EX-99.1 2 d817877dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

 

 

First Quarter 2024

 

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 2024 Earnings Results

Goldman Sachs Reports First Quarter Earnings Per Common Share of $11.58

 

 

 

“Our first quarter results reflect the strength of our world-class and interconnected franchises and the earnings power of Goldman Sachs. We continue to execute on our strategy, focusing on our core strengths to serve our clients and deliver for our shareholders.”

- David Solomon, Chairman and Chief Executive Officer

 

 

 

Financial Summary

 

 

 

  

    

  

  

 

Net Revenues

 

  

 

Net Earnings

 

  

 

EPS

 

 

1Q24        $14.21 billion 

 

  

 

1Q24        $4.13 billion 

 

  

 

1Q24         $11.58 

 

       

 

Annualized ROE1

 

    

 

Annualized ROTE1

 

    

 

Book Value Per Share

 

 

1Q24           14.8%

 

    

 

1Q24           15.9%

 

    

 

1Q24         $321.10 

 

       

NEW YORK, April 15, 2024 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $14.21 billion and net earnings of $4.13 billion for the first quarter ended March 31, 2024.

Diluted earnings per common share (EPS) was $11.58 for the first quarter of 2024 compared with $8.79 for the first quarter of 2023 and $5.48 for the fourth quarter of 2023.

Annualized return on average common shareholders’ equity (ROE)1 was 14.8% and annualized return on average tangible common shareholders’ equity (ROTE)1 was 15.9% for the first quarter of 2024.

1  

Goldman Sachs Reports

First Quarter 2024 Earnings Results

 

 

Highlights

 

 

  ◾  

During the quarter, the firm supported clients and continued to execute on strategic priorities, which contributed to strong quarterly net revenues of $14.21 billion, net earnings of $4.13 billion and diluted EPS of $11.58.

 

 

  ◾  

Global Banking & Markets generated quarterly net revenues of $9.73 billion, driven by strong performances in Investment banking fees, Fixed Income, Currency and Commodities (including record quarterly net revenues in financing) and Equities (including the second highest quarterly net revenues in financing).

 

 

  ◾  

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

 

 

  ◾  

Asset & Wealth Management generated quarterly net revenues of $3.79 billion, including record quarterly Management and other fees.

 

 

  ◾  

Assets under supervision3 increased $36 billion during the quarter to a record $2.85 trillion.

 

 

  ◾  

Book value per common share increased by 2.4% during the quarter to $321.10.

 

 

 

Net Revenues

 

Net revenues were $14.21 billion for the first quarter of 2024, 16% higher than the first quarter of 2023 and 26% higher than the fourth quarter of 2023. The increase compared with the first quarter of 2023 reflected higher net revenues across all segments.

  

 

  

 

Net Revenues

 

   

 

$14.21 billion

 

   
   

2  

 

Goldman Sachs Reports

First Quarter 2024 Earnings Results

 

 

     

 

   Global Banking & Markets  

 

      

 

     

 

Net revenues in Global Banking & Markets were $9.73 billion for the first quarter of 2024, 15% higher than the first quarter of 2023 and 53% higher than the fourth quarter of 2023.

 

Investment banking fees were $2.08 billion, 32% higher than the first quarter of 2023, reflecting significantly higher net revenues in Debt underwriting, primarily driven by leveraged finance activity, in Advisory, reflecting an increase in completed mergers and acquisitions transactions, and in Equity underwriting, primarily from initial public and secondary offerings. The firm’s Investment banking fees backlog3 decreased compared with the end of 2023.

 

Net revenues in Fixed Income, Currency and Commodities (FICC) were $4.32 billion, 10% higher than the first quarter of 2023, primarily reflecting significantly higher net revenues in FICC financing, driven by mortgages and structured lending. The increase also reflected higher net revenues in FICC intermediation due to significantly higher net revenues in mortgages and higher net revenues in currencies and credit products, partially offset by lower net revenues in commodities and slightly lower net revenues in interest rate products.

