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): April 18, 2023

The Goldman Sachs Group, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 001-14965

Delaware	13-4019460
(State or other jurisdiction of incorporation)	(IRS Employer Identification No.)
200 West Street, New York, N.Y.	10282
(Address of principal executive offices)	(Zip Code)

(212) 902-1000

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

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

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

Emerging growth company  ☐

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

TABLE OF CONTENTS

Exhibit 99.1: PRESS RELEASE

Exhibit 99.2: PRESENTATION

Item 2.02 Results of Operations and Financial Condition.

On April 18, 2023, The Goldman Sachs Group, Inc. (Group Inc. and, together with its consolidated subsidiaries, the firm) reported its earnings for the first quarter ended March 31, 2023. A copy of Group Inc.’s press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On April 18, 2023, at 9:30 a.m. (ET), the firm will hold a conference call to discuss the firm’s financial results, outlook and related matters. A copy of the presentation for the conference call is attached as Exhibit 99.2 to this Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release of Group Inc. dated April 18, 2023 containing financial information for its first quarter ended March 31, 2023.

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

99.2 Presentation of Group Inc. dated April 18, 2023, for the conference call on April 18, 2023.

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

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

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

SIGNATURE

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

	THE GOLDMAN SACHS GROUP, INC.
			(Registrant)
Date: April 18, 2023	By:	/s/ Denis P. Coleman III
		Name:  Denis P. Coleman III
		Title:    Chief Financial Officer

EX-99.1

Exhibit 99.1

First Quarter 2023

Earnings Results

Media Relations: Tony Fratto 212-902-5400

Investor Relations: Carey Halio 212-902-0300    

The Goldman Sachs Group, Inc.          

200 West Street | New York, NY 10282          

First Quarter 2023 Earnings Results

Goldman Sachs Reports First Quarter Earnings Per Common Share of $8.79

“The events of the first quarter acted as another real-life stress test, demonstrating the resilience of Goldman Sachs and the nation’s largest financial institutions. Our deeply rooted risk management culture, strong liquidity and robust capital position enabled us to continue to support our clients and deliver solid performance. We are operating from a position of strength and remain focused on executing our strategy to further grow our leading Global Banking & Markets and Asset & Wealth Management franchises.”

- David Solomon, Chairman and Chief Executive Officer    

Financial Summary

Net Revenues	Net Earnings	EPS
1Q23                   $12.22 billion	1Q23                     $3.23 billion	1Q23                                 $8.79
Annualized ROE1	Annualized  ROTE1	Book Value Per Share
1Q23                                11.6%	1Q23                                12.6%	1Q23                            $310.48

NEW YORK, April 18, 2023 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $12.22 billion and net earnings of $3.23 billion for the first quarter ended March 31, 2023. Net revenues included a loss of approximately $470 million related to a partial sale of the Marcus loans portfolio and the transfer of the remainder of the portfolio to held for sale (largely offset by a related reserve reduction of approximately $440 million in provision for credit losses).

Diluted earnings per common share (EPS) was $8.79 for the first quarter of 2023 compared with $10.76 for the first quarter of 2022 and $3.32 for the fourth quarter of 2022.

Annualized return on average common shareholders’ equity (ROE)¹ was 11.6% and annualized return on average tangible common shareholders’ equity (ROTE)¹ was 12.6% for the first quarter of 2023.

1      

Goldman Sachs Reports

First Quarter 2023 Earnings Results

Highlights

◾ During the quarter, the firm supported clients and continued to execute on strategic priorities, which contributed to solid quarterly net revenues of $12.22 billion and diluted EPS of $8.79.

◾ Global Banking & Markets generated quarterly net revenues of $8.44 billion, driven by strong performances in Fixed Income, Currency and Commodities (FICC) and Equities, including record quarterly net revenues in Equities financing.

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

◾ Asset & Wealth Management generated quarterly net revenues of $3.22 billion, including record Management and other fees.

◾ Assets under supervision^3,4 increased $125 billion during the quarter to a record $2.67 trillion.

◾ Platform Solutions generated quarterly net revenues of $564 million, more than double the amount in the prior year period.

◾ Book value per common share increased by 2.3% during the quarter to $310.48.

Net Revenues

Net revenues were $12.22 billion for the first quarter of 2023, 5% lower than the first quarter of 2022 and 15% higher than the fourth quarter of 2022. The decrease compared with the first quarter of 2022 reflected lower net revenues in Global Banking & Markets, partially offset by significantly higher net revenues in Asset & Wealth Management and Platform Solutions.	Net Revenues
	$12.22 billion

2      

Goldman Sachs Reports

First Quarter 2023 Earnings Results

Global Banking & Markets

Net revenues in Global Banking & Markets were $8.44 billion for the first quarter of 2023, 16% lower than a strong first quarter of 2022 and 30% higher than the fourth quarter of 2022. Investment banking fees were $1.58 billion, 26% lower than the first quarter of 2022, primarily due to significantly lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions, and Debt underwriting, reflecting a decline in industry-wide volumes. The firm’s Investment banking fees backlog3 decreased compared with the end of 2022. Net revenues in FICC were $3.93 billion, 17% lower than the first quarter of 2022, reflecting significantly lower net revenues in FICC intermediation, driven by significantly lower net revenues in currencies and commodities, partially offset by significantly higher net revenues in interest rate products and higher net revenues in mortgages and credit products. Net revenues in FICC financing were slightly higher. Net revenues in Equities were $3.02 billion, 7% lower than the first quarter of 2022, due to significantly lower net revenues in Equities intermediation across both derivatives and cash products. Net revenues in Equities financing were significantly higher, primarily reflecting increased spreads. Net revenues in Other were $(81) million, compared with $(51) million for the first quarter of 2022.	Global Banking & Markets
	$8.44 billion
	Advisory	$ 818 million
	Equity underwriting	$ 255 million
	Debt underwriting	$ 506 million
	Investment banking fees	$ 1.58 billion
	FICC intermediation	$ 3.28 billion
	FICC financing	$ 651 million
	FICC	$ 3.93 billion
	Equities intermediation	$ 1.74 billion
	Equities financing	$ 1.27 billion
	Equities	$ 3.02 billion
	Other	$(81) million

