The capital requirements are expressed as risk-based capital and leverage ratios that compare measures of regulatory capital to risk-weighted assets (RWAs), average assets and off-balance sheet exposures. Failure to comply with these capital requirements would result in restrictions being imposed by the firm’s regulators and could limit the firm’s ability to repurchase shares, pay dividends and make certain discretionary compensation payments. The firm’s capital levels are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. Furthermore, certain of the firm’s subsidiaries are subject to separate regulations and capital requirements.

•Under both the Standardized and Advanced Capital Rules, the CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. These requirements also include the capital conservation buffer requirements, consisting of the G-SIB surcharge (Method 2) of 3.0% as of September 2023 and 2.5% as of December 2022 and the countercyclical capital buffer, which the FRB has set to zero percent. In addition, the capital conservation buffer requirements include the stress capital buffer (SCB) of 6.3% under the Standardized Capital Rules and a buffer of 2.5% under the Advanced Capital Rules.

•The G-SIB surcharge is updated annually based on financial data from the prior year and is generally applicable for the following year. The G-SIB surcharge is calculated using two methodologies, the higher of which is reflected in the firm’s risk-based capital requirements. The first calculation (Method 1) is based on the Basel Committee’s methodology which, among other factors, relies upon measures of the size, activity and complexity of each G-SIB. The second calculation (Method 2) uses similar inputs but includes a measure of reliance on short-term wholesale funding.

The table below presents information about risk-based capital ratios.


$ in millions	Standardized			Advanced
As of September 2023
CET1 capital	$	98,891		$	98,891
Tier 1 capital	$	109,752		$	109,752
Tier 2 capital	$	15,193		$	11,245
Total capital	$	124,945		$	120,997
RWAs	$	666,860		$	666,205

CET1 capital ratio	14.8		%	14.8		%
Tier 1 capital ratio	16.5		%	16.5		%
Total capital ratio	18.7		%	18.2		%
As of December 2022
CET1 capital	$	98,050		$	98,050
Tier 1 capital	$	108,552		$	108,552
Tier 2 capital	$	15,958		$	12,115
Total capital	$	124,510		$	120,667
RWAs	$	653,419		$	679,450

CET1 capital ratio	15.0		%	14.4		%
Tier 1 capital ratio	16.6		%	16.0		%
Total capital ratio	19.1		%	17.8		%

Leverage Ratios. The table below presents the leverage requirements.


	Requirements
Tier 1 leverage ratio	4.0	%
SLR	5.0	%

In the table above, the SLR requirement of 5% includes a minimum of 3% and a 2% buffer applicable to G-SIBs.

The table below presents information about leverage ratios.


	For the Three Months
	Ended or as of
	September			December
$ in millions	2023			2022
Tier 1 capital	$	109,752		$	108,552

Average total assets	$	1,557,715		$	1,500,225
Deductions from Tier 1 capital	(7,216)			(8,259)
Average adjusted total assets	1,550,499			1,491,966
Off-balance sheet and other exposures	414,307			375,392
Total leverage exposure	$	1,964,806		$	1,867,358

Tier 1 leverage ratio	7.1		%	7.3%
SLR	5.6		%	5.8%

In the table above:

•Average total assets represents the average daily assets for the quarter adjusted for the impact of Current Expected Credit Losses (CECL) transition.

•Off-balance sheet and other exposures primarily includes the monthly average of off-balance sheet exposures, consisting of derivatives, securities financing transactions, commitments and guarantees.

•Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets.

•SLR is calculated as Tier 1 capital divided by total leverage exposure.

Risk-Based Capital. The table below presents information about risk-based capital.


	As of
	September		December
$ in millions	2023		2022
Common shareholders’ equity	$	106,074	$	106,486
Impact of CECL transition	553		829
Deduction for goodwill	(5,223)		(5,674)
Deduction for identifiable intangible assets	(1,102)		(1,770)
Other adjustments	(1,411)		(1,821)
CET1 capital	98,891		98,050
Preferred stock	11,203		10,703
Deduction for investments in covered funds	(339)		(199)
Other adjustments	(3)		(2)
Tier 1 capital	$	109,752	$	108,552