 

Net revenues in Equities were $3.31 billion, 10% higher than the first quarter of 2023, due to higher net revenues in Equities intermediation, reflecting significantly higher net revenues in derivatives, and slightly higher net revenues in Equities financing.

 

Net revenues in Other were $12 million compared with $(81) million for the first quarter of 2023, with the increase primarily due to lower net losses on hedges.

    

 

Global Banking & Markets

 

   

 

$9.73 billion

 

   

Advisory

  

$ 1.01 billion 

   

 

Equity underwriting

  

$ 370 million 

   

 

Debt underwriting

  

$ 699 million 

   

 

Investment banking fees

  

$ 2.08 billion 

   

 

FICC intermediation

  

$  3.47 billion 

   

 

FICC financing

  

$ 852 million 

   

 

FICC

  

$ 4.32 billion 

   

 

Equities intermediation

  

$ 1.99 billion 

   

 

Equities financing

  

$ 1.32 billion 

   

 

Equities

  

$ 3.31 billion 

   

 

Other

  

$  12 million 

     
     

 

     

 

   Asset & Wealth Management  

 

      

 

     

Net revenues in Asset & Wealth Management were $3.79 billion for the first quarter of 2024, 18% higher than the first quarter of 2023 and 14% lower than the fourth quarter of 2023. The increase compared with the first quarter of 2023 primarily reflected significantly higher net revenues in both Private banking and lending (the first quarter of 2023 included net revenues 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) and Equity investments and higher Management and other fees.

 

The increase in Private banking and lending net revenues reflected the impact of the sale of the Marcus loans portfolio in 2023 (including the significant mark-down of the portfolio in the first quarter of 2023), partially offset by the impact of lower deposit spreads. The increase in Equity investments net revenues reflected significantly higher net gains from investments in private equities, partially offset by mark-to-market net losses from investments in public equities compared with net gains in the prior year period. The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. Debt investments net revenues were lower, reflecting lower net interest income due to a reduction in the debt investments balance sheet.

 

    

 

Asset & Wealth Management

   

 

$3.79 billion

 

   

 

Management and

 other fees

  

$2.45 billion 

   

Incentive fees

  

$ 88 million 

   

Private banking and  

 lending

  

$682 million 

   

Equity investments

  

$222 million 

 

 

  

Debt investments

 

  

$345 million 

 

     
     
     
     
     
     
     

3  

Goldman Sachs Reports

First Quarter 2024 Earnings Results

 

 

     

 

   Platform Solutions  

 

      

 

 

      

Net revenues in Platform Solutions were $698 million for the first quarter of 2024, 24% higher than the first quarter of 2023 and 21% higher than the fourth quarter of 2023. The increase compared with the first quarter of 2023 reflected significantly higher net revenues in Consumer platforms.

 

The increase in Consumer platforms net revenues primarily reflected higher average credit card balances and higher average deposit balances. Transaction banking and other net revenues were slightly higher, reflecting higher deposit spreads.

 

    

 

Platform Solutions

 

 

   

 

$698 million

 

   

 

Consumer platforms

   $ 618  million 
   

Transaction banking

 and other

 

  

$80  million 

 

     
     
     

 

Provision for Credit Losses

 

 

 

      

Provision for credit losses was $318 million for the first quarter of 2024, compared with a net benefit of $171 million for the first quarter of 2023 and net provisions of $577 million for the fourth quarter of 2023. Provisions for the first quarter of 2024 reflected net provisions related to both the credit card portfolio (driven by net charge-offs) and wholesale loans (driven by impairments). 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 (driven by net charge-offs and growth) and a provision related to a term deposit with First Republic Bank.

 

    

 

Provision for Credit Losses

 

   

 

$318 million

 

     
     
     
     
     

 

 

Operating Expenses

 

 

 

    

Operating expenses were $8.66 billion for the first quarter of 2024, 3% higher than the first quarter of 2023 and 2% higher than the fourth quarter of 2023. The firm’s efficiency ratio3 was 60.9% for the first quarter of 2024, compared with 68.7% for the first quarter of 2023.