Asset & Wealth Management

Net revenues in Asset & Wealth Management were $3.22 billion for the first quarter of 2023, 24% higher than the first quarter of 2022 and 10% lower than the fourth quarter of 2022. The increase compared with the first quarter of 2022 reflected net gains in Equity investments compared with net losses in the prior year period, higher Management and other fees and higher net revenues in Debt investments. Net revenues in Private banking and lending included a loss of approximately $470 million related to a partial sale of the Marcus loans portfolio and the transfer of the remainder of the portfolio to held for sale (largely offset by a related reserve reduction of approximately $440 million in provision for credit losses). The increase in Equity investments net revenues reflected mark-to-market net gains from investments in public equities compared with significant mark-to-market net losses in the prior year period, partially offset by significantly lower net gains from investments in private equities. The increase in Management and other fees primarily reflected the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds. The increase in Debt investments net revenues reflected net mark-ups compared with net mark-downs in the prior year period. Net revenues in Private banking and lending were significantly lower, due to the loss related to the Marcus loans portfolio, partially offset by the impact of higher deposit spreads. Incentive fees were also lower.	Asset & Wealth Management
	$3.22 billion
	Management and   other fees	$  2.28 billion
	Incentive fees	$    53 million
	Private banking and   lending	$  354 million
	Equity investments	$  119 million
	Debt investments	$  408 million

3      

Goldman Sachs Reports

First Quarter 2023 Earnings Results

Platform Solutions

Net revenues in Platform Solutions were $564 million for the first quarter of 2023, 110% higher than the first quarter of 2022 and 10% higher than the fourth quarter of 2022. The increase compared with the first quarter of 2022 reflected significantly higher net revenues in Consumer platforms. The increase in Consumer platforms net revenues primarily reflected significantly higher average credit card balances. Transaction banking and other net revenues were also higher, reflecting higher average deposit balances.	Platform Solutions
	$564 million
	Consumer platforms	$490  million
	Transaction banking   and other	$   74 million

Provision for Credit Losses

Provision for credit losses was a net benefit of $171 million for the first quarter of 2023, compared with net provisions of $561 million for the first quarter of 2022 and $972 million for the fourth quarter of 2022. The net benefit for the first quarter of 2023 reflected a reserve reduction of approximately $440 million related to a partial sale of the Marcus loans portfolio and the transfer of the remainder of the portfolio to held for sale, partially offset by net provisions related to the credit card and point-of-sale loan portfolios, reflecting net charge-offs and growth, and a provision related to a term deposit. Provisions for the first quarter of 2022 primarily reflected growth in the credit card portfolio, the impact of macroeconomic and geopolitical concerns, and individual impairments on wholesale loans.

Provision for Credit Losses

$(171) million

Operating Expenses

Operating expenses were $8.40 billion for the first quarter of 2023, 9% higher than the first quarter of 2022 and 4% higher than the fourth quarter of 2022. The firm’s efficiency ratio3 for the first quarter of 2023 was 68.7%, compared with 59.7% for the first quarter of 2022. The increase in operating expenses compared with the first quarter of 2022 was due to impairments of approximately $355 million related to consolidated real estate investments (in depreciation and amortization), the inclusion of NNIP and higher technology and transaction based expenses. Net provisions for litigation and regulatory proceedings for the first quarter of 2023 were $72 million compared with $125 million for the first quarter of 2022. Headcount decreased 6% compared with the end of 2022, primarily reflecting a headcount reduction initiative during the quarter.	Operating Expenses
	$8.40 billion
	Efficiency Ratio
	68.7%

4      

Goldman Sachs Reports

First Quarter 2023 Earnings Results

Provision for Taxes

The effective income tax rate for the first quarter of 2023 was 19.0%, up from the full year rate of 16.5% for 2022, primarily due to the impact of an increase in taxes on non-U.S. earnings and decreases in permanent tax benefits, partially offset by the impact of tax benefits on the settlement of employee share-based awards for the first quarter of 2023 compared with the full year of 2022.	Effective Tax Rate
	19.0%

Other Matters

◾ On April 14, 2023, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.50 per common share to be paid on June 29, 2023 to common shareholders of record on June 1, 2023. ◾ During the quarter, the firm returned $3.41 billion of capital to common shareholders, including $2.55 billion of common share repurchases (7.1 million shares at an average cost of $359.77) and $868 million of common stock dividends.3 ◾ Global core liquid assets3 averaged $399 billion4 for the first quarter of 2023, compared with an average of $409 billion for the fourth quarter of 2022.	Declared Quarterly Dividend Per Common Share
	$2.50
	Common Share Repurchases
	7.1 million shares for $2.55 billion
	Average GCLA
	$399 billion

5      

Goldman Sachs Reports

First Quarter 2023 Earnings Results

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

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2022.