Standardized Tier 2 and Total capital
Tier 1 capital	$	109,752	$	108,552
Qualifying subordinated debt	10,306		10,637
Allowance for credit losses	4,907		5,331
Other adjustments	(20)		(10)
Standardized Tier 2 capital	15,193		15,958
Standardized Total capital	$	124,945	$	124,510

Advanced Tier 2 and Total capital
Tier 1 capital	$	109,752	$	108,552
Standardized Tier 2 capital	15,193		15,958
Allowance for credit losses	(4,907)		(5,331)
Other adjustments	959		1,488
Advanced Tier 2 capital	11,245		12,115
Advanced Total capital	$	120,997	$	120,667

In the table above:

•Beginning in January 2022, the firm started to phase in the estimated reduction to regulatory capital as a result of adopting the CECL model. The total amount of reduction to be phased in from January 1, 2022 through January 1, 2025 (at 25% per year) was $1.11 billion, of which $553 million had been phased in as of September 2023. The total amount to be phased in includes the impact of adopting CECL as of January 1, 2020, as well as 25% of the increase in the allowance for credit losses from January 1, 2020 through December 31, 2021. The impact of CECL transition reflects the remaining amount of reduction to be phased in as of both September 2023 and December 2022.

•Deduction for goodwill was net of deferred tax liabilities of $690 million as of September 2023 and $700 million as of December 2022.

•Deduction for identifiable intangible assets was net of deferred tax liabilities of $239 million as of both September 2023 and December 2022.

•Deduction for investments in covered funds represents the firm’s aggregate investments in applicable covered funds. See Note 8 for further information about the Volcker Rule.

•Other adjustments within CET1 capital and Tier 1 capital primarily include credit valuation adjustments on derivative liabilities, the overfunded portion of the firm’s defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, debt valuation adjustments and other required credit risk-based deductions. Other adjustments within Advanced Tier 2 capital include eligible credit reserves.

•Qualifying subordinated debt is subordinated debt issued by Group Inc. with an original maturity of five years or greater. The outstanding amount of subordinated debt qualifying for Tier 2 capital is reduced upon reaching a remaining maturity of five years. See Note 14 for further information about the firm’s subordinated debt.

The table below presents changes in CET1 capital, Tier 1 capital and Tier 2 capital.


$ in millions	Standardized		Advanced
Nine Months Ended September 2023
CET1 capital
Beginning balance	$	98,050	$	98,050
Change in:
Common shareholders’ equity	(412)		(412)
Impact of CECL transition	(276)		(276)
Deduction for goodwill	451		451
Deduction for identifiable intangible assets	668		668
Other adjustments	410		410
Ending balance	$	98,891	$	98,891

Tier 1 capital
Beginning balance	$	108,552	$	108,552
Change in:
CET1 capital	841		841
Preferred stock	500		500
Deduction for investments in covered funds	(140)		(140)
Other adjustments	(1)		(1)
Ending balance	109,752		109,752
Tier 2 capital
Beginning balance	15,958		12,115
Change in:
Qualifying subordinated debt	(331)		(331)
Allowance for credit losses	(424)		–
Other adjustments	(10)		(539)
Ending balance	15,193		11,245
Total capital	$	124,945	$	120,997

RWAs. RWAs are calculated in accordance with both the Standardized and Advanced Capital Rules.

Credit Risk

Credit RWAs are calculated based on measures of exposure, which are then risk weighted under the Standardized and Advanced Capital Rules:

•The Standardized Capital Rules apply prescribed risk-weights, which depend largely on the type of counterparty. The exposure measures for derivatives and securities financing transactions are based on specific formulas which take certain factors into consideration.

•Under the Advanced Capital Rules, the firm computes risk-weights for wholesale and retail credit exposures in accordance with the Advanced Internal Ratings-Based approach. The exposure measures for derivatives and securities financing transactions are computed utilizing internal models.

•For both Standardized and Advanced credit RWAs, the risk-weights for securitizations and equities are based on specific required formulaic approaches.

Market Risk

RWAs for market risk in accordance with the Standardized and Advanced Capital Rules are generally consistent. Market RWAs are calculated based on measures of exposure which include the following:

•Value-at-Risk (VaR) is the potential loss in value of trading assets and liabilities, as well as certain investments, loans, and other financial assets and liabilities accounted for at fair value, due to adverse market movements over a defined time horizon with a specified confidence level.