 

The increase in operating expenses compared with the first quarter of 2023 primarily reflected higher compensation and benefits expenses (reflecting improved operating performance), higher transaction based expenses and an incremental expense for the FDIC special assessment fee (in other expenses), partially offset by significantly lower impairments related to consolidated real estate investments (in depreciation and amortization).

 

Net provisions for litigation and regulatory proceedings were $23 million for the first quarter of 2024 compared with $72 million for the first quarter of 2023.

 

Headcount decreased 2% compared with the end of 2023, primarily reflecting the impact of the sale of GreenSky Holdings, LLC.

  

 

  

 

Operating Expenses

 

 

 

$8.66 billion

 

 
 

 

Efficiency Ratio

 

 

 

60.9%

 

 
   
   
   
   
   
   
   
   
   

4  

 

Goldman Sachs Reports

First Quarter 2024 Earnings Results

 

 

Provision for Taxes

 

 

The effective income tax rate for the first quarter of 2024 was 21.1%, up from the full year rate of 20.7% for 2023, primarily due to a decrease in permanent tax benefits, partially offset by changes in the geographic mix of earnings.

 

      

 

Effective Tax Rate

 

   

21.1%

 

   

 

Other Matters

 

 

◾ On April 11, 2024, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.75 per common share to be paid on June 27, 2024 to common shareholders of record on May 30, 2024.

 

◾ During the quarter, the firm returned $2.43 billion of capital to common shareholders, including $1.50 billion of common share repurchases (3.9 million shares at an average cost of $384.55) and $929 million of common stock dividends.3

 

◾ Global core liquid assets3 averaged $423 billion for the first quarter of 2024, compared with an average of $414 billion for the fourth quarter of 2023.

      

 

Declared Quarterly

Dividend Per Common Share

 

 

 

$2.75

 

 
 

 

Common Share Repurchases

 

 

 

3.9 million shares

for $1.50 billion

 

   
   

 

Average GCLA

 

   

 

$423 billion

 

   
   
   
   

5  

 

Goldman Sachs Reports

First Quarter 2024 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, 2023.

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 those in Ukraine and the Middle East, 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, 2023.

 

    

 

   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 1-800-289-0459 (in the U.S.) or 1-323-794-2095 (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 2024 Earnings Results

 

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

 $ in millions

 

     
     THREE MONTHS ENDED           % CHANGE FROM  
         
    

MARCH 31,

2024

    

DECEMBER 31,

2023

    

MARCH 31,

2023

          

DECEMBER 31,

2023

    

MARCH 31,

2023

  

 

GLOBAL BANKING & MARKETS

 

                                          

Advisory

 

     $    1,011         $     1,005         $    818                1  %            24  %  

Equity underwriting

 

    

 

 370  

 

  

 

    

 

 252  

 

  

 

    

 

 255  

 

  

 

      

 

 47   

 

  

 

    

 

 45   

 

  

 

Debt underwriting

 

    

 

 699  

 

  

 

    

 

 395  

 

  

 

    

 

 506  

 

  

 

      

 

 77   

 

  

 

    

 

 38   

 

  

 

Investment banking fees

     2,080         1,652         1,579           26          32     
                 

FICC intermediation

 

    

 

 3,471  

 

  

 

    

 

 1,295  

 

  

 

    

 

 3,280  

 

  

 

      

 

 168   

 

  

 

    

 

 6   

 

  

 

FICC financing

 

    

 

 852  

 

  

 

    

 

 739  

 

  

 

    

 

 651  

 

  

 

      

 

 15   

 

  

 

    

 

 31   

 

  

 

FICC

     4,323         2,034         3,931           113          10     
                 

Equities intermediation

    

 

 1,989  

 

  

 

    

 

 1,502  

 

  

 

    

 

 1,741  

 

  

 

      

 

 32   

 

  

 

    

 

 14   

 

  

 

Equities financing

 

    

 

 1,322  

 

  

 

    

 

 1,105  

 

  

 

    

 

 1,274  

 

  

 

      

 

 20   

 

  

 

    

 

 4   

 

  

 

Equities

 

    

 

 3,311  

 

  

 

    

 

 2,607  

 

  

 

    

 

 3,015  

 

  

 

      

 

 27   

 

  

 

    

 

 10   

 

  

 

                 

Other

 

    

 

 12  

 

  

 

    

 

 61  

 

  

 

    

 

 (81) 

 

  

 

      

 

 (80)  

 

  

 

    

 

 N.M.   

