existing Businesses and Services Efficiently Expand our global footprint: Increase organizational and Investment Banking, Global Markets, Build Transaction Banking process efficiency Ultra High Net Worth Remix to lower cost Increase financing activities Grow third party Alternatives deposit funding Scale digital Consumer Banking, Grow asset management Optimize capital footprint High Net Worth and Mass Affluent Higher Wallet Share More Durable Higher Margins across Broader Client Set Earnings and Returns 13 13

Strategic Update January 19, 2021 14 14Strategic Update January 19, 2021 14 14

End Notes These notes refer to the financial metrics and/or defined term presented on: Slide 1: 1. Return on average common shareholders’ equity (ROE) is calculated by dividing net earnings applicable to common shareholders by average monthly common shareholders’ equity. Return on average tangible common shareholders’ equity (ROTE) is calculated by dividing 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 YEAR ENDED Unaudited, $ in millions DECEMBER 31, 2020 Total shareholders’ equity $ 91,779 Preferred stock (11,203) Common shareholders’ equity 80,576 Goodwill and identifiable intangible assets (4,855) Tangible common shareholders’ equity $ 75,721 2. Source: Dealogic – January 1, 2020 through December 31, 2020 Slide 2: 1. Medium-term refers to 3 year time horizon from December 31, 2019 2. ROTE is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies. See end note 1 for slide 1 for further information about ROTE, including the reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity. 15 15End Notes These notes refer to the financial metrics and/or defined term presented on: Slide 1: 1. Return on average common shareholders’ equity (ROE) is calculated by dividing net earnings applicable to common shareholders by average monthly common shareholders’ equity. Return on average tangible common shareholders’ equity (ROTE) is calculated by dividing 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 YEAR ENDED Unaudited, $ in millions DECEMBER 31, 2020 Total shareholders’ equity $ 91,779 Preferred stock (11,203) Common shareholders’ equity 80,576 Goodwill and identifiable intangible assets (4,855) Tangible common shareholders’ equity $ 75,721 2. Source: Dealogic – January 1, 2020 through December 31, 2020 Slide 2: 1. Medium-term refers to 3 year time horizon from December 31, 2019 2. ROTE is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies. See end note 1 for slide 1 for further information about ROTE, including the reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity. 15 15

End Notes These notes refer to the financial metrics and/or defined term presented on: Slide 5: 1. Source: Dealogic – January 1, 2020 through December 31, 2020 2. Debt U/W wallet share as measured by reported revenues, per peer filings as of September 30, 2020. Peers include JPM, BAC, C, MS, CS, DBS and BARC 3. Americas and EMEA advisory, underwriting and derivatives net revenues from footprint expansion clients accrued in 2020 4. Longer-term refers to 5 year time horizon from December 31, 2019 Slide 6: 1. Source: McKinsey institutional client analytics for 3Q20 YTD. Analysis excludes captive wallets 2. Sources: Client Ranking / Scorecard / Feedback and / or McKinsey revenue ranking (data as of 1H20 or 3Q20 as applicable) 3. Unique users within the prior 30 days, as of December 15, 2020 vs. December 15, 2019. The use of these dates represents recent usage before the seasonal slowdown at year end Slide 8: 1. Includes Advisors, Content Specialists and Client Service Specialists 2. Includes global cross-divisional events and webinars to which PWM clients had access 3. Total client assets includes AUS, brokerage assets, and consumer deposits 4. Represents bi-lateral referrals between Private Wealth Management and Personal Financial Management (PFM) and eligible Corporate employees referred to PFM Slide 9: Note: Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA and Goldman Sachs & Co. LLC. All loans and deposit products are provided by Goldman Sachs Bank USA. Member FDIC. Brokerage and investment advisory services offered by Marcus by Goldman Sachs are provided by Goldman Sachs & Co. LLC. Member SIPC. 1. Certain functionality displayed is not currently available but may not be available in the future. Visuals are for illustrative purposes only Slide 10: 1. As of December 31, 2020 2. Excludes assets related to other GS affiliates Slide 12: 1. Targets may change as regulatory landscape and firm business mix evolve 16 16End Notes These notes refer to the financial metrics and/or defined term presented on: Slide 5: 1. Source: Dealogic – January 1, 2020 through December 31, 2020 2. Debt U/W wallet share as measured by reported revenues, per peer filings as of September 30, 2020. Peers include JPM, BAC, C, MS, CS, DBS and BARC 3. Americas and EMEA advisory, underwriting and derivatives net revenues from footprint