For both risk management purposes and regulatory capital calculations, the firm uses a single VaR model which captures risks, including those related to interest rates, equity prices, currency rates and commodity prices. However, VaR used for risk management purposes differs from VaR used for regulatory capital requirements (regulatory VaR) due to differences in time horizons, confidence levels and the scope of positions on which VaR is calculated. For risk management purposes, a 95% one-day VaR is used, whereas for regulatory capital requirements, a 99% 10-day VaR is used to determine Market RWAs and a 99% one-day VaR is used to determine regulatory VaR exceptions. In addition, the daily net revenues used to determine risk management VaR exceptions (i.e., comparing the daily net revenues to the VaR measure calculated as of the end of the prior business day) include intraday activity, whereas the Capital Framework requires that intraday activity be excluded from daily net revenues when calculating regulatory VaR exceptions. Intraday activity includes bid/offer net revenues, which are more likely than not to be positive by their nature. As a result, there may be differences in the number of VaR exceptions and the amount of daily net revenues calculated for regulatory VaR compared to the amounts calculated for risk management VaR.

The firm’s positional losses observed on a single day exceeded its 99% one-day regulatory VaR on one occasion during both the nine months ended September 2023 and the year ended 2022. There was no change in the firm’s VaR multiplier used to calculate Market RWAs;

•Stressed VaR is the potential loss in value of trading assets and liabilities, as well as certain investments, loans, and other financial assets and liabilities accounted for at fair value, during a period of significant market stress;

•Incremental risk is the potential loss in value of non-securitized positions due to the default or credit migration of issuers of financial instruments over a one-year time horizon;

•Comprehensive risk is the potential loss in value, due to price risk and defaults, within the firm’s credit correlation positions; and

•Specific risk is the risk of loss on a position that could result from factors other than broad market movements, including event risk, default risk and idiosyncratic risk. The standardized measurement method is used to determine specific risk RWAs, by applying supervisory defined risk-weighting factors after applicable netting is performed.

Operational Risk

Operational RWAs are only required to be included under the Advanced Capital Rules. The firm utilizes an internal risk-based model to quantify Operational RWAs.

The table below presents information about RWAs.


$ in millions	Standardized		Advanced
As of September 2023
Credit RWAs
Derivatives	$	145,133	$	99,815
Commitments, guarantees and loans	249,886		200,225
Securities financing transactions	81,423		25,041
Equity investments	31,703		34,301
Other	75,273		95,330
Total Credit RWAs	583,418		454,712
Market RWAs
Regulatory VaR	16,704		16,704
Stressed VaR	40,343		40,343
Incremental risk	6,779		6,779
Comprehensive risk	2,647		2,647
Specific risk	16,969		16,969
Total Market RWAs	83,442		83,442
Total Operational RWAs	–		128,051
Total RWAs	$	666,860	$	666,205
As of December 2022
Credit RWAs
Derivatives	$	142,696	$	111,344
Commitments, guarantees and loans	247,026		198,508
Securities financing transactions	73,189		21,659
Equity investments	30,899		33,451
Other	76,335		96,351
Total Credit RWAs	570,145		461,313
Market RWAs
Regulatory VaR	18,981		18,981
Stressed VaR	37,833		37,833
Incremental risk	6,470		6,470
Comprehensive risk	3,641		3,641
Specific risk	16,349		16,349
Total Market RWAs	83,274		83,274
Total Operational RWAs	–		134,863
Total RWAs	$	653,419	$	679,450

In the table above:

•Securities financing transactions represents resale and repurchase agreements and securities borrowed and loaned transactions.

•Other includes receivables, certain debt securities, cash and cash equivalents, and other assets.

The table below presents changes in RWAs.