 

  

 

Net revenues

 

    

 

 9,726  

 

  

 

    

 

 6,354  

 

  

 

    

 

 8,444  

 

  

 

      

 

 53   

 

  

 

    

 

 15   

 

  

 

                 

 

ASSET & WEALTH MANAGEMENT

 

                                           

 

Management and other fees

 

     2,452         2,445         2,282           –          7     

Incentive fees

 

    

 

 88  

 

  

 

    

 

 59  

 

  

 

    

 

 53  

 

  

 

      

 

 49   

 

  

 

    

 

 66   

 

  

 

Private banking and lending

 

    

 

 682  

 

  

 

    

 

 661  

 

  

 

    

 

 354  

 

  

 

      

 

 3   

 

  

 

    

 

 93   

 

  

 

Equity investments

 

     222         838         119           (74)         87     

Debt investments

 

    

 

 345  

 

  

 

    

 

 384  

 

  

 

    

 

 408  

 

  

 

      

 

 (10)  

 

  

 

    

 

 (15)  

 

  

 

 

Net revenues

 

    

 

 3,789  

 

  

 

    

 

 4,387  

 

  

 

    

 

 3,216  

 

  

 

      

 

 (14)  

 

  

 

    

 

 18   

 

  

 

                 

 

PLATFORM SOLUTIONS

 

                                           

Consumer platforms

     618         504         490           23          26     

Transaction banking and other

 

    

 

 80  

 

  

 

    

 

 73  

 

  

 

    

 

 74  

 

  

 

      

 

 10   

 

  

 

    

 

 8   

 

  

 

Net revenues

 

    

 

 698  

 

  

 

    

 

 577  

 

  

 

    

 

 564  

 

  

 

      

 

 21   

 

  

 

    

 

 24   

 

  

 

                 

 

Total net revenues

 

    

 

 $   14,213  

 

  

 

    

 

 $  11,318  

 

  

 

    

 

 $   12,224  

 

  

 

      

 

 26   

 

  

 

    

 

 16   

 

  

 

 

Geographic Net Revenues (unaudited)3

 

          
$ in millions            
   
     THREE MONTHS ENDED                    
     
    

MARCH 31,

2024

    

DECEMBER 31,

2023

    

MARCH 31,

2023

                    

 

Americas

     $    9,181         $   7,770         $    7,194          

EMEA

 

     3,470         2,481         3,584          

Asia

 

    

 

 1,562  

 

  

 

    

 

 1,067  

 

  

 

    

 

 1,446  

 

  

 

      

Total net revenues

 

    

 

 $   14,213  

 

  

 

    

 

 $  11,318  

 

  

 

    

 

 $   12,224  

 

  

 

      
               

Americas

 

     65%        69%        59%         

EMEA

 

     24%        22%        29%         

Asia

 

    

 

 11% 

 

  

 

    

 

 9% 

 

  

 

    

 

 12% 

 

  

 

      

Total

 

    

 

 100% 

 

  

 

    

 

 100% 

 

  

 

    

 

 100% 

 

  

 

      

 

7

Goldman Sachs Reports

First Quarter 2024 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,

2024

    

DECEMBER 31,

2023

    

MARCH 31,

2023

          

DECEMBER 31,

2023

    

MARCH 31,

2023

  

 

REVENUES

 

                                          

Investment banking

 

  

 

 

 

 

$      2,085 

 

 

 

 

  