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

Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak or worsening of hostilities, including the escalation or continuation of the war between Russia and Ukraine, continuing volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other important factors that could adversely affect the firm’s Investment banking fees, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2022.

Conference Call

A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will be open to the public. Members of the public who would like to listen to the conference call should dial 1-888-205-6786 (in the U.S.) or 1-323-794-2558 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com.

6      

Goldman Sachs Reports

First Quarter 2023 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions

	THREE MONTHS ENDED						% CHANGE FROM
	MARCH 31, 2023		DECEMBER 31, 2022		MARCH 31, 2022		DECEMBER 31, 2022		MARCH 31, 2022
GLOBAL BANKING & MARKETS
Advisory		$             818		$         1,408		$              1,127		(42) %		(27) %
Equity underwriting		255		183		276		39		(8)
Debt underwriting		506		282		741		79		(32)
Investment banking fees		1,579		1,873		2,144		(16)		(26)
FICC intermediation		3,280		1,974		4,099		66		(20)
FICC financing		651		713		631		(9)		3
FICC		3,931		2,687		4,730		46		(17)
Equities intermediation		1,741		1,109		2,178		57		(20)
Equities financing		1,274		964		1,061		32		20
Equities		3,015		2,073		3,239		45		(7)
Other		(81)		(114)		(51)		N.M.		N.M.
Net revenues		8,444		6,519		10,062		30		(16)
ASSET & WEALTH MANAGEMENT
Management and other fees		2,282		2,248		2,035		2		12
Incentive fees		53		39		79		36		(33)
Private banking and lending		354		753		492		(53)		(28)
Equity investments		119		287		(294)		(59)		N.M.
Debt investments		408		234		291		74		40
Net revenues		3,216		3,561		2,603		(10)		24
PLATFORM SOLUTIONS
Consumer platforms		490		433		201		13		144
Transaction banking and other		74		80		67		(8)		10
Net revenues		564		513		268		10		110
Total net revenues		$        12,224		$        10,593		$            12,933		15		(5)
Geographic Net Revenues (unaudited)3
$ in millions
	THREE MONTHS ENDED
	MARCH 31, 2023		DECEMBER 31, 2022		MARCH 31, 2022
Americas		$          7,194		$          6,920		$              7,334
EMEA		3,584		2,406		3,871
Asia		1,446		1,267		1,728
Total net revenues		$        12,224		$        10,593		$            12,933
Americas		59%		65%		57%
EMEA		29%		23%		30%
Asia		12%		12%		13%
Total		100%		100%		100%

7

Goldman Sachs Reports

First Quarter 2023 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)

In millions, except per share amounts and headcount

	THREE MONTHS ENDED						% CHANGE FROM
	MARCH 31, 2023		DECEMBER 31,    2022		MARCH 31,    2022		DECEMBER 31,    2022		MARCH 31,             2022
REVENUES
Investment banking		$         1,578		$             1,873		$              2,144		(16) %		(26) %
Investment management		2,289		2,258		2,070		1		11
Commissions and fees		1,088		968		1,003		12		8
Market making		5,433		3,051		6,029		78		(10)
Other principal transactions		55		369		(140)		(85)		N.M.
Total non-interest revenues		10,443		8,519		11,106		23		(6)
Interest income		14,938		12,411		3,212		20		365
Interest expense		13,157		10,337		1,385		27		850
Net interest income		1,781		2,074		1,827		(14)		(3)
Total net revenues		12,224		10,593		12,933		15		(5)
Provision for credit losses		(171)		972		561		N.M.		N.M.
OPERATING EXPENSES
Compensation and benefits		4,090		3,764		4,083		9		–
Transaction based		1,405		1,434		1,244		(2)		13
Market development		172		216		162		(20)		6
Communications and technology		466		481		424		(3)		10
Depreciation and amortization		970		727		492		33		97
Occupancy		265		261		251		2		6
Professional fees		383		495		437		(23)		(12)
Other expenses		651		713		623		(9)		4
Total operating expenses		8,402		8,091		7,716		4		9
Pre-tax earnings		3,993		1,530		4,656		161		(14)
Provision for taxes		759		204		717		272		6
Net earnings		3,234		1,326		3,939		144		(18)
Preferred stock dividends		147		141		108		4		36
Net earnings applicable to common shareholders		$         3,087		$             1,185		$              3,831		161		(19)
EARNINGS PER COMMON SHARE
Basic3		$           8.87		$               3.35		$              10.87		165 %		(18) %
Diluted		$           8.79		$               3.32		$              10.76		165		(18)
AVERAGE COMMON SHARES
Basic		346.6		349.5		351.2		(1)		(1)
Diluted		351.3		356.7		355.9		(2)		(1)
SELECTED DATA AT PERIOD-END
Common shareholders’ equity		$   106,806		$         106,486		$          104,536		–		2
Basic shares3		344.0		350.8		356.4		(2)		(3)
Book value per common share		$     310.48		$           303.55		$            293.31		2		6
Headcount		45,400		48,500		45,100		(6)		1