$ in millions	Standardized		Advanced
Nine Months Ended September 2023
RWAs
Beginning balance	$	653,419	$	679,450
Credit RWAs
Change in:
Derivatives	2,437		(11,529)
Commitments, guarantees and loans	2,860		1,717
Securities financing transactions	8,234		3,382
Equity investments	804		850
Other	(1,062)		(1,021)
Change in Credit RWAs	13,273		(6,601)
Market RWAs
Change in:
Regulatory VaR	(2,277)		(2,277)
Stressed VaR	2,510		2,510
Incremental risk	309		309
Comprehensive risk	(994)		(994)
Specific risk	620		620
Change in Market RWAs	168		168
Change in Operational RWAs	–		(6,812)
Ending balance	$	666,860	$	666,205

RWAs Rollforward Commentary

Nine Months Ended September 2023. Standardized Credit RWAs as of September 2023 increased by $13.27 billion compared with December 2022, primarily reflecting an increase in securities financing transactions (principally due to increased funding exposures), an increase in commitments, guarantees and loans (principally due to increased lending activity) and an increase in derivatives (principally due to increased exposures). Standardized Market RWAs as of September 2023 were essentially unchanged compared with December 2022.

Advanced Credit RWAs as of September 2023 decreased by $6.60 billion compared with December 2022, primarily reflecting a decrease in derivatives (principally due to reduced counterparty credit risk). This decrease was partially offset by an increase in securities financing transactions (principally due to increased funding exposures) and an increase in commitments, guarantees and loans (principally due to increased lending activity). Advanced Market RWAs as of September 2023 were essentially unchanged compared with December 2022. Advanced Operational RWAs as of September 2023 decreased by $6.81 billion compared with December 2022, reflecting decreased frequency of loss events estimated by the firm’s risk-based model.

Bank Subsidiaries

GS Bank USA. GS Bank USA is the firm’s primary U.S. bank subsidiary. GS Bank USA is a New York State-chartered bank and a member of the Federal Reserve System, is supervised and regulated by the FRB, the FDIC, the New York State Department of Financial Services (NYDFS) and the Consumer Financial Protection Bureau, and is subject to regulatory capital requirements that are calculated under the Capital Framework. GS Bank USA is an Advanced approaches banking organization under the Capital Framework. The deposits of GS Bank USA are insured by the FDIC to the extent provided by law.

The Capital Framework includes the minimum risk-based capital and the capital conservation buffer requirements (consisting of a 2.5% buffer and the countercyclical capital buffer). The buffer must consist entirely of capital that qualifies as CET1 capital. In addition, the Capital Framework includes the leverage ratio requirement.

GS Bank USA is required to calculate the CET1 capital, Tier 1 capital and Total capital ratios in accordance with both the Standardized and Advanced Capital Rules. The lower of each risk-based capital ratio under the Standardized and Advanced Capital Rules is the ratio against which GS Bank USA’s compliance with its risk-based capital requirements is assessed. In addition, under the regulatory framework for prompt corrective action applicable to GS Bank USA, in order to meet the quantitative requirements for a “well-capitalized” depository institution, GS Bank USA must also meet the “well-capitalized” requirements in the table below. GS Bank USA’s capital levels and prompt corrective action classification are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. Failure to comply with the capital requirements, including a breach of the buffers described below, would result in restrictions being imposed by the regulators.

The table below presents GS Bank USA’s risk-based capital, leverage and “well-capitalized” requirements.


	Requirements		“Well-capitalized” Requirements
Risk-based capital requirements
CET1 capital ratio	7.0	%	6.5	%
Tier 1 capital ratio	8.5	%	8.0	%
Total capital ratio	10.5	%	10.0	%

Leverage requirements
Tier 1 leverage ratio	4.0	%	5.0	%
SLR	3.0	%	6.0	%

In the table above:

•The CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. These requirements also include the capital conservation buffer requirements consisting of a 2.5% buffer and the countercyclical capital buffer, which the FRB has set to zero percent.

•The “well-capitalized” requirements are the binding requirements for leverage ratios.

The table below presents information about GS Bank USA’s risk-based capital ratios.


$ in millions	Standardized			Advanced
As of September 2023
CET1 capital	$	52,216		$	52,216
Tier 1 capital	$	52,216		$	52,216
Tier 2 capital	$	6,179		$	3,021
Total capital	$	58,395		$	55,237
RWAs	$	375,207		$	290,941

CET1 capital ratio	13.9		%	17.9		%
Tier 1 capital ratio	13.9		%	17.9		%
Total capital ratio	15.6		%	19.0		%
As of December 2022
CET1 capital	$	46,845		$	46,845
Tier 1 capital	$	46,845		$	46,845
Tier 2 capital	$	8,042		$	5,382
Total capital	$	54,887		$	52,227
RWAs	$	357,112		$	275,451

CET1 capital ratio	13.1		%	17.0		%
Tier 1 capital ratio	13.1		%	17.0		%
Total capital ratio	15.4		%	19.0		%

In the table above:

•The lower of the Standardized or Advanced ratio is the ratio against which GS Bank USA’s compliance with the capital requirements is assessed under the risk-based Capital Rules, and therefore, the Standardized ratios applied to GS Bank USA as of both September 2023 and December 2022.