expansion clients accrued in 2020 4. Longer-term refers to 5 year time horizon from December 31, 2019 Slide 6: 1. Source: McKinsey institutional client analytics for 3Q20 YTD. Analysis excludes captive wallets 2. Sources: Client Ranking / Scorecard / Feedback and / or McKinsey revenue ranking (data as of 1H20 or 3Q20 as applicable) 3. Unique users within the prior 30 days, as of December 15, 2020 vs. December 15, 2019. The use of these dates represents recent usage before the seasonal slowdown at year end Slide 8: 1. Includes Advisors, Content Specialists and Client Service Specialists 2. Includes global cross-divisional events and webinars to which PWM clients had access 3. Total client assets includes AUS, brokerage assets, and consumer deposits 4. Represents bi-lateral referrals between Private Wealth Management and Personal Financial Management (PFM) and eligible Corporate employees referred to PFM Slide 9: Note: Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA and Goldman Sachs & Co. LLC. All loans and deposit products are provided by Goldman Sachs Bank USA. Member FDIC. Brokerage and investment advisory services offered by Marcus by Goldman Sachs are provided by Goldman Sachs & Co. LLC. Member SIPC. 1. Certain functionality displayed is not currently available but may not be available in the future. Visuals are for illustrative purposes only Slide 10: 1. As of December 31, 2020 2. Excludes assets related to other GS affiliates Slide 12: 1. Targets may change as regulatory landscape and firm business mix evolve 16 16

Cautionary Note on Forward-Looking Statements Statements about the firm’s target metrics, including its target ROE, ROTE, efficiency ratio and CET1 capital ratios, and how they can be achieved (including resumption of share repurchases), and statements about future operating expense (including future litigation expense), efficiency ratio reductions and expense savings initiatives, the impact of the COVID-19 pandemic on its business, results, financial position and liquidity, amount and composition of future Assets under Supervision, planned debt issuances, growth of deposits and other funding, asset liability management and funding strategies and associated interest expense savings, future geographic location of its employees, and the timing and profitability of its business initiatives, including its launch of new businesses or new activities, its ability to increase its market share in incumbent businesses and its ability to achieve more durable revenues and higher returns from these initiatives, are forward- looking statements, and it is possible that the firm’s actual results may differ, possibly materially, from the targeted results indicated in these statements. Forward looking statements, including those about the firm’s target ROE, ROTE, efficiency ratio, and expense savings, and how they can be achieved, are based on the firm’s current expectations regarding its business prospects and are subject to the risk that the firm may be unable to achieve its targets due to, among other things, changes in the firm’s business mix, lower profitability of new business initiatives, increases in technology and other costs to launch and bring new business initiatives to scale, and increases in liquidity requirements. Statements about the firm’s target ROE, ROTE and CET1 capital ratios, and how they can be achieved, are based on the firm’s current expectations regarding the capital requirements applicable to the firm and are subject to the risk that the firm’s actual capital requirements may be higher than currently anticipated because of, among other factors, changes in the regulatory capital requirements applicable to the firm resulting from changes in regulations or the interpretation or application of existing regulations or changes in the nature and composition of the firm’s activities or its expectations around the sale of assets. Statements about the projected growth of the firm’s deposits and other funding, asset liability management and funding strategies and associated interest expense savings are subject to the risk that actual growth and savings may differ, possibly materially from that currently anticipated due to, among other things, changes in interest rates and competition from similar products. Statements about the timing, profitability, benefits and other prospective aspects of business and expense savings initiatives, the achievability of medium and long-term targets, the level and composition of more durable revenues and increases in market share are based on the firm’s current expectations regarding its ability to implement these initiatives and achieve these targets and goals and may change, possibly materially, from what is currently expected. Statements about the effects of the COVID-19 pandemic on the firm’s business, results, financial position and liquidity are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Due to the inherent uncertainty in these forward-looking statements, investors should not place undue reliance on the firm’s ability to achieve these results. 