8

Goldman Sachs Reports

First Quarter 2023 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)⁴

$ in billions

	AS OF
	MARCH 31, 2023		DECEMBER 31, 2022
ASSETS
Cash and cash equivalents		$            229		$            242
Collateralized agreements		405		414
Customer and other receivables		145		136
Trading assets		407		301
Investments		132		131
Loans		178		179
Other assets		42		39
Total assets		$          1,538		$          1,442
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits		$            375		$            387
Collateralized financings		263		155
Customer and other payables		266		262
Trading liabilities		194		191
Unsecured short-term borrowings		65		61
Unsecured long-term borrowings		241		247
Other liabilities		17		22
Total liabilities		1,421		1,325
Shareholders’ equity		117		117
Total liabilities and shareholders’ equity		$          1,538		$          1,442
Capital Ratios and Supplementary Leverage Ratio (unaudited)3,4 $ in billions
	AS OF
	MARCH 31, 2023		DECEMBER 31, 2022
Common equity tier 1 capital		$            98.1		$            98.1
STANDARDIZED CAPITAL RULES
Risk-weighted assets		$            661		$             653
Common equity tier 1 capital ratio		14.8%		15.0%
ADVANCED CAPITAL RULES
Risk-weighted assets		$            678		$             679
Common equity tier 1 capital ratio		14.5%		14.4%
SUPPLEMENTARY LEVERAGE RATIO
Supplementary leverage ratio		5.8%		5.8%
Average Daily VaR (unaudited)3,4,5 $ in millions
	THREE MONTHS ENDED
	MARCH 31, 2023		DECEMBER 31, 2022
RISK CATEGORIES
Interest rates		$              92		$              95
Equity prices		28		30
Currency rates		32		41
Commodity prices		22		28
Diversification effect		(73)		(92)
Total		$             101		$             102

9

Goldman Sachs Reports

First Quarter 2023 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)^3,4

$ in billions

	AS OF
	MARCH 31, 2023		DECEMBER 31, 2022		MARCH 31, 2022
ASSET CLASS
Alternative investments		$            268		$            263		$            240
Equity		597		563		592
Fixed income		1,047		1,010		887
Total long-term AUS		1,912		1,836		1,719
Liquidity products		760		711		675
Total AUS		$          2,672		$          2,547		$          2,394
	THREE MONTHS ENDED
	MARCH 31, 2023		DECEMBER 31, 2022		MARCH 31, 2022
Beginning balance		$          2,547		$          2,427		$          2,470
Net inflows / (outflows):
Alternative investments		1		3		5
Equity		(2)		–		14
Fixed income		9		19		(2)
Total long-term AUS net inflows / (outflows)		8		22		17
Liquidity products		49		11		(6)
Total AUS net inflows / (outflows)		57		33		11
Acquisitions / (dispositions)		–		–		7
Net market appreciation / (depreciation)		68		87		(94)
Ending balance		$          2,672		$          2,547		$          2,394

10

Goldman Sachs Reports

First Quarter 2023 Earnings Results

Footnotes

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

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

	AVERAGE FOR THE
Unaudited, $ in millions	THREE MONTHS ENDED  MARCH 31, 2023
Total shareholders’ equity		$            116,819
Preferred stock		(10,703)
Common shareholders’ equity		106,116
Goodwill		(6,392)
Identifiable intangible assets		(1,985)
Tangible common shareholders’ equity		$               97,739

2. Dealogic – January 1, 2023 through March 31, 2023.

3. For information about the following items, see the referenced sections in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2022: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets” (ii) assets under supervision – see “Results of Operations – Asset & Wealth Management – Assets Under Supervision” (iii) efficiency ratio – see “Results of Operations – Operating Expenses” (iv) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management” (v) global core liquid assets – see “Risk Management – Liquidity Risk Management” (vi) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk Management – Market Risk Management.”

For information about the following items, including changes made to the firm’s segments and reclassifications made to previously reported amounts, see the referenced sections in Part II, Item 8 “Financial Statements and Supplementary Data” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2022: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common Share.”

4. Represents a preliminary estimate for the first quarter of 2023 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2023.

5. During the first quarter of 2023, the firm added the currency exposure on certain debt and equity positions to VaR and removed certain debt and equity positions (and related hedges) from VaR as management believes that the risk of these positions is more appropriately measured and monitored using 10% sensitivity measures. Prior period amounts for average daily VaR have been conformed to the current presentation. The impact of such changes was not material. See “Risk Management – Market Risk Management” in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2022 for further information about VaR and 10% sensitivity measures.            

11      

EX-99.2

Exhibit 99.2 First Quarter 2023 Earnings Results Presentation April 18, 2023

Results Snapshot Net Revenues Net Earnings EPS 1Q23 $12.22 billion 1Q23 $3.23 billion 1Q23 $8.79 1 1 Annualized ROE Annualized ROTE Book Value Per Share 1Q23 11.6% 1Q23 12.6% 1Q23 $310.48 (+2.3% YTD) Highlights 2 3,4 #1 in completed M&A Record AUS of $2.67 trillion Strong net revenues in FICC and Equities, Record Management and other fees of $2.28 billion Record Equities financing net revenues 1