•Beginning in January 2022, GS Bank USA started to phase in the estimated reduction to regulatory capital as a result of adopting the CECL model at 25% per year through January 2025. The total amount to be phased in includes the impact of adopting CECL as of January 1, 2020, as well as 25% of the increase in the allowance for credit losses from January 1, 2020 through December 31, 2021.

•The Standardized and Advanced CET1 and Tier 1 capital ratios and Standardized Total capital ratio increased from December 2022 to September 2023, primarily reflecting an increase in capital, principally due to net earnings, partially offset by an increase in Credit RWAs.

The table below presents information about GS Bank USA’s leverage ratios.


	For the Three Months
	Ended or as of
	September			December
$ in millions	2023			2022
Tier 1 capital	$	52,216		$	46,845
Average adjusted total assets	$	511,837		$	499,108
Total leverage exposure	$	709,811		$	671,215

Tier 1 leverage ratio	10.2		%	9.4		%
SLR	7.4		%	7.0		%

In the table above:

•Average adjusted total assets represents the average daily assets for the quarter adjusted for deductions from Tier 1 capital and the impact of CECL transition.

•Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets.

•SLR is calculated as Tier 1 capital divided by total leverage exposure.

The FRB requires that GS Bank USA maintain cash reserves with the Federal Reserve. As of both September 2023 and December 2022, the reserve requirement ratio was zero percent. See Note 26 for further information about cash deposits held by the firm at the Federal Reserve.

GS Bank USA is a registered swap dealer with the CFTC and a registered security-based swap dealer with the SEC. As of both September 2023 and December 2022, GS Bank USA was subject to and in compliance with applicable capital requirements for swap dealers and security-based swap dealers.

GSIB. GSIB is the firm’s U.K. bank subsidiary regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). GSIB is subject to the U.K. capital framework, which is largely based on Basel III. The eligible retail deposits of GSIB are covered by the U.K. Financial Services Compensation Scheme to the extent provided by law.

The table below presents GSIB’s risk-based capital requirements.


	As of
	September		December
	2023		2022
Risk-based capital requirements
CET1 capital ratio	10.1	%	9.7	%
Tier 1 capital ratio	12.4	%	11.9	%
Total capital ratio	15.4	%	14.9	%

The table below presents information about GSIB’s risk-based capital ratios.


	As of
	September			December
$ in millions	2023			2022
Risk-based capital and risk-weighted assets
CET1 capital	$	3,782		$	3,395
Tier 1 capital	$	3,782		$	3,395
Tier 2 capital	$	826		$	828
Total capital	$	4,608		$	4,223
RWAs	$	16,722		$	15,766

Risk-based capital ratios
CET1 capital ratio	22.6		%	21.5		%
Tier 1 capital ratio	22.6		%	21.5		%
Total capital ratio	27.6		%	26.8		%

In the table above, the risk-based capital ratios as of September 2023 reflected profits after foreseeable charges that are still subject to audit by GSIB’s external auditors and approval by GSIB’s Board of Directors for inclusion in risk-based capital. These profits contributed approximately 232 basis points to the CET1 capital ratio as of September 2023.

The table below presents GSIB’s leverage ratio requirement which became effective in January 2023 and the leverage ratio.


	As of
	September 2023
Leverage ratio requirement	3.6	%
Leverage ratio	5.8	%

In the table above, the leverage ratio as of September 2023 reflected profits after foreseeable charges that are still subject to audit by GSIB’s external auditors and approval by GSIB’s Board of Directors for inclusion in risk-based capital. These profits contributed approximately 59 basis points to the leverage ratio as of September 2023.

GSIB is subject to minimum reserve requirements at central banks in certain of the jurisdictions in which it operates. As of both September 2023 and December 2022, GSIB was in compliance with these requirements.