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 above, see “Risk Factors” in Part II, Item 1A of the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2020 and in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2019. You should also read the cautionary notes on forward-looking statements in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2020 and Earnings Results Presentation for the Full Year and Fourth Quarter 2020. The statements in the presentation are current only as of January 19, 2021 and the firm does not undertake to update forward-looking statements to reflect the impact of subsequent events or circumstances. 17 17Cautionary Note on Forward-Looking Statements Statements about the firm’s target metrics, including its target ROE, ROTE, efficiency ratio and CET1 capital ratios, and how they can be achieved (including resumption of share repurchases), and statements about future operating expense (including future litigation expense), efficiency ratio reductions and expense savings initiatives, the impact of the COVID-19 pandemic on its business, results, financial position and liquidity, amount and composition of future Assets under Supervision, planned debt issuances, growth of deposits and other funding, asset liability management and funding strategies and associated interest expense savings, future geographic location of its employees, and the timing and profitability of its business initiatives, including its launch of new businesses or new activities, its ability to increase its market share in incumbent businesses and its ability to achieve more durable revenues and higher returns from these initiatives, are forward- looking statements, and it is possible that the firm’s actual results may differ, possibly materially, from the targeted results indicated in these statements. Forward looking statements, including those about the firm’s target ROE, ROTE, efficiency ratio, and expense savings, and how they can be achieved, are based on the firm’s current expectations regarding its business prospects and are subject to the risk that the firm may be unable to achieve its targets due to, among other things, changes in the firm’s business mix, lower profitability of new business initiatives, increases in technology and other costs to launch and bring new business initiatives to scale, and increases in liquidity requirements. Statements about the firm’s target ROE, ROTE and CET1 capital ratios, and how they can be achieved, are based on the firm’s current expectations regarding the capital requirements applicable to the firm and are subject to the risk that the firm’s actual capital requirements may be higher than currently anticipated because of, among other factors, changes in the regulatory capital requirements applicable to the firm resulting from changes in regulations or the interpretation or application of existing regulations or changes in the nature and composition of the firm’s activities or its expectations around the sale of assets. Statements about the projected growth of the firm’s deposits and other funding, asset liability management and funding strategies and associated interest expense savings are subject to the risk that actual growth and savings may differ, possibly materially from that currently anticipated due to, among other things, changes in interest rates and competition from similar products. Statements about the timing, profitability, benefits and other prospective aspects of business and expense savings initiatives, the achievability of medium and long-term targets, the level and composition of more durable revenues and increases in market share are based on the firm’s current expectations regarding its ability to implement these initiatives and achieve these targets and goals and may change, possibly materially, from what is currently expected. Statements about the effects of the COVID-19 pandemic on the firm’s business, results, financial position and liquidity are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Due to the inherent uncertainty in these forward-looking statements, investors should not place undue reliance on the firm’s ability to achieve these results. 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 above, see “Risk Factors” in Part II, Item 1A of the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2020 and in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2019. You should also read the cautionary notes on forward-looking statements in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2020 and Earnings Results Presentation for the Full Year and Fourth Quarter 2020. The statements in the presentation are current only as of January 19, 2021 and the firm does not undertake to update forward-looking statements to reflect the impact of subsequent events or circumstances. 17 17