Financial Overview Financial Results Financial Overview Highlights n 1Q23 results included EPS of $8.79 and ROE of 11.6% vs. vs. $ in millions, — 1Q23 net revenues were slightly lower YoY except per share amounts 1Q23 4Q22 1Q22 o Lower net revenues in Global Banking & Markets $ 8,444 30% (16)% Global Banking & Markets o Partially offset by significantly higher net revenues in Asset & Wealth Management and Platform Solutions Asset & Wealth Management 3,216 (10)% 24% — 1Q23 provision for credit losses was a net benefit of $171 million 564 10% 110% Platform Solutions o Reflecting a reserve reduction related to a partial sale of the Marcus loans portfolio and the transfer of the remainder of the portfolio to held for sale 12,224 15% (5)% Net revenues o Partially offset by net provisions related to the credit card and point-of-sale loan portfolios, reflecting net charge-offs and growth, and a provision related to a term deposit (171) N.M. N.M. Provision for credit losses — 1Q23 operating expenses were higher YoY, reflecting higher non-compensation expenses 8,402 4% 9% Operating expenses Net Revenues by Segment ($ in millions) $ 3,993 161% (14)% Pre-tax earnings $12,933 $12,224 $ 3,234 144% (18)% Net earnings $10,593 $ 3,087 161% (19)% Net earnings to common Global Banking & Markets Diluted EPS $ 8.79 165% (18)% $8,444 $10,062 $6,519 Asset & Wealth 1 ROE 11.6% 7.2pp (3.4)pp Management 1 Platform ROTE 12.6% 7.8pp (3.2)pp Solutions 3 $3,561 68.7% (7.7)pp 9.0pp $3,216 Efficiency Ratio $2,603 $564 $513 $268 2 1Q23 4Q22 1Q22

Global Banking & Markets Financial Results Global Banking & Markets Highlights n 1Q23 net revenues were lower YoY compared to a strong 1Q22 vs. vs. — Investment banking fees primarily reflected significantly lower net revenues in Advisory and $ in millions 1Q23 4Q22 1Q22 Debt underwriting Investment banking fees $ 1,579 (16)% (26)% — FICC reflected significantly lower net revenues in intermediation — Equities reflected significantly lower net revenues in intermediation, partially offset by FICC 3,931 46% (17)% significantly higher net revenues in financing 3 n Investment banking fees backlog decreased QoQ, primarily in Advisory 3,015 45% (7)% Equities 4 n 1Q23 select data : (81) N.M. N.M. Other — Total assets of $1.28 trillion — Loan balance of $109 billion 8,444 30% (16)% Net revenues — Net interest income of $347 million 129 N.M. (32)% Provision for credit losses Global Banking & Markets Net Revenues ($ in millions) Operating expenses 4,629 10% (7)% $10,062 Pre-tax earnings $ 3,686 61% (25)% $8,444 $2,144 Investment Net earnings $ 2,986 52% (28)% banking fees $1,579 $6,519 FICC Net earnings to common $ 2,876 55% (29)% $1,873 $4,730 Equities $3,931 Average common equity $ 69,497 (2)% 2% Other $2,687 Return on average common equity 16.6% 6.1pp (7.3)pp $3,239 $3,015 $2,073 $(81) $(114) $(51) 3 1Q23 4Q22 1Q22

Global Banking & Markets – Net Revenues Net Revenues Global Banking & Markets Net Revenues Highlights n 1Q23 Investment banking fees were significantly lower YoY vs. vs. — Advisory reflected a significant decline in industry-wide completed mergers and acquisitions $ in millions 1Q23 4Q22 1Q22 transactions Advisory $ 818 (42)% (27)% — Debt underwriting reflected a decline in industry-wide volumes n 1Q23 FICC net revenues were lower YoY compared with a strong 1Q22 Equity underwriting 255 39% (8)% — FICC intermediation reflected significantly lower net revenues in currencies and commodities, partially offset by significantly higher net revenues in interest rate products and higher net 506 79% (32)% Debt underwriting revenues in mortgages and credit products — FICC financing was slightly higher 1,579 (16)% (26)% Investment banking fees n 1Q23 Equities net revenues were lower YoY compared with a strong 1Q22 3,280 66% (20)% FICC intermediation — Equities intermediation reflected significantly lower net revenues across both derivatives and cash products 651 (9)% 3% FICC financing — Equities financing primarily reflected increased spreads FICC 3,931 46% (17)% Equities intermediation 1,741 57% (20)% Equities financing 1,274 32% 20% Equities 3,015 45% (7)% Other (81) N.M. N.M. Net revenues $ 8,444 30% (16)% 4

Asset & Wealth Management Financial Results Asset & Wealth Management Highlights n 1Q23 net revenues were significantly higher YoY vs. vs. — Management and other fees primarily reflected the inclusion of NN Investment Partners $ in millions 1Q23 4Q22 1Q22 (NNIP) and a reduction in fee waivers on money market funds — Private banking and lending included a loss of ~$470 million related to a partial sale of the $ 2,282 2% 12% Management and other fees Marcus loans portfolio and the transfer of the remainder of the portfolio to held for sale, partially offset by the impact of higher deposit spreads 53 36% (33)% — Equity investments reflected mark-to-market net gains from investments in public equities Incentive fees compared with significant mark-to-market net losses in 1Q22, partially offset by significantly lower net gains from investments in private equities 354 (53)% (28)% Private banking and lending o Public: 1Q23 ~$85 million, compared to 1Q22 ~$(560) million o Private: 1Q23 ~$35 million, compared to 1Q22 ~$265 million 119 (59)% N.M. Equity investments — Debt investments reflected net mark-ups compared with net mark-downs in 1Q22 n 1Q23 provision for credit losses reflected a reserve reduction of ~$440 million related to a partial Debt investments 408 74% 40% sale of the Marcus loans portfolio and the transfer of the remainder of the portfolio to held for sale 4 n 1Q23 select data : — Total assets of $201 billion Net revenues 3,216 (10)% 24% — Loan balance of $53 billion, of which $36 billion related to Private banking and lending — Private bank and direct-to-consumer deposits of $219 billion Provision for credit losses (565) N.M. N.M. — Net interest income of $886 million Operating expenses 3,168 (6)% 32% Asset & Wealth Management Net Revenues ($ in millions) $3,561 Pre-tax earnings $ 613 N.M. N.M. $3,216 Management $2,603 and other fees Net earnings $ 496 N.M. N.M. Incentive $2,248 fees Net earnings to common $ 464 N.M. N.M. $2,282 Private banking $2,035 and lending Average common equity $ 32,684 – 5% Equity $39 investments $53 $753 $79 Debt $354 Return on average common equity 5.7% 5.8pp 6.1pp $492 investments $119 $287 $408 $291 $234 $(294) 5 1Q23 4Q22 1Q22