GSBE. GSBE is the firm’s German bank subsidiary supervised by the European Central Bank, BaFin and Deutsche Bundesbank. GSBE is a non-U.S. banking subsidiary of GS Bank USA and is also subject to standalone regulatory capital requirements noted below. GSBE is subject to the capital requirements prescribed in the amended E.U. Capital Requirements Directive (CRD) and E.U. Capital Requirements Regulation (CRR), which are largely based on Basel III. The deposits of GSBE are covered by the German statutory deposit protection program to the extent provided by law. In addition, GSBE has elected to participate in the German voluntary deposit protection program which provides insurance for certain eligible deposits not covered by the German statutory deposit program.

The table below presents GSBE’s risk-based capital requirements.


	As of
	September		December
	2023		2022
Risk-based capital requirements
CET1 capital ratio	10.1	%	9.2	%
Tier 1 capital ratio	12.1	%	11.3	%
Total capital ratio	14.9	%	14.0	%

The table below presents information about GSBE’s risk-based capital ratios.


	As of
	September			December
$ in millions	2023			2022
Risk-based capital and risk-weighted assets
CET1 capital	$	13,442		$	9,536
Tier 1 capital	$	13,442		$	9,536
Tier 2 capital	$	21		$	21
Total capital	$	13,463		$	9,557
RWAs	$	36,281		$	30,154

Risk-based capital ratios
CET1 capital ratio	37.0		%	31.6		%
Tier 1 capital ratio	37.0		%	31.6		%
Total capital ratio	37.1		%	31.7		%

In the table above, the risk-based capital ratios as of September 2023 reflected profits after foreseeable charges that are still subject to audit by GSBE’s external auditors and approval by GSBE’s shareholder (GS Bank USA) for inclusion in risk-based capital. These profits contributed approximately 156 basis points to the CET1 capital ratio as of September 2023.

The table below presents GSBE’s leverage ratio requirement and leverage ratio.


	As of
	September		December
	2023		2022
Leverage ratio requirement	3.0	%	3.0	%
Leverage ratio	10.6	%	10.6	%

In the table above, the leverage ratio as of September 2023 reflected profits after foreseeable charges that are still subject to audit by GSBE’s external auditors and approval by GSBE’s shareholder (GS Bank USA) for inclusion in risk-based capital. These profits contributed approximately 45 basis points to the leverage ratio as of September 2023.

GSBE is subject to minimum reserve requirements at central banks in certain of the jurisdictions in which it operates. As of both September 2023 and December 2022, GSBE was in compliance with these requirements.

GSBE is a registered swap dealer with the CFTC and a registered security-based swap dealer with the SEC. As of both September 2023 and December 2022, GSBE was subject to and in compliance with applicable capital requirements for swap dealers and security-based swap dealers.

Restrictions on Payments

Group Inc. may be limited in its ability to access capital held at certain subsidiaries as a result of regulatory, tax or other constraints. These limitations include provisions of applicable law and regulations and other regulatory restrictions that limit the ability of those subsidiaries to declare and pay dividends without prior regulatory approval. For example, the amount of dividends that may be paid by GS Bank USA are limited to the lesser of the amounts calculated under a recent earnings test and an undivided profits test. As a result of dividends paid in connection with the acquisition of GSBE in July 2021, GS Bank USA cannot currently declare any additional dividends without prior regulatory approval.

In addition, subsidiaries not subject to separate regulatory capital requirements may hold capital to satisfy local tax and legal guidelines, rating agency requirements (for entities with assigned credit ratings) or internal policies, including policies concerning the minimum amount of capital a subsidiary should hold based on its underlying level of risk.

Group Inc.’s equity investment in subsidiaries was $133.60 billion as of September 2023 and $134.59 billion as of December 2022, of which Group Inc. was required to maintain $95.65 billion as of September 2023 and $82.52 billion as of December 2022, of minimum equity capital in its regulated subsidiaries in order to satisfy the regulatory requirements of such subsidiaries.

Group Inc.’s capital invested in certain non-U.S. dollar functional currency subsidiaries is exposed to foreign exchange risk, substantially all of which is managed through a combination of non-U.S. dollar-denominated debt and derivatives. See Note 7 for information about the firm’s net investment hedges used to hedge this risk.