 

 

 

 

$        1,653 

 

 

 

 

  

 

 

 

 

$         1,578 

 

 

 

 

    

 

 

 

 

26  %

 

 

 

 

    

 

 32  %

 

  

 

Investment management

 

    

 

 2,491 

 

  

 

    

 

 2,478 

 

  

 

    

 

 2,289 

 

  

 

      

 

 1   

 

  

 

    

 

 9   

 

  

 

Commissions and fees

 

    

 

 1,077 

 

  

 

    

 

 925 

 

  

 

    

 

 1,088 

 

  

 

      

 

 16   

 

  

 

    

 

 (1)  

 

  

 

Market making

 

    

 

 5,992 

 

  

 

    

 

 3,496 

 

  

 

    

 

 5,433 

 

  

 

      

 

 71   

 

  

 

    

 

 10   

 

  

 

Other principal transactions

 

    

 

 960 

 

  

 

    

 

 1,427 

 

  

 

    

 

 55 

 

  

 

      

 

 (33)  

 

  

 

    

 

 N.M.   

 

  

 

Total non-interest revenues

     12,605        9,979        10,443          26          21     
                 

Interest income

 

    

 

 19,555 

 

  

 

    

 

 18,484 

 

  

 

    

 

 14,938 

 

  

 

      

 

 6   

 

  

 

    

 

 31   

 

  

 

Interest expense

     17,947        17,145        13,157          5          36     

Net interest income

     1,608        1,339        1,781          20          (10)    
                 

Total net revenues

     14,213        11,318        12,224          26          16     
                 

Provision for credit losses

     318        577        (171)         (45)         N.M.    
                 

OPERATING EXPENSES

                                          

Compensation and benefits

 

    

 

 4,585 

 

  

 

    

 

 3,602 

 

  

 

    

 

 4,090 

 

  

 

      

 

 27   

 

  

 

    

 

 12   

 

  

 

Transaction based

 

    

 

 1,497 

 

  

 

    

 

 1,456 

 

  

 

    

 

 1,405 

 

  

 

      

 

 3   

 

  

 

    

 

 7   

 

  

 

Market development

 

    

 

 153 

 

  

 

    

 

 175 

 

  

 

    

 

 172 

 

  

 

      

 

 (13)  

 

  

 

    

 

 (11)  

 

  

 

Communications and technology

 

    

 

 470 

 

  

 

    

 

 503 

 

  

 

    

 

 466 

 

  

 

      

 

 (7)  

 

  

 

    

 

 1   

 

  

 

Depreciation and amortization

 

    

 

 627 

 

  

 

    

 

 780 

 

  

 

    

 

 970 

 

  

 

      

 

 (20)  

 

  

 

    

 

 (35)  

 

  

 

Occupancy

 

    

 

 247 

 

  

 

    

 

 268 

 

  

 

    

 

 265 

 

  

 

      

 

 (8)  

 

  

 

    

 

 (7)  

 

  

 

Professional fees

 

    

 

 384 

 

  

 

    

 

 471 

 

  

 

    

 

 383 

 

  

 

      

 

 (18)  

 

  

 

    

 

 –   

 

  

 

Other expenses

 

    

 

 695 

 

  

 

    

 

 1,232 

 

  

 

    

 

 651 

 

  

 

      

 

 (44)  

 

  

 

    

 

 7   

 

  

 

Total operating expenses

     8,658        8,487        8,402          2          3     
                 

Pre-tax earnings

 

    

 

 5,237 

 

  

 

    

 

 2,254 

 

  

 

    

 

 3,993 

 

  

 

      

 

 132   

 

  

 

    

 

 31   

 

  

 

Provision for taxes

     1,105        246        759          349          46     

Net earnings

     4,132        2,008        3,234          106          28     

Preferred stock dividends

     201        141        147          43          37     

Net earnings applicable to common shareholders

     $      3,931        $        1,867        $         3,087          111          27     
                 

EARNINGS PER COMMON SHARE

                                          