Assets Under Supervision 3,4 3,4 AUS Rollforward AUS Highlights n During the quarter, AUS increased $125 billion to a record $2.67 trillion $ in billions 1Q23 4Q22 1Q22 — Net market appreciation of $68 billion, primarily in equity and fixed income assets Beginning balance $ 2,547 $ 2,427 $ 2,470 — Liquidity products net inflows of $49 billion 8 22 17 Long-term AUS net inflows / (outflows) — Long-term net inflows of $8 billion, driven by net inflows in fixed income assets Liquidity products 49 11 (6) Total AUS net inflows / (outflows) 57 33 11 Acquisitions / (dispositions) – – 7 3,4 1Q23 AUS Mix Net market appreciation / (depreciation) 68 87 (94) 10% $ 2,672 $ 2,547 $ 2,394 Ending balance 28% 39% 37% 22% Asset Client 3,4 Class Channel AUS by Asset Class $ in billions 1Q23 4Q22 1Q22 29% 35% $ 268 $ 263 $ 240 Alternative investments Equity 597 563 592 7% 12% Fixed income 1,047 1,010 887 Long-term AUS 1,912 1,836 1,719 22% Liquidity products 760 711 675 54% Region Vehicle 34% $ 2,672 $ 2,547 $ 2,394 Total AUS 71% 6

Asset & Wealth Management – Alternative Investments 4 4 Alternative Investments AUS and Effective Fees Alternative Investments Highlights n 1Q23 Management and other fees from alternative investments were $494 million, up 21% compared with 1Q22 1Q23 n During the quarter, alternative investments AUS increased $5 billion to $268 billion $ in billions Average AUS Effective Fees (bps) 95 84 Corporate equity $n 1Q23 gross third-party alternatives fundraising across strategies was $14 billion, including: Credit 44 77 — $4 billion in corporate equity, $4 billion in credit, $2 billion in real estate and $4 billion in hedge funds and other Real estate 20 71 — $193 billion raised since the end of 2019 Hedge funds and other 65 61 n During the quarter, on-balance sheet alternative investments declined by $2.1 billion to $56.5 Funds and discretionary accounts 224 75 billion Advisory accounts 41 16 — Historical principal investments declined by $2.3 billion to $27.4 billion and included $5.6 Total alternative investments AUS $ 265 66 billion of equity securities, $6.9 billion of loans, $4.9 billion of debt securities and $10.0 billion of CIE investments and other 4 4,6 On-Balance Sheet Alternative Investments Historical Principal Investments Rollforward ($ in billions) $ in billions 1Q23 4Q22 $0.5 $(2.7) $(0.1) $29.7 Equity securities $ 14.7 $ 14.5 19.0 Loans 17.3 $27.4 12.3 Debt securities 12.3 5 CIE investments and other 12.4 12.6 Total On-B/S alternative investments $ $ 56.5 58.6 Client co-invest $ 22.8 $ 23.0 Firmwide initiatives / CRA investments 6.3 5.9 6 Historical principal investments 27.4 29.7 Total On-B/S alternative investments $ 56.5 $ 58.6 YE22 Net mark-ups Additions Dispositions 1Q23 7 7 / (mark-downs) / Paydowns

Platform Solutions Financial Results Platform Solutions Highlights n 1Q23 net revenues more than doubled YoY vs. vs. — Consumer platforms primarily reflected significantly higher average credit card balances $ in millions 1Q23 4Q22 1Q22 — Transaction banking and other reflected higher average deposit balances $ 490 13% 144% Consumer platforms n 1Q23 provision for credit losses reflected net charge-offs related to the credit card portfolio and growth in the point-of-sale loan portfolio, partially offset by modeled reserve releases 74 (8)% 10% Transaction banking and other 4 n 1Q23 select data : Net revenues 564 10% 110% — Total assets of $59 billion — Loan balance of $16 billion 265 (66)% 59% Provision for credit losses — Net interest income of $548 million 605 20% 81% Operating expenses — Active Consumer platforms customers of 13.8 million — Transaction banking deposits of $71 billion Pre-tax earnings / (loss) $ (306) N.M. N.M. Platform Solutions Net Revenues ($ in millions) Net earnings / (loss) $ (248) N.M. N.M. $564 Net earnings / (loss) to common $ (253) N.M. N.M. $513 Average common equity $ 3,935 (3)% 41% Consumer Return on average common equity (25.7)% 39.5pp 2.9pp platforms $490 $268 $433 Transaction banking and other $201 $80 $74 $67 8 1Q23 4Q22 1Q22

