Deposits

9 Months Ended

Sep. 30, 2023

The table below presents the types and sources of deposits.


$ in millions	Savings and Demand		Time		Total
As of September 2023
Consumer	$	117,177	$	33,392	$	150,569
Private bank	85,109		6,319		91,428
Brokered certificates of deposit	–		33,852		33,852
Deposit sweep programs	32,227		–		32,227
Transaction banking	65,096		2,813		67,909
Other	1,931		25,046		26,977
Total	$	301,540	$	101,422	$	402,962
As of December 2022
Consumer	$	98,580	$	21,330	$	119,910
Private bank	94,133		11,716		105,849
Brokered certificates of deposit	–		32,624		32,624
Deposit sweep programs	44,819		–		44,819
Transaction banking	65,155		5,069		70,224
Other	808		12,431		13,239
Total	$	303,495	$	83,170	$	386,665

In the table above:

•Substantially all deposits are interest-bearing.

•Savings and demand accounts consist of money market deposit accounts, negotiable order of withdrawal accounts and demand deposit accounts that have no stated maturity or expiration date.

•Time deposits included $28.56 billion as of September 2023 and $15.75 billion as of December 2022 of deposits accounted for at fair value under the fair value option. See Note 10 for further information about deposits accounted for at fair value.

•Time deposits had a weighted average maturity of approximately 0.7 years as of September 2023 and 0.9 years as of December 2022.

•Consumer deposits consist of deposits from both Marcus and Apple Card customers.

•Deposit sweep programs include long-term contractual agreements with U.S. broker-dealers who sweep client cash to FDIC-insured deposits.

•Transaction banking deposits consist of deposits that the firm raised through its cash management services business for corporate and other institutional clients.

•Other deposits are substantially all from institutional clients.

•Deposits insured by the FDIC were $208.03 billion as of September 2023 and $184.88 billion as of December 2022.

•Deposits insured by non-U.S. insurance programs were $24.27 billion as of September 2023 and $31.74 billion as of December 2022. The decline in insured deposits from December 2022 reflected a change in an insurance program that became effective in January 2023, which reduced the population of deposit accounts eligible for insurance coverage and lowered the applicable insurance limits.

The table below presents the location of deposits.


	As of
	September		December
$ in millions	2023		2022
U.S. offices	$	313,085	$	313,598
Non-U.S. offices	89,877		73,067
Total	$	402,962	$	386,665

In the table above, U.S. deposits were held at Goldman Sachs Bank USA (GS Bank USA) and substantially all non-U.S. deposits were held at Goldman Sachs International Bank (GSIB) and Goldman Sachs Bank Europe SE (GSBE).

The table below presents maturities of time deposits held in U.S. and non-U.S. offices.


	As of September 2023
$ in millions	U.S.		Non-U.S.		Total
Remainder of 2023	$	15,112	$	18,317	$	33,429
2024	45,259		11,472		56,731
2025	4,266		472		4,738
2026	2,719		339		3,058
2027	1,236		187		1,423
2028	669		178		847
2029 - thereafter	945		251		1,196
Total	$	70,206	$	31,216	$	101,422

As of September 2023, deposits in U.S. offices included $12.25 billion and deposits in non-U.S. offices included $30.53 billion of time deposits in denominations that met or exceeded the applicable insurance limits, or were otherwise not covered by insurance.

The firm’s savings and demand deposits are recorded based on the amount of cash received plus accrued interest, which approximates fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a portion of its time deposits not accounted for at fair value from fixed-rate obligations into floating-rate obligations. The carrying value of time deposits not accounted for at fair value approximated fair value as of both September 2023 and December 2022. As these savings and demand deposits and time deposits are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these deposits been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both September 2023 and December 2022.