Basic3

 

    

 

 $      11.67 

 

  

 

    

 

 $         5.52 

 

  

 

    

 

 $          8.87 

 

  

 

      

 

 111  %

 

  

 

    

 

 32  %

 

  

 

Diluted

     $      11.58        $         5.48        $          8.79          111          32     

AVERAGE COMMON SHARES

                                          

Basic

      335.6        335.7        346.6          –          (3)    

Diluted

     339.5        340.9        351.3          –          (3)    
                 

SELECTED DATA AT PERIOD-END

                                          

Common shareholders’ equity

 

    

 

 $    107,343 

 

  

 

    

 

 $      105,702 

 

  

 

    

 

 $       106,806 

 

  

 

      

 

 2   

 

  

 

    

 

 1  

 

  

 

Basic shares3

 

    

 

 334.3 

 

  

 

    

 

 337.1 

 

  

 

    

 

 344.0 

 

  

 

      

 

 (1)  

 

  

 

    

 

 (3)  

 

  

 

Book value per common share

     $     321.10        $       313.56        $        310.48          2          3     
                 

Headcount

 

    

 

 44,400 

 

  

 

    

 

 45,300 

 

  

 

    

 

 45,400 

 

  

 

      

 

 (2)  

 

  

 

    

 

 (2)  

 

  

 

 

8

Goldman Sachs Reports

First Quarter 2024 Earnings Results

 

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)3

$ in billions

 

   
     AS OF                           
   
    

MARCH 31,

2024

    

DECEMBER 31,

2023

                        

 

ASSETS

 

                          
   

Cash and cash equivalents

     $     209        $     242             
   

Collateralized agreements

     447        423             
   

Customer and other receivables

     160        132             
   

Trading assets

     508        478             
   

Investments

     155        147             
   

Loans

     184        183             
   

Other assets

 

    

 

 35 

 

  

 

    

 

 37 

 

  

 

          
     

Total assets

 

    

 

 $   1,698 

 

  

 

    

 

 $   1,642 

 

  

 

          
                 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

                          
   

Deposits

     $     441        $     428             
   

Collateralized financings

     349        324             
   

Customer and other payables

     257        231             
   

Trading liabilities

     201        200             
   

Unsecured short-term borrowings

     78        76             
   

Unsecured long-term borrowings

     234        242             
   

Other liabilities

 

    

 

 20 

 

  

 

    

 

 24 

 

  

 

          
     

Total liabilities

 

    

 

 1,580 

 

  

 

    

 

 1,525 

 

  

 

          
   

Shareholders’ equity

 

    

 

 118 

 

  

 

    

 

 117 

 

  

 

          
     

Total liabilities and shareholders’ equity

 

    

 

 $   1,698 

 

  

 

    

 

 $   1,642 

 

  

 

          

 

Capital Ratios and Supplementary Leverage Ratio (unaudited)3

$ in billions

 

 

 

        
   
     AS OF                            
   
    

MARCH 31,

2024

    

DECEMBER 31,

2023

                        
   

Common equity tier 1 capital

     $   101.7         $    99.4              
                 

STANDARDIZED CAPITAL RULES

 

                          
   

Risk-weighted assets

     $     693         $     693              
   

Common equity tier 1 capital ratio

     14.7%       14.4%            
                 

ADVANCED CAPITAL RULES

 

                          
   

Risk-weighted assets

     $     641         $     665              
   

Common equity tier 1 capital ratio

     15.9%       14.9%            
                 

SUPPLEMENTARY LEVERAGE RATIO

 

                          
   

Supplementary leverage ratio

 

    

 

 5.4%

 

  

 

    

 

 5.5%

 

  

 

          

 

Average Daily VaR (unaudited)3

$ in millions

 

 

 

        
   
     THREE MONTHS ENDED                      
   
    

MARCH 31,

2024

    

DECEMBER 31,

2023

                        

RISK CATEGORIES

 

                          
   