Loans and Net Interest Income 4 4 Loans by Segment ($ in billions) Loans by Type 1Q23 Metrics $ in billions 1Q23 4Q22 1Q22 3.0% $178 $179 $166 ALLL to Total Corporate $ 40 $ 40 $ 39 Gross Loans, at Amortized Cost Commercial real estate 29 29 32 Global Banking Residential real estate 22 23 24 & Markets 1.7% $99 $109 $108 ALLL to Gross Securities-based lending 16 17 17 Wholesale Loans, at Asset & Wealth Other collateralized lending 53 52 40 Amortized Cost Management Installment 6 6 4 13.1% Platform ALLL to Gross Credit cards Solutions 15 16 11 Consumer Loans, at $53 $56 $57 Other 2 2 3 Amortized Cost Allowance for loan losses (5) (6) (4) ~80% $16 $15 $10 Gross Loans Total loans $ 178 $ 179 $ 166 Secured 1Q23 4Q22 1Q22 4 Net Interest Income by Segment ($ in millions) Loans and Net Interest Income Highlights n 1Q23 total loans were essentially unchanged QoQ — Gross loans by type: $170 billion - amortized cost, $7 billion - fair value, $6 billion - held for sale $2,074 — Average loans of $179 billion $1,827 $1,781 — Total allowance for loan losses and losses on lending commitments was $5.78 billion ($5.03 billion $633 for funded loans) Global Banking $347 & Markets o $3.25 billion for wholesale loans, $2.53 billion for consumer loans $698 — Net charge-offs of $258 million for an annualized net charge-off rate of 0.6% Asset & Wealth Management o 0.0% for wholesale loans, 4.6% for consumer loans $886 $928 n 1Q23 net interest income decreased 3% YoY, reflecting an increase in funding costs supporting trading Platform $802 activities, partially offset by higher loan balances Solutions 3 — 1Q23 average interest-earning assets of $1.39 trillion $548 $513 $327 9 1Q23 4Q22 1Q22

Expenses Financial Results Expense Highlights n 1Q23 total operating expenses increased YoY vs. vs. — Non-compensation expenses were higher, reflecting: 1Q23 4Q22 1Q22 $ in millions o Impairments of ~$355 million related to consolidated real estate investments (in depreciation and amortization) Compensation and benefits $ 4,090 9% – o Inclusion of NNIP Transaction based 1,405 (2)% 13% o Higher technology expenses o Higher transaction based expenses 172 (20)% 6% Market development n The effective income tax rate for 1Q23 was 19.0%, up from the full year rate of 16.5% for 2022, primarily due to the impact of an increase in taxes on non-U.S. earnings and decreases in permanent tax benefits, partially offset by the impact of tax benefits on the settlement of Communications and technology 466 (3)% 10% employee share-based awards for 1Q23 compared with 2022 970 33% 97% Depreciation and amortization 3 Efficiency Ratio Occupancy 265 2% 6% 68.7% Professional fees 383 (23)% (12)% 59.7% 651 (9)% 4% Other expenses Total operating expenses $ 8,402 4% 9% 759 272% 6% Provision for taxes $ Effective Tax Rate 19.0% 10 1Q23 1Q22

Capital and Balance Sheet 3,4 3,4 Capital Capital and Balance Sheet Highlights n Standardized CET1 capital ratio decreased QoQ 1Q23 4Q22 1Q22 — Increase in credit RWAs driven by increased exposures 8 15.0%n Advanced CET1 capital ratio increased QoQ Standardized CET1 capital ratio 14.8% 14.4% — Decrease in both market and credit RWAs driven by reduced exposures 8 Advanced CET1 capital ratio 14.4% 14.5% 14.6% n Returned $3.41 billion of capital to common shareholders during the quarter 3 — 7.1 million common shares repurchased for a total cost of $2.55 billion Supplementary leverage ratio (SLR) 5.8% 5.8% 5.6% — $868 million of common stock dividends n Deposits decreased $12 billion QoQ, primarily reflecting a decrease in private bank deposits, partially offset by an increase in direct-to-consumer deposits n BVPS increased 2.3% QoQ, driven by net earnings 4 Selected Balance Sheet Data Book Value $ in billions In millions, except per share amounts 1Q23 4Q22 1Q22 1Q23 4Q22 1Q22 3 Total assets Basic shares 344.0 350.8 356.4 $ 1,538 $ 1,442 $ 1, 589 Deposits Book value per common share $ 310.48 $ 303.55 $ 293.31 $ 375 $ 387 $ 387 1 Unsecured long-term borrowings Tangible book value per common share $ 286.05 $ 279.66 $ 275.13 $ 241 $ 247 $ 258 Shareholders’ equity $ 117 $ 117 $ 115 3 Average GCLA $ 399 $ 409 $ 375 11

Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity and the forward-looking statements below, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2022. Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets (GCLA) consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements regarding (i) estimated GDP growth or contraction, interest rate and inflation trends and volatility, (ii) the impact of the COVID-19 pandemic on the firm’s business, results, financial position and liquidity, (iii) the timing, profitability, benefits and other prospective aspects of business initiatives, business realignment and the achievability of medium- and long- term targets and goals, (iv) the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s stress capital buffer and G-SIB buffer), (v) the firm’s prospective capital distributions (including dividends and repurchases), (vi) the firm’s future effective income tax rate, (vii) the firm’s Investment banking fees backlog and future results, (viii) the firm’s planned 2023 benchmark debt issuances, and (ix) the impact of Russia’s invasion of Ukraine and related sanctions and other developments on the firm’s business, results and financial position, are forward-looking statements. Statements regarding estimated GDP growth or contraction, interest rate and inflation trends and volatility are subject to the risk that actual GDP growth or contraction, interest rate and inflation trends and volatility may differ, possibly materially, due to, among other things, changes in general economic conditions and monetary and fiscal policy. Statements about the 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. Statements about the timing, profitability, benefits and other prospective aspects of business initiatives, business realignment and the achievability of medium- and long-term targets and goals are based on the firm’s current expectations regarding the firm’s ability to effectively implement these initiatives and realignment and achieve these targets and goals and may change, possibly materially, from what is currently expected. Statements about the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s stress capital buffer and G-SIB buffer), as well as its prospective capital distributions, are subject to the risk that the firm’s actual liquidity, regulatory capital ratios and capital distributions may differ, possibly materially, from what is currently expected. Statements about the firm’s future effective income tax rate are subject to the risk that the firm’s future effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the tax rates applicable to the firm, the firm’s earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm’s expected tax rate, and potential future guidance from the U.S. IRS. Statements about the firm’s Investment banking fees backlog and future results are subject to the risk that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak or worsening of hostilities, including the escalation or continuation of the war between Russia and Ukraine, continuing volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. Statements regarding the firm’s planned 2023 benchmark debt issuances are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm’s funding needs. Statements about the impact of Russia’s invasion of Ukraine and related sanctions and other developments on the firm’s business, results and financial position are subject to the risks that hostilities may escalate and expand, that sanctions may increase and that the actual impact may differ, possibly materially, from what is currently expected. 12

Footnotes 1. Annualized return on average common shareholders’ equity (ROE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Annualized return on average tangible common shareholders’ equity (ROTE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly tangible common shareholders’ equity. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. Tangible book value per common share (TBVPS) is calculated by dividing tangible common shareholders’ equity by basic shares. Management believes that tangible common shareholders’ equity and TBVPS are meaningful because they are measures that the firm and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders’ equity, ROTE and TBVPS are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. The table below presents a reconciliation of average and ending common shareholders’ equity to average and ending tangible common shareholders’ equity: AVERAGE FOR THE AS OF THREE MONTHS ENDED Unaudited, $ in millions MARCH 31, 2023 MARCH 31, 2023 DECEMBER 31, 2022 MARCH 31, 2022 Total shareholders’ equity $ 116,819 $ 117,509 $ 117,189 $ 115,239 Preferred stock (10,703) (10,703) (10,703) (10,703) Common shareholders’ equity 106,116 106,806 106,486 104,536 Goodwill (6,392) (6,439) (6,374) (5,272) Identifiable intangible assets (1,985) (1,965) (2,009) (1,209) Tangible common shareholders’ equity $ 97,739 $ 98,402 $ 98,103 $ 98,055 2. Dealogic – January 1, 2023 through March 31, 2023. 3. For information about the following items, see the referenced sections in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2022: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets” (ii) assets under supervision – see “Results of Operations – Asset & Wealth Management – Assets Under Supervision” (iii) efficiency ratio – see “Results of Operations – Operating Expenses” (iv) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” (v) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management” and (vi) global core liquid assets – see “Risk Management – Liquidity Risk Management.” For information about the following items, see the referenced sections in Part II, Item 8 “Financial Statements and Supplementary Data ” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2022: (i) interest-earning assets – see “Statistical Disclosures – Distribution of Assets, Liabilities and Shareholders’ Equity” and (ii) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy.” 4. Represents a preliminary estimate for the first quarter of 2023 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2023. 5. Includes consolidated investment entities (CIEs) and other investments. CIEs are generally accounted for at historical cost less depreciation. Substantially all of the firm’s CIEs are engaged in real estate investment activities. Assets held by CIEs of $11 billion as of March 31, 2023 and $12 billion as of December 31, 2022 were funded with liabilities of approximately $6 billion as of both March 31, 2023 and December 31, 2022. Substantially all such liabilities are nonrecourse, thereby reducing the firm’s equity at risk. 6. Includes consolidated investment entities and other legacy investments the firm intends to exit over the medium term. 7. Includes approximately $700 million of loans that were transferred to Global Banking & Markets. 8. In 2022, based on regulatory feedback, the firm revised certain interpretations of the Capital Rules underlying the calculation of Standardized RWAs and Advanced RWAs. As of March 31, 2022, this change would have increased both Standardized RWAs and Advanced RWAs by approximately $5 billion to $687 billion and $679 billion, respectively. This change would have reduced both the firm’s Standardized CET1 capital ratio of 14.4% 13 and Advanced CET1 capital ratio of 14.6% by 0.1 percentage points.

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Trading Symbol	GS PrK
Security Exchange Name	NYSE
M 5.793 Fixed To Floating Rate Normal Automatic Preferred Enhanced Capital Securities Of Goldman Sachs Capital Ii [Member]
Document And Entity Information [Line Items]
Security 12b Title	5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II
Trading Symbol	GS/43PE
Security Exchange Name	NYSE
Floating Rate Normal Automatic Preferred Enhanced Capital Securities Of Goldman Sachs Capital Iii [Member]
Document And Entity Information [Line Items]
Security 12b Title	Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III
Trading Symbol	GS/43PF
Security Exchange Name	NYSE
Medium Term Notes Series F Callable Fixed And Floating Rate Notes Due March 2031 Of Gs Finance Corp [Member]
Document And Entity Information [Line Items]
Security 12b Title	Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp.
Trading Symbol	GS/31B
Security Exchange Name	NYSE
Medium Term Notes Series F Callable Fixed And Floating Rate Notes Due May 2031 Of Gs Finance Corp [Member]
Document And Entity Information [Line Items]
Security 12b Title	Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp.
Trading Symbol	GS/31X
Security Exchange Name	NYSE