Interest rates

     $      86        $      87             
   

Equity prices

     29        29             
   

Currency rates

     18        18             
   

Commodity prices

     17        19             
   

Diversification effect

 

    

 

 (63) 

 

  

 

    

 

 (62) 

 

  

 

          
     

Total

 

    

 

 $      87 

 

  

 

    

 

 $      91 

 

  

 

          

 

 

9

Goldman Sachs Reports

First Quarter 2024 Earnings Results

 

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)3

$ in billions

 

   
      AS OF                                 
   
     

MARCH 31,

2024

     

DECEMBER 31,

2023

     

MARCH 31,

2023

                              

ASSET CLASS

 

                                       

Alternative investments

 

     

 

 $       296 

 

  

 

     

 

 $       295 

 

  

 

     

 

 $       268 

 

  

 

            

Equity

 

     

 

 713 

 

  

 

     

 

 658 

 

  

 

     

 

 597 

 

  

 

            

Fixed income

 

     

 

 1,141 

 

  

 

     

 

 1,122 

 

  

 

     

 

 1,047 

 

  

 

            

Total long-term AUS

 

     

 

 2,150 

 

  

 

     

 

 2,075 

 

  

 

     

 

 1,912 

 

  

 

            

Liquidity products

 

     

 

 698 

 

  

 

     

 

 737 

 

  

 

     

 

 760 

 

  

 

            

Total AUS

 

     

 

 $     2,848 

 

  

 

     

 

 $     2,812 

 

  

 

     

 

 $     2,672 

 

  

 

            
           
   
      THREE MONTHS ENDED                         
   
     

MARCH 31,

2024

     

DECEMBER 31,

2023

     

MARCH 31,

2023

                              

 

Beginning balance

 

     

 

 $     2,812 

 

  

 

     

 

 $     2,680 

 

  

 

     

 

 $     2,547 

 

  

 

            

Net inflows / (outflows):

 

                       

Alternative investments

 

     

 

 – 

 

  

 

     

 

 23 

 

  

 

     

 

 1 

 

  

 

            

Equity

 

     

 

 1 

 

  

 

     

 

 2 

 

  

 

     

 

 (2) 

 

  

 

            

Fixed income

 

     

 

 23 

 

  

 

     

 

 26 

 

  

 

     

 

 9 

 

  

 

            

Total long-term AUS net inflows / (outflows)

 

     

 

 24 

 

  

 

     

 

 51 

 

  

 

     

 

 8 

 

  

 

            

Liquidity products

 

     

 

 (39) 

 

  

 

     

 

 (37) 

 

  

 

     

 

 49 

 

  

 

            

Total AUS net inflows / (outflows)

 

     

 

 (15) 

 

  

 

     

 

 14 

 

  

 

     

 

 57 

 

  

 

            

Acquisitions / (dispositions)

 

     

 

 – 

 

  

 

     

 

 (23) 

 

  

 

     

 

 – 

 

  

 

            

Net market appreciation / (depreciation)

 

     

 

 51 

 

  

 

     

 

 141 

 

  

 

     

 

 68 

 

  

 

            

Ending balance

 

     

 

 $     2,848 

 

  

 

     

 

 $     2,812 

 

  

 

     

 

 $     2,672 

 

  

 

            

 

10

Goldman Sachs Reports

First Quarter 2024 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, 2024

         

    

  

Total shareholders’ equity

 

    

 

 $   117,393 

 

  

 

      

Preferred stock

 

    

 

 (11,203)

 

  

 

      

Common shareholders’ equity

 

    

 

 106,190 

 

  

 

      

Goodwill

    

 

 (5,903)

 

  

 

      

Identifiable intangible assets

 

    

 

 (1,124)

 

  

 

      

Tangible common shareholders’ equity

 

    

 

 $     99,163 

 

  

 

      

 

  2.

Dealogic – January 1, 2024 through March 31, 2024.

 

 

  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, 2023: (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, 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, 2023: (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.”

 

 

   

Represents a preliminary estimate for the first quarter of 2024 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2024.

 

11